Document:

Exhibit

EXHIBIT 4.5

DESCRIPTION OF THE REGISTRANT'S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

As of the date of the Annual Report on Form 10-K of which this exhibit is a part, United Insurance Holdings Corp. (the "Company") has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our Common Stock.

The following description of our Common Stock is a summary of certain key terms and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Second Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation") and our Amended and Restated Bylaws (the "Bylaws"), each of which is incorporated by reference as an exhibit to this Annual Report on Form 10-K. We encourage you to read our Certificate of Incorporation and our Bylaws for additional information.

Authorized Capital Shares

Our authorized capital shares consist of 50,000,000 shares of common stock ("Common Stock"), $0.0001 par value per share, and 1,000,000 shares of preferred stock, $0.0001 par value per share ("Preferred Stock"). The outstanding shares of Common Stock are fully paid and nonassessable.

Voting Rights

Holders of Common Stock are entitled to one vote per share on all matters voted on by the stockholders, including the election of directors. Our Common Stock does not have cumulative voting rights. All actions to be taken by our stockholders other than matters relating to the election of directors must be approved by a majority of the shares which are voted with respect to such matter. Director nominees will be elected by vote of a majority of the votes cast with respect to such director's election in person or represented by proxy and entitled to vote on the election of directors. Notwithstanding the foregoing, if the number of nominees exceeds the number of directors to be elected at any meeting of stockholders as of the date that is (10) days prior to the date that we file our definitive proxy statement with the Securities and Exchange Commission (regardless of whether or not the proxy statement is thereafter revised or supplemented), then each director will be elected by a plurality of the votes cast in person or represented by proxy and entitled to vote on the election of directors. Holders of Common Stock may also act by written consent, subject to certain limitations set forth in our Bylaws. 

Dividend Rights

Subject to the rights of holders of outstanding shares of Preferred Stock, if any, the holders of Common Stock are entitled to receive dividends, if any, as may be declared from time to time by the Board of Directors in its discretion out of funds legally available for the payment of dividends.

Liquidation Rights

Subject to the rights of holders of outstanding shares of Preferred Stock, if any, holders of Common Stock will share ratably in all assets legally available for distribution to our stockholders in the event of our dissolution, liquidation or winding up.

Other Rights and Preferences

Our Common Stock has no sinking fund or redemption provisions or preemptive, conversion or exchange rights. The rights and preferences of the holders of Common Stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of Preferred Stock that we may designate and issue in the future.

Listing

The Common Stock is traded on The Nasdaq Stock Market LLC under the trading symbol "UIHC".

Anti-Takeover Provisions in our Certificate of Incorporation and Bylaws

The provisions of our Certificate of Incorporation and Bylaws summarized in the following paragraphs may have an anti-takeover effect and could make it more difficult to acquire control of the Company by means of a tender offer, proxy contest or otherwise. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in the best interests of the Company, including transactions that might result in a premium over the market price for shares of Common Stock. 

Our Certificate of Incorporation provides that our Board of Directors is divided into two classes as nearly equal in size as possible, each of which will generally serve for a term of two years with only one class of directors being elected each year. At a given annual meeting of stockholders, only a portion of our Board of Directors may be considered for election. Our Certificate of Incorporation also provides that any vacancies in the Board of Directors may be filled by the vote of a majority of the remaining directors then in office, although less than a quorum, or by the sole remaining director. Since our "staggered board" may prevent our stockholders from replacing a majority of our Board of Directors at a single annual meeting of stockholders, it may entrench our management and discourage unsolicited stockholder proposals. 

Under our Certificate of Incorporation, our Board of Directors has the authority, without further action by our stockholders, to issue shares of Preferred Stock in one or more series, and to fix for each such series such voting powers, full or limited, and such designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof as shall be stated and expressed in a resolution or resolutions adopted by the Board of Directors providing the issue of such series as may be permitted by the Delaware General Corporation Law. Because the Board of Directors has the power to establish the preferences, powers and rights of the shares of any series of Preferred Stock, it may afford holders of any Preferred Stock preferences, power and rights, including voting and dividend rights, senior to the rights of holders of our Common Stock, which could adversely affect the holders of Common Stock and could delay, discourage or prevent a takeover even if a change of control of the Company would be beneficial to the interests of our stockholders. 

Our Bylaws provide that a special meeting of stockholders may only be called by our Chairman of the Board of Directors or the Secretary of the Company, subject to the limitations described in this paragraph and as further set forth in our Bylaws. The Secretary may call a special meeting of stockholders at the request of stockholders only if such request is submitted by stockholders holding a majority of all outstanding shares of Common Stock, and such shares have been owned of record continuously for a period of at least one year prior to the date that such special meeting is requested. Such stockholders must submit a request including the information and following the other procedures specified in our Bylaws. These provisions may have the effect of precluding the ability of stockholders to call a special meeting if the proper procedures are not followed. 

Our Bylaws also establish advance notice procedures for stockholders to make nominations of candidates for election as directors or to bring other business before an annual or special meeting of stockholders. The Bylaws provide that any stockholder wishing to nominate persons for election as directors at, or bring other business before, an annual or special meeting must deliver to our Secretary a written notice of the stockholder's intention to do so. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed. We expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of the Company. To be timely, the stockholder's notice, in the case of an annual meeting, must be received by our Secretary at our principal executive offices neither fewer than 90 days nor more than 120 days before the first anniversary date of the annual meeting for the proceeding year; provided, however, that in the event that the annual meeting is convened on a date that is more than 30 days before or more than 60 days after the first anniversary date of the preceding year's annual meeting, or if no annual meeting was held in the preceding year, a stockholder's notice must be received by our Secretary no more than 120 days prior to such annual meeting nor less than the later of (x) 90 days prior to such annual meeting and (y) 10 days after the earlier of (A) the day on which notice of the meeting was mailed or (B) the day on which public disclosure of the date of the meeting was made. In the case of a special meeting, a timely notice must be given no later than the close of business on the 10th day following the day on which notice of the date of the special meeting was given or public disclosure of the date of the special meeting was made, whichever comes first. The notice must also contain the information required by our Bylaws. 

Additionally, our Bylaws provide that stockholders may remove directors only for cause, upon the vote of the holders of a majority of the outstanding shares of Common Stock.Exhibit 4.1

 

 

 

Seventieth
SUPPLEMENTAL

INDENTURE

 

TO

 

INDENTURE
DATED SEPTEMBER 1, 1939

 

 

 

DUKE
ENERGY INDIANA, LLC

 

TO

 

DEUTSCHE
BANK NATIONAL TRUST COMPANY

AS TRUSTEE

 

 

 

DATED
AS OF March 12, 2020

 

 

 

CREATING

FIRST MORTGAGE BONDS, SERIES ZZZ, 2.75%, DUE April 1, 2050

 

AND

 

OTHERWISE
SUPPLEMENTING AND AMENDING THE INDENTURE

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	PARTIES:	 	 
	Company (Duke Energy Indiana, LLC, formerly named Duke Energy Indiana, Inc., formerly named each of PSI Energy, Inc. and Public Service Company of Indiana, Inc., and successor by consolidation to Initial Mortgagor (Public Service Company of Indiana)), and Trustee	1
	RECITALS:	 
	Indenture of the Initial Mortgagor, dated September 1, 1939, and First Supplemental Indenture thereto of the Initial Mortgagor, dated as of March 1, 1941	1
	Consolidation of Initial Mortgagor (and four other companies) into the Company	1
	Execution by Company of Second Supplemental Indenture to the original Indenture	1
	Company substituted for Initial Mortgagor under Indenture	1
	Execution by Company of Third through the Sixty-Ninth Supplemental Indentures to the original Indenture	2
	LaSalle Bank National Association appointed as Successor Trustee	2
	Resignation of Bank of America, N.A., as successor by merger to LaSalle Bank National Association, and appointment of Deutsche Bank National Trust Company as Successor Trustee	2
	Change of name of Company from Public Service Company of Indiana, Inc. to PSI Energy, Inc., to Duke Energy Indiana, Inc., and thereafter to Duke Energy Indiana, LLC	3
	Amount of bonds presently outstanding under the Indenture	3
	Seventieth Supplemental Indenture and Bonds of Series ZZZ authorized	3
	Conditions precedent performed	3
	EXECUTING CLAUSE	3
	ARTICLE I.
	FIRST MORTGAGE BONDS, SERIES ZZZ, 2.75%, DUE APRIL 1, 2050	4
	Section 1.	Creation and designation of Bonds of Series ZZZ	4
	Section 2.	Bonds of Series ZZZ to be in registered form only	4
	 	Form of Face of Bond Of Series ZZZ	7
	 	Form of Reverse of Bond of Series ZZZ	9
	 	Form of Trustee’s Certificate	12
	Section 3.	Date of Bonds of Series ZZZ	13
	Section 4.	Maturity date,
    interest rate and payment date, and principal payment of Bonds of Series ZZZ	13
	Section 5.	Place and manner of payment of Bonds of Series ZZZ	13
	Section 6.	Denominations and numbering of definitive Bonds of Series ZZZ	13
	 	Temporary Bonds of Series ZZZ and exchange thereof for definitive bonds	13
	Section 7.	Maintenance and Renewal Fund shall not apply to Bonds of Series ZZZ	13

 

    ii

     

    

 

	Section 8.	Inspection requirements shall not apply to Bonds of Series ZZZ	14
	Section 9.	Company’s right to further amend the original Indenture	14
	Section 10.	No sinking fund for Bonds of Series ZZZ	15
	ARTICLE II.
	ISSUANCE OF BONDS OF SERIES ZZZ.	15
	Section 1.	Aggregate principal amount of Bonds of Series ZZZ issuable at once	15
	Section 2.	Issuance of additional Bonds of Series ZZZ	15
	ARTICLE III.
	INDENTURE AMENDMENTS.	15
	Section 1.	Amendments to Article I of the original Indenture	15
	Section 2.	Amendments to Article VII of the original Indenture	15
	ARTICLE IV.
	CONCERNING THE TRUSTEE.	17
	Acceptance of trusts by Trustee	17
	Trustee not responsible for validity or sufficiency of Seventieth Supplemental Indenture, etc.	17
	Terms and conditions of Article XVII of the original Indenture to be applied to the Seventieth Supplemental Indenture	17
	ARTICLE V.
	MISCELLANEOUS PROVISIONS.	17
	Section 1.	References in any article or section of the original Indenture refer to such article or section as amended by all Seventieth Supplemental Indentures thereto	17
	Section 2.	Operation and construction of amendments to the original Indenture	17
	Section 3.	All covenants, etc., for sole benefit of parties to the Seventieth Supplemental Indenture and holders of bonds	18
	Section 4.	Table of contents and headings of articles not part of Seventieth Supplemental Indenture	18
	Section 5.	Execution of Seventieth Supplemental Indenture in counterparts	18
	Section 6.	Payments due on non-Business Days	18
	ATTESTATION CLAUSE	19
	SIGNATURES	20
	ACKNOWLEDGMENT BY COMPANY	21
	ACKNOWLEDGMENT BY TRUSTEE	22

 

    iii

     

    

 

SEVENTIETH SUPPLEMENTAL
INDENTURE dated as of the 12th day of March, 2020, made and entered into by and between DUKE ENERGY INDIANA, LLC (hereinafter
commonly referred to as the “Company”), a limited liability company organized and existing under the laws of the State
of Indiana, formerly named Duke Energy Indiana, Inc., and formerly named each of PSI Energy, Inc. and Public Service
Company of Indiana, Inc., and the successor by consolidation to Public Service Company of Indiana, an Indiana corporation,
party of the first part, and DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association organized and existing under
the laws of the United States and having its office or place of business in the City of Chicago, State of Illinois, successor trustee
to Bank of America, N.A., as successor by merger to LaSalle Bank National Association, which was the successor trustee to The First
National Bank of Chicago (hereinafter commonly referred to as the “Trustee”), party of the second part, PARTIES:

 

WITNESSETH:

 

WHEREAS, Public Service
Company of Indiana (hereinafter commonly referred to as the “Initial Mortgagor”), prior to its consolidation with certain
other corporations to form the Company, executed and delivered to the Trustee a certain indenture of mortgage or deed of trust
(hereinafter called the “original Indenture” when referred to as existing prior to any amendment thereto, and the “Indenture”
when referred to as heretofore, now or hereafter amended), dated September 1, 1939, and a First Supplemental Indenture thereto,
dated as of March 1, 1941, to secure the bonds of the Initial Mortgagor, its successors and assigns, issued from time to time
under the Indenture in series for the purposes of and subject to the limitations specified in the Indenture; and

 

WHEREAS, the Company
on September 6, 1941, became, through a consolidation, the successor of the Initial Mortgagor (and four other companies) and
succeeded to all the rights and became liable for all the obligations of the Initial Mortgagor (and such other companies); and

 

WHEREAS, after said
consolidation, the Company executed and delivered a Second Supplemental Indenture, dated as of November 1, 1941, to the original
Indenture for the purposes, among others, of (i) the making by the Company of an agreement of assumption and adoption by it
of the Indenture, (ii) the assumption by the Company of the bonds (and interest and premium, if any, thereon) issued or to
be issued under the Indenture, and of all terms, covenants and conditions binding upon it under the Indenture, and the agreeing
by the Company to pay, perform and fulfill the same, and (iii) the conveying to the Trustee upon the trusts declared in the
Indenture, but subject to any outstanding liens and encumbrances, all the property which the Company then owned or which it might
thereafter acquire, except property of a character similar to the property of the Initial Mortgagor which is excluded from the
lien of the Indenture; and

 

WHEREAS, all conditions
have been met and all acts and things necessary have been done and performed to make the Indenture the valid and binding agreement
of the Company and to substitute the Company for the Initial Mortgagor under the Indenture, and to vest the Company with each and
every right and power of the Initial Mortgagor, including the right and power to issue bonds thereunder; and

 

    	 	1	 

     

    

 

WHEREAS, the Company
has subsequently executed and delivered, for purposes authorized under the Indenture, a Third Supplemental Indenture dated as of
March 1, 1942, a Fourth Supplemental Indenture dated as of May 1, 1943, a Fifth Supplemental Indenture dated as of August 1,
1944, a Sixth Supplemental Indenture dated as of September 1, 1945, a Seventh Supplemental Indenture dated as of November 1,
1947, an Eighth Supplemental Indenture dated as of January 1, 1949, a Ninth Supplemental Indenture dated as of May 1,
1950, a Tenth Supplemental Indenture dated as of July 1, 1952, an Eleventh Supplemental Indenture dated as of January 1,
1954, a Twelfth Supplemental Indenture dated as of October 1, 1957, a Thirteenth Supplemental Indenture dated as of February 1,
1959, a Fourteenth Supplemental Indenture dated as of July 15, 1960, a Fifteenth Supplemental Indenture dated as of June 15,
1964, a Sixteenth Supplemental Indenture dated as of January 1, 1969, a Seventeenth Supplemental Indenture dated as of March 1,
1970, an Eighteenth Supplemental Indenture dated as of January 1, 1971, a Nineteenth Supplemental Indenture dated as of January 1,
1972, a Twentieth Supplemental Indenture dated as of February 1, 1974, a Twenty-First Supplemental Indenture dated as of August 1,
1974, a Twenty-Second Supplemental Indenture dated as of August 1, 1975, a Twenty-Third Supplemental Indenture dated as of
January 1, 1977, a Twenty-Fourth Supplemental Indenture dated as of October 1, 1977, a Twenty-Fifth Supplemental Indenture
dated as of September 1, 1978, a Twenty-Sixth Supplemental Indenture dated as of September 1, 1978, a Twenty-Seventh
Supplemental Indenture dated as of March 1, 1979, a Twenty-Eighth Supplemental Indenture dated as of May 1, 1979, a Twenty-Ninth
Supplemental Indenture dated as of March 1, 1980, a Thirtieth Supplemental Indenture dated as of August 1, 1980, a Thirty-First
Supplemental Indenture dated as of February 1, 1981, a Thirty-Second Supplemental Indenture dated as of August 1, 1981,
a Thirty-Third Supplemental Indenture dated as of December 1, 1981, a Thirty-Fourth Supplemental Indenture dated as of December 1,
1982, a Thirty-Fifth Supplemental Indenture dated as of March 30, 1984, a Thirty-Sixth Supplemental Indenture dated as of
November 15, 1984, a Thirty-Seventh Supplemental Indenture dated as of August 15, 1985, a Thirty-Eighth Supplemental
Indenture dated as of October 1, 1986, a Thirty-Ninth Supplemental Indenture dated as of March 15, 1987, a Fortieth Supplemental
Indenture dated as of June 1, 1987, a Forty-First Supplemental Indenture dated as of June 15, 1988, a Forty-Second Supplemental
Indenture dated as of August 1, 1988, a Forty-Third Supplemental Indenture dated as of September 15, 1989, a Forty-Fourth
Supplemental Indenture dated as of March 15, 1990, a Forty-Fifth Supplemental Indenture dated as of March 15, 1990, a
Forty-Sixth Supplemental Indenture dated as of June 1, 1990, a Forty-Seventh Supplemental Indenture dated as of July 15,
1991, a Forty-Eighth Supplemental Indenture dated as of July 15, 1992, a Forty-Ninth Supplemental Indenture dated as of February 15,
1993, a Fiftieth Supplemental Indenture dated as of February 15, 1993, a Fifty-First Supplemental Indenture dated as of February 1,
1994, a Fifty-Second Supplemental Indenture dated as of April 30, 1999, a Fifty-Third Supplemental Indenture dated as of June 15,
2001, a Fifty-Fourth Supplemental Indenture dated as of September 1, 2002, a Fifty-Fifth Supplemental Indenture dated as of
February 15, 2003, a Fifty-Sixth Supplemental Indenture dated as of December 1, 2004, a Fifty-Seventh Supplemental Indenture
dated as of August 21, 2008, a Fifty-Eighth Supplemental Indenture dated as of December 19, 2008, a Fifty-Ninth Supplemental
Indenture dated as of March 23, 2009, a Sixtieth Supplemental Indenture dated as of June 1, 2009, a Sixty-First Supplemental
Indenture dated as of October 1, 2009, a Sixty-Second Supplemental Indenture dated as of July 9, 2010, a Sixty-Third
Supplemental Indenture dated as of September 23, 2010, a Sixty-Fourth Supplemental Indenture dated as of December 1,
2011, a Sixty-Fifth Supplemental Indenture dated as of March 15, 2012, a Sixty-Sixth Supplemental Indenture dated as of July 11,
2013, a Sixty-Seventh Supplemental Indenture dated as of January 1, 2016, a Sixty-Eighth Supplemental Indenture dated as of
May 12, 2016 and a Sixty-Ninth Supplemental Indenture dated as of September 27, 2019, each supplementing and amending
the Indenture; and

 

WHEREAS, the Thirty-Fifth
Supplemental Indenture authorized and appointed LaSalle Bank National Association, a national banking association duly organized
and existing under the laws of the United States of America with its principal office in Chicago, Illinois and formerly named
LaSalle National Bank, as Successor Trustee to The First National Bank of Chicago, which appointment was accepted, and all trust
powers under the Indenture were thereby transferred from The First National Bank of Chicago to LaSalle Bank National Association;
and

 

WHEREAS, by an Instrument
of Resignation, Appointment and Acceptance dated as of December 15, 2008, Bank of America, N.A., as successor by merger to
LaSalle Bank National Association, resigned as trustee and the Company appointed the Trustee as Successor Trustee thereto, which
appointment was thereby accepted by the Trustee effective as of that date, and all trust powers were thereby transferred from Bank
of America, N.A. to the Trustee; and

 

    	 	2	 

     

    

 

WHEREAS, the Forty-Sixth
Supplemental Indenture amended the Indenture to reflect a change in the name of the Company from Public Service Company of Indiana, Inc.
to PSI Energy, Inc. effective as of April 20, 1990, the Fifty-Seventh Supplemental Indenture amended the Indenture to
reflect a change in the name of the Company from PSI Energy, Inc. to Duke Energy Indiana, Inc., effective as of October 1,
2006, and the Sixty-Seventh Supplemental Indenture amended the Indenture to reflect the Company’s conversion of its form
of organization effective January 1, 2016 from an Indiana corporation to an Indiana limited liability company named “Duke
Energy Indiana, LLC”; and

 

WHEREAS, as of March 12,
2020, the only bonds that have been heretofore issued under the Indenture which are now outstanding are $28,000,000 aggregate principal
amount of “PSI Energy, Inc. First Mortgage Bonds, Series WW, Due August 22, 2022” and $53,055,000 aggregate
principal amount of “PSI Energy, Inc. First Mortgage Bonds, Series CCC, 8.85%, Due January 15, 2022”
and $38,000,000 aggregate principal amount of “PSI Energy, Inc. First Mortgage Bonds, Series DDD, 8.31%, Due September 1,
2032” and $500,000,000 aggregate principal amount of “Duke Energy Indiana, Inc. First Mortgage Bonds, Series LLL,
6.35%, Due August 15, 2038” and $450,000,000 aggregate principal amount of “Duke Energy Indiana, Inc. First
Mortgage Bonds, Series MMM, 6.45%, Due April 1, 2039” and $500,000,000 aggregate principal amount of “Duke
Energy Indiana, Inc. First Mortgage Bonds, Series PPP, 3.75%, Due July 15, 2020” and $10,000,000 aggregate
principal amount of “Duke Energy Indiana, Inc. First Mortgage Bonds, Series QQQ, 33/4%, Due
April 1, 2022” and $44,025,000 aggregate principal amount of “Duke Energy Indiana, Inc. First Mortgage Bonds,
Series SSS, Due May 1, 2035” and $23,000,000 aggregate principal amount of “Duke Energy Indiana, Inc.
First Mortgage Bonds, Series TTT, Due March 1, 2031” and $250,000,000 aggregate principal amount of “Duke
Energy Indiana, Inc. First Mortgage Bonds, Series UUU, 4.20%, Due March 15, 2042” and $350,000,000 aggregate
principal amount of “Duke Energy Indiana, Inc. First Mortgage Bonds, Series WWW, 4.90%, Due July 15, 2043”
and $500,000,000 aggregate principal amount of “Duke Energy Indiana, LLC First Mortgage Bonds, Series XXX, 3.75%, Due
May 15, 2046” and $500,000,000 aggregate principal amount of “Duke Energy Indiana, LLC First Mortgage Bonds, Series YYY,
3.25%, Due October 1, 2049”; and

 

WHEREAS, in accordance
with the provisions of Section 1 of Article XVIII of the Indenture, the Board of Directors has authorized the execution
and delivery by the Company of a Seventieth Supplemental Indenture, substantially in the form of this Seventieth Supplemental Indenture,
for the purpose of creating a seventy-first series of bonds to be issued under the Indenture, to be known as “Duke Energy
Indiana, LLC First Mortgage Bonds, Series ZZZ, 2.75%, Due April 1, 2050” (such bonds being hereinafter referred
to as the “Bonds of Series ZZZ”), and prescribing the form and substance of the Bonds of Series ZZZ and the
terms, provisions and characteristics thereof, and for the purpose of adding to the covenants and agreements of the Company for
the protection of the bondholders and of the trust estate, of providing the terms and conditions for the redemption of the Bonds
of Series ZZZ, of adding certain other covenants and undertakings with respect to the Bonds of Series ZZZ and of making
such changes in the Indenture as are deemed necessary or desirable and as are permitted by the Indenture; and

 

WHEREAS, all conditions
and requirements necessary to make this Seventieth Supplemental Indenture a valid, binding and legal instrument have been done,
performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized:

 

NOW, THEREFORE, in
consideration of the premises, and of the acceptance and purchase of the Bonds of Series ZZZ by the holders and registered
owners thereof, and of the sum of One Dollar ($1.00) duly paid by the Trustee to the Company, the receipt whereof is hereby acknowledged,
and in accordance with and subject to the terms and provisions of the Indenture, the Company and the Trustee, respectively, have
entered into, executed and delivered this Seventieth Supplemental Indenture for the uses and purposes hereinafter expressed, that
is to say:

 

    	 	3	 

     

    

 

ARTICLE I.

 

FIRST
MORTGAGE BONDS, SERIES ZZZ, 2.75%, DUE APRIL 1, 2050

 

Section 1.
There are hereby created a seventy-first series of bonds to be issued under and secured by the Indenture, to be designated
as “Duke Energy Indiana, LLC First Mortgage Bonds, Series ZZZ, 2.75%, Due April 1, 2050” (such series being
the Bonds of Series ZZZ hereinbefore referred to).

 

Section 2.
The following provisions shall apply to the Bonds of Series ZZZ.

 

(a)            The
Bonds of Series ZZZ shall be issued in fully registered form only. However, except as provided elsewhere in this Section,
the registered owner of all of the Bonds of Series ZZZ initially shall be The Depository Trust Company (“DTC”)
or its nominee, and such Bonds of Series ZZZ initially shall be registered in the name of DTC or its nominee. Payment of the
principal of or interest on Bonds registered in the name of DTC or its nominee shall be made in the manner specified in DTC’s
rules and by-laws. DTC (and any successor securities depository) and its (or their) participating institutions (each, a “Participant”)
shall maintain a book-entry registration and transfer system with respect to ownership of beneficial interests in the Bonds of
Series ZZZ (the “Book-Entry System”).

 

(b)            The
Bonds of Series ZZZ initially shall be issued in the form of one or more authenticated, fully registered bonds for such series
(each, a “Global Security”) which (i) need not be in the form of a lithographed or engraved certificate, but may
be typewritten or printed on ordinary paper or such paper as the Trustee may reasonably request, (ii) shall represent and
be denominated in an amount equal to 100% of the aggregate principal amount of the Bonds of Series ZZZ issued under this Supplemental
Indenture, (iii) shall be executed by the Company and authenticated by the Trustee in accordance with the provisions of the
Indenture, (iv) shall be registered in the name of DTC or its nominee, and delivered to DTC or its nominee or a custodian
therefor, and (v) shall contain the following legend on the face thereof:

 

Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to issuer or its agent
for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co.
or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered holder hereof, Cede & Co., has an interest herein.

 

Unless and until it is exchanged in whole
or in part for Bonds of Series ZZZ in definitive certificated form, each Global Security representing the Bonds of Series ZZZ
may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or
by DTC or any such nominee to a successor securities depository or a nominee of any such successor securities depository.

 

    	 	4	 

     

    

 

(c)            The
Trustee and the Company may treat Cede & Co. or its nominee, or any successor securities depository or nominee thereof
(collectively, the “Depository”) as the sole and exclusive owner of the Bonds of Series ZZZ, registered in its
name for the purposes of payment of the principal or redemption price of or interest on the Bonds of Series ZZZ, giving any
notice permitted or required to be given to holders of the Bonds of Series ZZZ under the Indenture or this Supplemental Indenture,
registering the transfer of the Bonds of Series ZZZ, obtaining any consent or other action to be taken by holders of the Bonds
of Series ZZZ, and for all other purposes whatsoever and neither the Trustee nor the Company shall be affected by any notice
to the contrary. Neither the Company nor the Trustee nor any registrar nor any paying agent shall have any responsibility or obligation
to any Participant, any person claiming a beneficial ownership interest in the Bonds of Series ZZZ under or through the Depository
or any Participant, or any other person which is not shown on the registration books as being a holder of the Bonds of Series ZZZ
with respect to (i) the accuracy of any records maintained by the Depository or any Participant; (ii) the payment by
the Depository to any Participant of any amount in respect of the principal or interest on the Bonds of Series ZZZ or the
redemption price of the Bonds of Series ZZZ; (iii) the payment by any Participant to any owner of a beneficial ownership
interest in the Bonds of Series ZZZ, in respect of the principal of or interest on the Bonds of Series ZZZ or (iv) any
consent or other action taken by the Depository as owner of the Bonds of Series ZZZ. The Trustee shall pay all principal of
and interest on the Bonds of Series ZZZ only to or upon the order of the registered holder or holders of the Bonds of Series ZZZ,
as shown on the registration books, and all such payments shall be valid and effective to fully satisfy and discharge the Company’s
obligations with respect to the principal or redemption price of and interest on the Bonds of Series ZZZ, to the extent of
the sum or sums so paid. No person other than a holder of the Bonds of Series ZZZ, as shown on the registration books of DTC,
shall receive an authenticated Bond evidencing the obligation of the Company to make payment of the principal of and interest on
the Bonds of Series ZZZ, pursuant to the Indenture and this Supplemental Indenture. Upon delivery by DTC to the Trustee of
written notice to the effect that DTC has determined to substitute a new nominee for Cede & Co, and subject to the provisions
of the Indenture and this Supplemental Indenture, the word “Cede & Co.”, as used in this Supplemental Indenture,
shall refer to each new nominee of DTC.

 

(d)           In
the event that after the occurrence of an event of default relating to the Bonds of Series ZZZ that has not been cured or
waived, holders of a majority in aggregate principal amount of the beneficial interests in the Bonds of Series ZZZ, as reflected
in the books and records of the Depository, notify the Trustee, through the Depository or any Participant, that the continuation
of the Book-Entry System is no longer in the best interests of such holders of beneficial interests in the Bonds of Series ZZZ,
then the Trustee shall notify the Depository and the Company, and the Depository will notify each Participant of the availability
through the Depository of definitive certificated Bonds of Series ZZZ.

 

In such event, the
Company shall execute, and the Trustee, upon receipt of a written order of the Company, signed by its President or a Vice President
and by its Treasurer, Assistant Treasurer, Secretary or Assistant Secretary (an “Issuer Order”), for the authentication
and delivery of definitive certificated Bonds of Series ZZZ, will authenticate and deliver Bonds of Series ZZZ in definitive
certificated form, in any authorized denominations, all pursuant to the provisions of the Indenture, to the person or persons specified
to the Trustee in writing by the Depository in the aggregate principal amount of the Global Security or Securities and in exchange
for such Global Security or Securities.

 

(e)            If
at any time the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Bonds of Series ZZZ,
or if at any time the Depository shall no longer be registered as a clearing agency in good standing under the Securities Exchange
Act of 1934, as amended, or other applicable statute or regulation, the Company may appoint a successor Depository with respect
to the Bonds of Series ZZZ. If a successor Depository for the Bonds of Series ZZZ is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, the Company will execute, and the Trustee, upon
receipt of an Issuer Order for the authentication and delivery of definitive certificated Bonds of Series ZZZ, will authenticate
and deliver Bonds of Series ZZZ in definitive certificated form, in any authorized denominations, all pursuant to the provisions
of the Indenture, to the person or persons specified to the Trustee in writing by the Depository in the aggregate principal amount
of the Global Security or Securities and in exchange for such Global Security or Securities.

 

    	 	5	 

     

    

 

(f)            The
Company may at any time and in its sole discretion determine that the Bonds of Series ZZZ shall no longer be represented by
a Global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of an Issuer Order for the
authentication and delivery of definitive certificated Bonds of Series ZZZ, will authenticate and deliver the Bonds of Series ZZZ
in definitive certificated form, in any authorized denominations, all pursuant to the provisions of the Indenture, to the person
or persons specified to the Trustee in writing by the Depository in the aggregate principal amount of the Global Security or Securities
and in exchange for such Global Security or Securities.

 

(g)            Upon
the exchange of any Global Security for the Bonds of Series ZZZ in definitive certificated form, in authorized denominations,
the Global Security or Securities shall be cancelled by the Trustee.

 

(h)           Whenever
the Depository requests the Company and the Trustee to do so, the Trustee and the Company will cooperate with the Depository in
taking appropriate action after reasonable notice to (i) make available one or more separate Global Securities evidencing
the Bonds of Series ZZZ to any Participant having Bonds of Series ZZZ credited to its account at the Depository, or (ii) arrange
for another Depository to maintain custody of the Global Security or Securities evidencing the Bonds of Series ZZZ.

 

(i)            In
connection with any notice or other communication to be provided to holders of the Bonds of Series ZZZ pursuant to the Indenture
and this Supplemental Indenture by the Company or the Trustee with respect to any consent or other action to be taken by holders
of the Bonds of Series ZZZ, the Company or the Trustee, as the case may be, shall establish a record date for such consent
or other action and give the Depository notice of such record date not less than 15 calendar days in advance of such record date
to the extent possible. Such notice to the Depository shall be given only so long as a Depository or its nominee is the sole holder
of the Bonds of Series ZZZ.

 

The Bonds of Series ZZZ
and the Trustee’s certificate to be endorsed thereon shall be substantially in the following forms, respectively:

 

[THE
REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.]

 

    	 	6	 

     

    

 

(FORM OF
FACE OF BOND OF SERIES ZZZ)

 

[Unless this certificate is presented by
an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to issuer or its agent
for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co.
or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered holder hereof, Cede & Co., has an interest herein.]1

 

	No. ZZZ-R-	$

CUSIP No: 26443T AC0

ISIN: US 26443T AC09

 

DUKE
ENERGY INDIANA, LLC

FIRST MORTGAGE BOND, SERIES ZZZ, 2.75%,

DUE APRIL 1, 2050

 

Duke Energy Indiana,
LLC, an Indiana limited liability company (hereinafter called the “Company”), for value received, hereby promises to
pay to                                ,
or registered assigns, the principal sum of                                      
Dollars ($              ) on the first day of April, 2050
and to pay interest on said sum from the date hereof, until said principal sum is paid, at the rate of 2.75% per annum, payable
semi-annually on the first day of April and October in each year, beginning on October 1, 2020. Both the principal
of and the interest on this bond shall be payable in any coin or currency of the United States of America which at the time of
payment is legal tender for the payment of public and private debts at the office or agency of the Company in Plainfield, Indiana,
or, at the option of the registered owner hereof, at the office or agency of the Company in the Borough of Manhattan, The City
of New York, State of New York, except that interest on this bond may be paid, at the option of the Company, by check or draft
mailed to the address of the person entitled thereto as it appears on the books of the Company maintained for that purpose.

 

REFERENCE IS MADE TO
THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE.

 

This bond shall not
be valid or become obligatory for any purpose unless and until it shall have been authenticated by the execution by the Trustee,
or its successor in trust under the Indenture, of the certificate endorsed hereon.

 

 

1
This should be included only if the Bonds of Series ZZZ are being issued in global form.

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF,
Duke Energy Indiana, LLC has caused this bond to be executed in its name by the manual or facsimile signature of its President
or an Executive Vice President or one of its Vice Presidents, and its company seal or a facsimile thereof to be hereto affixed
and attested by the manual or facsimile signature of its Secretary or one of its Assistant Secretaries.

 

	Dated as of:	 	 
	 	 	 
	 	 	DUKE ENERGY INDIANA, LLC
	 	 	 
	 	 	 
	 	 	By	                                                                             
	 	 	 
	 	 	_____________________________________________President
	 	 	 
	ATTEST:	 	 
	 	 	 
	 	 	 
	 	 	 
	___________________________________________ Secretary	 	 

 

    	 	8	 

     

    

 

(FORM OF
REVERSE OF BOND OF SERIES ZZZ)

 

This bond is one of
the bonds of the Company issued and to be issued from time to time under and in accordance with and all secured by an indenture
of mortgage or deed of trust, dated September 1, 1939, from Public Service Company of Indiana (predecessor of the Company)
to The First National Bank of Chicago, as Trustee, to which Deutsche Bank National Trust Company is successor trustee (which indenture
as amended by all supplemental indentures is hereinafter referred to as the “Indenture”). Said Trustee or its successor
in trust under the Indenture is hereinafter sometimes referred to as the “Trustee.” Reference is hereby made to the
Indenture for a description of the property mortgaged and pledged and the nature and extent of the security for said bonds. By
the terms of the Indenture, the bonds secured thereby are issuable in series which may vary as to date, amount, dates of maturity,
rate of interest and in other respects as in the Indenture provided.

 

This bond is one of
a series designated as “Duke Energy Indiana, LLC First Mortgage Bonds, Series ZZZ, 2.75%, Due April 1, 2050”
(hereinafter referred to as the “Bonds of Series ZZZ”) of the Company issued under and secured by the Indenture
and created by a Seventieth Supplemental Indenture, dated as of March 12, 2020 (the “Seventieth Supplemental Indenture”),
which also amends the Indenture.

 

The rights and obligations
of the Company and of the bearers and registered owners of bonds may be modified or amended with the consent of the Company by
an affirmative vote of the bearers or registered owners entitled to vote of at least seventy-five per centum (75%) in principal
amount of the bonds then outstanding at a meeting of bondholders called for the purpose (and by an affirmative vote of the bearers
or registered owners entitled to vote of at least seventy-five per centum (75%) in principal amount of bonds of any series affected
by such modification or amendment in case one or more, but less than all, series of bonds are so affected), all in the manner and
subject to the limitations set forth in the Indenture, any consent by the bearer or registered owner of any bond being conclusive
and binding upon such bearer or registered owner and upon all future bearers or registered owners of such bond, irrespective of
whether or not any notation of such consent is made on such bond; provided that no such modification or amendment shall, among
other things, extend the maturity or reduce the amount of, or reduce the rate of interest on, or otherwise modify the terms of
the payment of the principal of, or interest or premium (if any) on this bond, which obligations are absolute and unconditional,
or permit the creation of any lien ranking prior to or equal with the lien of the Indenture on any of the mortgaged property. The
Seventieth Supplemental Indenture provides that at any time when no bonds issued under the Indenture prior to the issuance of the
 “PSI Energy, Inc. First Mortgage Bonds, Series BBB, 8%, Due July 15, 2009” are outstanding, the Company
reserves the right to amend the Indenture, without the consent or other action by the holders of the bonds outstanding at that
time, to decrease the seventy-five per centum (75%) vote requirement referred to above to sixty-six and two-thirds per centum (66-2/3%).

 

At any time before
October 1, 2049 (the “Par Call Date”), the Company will have the right to redeem the Bonds of Series ZZZ,
in whole or in part, at the option of the Company at any time, at a redemption price equal to the greater of (1) 100% of the
principal amount of the Bonds of Series ZZZ being redeemed and (2) the sum of the present values of the remaining scheduled
payments of principal and interest on the Bonds of Series ZZZ being redeemed that would be due if the Bonds of Series ZZZ
matured on the Par Call Date (exclusive of interest accrued to 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 0.25% (25 basis points), plus, in
each case, accrued and unpaid interest on the principal amount of the Bonds of Series ZZZ being redeemed to, but excluding,
such redemption date. For the avoidance of doubt, interest that is due and payable on an interest payment date falling on or prior
to a redemption date will be payable on such interest payment date in accordance with the Bonds of Series ZZZ and the Indenture.
The Company shall notify the Trustee of the redemption price with respect to any redemption pursuant to this paragraph promptly
after the calculation thereof. The Trustee shall not be responsible for calculating said redemption price.

 

    	 	9	 

     

    

 

At any time on or after
the Par Call Date, the Company will have the right to redeem the Bonds of Series ZZZ, in whole or in part, at the option of
the Company at any time, at a redemption price equal to 100% of the principal amount of such Bonds of Series ZZZ being redeemed
plus accrued and unpaid interest on the principal amount of the Bonds of Series ZZZ being redeemed to, but excluding, such
redemption date.

 

For purposes of the
redemption provisions of the Bonds of Series ZZZ, the following terms have the following meanings:

 

“Business Day”
means a day other than (i) a Saturday or Sunday, (ii) a day on which banks in New York, New York are authorized or obligated
by law or executive order to remain closed or (iii) a day on which the Trustee’s corporate trust office is closed for
business.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity
comparable to the remaining term of the Bonds of Series ZZZ to be redeemed (assuming, for this purpose, that the Bonds of
Series ZZZ 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 a comparable maturity to the remaining term of the Bonds
of Series ZZZ.

 

“Comparable Treasury
Price” means, with respect to any redemption date for the Bonds of Series ZZZ, (A) 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 (B) if the Quotation Agent obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such
Reference Treasury Dealer Quotations.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury
Dealer” means each of Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho
Securities USA LLC, RBC Capital Markets, LLC and a Primary Treasury Dealer (as defined below) selected by U.S. Bancorp Investments, Inc.,
or their respective affiliates or successors, each of which is a primary U.S. Government securities dealer in the United States
(a “Primary Treasury Dealer”); provided, however, that if any of the foregoing or their affiliates or successors shall
cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third Business Day preceding such redemption date.

 

“Treasury Rate”
means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated
maturity (on a day count basis) 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.

 

    	 	10	 

     

    

 

Notice of any redemption
by the Company will be mailed at least 30 days but not more than 60 days before any redemption date to each holder of Bonds of
Series ZZZ to be redeemed. If less than all the Bonds of Series ZZZ are to be redeemed at the option of the Company,
and if the Bonds of Series ZZZ are not Global Securities, the Trustee shall select, in such manner as it shall deem fair and
appropriate, the Bonds of Series ZZZ to be redeemed in whole or in part.

 

Unless the Company
defaults in payment of the redemption price, on and after any redemption date, interest will cease to accrue on the Bonds of Series ZZZ
or portions thereof called for redemption.

 

In the case of any
of certain events of default specified in the Indenture, the principal of this bond may be declared or may become due and payable
prior to the stated date of maturity hereof in the manner and with the effect provided in the Indenture.

 

No recourse shall be
had for the payment of the principal of or interest on this bond, or for any claim based hereon, or otherwise in respect hereof
or of the Indenture, to or against any incorporator, shareholder, officer or director, past, present or future, of the Company
or of any predecessor or successor company, either directly or through the Company or such predecessor or successor company, under
any constitution or statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability
of incorporators, shareholders, directors and officers being waived and released by the registered owner hereof by the acceptance
of this bond and being likewise waived and released by the terms of the Indenture.

 

The Bonds of Series ZZZ
are issuable only in registered form without coupons. This bond is transferable by the registered owner hereof, in person or by
an attorney duly authorized, at the principal office or place of business of Deutsche Bank National Trust Company, the Trustee,
or its successor in trust under the Indenture, or, if the Bonds of Series ZZZ are not Global Securities, at the option of
the registered owner, at the office or agency of the Company in the Borough of Manhattan, The City of New York, State of New York,
upon the surrender and cancellation of this bond, and upon any such transfer a new registered bond or bonds of the same series
and maturity date and for the same aggregate principal amount will be issued to the transferee in exchange herefor.

 

The Bonds of Series ZZZ
are issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof as shall from time to time be determined
and authorized by the Board of Directors of the Company. In the manner and subject to the limitations provided in the Indenture,
Bonds of Series ZZZ are exchangeable as between authorized denominations, upon presentation thereof for such purpose by the
registered owner, at the principal office or place of business of Deutsche Bank National Trust Company, the Trustee, or its successor
in trust under the Indenture, or, at the option of the registered owner, at the office or agency of the Company in the Borough
of Manhattan, The City of New York, State of New York.

 

No service charge will
be made for any transfer or exchange of this bond, but the Company may require a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

    	 	11	 

     

    

 

(FORM OF
TRUSTEE’S CERTIFICATE)

 

TRUSTEE’S
CERTIFICATE

 

This bond is one of
the Bonds of Series ZZZ designated therein referred to and described in the within mentioned Indenture and Seventieth Supplemental
Indenture.

 

	 	DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE
	 	 
	 	 
	 	By	                                   
	 	 	Authorized Officer

 

[THE
REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.]

 

    	 	12	 

     

    

 

Section 3.
The Bond of Series ZZZ issued prior to the first interest payment date shall be dated as of March 12, 2020,
and otherwise shall be dated as provided in Section 1 of Article II of the Indenture.

 

Section 4.
All Bonds of Series ZZZ shall be due and payable on April 1, 2050, and shall bear interest from the date thereof
at the rate of 2.75% per annum, payable semi-annually on the first day of April and October in each year, commencing
on October 1, 2020, to each holder of record at the close of business on the record date for the applicable interest payment
date, which will be (i) the close of business on the Business Day immediately preceding such interest payment date so long
as all of the Bonds of Series ZZZ remain in book-entry only form or (ii) the close of business on the fifteenth calendar
day immediately preceding such interest payment date if any of the Bonds of Series ZZZ do not remain in book-entry only form,
in each case, until the principal amount of the Bonds of Series ZZZ has been paid or made available for payment. Interest
on the Bonds of Series ZZZ shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

Section 5.
Subject to agreements with or the rules of the Depository or any successor book-entry security system or similar
system with respect to Global Securities, both the principal of and the interest on the Bonds of Series ZZZ shall be payable
in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public
and private debts, at the office or agency of the Company in Plainfield, Indiana, or, at the option of the holder thereof,
at the office or agency of the Company in the Borough of Manhattan, The City of New York, State of New York, except that interest
on the Bonds of Series ZZZ may be paid, at the option of the Company, by check or draft mailed to the address of the person
entitled thereto as it appears on the books of the Company maintained for that purpose.

 

Section 6.
Definitive Bonds of Series ZZZ shall be issuable in denominations of $2,000 and integral multiples of $1,000 in
excess thereof, numbered consecutively from “ZZZ-R-1” upward.

 

The Bonds of Series ZZZ
shall be executed on behalf of the Company by the manual or facsimile signature of its President or an Executive Vice President
or one of its Vice Presidents and shall have affixed thereto the seal of the Company or a facsimile thereof attested by the manual
or facsimile signature of its Secretary or one of its Assistant Secretaries and shall be authenticated by the execution by the
Trustee of the certificate endorsed on said bonds.

 

No service charge will
be made by the Company for the transfer or for the exchange of Bonds of Series ZZZ except, in the case of transfer, a charge
sufficient to reimburse the Company for any tax or other governmental charge payable in connection therewith.

 

Pursuant to the provisions
of Section 11 of Article II of the Indenture, the Bonds of Series ZZZ may be issued in temporary form, and if temporary
bonds be issued, the Company shall, with all reasonable dispatch, at its own expense and without charge to the holders of the temporary
bonds, prepare and execute definitive Bonds of Series ZZZ and exchange the temporary bonds for such definitive bonds in the
manner provided for in said section, provided, however, no presentation or surrender of temporary Bonds of Series ZZZ shall
be necessary in order for the holders entitled to interest thereon to receive such interest.

 

Section 7.
Article IX of the Indenture, “Maintenance and Renewal Fund and Sinking Fund Provisions”, as heretofore
amended or supplemented shall not apply to the “PSI Energy, Inc. First Mortgage Bonds, Series BBB, 8%, Due July 15,
2009” (such bonds being hereinafter referred to as the “Bonds of Series BBB”) or to any subsequently created
series of bonds (which includes the Bonds of Series ZZZ) from and after the date on which no series of bonds created under
the Indenture prior to the Bonds of Series BBB are outstanding.

 

    	 	13	 

     

    

 

Section 8.
Section 22 of Article V of the Indenture as heretofore amended or supplemented which, among other things,
requires an inspection of the mortgaged property every two years by an independent engineer, shall not apply to the Bonds of Series BBB
or to any subsequently created series of bonds (which includes the Bonds of Series ZZZ), from and after the date on which
no series of bonds created under the Indenture prior to the Bonds of Series BBB are outstanding.

 

Section 9.
The Company reserves the right, without consent or other action by the holders of the Bonds of Series BBB or of
any subsequently created series of bonds (which includes the Bonds of Series ZZZ), to amend the Indenture, as heretofore amended
or supplemented, at any time after all bonds of any series created prior to the Bonds of Series BBB are no longer outstanding
under the Indenture, as follows:

 

(a)          by
substituting for the words “in principal amount not greater than sixty per centum (60%) of” in Section 3 of Article IV
thereof the following:

 

“in principal amount not
greater than sixty-six and two-thirds per centum (66-2/3%) of”.

 

(b)          by
substituting for the words “shall exceed sixty per centum (60%) of the value of bondable property so acquired” in Section 9
of Article V thereof the following:

 

“shall exceed sixty-six
and two-thirds per centum (66-2/3%) of the value of bondable property so acquired”.

 

(c)          by
substituting for the words “shall be deemed to be paid within the meaning of this article; provided, that the date
for the payment or redemption of such bonds shall be not more than one (1) year after such moneys shall have been so set apart
or paid.” in the first paragraph of Article XIV thereof the following:

 

“shall be deemed to be
paid within the meaning of this article.”.

 

(d)          by
substituting for the words “with the consent of holders of at least seventy-five per centum (75%) in aggregate principal
amount of the bonds at the time outstanding;” in sub-section (a) of Section 3 of Article XVIII thereof the
following:

 

“with the consent of holders
of at least sixty-six and two-thirds per centum (66-2/3%) in aggregate principal amount of the bonds at the time outstanding;”.

 

(e)          by
substituting for the words “holders (or persons entitled to vote the bonds) of not less than seventy-five per centum (75%)
in aggregate principal amount of the bonds entitled to be voted” in subsection (l) of Section 3 of Article XVIII
thereof the following:

 

“holders (or persons entitled
to vote the bonds) of not less than sixty-six and two-thirds per centum (66-2/3%) in aggregate principal amount of the bonds entitled
to be voted”.

 

(f)           by
substituting for the words “holders (or persons entitled to vote the bonds) of at least seventy-five per centum (75%) in
principal amount of the bonds outstanding” in sub-section (m) of Section 3 of Article XVIII thereof the following:

 

“holders (or persons entitled
to vote the bonds) of at least sixty-six and two-thirds per centum (66-2/3%) in principal amount of the bonds outstanding”.

 

    	 	14	 

     

    

 

Section 10.
The Bonds shall not be entitled to the benefit of a sinking fund.

 

ARTICLE II.

 

ISSUANCE
OF BONDS OF SERIES ZZZ.

 

Section 1.
An initial issue of the Bonds of Series ZZZ, in the aggregate principal amount not exceeding five hundred fifty
million dollars ($550,000,000) may be executed by the Company and delivered to the Trustee for authentication, and shall be authenticated
and delivered by the Trustee to or upon the order of the Company (which authentication and delivery may be made without awaiting
the filing or recording of this Seventieth Supplemental Indenture), upon receipt by the Trustee of the resolutions, certificates,
orders, opinions and other instruments required by the provisions of Section 3 of Article IV of the Indenture to be received
by the Trustee as a condition to the authentication and delivery by the Trustee of bonds pursuant to said Section 3.

 

Section 2.
Subject to the limitations provided in Section 24 of Article V of the Indenture, additional Bonds of Series ZZZ
may be issued by the Company under the provisions of Sections 2, 3 or 4 of Article IV of the Indenture.

 

ARTICLE III.

 

INDENTURE
AMENDMENTS.

 

Section 1.
Article I of the Indenture, as heretofore amended, is hereby further amended (i) by adding immediately after
subdivision “(106)” thereof an additional subdivision numbered “(107)” and reading as follows:

 

“(107) The term ‘Seventieth
Supplemental Indenture’ shall mean the Seventieth Supplemental Indenture executed by the Company and the Trustee, dated as
of March 12, 2020, supplementing and amending the Indenture; and the term ‘Bonds of Series ZZZ’ shall mean
the ‘Duke Energy Indiana, LLC First Mortgage Bonds, Series ZZZ, 2.75%, Due April 1, 2050 created by the Seventieth
Supplemental Indenture.”

 

and (ii) by changing the numbering
of the present subdivision “(107)” thereof to “(108)”.

 

Section 2.
Article VII of the Indenture, as heretofore amended, is hereby further amended by inserting therein immediately
after Section 52 thereof, a new section designated “Section 53” and reading as follows:

 

“Section 53.
At any time before October 1, 2049 (the “Par Call Date”), the Company will have the right to redeem the Bonds
of Series ZZZ, in whole or in part, at the option of the Company at any time, at a redemption price equal to the greater of
(1) 100% of the principal amount of such Bonds of Series ZZZ being redeemed and (2) the sum of the present values
of the remaining scheduled payments of principal and interest on the Bonds of Series ZZZ being redeemed that would be due
if the Bonds of Series ZZZ matured on the Par Call Date (exclusive of interest accrued to 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 0.25% (25 basis points), plus in each case, accrued and unpaid interest on the principal amount of the Bonds of Series ZZZ
being redeemed to, but excluding, such redemption date. For the avoidance of doubt, interest that is due and payable on an interest
payment date falling on or prior to a redemption date will be payable on such interest payment date in accordance with the Bonds
of Series ZZZ and the Indenture. The Company shall notify the Trustee of the redemption price with respect to any redemption
pursuant to this paragraph promptly after the calculation thereof. The Trustee shall not be responsible for calculating said redemption
price.

 

    	 	15	 

     

    

 

At any time
on or after the Par Call Date, the Company will have the right to redeem the Bonds of Series ZZZ, in whole or in part, at
the option of the Company at any time, at a redemption price equal to 100% of the principal amount of the Bonds of Series ZZZ
being redeemed plus accrued and unpaid interest on the principal amount of the Bonds of Series ZZZ being redeemed to, but
excluding, such redemption date.

 

‘Business
Day’ means a day other than (i) a Saturday or Sunday, (ii) a day on which banks in New York, New York are authorized
or obligated by law or executive order to remain closed or (iii) a day on which the Trustee’s corporate trust office
is closed for business.

 

‘Comparable
Treasury Issue’ means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Bonds of Series ZZZ to be redeemed (assuming, for this purpose, that the
Bonds of Series ZZZ 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 a comparable maturity to the remaining term
of the Bonds of Series ZZZ.

 

‘Comparable
Treasury Price’ means, with respect to any redemption date for the Bonds of Series ZZZ, (A) 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 (B) if the Quotation Agent obtains fewer than four of such Reference Treasury Dealer Quotations, the
average of all such Reference Treasury Dealer Quotations.

 

‘Quotation
Agent’ means one of the Reference Treasury Dealers appointed by the Company.

 

‘Reference
Treasury Dealer’ means each of Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC,
Mizuho Securities USA LLC, RBC Capital Markets, LLC and a Primary Treasury Dealer (as defined below) selected by U.S. Bancorp Investments, Inc.,
or their respective affiliates or successors, each of which is a primary U.S. Government securities dealer in the United States
(a “Primary Treasury Dealer”); provided, however, that if any of the foregoing or their affiliates or successors shall
cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.

 

‘Reference
Treasury Dealer Quotations’ means, with respect to each Reference Treasury Dealer and any redemption date, the average, as
determined by the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York
City time, on the third Business Day preceding such redemption date.

 

‘Treasury
Rate’ means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated maturity (on a day count basis) 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.

 

    	 	16	 

     

    

 

Notice of
any redemption by the Company will be mailed at least 30 days but not more than 60 days before any redemption date to each holder
of Bonds of Series ZZZ to be redeemed. If less than all the Bonds of Series ZZZ are to be redeemed at the option of the
Company, and if the Bonds of Series ZZZ are not Global Securities, the Trustee shall select, in such manner as it shall deem
fair and appropriate, the Bonds of Series ZZZ to be redeemed in whole or in part.

 

Unless the
Company defaults in payment of the redemption price, on and after any redemption date, interest will cease to accrue on the Bonds
of Series ZZZ or portions thereof called for redemption.

 

The Company
shall indemnify and hold harmless the Trustee from any and all losses, costs, damages, expenses, fees (including attorneys’
fees), court costs, judgments, penalties, obligations, suits, disbursements and liabilities of any kind or character whatsoever
which may at any time be imposed upon, incurred by or asserted against the Trustee by reason of or arising out of or caused, directly
or indirectly by any act or omission of the Trustee with respect to this Section 53, except for such that would arise out
of the willful misconduct or gross negligence of the Trustee and except for costs and expenses arising in the ordinary course of
the Trustee’s business.”

 

ARTICLE IV.

 

CONCERNING
THE TRUSTEE.

 

The Trustee hereby
accepts the trusts hereby declared and agrees to perform the same upon the terms and conditions in the Indenture and in this Seventieth
Supplemental Indenture set forth. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity
or sufficiency of this Seventieth Supplemental Indenture or the due execution hereof by the Company or for or in respect of the
recitals contained herein, all of which recitals are made by the Company solely. In general, each and every term and condition
contained in Article XVII of the Indenture shall apply to this Seventieth Supplemental Indenture.

 

ARTICLE V.

 

MISCELLANEOUS
PROVISIONS.

 

Section 1.
Wherever in the original Indenture or in any of the seventy supplemental indentures thereto reference is made to any
article or section of the original Indenture, such reference shall be deemed to refer to such article or section as amended by
such supplemental indentures.

 

Section 2.
Upon the execution and delivery hereof, the Indenture shall thereupon be deemed to be amended as hereinabove set forth
as fully and with the same effect as if the amendments made hereby were set forth in the original Indenture and each of the seventy
supplemental indentures to the Indenture shall henceforth be read, taken and construed as one and the same instrument; but such
amendments shall not operate so as to render invalid or improper any action heretofore taken under the original Indenture or said
supplemental indentures.

 

    	 	17	 

     

    

 

Section 3.
All the covenants, stipulations and agreements in this Seventieth Supplemental Indenture contained are and shall be
for the sole and exclusive benefit of the parties hereto, their successors and assigns, and of the holders from time to time of
the bonds.

 

Section 4.
The table of contents to, and the headings of the different articles of, this Seventieth Supplemental Indenture are
inserted for convenience of reference, and are not to be taken to be any part of the provisions hereof, nor to control or affect
the meaning, construction or effect of the same.

 

Section 5.
This Seventieth Supplemental Indenture may be simultaneously executed in any number of counterparts, and all such counterparts
shall constitute but one and the same instrument.

 

Section 6.
Whenever a payment of principal or interest in respect of the Bonds of Series ZZZ are due on any day other than
a Business Day (as hereinafter defined), such payment shall be payable on the first Business Day next following such date, and,
in the case of a principal payment, interest on such principal payment shall accrue to the date of such principal payment. For
the purposes of this Section 6 the term Business Day shall mean any day other than a day on which the Trustee is authorized
by law to close.

 

[THE
REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.]

 

    	 	18	 

     

    

 

IN WITNESS WHEREOF,
said Duke Energy Indiana, LLC has caused this instrument to be executed in its limited liability company name by its President
or one of its Vice Presidents and to be attested by its Secretary or one of its Assistant Secretaries and said Deutsche Bank National
Trust Company has caused this instrument to be executed in its corporate name by, and to be attested by, its authorized officers,
in several counterparts, all as of the day and year first above written.

 

		 	DUKE ENERGY INDIANA, LLC
	 	 	 
	 	 	 
	(COMPANY SEAL)	 	By	/s/ Karl W. Newlin
	 	 	 	Karl W. Newlin
	 	 	 	Senior Vice President, Corporate Development and Treasurer
	 	 	 
	 	 	 
	ATTEST:	 	 
	 	 	 
	 	 	 
	/s/ Robert T. Lucas III	 	 
	Robert T. Lucas III	 	 
	Assistant Secretary	 	 

 

    	 	19	 

     

    

 

	 	 	DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee and not in its individual capacity
	 	 	 
	(CORPORATE SEAL)	 	By	/s/ Kathryn
    Fischer                                        
	 	 	 	Name: Kathryn
    Fischer
	 	 	 	Title: Vice President
	 	 	 
	 	 	 
	 	 	By	/s/ Chris Niesz
	 	 	 	Name: Chris Niesz
	 	 	 	Title: Vice President
	 	 	 
	 	 	 
	ATTEST:	 	 
	 	 	 
	 	 	 
	/s/ Annie Jaghatspanyan	 	 
	Name: Annie Jaghatspanyan	 	 
	Title: Vice President	 	 

 

    	 	20	 

     

    

 

	STATE OF NORTH CAROLINA	)
	 	) ss:
	COUNTY OF MECKLENBURG	)

 

BE IT REMEMBERED, that
on this 12th day of March, 2020, before me, the undersigned, a notary public in and for the County and State aforesaid,
duly commissioned and qualified, personally appeared Karl W. Newlin and Robert T. Lucas III, personally known to me to be
the same persons whose names are subscribed to the foregoing instrument, and personally known to me to be the Senior Vice President,
Corporate Development and Treasurer and an Assistant Secretary, respectively, of Duke Energy Indiana, LLC, an Indiana limited liability
company, and acknowledged that they signed and delivered said instrument as their free and voluntary act as such Senior Vice President,
Corporate Development and Treasurer and Assistant Secretary, respectively, and as the free and voluntary act of said Duke Energy
Indiana, LLC, for the uses and purposes therein set forth; in pursuance of the power and authority granted to them by resolution
of the Board of Directors of said Company.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my notarial seal the day and year aforesaid.

 

(NOTARIAL SEAL)

 

	 	/s/ Jenny Pattana
	 	Jenny Pattana, Notary Public
	 	Commission expires: June 8, 2020

 

    	 	21	 

     

    

 

	STATE OF NEW YORK	)
	 	) ss:
	COUNTY OF NEW YORK	)

 

BE IT REMEMBERED, that
on this 12th day of March, 2020, before me, the undersigned, a notary public in and for the County and State aforesaid,
duly commissioned and qualified, personally appeared Kathryn
    Fischer and Chris Niesz personally known to me to be the same persons whose names are
subscribed to the foregoing instrument, and personally known to me to be a Vice President and a Vice President,
respectively, of Deutsche Bank National Trust Company, a national banking association, and acknowledged that they signed and delivered
said instrument as their free and voluntary act as such Vice President and Vice President, respectively, and as the free
and voluntary act of said Deutsche Bank National Trust Company, for the uses and purposes therein set forth; in pursuance of the
power and authority granted to them by the bylaws of said association.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my notarial seal the day and year aforesaid.

 

(NOTARIAL SEAL)

 

	 	/s/
    Robert S. Peschler
	 	Robert S. Peschler

Notary Public, State of New York

Qualified in New York County

My Commission expires 09/3/2023

No. 01PE6397303

 

This instrument was prepared by:

 

Peter K. O’Brien, Esq.*

Hunton Andrews Kurth LLP

200 Park Avenue

New York, New York 10166

 

 

*Admitted in New York; not admitted in Indiana

 

    	 	22

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