Document:

Exhibit

Exhibit 4.2(b)

GEORGIA POWER COMPANY

TO

WELLS FARGO BANK, NATIONAL ASSOCIATION,
TRUSTEE

FIFTY-SEVENTH SUPPLEMENTAL INDENTURE

DATED AS OF MARCH 3, 2017

SERIES 2017B 3.25% SENIOR NOTES

DUE MARCH 30, 2027

TABLE OF CONTENTS1 

	
			
	 
	 
	PAGE

	ARTICLE 1
	1

	Series 2017B Senior Notes
	1

	 
	SECTION 101.  Establishment
	1

	 
	SECTION 102.  Definitions
	2

	 
	SECTION 103.  Payment of Principal and Interest
	3

	 
	SECTION 104.  Denominations
	4

	 
	SECTION 105.  Global Securities
	4

	 
	SECTION 106.  Transfer
	4

	 
	SECTION 107.  Redemption at the Company’s Option
	5

	ARTICLE 2
	5

	 
	Miscellaneous Provisions
	5

	 
	SECTION 201.  Recitals by Company
	5

	 
	SECTION 202.  Ratification and Incorporation of Original Indenture
	5

	 
	SECTION 203.  Executed in Counterparts
	5

	EXHIBIT A    Form of Series 2017B Note
	 

	EXHIBIT B    Certificate of Authentication
	 

_____________________
1This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions.

i

THIS FIFTY-SEVENTH SUPPLEMENTAL INDENTURE is made as of the 3rd day of March, 2017, by and between GEORGIA POWER COMPANY, a Georgia corporation, 241 Ralph McGill Boulevard, N.E., Atlanta, Georgia 30308-3374 (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, 150 East 42nd Street, 40th floor, New York, New York 10017 (the “Trustee”).
W I T N E S S E T H:
WHEREAS, the Company has heretofore entered into a Senior Note Indenture, dated as of January 1, 1998 (the “Original Indenture”), with Wells Fargo Bank, National Association (as successor to The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank))), as heretofore supplemented;
WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as heretofore supplemented and as further supplemented by this Fifty-Seventh Supplemental Indenture, is herein called the “Indenture”;
WHEREAS, under the Original Indenture, a new series of unsecured senior debentures or notes or other evidence of indebtedness (the “Senior Notes”) may at any time be established by the Board of Directors of the Company in accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee;
WHEREAS, the Company proposes to create under the Indenture a new series of Senior Notes;
WHEREAS, additional Senior Notes of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and
WHEREAS, all conditions necessary to authorize the execution and delivery of this Fifty-Seventh Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed.
NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
ARTICLE 1
Series 2017B Senior Notes
SECTION 101.  Establishment.  There is hereby established a new series of Senior Notes to be issued under the Indenture, to be designated as the Company’s Series 2017B 3.25% Senior Notes due March 30, 2027 (the “Series 2017B Notes”).
There are to be authenticated and delivered $400,000,000 principal amount of Series 2017B Notes, and such principal amount of the Series 2017B Notes may be increased from time to time 

pursuant to Section 301 of the Original Indenture.  All Series 2017B Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional Series 2017B Notes.  Any such additional Series 2017B Notes will have the same interest rate, maturity and other terms as those initially issued (except for the public offering price and issue date and the initial interest accrual date and initial Interest Payment Date (as defined below), if applicable).  No Series 2017B Notes shall be authenticated and delivered in excess of the principal amount as so increased except as provided by Sections 203, 303, 304, 907 or 1107 of the Original Indenture.  The Series 2017B Notes shall be issued in fully registered form.
The Series 2017B Notes shall be issued in the form of one or more Global Securities in substantially the form set out in Exhibit A hereto.  The Depositary with respect to the Series 2017B Notes shall be The Depository Trust Company.
The form of the Trustee’s Certificate of Authentication for the Series 2017B Notes shall be in substantially the form set forth in Exhibit B hereto.
Each Series 2017B Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for.
The Series 2017B Notes will not have a sinking fund.
SECTION 102.  Definitions.  The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Series 2017B Notes to be redeemed 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 the remaining term of the Series 2017B Notes.
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the Company.
“Interest Payment Dates” means March 30 and September 30 of each year, commencing September 30, 2017.
“Original Issue Date” means March 3, 2017.
 “Reference Treasury Dealer” means a primary U.S. Government securities dealer in the United States appointed by the Company.

2

“Reference Treasury Dealer Quotation” means, with respect to a Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount and quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day in New York City preceding such Redemption Date).
“Regular Record Date” means, with respect to each Interest Payment Date, the 15th calendar day preceding such Interest Payment Date (whether or not a Business Day).
“Stated Maturity” means March 30, 2027.
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
SECTION 103.  Payment of Principal and Interest.  The principal of the Series 2017B Notes shall be due at Stated Maturity (unless earlier redeemed).  The unpaid principal amount of the Series 2017B Notes shall bear interest at the rate of 3.25% per annum until paid or duly provided for.  Interest shall be paid semiannually in arrears on each Interest Payment Date to the Person in whose name the Series 2017B Notes are registered at the close of business on the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity or on a Redemption Date as provided herein will be paid to the Person to whom principal is payable.  Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the Series 2017B Notes are 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 the Series 2017B Notes not less than ten (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, if any, on which the Series 2017B Notes shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture.
Payments of interest on the Series 2017B Notes will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the Series 2017B Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on the Series 2017B Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.
Payment of the principal and interest due at the Stated Maturity or earlier redemption of the Series 2017B Notes shall be made upon surrender of the Series 2017B Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2017B Notes shall be paid 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.  Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a 

3

banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto.  
SECTION 104.  Denominations.  The Series 2017B Notes may be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
SECTION 105.  Global Securities.  The Series 2017B Notes will be issued in the form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below, Series 2017B Notes represented by one or more Global Securities will not be exchangeable for, and will not otherwise be issuable as, Series 2017B Notes in definitive form.  The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee.
Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a Series 2017B Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee.  The rights of Holders of such Global Security shall be exercised only through the Depositary.
Subject to the procedures of the Depositary, a Global Security shall be exchangeable for Series 2017B Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company, or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Company, in each case within 90 days after the Company receives such notice or becomes aware of such cessation, (ii) the Company in its sole discretion determines that such Global Security shall be so exchangeable, or (iii) there shall have occurred an Event of Default with respect to the Series 2017B Notes.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series 2017B Notes registered in such names as the Depositary shall direct.
Neither the Company, the Trustee nor any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
SECTION 106.  Transfer.  No service charge will be made for any transfer or exchange of Series 2017B Notes, but payment will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.
The Company shall not be required (a) to issue, register the transfer of or exchange any Series 2017B Notes during a period beginning at the opening of business fifteen (15) days before the day of the mailing of a notice pursuant to Section 1104 of the Original Indenture identifying the serial numbers of the Series 2017B Notes to be called for redemption, and ending at the close of business on the day of the mailing, or (b) to register the transfer of or exchange any Series 2017B 

4

Notes theretofore selected for redemption in whole or in part, except the unredeemed portion of any Series 2017B Notes redeemed in part.
SECTION 107.  Redemption at the Company’s Option.  At any time and from time to time prior to December 30, 2026, the Series 2017B Notes will be subject to redemption at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at Redemption Prices equal to the greater of (1) 100% of the principal amount of the Series 2017B Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal of and interest on the Series 2017B Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 15 basis points plus, in each case, accrued and unpaid interest thereon to the Redemption Date.  At any time and from time to time on or after December 30, 2026, the Series 2017B Notes will be subject to redemption at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Series 2017B Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date.
In the event of redemption of the Series 2017B Notes in part only, a new Series 2017B Note or Notes for the unredeemed portion will be issued in the name or names of the Holders thereof upon the surrender thereof.
Notice of redemption shall be given as provided in Section 1104 of the Original Indenture, except that any such notice of redemption with respect to any redemption occurring prior to December 30, 2026 shall not specify the Redemption Price therefor but only the manner of calculation thereof.  The Trustee shall not be responsible for the calculation of such Redemption Price with respect to any redemption occurring prior to December 30, 2026.  The Company shall calculate such Redemption Price and promptly notify the Trustee thereof.
Any redemption of less than all of the Series 2017B Notes shall, with respect to the principal thereof, be divisible by $1,000.
ARTICLE 2
Miscellaneous Provisions
SECTION 201.  Recitals by Company.  The recitals in this Fifty-Seventh Supplemental Indenture are made by the Company only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of Series 2017B Notes and of this Fifty-Seventh Supplemental Indenture as fully and with like effect as if set forth herein in full.
SECTION 202.  Ratification and Incorporation of Original Indenture.  As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture as supplemented by this Fifty-Seventh Supplemental Indenture shall be read, taken and construed as one and the same instrument.

5

SECTION 203.  Executed in Counterparts.  This Fifty-Seventh Supplemental Indenture may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument.

6

IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and behalf by its duly authorized officers, all as of the day and year first above written.

	
					
	ATTEST:

	 
	GEORGIA POWER COMPANY

	By:
	/s/Melissa K. Caen
	 
	By:
	/s/David P. Poroch

	 
	Melissa K. Caen
Assistant Secretary

	 
	 
	David P. Poroch
Comptroller and Vice President

	 
	ATTEST:

	 
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

	By:
	/s/Gail A. Klewin
	 
	By:
	/s/Gregory S. Clarke

	 
	Gail A. Klewin
Vice President
	 
	 
	Gregory S. Clarke
Vice President

EXHIBIT A

FORM OF SERIES 2017B NOTE

A-1

	
		
	NO. ___
	CUSIP NO. 373334 KH3

GEORGIA POWER COMPANY
SERIES 2017B 3.25% SENIOR NOTE
DUE MARCH 30, 2027
	
		
	Principal Amount:
	$__________________

	Regular Record Date:
	15th calendar day prior to the applicable Interest Payment Date (whether or not a Business Day)

	Original Issue Date:
	March 3, 2017

	Stated Maturity:
	March 30, 2027

	Interest Payment Dates:
	March 30 and September 30

	Interest Rate:
	3.25% per annum

	Authorized Denominations:
	$2,000 and integral multiples of $1,000 in excess thereof

Georgia Power Company, a Georgia corporation (the “Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to ______________, or registered assigns, the principal sum of ______________ DOLLARS ($_________) on the Stated Maturity shown above (or upon earlier redemption), and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on each Interest Payment Date as specified above, commencing on September 30, 2017, and on the Stated Maturity (or upon earlier redemption) at the rate per annum shown above until the principal hereof is paid or made available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity or on a Redemption Date) will, as provided in such Indenture, be paid to the Person in whose name this Note (the “Note”) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at the Stated Maturity or on any Redemption Date will be paid to the Person to whom principal is payable.  Except as otherwise provided in the Indenture, 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 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, if any, on which the Notes of this series shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

A-2

Payments of interest on this Note will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for this Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on this Note is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.  A “Business Day” shall mean any day other than a Saturday or a Sunday or a day on which banking institutions in New York City are authorized or required by law or executive order to remain closed or a day on which the Corporate Trust Office of the Trustee is closed for business.
Payment of the principal of and interest due at the Stated Maturity or earlier redemption of the Series 2017B Notes shall be made upon surrender of the Series 2017B Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2017B Notes shall be paid 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.  Payment of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 16 days prior to the date for payment by the Person entitled thereto.
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.
Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

A-3

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

Dated: 

	
			
	 
	GEORGIA POWER COMPANY

	 
	By:
	 

	 
	Title:
	 

	
			
	Attest:

	 

	Title:
	 
	 

{Seal of GEORGIA POWER COMPANY appears here}

CERTIFICATE OF AUTHENTICATION

This is one of the Senior Notes referred to in the within-mentioned Indenture.

	
			
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee

	 
	By:
	 

	 
	 
	Authorized Signatory

A-5

(Reverse Side of Note)
This Note is one of a duly authorized issue of Senior Notes of the Company (the “Notes”), issued and issuable in one or more series under a Senior Note Indenture, dated as of January 1, 1998, as supplemented (the “Indenture”), between the Company and Wells Fargo Bank, National Association (as successor to The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank))), as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes issued thereunder and of the terms upon which said Notes are, and are to be, authenticated and delivered.  This Note is one of the series designated on the face hereof as Series 2017B 3.25% Senior Notes due March 30, 2027 (the “Series 2017B Notes”) which is unlimited in aggregate principal amount.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.
At any time and from time to time prior to December 30, 2026, the Series 2017B Notes will be subject to redemption at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at Redemption Prices equal to the greater of (i) 100% of the principal amount of the Series 2017B Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on the Series 2017B Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 15 basis points, plus, in each case, accrued and unpaid interest thereon to the Redemption Date.  At any time and from time to time on or after December 30, 2026, the Series 2017B Notes will be subject to redemption at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Series 2017B Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date.
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Series 2017B Notes to be redeemed 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 the remaining term of the Series 2017B Notes.
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

A-6

“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the Company.
“Reference Treasury Dealer” means a primary U.S. Government securities dealer in the United States appointed by the Company.
“Reference Treasury Dealer Quotation” means, with respect to a Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount and quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day in New York City preceding such Redemption Date).
The Trustee shall not be responsible for the calculation of the Redemption Price with respect to any redemption occurring prior to December 30, 2026.  The Company shall calculate such Redemption Price and promptly notify the Trustee thereof.
In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender hereof.
The Series 2017B Notes will not have a sinking fund.  
If an Event of Default with respect to the Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Notes at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.
No reference herein to the Indenture and 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 interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar 

A-7

and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees.  No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same upon surrender of the Note or Notes to be exchanged at the office or agency of the Company.
This Note shall be governed by, and construed in accordance with, the internal laws of the State of New York.

A-8

ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:
	
			
	TEN COM -
	as tenants in
common
	UNIF GIFT MIN ACT- _______ Custodian ________
(Cust)                       (Minor)

	TEN ENT -
	as tenants by the
entireties
	 

	JT TEN -
	as joint tenants
with right of
survivorship and
not as tenants
in common

	under Uniform Gifts to
Minors Act

________________________
(State)

Additional abbreviations may also be used
though not on the above list.
FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 
______________________________________________________________________________
(please insert Social Security or other identifying number of assignee)

______________________________________________________________________________
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE
______________________________________________________________________________

______________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and appointing
______________________________________________________________________________

______________________________________________________________________________
agent to transfer said Note on the books of the Company, with full power of substitution in the premises.
	
				
	Dated:
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever.

A-9

EXHIBIT B

CERTIFICATE OF AUTHENTICATION
This is one of the Senior Notes referred to in the within-mentioned Indenture.
	
			
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee

	 
	By:
	 

	 
	 
	Authorized Signatory

B-1EX-10.1

 Exhibit 10.1 

CHANGE IN CONTROL AGREEMENT 

This Agreement is entered into as of the 1st day of March, 2017 (the “Effective
Date”) by and between Rand Capital Corporation, a New York corporation (the “Company”), and Allen F. Grum (the “Executive”). 

WHEREAS, the Company recognizes that the Executive’s continuing service to the Company is crucial to the future success of the Company
and recognizes further that as is generally the case with publicly held corporations, the possibility of a change in control of the Company exists and that such possibility, and the uncertainty and questions that it may raise among management, may
result in the departure or distraction of management personnel to the detriment of the Company and its shareholders; 
 WHEREAS the Board of
Directors of the Company (the “Board”), on recommendation of the Compensation Committee of the Board, has determined that it is in the best interests of the Company that the Company be able to receive and rely upon the Executive’s
advice as to the best interests of the Company, without concern that the Executive might be distracted by the personal uncertainties and risks created by the possibility of a change in control; 

WHEREAS, the Company desires to enter into this Agreement to provide the Executive with a level of financial protection in the event that his
employment terminates in connection with a change in control of the Company. 
 NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows: 
  

	1.	Definitions. 

 (a) Cause. For purposes of this Agreement, “Cause” shall
mean that the Executive has (i) willfully committed an act or omission that materially harms the Company; (ii) been grossly negligent in the performance of the Executive’s duties to the Company; (iii) willfully failed or refused
to follow the lawful and proper directives of the Board, which failure or refusal is not cured within 15 business days after written notice thereof is provided by the Company to the Executive in writing specifying the acts or omissions supporting
the claim of Cause made under this clause (iii); (iv) been convicted of, or pleaded guilty or nolo contendere to, a felony; (v) committed an act involving moral turpitude that is or is reasonably expected to be materially injurious to the
Company or its reputation; (vi) committed an act relating to the Executive’s employment or the Company involving, in the good faith judgment of the Board, fraud or theft; (vii) materially breached this Agreement or any other agreement
between the Executive and the Company, all as may be amended from time to time, which breach, if capable of cure, is not cured within 15 business days after written notice thereof is provided by the Company to the Executive in writing specifying the
acts or omissions supporting the claim of Cause made under this clause (vii); or (viii) breached any code of conduct or ethics or any policy of the Company, all as may be amended from time to time, which breach is or is reasonably expected to
be 

 
materially injurious to the Company or its reputation and which breach, if capable of cure, is not cured within 15 days after written notice thereof is provided by the Company to the Executive in
writing specifying the acts or omissions supporting the claim of Cause made under this clause (viii). 
 (b) Change in Control. For
purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the following events (provided that “Change in Control” shall be interpreted in a manner, and limited to the extent necessary, such that it
will not cause adverse tax consequences for either party under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulations 1.409A-3(i)(5), and any successor statute, regulation and
guidance thereto): 
 (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 under such Act), directly or indirectly, of securities of the Company representing more than 50% of the total voting power
represented by the Company’s then outstanding voting securities; or 
 (ii) a merger or consolidation of the Company,
other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity or the parent of such corporation) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately
after such merger or consolidation; or 
 (iii) the sale or disposition by the Company of all or substantially all of the
Company’s assets; or 
 (iv) a change in the composition of the Board, as a result of which fewer than a majority of the
directors are Incumbent Directors. “Incumbent Directors” shall mean directors who (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election, to the Board with the affirmative votes
of at least a majority of the Incumbent Directors (including, for these purposes, new directors taking office after the date hereof whose election or nomination was so approved), but shall not include a director whose election or nomination is in
connection with an actual or threatened proxy contest relating to the election of directors of the Company. 
 (c) Disability. For
purposes of this Agreement, “Disability” shall mean that the Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under a Company-sponsored group disability plan. Whether the Executive has
a Disability will be determined in good faith by the Board. In any case, if a disability is determined to trigger the payment to the Executive of any “deferred compensation” as defined in Section 409A of the Code, disability shall be
determined in accordance with Section 409A of the Code. 

  
 2 

 (d) Good Reason. For purposes of this Agreement, “Good Reason” shall mean
the occurrence of one or more of the following without the Executive’s consent: (i) a change in the principal location at which the Executive performs his duties for the Company to a new location that is at least fifty (50) miles from
the prior location; (ii) a material change in the Executive’s authority, duties or responsibilities as an executive officer of the Company, which would cause his position with the Company to become of less responsibility, importance or
scope than his position with the Company immediately prior to the Change in Control; provided, however, that such material change is not in connection with the termination of the Executive’s employment by the Company for Cause or
by reason of death or Disability, and further provided, that it shall not be considered a material change if the Company becomes a subsidiary of another entity and the Executive continues to hold a position in the subsidiary that is at
least as high (in both title and scope of responsibilities) as the position he held with the Company immediately prior to the Change in Control; (iii) a reduction in the Executive’s annual base salary or (iv) a reduction in the
Executive’s annual bonus and profit sharing opportunity as compared to the annual bonus and profit sharing opportunity for the previous fiscal year. 

2. Term of Agreement. The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue in effect until
December 31, 2019 (the “Initial End Date”); provided, however, that commencing on the Initial End Date and continuing each anniversary thereafter, the Term shall automatically be extended for one (1) additional
year unless, not later than nine (9) months before the conclusion of the Term, the Company or the Executive shall have given notice to the other not to extend the Term; and further provided, that if a Change in Control shall
have occurred during the Term, the Term shall expire on the last day of the eighteenth (18th) month following the month in which such Change in Control occurred. Notice not to extend the Term or termination of this Agreement shall not
constitute Cause or Good Reason (both terms as defined above). 
  

	3.	Compensation. 

 (a) In the event that in connection with or within eighteen (18)
months following a Change in Control the Executive’s employment with the Company is terminated by the Company other than for Cause (but not including termination due to the Executive’s death or Disability), or is terminated by the
Executive for Good Reason, then, contingent upon the Executive’s execution and non-revocation of, and compliance with, a release of claims in substantially the form attached hereto as Exhibit A (the “Release”), the Executive
shall be entitled to, in addition to any amounts due to the Executive for services rendered prior to the employment termination date: 

(i) a lump sum payment from the Company in an amount equal to one (1.0) times the Executive’s annual base salary then
in effect; and 
 (ii) a lump sum payment from the Company in an amount equal to the average of the annual incentive bonuses
and profit sharing payments earned by the Executive for the last five fiscal years ended prior to the Executive’s employment termination date; 

  
 3 

 which lump sums shall be paid on the sixtieth (60th) day following the Executive’s termination of
employment, provided that the Release is executed and effective by such date, failing which the Executive shall forfeit the payment of such amount; provided, however, that in the event the Change of Control giving rise to such
lump sum payments is described at Section 1(b)(ii) or (iii) of this Agreement, then the aggregate amount of these lump sums payable to the Executive shall not exceed (and shall be cut back so as not to exceed) 1.5% of the total equity
capitalization of the Company implied by such Change in Control event, further, provided, however, that in no event will the aggregate lump sums payable to the Executive under this Section 3(a) be less than the amount
described in Section 3(a)(i) above. The calculation of the amount of any cutback pursuant to the previous sentence shall be made by the Board in the good faith exercise of its discretion. 

(b) If any of the benefits set forth in this Agreement are deferred compensation as defined in Section 409A of the Code, any termination
of employment triggering payment of such benefits must constitute a “separation from service” under Section 409A of the Code before, subject to subsection (c) below, a distribution of such benefits can commence. For purposes
of clarification, this paragraph shall not cause any forfeiture of benefits on the part of the Executive, but shall only act as a delay until such time as a “separation from service” occurs. 

(c) Notwithstanding any other provision with respect to the timing of payments, if, at the time of the Executive’s termination, the
Executive is deemed to be a “specified employee” (within the meaning of Code Section 409A, and any successor statute, regulation and guidance thereto) of the Company, then solely to the extent necessary to comply with the requirements
of Code Section 409A, any payments to which the Executive may become entitled under this Agreement which are subject to Code Section 409A (and not otherwise exempt from its application) will be withheld until the first business day of the
seventh (7th) month following the termination of the Executive’s employment, at which time the Executive shall be paid an aggregate amount equal to the accumulated, but unpaid, payments otherwise due to the Executive under this Agreement.

 (d) If any payment or benefit the Executive would receive under this Agreement, together with any other payment or benefit the Executive
receives as a result of a Change in Control (“CIC Payment”) would (i) constitute a “parachute payment” within the meaning of Code Section 280G, and (ii) but for this sentence, be subject to the excise tax imposed
by Section 4999 of the Code (the “Excise Tax”), then such CIC Payment shall be either (x) the full amount of such CIC Payment or (y) such lesser amount as would result in no portion of the CIC Payment being subject to the
Excise Tax, whichever of the foregoing amounts, taking into account applicable federal, state, and local employments taxes, income taxes, and the Excise Tax results in the Executive’s receipt, on an after-tax basis, of the greater amount,
notwithstanding that all or some portion of the CIC Payment may be subject to the Excise Tax. The Company shall, in a manner compliant with Code Section 409A, determine in good faith which payment(s) or benefit(s) to reduce based
on what provides the best economic result for the Executive. The Company shall provide the Executive with sufficient information to support its determination and to allow the Executive to file and pay any required taxes. 

  
 4 

 4. No Duplication. This Agreement supersedes and replaces any other agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof which may have been made by either party. 
 5. No Mitigation or Set-Off. If
the Executive’s employment with the Company terminates following a Change in Control, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company under this
Agreement. In no event will the amounts payable to the Executive by the Company under this Agreement be subject to any set-off, claim or other right in favor of the Company. 

6. Continuing Obligations. The Company’s obligations under this Agreement are in consideration of the Executive’s agreement to comply with
his obligations under this Agreement, the Release and any confidentiality, non-solicitation, non-competition or similar covenant or agreement binding on the Executive, if any. The parties agree that the Executive’s obligations set forth under
this Agreement, the Release and any such covenant or agreement shall survive termination of this Agreement and termination of the Executive’s employment, regardless of the reason for such termination. 

7. Enforceability. If any provision of this Agreement shall be deemed invalid or unenforceable as written, this Agreement shall be construed, to the
greatest extent possible, or modified, to the extent allowable by law, in a manner which shall render it valid and enforceable. No invalidity or unenforceability of any provision contained herein shall affect any other portion of this
Agreement. 
 8. Notices. Except as otherwise specifically provided herein, any notice required or permitted by this Agreement shall be in writing
and shall be delivered as follows with notice deemed given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification of receipt; (c) by facsimile transmission or electronic
mail upon acknowledgment of receipt of transmission; or (d) by certified or registered mail, return receipt requested, upon verification of receipt. Notices to the Executive shall be sent to the last known address in the Company’s
records or such other address as the Executive may specify in writing. Notices to the Company shall be sent to the Chairman of the Compensation Committee of the Board, or to such other Company representative as the Company may specify in
writing. 
 9. Claims for Benefits. All claims by the Executive for benefits under this Agreement shall be directed to and determined by the Board
and shall be in writing. Any denial by the Board of a claim for benefits under this Agreement shall be delivered to the Executive in writing and shall set forth the specific reasons for the denial and the specific provisions of this Agreement
relied upon. The Board shall afford a reasonable opportunity to the Executive for a review of the decision denying a claim and shall further allow the Executive to appeal to the Board a decision of the Board within sixty (60) days after
notification by the Board that the Executive’s claim has been denied. In no event shall the Board’s claims or appeals determination be given any deference or weight in any subsequent legal proceeding. 

  
 5 

 10. Modifications and Amendments. This Agreement may be modified or amended only by written agreement
executed by the Company and the Executive. The Company and the Executive agree that they will jointly execute an amendment to modify this Agreement to the extent necessary to comply with or be exempt from the requirements of Code
Section 409A, or any successor statute, regulation and guidance thereto; provided that no such amendment shall increase the total financial obligation of the Company under this Agreement. 

11. Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by a written
document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent. 

12. Binding Effect; Assignment. The Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal
representatives of the Executive upon the Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of the Agreement for all purposes. For
this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the
Company. None of the rights of the Executive to receive any form of compensation payable pursuant to the Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment,
transfer, conveyance or other disposition of the Executive’s right to compensation or other benefits will be null and void. 
 13. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the law of New York, without giving effect to the conflict of law principles thereof. 

14. Jurisdiction and Service of Process. Any legal action or proceeding with respect to this Agreement shall be brought in the courts of the State of
New York or of the United States of America for the Western District of New York. By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the
jurisdiction of the aforesaid courts. 
 15. Attorneys’ Fees. The Company shall pay to the Executive all legal fees and expenses incurred by the
Executive in disputing in good faith any issue hereunder relating to the termination of the Executive’s employment, or in seeking in good faith to obtain or enforce any benefit or right provided by this Agreement. Such payments shall be
made within five (5) business days after delivery of the Executive’s written requests for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably may require. 

16. Withholding. The Company is authorized to withhold, or to cause to be withheld, from any payment or benefit under the Agreement the full amount of
any applicable withholding taxes. 

  
 6 

 17. Tax Consequences. The Company does not guarantee the tax treatment or tax consequences associated with
any payment or benefit arising under this Agreement. 
 18. Acknowledgment. The Executive acknowledges that he has had the opportunity to discuss
this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of the Agreement, and is knowingly and voluntarily entering into the Agreement. 

19. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 
 20. Section 409A. The parties hereto intend that the payments and benefits provided by this
Agreement shall comply with or be exempt from the requirements of Code Section 409A and related regulations and Treasury pronouncements, and this Agreement shall be interpreted accordingly. Each separately identified payment or benefit
hereunder shall be deemed to be a separately determinable payment for purposes of Code Section 409A, and each payment to be made in installments, if any, shall be deemed a series of separate payments. If any provision provided herein could
result in the imposition of an additional tax under the provisions of Code Section 409A, the Executive and the Company agree that such provision will be reformed to avoid imposition of any such additional tax in the manner that the Executive
and the Company mutually agree is appropriate to comply with or be exempt from Code Section 409A. 

  
 7 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the day and year
first above written. 
  

			
	COMPANY:
	
	RAND CAPITAL CORPORATION
		
	By:	 	/s/ Robert M. Zak
	Name:	 	Robert M. Zak
	Title:	 	Chair, Compensation Committee of Board of Directors
	
	EXECUTIVE:
	
	        /s/ Allen F. Grum
	Allen F. Grum

  
 8 

 Exhibit A 

GENERAL RELEASE AGREEMENT 
 1.
General Release. This General Release Agreement (the “General Release”) is hereby executed and entered into by
                            (the “Executive”) in consideration of the payments and benefits to be
made under that certain Change in Control Agreement, dated                 , (the “Agreement”), between the Executive and Rand Capital Corporation (the
“Company”). The Executive, on behalf of himself and his heirs, executors, administrators and assigns, hereby releases and forever discharges the Company and each of its subsidiaries, affiliates and investees (the “Company Affiliated
Group”), their present and former officers, directors, executives, agents, attorneys, employees and employee benefits plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the
“Company Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and
liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected which the Executive, individually or as a member of a
class, now has, owns or holds, or has at any time heretofore had, owned or held, against any Company Released Party in any capacity (the “Released Claims”). For avoidance of doubt, and without limiting the broad nature of the Released
Claims, this General Release releases the Company Released Parties from any and all claims: (i) arising out of or in any way connected with the Executive’s service to any member of the Company Affiliated Group (or the predecessors thereof)
in any capacity, or the termination of such service in any such capacity, (ii) for severance or vacation benefits, unpaid wages, salary or incentive payments, (iii) for breach of contract, wrongful discharge, impairment of economic
opportunity, defamation, intentional infliction of emotional harm or other tort and (iv) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and
employment practices), any and all claims based on the Employee Retirement Income Security Act of 1974 (“ERISA”), any and all claims arising under the civil rights laws of any federal, state or local jurisdiction, including, without
limitation, Title VII of the Civil Rights Act of 1964 (“Title VII”), the Age Discrimination in Employment Act (“ADEA”), the Americans with Disabilities Act (“ADA”), the Family and Medical Leave Act (“FMLA”),
the Older Worker Benefit Protection Act, Articles 5, 6, 7, and 19 of the New York Labor Law (N.Y. Labor Law §§ 160 to 219-c, 650 to 665), Sections 120, 125, and 241 of the New York Workers’ Compensation Law, the New York Human Rights
Law (N.Y. Executive Law §§ 290 to 301), Article 23-A of the New York State Corrections Law, and all of their respective implementing regulations and/or any other federal, state, local or foreign law (statutory, regulatory or otherwise)
claims under which may be legally waived and released, and any and all claims under any whistleblower laws or whistleblower provisions of other laws. The Executive further affirms that as of the date of this General Release he has been paid and/or
received all leave (paid or unpaid), compensation, wages, bonuses, and/or benefits to which he may be entitled and that no other leave (paid or unpaid), compensation, wages, bonuses, and/or benefits are due to him, except as provided in the Change
in Control Agreement. The Released Claims do not include any claim: (a) that arises exclusively after the date Executive executes this 

  
 1 

 
Agreement; (b) to vested or accrued rights under any of Company’s employee benefit or compensation plans; (c) that cannot be released under law, such as claims for statutory
unemployment benefits or workers’ compensation benefits; or (d) for indemnification as a former officer or director of the Company. 

2. No Admissions. The Executive acknowledges and agrees that this General Release is not to be construed in any way as an admission of
any liability whatsoever by any Company Released Party, any such liability being expressly denied. 
 3. Application to all Forms of
Relief. This General Release applies to any relief no matter how called, including, without limitation, wages, back pay, front pay, compensatory damages, liquidated damages, punitive damages for pain or suffering, costs and attorney’s fees
and expenses. 
 4. Conditions of General Release. 

(a) Terms and Conditions. From and after the date of termination of employment, the Executive shall abide by all the terms and
conditions of this General Release and the terms and conditions of any employment, confidentiality or other agreement signed by the Executive, which is incorporated herein by reference. 

(b) Confidentiality. The Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or
any legal process, or as is necessary in connection with any adversarial proceeding against any member of the Company Affiliated Group (in which case the Executive shall cooperate with the Company in obtaining a protective order at the
Company’s expense against disclosure by a court of competent jurisdiction), use or disclose, to anyone other than the Company and those designated by the Company or on behalf of the Company in the furtherance of its business, any trade secrets,
confidential information, knowledge or data relating to any member of the Company Affiliated Group, obtained by the Executive during the Executive’s employment by the Company that is not generally available public knowledge (other than acts by
the Executive in violation of this General Release). This confidentiality obligation is in addition to, and not in lieu of, any other contractual, statutory and common law confidentiality obligation of the Executive to the Company.
Notwithstanding any other provision of this General Release, Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that: (1) is made (i) in confidence to a
federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document
filed under seal in a lawsuit or other proceeding. If Executive files a lawsuit for retaliation by Company for reporting a suspected violation of law, Executive may disclose Company’s trade secrets to Executive’s attorney and use the trade
secret information in the court proceeding if Executive: (1) files any document containing trade secrets under seal; and (2) does not disclose trade secrets, except pursuant to court order. 

(c) Return of Company Material. The Executive represents that he has returned to the Company all Company Material (as defined below).
For purposes of this Section 5(c), “Company Material” means any documents, files and other property and information of any kind 

  
 2 

 
belonging or relating to (i) any member of the Company Affiliated Group, (ii) the current and former suppliers, creditors, directors, officers, employees, agents and customers of any of
them or (iii) the businesses, products, services and operations (including without limitation, business, financial and accounting practices) of any of them, in each case whether tangible or intangible (including, without limitation, credit
cards, building and office access cards, keys, computer equipment, cellular telephones, pagers, electronic devices, hardware, manuals, files, documents, records, software, customer data, research, financial data and information, memoranda, surveys,
correspondence, statistics and payroll and other employee data, and any copies, compilations, extracts, excerpts, summaries and other notes thereof or relating thereto), excluding only information (x) that is generally available public
knowledge or (y) that relates to the Executive’s compensation or benefits. 
 (d) Cooperation. Following the date of
termination of employment, the Executive shall reasonably cooperate with the Company upon reasonable request of the Board of Directors and be reasonably available to the Company with respect to matters arising out of the Executive’s services to
the Company Affiliated Group. 
 (e) Nondisparagement. Except as may be permitted by Section 8 of this General Release, the
Executive acknowledges and agrees that he shall not make any statements that are professionally or personally disparaging about or adverse to the interests of the Company or any Company Released Party, including, but not limited to, any statements
that disparage in any way whatsoever the Company’s services, businesses, finances, financial condition, capabilities or other characteristics. 

(f) Other Agreements; Policies. The Executive expressly acknowledges and agrees that any agreement with the Company executed by him or
Company policy applicable to him is incorporated herein by reference, and shall survive the execution of this General Release in full force and effect pursuant to its terms. 

(g) No Representation. The Executive acknowledges that, other than as set forth in this General Release and the Agreement, (i) no
promises have been made to him and (ii) in signing this General Release the Executive is not relying upon any statement or representation made by or on behalf of any Company Released Party and each or any of them concerning the merits of any
claims or the nature, amount, extent or duration of any damages relating to any claims or the amount of any money, benefits, or compensation due the Executive or claimed by the Executive, or concerning the General Release or concerning any other
thing or matter. 
 (h) Injunctive Relief. The Executive acknowledges that failure by the Executive to comply with the provisions of
Section 4 of this General Release, will cause the Company irrevocable harm and that a remedy at law for such a failure would be an inadequate remedy for the Company. In the event of a breach or threatened breach by the Executive of this
Section 4, the Executive agrees that the Company shall be entitled to injunctive relief in a court of appropriate jurisdiction to remedy any such breach or threatened breach, the Executive acknowledging that damages would be inadequate or
insufficient. Nothing contained herein shall be construed as a bar or waiver with respect to any right or remedy the Company may have at law or equity, including any award of monetary damages for breach of this General Release. 

  
 3 

 5. Voluntariness. The Executive agrees that he is relying solely upon his own judgment;
that the Executive is over eighteen years of age and is legally competent to sign this General Release; that the Executive is signing this General Release VOLUNTARILY and of his own free will without inducement by fraud, duress, or any undue
influence; that the Executive has read and understood the General Release before signing it; and that the Executive is signing this General Release in exchange for consideration that he believes is satisfactory and adequate. 

6. Legal Counsel. The Executive acknowledges that he has been informed of the right to consult with legal counsel, he has been
encouraged to do so by the Company, and that to the extent he wishes to avail himself of this right he has done so. 
 7. Complete
Agreement/Severability. Other than the agreements and/or obligations specifically referenced as surviving herein, this General Release constitutes the complete and final agreement between the parties and supersedes and replaces all prior or
contemporaneous agreements, negotiations, or discussions relating to the subject matter of this General Release. All provisions and portions of this General Release are severable. If any provision or portion of this General Release or the
application of any provision or portion of the General Release shall be determined to be invalid or unenforceable to any extent or for any reason, all other provisions and portions of this General Release shall remain in full force and shall
continue to be enforceable to the fullest and greatest extent permitted by law. 
 8. Protected Rights. Nothing in this General
Release shall restrict Executive from providing truthful information to a court or government agency to the extent Executive has a protected right to do so, or as otherwise required by law. Further, this General Release does not limit
Executive’s rights, protected under law, to file a charge or communicate with or otherwise participate in any investigation or proceeding conducted by the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the
Occupational Safety and Health Administration, the Equal Employment Opportunity Commission, the National Labor Relations Board, or any other government agency charged with enforcement of any law. 

9. Acceptance. The Executive acknowledges that he has been given a reasonable period of time (no less than twenty-one (21) days)
within which to consider the terms of this General Release and that he may accept the terms of this General Release at any time within this period of time by signing the General Release and returning it to the Company. 

10. Revocability. The Executive understands that he has the right to revoke and cancel this General Release for seven (7) days
after he signs it. The Executive may revoke his acceptance of this General Release at any time within that seven (7) calendar day period by sending written notice to the Company. Such notice must be received by the Company within the seven
(7) calendar day period in order to be effective and, if so received, would void this General Release for all purposes and the Company would have no obligation to provide or pay any amounts or provide any other consideration pursuant to the
Change in Control Agreement. The General Release shall not be effective and enforceable until after the passage of the seven (7) day period without the Executive having revoked it and the General Release will become effective on the eighth day
after he signs the Agreement (the “Effective Date”). 

  
 4 

 11. Governing Law. Except for issues or matters as to which federal law is applicable,
this General Release shall be governed by and construed and enforced in accordance with the laws of New York without giving effect to the conflicts of law principles thereof. 

IN WITNESS WHEREOF, the Executive has executed this General Release as of the date set forth below. 

EXECUTIVE 
  

					
	  
	 		 	Date:                                     
                                      

  
 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]