Document:

EX-10.3

 Exhibit 10.3 
 Form of HCA Holdings, Inc. 
 Restricted Share Unit Agreement

 (Annual Award) 
 THIS RESTRICTED SHARE UNIT AGREEMENT (this “Agreement”) is made and entered into as of the     day of
            ,              (the “Grant Date”), between HCA Holdings, Inc., a Delaware corporation (the
“Company”), and the individual whose name is set forth below (the “Grantee”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the 2006 Stock Incentive Plan for Key Employees of HCA
Holdings, Inc. and its Affiliates, as Amended and Restated (the “Plan”). 
 WHEREAS, the Company has
adopted the Plan, which permits the issuance of awards that are based on Shares of the Company, including the grant of a right to receive one Share at a specified date (or dates) in the future (a “Restricted Share Unit”); and 

WHEREAS, the Company has determined that a portion of the Grantee’s annual retainer for services as a director of
the Company (a “Director”) should be paid to the Grantee in the form of Restricted Share Units, to be granted pursuant to the terms and conditions set forth in this award Agreement; 

NOW, THEREFORE, the parties hereto agree as follows: 

RESTRICTED SHARE UNIT GRANT 
  

			
	 Grantee:
	 	 [Participant Name]

		 	 [ParticipantAddress]

		
	 Aggregate number of Restricted Share Units
 granted hereunder:
	 	 [Award]

		
	 Grant Date:
	 	 [Grant Date]

  

	 	1.	Grant of Restricted Share Unit Award. 

 1.1 The Company hereby grants to the Grantee an award (“Award”) of Restricted Share Units (“RSUs”) as set forth above on the terms and conditions set forth in this Agreement and as
otherwise provided in the Plan. A bookkeeping account will be maintained by the Company to keep track of the RSUs and any dividend equivalent rights that may accrue as provided Section 3. 

1.2 The Grantee’s rights with respect to the Award shall remain forfeitable at all times prior to the dates on which
the RSUs shall vest in accordance with Section 2 hereof. This Award may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Grantee other than by will or the laws of descent and distribution.

	 	2.	Vesting and Payment. 

 2.1 Except as provided in Section 2.2, the Award shall vest in its entirety on the first anniversary of the Grant Date, so long as the Grantee continues to serve on the Board through such date (such
one-year period sometimes referred to as the “Restricted Period”). 
 2.2 Notwithstanding
Section 2.1 above, all RSUs covered by the Award shall immediately vest upon the occurrence of a Change in Control (the definition of which is set forth on Schedule A attached hereto) that occurs prior to the expiration of the Restricted
Period. If the Grantee’s service as a Director is terminated for any reason other than death or Disability, the Grantee shall forfeit all rights with respect to all RSUs (including Dividend Equivalent Units and other dividend equivalent rights)
that are not vested on such date; provided, however, if such termination is with Cause (as defined below), all RSUs whether vested or unvested shall immediately become void and of no effect. If the Grantee’s service as a Director is terminated
by death or Disability, the RSUs covered by the Award shall immediately vest, but only in proportion to the length of the Director’s service as a director during such Restricted Period. For purposes of this Agreement, Cause shall mean the
reasons for which a Director can be removed from the Board by the Company pursuant to the governing documents of the Company (including, without limitation, the Company’s by-laws and charter). For purposes of this Agreement,
“Disability” shall mean that the Grantee is unable to perform the essential duties of a Director. Notwithstanding the foregoing, this provision is subject in its entirety to Section 9 of the Plan. 

2.3 The Grantee shall be entitled to payment in respect of all RSUs covered by the Award upon the vesting of this Award.
Subject to the provisions of the Plan, such payment shall be made through the issuance to the Grantee, as promptly as practicable thereafter (or to the executors or administrators of Grantee’s estate, as promptly as practicable after the
Company’s receipt of notification of Grantee’s death, as the case may be), of a number of Shares equal to the number of such RSUs that have vested pursuant to this Award. Notwithstanding the foregoing, if the Grantee shall have elected to
defer payment of the RSUs that become vested under this Award to such later date as may be permitted by the Company, in accordance with the requirements of Section 409A of the Code, payment of such vested RSUs shall instead be made on such
later date (the “Deferral Election”). 
  

	 	3.	Dividend Equivalent Rights. 

 Grantee shall receive dividend equivalent rights in respect of the RSUs covered by this Award at the time of any payment of dividends to stockholders on Shares. At the Company’s option, the RSUs will
be credited with either (a) additional units (the “Dividend Equivalent Units”) (including fractional units) for cash dividends paid on shares of the Company’s Common Stock by (i) multiplying the cash dividend paid per
Share by the number of RSUs (and previously credited Dividend Equivalent Units) outstanding and unpaid, and (b) dividing the product determined above by the Fair Market Value of a Share, in each case, on the dividend record date, or (b) a
cash amount equal to the amount that would be payable to the Grantee as a stockholder in respect of a number of Shares equal to the number of RSUs and Dividend Equivalent Units then credited to the Grantee hereunder as of the dividend record date.
The RSUs will be credited with Dividend Equivalent Units for stock dividends paid on shares of the Company’s Common Stock by multiplying the stock dividend paid per Share by the number of RSUs (and previously credited Dividend Equivalent Units)
outstanding and unpaid on the dividend record date. Each Dividend Equivalent Unit has a value equal to one Share. Each Dividend Equivalent Unit or cash dividend equivalent right 

  
 2 

 
will vest and be settled or payable at the same time as the RSU to which such dividend equivalent right relates. For the avoidance of doubt, no dividend equivalent rights shall accrue under this
Section 3 in the event that any dividend equivalent rights or other applicable adjustments pursuant to Section 5 hereof provide similar benefits. 
  

	 	4.	No Right to Continued Service. 

 Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the Grantee any right to continue service as a member of the Board. 

 

	 	5.	Adjustments. 

 Notwithstanding anything else contained in this Agreement, the RSUs granted hereunder and this Agreement shall be subject to adjustment, substitution or cancellation in accordance with the provisions of
Sections 8 and 9 of the Plan. 
  

	 	6.	Grantee Bound by the Plan. 

 This Agreement shall be construed in accordance and consistent with, and subject to, the terms of the Plan, and in the case of any inconsistency between the terms of this Agreement and the terms of the
Plan, the terms of the Plan shall govern. The Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. 
  

	 	7.	Modification of Agreement. 

 Subject to the provisions of Section 3 of the Plan, this Agreement may be modified, amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument
executed by the parties hereto. 
  

	 	8.	Severability. 

 If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or the Award, or would disqualify the Plan or Award under
any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering
the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the Plan and Award shall remain in full force and effect. 

 

	 	9.	Taxes; Section 409A. 

 The Grantee shall be responsible for all taxes due in connection with the grant or vesting or any payment or transfer with respect to the RSUs and Shares (and cash, if applicable) payable hereunder.
Notwithstanding anything herein to the contrary, to the maximum extent permitted by applicable law, the settlement of the RSUs (including any dividend equivalent rights) to be made to the Grantee pursuant to this Agreement is intended to qualify as
a “short-term deferral” pursuant to Section 1.409A-1(b)(4) of the Regulations and this Agreement shall be interpreted consistently therewith. However, under certain circumstances, including where Grantee has elected to defer
settlement of this Award, settlement of the RSUs or any dividend equivalent rights may not so qualify, and in that case, the Committee shall administer the grant and settlement of such RSUs and any dividend equivalent rights in strict compliance
with Section 409A of the Code. Each payment of RSUs (and related dividend equivalent rights) constitutes a “separate payment” for purposes of Section 409A of the Code. 

  
 3 

	 	10.	Governing Law. 

 The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Delaware without giving effect to the conflicts of law principles thereof, except
to the extent that such laws are preempted by Federal law. 
  

	 	11.	Successors in Interest. 

 This Agreement shall inure to the benefit of and be binding upon any successor to the Company. This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations
imposed upon the Grantee and all rights granted to the Company under this Agreement shall be binding upon the Grantee’s heirs, executors, administrators and successors. 

 

	 	12.	Resolution of Disputes. 

 In the event of any controversy among the parties hereto arising out of, or relating to, this Agreement which cannot be settled amicably by the parties, such controversy shall be finally, exclusively and
conclusively settled by mandatory arbitration conducted expeditiously in accordance with the American Arbitration Association rules, by a single independent arbitrator. Such arbitration process shall take place within the Nashville, Tennessee
metropolitan area. The decision of the arbitrator shall be final and binding upon all parties hereto and shall be rendered pursuant to a written decision, which contains a detailed recital of the arbitrator’s reasoning. Judgment upon the award
rendered may be entered in any court having jurisdiction thereof. Each party shall bear its own legal fees and expenses, unless otherwise determined by the arbitrator. If the Grantee substantially prevails on any of his or her substantive legal
claims, then the Company shall reimburse all legal fees and arbitration fees incurred by the Grantee to arbitrate the dispute. 
  

	 	13.	Entire Agreement. 

 This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations
and negotiations in respect thereto. 
  

	 	14.	Notices. 

Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its
Secretary or its designee, and any notice to be given to the Grantee shall be addressed to him at the address (including an electronic address) reflected in the Company’s books and records. By a notice given pursuant to this
Section 14, either party may hereafter designate a different address for notices to be given to him. Any notice, which is required to be given to the Grantee, shall, if the Grantee is then deceased, be given to the Grantee’s
personal representative if such representative has previously informed the Company of his status and address by written notice under this Section 14. Any notice shall have been deemed duly given when (i) delivered in person,
(ii) delivered in an electronic form approved by the Company, (iii) enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by
the United States Postal Service, or (iv) enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with fees prepaid) in an office regularly maintained by FedEx, UPS, or comparable non-public mail carrier.

  
 4 

 
			
	 HCA Holdings, Inc.

		
	 By:
	 	  

	
	 Grantee:

	
	 (electronically accepted)

  
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 Schedule A 

Definition of Change in Control 
 For purposes of this Agreement, the term “Change in Control” shall mean, in lieu of any definition contained in the Plan: 

(i) the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the
Company to any Person or Group other than an employee benefit plan (or trust forming a part thereof) maintained by (1) the Company or (2) any corporation or other Person of which a majority of its voting power of its voting equity
securities or equity interest is owned, directly or indirectly, by the Company (a “Permitted Holder”); or 
 (ii) any Person or Group, other than a Permitted Holder, becomes the Beneficial Owner (as such term is defined in Rule 13d-3 under the Exchange Act (or any successor rule thereto) (except that a Person
shall be deemed to have “beneficial ownership” of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the
total voting power of the voting stock of the Company (or any entity which controls the Company), including by way of merger, consolidation, tender or exchange offer or otherwise; or 

(iii) a reorganization, recapitalization, merger or consolidation (a “Corporate Transaction”) involving the
Company, unless securities representing more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation resulting from such Corporate
Transaction (or the parent of such corporation) are Beneficially Owned subsequent to such transaction by the Person or Persons who were the Beneficial Owners of the outstanding voting securities entitled to vote generally in the election of
directors of the Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction; or 

(iv) during any period of 12 months, individuals who at the beginning of such period constituted the Board (together with
any new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the beginning
of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board then in office. 

  
 6Exhibit 4.2

 

	 	This Instrument Prepared By:	 
	 	 	 
	 	/s/ Jeffrey M. Taylor	 
	 	Jeffrey M. Taylor	 
	 	Delmarva Power & Light Company	 
	 	Mail Stop 92DC42	 
	 	500 North Wakefield Drive	 
	 	Newark, DE 19702	 

 

 

 

DELMARVA POWER & LIGHT COMPANY

 

TO

 

THE BANK OF NEW YORK MELLON,

Trustee.

 

________

 

ONE HUNDRED AND SIXTEENTH SUPPLEMENTAL INDENTURE

 

________

 

Dated as of May 4, 2015

(but executed on the dates shown on the execution
page)

 

 

 

    	 

    	 	 	 

    

 

This ONE HUNDRED AND
SIXTEENTH SUPPLEMENTAL INDENTURE, dated as of the 4th day of May, 2015 (but executed on the dates hereinafter shown), made
and entered into by and between DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the Commonwealth
of Virginia, hereinafter called the “Company,” and THE BANK OF NEW YORK MELLON, a New York banking corporation, hereinafter
called the “Trustee”;

 

WITNESSETH:

 

WHEREAS, the Company heretofore
executed and delivered its Indenture of Mortgage and Deed of Trust (hereinafter in this One Hundredth and Sixteenth Supplemental
Indenture called the “Original Indenture”), dated as of October 1, 1943, to The New York Trust Company, a corporation
of the State of New York, as Trustee, to which The Bank of New York Mellon is successor Trustee, to secure the First Mortgage Bonds
of the Company, unlimited in aggregate principal amount and issuable in series, from time to time, in the manner and subject to
the conditions set forth in the Original Indenture granted and conveyed unto the Trustee, upon the trusts, uses and purposes specifically
therein set forth, certain real estate, franchises and other property therein described, including property acquired after the
date thereof, except as therein otherwise provided; and

 

WHEREAS, the Original Indenture
has been supplemented by one hundred and fifteen supplemental indentures specifically subjecting to the lien of the Original Indenture
as though included in the granting clause thereof certain property in said supplemental indentures specifically described and amending
and modifying the provisions of the Original Indenture (the Original Indenture, as amended, modified and supplemented by all of
the indentures supplemental thereto, including this One Hundred and Sixteenth Supplemental Indenture, is hereinafter in this One
Hundred and Sixteenth Supplemental Indenture called the “Indenture”); and

 

WHEREAS, the Original Indenture
provides for the issuance of bonds thereunder in one or more series, the form of each series of bonds and of the coupons to be
attached to any coupon bonds to be substantially in the forms set forth therein with such omissions, variations and insertions
as are authorized or permitted by the Original Indenture and determined and specified by the Board of Directors of the Company;
and

 

WHEREAS, the Company, by
appropriate corporate action in conformity with the terms of the Original Indenture, has duly determined to create a series of
bonds to be designated as First Mortgage Bonds, 4.15% Series due May 15, 2045 (hereinafter sometimes referred to as the “4.15%
Series Bonds” or the “bonds of 4.15% Series”), which said 4.15% Series Bonds are to be substantially in the following
form:

 

[FORM OF FACE OF BOND]

 

This
bond is a Global Bond within the meaning of the Mortgage hereinafter referred to and is registered in the name of a Depositary
or a nominee thereof. This bond may not be transferred to, or registered or exchanged for bonds registered in the name of, any
Person other than the Depositary or a nominee thereof, and no such transfer may be registered, except in the limited circumstances
described in the Mortgage. Every bond authenticated and delivered upon registration of transfer of, or in exchange for or in lieu
of, this bond shall be a Global Bond that is subject to the foregoing, except in such limited circumstances.

 

    	2

    	 	 	 

    

 

DELMARVA POWER & LIGHT COMPANY

 

FIRST MORTGAGE BOND,

 

4.15% SERIES DUE MAY 15, 2045

 

	Number:	$________
	 	CUSIP: 247109 BT7

 

DELMARVA POWER & LIGHT
COMPANY, a Delaware and Virginia corporation (the “Company”), for value received, hereby promises to pay to Cede &
Co., or its registered assigns, the sum of             Dollars on May 15,
2045, at the office or agency of the Company in the Borough of Manhattan, The City of New York, in such coin or currency of the
United States of America as at the time of payment shall be legal tender for public and private debts, and to pay interest thereon,
semi-annually on May 15 and November 15 of each year at the rate of four and fifteen hundredths percent (4.15%) per annum, at said
office or agency in like coin or currency, from the fifteenth day of May or November, as the case may be, to which interest has
been paid preceding the date hereof (unless the date hereof is a May 15 or November 15 on which interest has been paid, in which
case from the date hereof, or unless the date hereof is prior to November 15, 2015, in which case from May 11, 2015), until this
bond shall mature, according to its terms or on prior redemption or by declaration or otherwise, and at the highest rate of interest
borne by any of the bonds outstanding under the Mortgage hereinafter mentioned from such date of maturity until this bond shall
be paid or the payment hereof shall have been duly provided for. The interest so payable on any May 15 or November 15 will be paid
to the person in whose name this Bond is registered at the close of business on the first calendar day of the month in which the
interest payment date occurs; provided, however, that interest payable at maturity will be paid to the person to whom principal
is paid. In the event that any interest payment date is a legal holiday or a day on which banking institutions are authorized by
law to close, then payment of interest payable on such date may be made on the next succeeding day, not a legal holiday or a day
on which banking institutions are authorized by law to close, with the same force and effect as if made on the interest payment
date. Interest on this bond shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

The provisions of this
bond are continued on the reverse hereof and such continued provisions shall for all purposes have the same effect as though fully
set forth at this place.

 

This bond shall not become
valid or obligatory for any purpose until THE BANK OF NEW YORK MELLON, the Trustee under the Mortgage, or its successor thereunder,
shall have signed the certificate of authentication endorsed hereon.

 

IN WITNESS WHEREOF, DELMARVA
POWER & LIGHT COMPANY has caused this bond to be signed in its name with the manual or facsimile signature of its President
or one of its Vice Presidents and its corporate seal, or a facsimile thereof, to be affixed hereto and attested by the manual or
facsimile signature of its Secretary or one of its Assistant Secretaries.

 

Dated:

 

Seal:

 

	 	 	 	DELMARVA POWER & LIGHT COMPANY
	 	 	 	 	 
	Attest: 	 	 	By:	 
	 	Secretary	 	 	Senior Vice President

 

    	3

    	 	 	 

    

 

Trustee’s Authentication Certificate

 

This bond is one of the
bonds of the series herein designated, provided for in the within-mentioned mortgage.

 

	 	THE BANK OF NEW YORK MELLON, Trustee
	 	 
	 	By:	 	 
	 	 	Authorized Officer	 

 

[FORM OF REVERSE OF BOND]

 

DELMARVA POWER & LIGHT COMPANY

 

FIRST MORTGAGE BOND,

 

4.15% SERIES DUE MAY 15, 2045

 

This bond is one of an
issue of bonds of the Company (herein referred to as the “bonds”), not limited in principal amount, issuable in series,
which different series may mature at different times, may bear interest at different rates, and may otherwise vary as in the Mortgage
hereinafter mentioned, and is one of a series known as its First Mortgage Bonds, 4.15% Series due May 15, 2045 (herein sometimes
referred to as “bonds of 4.15% Series”). All bonds of all series and tranches issued and to be issued under and equally
and ratably secured (except insofar as any sinking fund, established in accordance with the provisions of the Mortgage hereinafter
mentioned, may afford additional security for the bonds of any particular series or tranche) by the Mortgage and Deed of Trust,
dated as of October 1, 1943, executed by the Company to THE NEW YORK TRUST COMPANY, as Trustee, to which THE BANK OF NEW YORK MELLON,
a New York banking corporation, is successor Trustee (herein, together with any indentures supplemental thereto, including a One
Hundred and Sixteenth Supplemental Indenture, dated as of May 4, 2015 (the “One Hundred and Sixteenth Supplemental Indenture”),
called the “Mortgage”), to which reference is made for a description of the property mortgaged and pledged, the nature
and extent of the security, the rights and limitations of rights of the holders of the bonds and of the Company in respect thereof,
the rights, duties and immunities of the Trustee, and the terms and conditions upon which the bonds are, and are to be, issued
and secured. The Mortgage contains provisions permitting the Company and the Trustee, with the consent of the holders of not less
than seventy-five percent (75%) in principal amount of all the bonds at the time outstanding (determined as provided in the Mortgage),
evidenced as in the Mortgage provided, or in case the rights under the Mortgage of the holder of the bonds of one or more, but
less than all, of the series of bonds outstanding shall be affected, then with the consent of the holders of not less than seventy-five
percent (75%) in principal amount of the bonds at the time outstanding of the one or more series, taken in the aggregate, affected
(determined as provided in the Mortgage), evidenced as in the Mortgage provided, to execute supplemental indentures adding any
provisions to or changing in any manner or eliminating any of the provisions of the Mortgage or modifying in any manner the rights
of the holders of the bonds and coupons; provided, however, that no such supplemental indenture shall (i) extend the fixed maturity
of any bonds, or reduce the rate or extend the time of payment of interest thereon, or reduce the principal amount thereof, without
the consent of the holder of each bond so affected, or (ii) reduce the aforesaid percentage of bonds, the holders of which are
required to consent to any such supplemental indenture without the consent of the holders of all bonds then outstanding. Any such
consent by the registered holder of this bond (unless effectively revoked as provided in the Mortgage) shall be conclusive and
binding upon such holder and upon all future holders of this bond, irrespective of whether or not any notation of such consent
is made upon this bond.

 

    	4

    	 	 	 

    

 

No reference herein to
the Mortgage and no provision of this bond or of the Mortgage shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, premium, if any, and interest on this bond at the time and place, at the rate and in
the coin or currency herein prescribed.

 

The fully registered bonds
of 4.15% Series are issuable in denominations of $1,000 and any integral multiple of $1,000 in excess thereof. At the office or
agency to be maintained by the Company in the Borough of Manhattan, The City of New York and in the manner and subject to the limitations
provided in the Mortgage, fully registered bonds of such series may be exchanged for a like aggregate principal amount of fully
registered bonds of such series of other authorized denominations, and in each case without payment of any service or other similar
charge, but the Company may require payment of a sum sufficient to cover any tax or taxes or other governmental charges required
to be paid by the Company in relation thereto, as provided in the One Hundred and Sixteenth Supplemental Indenture.

 

In order to enable the
Trustee to comply with its obligations under applicable tax laws, rules and regulations in effect from time to time (“Applicable
Law”), the Company shall provide to the Trustee, following written request from the Trustee, such information concerning
the holders of the bonds of 4.15% Series as the Trustee may reasonably request in order to determine whether the Trustee has any
tax-related obligations under Applicable Law with respect to the payments made to holders of the bonds of 4.15% Series, but only
to the extent (a) such information is in the Company’s possession, (b) such information is not subject to any confidentiality
or similar agreement or undertaking or otherwise deemed by the Company to be confidential and (c) providing such information to
the Trustee does not, in the judgment of the Company, breach or violate or constitute a default under any applicable laws, rules
or regulations or any instrument or agreement to which the Company of any of its affiliates is a party or may be bound. The Company,
the Trustee or any paying agent for the bonds of 4.15% Series shall be permitted to make any withholding or deduction from the
amount of principal and interest payable to holders of the bonds of 4.15% Series to the extent required under Applicable Law.

 

The bonds of 4.15% Series
shall be redeemable at the option of the Company prior to the express date of the maturity hereof, in whole or in part, at any
time. The Company shall give notice of its intent to redeem such bonds of 4.15% Series at least 30 days but no more than 90 days
prior to the date fixed for such redemption (the “Redemption Date”). If the Company redeems all or any part of the
bonds of 4.15% Series pursuant to the provisions of this paragraph prior to the Par Call Date (as defined below), it shall pay
an amount equal to the greater of:

 

(i)      100%
of the principal amount of the bonds of 4.15% Series being redeemed, and

 

(ii)     the
sum of the present values of the remaining scheduled payments of principal of and interest on the bonds of 4.15% Series being redeemed
that would be due if the bonds matured on the Par Call Date (not including the amount, if any, of unpaid interest accrued to, but
not including, the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 20 basis points,

 

plus, in each case,
accrued and unpaid interest on those bonds to, but not including, the Redemption Date (calculated assuming a 360-day year consisting
of twelve 30-day months and for any period shorter than a full month, on the basis of the actual number of days elapsed in such
period). If the Company redeems all or any part of the bonds of 4.15% Series pursuant to the provisions of this paragraph on or
after the Par Call Date, it shall pay an amount equal to 100% of the principal amount of the bonds of 4.15% Series being redeemed
plus accrued and unpaid interest thereon.

 

“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 bonds of 4.15% Series to be redeemed that would be utilized (assuming for this purpose that the bonds
of 4.15% Series mature on the Par

 

    	5

    	 	 	 

    

 

Call Date) , at the time
of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to such remaining term of the bonds of 4.15% Series.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date prior to the Par Call 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 Independent Investment Banker obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such
quotations.

 

“Independent Investment
Banker” means an investment banking institution of national standing appointed by the Company that is not the Reference Treasury
Dealer.

 

“Par Call Date”
means November 15, 2044.

 

“Reference Treasury
Dealer” means a primary United States Treasury securities dealer appointed by the Company.

 

“Reference Treasury
Dealer Quotations” means, with respect to any Redemption Date prior to the Par Call Date, the average, as determined by the
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 the Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m. on
the third business day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date prior to the Par Call Date, the rate per annum equal to the semi-annual 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.

 

The Company shall deliver
to the Trustee before any Redemption Date for the bonds of 4.15% Series its calculation of the amount applicable to such redemption.
The Trustee shall be under no duty to inquire into, may presume the correctness of, and shall be fully protected in acting upon,
the Company’s calculation of any Redemption Price of the bonds of 4.15% Series.

 

In lieu of stating the
amount applicable to such redemption, notices of redemption of the bonds of 4.15% Series for a Redemption Date prior to the Par
Call Date shall state substantially the following: “The amount applicable to the bonds of 4.15% Series to be redeemed shall
equal the sum of (a) the greater of (i) 100% of the principal amount of such bonds of 4.15% Series, and (ii) the sum of the present
values of the remaining scheduled payments of principal and interest on the bonds of 4.15% Series being redeemed that would be
due if the bonds matured on the Par Call Date (not including the amount, if any, of unpaid interest accrued to, but not including,
the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate (as defined in the bonds of 4.15% Series) plus 20 basis points, plus, in each case, (b) accrued
and unpaid interest on the principal amount hereof to, but not including, the Redemption Date.”

 

If at the time notice of
redemption is given the redemption moneys are not on deposit with the Trustee, then the redemption shall be subject to the receipt
of such moneys on or before the Redemption Date, and such notice shall be of no effect unless such moneys are received. The Mortgage
provides that if the Company shall deposit with the Trustee in trust for the purpose funds sufficient to pay the principal of all
of the bonds of any series, or such of the bonds of any series as have been or are to be called for redemption, and premium, if
any, thereon, and all interest payable on such bonds to the date on which they become due and payable at maturity or upon redemption
or otherwise, and shall comply with the other provisions of the Mortgage in respect thereof, then from the date of such deposit
such bonds shall no longer be entitled to any lien or benefit under the Mortgage.

 

    	6

    	 	 	 

    

 

The principal hereof may
be declared or may become due prior to the express date of the maturity hereof on the conditions, in the manner and at the time
set forth in the Mortgage, upon the occurrence of a completed default as in the Mortgage provided.

 

This bond is transferable
as prescribed in the Mortgage by the registered holder hereof in person, or by his or her duly authorized attorney, at the office
or agency to be maintained by the Company in the Borough of Manhattan, The City of New York, upon surrender and cancellation of
this bond, and thereupon a new fully registered bond or bonds of authorized denominations of the same series and for the same aggregate
principal amount will be issued to the transferee in exchange herefor as provided in the Mortgage, and in each case without payment
of any service or other similar charge as provided in the One Hundred and Sixteenth Supplemental Indenture. The Company and the
Trustee, any paying agent and any bond registrar may deem and treat the person in whose name this bond is registered as the absolute
owner hereof, whether or not this bond shall be overdue, for the purpose of receiving payment and for all other purposes and neither
the Company nor the Trustee nor any paying agent nor any bond registrar shall be affected by any notice to the contrary.

 

No recourse shall be had
for the payment of the principal of, premium, if any, and interest on, this bond, or for any claim based hereon, or otherwise in
respect hereof, or based on, or in respect of, the Mortgage, against an incorporator or any past, present or future subscriber
to the capital stock, stockholder, officer or director, as such, of the Company or of any successor corporation, either directly
or through the Company or any successor corporation, under any rule of law, statute or constitution or by the enforcement of any
assessment or otherwise, all such liability of incorporators, subscribers, stockholders, officers and directors, as such, being
waived and released by the holder and owner hereof by the acceptance of this bond and being likewise waived and released by the
terms of the Mortgage.

 

[END OF FORM OF BOND]

 

WHEREAS, all acts and things
prescribed by law and by the charter and by-laws of the Company necessary to make the 4.15% Series Bonds, when executed by the
Company and authenticated by the Trustee, as in the Original Indenture provided, valid, binding and legal obligations of the Company,
entitled in all respects to the security of the Original Indenture and indentures supplemental thereto, have been performed; and

 

WHEREAS, provision is made
in Sections 5.11 and 17.01 of the Original Indenture for such further instruments and indentures, supplemental to the Original
Indenture, as may be necessary or proper to carry out more effectually the purposes of the Original Indenture, and to subject to
the lien of the Original Indenture any property acquired after the date of the Original Indenture and intended to be covered thereby,
with the same force and effect as though included in the granting clause thereof, and to add such further covenants, restrictions
or conditions for the protection of the mortgaged and pledged property and the holders of the bonds as the Board of Directors of
the Company and the Trustee shall consider to be for the protection of the holders of the bonds, and to set forth the terms and
provisions of any series of bonds to be issued under the Original Indenture and the form of the bonds and coupons of such series;
and the Company since the date of the Original Indenture has acquired additional property not heretofore specifically subjected
to the lien of the Original Indenture; and it is desired to add certain further covenants, restrictions and conditions for the
protection of the mortgaged and pledged property and the holders of the bonds, as provided in this One Hundred and Sixteenth Supplemental
Indenture, which the Board of Directors of the Company and the Trustee consider to be for the protection of the holders of the
bonds; and the Company desires to issue the 4.15% Series Bonds; and the Company therefore deems it advisable to enter into this
One Hundred and Sixteenth Supplemental Indenture in the form and terms hereof; and

 

WHEREAS, the execution
and delivery of this One Hundred and Sixteenth Supplemental Indenture has been duly authorized by the Board of Directors of the
Company, and all conditions and requirements necessary to make this One Hundred and Sixteenth Supplemental Indenture a valid, binding
and legal instrument in

 

    	7

    	 	 	 

    

 

accordance with its terms,
for the purposes herein expressed, and the execution and delivery hereof, in the form and terms hereof, have been in all respects
duly authorized;

 

NOW, THEREFORE, in order
further to secure the payment of the principal and interest and premium, if any, of all bonds issued and to be issued under the
Original Indenture and any indentures supplemental thereto, including this One Hundred and Sixteenth Supplemental Indenture, according
to their tenor, purport and effect and the performance and observance of all the covenants and conditions in said bonds and the
Original Indenture and any indentures supplemental thereto, including this One Hundred and Sixteenth Supplemental Indenture, contained
and to subject to the lien of the Original Indenture, as so supplemented, with the same force and effect as though included in
the granting clause thereof, and in consideration of the premises and of the sum of One Dollar ($1.00), lawful money of the United
States of America, to the Company duly paid by the Trustee at or before the ensealing and delivery hereof, and other valuable consideration,
the receipt whereof is hereby acknowledged, and intending to be legally bound hereby, the Company has executed and delivered this
One Hundred and Sixteenth Supplemental Indenture, and has granted, bargained, sold, released, conveyed, assigned, transferred,
mortgaged, pledged, set over and confirmed, and granted a security interest therein, and by these presents does grant, bargain,
sell, release, convey, assign, transfer, mortgage, pledge, set over and confirm, and grant a security interest therein, subject
to the provisions of the Indenture, unto THE BANK OF NEW YORK MELLON, as trustee, and to its successors in trust and to its and
their assigns forever, all the following described properties of the Company, and does hereby confirm that the Company will not
cause or consent to a partition, either voluntary or through legal proceedings, of property, whether herein described or heretofore
or hereafter acquired, in which its ownership shall be as tenants in common, except as permitted by, and in conformity with, the
provision of the Original Indenture, as supplemented, and particularly of Article IX of the Original Indenture:

 

All property, real, personal
and mixed, tangible and intangible, owned by the Company on the date of the execution hereof or which may be hereafter acquired
by it (except such property as in the Original Indenture expressly excepted from the lien and operation of the Indenture).

 

The property covered by
this One Hundred and Sixteenth Supplemental Indenture shall include particularly, among other property, without prejudice to the
generality of the language hereinbefore or hereinafter contained, the following described property:

 

All the electric generating
stations, station sites, stations, electric reserve generating stations, substations, substation sites, gas manufacturing plants,
ice and cold storage plants, steam plants, hot water plants, hydro-electric stations, hydro-electric station sites, electric transmission
lines, electric distribution systems, gas transportation mains, gas distribution systems, steam distribution systems, hot water
distribution systems, regulator stations, regulator station sites, office buildings, storeroom buildings, warehouse buildings,
boiler houses, plants, plant sites, service plants, coal storage yards, and poleyards now or hereafter owned by the Company, including
all electric works, power houses, generators, turbines, boilers, engines, furnaces, retorts, dynamos, buildings, structures, transformers,
meters, towers, poles, tower lines, cables, pole lines, tanks, storage holders, regulators, gas works, pipes, pipe lines, mains,
pipe fittings, valves, drips, connections, tunnels, conduits, gates, motors, wires, switch racks, switches, brackets, insulators,
and all equipment, improvements, machinery, appliances, devices, appurtenances, supplies and miscellaneous property for generating,
producing, transforming, converting, storing and distributing electric energy, gas, ice, steam and hot water, and furnishing cold
storage, now or hereafter owned by the Company, together with all furniture and fixtures located in the aforesaid buildings, and
all land now or hereafter owned by the Company on which the same or any part thereof are situated, and all of the real estate,
leases, leaseholds (except the last day of the term of each lease and leasehold), and lands now or hereafter owned by the Company,
including land located on or adjacent to any river, stream or other water, together with all flowage rights, flooding rights, water
rights, riparian rights, dams and dam sites and rights, flumes, canals, races, raceways, head works and diversion works, and all
of the municipal and other franchises, licenses, consents, ordinances, permits, privileges, rights, servitudes, easements and rights-of-way
and other rights in or relating to real estate or the occupancy of the same now or hereafter

 

    	8

    	 	 	 

    

 

owned by the Company, and
all of the other property, real, personal or mixed, now or hereafter owned by the Company, forming a part of any of the foregoing
property or used or enjoyed or capable of being used or enjoyed in connection therewith or in any way appertaining thereto, whether
developed or undeveloped, or partially developed, or whether now equipped and operating or not and wherever situated, and all of
the Company’s presently held or hereafter acquired right, title and interest in and to the land on which the same or any
part thereof are situated or adjacent thereto, and all rights for or relating to the construction, maintenance or operation of
any of the foregoing property through, over, under or upon any public streets or highways or other lands, public or private, and
(except as hereinafter expressly excepted) all the right, title and interest of the Company presently held or hereafter acquired
in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with
any property hereinbefore described, and, as to all of the foregoing, whether now owned by the Company or hereafter acquired by
the Company.

 

Together with all and singular
the tenements, hereditaments and appurtenances belonging or in any way appertaining to the aforesaid property or any part thereof,
with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 9.01 of the Original Indenture)
the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title and interest
and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property
and franchises and every part and parcel thereof.

 

IT IS HEREBY AGREED by
the Company that all property, rights and franchises acquired by the Company after the date hereof (except any in the Original
Indenture expressly excepted) shall (subject to the provisions of Section 9.01 of the Original Indenture and to the extent permitted
by law) be as fully embraced within the lien of the Original Indenture and any indentures supplemental thereto, including this
One Hundred and Sixteenth Supplemental Indenture, as if such property, rights and franchises were at the time of the execution
of the Original Indenture owned by the Company and/or specifically described therein and conveyed thereby and as if such property,
rights and franchises were now owned by the Company and/or specifically described herein and conveyed hereby;

 

Provided that, in addition
to the reservations and exceptions herein and elsewhere contained, the following are not and are not intended to be granted, bargained,
sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed hereunder and are hereby expressly excepted
from the lien and operation of the Original Indenture and any indentures supplemental thereto, including this One Hundred and Sixteenth
Supplemental Indenture, viz.: (1) cash and shares of stock and certificates or evidence of interest therein and obligations (including
bonds, notes and other securities) not in or pursuant to the Original Indenture or any indenture supplemental thereto, including
this One Hundred and Sixteenth Supplemental Indenture, specifically pledged or deposited or delivered or therein covenanted so
to be; (2) any goods, wares, merchandise, equipment, materials or supplies held or acquired for the purpose of sale or resale in
the usual course of business or for consumption in the operation of any properties of the Company; and (3) all judgments, contracts,
accounts and choses in action, the proceeds of which the Company is not obligated as in the Original Indenture provided to deposit
with the Trustee hereunder; provided, however, that the property and rights expressly excepted from the lien and operation of the
Original Indenture and any indentures supplemental thereto, including this One Hundred and Sixteenth Supplemental Indenture, in
the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted, in the event that the Trustee
or a receiver or trustee shall take possession of the mortgaged and pledged property in the manner provided in Article X of the
Original Indenture, by reason of the occurrence of a completed default, as defined in said Article X of the Original Indenture.

 

TO HAVE AND TO HOLD all
such properties, real, personal, or mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged,
set over or confirmed by the Company as aforesaid, or intended so to be, unto the Trustee and its successors in the trusts created
in the Indenture and its and their assigns forever;

 

    	9

    	 	 	 

    

 

SUBJECT, HOWEVER, to any
reservations, exceptions, conditions, limitations and restrictions contained in the several deeds, servitudes, franchises and contracts
or other instruments through which the Company acquired, and/or claims title to and/or enjoys the use of the aforesaid properties;
and subject also to encumbrances of the character defined in the Original Indenture as “excepted encumbrances” in so
far as the same may attach to any of the property embraced herein;

 

IN TRUST NEVERTHELESS upon
the terms, trusts, uses and purposes specifically set forth in the Indenture; this One Hundred and Sixteenth Supplemental Indenture
being made for the purpose, inter alia, of subjecting the real estate and premises and other property above described to the lien
and operation of the Indenture, so that the same shall be held specifically by the Trustee under and subject to the terms and conditions
of the Original Indenture in identically the same manner and for the same trusts, uses and purposes, as though the said real estate
and premises and other property had been specifically described in the Original Indenture.

 

AND IT IS HEREBY FURTHER
COVENANTED AND AGREED and the Company and the Trustee have mutually agreed, in consideration of the premises, as follows:

 

Article
I.

 

DESIGNATION, PROVISIONS, DENOMINATIONS
AND ISSUANCE

OF 4.15% SERIES BONDS

 

SECTION 1.   The
bonds of 4.15% Series shall be designated as “First Mortgage Bonds, 4.15% Series due May 15, 2045.” The bonds of 4.15%
Series shall be issuable from time to time as fully registered bonds in denominations of $1,000 and in any integral multiple of
$1,000 in excess thereof. Each of the bonds of 4.15% Series shall be dated the date of issue, and shall bear interest payable from
the fifteenth day of May or November, as the case may be, to which interest has been paid preceding the date thereof, unless such
date is a May 15 or November 15 on which interest has been paid, in which case it shall bear interest from such date, or unless
such date is prior to November 15, 2015, in which case it shall bear interest from May 11, 2015. The interest so payable on any
May 15 or November 15 will be paid to the person in whose name this Bond is registered at the close of business on the first calendar
day of the month in which the interest payment date occurs. All bonds of 4.15% Series shall be payable on May 15, 2045, in such
coin or currency of the United States of America as at the time of payment shall be legal tender for public and private debts,
and shall bear interest, payable in like coin and currency, at the rate of four and fifteen hundredths percent (4.15%) per annum,
payable semi-annually on May 15 and November 15 of each year, until maturity, and at the highest rate of interest borne by any
of the bonds outstanding under the Original Indenture and any indenture supplemental thereto, from such date of maturity until
they shall be paid or payment thereof shall have been duly provided for; provided, however, that interest payable at maturity will
be paid to the person to whom principal is paid. In the event that any interest payment date is a legal holiday or a day on which
banking institutions are authorized by law to close, then payment of interest payable on such date may be made on the next succeeding
day, not a legal holiday or a day on which banking institutions are authorized by law to close, with the same force and effect
as if made on the interest payment date. Interest on the bonds of 4.15% Series shall be computed on the basis of a 360-day year
consisting of twelve 30-day months. The principal of, and premium, if any, and interest on, each bond of 4.15% Series shall be
payable at the office or agency of the Company in the Borough of Manhattan, The City of New York.

 

The bonds of 4.15% Series
may be exchanged, for a like aggregate principal amount of fully registered bonds of such series of other authorized denominations.
No service or other similar charge shall be made for any exchange, transfer, or registration of the bonds of 4.15% Series, but
the Company may require payment of a sum sufficient to cover any tax or taxes or other governmental charges required to be paid
by the Company in relation thereto.

 

    	10

    	 	 	 

    

 

The bonds of 4.15% Series
shall be redeemable as set forth in the form of bond of the bonds of 4.15% Series set forth in this One Hundred and Sixteenth Supplemental
Indenture.

 

This bond is transferable
as prescribed in the Mortgage by the registered holder hereof in person, or by his or her duly authorized attorney, at the office
or agency to be maintained by the Company in the Borough of Manhattan, The City of New York, upon surrender and cancellation of
this bond, and thereupon a new fully registered bond or bonds of authorized denominations of the same series and tranche and for
the same aggregate principal amount will be issued to the transferee in exchange herefor as provided in the Mortgage, and in each
case without payment of any service or other similar charge as herein provided. The Company and the Trustee, any paying agent and
any bond registrar may deem and treat the person in whose name this bond is registered as the absolute owner hereof, whether or
not this bond shall be overdue, for the purpose of receiving payment and for all other purposes and neither the Company nor the
Trustee nor any paying agent nor any bond registrar shall be affected by any notice to the contrary.

 

The bonds of 4.15% Series
initially shall be represented by one or more securities in registered, global form without interest coupons (a “Global Bond”).
The Company initially appoints The Depository Trust Company (“DTC”) to act as depositary with respect to the Global
Bonds (together with any successor, the “Depositary”). The bonds of 4.15% Series initially shall be registered in the
name of Cede & Co. as nominee for DTC.

 

So long as the bonds of
4.15% Series are held by a depositary, such bonds of 4.15% Series shall bear the following legend, in addition to any other legends
required by such depositary:

 

“THIS BOND IS A GLOBAL
BOND WITHIN THE MEANING OF THE MORTGAGE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS BOND MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR BONDS REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE
DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE MORTGAGE.
EVERY BOND AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS BOND SHALL BE A
GLOBAL BOND THAT IS SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.”

 

Any bonds of 4.15% Series
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, any Global Bond shall also be
a Global Bond and shall bear the foregoing legend, except for any bond authenticated and delivered in exchange for, or upon registration
of transfer of, a Global Bond pursuant to the next paragraph.

 

Notwithstanding anything
herein to the contrary, a Global Bond shall not be exchangeable for bonds of 4.15% Series registered in the name of, and no transfer
of a Global Bond may be registered to, any person other than the Depositary or its nominee, unless (i) such Depositary (A) notifies
the Company that it is unwilling or unable to continue as Depositary for the bonds of 4.15% Series or (B) ceases to be a “clearing
agency” registered under the Securities Exchange Act of 1934, as amended, and the Company within 90 days after it receives
such notice or becomes aware of such ineligibility does not appoint a successor Depositary, (ii) the Company executes and delivers
to the Trustee a notice that the bonds of 4.15% Series shall be so exchangeable and the transfer thereof so registerable, or (iii)
there shall have occurred a completed default as in the Mortgage provided with respect to the bonds of 4.15% Series evidenced by
such Global Bond. Upon the occurrence in respect of the bonds of 4.15% Series of (1) any one or more of the conditions specified
in clause (i) of the preceding sentence, the bonds of 4.15% Series shall be exchanged, and (2) any one or more of the conditions
specified in clause (ii) or (iii) of the preceding sentence, the bonds of 4.15% Series shall be exchangeable, for bonds registered
in the names of, and the transfer of such bond shall be registered to, the beneficial owners of the bonds of the bonds of 4.15%
Series, or their designees, as the Depositary shall direct. The bonds of 4.15%

 

    	11

    	 	 	 

    

 

Series issued to beneficial
owners, or their designees shall be substantially in the form set forth in the One Hundred and Sixteenth Supplemental Indenture,
but shall not include the provision related to the Global Bonds.

 

The Company and the Trustee
may rely conclusively upon (a) a certificate of the Depository as to the identity of a participant in the book-entry system; (b)
a certificate of any participant as to the identity of any indirect participant and (c) a certificate of any participant or any
indirect participant as to the identity of, and the respective principal amount of bonds of 4.15% Series owned by, beneficial owners.

 

SECTION 2.   The
principal amount of the bonds of 4.15% Series that may be authenticated and delivered hereunder is not limited, except as the Indenture
limits the principal amount of bonds that may be issued thereunder.

 

SECTION 3.   Bonds
of 4.15% Series for the aggregate principal amount of Two Hundred Million Dollars ($200,000,000), being the initial issuance of
bonds of 4.15% Series, shall forthwith be executed by the Company and delivered to the Trustee and shall be authenticated by the
Trustee and delivered, after the recording hereof, in accordance with the request of the Company, signed in the name of the Company
by its President or one of its Vice Presidents and its Treasurer or one of its Assistant Treasurers, upon compliance by the Company
with the applicable provisions of Articles III and IV of the Indenture.

 

SECTION 4.   In
order to enable the Trustee to comply with its obligations under applicable tax laws, rules and regulations in effect from time
to time (“Applicable Law”), the Company shall provide to the Trustee, following written request from the Trustee, such
information concerning the holders of the bonds of 4.15% Series as the Trustee may reasonably request in order to determine whether
the Trustee has any tax-related obligations under Applicable Law with respect to the payments made to holders of the bonds of 4.15%
Series, but only to the extent (a) such information is in the Company’s possession, (b) such information is not subject to
any confidentiality or similar agreement or undertaking or otherwise deemed by the Company to be confidential and (c) providing
such information to the Trustee does not, in the judgment of the Company, breach or violate or constitute a default under any applicable
laws, rules or regulations or any instrument or agreement to which the Company of any of its affiliates is a party or may be bound.
The Company, the Trustee or any paying agent for bonds of 4.15% Series shall be permitted to make any withholding or deduction
from the amount of principal and interest payable to holders of the bonds of 4.15% Series to the extent required under Applicable
Law. Each holder of bonds of 4.15% Series by accepting such bond shall be deemed to have agreed that the Company may provide to
the Trustee such information concerning such holder as the Trustee may request in order to determine whether the Trustee has any
tax-related obligations under Applicable Law with respect to the payments made to such holder under this One Hundred and Sixteenth
Supplemental Indenture; and such agreement by each holder is part of the consideration for the issuance of the bonds of 4.15% Series.

 

Article
II.

MISCELLANEOUS

 

SECTION 1.   As
supplemented and amended by this One Hundred and Sixteenth Supplemental Indenture, the Original Indenture and all indentures supplemental
thereto are in all respects ratified and confirmed and the Original Indenture and the aforesaid supplemental indentures and this
One Hundred and Sixteenth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

 

SECTION 2.   This
One Hundred and Sixteenth Supplemental Indenture shall be simultaneously executed in several counterparts, and all such counterparts
executed and delivered, each as an original, shall constitute but one and the same instrument.

 

SECTION 3.   The
recitals of fact contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for
the correctness of the same.

 

    	12

    	 	 	 

    

 

SECTION 4.   The
debtor and its mailing address are Delmarva Power & Light Company, Mail Stop 92DC42, 500 North Wakefield Drive, Newark, Delaware
19702. The secured party and its address, from which information concerning the security interest hereunder may be obtained, are
The Bank of New York Mellon, Global Corporate Trust, 525 William Penn Place, 38th Floor, Pittsburgh, Pennsylvania 15259, Attn:
Ms. Leslie Lockhart, Corporate Trust Officer.

 

SECTION 5.   The
Company acknowledges that it received a true and correct copy of this One Hundred and Sixteenth Supplemental Indenture.

 

(SIGNATURE PAGES FOLLOW)

 

    	13

    	 	 	 

    

 

IN WITNESS WHEREOF, the
Company has caused this instrument to be signed in its name and behalf by its Senior Vice President, and its corporate seal to
be hereunto affixed and attested by its Secretary and the Trustee has caused this instrument to be signed in its name and behalf
by a Vice President and its corporate seal to be hereunto affixed and attested by an authorized officer, effective as of the 4th
day of May, 2015.

 

	 	DELMARVA POWER & LIGHT COMPANY
	 	 
	Date of Execution	By:	/s/ Frederick J. Boyle	 
	 	 	FREDERICK J. BOYLE,
	 	 	SENIOR VICE PRESIDENT AND
	 	 	CHIEF FINANCIAL OFFICER
	 	 
	May 4, 2015	 
	 	 
	[Seal]	 

 

	 	Attest:	/s/ Jane K. Storero	 
	 	 	JANE K. STORERO,
	 	 	SECRETARY

 

    	14

    	 	 	 

    

 

	 	 	THE BANK OF NEW YORK MELLON,
	 	 	 	as Trustee
	 	 	 	 	 
	Date of Execution	 	 	By:	/s/ Timothy W. Casey	 

	 	 	 	 	TIMOTHY W. CASEY,
	May 4, 2015	 	 	 	VICE PRESIDENT
	 	 	 	 	 
	[Seal]	 	 	 	 
	 	 	 	 	 

	 	 	 	Attest: 	/s/ Kim Satayakul	 

	 	 	 	 	KIM SATAYAKUL,
	 	 	 	 	ASSOCIATE

 

Trustee’s
Signature Page

 

116TH
Supplemental Indenture dated as of May 4, 2015

to the Delmarva Power & Light Company Mortgage and Deed of Trust

dated as of October 1, 1943

 

    	15

    	 	 	 

    

 

DISTRICT OF COLUMBIA: SS.

 

BE IT REMEMBERED that on
this 4th day of May, 2015, personally came before me, a notary public for the District of Columbia, Frederick J. Boyle, Senior
Vice President and Chief Financial Officer of DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the
Commonwealth of Virginia (the “Company”), party to the foregoing instrument, known to me personally to be such, and
acknowledged the instrument to be his own act and deed and the act and deed of the Company; that his signature is in his own proper
handwriting; that the seal affixed is the common or corporate seal of the Company; and that his act of signing, sealing, executing
and delivering such instrument was duly authorized by resolution of the Board of Directors of the Company.

 

GIVEN under my hand and
official seal the day and year aforesaid.

 

	/s/ Linda J. Epperly
	Notary Public, District of Columbia
	My commission expires January 1, 2020

 

Certification

 

This document was prepared
under the supervision of an attorney admitted to practice before the Court of Appeals of Maryland, or by or on behalf of one of
the parties named in the within instrument.

 

	/s/ Jeffrey M. Taylor
	Jeffrey M. Taylor, Esq.

 

    	16

    	 	 	 

    

 

DISTRICT OF COLUMBIA: SS.

 

BE IT REMEMBERED that on
this 4th day of May, 2015, personally came before me, a notary public for the District of Columbia, Timothy W. Casey, Vice President
of THE BANK OF NEW YORK MELLON, a New York banking corporation (the “Trustee”), party to the foregoing instrument,
known to me personally to be such, and acknowledged the instrument to be his own act and deed and the act and deed of the Trustee;
that his signature is his own proper handwriting; that the seal affixed is the common or corporate seal of the Trustee; and that
his act of signing, sealing, executing and delivering said instrument was duly authorized by resolution of the Board of Directors
of the Trustee.

 

GIVEN under my hand and
official seal the day and year aforesaid.

 

	/s/ Linda J. Epperly
	Notary Public, District of Columbia
	My commission expires January 1, 2020

 

    	17

    	 	 	 

    

 

CERTIFICATE OF RESIDENCE

 

THE BANK OF NEW YORK MELLON,
successor Trustee to the Trustee within named, hereby certifies that it has a residence at 101 Barclay Street, in the Borough of
Manhattan, in The City of New York, in the State of New York.

 

	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 	 
	 	By: 	/s/ Timothy W. Casey	 
	 	 	Timothy W. Casey, Vice President

 

    	18

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