Document:

Exhibit
10.4

 

Note:
March 23, 2020

 

NEITHER
THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.

 

THIS
NOTE DOES NOT REQUIRE PHYSICAL SURRENDER OF THE NOTE IN THE EVENT OF A PARTIAL REDEMPTION OR CONVERSION. AS A RESULT, FOLLOWING
ANY REDEMPTION OR CONVERSION OF ANY PORTION OF THIS NOTE, THE OUTSTANDING PRINCIPAL SUM REPRESENTED BY THIS NOTE MAY BE LESS THAN
THE PRINCIPAL SUM AND ACCRUED INTEREST SET FORTH BELOW.

 

5%
FIXED CONVERTIBLE PROMISSORY NOTE

 

OF

 

TAURIGA
SCIENCES, INC.

 

Issuance
Date: March 23, 2020

Principal Sum: $43,050

 

THIS
NOTE is a duly authorized Fixed Convertible Promissory Note of Tauriga Sciences, Inc., a corporation duly organized and existing
under the laws of the State of Florida (the “Company”), designated as the Company’s 5% Fixed Convertible
Promissory Note due September 23, 2020 (“Maturity Date”) in the face amount of $43,050 (the “Note”).

 

FOR
VALUE RECEIVED, the Company hereby promises to pay to the order of Tangiers Global, LLC or its registered assigns or successors-in-interest
(the “Holder”) the Principal Sum of $43,050 (the “Principal Sum”) and to pay “guaranteed”
interest on the principal balance hereof at an amount equivalent to 5% of the Principal Sum, to the extent such Principal Sum
and “guaranteed” interest and any other interest, fees, liquidated damages and/or items due to Holder herein have
not been repaid or converted into the Company’s Common Stock (the “Common Stock”), in accordance with
the terms hereof. The sum of $41,000 shall be remitted and delivered to the Company, and $2,050 shall be retained by the Holder
through an original issue discount (the “OID”) for due diligence and legal bills related to this transaction.
The Company covenants that within One month of the Effective Date of the Note, it shall utilize approximately $41,000
of the proceeds in the manner set forth on Schedule 1, attached hereto (the “Use of Proceeds”), and shall
promptly provide evidence thereof to Holder, in sufficient detail as reasonably requested by Holder.

 

    	 	 	 

    	 

    

 

In
addition to the “guaranteed” interest referenced above, and upon the occurrence of an Event of Default (as defined
in Section 3.00(a)), additional interest will accrue from the date of the Event of Default at the rate equal to the lower of 15%
per annum or the highest rate permitted by law (the “Default Rate”).

 

This
Note will become effective only upon the execution by both parties, including the execution of Exhibits B, C, D, E, Schedule 1
(collectively, the “Exhibits”), and the Irrevocable Transfer Agent Instructions (the “Date of Execution”)
and delivery of the initial payment of consideration by the Holder (the “Effective Date”). The Company acknowledges
and agrees the Exhibits are material provisions of this Note.

 

For
purposes hereof the following terms shall have the meanings ascribed to them below:

 

“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the City of New York
are authorized or required by law or executive order to remain closed.

 

“Fixed
Conversion Price” shall be equal to $.03 per share.

 

“Principal
Amount” shall refer to the sum of (i) the original principal amount of this Note (including the original issue
discount, prorated if the Note has not been funded in full), (ii) all guaranteed and other accrued but unpaid interest
hereunder, (iii) any fees due hereunder, (iv) liquidated damages, and (v) any default payments owing under the Note, in each
case previously paid or added to the Principal Amount.

 

“Principal
Market” shall refer to the primary exchange or trading platform on which the Company’s common stock is traded
or quoted.

 

“Trading
Day” shall mean a day on which there is trading or quoting for any security on the Principal Market.

 

“Underlying
Shares” means the shares of Common Stock into which the Note is convertible (including interest, fees, liquidated
damages and/or principal payments in common stock as set forth herein) in accordance with the terms hereof.

 

The
following terms and conditions shall apply to this Note:

 

	Section
    1.00	Repayment.

 

(a)
The Company may pay this Note, in whole or in part, in cash or in other good funds, according to the following schedule:

 

	Days
    Since Effective Date	 	Payment
    Amount
	Under
    30	 	110%
    of Principal Amount so paid
	31-60	 	115%
    of Principal Amount so paid
	61-90	 	120%
    of Principal Amount so paid
	91-180	 	133%
    of Principal Amount so paid

 

    	 	 	 

    	 

    

 

(b)
After 180 days from the Effective Date, the Company may not pay this Note, in whole or in part, in cash or in other good
funds, without prior written consent from Holder, which consent may be withheld, delayed, denied, or conditioned in
Holder’s sole and absolute discretion. Whenever any amount expressed to be due by the terms of this Note is due on any
day that is not a Business Day, the same shall instead be due on the next succeeding day that is a Business Day. Upon the
occurrence of an Event of Default, the Company may not pay the Note, in whole or in part, in cash or in other good funds
without written consent of the Holder, which consent may be withheld, delayed, denied, or conditioned in Holder’s sole
and absolute discretion. Further, the Company shall provide the Holder with two weeks’ prior written notice of the
Company’s determination to pay any or all of its obligations hereunder. During such two-week period, the Holder may
exercise any or all of its conversion rights hereunder. In the event that the Holder does not exercise its conversion rights
in respect of any or all of such noticed, prospective payment, the Company shall tender the full amount set forth in such
notice (less any amount in respect of which the Holder has exercised its conversion rights) to the Holder within 2 Business
Days following the Holder’s exercise (or notification to the Company of non-exercise) of the Holder’s conversion
rights in respect of the amount set forth in such notice. Any such payment by the Company in connection with this provision
shall be deemed to have been made on the date that the Holder first receives the above-referenced notice.

 

	Section 2.00	 Conversion.

 

(a) Conversion
Right. Subject to the terms hereof and restrictions and limitations contained herein, the Holder shall have the right, at
the Holder’s sole option, at any time and from time to time to convert in whole or in part the outstanding and unpaid Principal
Amount under this Note into shares of Common Stock at the Conversion Price (defined below), but not to exceed the Restricted Ownership
Percentage, as defined in Section 2.00(f). The date of any conversion notice (“Conversion Notice”) hereunder
shall be referred to herein as the “Conversion Date”. The Conversion Price shall be equitably adjusted in the
event of a forward split, stock dividend, or the like, but shall not be adjusted in the event of a reverse split, recombination,
or the like.

 

(b) Stock
Certificates or DWAC. The Company will deliver to the Holder, or Holder’s authorized designee, no later than 2 Trading
Days after the Conversion Date, a certificate or certificates (which certificate(s) shall be free of restrictive legends and trading
restrictions if the shares of Common Stock underlying the portion of the Note being converted are eligible under a resale exemption
pursuant to Rule 144(b)(1)(ii) and Rule 144(d)(1)(ii) of the Securities Act of 1933, as amended) representing the number of shares
of Common Stock being acquired upon the conversion of this Note. In lieu of delivering physical certificates representing the
shares of Common Stock issuable upon conversion of this Note, provided the Company’s transfer agent is participating in
Depository Trust Company’s (“DTC”) Fast Automated Securities Transfer (“FAST”) program,
the Company shall instead use commercially reasonable efforts to cause its transfer agent to electronically transmit such shares
issuable upon conversion to the Holder (or its designee), by crediting the account of the Holder’s (or such designee’s)
broker with DTC through its Deposits and Withdrawal at Custodian (“DWAC”) program (provided that the same time
periods herein as for stock certificates shall apply).

 

    	 	 	 

    	 

    

 

(c) Charges
and Expenses. Issuance of Common Stock to Holder, or any of its assignees, upon the conversion of this Note shall be made
without charge to the Holder for any issuance fee, transfer tax, legal opinion and related charges, postage/mailing charge or
any other expense with respect to the issuance of such Common Stock. Company shall pay all transfer agent fees incurred from the
issuance of the Common Stock to Holder, as well as any and all other fees and charges required by the transfer agent as a condition
to effectuate such issuance. Any such fees or charges, as noted in this Section that are paid by the Holder (whether from the
Company’s delays, outright refusal to pay, or otherwise), will be automatically added to the Principal Sum of the Note and
tack back to the Effective Date for purposes of Rule 144.

 

(d) Delivery
Timeline. If the Company fails to deliver to the Holder such certificate or certificates (or shares through the DWAC program)
pursuant to this Section (free of any restrictions on transfer or legends, if eligible) prior to 3 Trading Days after the Conversion
Date, the Company shall pay to the Holder as liquidated damages an amount equal to $2,000 per day, until such certificate or certificates
are delivered. The Company acknowledges that it would be extremely difficult or impracticable to determine the Holder’s
actual damages and costs resulting from a failure to deliver the Common Stock and the inclusion herein of any such additional
amounts are the agreed upon liquidated damages representing a reasonable estimate of those damages and costs. Such liquidated
damages will be automatically added to the Principal Sum of the Note and tack back to the Effective Date for purposes of Rule
144.

 

(e) Reservation
of Underlying Securities. The Company covenants that it will at all times reserve and keep available for Holder, out of its
authorized and unissued Common Stock solely for the purpose of issuance upon conversion of this Note, free from preemptive rights
or any other actual contingent purchase rights of persons other than the Holder, five times the number of shares of Common
Stock as shall be issuable (taking into account the adjustments under this Section 2.00, but without regard to any ownership limitations
contained herein) upon the conversion of this Note (consisting of the Principal Amount), under the formula in Section 3.00(c)
below, to Common Stock (the “Required Reserve”). The Company covenants that all shares of Common Stock that
shall be issuable will, upon issue, be duly authorized, validly issued, fully-paid, non-assessable and freely-tradable (if eligible).
If the amount of shares on reserve in Holder’s name at the Company’s transfer agent for this Note shall drop below
the Required Reserve, the Company will, within 2 Trading Days of notification from Holder, instruct the transfer agent to increase
the number of shares so that the Required Reserve is met. In the event that the Company does not instruct the transfer agent to
increase the number of shares so that the Required Reserve is met, the Holder will be allowed, if applicable, to provide this
instruction as per the terms of the Irrevocable Transfer Agent Instructions attached to this Note. The Company agrees that the
maintenance of the Required Reserve is a material term of this Note and any breach of this Section 2.00(e) will result in a default
of the Note.

 

(f) Conversion
Limitation. The Holder will not submit a conversion to the Company that would result in the Holder beneficially owning more
than 9.99% of the then total outstanding shares of the Company (“Restricted Ownership Percentage”).

 

(g) Conversion
Delays. If the Company fails to deliver shares in accordance with the timeframe stated in Section 2.00(c), the Holder, at
any time prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular conversion
attributable to the unsold shares. The rescinded conversion amount will be returned to the Principal Sum with the rescinded
conversion shares returned to the Company, under the expectation that any returned conversion amounts will tack back to the
Effective Date.

 

    	 	 	 

    	 

    

 

(h) Shorting
and Hedging. Holder may not engage in any “shorting” or “hedging” transaction(s) in the Common Stock
of the Company prior to conversion.

 

(i) Conversion
Right Unconditional. If the Holder shall provide a Conversion Notice as provided herein, the Company’s obligations to
deliver Common Stock shall be absolute and unconditional, irrespective of any claim of setoff, counterclaim, recoupment, or alleged
breach by the Holder of any obligation to the Company.

 

	Section 3.00	 Defaults and Remedies.

 

(a) Events
of Default. An “Event of Default” is: (i) a default in payment of any amount due hereunder; (ii) a
default in the timely issuance of underlying shares upon and in accordance with terms of Section 2.00, which default
continues for 2 Trading Days after the Company has failed to issue shares or deliver stock certificates within the 3rd
Trading Day following the Conversion Date; (iii) if the Company does not issue the press release or file the Current Report
on Form 8-K, in each case in accordance with the provisions and the deadlines referenced Section 5.00(j); (iv) failure by the
Company for 3 days after notice has been received by the Company to comply with any material provision of this Note; (iv) any
representation or warranty of the Company in this Note that is found to have been incorrect in any material respect when
made, including, without limitation, the Exhibits; (vi) failure of the Company to remain compliant with DTC, thus incurring a
“chilled” status with DTC; (vii) any default of any mortgage, indenture or instrument which may be issued, or by
which there may be secured or evidenced any indebtedness, for money borrowed by the Company or for money borrowed the
repayment of which is guaranteed by the Company, whether such indebtedness or guarantee now exists or shall be created
hereafter; (viii) if the Company is subject to any Bankruptcy Event; (ix) any failure of the Company to satisfy its
“filing” obligations under the Securities Exchange Act of 1934, as amended (the “1934 Act”)
and the rules and guidelines issued by OTC Markets News Service, OTC Markets Group, Inc. and their affiliates; (x) failure of
the Company to remain in good standing under the laws of its state of domicile; (xi) any failure of the Company to provide
the Holder with information related to its corporate structure including, but not limited to, the number of authorized and
outstanding shares, public float, etc. within 1 Trading Day of request by Holder; (xii) failure by the Company to maintain
the Required Reserve in accordance with the terms of Section 2.00(e); (xiii) failure of Company’s Common Stock to
maintain a closing bid price in its Principal Market for more than 3 consecutive Trading Days; (xiv) any delisting from a
Principal Market for any reason; (xv) failure by Company to pay any of its transfer agent fees in excess of $2,000 or to
maintain a transfer agent of record; (xvi) failure by Company to notify Holder of a change in transfer agent within 24 hours
of such change; (xvii) any trading suspension imposed by the United States Securities and Exchange Commission (the
“SEC”) under Sections 12(j) or 12(k) of the 1934 Act; (xviii) failure by the Company to meet all
requirements necessary to satisfy the availability of Rule 144 to the Holder or its assigns, including but not limited to the
timely fulfillment of its filing requirements as a fully- reporting issuer registered with the SEC, requirements for XBRL
filings, and requirements for disclosure of financial statements on its website; or (xix) failure of the Company to abide by
the Use of Proceeds or failure of the Company to inform the Holder of a change in the Use of Proceeds.

 

    	 	 	 

    	 

    

 

(b) Remedies.
If an Event of Default occurs, the outstanding Principal Amount of this Note owing in respect thereof through the date of acceleration,
shall become, at the Holder’s election, immediately due and payable in cash at the “Mandatory Default Amount”.
The Mandatory Default Amount means 33% of the outstanding Principal Amount of this Note will be automatically added to the Principal
Sum of the Note and tack back to the Effective Date for purposes of Rule 144. Commencing 5 days after the occurrence of any Event
of Default that results in the eventual acceleration of this Note, this Note shall accrue additional interest, in addition to
the Note’s “guaranteed” interest, at a rate equal to the lesser of 15% per annum or the maximum rate permitted
under applicable law. In connection with such acceleration described herein, the Holder need not provide, and the Issuer hereby
waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration of
any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
law. Such acceleration may be rescinded and annulled by the Holder at any time prior to payment hereunder and the Holder shall
have all rights as a holder of the note until such time, if any, as the Holder receives full payment pursuant to this Section
3.00(b). No such rescission or annulment shall affect any subsequent event of default or impair any right consequent thereon.
Nothing herein shall limit the Holder’s right to pursue any other remedies available to it at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver certificates representing shares of Common Stock upon conversion of the Note as required pursuant to the terms hereof.

 

(c) Variable
Conversion Price. If the Note is not retired on or before the Maturity Date, then at any time and from time to time after
the Maturity Date, and subject to the terms hereof and restrictions and limitations contained herein, the Holder shall have the
right, at the Holder’s sole option, to convert in whole or in part the outstanding and unpaid Principal Amount under this
Note into shares of Common Stock at the Variable Conversion Price. The “Variable Conversion Price”
(together with the Fixed Conversion Price, the “Conversion Price”) shall be equal to the lower of: (a)
the Fixed Conversion Price or (b) 65% of the lowest volume weighted average price of the Company’s Common Stock during the
20 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note. For the purpose of calculating
the Variable Conversion Price only, any time after 4:00 pm Eastern Time (the closing time of the Principal Market) shall be considered
to be the beginning of the next Business Day. If the Company is placed on “chilled” status with the DTC, the discount
shall be increased by 10%, i.e., from 35% to 45%, until such chill is remedied. If the Company is not DWAC eligible
through their transfer agent and DTC’s FAST system, the discount will be increased by 5%, i.e., from 35% to
40%. In the case of both, the discount shall be a cumulative increase of 15%, i.e., from 35% to 50%.

 

    	 	 	 

    	 

    

 

Section
4.00 Representations and Warranties of Holder.

 

Holder
hereby represents and warrants to the Company that:

 

(a) Holder
is an “accredited investor,” as such term is defined in Regulation D of the Securities Act of 1933, as amended (the
“1933 Act”), and will acquire this Note and the Underlying Shares (collectively, the “Securities”)
for its own account and not with a view to a sale or distribution thereof as that term is used in Section 2(a)(11) of the 1933
Act, in a manner which would require registration under the 1933 Act or any state securities laws. Holder has such knowledge and
experience in financial and business matters that such Holder is capable of evaluating the merits and risks of the Securities.
Holder can bear the economic risk of the Securities, has knowledge and experience in financial business matters and is capable
of bearing and managing the risk of investment in the Securities. Holder recognizes that the Securities have not been registered
under the 1933 Act, nor under the securities laws of any state and, therefore, cannot be resold unless the resale of the Securities
is registered under the 1933 Act or unless an exemption from registration is available. Holder has carefully considered and has,
to the extent Holder believes such discussion necessary, discussed with its professional, legal, tax and financial advisors, the
suitability of an investment in the Securities for its particular tax and financial situation and its advisers, if such advisors
were deemed necessary, and has determined that the Securities are a suitable investment for it. Holder has not been offered the
Securities by any form of general solicitation or advertising, including, but not limited to, advertisements, articles, notices
or other communications published in any newspaper, magazine, or other similar media or television or radio broadcast or any seminar
or meeting where, to Holders’ knowledge, those individuals that have attended have been invited by any such or similar means
of general solicitation or advertising. Holder has had an opportunity to ask questions of and receive satisfactory answers from
the Company, or any person or persons acting on behalf of the Company, concerning the terms and conditions of the Securities and
the Company, and all such questions have been answered to the full satisfaction of Holder. The Company has not supplied Holder
any information regarding the Securities or an investment in the Securities other than as contained in this Agreement, and Holder
is relying on its own investigation and evaluation of the Company and the Securities and not on any other information.

 

(b) The
Holder is a limited liability company duly organized, validly existing and in good standing under the laws of the state of its
incorporation and has all requisite corporate power and authority to carry on its business as now conducted. The Holder is duly
qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a material
adverse effect on its business or properties.

 

(c) All
limited liability company action has been taken on the part of the Holder, its officers, directors, managers and members necessary
for the authorization, execution and delivery of this Note. The Holder has taken all limited liability company action required
to make all of the obligations of the Holder reflected in the provisions of this Note, valid and enforceable obligations.

 

(d) Each
certificate or instrument representing Securities will be endorsed with the following legend (or a substantially similar legend),
unless or until registered under the 1933 Act or exempt from registration:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES,
THE TRANSFER IS MADE IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR
THE HOLDER OF THESE SECURITIES WHICH IS REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

 

    	 	 	 

    	 

    

 

	Section
    5.00	General.

 

(a) Payment
of Expenses. The Company agrees to pay all reasonable charges and expenses, including attorneys’ fees and expenses,
which may be incurred by the Holder in successfully enforcing this Note and/or collecting any amount due under this Note.

 

(b) Assignment,
Etc. The Holder may assign or transfer this Note to any transferee at its sole discretion. This Note shall be binding upon
the Company and its successors and shall inure to the benefit of the Holder and its successors and permitted assigns.

 

(c) Amendments.
This Note may not be modified or amended, or any of the provisions of this Note waived, except by written agreement of the Company
and the Holder.

 

(d) Funding
Window. The Company agrees that it will not enter into a convertible debt financing transaction, including 3(a)(9) and 3(a)(10)
transactions, with any party other than the Holder for a period of 15 Trading Days following the Effective Date. The Company agrees
that this is a material term of this Note and any breach of this will result in a default of the Note.

 

(e) Piggyback
Registration Rights. The Company shall include on the next registration statement that the Company files with the SEC (or
on the subsequent registration statement if such registration statement is withdrawn) all shares issuable upon conversion of this
Note. Failure to do so will result in liquidated damages of 30% of the outstanding Principal Sum of this Note, but not less than
$20,000, being immediately due and payable to the Holder at its election in the form of a cash payment or an addition to the Principal
Sum of this Note.

 

(f) Terms
of Future Financings. So long as this Note is outstanding, upon any issuance by the Company or any of its subsidiaries of
any convertible debt security (whether such debt begins with a convertible feature or such feature is added at a later date) with
any term more favorable to the holder of such security or with a term in favor of the holder of such security that was not similarly
provided to the Holder in this Note, then the Company shall notify the Holder of such additional or more favorable term and such
term, at the Holder’s option, shall become a part of this Note and its supporting documentation.. The types of terms contained
in the other security that may be more favorable to the holder of such security include, but are not limited to, terms addressing
conversion discounts, terms addressing maturity, conversion look back periods, interest rates, original issue discount percentages
and warrant coverage.

 

 (g) Governing Law; Jurisdiction.

 

(i) Governing
Law. This Note will be governed by, and construed and interpreted in accordance with, the laws of the Commonwealth of Puerto
Rico without regard to any conflicts of laws or provisions thereof that would otherwise require the application of the law of
any other jurisdiction.

 

(ii) Jurisdiction
and Venue. Any dispute, claim, suit, action or other legal proceeding arising out of or relating to this Note or the rights
and obligations of each of the parties shall be brought only in the San Juan, Puerto Rico or in the federal courts of the United
States of America located in San Juan, Puerto Rico.

 

    	 	 	 

    	 

    

 

(iii) No
Jury Trial. The Company hereto knowingly and voluntarily waives any and all rights it may have to a trial by jury with respect
to any litigation based on, or arising out of, under, or in connection with, this Note.

 

(iv) Delivery
of Process by the Holder to the Company. In the event of an action or proceeding by the Holder against the Company, and only
by the Holder against the Company, service of copies of summons and/or complaint and/or any other process that may be served in
any such action or proceeding may be made by the Holder via U.S. Mail, overnight delivery service such as FedEx or UPS, email,
fax, or process server, or by mailing or otherwise delivering a copy of such process to the Company at its last known attorney
as set forth in its most recent SEC filing.

 

(v) Notices.
Any notice required or permitted hereunder (including Conversion Notices) must be in writing and either personally served, sent
by facsimile or email transmission, or sent by overnight courier. Notices will be deemed effectively delivered at the time of
transmission if by facsimile or email, and if by overnight courier the business day after such notice is deposited with the courier
service for delivery.

 

(h) No
Bad Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act of 1933, as
amended, on the basis of being a “bad actor” as that term is established in the September 13, 2013 Small Entity Compliance
Guide published by the SEC.

 

(i) Usury.
If it shall be found that any interest or other amount deemed interest due hereunder violates any applicable law governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law. The Company covenants (to the extent that it may lawfully do so) that it will not seek to claim or take advantage
of any law that would prohibit or forgive the Company from paying all or a portion of the principal, fees, liquidated damages
or interest on this Note.

 

(j) Securities
Laws Disclosure; Publicity. The Company shall (a) by 9:30 a .m. Eastern Time on the Trading Day immediately following the
Date of Execution, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file
a Current Report on Form 8-K, with the SEC within the time required by the 1934 Act. From and after the filing of such press
release, the Company represents to the Holder that it shall have publicly disclosed all material, non-public information
delivered to the Holder by the Company, or any of its officers, directors, employees, or agents in connection with the
transactions contemplated by this Note. The Company and the Holder shall consult with each other in issuing any other press
releases with respect to the transactions contemplated hereby, and neither the Company nor the Holder shall issue any such
press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any
press release of the Holder, or without the prior consent of the Holder, with respect to any press release of the Company,
none of which consents shall be unreasonably withheld, delayed, denied, or conditioned except if such disclosure is required
by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement
or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of the Holder, or include
the name of the Holder in any filing with the SEC or any regulatory agency or Principal Market, without the prior written
consent of the Holder, except to the extent such disclosure is required by law or Principal Market regulations, in which case
the Company shall provide the Holder with prior notice of such disclosure permitted hereunder.

 

    	 	 	 

    	 

    

 

The
Company agrees that this is a material term of this Note and any breach of this Section 5.00(j) will result in a default of the
Note.

 

(k) Attempted
Below-par Issuance. In the event that the Holder delivers a Conversion Notice to the Company and, if as of such date, (i)
the Conversion Price would be less than par value of the Company’s Common Stock and (ii) within three business days of the
delivery of the Conversion Notice, the Company shall not have reduced its par value such that all of the requested conversion
transaction may then be accomplished, then the Company and the Holder shall utilize the following conversion protocol for Par
Value Adjustment. The Holder shall transmit to the Company: (X) a “preliminary” Conversion Notice for the full number
of shares of Common Stock that would be issued at the Conversion Price without regard to any below-par value conversion issues;
followed by (Y) a “par value” Conversion Notice for the number of shares of Common Stock with the Conversion Price
increased from the “preliminary” Conversion Price to a Conversion Price at par value; and, finally, (Z) a “liquidated
damages” Conversion Notice for that number of shares of Common Stock that represents the difference between the “preliminary”
Conversion Notice full number of shares and the “par value” Conversion Notice limited number of shares. The Conversion
Price of such “liquidated damages Common Shares” would be the par value of the Common Stock. Accordingly, through
this protocol, the Company would issue, in two transactions, an amount of shares of its Common Stock equivalent to the full number
of shares of Common Stock that would have been issued in accordance with the “preliminary” Conversion Notice without
regard to any below-par value conversion issues. In the event that the Holder is precluded from exercising any or all of its conversion
rights hereunder as a result of a proposed “below par” conversion, the Company agrees that, in lieu of actual damages
for such failure, liquidated damages may be assessed and recovered by the Holder without being required to present any evidence
of the amount or character of actual damages sustained by reason thereof. The amount of such liquidated damages shall be an amount
equivalent to the trading price utilized in the “preliminary” Conversion Notice multiplied by the number of shares
calculated on the “liquidated damages” Conversion Notice. Such amount shall be assessed and become immediately due
and payable to the Holder (at its election) in the form of a (i) cash payment, (ii) an addition to the Principal Sum of this Note,
or (iii) the immediate issuance of that number of shares of Common Stock as calculated on the “liquidated damages”
Conversion Notice. Such liquidated damages are intended to represent estimated actual damages and are not intended to be a penalty,
but, by virtue of their genesis and subject to the election of the Holder (as set forth in the immediately preceding sentence),
will be automatically added to the Principal Sum of the Note and tack back to the Effective Date for purposes of Rule 144, as
the Company’s failure to maintain the par value of its Common Stock at an amount that would not result in a “below
par” conversion failure is equivalent to a default as of the Issuance Date of the Note.

 

[Signature
Page to Follow.]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Fixed Convertible Promissory Note to be duly executed on the day and in the year
first above written.

 

	 	TAURIGA
    SCIENCES, INC.
	 	 	 
	 	By: 	/s/
    Seth M. Shaw
	 	Name: 	Seth M. Shaw
	 	Title:	Chief
Executive Officer
	 	Email: 	sshaw@tauriga.com
	 	Address: 	555 Madison Ave,
    5th Floor / NY, NY 10022

 

This
Fixed Convertible Promissory Note of March 23, 2020 is accepted this 23  day of March, 2020 by

 

	TANGIERS
    GLOBAL, LLC	 
	 	 	 
	By:	/s/
    Michael Sobeck	 
	Name:	Michael
    Sobeck	 
	Title: 	Managing MemberEX-4.3

 Exhibit 4.3 

EXECUTION VERSION 
 ESSENTIAL
UTILITIES, INC., 
 (formerly known as Aqua America, Inc.) 

as Issuer, 
 AND 

U.S. BANK N.A., 
 as
Trustee 
 Fourth Supplemental Indenture 

Dated as of April 15, 2020 

to Indenture 
 Dated as of
April 23, 2019 
 $500,000,000 2.704% Senior Notes due 2030 

$600,000,000 3.351% Senior Notes due 2050 

 TABLE OF CONTENTS 
  

							
	ARTICLE 1	  

	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  

			
	 Section 1.01.
	 	Scope of Supplemental Indenture; General	  	 	2	 
	 Section 1.02.
	 	Definitions	  	 	2	 
	
	ARTICLE 2	  

	
	THE SECURITIES	  

			
	 Section 2.01.
	 	Title and Terms; Additional Notes	  	 	5	 
	 Section 2.02.
	 	Form of the Notes; Global Securities; Initial Depositary; Legend	  	 	5	 
	 Section 2.03.
	 	Minimum Denomination	  	 	6	 
	 Section 2.04.
	 	Stated Maturity; Interest Rates; Regular Record Date	  	 	6	 
	 Section 2.05.
	 	No Sinking Fund; Not Redeemable at Option of Holders	  	 	6	 
	 Section 2.06.
	 	Paying Agent and Security Registrar	  	 	7	 
	 Section 2.07.
	 	No Conversion	  	 	7	 
	 Section 2.08.
	 	No Prohibitions on Tender Offers; Repurchases of Notes	  	 	7	 
	 Section 2.09.
	 	Other Terms of the Notes	  	 	7	 
	
	ARTICLE 3	  

	
	OPTIONAL REDEMPTION BY THE COMPANY	  

			
	 Section 3.01.
	 	Optional Redemption	  	 	7	 
	 Section 3.02.
	 	Notice of Optional Redemption; Deposit of Redemption Price	  	 	8	 
	 Section 3.03.
	 	Partial Redemption	  	 	9	 
	 Section 3.04.
	 	Conditional Redemption	  	 	9	 
	
	ARTICLE 4	  

	
	EXECUTION, AUTHENTICATION, DELIVERY AND DATING	  

			
	 Section 4.01.
	 	Amendments to Article III of the Base Indenture	  	 	9	 
	
	ARTICLE 5	  

	
	SUCCESSOR CORPORATION	  

			
	 Section 5.01.
	 	Amendments to Article VIII of the Base Indenture	  	 	11	 

  
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	ARTICLE 6	  

	
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  

			
	 Section 6.01.
	 	Amendments to Article IX of the Base Indenture	  	 	11	 
	
	ARTICLE 7	  

	
	NO REDEMPTION UPON A DESIGNATED EVENT AND A RATING DECLINE	  

			
	 Section 7.01.
	 	Article XIII of the Base Indenture Inapplicable	  	 	12	 
	
	ARTICLE 8	  

	
	DEFEASANCE AND COVENANT DEFEASANCE	  

			
	 Section 8.01.
	 	Amendments to Article XIV of the Base Indenture	  	 	13	 
	
	ARTICLE 9	  

	
	MISCELLANEOUS	  

			
	 Section 9.01.
	 	Conflict with Trust Indenture Act	  	 	13	 
	 Section 9.02.
	 	Effect of Headings and Table of Contents	  	 	13	 
	 Section 9.03.
	 	Successors and Assigns	  	 	13	 
	 Section 9.04.
	 	Separability	  	 	13	 
	 Section 9.05.
	 	Benefits of Supplemental Indenture	  	 	13	 
	 Section 9.06.
	 	Governing Law and Jury Trial Waiver	  	 	13	 
	 Section 9.07.
	 	Ratification of Indenture	  	 	14	 

  
 ii 

 FOURTH SUPPLEMENTAL INDENTURE dated as of April 15, 2020 (this “Supplemental
Indenture”) between ESSENTIAL UTILITIES, INC., a Pennsylvania corporation (formerly known as Aqua America, Inc.) (the “Company”), and U.S. BANK N.A., a national banking association, as trustee (the
“Trustee”), supplementing the Indenture dated as of April 23, 2019, between the Company and the Trustee (such Indenture, as previously supplemented by the First Supplemental Indenture dated as of April 23, 2019 between the
Company and the Trustee, the “Base Indenture”). 
 RECITALS OF THE COMPANY: 

WHEREAS, the Company executed and delivered the Base Indenture to provide for, among other things, the issuance of unsecured debt securities
in an unlimited aggregate principal amount to be issued from time to time in one or more series as provided in the Base Indenture; 

WHEREAS, the Base Indenture provides that the Company may enter into an indenture supplemental to the Base Indenture to establish the form and
terms of any series of Securities as provided by Section 3.01 and Section 9.01(7) of the Base Indenture; 

WHEREAS, the Company desires and has requested the Trustee to join it in the execution and delivery of this Supplemental Indenture in order to
establish and provide for the issuance by the Company of two series of Securities (each, a “series”) designated as its (i) 2.704% Senior Notes due 2030 (the “2030 Notes”) and (ii) 3.351% Senior Notes due 2050 (the
“2050 Notes” and, together with the 2030 Notes, the “Notes”), substantially in the form attached as Exhibits A-I and A-II
hereto, respectively, on the respective terms set forth herein; 
 WHEREAS, the Company now wishes to issue 2030 Notes and 2050 Notes in an
aggregate initial principal amount of $500,000,000 and $600,000,000, respectively; and 
 WHEREAS, the Company has requested that the
Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make (i) this Supplemental Indenture a valid instrument in accordance with its terms and (ii) the Notes, when executed by the Company and
authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects. 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the premises and the purchases of the Notes by the Holders
thereof, it is mutually agreed, for the benefit of the parties hereto and the equal and proportionate benefit of all Holders of the Notes, as follows: 

  
 1 

 ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01.    Scope of Supplemental Indenture; General. The changes, modifications and supplements to the
Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the 2030 Notes and the 2050 Notes (which shall be initially in the aggregate initial principal amount of $500,000,000 and
$600,000,000, respectively) and shall not apply to any other Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and
supplements. This Supplemental Indenture shall, where applicable, supersede any corresponding provisions in the Base Indenture. 

Section 1.02.    Definitions. For all purposes of the Indenture, except as otherwise expressly provided or
unless the context otherwise requires: 
 (i)    the terms defined in this Article 1 shall have
the meanings assigned to them in this Article and include the plural as well as the singular; 

(ii)    all words, terms and phrases defined in the Base Indenture (but not otherwise defined herein) shall
have the same meaning herein as in the Base Indenture; 
 (iii)    all other terms used herein that are
defined in the Trust Indenture Act, either directly or by reference therein, shall have the meanings assigned to them therein; and 

(iv)    the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

“2030 Notes” has the meaning ascribed to it in the Recitals hereof. 

“2050 Notes” has the meaning ascribed to it in the Recitals hereof. 

“2030 Notes Maturity Date” has the meaning ascribed to it in Section 2.04(a). 

“2050 Notes Maturity Date” has the meaning ascribed to it in Section 2.04(a). 

“Additional Notes” has the meaning ascribed to it in Section 2.01(a). 

“Applicable Par Call Date” means (i) with respect to the 2030 Notes, January 15, 2030 (three months prior to
the Maturity Date of such Notes) and (ii) with respect to the 2050 Notes, October 15, 2049 (six months prior to the Maturity Date of such Notes). 

“Applicable Spread” means (i) with respect to the 2030 Notes, 30 basis points and (ii) with respect to the 2050
Notes, 30 basis points. 
 “Base Indenture” has the meaning ascribed to it in the preamble hereof. 

  
 2 

 “Business Day” means any day other than a Saturday, Sunday or any day on
which banking institutions in New York, New York are authorized or obligated by applicable law or executive order to close or be closed. 

“close of business” means 5:00 p.m. (New York City time). 

“Company” has the meaning ascribed to it in the preamble hereof and shall also refer to any successor obligor under the
Indenture. 
 “Comparable Treasury Issue” means, with respect to each series of Notes, the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to the remaining term of such series of Notes to be redeemed (assuming that such series of Notes matured on the Applicable Par Call Date) that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to such remaining term. 

“Comparable Treasury Price” means, with respect to any Optional Redemption Date for a series of Notes to be redeemed,
(i) if the Independent Investment Banker obtains four or more applicable Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations after excluding the highest and lowest of such applicable Reference
Treasury Dealer Quotations or (ii) if the Independent Investment Banker obtains fewer than four applicable Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

“Depositary” means The Depository Trust Company until a successor Depositary shall have become such pursuant to the
applicable provisions of the Indenture, and thereafter “Depositary” shall mean such successor Depositary. 

“Global Note” means any Note that is a Global Security. 

“Holder” means the Person in whose name a Note is registered on the Security Registrar’s books. 

“Indenture” means the Base Indenture, as supplemented by this Supplemental Indenture as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental thereto entered into pursuant to the applicable provisions thereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of
the Trust Indenture Act that are deemed to be a part of and govern the Base Indenture, this Supplemental Indenture and any such supplemental indenture, respectively. 

“Independent Investment Banker” means, with respect to each series of Notes, one of the Reference Treasury Dealers appointed
by the Company to act as the “Independent Investment Banker.” 
 “Interest Payment Date” has the meaning
ascribed to it in Section 2.04(b). 
 “Maturity Date” means (i) with respect to the 2030
Notes, the 2030 Notes Maturity Date and (ii) with respect to the 2050 Notes, the 2050 Notes Maturity Date. 

  
 3 

 “Notes” has the meaning ascribed to it in the preamble hereof. 

“Optional Redemption Date” has the meaning ascribed to it in Section 3.02(a). 

“Paying Agent” means any Person (including the Company) authorized by the Company to pay the principal amount of or any
premium or interest on any Notes on behalf of the Company. The Paying Agent shall initially be the Trustee. 
 “Prospectus
Supplement” means the preliminary prospectus supplement dated April 13, 2020, as supplemented by the related pricing term sheet dated April 13, 2020, related to the offering and sale of the Notes. 

“Redemption Date,” when used with respect to any Notes to be redeemed, means the date fixed for such redemption by or
pursuant to the Indenture. 
 “Redemption Price,” when used with respect to any Note to be redeemed, means the price at
which such Note is to be redeemed pursuant to the Indenture. 
 “Reference Treasury Dealer Quotation” means,
with respect to each Reference Treasury Dealer and any Optional Redemption Date for a series of Notes to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for
such series of Notes to be redeemed on such Optional Redemption Date (expressed in each case as a percentage of its aggregate principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m.
(New York City time) on the third Business Day preceding such Optional Redemption Date. 
 “Reference Treasury
Dealers” means, with respect to each series of Notes, (i) each of (A) a Primary Treasury Dealer (as defined below) selected by PNC Capital Markets LLC or its successor and (B) RBC Capital Markets, LLC or its successor
(or an affiliate thereof which is a Primary Treasury Dealer); provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the
Company will substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer(s) selected by the Company. 

“Regular Record Date” has the meaning ascribed to it in Section 2.04(b). 

“Supplemental Indenture” has the meaning ascribed to it in the preamble hereof. 

“Surviving Person” has the meaning ascribed to it in Section 5.01. 

“Treasury Rate” means, with respect to any Optional Redemption Date applicable to a series of Notes, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue for such series of the Notes to be redeemed on such Optional Redemption Date, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
aggregate principal amount) equal to the applicable Comparable Treasury Price for such Optional Redemption Date. 

  
 4 

 “Trustee” means the party named in the preamble hereof until a successor
replaces such party in accordance with the applicable provisions of the Indenture and thereafter means the successor serving hereunder. 

ARTICLE 2 
 THE SECURITIES 

Section 2.01.    Title and Terms; Additional Notes. 

(a)    There is hereby authorized a series of Securities designated the “2.704% Senior Notes due 2030” and a
series of Securities designated the “3.351% Senior Notes due 2050” limited in aggregate initial principal amount to $500,000,000 and $600,000,000, respectively, which amounts shall be as set forth in any written order of the Company for
authentication and delivery of Notes pursuant to Section 3.03 of the Base Indenture. The Company may, from time to time, without the consent of the Holders of Notes, create and issue additional Notes (“Additional
Notes”) ranking equally with a particular series of Notes in all respects so that such Additional Notes shall form a single series with such Notes and shall have the same terms as such Notes, except for the public offering price, the issue
date and, if applicable, the payment of interest accruing prior to the issue date of such Additional Notes and the first payment of interest following the issue date of such Additional Notes; provided that (i) if the Additional Notes are not
fungible with the Outstanding Notes of the applicable series for U.S. federal income tax purposes, the Additional Notes will have one or more separate CUSIP numbers and (ii) no Additional Notes of a series may be issued if an Event of Default
has occurred and is continuing with respect to such series of Notes. 
 (b)    The Indenture shall not limit the total
aggregate principal amount of Additional Notes that the Company may issue hereunder. 
 Section 2.02.    Form of
the Notes; Global Securities; Initial Depositary; Legend. 
 (a)    The Notes will initially be issued only in full
registered form without coupons. The Notes of each series shall be issued in whole or in part in the form of one or more Global Securities in substantially the form set forth in Exhibit A-I or A-II hereto, as applicable, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange on which the Notes of such series may be listed or as may, consistently herewith, be determined by the officers of
the Company executing such Notes, as evidenced by their execution of the Notes. 
 (b)    Each Global Security shall
initially be deposited with, or on behalf of, The Depository Trust Company, as the initial Depositary, and registered in the name of Cede & Co., as nominee of the Depositary. For so long as The Depository Trust Company serves as the
Depositary with respect to any such Global Securities, such Global Securities authenticated and delivered hereunder shall bear a legend in substantially the following form: 

  
 5 

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 Section 2.03.    Minimum Denomination. The Notes
shall be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 2.04.    Stated Maturity; Interest Rates; Regular Record Date. 

(a)    The Stated Maturity of the 2030 Notes shall be April 15, 2030 (the “2030 Notes Maturity
Date”) and the Stated Maturity of the 2050 Notes shall be April 15, 2050 (the “2050 Notes Maturity Date”). 

(b)    The 2030 Notes shall bear interest at the rate of 2.704% per annum and the 2050 Notes shall bear interest at the
rate of 3.351% per annum, in each case computed on the basis of a 360-day year of twelve 30-day months. Interest on the Notes of each series will be payable
semi-annually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020 (each, an “Interest Payment Date”) to the Person in whose name the Note is registered at the close of business on the
immediately preceding April 1 and October 1, respectively (each, a “Regular Record Date”). Interest on the Notes of each series will accrue from the most recent Interest Payment Date to which interest has been paid or duly
provided for, or if no interest has been paid from April 15, 2020 to but excluding the Interest Payment Date or other date of payment for which accrued interest is paid, until the principal hereof is paid or made available for payment. 

(c)     Anything in the Indenture to the contrary notwithstanding, if any Interest Payment Date, Redemption Date or
Maturity of the Notes of a series is not a Business Day at any Place of Payment, then payment of the principal, premium, if any, and interest may be made on the next Business Day at that Place of Payment. In that case, no interest will accrue on the
amount payable on the Notes of such series for the period from and after the applicable Interest Payment Date, Redemption Date or Maturity, as the case may be, to the date of such payment on the next Business Day. 

Section 2.05.    No Sinking Fund; Not Redeemable at Option of Holders. (a) The Notes of each series will
not be subject to a sinking fund and the provisions of Article XII of the Base Indenture shall not apply to the Notes; and (b) the Notes will not otherwise be repayable or redeemable at the option of the Holders. 

  
 6 

 Section 2.06.    Paying Agent and Security Registrar. The
Trustee is hereby appointed as initial Paying Agent and initial Security Registrar for the Notes. The Notes shall be payable at the Corporate Trust Office of the Trustee. 

Section 2.07.    No Conversion. The provisions of Article XV of the Base Indenture shall not apply to
the Notes. 
 Section 2.08.    No Prohibitions on Tender Offers; Repurchases of Notes. Nothing in the
Indenture shall prohibit the purchase of Notes by the Company by tender offer, in the open market or by private agreement, subject to applicable law. 

Section 2.09.    Other Terms of the Notes. The other terms of the 2030 Notes and the 2050 Notes shall be as
expressly set forth herein and in Exhibits A-I and A-II hereto, respectively. 

ARTICLE 3 
 OPTIONAL REDEMPTION BY
THE COMPANY 
 The provisions of Article XI of the Base Indenture, as amended by the provisions of this Supplemental Indenture, shall
apply to the Notes with respect to this Article 3. 
 Section 3.01.    Optional Redemption. 

(a)    Prior to the Applicable Par Call Date, the Company may at its option redeem the Notes of a series, in whole or in
part, at any time or from time to time, at a Redemption Price in respect of the Notes to be redeemed equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the
Optional Redemption Date therefor: 
 (i)    100% of the aggregate principal amount of such Notes being
redeemed on such Optional Redemption Date; and 
 (ii)    the sum of the present values of the remaining
scheduled payments of principal and interest on such Notes being redeemed that would be due if the series of such Notes to be redeemed matured on the Applicable Par Call Date (not including any portion of such payments of interest accrued to such
Optional Redemption Date) discounted to such Optional Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
applicable Treasury Rate plus the Applicable Spread for the series of such Notes to be redeemed. 
 (b)    On and
after the Applicable Par Call Date, the Company may at its option redeem the Notes of a series, in whole or in part, at any time and from time to time, at a Redemption Price equal to 100% of the aggregate principal amount of such Notes being
redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the Optional Redemption Date therefor. 

  
 7 

 (c)    If the Company redeems Notes of a series at its option, then
(a) notwithstanding the foregoing (and without duplication), installments of interest on the Notes of such series that are due and payable on any Interest Payment Date falling on or prior to an Optional Redemption Date for the Notes of such
series will be payable on that Interest Payment Date to the Holders thereof as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date, according to the terms of the Notes of such series and the Indenture
and (b) the Redemption Price for such Notes will, if applicable, be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

Section 3.02.    Notice of Optional Redemption; Deposit of Redemption Price.  

(a)    If the Company elects to redeem the Notes of a series, in whole or in part, at its option pursuant to
Section 3.01, the Company (or, at the Company’s request, the Trustee on behalf of the Company) shall transmit notice of such redemption at least 10 days but not more than 60 days before the Redemption Date for such
redemption (any such Redemption Date, as delayed pursuant to Section 3.04, if applicable, an “Optional Redemption Date”) to each registered Holder of the Notes of the particular series to be redeemed in
whole or in part. Such notice of redemption shall specify the aggregate principal amount of such Notes to be redeemed (or, if such Notes are to be redeemed in whole, that such Notes are to be redeemed in whole), the CUSIP and ISIN numbers of such
Notes to be redeemed, the date fixed as the Optional Redemption Date for such redemption, the Redemption Price for such Notes to be redeemed (or if not then ascertainable, the manner of calculation thereof), any conditions applicable to such
redemption, the place or places of payment and that payment will be made upon presentation and surrender of such Notes. In addition, if any conditions are applicable to such redemption, such notice of redemption shall state that the Company may
delay the Optional Redemption Date for such redemption until such time as any or all such conditions shall be satisfied, and may rescind any related notice of redemption, in which case such redemption shall not occur, in the event that any or all
such conditions shall not have been satisfied by the date fixed as the Optional Redemption Date or, if applicable, by the Optional Redemption Date so delayed. 

(b)    Once notice of redemption is sent to Holders, Notes called for redemption will, subject to satisfaction of the
conditions, if any, set forth in such notice of redemption, become due and payable on the Optional Redemption Date for such Notes at the Redemption Price for such series of Notes, plus accrued and unpaid interest thereon, if any, to, but
excluding, such Optional Redemption Date. On or before 12:00 p.m. (New York City time) on such Optional Redemption Date, the Company will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying
Agent, the Company will segregate and hold in trust as provided in Section 10.03 of the Base Indenture) an amount of U.S. Dollars sufficient to redeem on such Optional Redemption Date all of such Notes so called for
redemption and that become so due and payable at the appropriate Redemption Price for such Notes, together with accrued and unpaid interest thereon, if any, to, but excluding, such Optional Redemption Date. Unless the Company defaults in payment of
the Redemption Price for the Notes called for redemption or in the payment of accrued and unpaid interest thereon, if any, to, but excluding, such Optional Redemption Date, commencing on such Optional Redemption Date interest on such Notes so called
for redemption and that become so due and payable will cease to accrue and Holders of such Notes will have no rights with respect to such Notes except the right to receive the Redemption Price for such Notes and unpaid interest thereon, if any, to,
but excluding, such Optional Redemption Date. 

  
 8 

 Section 3.03.    Partial Redemption. If fewer than all of
the Notes of a particular series are to be redeemed by the Company pursuant to Section 3.01, selection of such Notes to be redeemed will be made pro rata or by lot by the Trustee, or by such other method as the Trustee
shall deem fair and appropriate; provided that if all of the Notes of such series are represented by one or more Global Securities, interests in the Notes of such series to be redeemed will be selected for redemption by the Depositary in accordance
with its standard procedures therefor. Upon surrender of any Note redeemed in part, the Holder will receive a new Note equal in principal amount to the unredeemed portion of the surrendered Note. No Notes of a principal amount of $2,000 or less
shall be redeemed in part. 
 Section 3.04.    Conditional Redemption. Any redemption pursuant to this
Article 3 may, in the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. If a redemption pursuant to this Article 3 is subject to the satisfaction of one or more conditions precedent, the
Company may delay the Optional Redemption Date for such redemption until such time as any or all such conditions shall be satisfied, and may rescind any related notice of redemption, in which case such redemption shall not occur, in the event that
any or all such conditions shall not have been satisfied by the date fixed as the Optional Redemption Date or, if applicable, by the Optional Redemption Date so delayed. 

ARTICLE 4 
 EXECUTION,
AUTHENTICATION, DELIVERY AND DATING 
 Section 4.01.    Amendments to Article III of the Base Indenture.
 
 (a)    For purposes of the Notes, Section 3.03 of the Base Indenture shall be amended
and restated in its entirety with the following: 
 “Section 3.03 Execution, Authentication, Delivery and
Dating. The Securities shall be executed on behalf of the Company by its Chairman of the Board, its Vice Chairman of the Board, its President, its Chief Financial Officer, one of its Vice Presidents, its Treasurer, its Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Securities may be manual, electronic or facsimile. 

Securities bearing the manual, electronic or facsimile signatures of individuals who were at any time the proper officers of
the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of
any Series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order

  
 9 

 
shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by Sections
2.01 and 3.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully
protected in relying upon, an Opinion of Counsel stating, 
 (1)    if the form of such Securities has
been established by or pursuant to Board Resolution as permitted by Section 2.01, that such form has been established in conformity with the provisions of this Indenture; 

(2)    if the terms of such Securities have been established by or pursuant to Board Resolution as
permitted by Section 3.01, that such terms have been established in conformity with the provisions of this Indenture; and 

(3)    that such Securities, when authenticated and delivered by the Trustee and issued by the Company in
the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue
of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

Notwithstanding the provisions of Section 3.01 and of the preceding paragraph, if all Securities of a
series are not to be originally issued at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 3.01 or the Company Order and Opinion of Counsel otherwise
required pursuant to such preceding paragraph at or prior to the time of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to
be issued. 
 Each Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security
to the Trustee for cancellation as provided in Section 3.09, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this
Indenture.” 

  
 10 

 ARTICLE 5 

SUCCESSOR CORPORATION 

Section 5.01.    Amendments to Article VIII of the Base Indenture. For purposes of the Notes,
Section 8.01 of the Base Indenture shall be amended and restated in its entirety to the following: 

“Section 8.01 When Company May Merge, Etc. The Company shall not consolidate or merge with or into any other
entity, or sell, transfer, lease or otherwise convey its properties and assets as an entirety or substantially as an entirety to any entity, unless: 

(1) (i) the Company is the continuing entity (in the case of a merger) or (ii) the successor entity formed by such
consolidation or into which it is merged or which acquires by sale, transfer, lease or other conveyance of its properties and assets, as an entirety or substantially as an entirety (any such other entity being referred to herein as the
“Surviving Person”), is a corporation organized and existing under the laws of the United States of America or any State thereof or the District of Columbia, and expressly assumes, by supplemental indenture, the due and punctual
payment of principal, premium and interest on the Notes and the performance of all of the covenants under this Indenture; 

(2) immediately after giving effect to the transaction, no Event of Default, and no event which after notice or lapse of time
or both would become an Event of Default under this Indenture, has or will have occurred and be continuing; and 
 (3) if a
supplemental indenture is required in connection with such transaction, the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, assignment, or transfer and such
supplemental indenture comply with this Article VIII and that all conditions precedent herein provided relating to such transaction have been satisfied.” 

ARTICLE 6 
 AMENDMENTS,
SUPPLEMENTS AND WAIVERS 
 Section 6.01.    Amendments to Article IX of the Base Indenture.  

(a)    For purposes of the Notes, Section 9.01 of the Base Indenture shall be amended and
restated in its entirety with the following: 
 “Section 9.01 Supplemental Indentures Without Consent of
Holders. Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the 

  
 11 

 
Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1) to cure any ambiguity, omission, defect or inconsistency in this Indenture; or 

(2) to provide for the assumption by a successor corporation as set forth in Article VIII; or 

(3) to comply with any requirements of the Commission in connection with the qualification of this Indenture under the Trust
Indenture Act; or 
 (4) to evidence and provide for the acceptance of appointment with respect to the Notes by a successor
Trustee in accordance with this Indenture, and add or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts under this Indenture by more than one Trustee; or 

(5) to secure the Notes; or 

(6) to add guarantees with respect to the Notes; or 

(7) to add covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred upon the
Company; or 
 (8) to make any change that does not adversely affect the rights of any Holder in any material respect; or

 (9) to conform the provisions of this Indenture or the Notes to any provision of the “Description of the Notes”
section in the Prospectus Supplement.” 
 (b)    For purposes of the Notes,
Section 9.02(3) of the Base Indenture shall be amended and restated in its entirety with the following: 

“(3) modify any of the provisions of this Section or Section 5.13 or
Section 10.06, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected
thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in
accordance with the requirements of Sections 6.11 and 9.01(8), or”. 
 ARTICLE 7 

NO REDEMPTION UPON A DESIGNATED EVENT AND A RATING DECLINE 

Section 7.01.    Article XIII of the Base Indenture Inapplicable. Article XIII of the Base Indenture
shall not apply to the Notes. 

  
 12 

 ARTICLE 8 

DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01.    Amendments to Article XIV of the Base Indenture. For purposes of the Notes, the word
“money” in clauses (A) and (B) of Section 14.04(1) of the Base Indenture shall be deemed replaced with the words “U.S. Dollars.”  

ARTICLE 9 
 MISCELLANEOUS 

Section 9.01.    Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts
with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Supplemental Indenture, the latter provision shall control. If any provision of this Supplemental Indenture modifies or excludes any
provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Supplemental Indenture as so modified or to be excluded, as the case may be. Wherever this Supplemental Indenture refers
to a provision of the Trust Indenture Act, such provision is incorporated by reference in and made a part of this Supplemental Indenture. 

Section 9.02.    Effect of Headings and Table of Contents. The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 9.03.    Successors and Assigns. All covenants and agreements in this Supplemental Indenture by the
Company shall bind its successors and assigns, whether so expressed or not. 

Section 9.04.    Separability. In case any provision in this Supplemental Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 9.05.    Benefits of Supplemental Indenture. Nothing in this Supplemental Indenture or in the Notes,
express or implied, shall give to any Persons, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture. 

Section 9.06.    Governing Law and Jury Trial Waiver. THIS SUPPLEMENTAL INDENTURE AND THE NOTES AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED THERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE SECURITIES. 

  
 13 

 Section 9.07.    Ratification of Indenture. The Base
Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. The
provisions of this Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Base Indenture to the extent the Base Indenture is inconsistent herewith. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. For the avoidance of doubt, for all purposes of this Supplemental Indenture and any document to be signed or delivered in connection with or pursuant to this Supplemental
Indenture, other than the authentication of any Note, the words “execution,” “signed,” “signature,” “delivery,” and words of like import shall be deemed to include electronic signatures, deliveries or the
keeping of records in electronic form, as the case may be, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery or the use of a paper-based recordkeeping system, as the case
may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 
 [Remainder of the page
intentionally left blank] 

  
 14 

 SIGNATURES 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

  

			
	 ESSENTIAL UTILITIES, INC., as
 the
Company

		
	By:	 	 /s/ Christopher P. Luning

	Name:	 	Christopher P. Luning
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 U.S. BANK N.A., as

Trustee

		
	By:	 	 /s/ Gregory P. Guim

	Name:	 	Gregory P. Guim
	Title:	 	Vice President

  
 [Signature Page to
Fourth Supplemental Indenture] 

 EXHIBIT A-1 

[FORM OF FACE OF NOTE] 
 [THIS NOTE IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR NOTES REGISTERED IN THE NAME OF, ANY PERSON
OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY NOTE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN
LIEU OF, THIS NOTE SHALL BE A GLOBAL NOTE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 
  

	*	 Include only if a Global Note. 

  
 A-I – 1 

 EXHIBIT A-I 

ESSENTIAL UTILITIES, INC. 
 2.704%
SENIOR NOTES DUE 2030 
  

			
	No.                     	  	$                     

 CUSIP No.: 29670G AD4 
 ISIN No.:
US29670GAD43 
 ESSENTIAL UTILITIES, INC., a Pennsylvania corporation (formerly known as Aqua America, Inc.) (the
“Company,” which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns (the “Holder”), the initial principal amount of
                    
($                    ) on April 15, 2030 and to pay accrued but unpaid interest thereon semi-annually in arrears on April 15 and
October 15 of each year, beginning on October 15, 2020 (each, an “Interest Payment Date”). Interest shall accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for, or if no
interest has been paid from April 15, 2020 to but excluding the Interest Payment Date or other date of payment for which accrued interest is paid, at the rate of 2.704% per annum, until the principal hereof is paid or made available for
payment. 
 Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more
Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the April 1 and October 1 immediately preceding the relevant Interest Payment Date, as applicable. Any such interest not
so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 Payment of the principal of (and premium, if any) and any such interest on this Note will be made at the office or agency of the Company
maintained for that purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of
interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 

  
 A-I – 2 

 EXHIBIT A-I 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual, electronic or
facsimile signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 Dated:  

 

			
	ESSENTIAL UTILITIES, INC., 

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 CERTIFICATE OF AUTHENTICATION 

U.S. Bank N.A., as Trustee, certifies 
 that this is one of the
Securities of the series 
 designated herein referred to in the within 

mentioned Indenture. 
 Dated: 

 

			
	   U.S. BANK N.A., as

  Trustee

		
	  By:	 	  

		 	  Authorized Signatory

  
 A-I – 3 

 EXHIBIT A-I 

[REVERSE OF NOTE] 
 ESSENTIAL
UTILITIES, INC. 
 2.704% Senior Notes due 2030 

This Note is one of a duly authorized series of Securities of the Company designated as its 2.704% Senior Notes due 2030 (herein sometimes
referred to as the “Notes”), issued under the Indenture, dated as of April 23, 2019, between the Company and U.S. Bank N.A., as trustee (the “Trustee,” which term includes any successor trustee under the
Indenture) (including any provisions of the Trust Indenture Act that are deemed incorporated therein) (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of April 23, 2019 between the Company
and the Trustee, dated as of April 23, 2019 (the “First Supplemental Indenture”), and the Fourth Supplemental Indenture, dated as of April 15, 2020 (the “Fourth Supplemental Indenture” and, together
with the First Supplemental Indenture, the “Supplemental Indentures”) between the Company and the Trustee (the Base Indenture, as supplemented by the Supplemental Indentures, the “Indenture”), to which Indenture
reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders. The terms of other series of Securities issued under the Base Indenture may
vary with respect to interest rates, issue dates, maturity, redemption, repayment, currency of payment and otherwise as provided in the Base Indenture. The Base Indenture further provides that securities of a single series may be issued at various
times, with different maturity dates and may bear interest at different rates. 
 The Notes may be redeemed at the option of the Company
prior to their Stated Maturity, as provided in Article 3 of the Supplemental Indenture. 
 This Note is not entitled to the benefit
of any sinking fund. The Indenture contains provisions for satisfaction and discharge, legal defeasance and covenant defeasance of this Note upon compliance by the Company with certain conditions set forth therein, which provisions apply to this
Note. 
 If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes of this series may be
declared due and payable immediately, in the manner, subject to the conditions and with the effect provided in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the Company and the Trustee, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes, to execute supplemental indentures for certain
purposes as described therein. 
 No provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the time, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

  
 A-I – 4 

 EXHIBIT A-I 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note shall be registered on the
Security Register of the Company, upon due presentation of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument or
instruments of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon the Company shall execute and the Trustee shall authenticate and deliver in
the name of the transferee or transferees a new Note or Notes in authorized denominations and for a like aggregate principal amount. 
 The
Notes will be issued only in full registered form without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

The Company or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer of this Note. No service charge shall be made for any such transfer or for any exchange of this Note as contemplated by the Indenture. The Company, the Trustee and any agent of the Company or the Trustee may deem
and treat the Person in whose name this Note is registered upon the Security Register for the Notes as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing thereon made by
anyone other than the Registrar) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of the Indenture, interest on this Note and for all other purposes; and neither the Company nor the Trustee nor
any agent of the Company or the Trustee shall be affected by any notice to the contrary. 
 This Note and the Indenture and any claim,
controversy or dispute arising under or related thereto shall be governed by and construed in accordance with the laws of the State of New York. 

Capitalized terms used but not defined in this Note shall have the meanings ascribed to such terms in the Indenture. 

No recourse shall be had for the payment of any premium, principal or interest on this Note, or for any claim based hereon, or upon any
obligation, covenant or agreement of the Company in the Indenture, against any incorporator, stockholder, officer or director, past, present or future of the Company or of any predecessor or successor, either directly or through the Company or any
predecessor or successor, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment of penalty or otherwise; and all such personal liability is expressly released and waived as a condition of, and as part
of the consideration for, the issuance of this Note. 
 In the event of any inconsistency between the provisions of this Note and the
provisions of the Indenture, the Indenture shall prevail. 

  
 A-I – 5 

 EXHIBIT A-I 

ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned
assigns and transfers this Note to: 
 (Insert assignee’s social security or tax identification number) 

(Insert address and zip code of assignee) 
 and irrevocably
appoints 
 agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her. 

 

							
	Date:	 		 		 	Signature:
				
		 		 		 	Signature Guarantee:

 (Sign exactly as your name appears on the other side of this Note) 

  
 A-I – 6 

 EXHIBIT A-I 

SIGNATURE GUARANTEE 
 Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 

			
	By:	 	  

	Name:	 	
	Title:	 	

 as Trustee 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 Attest 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-I – 7 

 EXHIBIT A-II 

[FORM OF FACE OF NOTE] 
 [THIS NOTE IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR NOTES REGISTERED IN THE NAME OF, ANY PERSON
OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY NOTE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN
LIEU OF, THIS NOTE SHALL BE A GLOBAL NOTE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 

 

	* 	 Include only if a Global Note. 

  
 A-II – 1 

 EXHIBIT A-II 

ESSENTIAL UTILITIES, INC. 
 3.351%
SENIOR NOTES DUE 2050 
  

			
	No.                     	  	$                    

 CUSIP No.: 29670G AE2 
 ISIN No.:
US29670GAE26 
 ESSENTIAL UTILITIES, INC., a Pennsylvania corporation (formerly known as Aqua America, Inc.) (the
“Company,” which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns (the “Holder”), the initial principal amount of
                    
($                    ) on April 15, 2050 and to pay accrued but unpaid interest thereon semi-annually in arrears on April 15 and
October 15 of each year, beginning on October 15, 2020 (each, an “Interest Payment Date”). Interest shall accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for, or if no
interest has been paid from April 15, 2020 to but excluding the Interest Payment Date or other date of payment for which accrued interest is paid, at the rate of 3.351% per annum, until the principal hereof is paid or made available for
payment. 
 Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more
Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the April 1 and October 1 immediately preceding the relevant Interest Payment Date, as applicable. Any such interest not
so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 Payment of the principal of (and premium, if any) and any such interest on this Note will be made at the office or agency of the Company
maintained for that purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of
interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 

  
 A-II – 2 

 EXHIBIT A-II 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual, electronic or
facsimile signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 Dated:  

 

			
	ESSENTIAL UTILITIES, INC., 

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 CERTIFICATE OF AUTHENTICATION 

U.S. Bank N.A., as Trustee, certifies 
 that this is one of the
Securities of the series 
 designated herein referred to in the within 

mentioned Indenture. 
 Dated: 

 

			
	   U.S. BANK N.A., as

  Trustee

		
	  By:	 	  

		 	  Authorized Signatory

  
 A-II – 3 

 EXHIBIT A-II 

[REVERSE OF NOTE] 
 ESSENTIAL
UTILITIES, INC. 
 3.351% Senior Notes due 2050 

This Note is one of a duly authorized series of Securities of the Company designated as its 3.351% Senior Notes due 2050 (herein sometimes
referred to as the “Notes”), issued under the Indenture, dated as of April 23, 2019, between the Company and U.S. Bank N.A., as trustee (the “Trustee,” which term includes any successor trustee under the
Indenture) (including any provisions of the Trust Indenture Act that are deemed incorporated therein) (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of April 23, 2019 between the Company
and the Trustee, dated as of April 23, 2019 (the “First Supplemental Indenture”), and the Fourth Supplemental Indenture, dated as of April 15, 2020 (the “Fourth Supplemental Indenture” and, together
with the First Supplemental Indenture, the “Supplemental Indentures”) between the Company and the Trustee (the Base Indenture, as supplemented by the Supplemental Indentures, the “Indenture”), to which Indenture
reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders. The terms of other series of Securities issued under the Base Indenture may
vary with respect to interest rates, issue dates, maturity, redemption, repayment, currency of payment and otherwise as provided in the Base Indenture. The Base Indenture further provides that securities of a single series may be issued at various
times, with different maturity dates and may bear interest at different rates. 
 The Notes may be redeemed at the option of the Company
prior to their Stated Maturity, as provided in Article 3 of the Supplemental Indenture. 
 This Note is not entitled to the benefit
of any sinking fund. The Indenture contains provisions for satisfaction and discharge, legal defeasance and covenant defeasance of this Note upon compliance by the Company with certain conditions set forth therein, which provisions apply to this
Note. 
 If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes of this series may be
declared due and payable immediately, in the manner, subject to the conditions and with the effect provided in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the Company and the Trustee, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes, to execute supplemental indentures for certain
purposes as described therein. 
 No provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the time, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

  
 A-II – 4 

 EXHIBIT A-II 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note shall be registered on the
Security Register of the Company, upon due presentation of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument or
instruments of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon the Company shall execute and the Trustee shall authenticate and deliver in
the name of the transferee or transferees a new Note or Notes in authorized denominations and for a like aggregate principal amount. 
 The
Notes will be issued only in full registered form without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

The Company or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer of this Note. No service charge shall be made for any such transfer or for any exchange of this Note as contemplated by the Indenture. The Company, the Trustee and any agent of the Company or the Trustee may deem
and treat the Person in whose name this Note is registered upon the Security Register for the Notes as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing thereon made by
anyone other than the Registrar) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of the Indenture, interest on this Note and for all other purposes; and neither the Company nor the Trustee nor
any agent of the Company or the Trustee shall be affected by any notice to the contrary. 
 This Note and the Indenture and any claim,
controversy or dispute arising under or related thereto shall be governed by and construed in accordance with the laws of the State of New York. 

Capitalized terms used but not defined in this Note shall have the meanings ascribed to such terms in the Indenture. 

No recourse shall be had for the payment of any premium, principal or interest on this Note, or for any claim based hereon, or upon any
obligation, covenant or agreement of the Company in the Indenture, against any incorporator, stockholder, officer or director, past, present or future of the Company or of any predecessor or successor, either directly or through the Company or any
predecessor or successor, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment of penalty or otherwise; and all such personal liability is expressly released and waived as a condition of, and as part
of the consideration for, the issuance of this Note. 
 In the event of any inconsistency between the provisions of this Note and the
provisions of the Indenture, the Indenture shall prevail. 

  
 A-II – 5 

 EXHIBIT A-II 

ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned
assigns and transfers this Note to: 
 (Insert assignee’s social security or tax identification number) 

(Insert address and zip code of assignee) 
 and irrevocably
appoints 
 agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her. 

 

							
	  Date:	 		 		 	Signature:
				
		 		 		 	Signature Guarantee:

 (Sign exactly as your name appears on the other side of this Note) 

  
 A-II – 6 

 EXHIBIT A-II 

SIGNATURE GUARANTEE 
 Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 

			
	By:	 	  

	Name:	 	
	Title:	 	

 as Trustee 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 Attest 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-II – 7

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