Document:

Date:	          	September 18, 2020
	 	 	 
	To:		New Jersey Resources Corporation
			1415 Wyckoff Road
			Wall, New Jersey 07719
	 	 	 
	From:		Wells Fargo Bank, National Association
	 	 	 
	Re:		Amendment to Share Forward Transactions

Ladies and Gentlemen:

This letter agreement (this “Amendment”) amends the Confirmations (the “Confirmations”) in respect of the Share Forward Transactions between Wells Fargo Bank, National Association (“Dealer”) and New Jersey Resources Corporation (“Counterparty”) dated December 4, 2019 and December 5, 2019. Any capitalized term used but not defined herein shall have the meaning assigned thereto in the Confirmations.

1. Amendment. The Confirmations are hereby amended by replacing the date “September 30, 2020” opposite the term “Maturity Date” with “September 10, 2021”.

2. Amendment. Schedule I of the Confirmations is hereby replaced with the following:

FORWARD PRICE REDUCTION DATES AND AMOUNTS

	Forward Price Reduction Date	    	Forward Price Reduction Amount
	Trade Date:		USD 0.00
	December 18, 2019		USD 0.3125
	March 16, 2020		USD 0.3125
	June 15, 2020		USD 0.3125
	September 21, 2020		USD 0.3325
	December 15, 2020		USD 0.3325
	March 16, 2021		USD 0.3325
	June 15, 2021		USD 0.3325

3. As of the date of this Amendment, Counterparty hereby repeats (i) the representations, warranties and agreements contained in the Confirmations under the headers “Representations and Agreements of Party B” and “Additional Representations, Warranties and Agreements of Party B” and (ii) the representation in Section 3(a)(iii) of the 2002 ISDA Master Agreement.

4. No Additional Amendments or Waivers. Except as amended hereby, all the terms of the Transaction and provisions in the Master Confirmation and the Supplemental Confirmation shall remain and continue in full force and effect and are hereby confirmed in all respects.

5. Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if all of the signatures thereto and hereto were upon the same instrument.

6. Governing Law; Jurisdiction. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECT TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS.

1

7. Waiver of Jury Trial. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY TRANSACTION OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

2

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this Amendment and returning it to Dealer.

				Very truly yours,	
				 	
				          	WELLS FARGO BANK, NATIONAL
					ASSOCIATION
					 	
					 	
					By:	/s/ Cathleen Burke	                         
					Name:    	Cathleen Burke	
					Title:	Managing Director	
	 						
	 						
	 	                                                  					
	Accepted and confirmed:					
	 					
	NEW JERSEY RESOURCES				
	CORPORATION				
	 					
	By:	/s/ Roberto Bel	                         				
	Name:    	Roberto Bel					
	Title:	Treasurer					

3Date:	          	September 18, 2020
	 	 	 
	To:		New Jersey Resources Corporation
			1415 Wyckoff Road
			Wall, New Jersey 07719
	 	 	 
	From:		JPMorgan Chase Bank, National Association
	 	 	 
	Re:		Amendment to Share Forward Transactions

Ladies and Gentlemen:

This letter agreement (this “Amendment”) amends the terms and conditions of (i) the transaction (the “Base Transaction”) evidenced by the letter agreement between JPMorgan Chase Bank, National Association (“Dealer”) and New Jersey Resources Corporation (“Counterparty”), dated December 4, 2019 (the “Base Confirmation”) and (ii) the transaction (the “Additional Transaction” and, together with the Base Transaction, the “Transactions”) evidenced by the letter agreement between Dealer and Counterparty, dated December 5, 2019 (the “Additional Confirmation” and, together with the Base Confirmation, the “Confirmations”). Any capitalized term used but not defined herein shall have the meaning assigned thereto in the Confirmations.

1. Amendment. Each Confirmation is hereby amended by:

	a.	

   replacing the date “September 30, 2020” opposite the term “Maturity Date” with “September 10, 2021”, and

	 	 
	b.	

   replacing Schedule I with the following:

FORWARD PRICE REDUCTION DATES AND AMOUNTS

	Forward Price Reduction Date	     	Forward Price Reduction Amount
	Trade Date:		USD 0.00
	December 18, 2019		USD 0.3125
	March 16, 2020		USD 0.3125
	June 15, 2020		USD 0.3125
	September 21, 2020		USD 0.3325
	December 15, 2020		USD 0.3325
	March 16, 2021		USD 0.3325
	June 15, 2021		USD 0.3325

2. As of the date of this Amendment, Counterparty hereby repeats (i) the representations, warranties and agreements contained in the Confirmations under the headers “Representations and Agreements of Party B” and “Additional Representations, Warranties and Agreements of Party B” and (ii) the representation in Section 3(a)(iii) of the 2002 ISDA Master Agreement.

3. No Additional Amendments or Waivers. Except as amended hereby, all the terms of the Transactions and provisions in the Confirmations shall remain and continue in full force and effect and are hereby confirmed in all respects.

4. Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if all of the signatures thereto and hereto were upon the same instrument.

1

5. Governing Law; Jurisdiction. THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECT TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS.

6. Waiver of Jury Trial. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY TRANSACTION OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

7. Communications with J.P. Morgan Securities LLC. If Counterparty interacts with any employee of J.P. Morgan Securities LLC with respect to this Amendment or the Transaction, Counterparty is hereby notified that such employee will act solely as an authorized representative of Dealer (and not as a representative of J.P. Morgan Securities LLC) in connection with the Transaction.

2

Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this Amendment and returning it to Dealer.

				Very truly yours,	
				 	
				          	JPMORGAN CHASE BANK, NATIONAL
					ASSOCIATION
					 	
					 	
					By:	/s/ Ranga Kanthadai	                         
					Name:    	Ranga Kanthadai	
					Title:	Vice President	
	 						
	 						
	 						
	Accepted and confirmed:					
	 					
	NEW JERSEY RESOURCES			
	CORPORATION				
	 					
	By:	/s/ Roberto Bel                    	                         				
	Name:    	Roberto Bel					
	Title:	Treasurer					

3EX-4.01

 Exhibit 4.01 

SUPPLEMENTAL INDENTURE NO. 14 

FROM 
 XCEL ENERGY INC.

 (a Minnesota corporation) 

TO 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION 
 Trustee 
  

 
 DATED AS OF

 SEPTEMBER 25, 2020 

SUPPLEMENTAL TO INDENTURE 

DATED AS OF DECEMBER 1, 2000 

 TABLE OF CONTENTS 

 

							
		  		  	 	Page	 
			
	 Parties
	  		  	 	1	 
			
	 Recitals
	  		  	 	1	 
			
	 	  	ARTICLE ONE	  	 	 
	 	  	RELATION TO INDENTURE; DEFINITIONS	  	 	 
			
	 SECTION 1.01
	  	       Integral Part of Indenture
	  	 	1	 
	 SECTION 1.02
	  		  			
			
	              (a)
	  	 Definitions
	  	 	1	 
	              (b)
	  	 References to Articles and Sections
	  	 	2	 
	              (c)
	  	 Terms Referring to this Supplemental Indenture
	  	 	2	 
			
	 	  	ARTICLE TWO	  	 	 
	 	  	0.50% SENIOR NOTES, SERIES DUE OCTOBER 15, 2023	  	 	 
			
	 SECTION 2.01
	  	       Designation and Principal Amount
	  	 	2	 
	 SECTION 2.02
	  	       Stated Maturity Date
	  	 	2	 
	 SECTION 2.03
	  	       Interest Payment Dates
	  	 	2	 
	 SECTION 2.04
	  	       Office for Payment
	  	 	2	 
	 SECTION 2.05
	  	       Redemption Provisions
	  	 	2	 
	 SECTION 2.06
	  	       Authorized Denominations
	  	 	3	 
	 SECTION 2.07
	  	       Form of 0.50% Senior Notes, Series due October 15,
2023
	  	 	3	 
	 SECTION 2.08
	  	       Reopening of Notes due 2023
	  	 	3	 
	 	  	ARTICLE THREE	  	 	 
	 	  	MISCELLANEOUS	  	 	 
			
	 SECTION 3.01
	  	       Recitals of fact, except as stated, are statements of the
Company
	  	 	4	 
	 SECTION 3.02
	  	       Supplemental Indenture to be construed as a part of the
Indenture
	  	 	4	 
	 SECTION 3.03
	  		  			
			
	              (a)
	  	 Trust Indenture Act to control
	  	 	4	 
	              (b)
	  	 Severability of provisions contained in Supplemental Indenture and Notes
	  	 	4	 
			
	 SECTION 3.04
	  	       Reference to either party in Supplemental Indenture include
successors or assigns
	  	 	4	 
			
	 SECTION 3.05
	  		  			
			
	              (a)
	  	 Provision for execution in counterparts
	  	 	4	 
	              (b)
	  	 Table of Contents and descriptive headings of Articles not to affect meaning
	  	 	4	 
		
	 Exhibit A - Form of 0.50% Senior Notes, Series due October 15, 2023
	  	 	A-1	 

  
 - i - 

 SUPPLEMENTAL INDENTURE No. 14, made as of the 25th day of September, 2020, by and between XCEL ENERGY INC., a corporation duly organized and existing under the laws of the State of Minnesota (the “Company”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association organized and existing under the laws of the United States, as trustee (the “Trustee”): 

WITNESSETH: 

WHEREAS, the Company has heretofore executed and delivered its Indenture (hereinafter referred to as the “Indenture”), made
as of December 1, 2000; and 
 WHEREAS, Section 2.5 of the Indenture provides that Securities shall be issued in series and
that a Company Order shall specify the terms of each series; and 
 WHEREAS, the Company has this day delivered a Company Order
setting forth the terms of a series of Securities designated “0.50% Senior Notes, Series due October 15, 2023” (hereinafter referred to as the “Notes due 2023”); and 

WHEREAS, Section 12.1 of the Indenture provides that the Company and the Trustee may enter into indentures supplemental thereto
for the purposes, among others, of (1) establishing the form of Securities or establishing or reflecting any terms of any Security and adding to the covenants of the Company and (2) changing any of the provisions of the Indenture, provided
that such change is applicable only to Securities issued after the effective date of such change; and 
 WHEREAS, the execution and
delivery of this Supplemental Indenture No. 14 (herein, this “Supplemental Indenture”) have been duly authorized by a resolution or written consent adopted by the Board of Directors of the Company; 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That in order to set forth the terms and conditions upon which the Notes due 2023 are, and are to be, authenticated, issued and delivered, and
in consideration of the premises of the purchase and acceptance of the Notes due 2023 by the Holders thereof and the sum of one dollar duly paid to it by the Trustee at the execution of this Supplemental Indenture, the receipt whereof is hereby
acknowledged, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes due 2023, as follows: 

ARTICLE ONE 
 RELATION TO
INDENTURE; DEFINITIONS 
 SECTION 1.01. This Supplemental Indenture constitutes an integral part of the Indenture. 

SECTION 1.02. For all purposes of this Supplemental Indenture: 
  

	(a)	 Capitalized terms used herein without definition shall have the meanings specified in the Indenture;

	(b)	 All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles
and Sections of this Supplemental Indenture; and 

  

	(c)	 The terms “hereof,” “herein,” “hereby,” “hereto,” “hereunder”
and “herewith” refer to this Supplemental Indenture. 

 ARTICLE TWO 

0.50% SENIOR NOTES, SERIES DUE OCTOBER 15, 2023 

SECTION 2.01. There shall be a series of Securities designated the “0.50% Senior Notes, Series due October 15, 2023.” The Notes due 2023
shall be limited to $500,000,000 aggregate principal amount except as provided in Section 2.08 hereof. 
 SECTION 2.02. Except as otherwise
provided in Section 2.05 hereof, the principal amount of the Notes due 2023 shall be payable on the stated maturity date of October 15, 2023. 

SECTION 2.03. The Notes due 2023 shall be dated their date of authentication as provided in the Indenture and shall bear interest from their date at
the rate of 0.50% per annum, payable semi-annually on April 15 and October 15 of each year, commencing April 15, 2021. The Regular Record Dates with respect to such April 15 and October 15 interest payment dates shall be
April 1 and October 1, respectively, immediately preceding such interest payment dates. Principal and interest shall be payable to the persons and in the manner provided in Sections 2.4 and 2.12 of the Indenture. 

SECTION 2.04. The Notes due 2023 shall be payable at the corporate trust office of the Trustee and at the offices of such paying agents as the Company
may appoint by Company Order in the future. 
 SECTION 2.05. At any time prior to September 15, 2023 (one month prior to maturity of the Notes
due 2023 (the “Par Call Date”)), the Company may redeem, in whole or in part, the Notes due 2023, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of such Notes due 2023 being redeemed
and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes due 2023 being redeemed that would be due if the Notes due 2023 matured on the Par Call Date (excluding the portion of any such
accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 10 basis points plus, in each case, accrued and unpaid interest thereon to but excluding the date fixed for redemption. At any time on or after the Par
Call Date, the Company may redeem, in whole or in part, the Notes due 2023, at 100% of the principal amount of the Notes due 2023 being redeemed plus accrued and unpaid interest thereon to but excluding the date fixed for redemption. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes due 2023 being redeemed (assuming, for this purpose, that the Notes due 2023 matured on the 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 the remaining term of the Notes due 2023 being redeemed. 

  
 - 2 - 

 “Comparable Treasury Price” means with respect to any redemption date of the Notes due
2023 (i) the average of the Reference Treasury Dealer Quotations for such date fixed for redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the
Independent Investment Banker obtains fewer than four of such Reference Treasury Dealer Quotations for the date fixed for redemption, the average of all of such Reference Treasury Dealer Quotations for the date fixed for redemption. 

“Independent Investment Banker” means one of the Reference Treasury Dealers or their respective successors or, if such firms or
their respective successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States. 

“Reference Treasury Dealer” means (i) each of Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan
Stanley & Co. LLC, or each of their respective affiliates or successors, and any other Primary Treasury Dealer designated by, and not affiliated with, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective affiliates or successors, provided, however, that if any of the foregoing, or any of their respective designees, ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a
substitute and (ii) any other Primary Treasury Dealer selected by the Company after consultation with an Independent Investment Banker. 

“Reference Treasury Dealer Quotations” means, for any Reference Treasury Dealer and any date fixed for redemption, the average, as
determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to an Independent Investment Banker by the Reference
Treasury Dealer at 5:00 p.m., Eastern time, on the third business day preceding the date fixed for redemption. 
 “Treasury Rate”
means, with respect to any date fixed for redemption, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price for such date fixed for redemption. The Treasury Rate will be calculated on the third business day preceding the date fixed for redemption. 

The Notes due 2023 shall not be subject to any sinking fund. 

SECTION 2.06. The Notes due 2023 shall be issued in fully registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. 
 SECTION 2.07. The Notes due 2023 shall initially be in the form attached as Exhibit A hereto. 

SECTION 2.08. The Notes due 2023 may be reopened and additional notes of the Notes due 2023 may be issued in excess of the limitation set forth in
Section 2.01, provided that such additional notes will contain the same terms (including the maturity date and interest payment terms) as the other Notes due 2023, except for the price to the public, the issue date and, if applicable, the first

  
 - 3 - 

 
interest accrual and payment dates. Any such additional Notes due 2023, together with the other Notes due 2023, shall constitute a single series for purposes of the Indenture and shall have the
same CUSIP provided they are fungible for U.S. federal income tax purposes. 
 ARTICLE THREE 

MISCELLANEOUS 
 SECTION 3.01. The
recitals of fact herein and in the Notes due 2023 (except the Trustee’s Certificate of Authentication) shall be taken as statements of the Company and shall not be construed as made by the Trustee. 

SECTION 3.02. This Supplemental Indenture shall be construed in connection with and as a part of the Indenture. 

SECTION 3.03. 
  

	(a)	 If any provision of this Supplemental Indenture limits, qualifies, or conflicts with another provision of the
Indenture required to be included in indentures qualified under the Trust Indenture Act of 1939 (as enacted prior to the date of this Supplemental Indenture) by any of the provisions of Sections 310 to 317, inclusive, of said Act, such required
provisions shall control. 

  

	(b)	 In case any one or more of the provisions contained in this Supplemental Indenture or in the notes issued
hereunder should be invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected, impaired, prejudiced or disturbed thereby.

 SECTION 3.04. Whenever in this Supplemental Indenture either of the parties hereto is named or referred to, this shall be deemed
to include the successors or assigns of such party, and all the covenants and agreements in this Supplemental Indenture contained by or on behalf of the Company or by or on behalf of the Trustee shall bind and inure to the benefit of the respective
successors and assigns of such parties, whether so expressed or not. 
 SECTION 3.05. 

 

	(a)	 This Supplemental Indenture may be simultaneously executed in several counterparts, and all said counterparts
executed and delivered, each as an original, shall constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. 

  

	(b)	 The Table of Contents and the descriptive headings of the several Articles of this Supplemental Indenture were
formulated, used and inserted in this Supplemental Indenture for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 

  
 - 4 - 

 IN WITNESS WHEREOF, XCEL ENERGY INC. has caused this Supplemental Indenture to be signed by its
President or a Vice President, and attested by its Secretary or an Assistant Secretary and WELLS FARGO BANK, NATIONAL ASSOCIATION, has caused this Supplemental Indenture to be signed by its Vice President as of this 25th day of September, 2020. 
  

			
	XCEL ENERGY INC.

 
			
		
	By:	 	 /s/ Sarah W. Soong

			
	Name:	 	Sarah W. Soong
	Title:	 	Vice President and Treasurer
	
	ATTEST:

 
			
		
	By:	 	 /s/ Kristin Westlund

			
	Name:	 	Kristin Westlund
	Title:	 	Assistant Secretary
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

 
			
		
	By:	 	 /s/ Gregory S. Clarke

			
	Name:	 	Gregory S. Clarke
	Title:	 	Vice President

 [Signature Page to the Supplemental Indenture No. 14] 

 EXHIBIT A 

FORM OF 
 0.50% SENIOR
NOTES, SERIES DUE OCTOBER 15, 2023 
 REGISTERED 

THIS NOTE IS A GLOBAL SECURITY REGISTERED IN THE NAME OF THE DEPOSITORY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 XCEL ENERGY INC. 

(Incorporated under the laws of the State of Minnesota) 

0.50% SENIOR NOTE, SERIES DUE OCTOBER 15, 2023 
  

			
	CUSIP: 98389B AZ3	  	NUMBER:
		
	ORIGINAL ISSUE DATE(S): September 25, 2020	  	PRINCIPAL AMOUNT(S): $
		
	INTEREST RATE: 0.50%	  	MATURITY DATE: October 15, 2023

 XCEL ENERGY INC., a corporation of the State of Minnesota (the “Company”), for value received hereby
promises to pay to Cede & Co. or registered assigns, the principal sum of                      DOLLARS on the Maturity Date set forth
above, and to pay interest thereon from the Original Issue Date (or if this Global Security has two or more Original Issue Dates, interest shall, beginning on each such Original Issue Date, begin to accrue for that part of the principal amount to
which that Original Issue Date is applicable) set forth above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on April 15 and October 15 in each year, commencing
April 15, 2021, at the per annum Interest Rate set forth above, until the principal hereof is paid or made available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Global Security is paid on
the Maturity Date. The interest so payable and punctually paid or duly provided for on any such Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose 

  
 A-1 

 
name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the April 1 and October 1, as the case may be, next preceding such
Interest Payment Date; provided, that the first Interest Payment Date for any part of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date
following the next succeeding Regular Record Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall be payable. Except
as otherwise provided in the Indenture (as defined below), 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 shall 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 Securityholders not more than fifteen days or fewer than ten days prior to
such Special Record Date. On or before Noon, New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which such payment of interest is due on this Global Security (other than maturity),
the Trustee shall pay to the Depository such interest in same day funds. On or before 11:30 a.m., New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which principal, interest payable
at maturity and premium, if any, is due on this Global Security and following receipt of the necessary funds from the Company, the Trustee shall deposit with the Depository the amount equal to the principal, interest payable at maturity and premium,
if any, by wire transfer into the account specified by the Depository. As a condition to the payment, on the Maturity Date or upon redemption or acceleration, of any part of the principal and applicable premium of this Global Security, the
Depository shall surrender, or cause to be surrendered, this Global Security to the Trustee, whereupon a new Global Security shall be issued to the Depository. 

This Global Security is a global security in respect of a duly authorized issue of Senior Notes, Series due October 15, 2023 (the
“Notes of this Series,” which term includes any Global Securities representing such Notes) of the Company issued and to be issued under an Indenture dated as of December 1, 2000 between the Company and Wells Fargo Bank, National
Association, as trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “Indenture”). Under the Indenture, one or more series of
Securities may be issued and, as used herein, the term “Securities” refers to the Notes of this Series and any other outstanding series of Securities. Reference is hereby made to the Indenture for a more complete statement of the
respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Securityholders and of the terms upon which the Securities are and are to be authenticated and delivered. This Global Security
has been issued in respect of the series designated on the first page hereof. 
 Each Note of this Series shall be dated and issued as of
the date of its authentication by the Trustee and shall bear an Original Issue Date or Dates. Each Security or Global Security issued upon transfer, exchange or substitution of such Security or Global Security shall bear the Original Issue Date or
Dates of such transferred, exchanged or substituted Security or Global Security, as the case may be. 
 At any time prior to
September 15, 2023 (one month prior to maturity of the Notes of this Series (the “Par Call Date”)), the Company may redeem, in whole or in part, the Notes of this Series, at a “make-whole” redemption price equal to the
greater of (i) 100% of the principal amount 

  
 A-2 

 
of such Notes of this Series being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of this Series being redeemed
that would be due if the Notes of this Series matured on the Par Call Date (excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 10 basis points plus, in each case, accrued
and unpaid interest thereon to but excluding the date fixed for redemption. At any time on or after the Par Call Date, the Company may redeem, in whole or in part, the Notes of this Series, at 100% of the principal amount of the Notes of this Series
being redeemed plus accrued and unpaid interest thereon to but excluding the date fixed for redemption. 
 “Comparable Treasury
Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of this Series being redeemed (assuming, for this purpose, that the Notes of this Series
matured on the 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 the remaining term of the Notes of this
Series being redeemed. 
 “Comparable Treasury Price” means with respect to any redemption date of the Notes of this Series
(i) the average of the Reference Treasury Dealer Quotations for such date fixed for redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the
Independent Investment Banker obtains fewer than four of such Reference Treasury Dealer Quotations for the date fixed for redemption, the average of all of such Reference Treasury Dealer Quotations for the date fixed for redemption. 

“Independent Investment Banker” means one of the Reference Treasury Dealers or their respective successors or, if such firms or
their respective successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States. 

“Reference Treasury Dealer” means (i) each of Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan
Stanley & Co. LLC, or each of their respective affiliates or successors, and any other Primary Treasury Dealer designated by, and not affiliated with, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective affiliates or successors, provided, however, that if any of the foregoing, or any of their respective designees, ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a
substitute and (ii) any other Primary Treasury Dealer selected by the Company after consultation with an Independent Investment Banker. 

“Reference Treasury Dealer Quotations” means, for any Reference Treasury Dealer and any date fixed for redemption, the average, as
determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to an Independent Investment Banker by the Reference
Treasury Dealer at 5:00 p.m., Eastern time, on the third business day preceding the date fixed for redemption. 

  
 A-3 

 “Treasury Rate” means, with respect to any date fixed for redemption, the rate per
annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such date fixed for redemption. The Treasury Rate will be calculated on the third business day preceding the date fixed for redemption. 

Notice of redemption will be given by mail to Holders of Notes of this Series not less than 10 or more than 60 days prior to the date fixed
for redemption, all as provided in the Indenture. In the event of redemption of this Global Security in part only, a new Global Security or Securities of like tenor and series for the unredeemed portion hereof will be issued in the name of the
Securityholder hereof upon the surrender hereof. 
 Interest payments for this Global Security shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In any case where any Interest Payment Date or date on which the principal of this Global Security is required to be paid is not a
Business Day, then payment of principal, premium or interest need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or date on which the principal of
this Global Security is required to be paid and, in the case of timely payment thereof, no interest shall accrue for the period from and after such Interest Payment Date or the date on which the principal of this Global Security is required to be
paid. 
 The Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all
obligations in respect of the Securities (except for certain obligations including obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold monies for payment in
trust, all as set forth in the Indenture) if the Company deposits with the Trustee money, U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, or a
combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Securities on the dates such payments are due in accordance with the
terms of the Securities. 
 If an Event of Default shall occur and be continuing, the principal of the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Securityholders 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 outstanding Securities. Any such consent or waiver by the Holder of this Global Security shall be conclusive and binding upon such Holder and upon all future Holders of this Global Security and of any Note issued upon the
registration of transfer hereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon the Note. 

  
 A-4 

 As set forth in and subject to the provisions of the Indenture, no Holder of any Securities will
have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Securities, the
Holders of not less than a majority in principal amount of the outstanding Securities affected by such Event of Default shall have made written request and offered to the Trustee such reasonable indemnity as it may require to institute such
proceeding as Trustee and the Trustee shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of
and any premium or interest on this Note on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and
to provisions of this Global Security 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 Global Security at the times, places and
rates and the coin or currency prescribed in the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set
forth, this Global Security may be transferred only as permitted by the legend hereto. 
 If at any time the Depository for this Global
Security notifies the Company that it is unwilling or unable to continue as Depository for this Global Security or if at any time the Depository for this Global Security shall no longer be eligible or in good standing under the Securities Exchange
Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depository with respect to this Global Security. If a successor Depository for this Global Security is not appointed by the Company within 90
days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election to issue this Note in global form shall no longer be effective with respect to this Global Security and the Company will execute, and the
Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for this Global Security, will authenticate and deliver individual Notes of this Series of like tenor and terms in definitive
form in an aggregate principal amount equal to the principal amount of this Global Security. 
 The Company may at any time and in its sole
discretion determine that all Notes of this Series (but not less than all) issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event, the Company shall
execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for such Global Security, shall authenticate and deliver, individual Notes of this Series of like tenor and
terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities in exchange for such Global Security or Securities. 

Under certain circumstances specified in the Indenture, the Depository may be required to surrender any two or more Global Securities which
have identical terms (but which may have differing Original Issue Dates) to the Trustee, and the Company shall execute and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in
exchange for such Global Securities, shall authenticate and deliver to, or at the direction of, the Depository a Global Security in principal amount equal to the aggregate principal amount of, and with all terms identical to, the Global Securities
surrendered thereto and that shall indicate all Original Issue Dates and the principal amount applicable to each such Original Issue Date. 

  
 A-5 

 The Indenture and the Securities shall be governed by, and construed in accordance with, the laws
of the State of Minnesota. 
 Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an
Authenticating Agent by manual signature of an authorized officer, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

All terms used in this Global Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise indicated herein. 

  
 A-6 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated:                      

 

			
	XCEL ENERGY INC.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	Vice President and Treasurer
	
	ATTEST

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	Assistant Secretary

 TRUSTEE’S CERTIFICATE 

OF AUTHENTICATION 
 This Note is one of the
Securities of the series herein designated, described or provided for in the within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK,
 NATIONAL
ASSOCIATION, as Trustee

		
	By:	 	  

		 	            Authorized Officer

  
 A-7 

 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	  	Under Uniform Gifts to Minors
		
	 JT TEN—as joint tenants with right of

survivorship and not as tenants in common
	  	  

State

 Additional abbreviations may also be 

used though not in the above list. 
  

 
 FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(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 security and all rights thereunder, hereby
irrevocably constituting and appointing
                                        
attorney to transfer said security 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-8

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