Document:

Exhibit 4.2

 

 

 

 

GULF POWER COMPANY

 

TO

 

THE BANK OF NEW YORK MELLON, TRUSTEE.

 

 

 

FIFTEENTH SUPPLEMENTAL INDENTURE

 

DATED AS OF JUNE 26, 2009

 

 

 

 

 

SERIES 2009A FLOATING RATE SENIOR NOTES

 

DUE JUNE 28, 2010

 

 

 

 

 

TABLE OF CONTENTS1

 

 

	
             
 	
             
 	
            PAGE
 

	
             
 	
            ARTICLE 1
 	
            2
 

	
             
 	
            Series 2009A Notes
 	
            2
 

	
             
 	
            SECTION 101.                                             Establishment
 	
            2
 

	
             
 	
            SECTION 102.                                             Definitions
 	
            2
 

	
             
 	
            SECTION 103.                                             Payment of Principal and Interest
 	
            4
 

	
             
 	
            SECTION 104.                                             Determination of Interest
 	
            4
 

	
             
 	
            SECTION 105.                                             Denominations
 	
            5
 

	
             
 	
            SECTION 106.                                             Global Securities
 	
            5
 

	
             
 	
            SECTION 107.                                             Transfer
 	
            6
 

	
             
 	
            ARTICLE 2
 	
            6
 

	
             
 	
            Miscellaneous Provisions
 	
            6
 

	
             
 	
            SECTION 201.                                             Recitals by Company
 	
            6
 

	
             
 	
            SECTION 202.                                             Ratification and Incorporation of Original Indenture
 	
            6
 

	
             
 	
            SECTION 203.                                             Executed in Counterparts
 	
            6
 

 

	
            EXHIBIT A
 	
            Form of Series 2009A Note
 

 

	
            EXHIBIT B
 	
            Certificate of Authentication
 

 

_________________________

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

 

i

                        THIS FIFTEENTH SUPPLEMENTAL INDENTURE is made as of the 26th day of June, 2009, by and between GULF POWER COMPANY, a Florida corporation, One Energy Place, Pensacola, Florida 32520-0786 (the “Company”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, 101 Barclay Street, Floor 8W, New York, New York  10286 (the “Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Company has heretofore entered into a Senior Note Indenture, dated as of January 1, 1998 (the “Original Indenture”), with The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as Trustee, as heretofore supplemented;

 

WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as heretofore supplemented and as further supplemented by this Fifteenth Supplemental Indenture, is herein called the “Indenture”;

 

WHEREAS, under the Original Indenture, a new series of Senior Notes may at any time be established by the Board of Directors of the Company in accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee;

 

WHEREAS, the Company proposes to create under the Indenture a new series of Senior Notes;

 

WHEREAS, additional Senior Notes of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and

 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Fifteenth Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed.

 

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

 

ARTICLE 1

 

Series 2009A Notes

 

SECTION 101. Establishment.  There is hereby established a new series of Senior Notes to be issued under the Indenture, to be designated as the Company’s Series 2009A Floating Rate Senior Notes due June 28, 2010 (the “Series 2009A Notes”).

 

There are to be authenticated and delivered $140,000,000 principal amount of Series 2009A Notes, and such principal amount of the Series 2009A Notes may be increased from time to time pursuant to Section 301 of the Original Indenture.  All Series 2009A Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional Series 2009A Notes.  Any such additional Series 2009A Notes will have the same interest rate, maturity and other terms as those initially issued.  No Series 2009A Notes shall be authenticated and delivered in excess of the principal amount as so increased except as provided by Sections 203, 303, 304 or 907 of the Original Indenture.  The Series 2009A Notes shall be issued in definitive fully registered form.

 

The Series 2009A Notes shall be issued in the form of one or more Global Securities in substantially the form set out in Exhibit A hereto.  The Depositary with respect to the Series 2009A Notes shall be The Depository Trust Company.

 

The form of the Trustee’s Certificate of Authentication for the Series 2009A Notes shall be in substantially the form set forth in Exhibit B hereto.

 

Each Series 2009A Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for.

 

The Series 2009A Notes will not be redeemable at the option of the Company prior to the Stated Maturity and will not have a sinking fund.

 

SECTION 102.  Definitions.  The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.

 

“Calculation Agent” means The Bank of New York Mellon, or its successor appointed by the Company, acting as calculation agent. 

 

“Interest Determination Date” means the second London Business Day immediately preceding the first day of the relevant Interest Period. 

 

“Interest Payment Dates” means the 28th day of March, June, September and December, commencing September 28, 2009 until the Stated Maturity; provided, however, in the event that any Interest Payment Date (other than the Interest Payment Date that is the Stated Maturity) would 

 

2

 

 

 

otherwise be a day that is not a Business Day, the Interest Payment Date will be the next succeeding Business Day.

 

“Interest Period” means the period commencing on an Interest Payment Date (or, with respect to the initial Interest Period only, commencing on the Original Issue Date) and ending on the day before the next succeeding Interest Payment Date. 

 

“LIBOR” means, with respect to any Interest Period, the rate (expressed as a percentage per annum) for deposits in U.S. dollars for a three-month period commencing on the first day of that Interest Period and ending on the next Interest Payment Date that appears on Reuters LIBOR01 Page as of 11:00 a.m. (London time) on the Interest Determination Date for that Interest Period.  If such rate does not appear on the Reuters LIBOR01 Page as of 11:00 a.m. (London time) on the Interest Determination Date for that Interest Period, LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars for the Interest Period and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major banks in the London interbank market (which may include affiliates of one of the underwriters of the Series 2009A Notes)
selected by the Calculation Agent (after consultation with the Company), at approximately 11:00 a.m., London time on the Interest Determination Date for that Interest Period.  The Calculation Agent will request the principal London office of each such bank to provide a quotation of its rate.  If at least two such quotations are provided, LIBOR with respect to that Interest Period will be the arithmetic mean of such quotations.  If fewer that two quotations are provided, LIBOR with respect to that Interest Period will be the arithmetic mean of the rates quoted by three major banks in New York City (which may include affiliates of one of the underwriters of the Series 2009A Notes) selected by the Calculation Agent (after consultation with the Company), at approximately 11:00 a.m., New York City time, on the first day of that Interest Period for loans in U.S. dollars to leading European banks for that Interest Period and in a principal amount of not less than $1,000,000.  However, if
fewer than three banks selected by the Calculation Agent to provide quotations are quoting as described above, LIBOR for that Interest Period will be the same as LIBOR as determined for the previous Interest Period.  

 

“London Business Day” means a day that is a Business Day and a day on which dealings in deposits in U. S. dollars are transacted, or with respect to any future date are expected to be transacted, in the London interbank market. 

 

	
             
 	
            “Original Issue Date” means June 26, 2009.
 

 

 “Regular Record Date” means, with respect to each Interest Payment Date, the close of business on the 15th calendar day preceding such Interest Payment Date, whether or not a Business Day.

 

 “Reuters LIBOR01 Page” means the display so designated on the Reuters 3000 Xtra (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying rates or prices comparable to the London Interbank Offered rate for U.S. dollar deposits).  

 

3

 

 

 

 

“Stated Maturity” means June 28, 2010; provided that if the Stated Maturity is not a Business Day, the principal and interest due on that date will be payable on the next succeeding Business Day, and no interest shall accrue for the intervening period.

 

SECTION 103.  Payment of Principal and Interest.  The principal of the Series 2009A Notes shall be due at Stated Maturity.  The unpaid principal amount of the Series 2009A Notes shall bear interest at the rates set quarterly pursuant to Section 104 hereof until paid or duly provided for.  Interest shall be paid quarterly in arrears on each Interest Payment Date to the Person in whose name the Series 2009A Notes are registered on the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity of principal as provided herein will be paid to the Person to whom principal is payable.  Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to
the Person or Persons in whose name the Series 2009A Notes are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Series 2009A Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Series 2009A Notes shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture.

 

Payments of interest on the Series 2009A Notes will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the Series 2009A Notes shall be computed and paid on the basis of the actual number of days elapsed over a 360-day year.  

 

Payment of the principal and interest due at the Stated Maturity of the Series 2009A Notes shall be made upon surrender of the Series 2009A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2009A Notes shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to
the date for payment by the Person entitled thereto.

 

SECTION 104.  Determination of Interest.   The Series 2009A Notes will bear interest for each Interest Period at a per annum rate determined by the Calculation Agent, subject to the maximum interest rate permitted by New York or other applicable state law, as such law may be modified by United States law of general application.  The interest rate applicable during each Interest Period will be equal to LIBOR on the Interest Determination Date for such Interest Period plus 0.10%.  Promptly upon such determination, the Calculation Agent will notify the Company and the Trustee, if the Trustee is not then serving as the Calculation Agent, of the interest rate for the new Interest Period.  The 

 

4

 

 

 

interest rate determined by the Calculation Agent, absent manifest error, shall be binding and conclusive upon the beneficial owners and Holders of the Series 2009A Notes, the Company and the Trustee. 

 

Upon the request of a Holder of the Series 2009A Notes, the Calculation Agent will provide to such Holder the interest rate in effect on the date of such request and, if determined, the interest rate for the next Interest Period. 

 

SECTION 105.  Denominations.  The Series 2009A Notes may be issued in the denominations of $1,000, or any integral multiple thereof.

 

SECTION 106.  Global Securities.  The Series 2009A Notes will be issued in the form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below, Series 2009A Notes represented by one or more Global Securities will not be exchangeable for, and will not otherwise be issuable as, Series 2009A Notes in definitive form.  The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee.

 

Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a Series 2009A Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee.  The rights of Holders of such Global Security shall be exercised only through the Depositary.

 

Subject to the procedures of the Depositary, a Global Security shall be exchangeable for Series 2009A Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company, or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Company, in each case within 90 days after the Company receives such notice or becomes aware of such cessation, (ii) the Company in its sole discretion determines that such Global Security shall be so exchangeable, or (iii) there shall
have occurred an Event of Default with respect to the Series 2009A Notes.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series 2009A Notes registered in such names as the Depositary shall direct.

 

SECTION 107  Transfer.  No service charge will be made for any transfer or exchange of Series 2009A Notes, but payment will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

 

 

5

 

 

 

ARTICLE 2

 

Miscellaneous Provisions

 

SECTION 201.  Recitals by Company.  The recitals in this Fifteenth Supplemental Indenture are made by the Company only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of Series 2009A Notes and of this Fifteenth Supplemental Indenture as fully and with like effect as if set forth herein in full.

 

SECTION 202.  Ratification and Incorporation of Original Indenture.  As heretofore supplemented and as supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture as heretofore supplemented and as supplemented by this Fifteenth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

 

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

 

 

6

 

 

 

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

 

 

	
            ATTEST:

 

By:      /s/Terry A. Davis

Terry A. Davis

Assistant Secretary and

Assistant Treasurer

 
 	
            GULF POWER COMPANY

 

By:   /s/Susan D. Ritenour

Susan D. Ritenour

Secretary and Treasurer

 

 
 
	
            ATTEST:

 

 

By:      /s/Christopher Greene

Christopher Greene

Vice President

 
 	
            THE BANK OF NEW YORK MELLON, as Trustee

 

By:    /s/L. O’Brien

L. O’Brien

Vice President

 
 

 

 

 

EXHIBIT A

 

FORM OF SERIES 2009A NOTE

 

 

 

	
            NO. __
 	
            CUSIP NO. 402479BZ1
 

 

 

GULF POWER COMPANY

SERIES 2009A FLOATING RATE SENIOR NOTE

DUE JUNE 28, 2010

 

 

	
            Principal Amount:
 	
            $_____________
 
	
            Regular Record Date:
 	
            15th calendar day prior to Interest Payment Date, whether or not a Business Day
 
	
            Original Issue Date:
 	
            June 26, 2009
 
	
            Stated Maturity:
 	
            June 28, 2010; provided that if the Stated Maturity is not a Business Day, the principal and interest due on that date will be payable on the next succeeding Business Day, and no interest shall accrue for the intervening period.
 
	
            Interest Payment Dates:
 	
            28th day of March, June, September and December until the Stated Maturity; provided, however, in the event that any Interest Payment Date (other than the Interest Payment Date that is the Stated Maturity) would otherwise be a day that is not a Business Day, the Interest Payment Date will be the next succeeding Business Day
 
	
            Interest Rate:
 	
            LIBOR plus 0.10% per annum, as set on each Interest Determination Date
 
	
            Interest Determination Dates:
 	
            2nd London Business Day immediately preceding the first day of the relevant Interest Period
 
	
            Authorized Denomination:
 	
            $1,000, or any integral multiple thereof
 

 

 

Gulf Power Company, a Florida corporation (the “Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to _______________________________________________, or registered assigns, the principal sum of _________ DOLLARS ($__________) on the Stated Maturity shown above, and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears on each Interest Payment Date as specified above, commencing on September 28, 2009, and on the Stated Maturity at the rates per annum determined in accordance with the provisions specified below until the principal hereof is paid or made available for payment and at such rates on any overdue principal and on any overdue
installment of interest.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment 

 

Date that is the Stated Maturity) will, as provided in such Indenture, be paid to the Person in whose name this Note (the “Note”) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at Stated Maturity will be paid to the Person to whom principal is payable.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes of this series shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

 

The Series 2009A Notes (as defined on the reverse hereof) will bear interest for each Interest Period at a per annum rate determined by the Calculation Agent, subject to the maximum interest rate permitted by New York or other applicable state law, as such law may be modified by United States law of general application.  The interest rate applicable during each Interest Period will be equal to LIBOR on the Interest Determination Date for such Interest Period plus 0.10%.  Promptly upon such determination, the Calculation Agent will notify the Company and the Trustee, if the Trustee is not then serving as the Calculation Agent, of the interest rate for the new Interest Period.  The interest rate determined by the Calculation Agent, absent manifest error, shall be binding and conclusive upon the beneficial owners and Holders of the Series 2009A Notes, the Company and the Trustee. 

 

“Calculation Agent” means The Bank of New York Mellon, or its successor appointed by the Company, acting as calculation agent. 

 

“Interest Determination Date” means the second London Business Day immediately preceding the first day of the relevant Interest Period. 

 

“Interest Period” means the period commencing on an Interest Payment Date (or, with respect to the initial Interest Period only, commencing on the Original Issue Date) and ending on the day before the next succeeding Interest Payment Date. 

 

“LIBOR” means, with respect to any Interest Period, the rate (expressed as a percentage per annum) for deposits in U.S. dollars for a three-month period commencing on the first day of that Interest Period and ending on the next Interest Payment Date that appears on Reuters LIBOR01 Page as of 11:00 a.m. (London time) on the Interest Determination Date for that Interest Period.  If such rate does not appear on the Reuters LIBOR01 Page as of 11:00 a.m. (London time) on the Interest Determination Date for that Interest Period, LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars for the Interest Period and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major banks in the London interbank market (which may include affiliates of one of the underwriters of the Series 2009A Notes)
selected by the Calculation Agent (after consultation with the Company), at approximately 11:00 a.m., London time on the Interest 

 

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Determination Date for that Interest Period.  The Calculation Agent will request the principal London office of each such bank to provide a quotation of its rate.  If at least two such quotations are provided, LIBOR with respect to that Interest Period will be the arithmetic mean of such quotations.  If fewer that two quotations are provided, LIBOR with respect to that Interest Period will be the arithmetic mean of the rates quoted by three major banks in New York City (which may include affiliates of one of the underwriters of the Series 2009A Notes) selected by the Calculation Agent (after consultation with the Company), at approximately 11:00 a.m., New York City time, on the first day of that Interest Period for loans in U.S. dollars to leading European banks for that Interest Period and in a principal amount of not less than $1,000,000.  However, if fewer than three banks selected by the Calculation
Agent to provide quotations are quoting as described above, LIBOR for that Interest Period will be the same as LIBOR as determined for the previous Interest Period.  

 

“London Business Day” means a day that is a Business Day and a day on which dealings in deposits in U. S. dollars are transacted, or with respect to any future date are expected to be transacted, in the London interbank market. 

 

“Reuters LIBOR01 Page” means the display so designated on the Reuters 3000 Xtra (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying rates or prices comparable to the London Interbank Offered rate for U.S. dollar deposits).  

 

Payments of interest on this Note will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for this Note shall be computed and paid on the basis of the actual number of days elapsed over a 360-day year.  A “Business Day” shall mean any day other than a Saturday or a Sunday or a day on which banking institutions in New York City are authorized or required by law or executive order to remain closed or a day on which the Corporate Trust Office of the Trustee is closed for business.

 

Payment of the principal of and interest due at the Stated Maturity of the Series 2009A Notes shall be made upon surrender of the Series 2009A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2009A Notes shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  Payment of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 16 days prior to the date
for payment by the Person entitled thereto.

 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

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Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

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

 

Dated:

 

	
             
 	
            GULF POWER COMPANY
 

 

 

	
             
 	
            By:_____________________________________
 

	
             
 	
            Name:
 

	
             
 	
            Title:
 

 

Attest:

 

______________________________________

Name:

Title:

 

 

{Seal of GULF POWER COMPANY appears here}

 

 

 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	
             
 	
            THE BANK OF NEW YORK MELLON,
 

	
             
 	
            as Trustee
 

 

 

	
             
 	
            By:______________________________________
 

	
             
 	
            Authorized Signatory
 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Reverse Side of Note)

 

This Note is one of a duly authorized issue of Senior Notes of the Company (the “Notes”), issued and issuable in one or more series under a Senior Note Indenture, dated as of January 1, 1998, as supplemented (the “Indenture”), between the Company and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes issued thereunder and of the terms upon which said Notes are, and are to be, authenticated and delivered.  This Note is one of the series designated on the face hereof as
Series 2009A Floating Rate Senior Notes due June 28, 2010 (the “Series 2009A Notes”) which is unlimited in aggregate principal amount.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.

 

	
             
 	
            The Series 2009A Notes will not have a sinking fund.
 

 

The Series 2009A Notes will not be redeemable at the option of the Company prior to the Stated Maturity.

 

If an Event of Default with respect to the Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Notes at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rates, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of 

 

A-7

transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees.  No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Notes of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same upon surrender of the Note or Notes to be exchanged at the office or agency of the Company.

 

This Note shall be governed by, and construed in accordance with, the internal laws of the State of New York.

 

 

 

 

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ABBREVIATIONS

 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
            TEN COM-      as tenants in

common
 	
            UNIF GIFT MIN ACT- _______ Custodian ________

(Cust)                           (Minor)
 
	
            TEN ENT-       as tenants by the

entireties
 	
             
 
	
            JT TEN-            as joint tenants

with right of

survivorship and

not as tenants

in common

 
 	
            under Uniform Gifts to

Minors Act

 

________________________

(State)
 

 

Additional abbreviations may also be used

though not on the above list.

 

	
             
 	
            FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
 

_______________________________________________________________________________

(please insert Social Security or other identifying number of assignee)

 

_______________________________________________________________________________

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

_______________________________________________________________________________

 

_______________________________________________________________________________

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

_______________________________________________________________________________

 

_______________________________________________________________________________

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

 

	
            Dated: ____________
 	
            ________________________________________________
 

 

	
             
 	
            ________________________________________________
 

 

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

 

 

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EXHIBIT B

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	
             
 	
            THE BANK OF NEW YORK MELLON,
 

	
             
 	
            as Trustee
 

 

 

	
             
 	
            By:____________________________________
 

	
             
 	
            Authorized Signatory
 

 

 

B-1ex10_12.htm

    EXHIBIT
10.12

      ADOBE
SYSTEMS INCORPORATED

      INDEMNITY
AGREEMENT

      

      This
Agreement is made and entered into this  · day of ·, 200·  by and
between Adobe Systems
Incorporated, a Delaware corporation (the “Corporation”), and
______________________ (“Agent”).

      

      RECITALS

      

      Whereas,
Agent performs a valuable service to the Corporation in the capacity as a
director, officer, employee or agent of the Corporation;

      

      Whereas,
the stockholders of the Corporation have adopted bylaws (the “Bylaws”) and the Amended and
Restated Certificate of Incorporation of the Corporation (the “Certificate”) providing for
the indemnification of the directors, officers, employees and other agents of
the Corporation, including persons serving at the request of the Corporation in
such capacities with other corporations or enterprises, as authorized by the
Delaware General Corporation Law, as amended (the “Code”);

      

      Whereas,
the Bylaws, the Certificate and the Code, by their non-exclusive nature, permit
contracts between the Corporation and its directors, officers, employees and
other agents with respect to indemnification of such persons; and

      

      Whereas,
in order to induce Agent to continue to serve as a director, officer, or
employee of the Corporation, the Corporation has determined and agreed to enter
into this Agreement with Agent;

      

      Now,
Therefore, in consideration of Agent's continued service as a director,
officer, employee or agent of the Corporation, the parties hereto agree as
follows:

      

      AGREEMENT

      

      1.           DEFINITIONS.

      

      (a)           Expenses.  For
purposes of this Agreement, the term “Expenses” shall be broadly
construed and shall include, without limitation, all direct and indirect costs
of any type or nature whatsoever (including, without limitation, all attorneys’,
witness, or other professional fees and related disbursements, and other
out-of-pocket costs of whatever nature), actually and reasonably incurred by
Agent in connection with the investigation, defense or appeal of a Proceeding or
establishing or enforcing a right to indemnification under this Agreement, the
Code or otherwise, and amounts paid in settlement by or on behalf of Agent, but
shall not include any judgments, fines or penalties actually levied against
Agent for such individual’s violations of law.

       

      (b)           Change in
Control.  For purposes of this Agreement, a “Change in Control” shall be
deemed to have occurred if (i) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Act”)), other than a trustee
or other

       

      
        
          
                                                                              
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      fiduciary
holding securities under an employee benefit plan of the Corporation or a
corporation owned directly or indirectly by the stockholders of the Corporation
in substantially the same proportions as their ownership of stock of the
Corporation, becomes the “beneficial owner” (as defined in Rule 13d-3 under said
Act), directly or indirectly, of securities of the Corporation representing more
than twenty percent (20%) of the total voting power represented by the
Corporation's then outstanding Voting Securities; or (ii) there is
consummated a merger, consolidation or similar transaction involving (directly
or indirectly) the Corporation if, immediately after the consummation of such
merger, consolidation or similar transaction, the stockholders of the
Corporation immediately prior thereto do not own, directly or indirectly, either
(A) outstanding Voting Securities representing more than fifty percent (50%) of
the combined outstanding voting power of the surviving entity in such merger,
consolidation or similar transaction or (B) more than fifty percent (50%) of the
combined outstanding voting power of the parent of the surviving entity in such
merger, consolidation or similar transaction.

       

      (c)           Proceeding.  For
purposes of this Agreement, the term “Proceeding” shall mean and
shall include, without limitation, any threatened, pending, or completed action,
suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing, whether brought in the right of or by the
Corporation or otherwise and whether of a civil, criminal, administrative or
investigative nature, and whether formal or informal in any case, in which Agent
was, is or will be involved as a party or otherwise by reason of the fact
that:  (i) Agent is or was a director, officer, employee or agent
of the Corporation; (ii) Agent took an action while acting as director,
officer, employee or agent of the Corporation; or (iii) Agent is or was
serving at the request of the Corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise, and in any such case described above, whether
or not serving in any such capacity at the time any Expense is incurred for
which indemnification, reimbursement, or advancement of Expenses may be provided
under this Agreement.

       

      (d)           Voting
Securities.  For purposes of this Agreement, “Voting Securities” shall mean
any securities of the Corporation that vote generally in the election of
directors.

       

      2.           SERVICES TO THE CORPORATION.
Agent will serve, at the will of the Corporation or under separate contract, if
any such contract exists, as a director, officer, or employee of the Corporation
or as a director, officer or other fiduciary of an affiliate of the Corporation
(including, but not limited to, any employee benefit plan of the Corporation)
faithfully and to the best of Agent's ability so long as Agent is duly elected
and qualified in accordance with the provisions of the Bylaws or other
applicable charter documents of the Corporation or such affiliate; provided,
however, that Agent may at any time and for any reason resign from such position
(subject to any contractual obligation that Agent may be subject to apart from
this Agreement) and that the Corporation or any affiliate shall have no
obligation under this Agreement to continue Agent in any such
position.

      

      3.           INDEMNITY OF
AGENT.  The Corporation hereby agrees to hold harmless and
indemnify Agent with respect to any Proceeding or other matter to the fullest
extent authorized or permitted by the provisions of the Bylaws, the Certificate
and the Code, as the same may be amended from time to time (but, only to the
extent that such amendment permits the Corporation to provide broader
indemnification rights than the Bylaws, the Certificate or the

      
        
          
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      Code
permitted prior to adoption of such amendment).  These obligations and
the other obligations of the Corporation in this Agreement apply regardless of
whether the conduct giving rise to the obligations occurred before or occur
after the date this Agreement is executed.

      

      4.           PARTIAL
INDEMNIFICATION.  Agent shall be entitled under this Agreement
to indemnification by the Corporation for a portion of the Expenses that Agent
becomes legally obligated to pay in connection with any Proceeding even if not
entitled hereunder to indemnification for the total amount thereof, and the
Corporation shall indemnify Agent for the portion thereof to which Agent is
entitled.

      

      5.           NOTIFICATION AND DEFENSE OF
CLAIM.  Not later than thirty (30) days after receipt by Agent
of notice of the commencement of any Proceeding, Agent will, if a claim in
respect thereof is to be made against the Corporation under this Agreement,
notify the Corporation of the commencement thereof; but the failure so to notify
the Corporation will not relieve the Corporation from any liability which it may
have to Agent under this Agreement or otherwise. With respect to any such
Proceeding as to which Agent notifies the Corporation of the commencement
thereof:

      

      (a)           the
Corporation will be entitled to participate therein at its own
expense;

       

      (b)           except
as otherwise provided below, the Corporation may, at its option and jointly with
any other indemnifying party similarly notified and electing to assume such
defense, assume the defense thereof, with counsel reasonably satisfactory to
Agent. After notice from the Corporation to Agent of its election to assume the
defense thereof, the Corporation will not be liable to Agent under this
Agreement for any Expenses subsequently incurred by Agent in connection with the
defense thereof except for reasonable costs of investigation or otherwise as
provided below. Agent shall have the right to employ separate counsel in such
Proceeding but the Expenses of such counsel incurred after notice from the
Corporation of its assumption of the defense thereof shall be at the expense of
Agent; provided, however, that the Expenses of Agent's separate counsel shall be
borne by the Corporation if (i) the employment of counsel by Agent has been
authorized by the Corporation, (ii) Agent reasonably shall have concluded that
there may be a conflict of interest between the Corporation and Agent in the
conduct of the defense of such Proceeding, or (iii) the Corporation in fact
shall not have employed counsel to assume the defense of such Proceeding or
shall at any time have ceased to actively pursue the defense thereof. The
Corporation shall not be entitled to assume the defense of any Proceeding
brought by or on behalf of the Corporation or as to which Agent shall have made
the conclusion provided for in clause (ii) above; and

       

      (c)           the
Corporation shall not be liable to indemnify Agent under this Agreement for any
amounts paid in settlement of any Proceeding effected without its written
consent, which shall not be unreasonably withheld or delayed.  The
Corporation shall be permitted to settle any Proceeding except that it shall not
settle any Proceeding in any manner which would impose any penalty or limitation
on Agent without Agent's written consent, which may be given or withheld in
Agent's sole discretion.

       

      6.           EXPENSES.  Promptly
following request by Agent for the advancement of Expenses, the Corporation
shall advance, prior to the final disposition of any Proceeding,
all

      
        
          
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      Expenses
incurred by Agent in connection with such Proceeding upon receipt of an
undertaking by or on behalf of Agent to repay such amounts if it shall
ultimately be determined by a final judicial decision from which there is no
further right of appeal that Agent is not entitled to be
indemnified.

      

      7.           ENFORCEMENT. Any right to
indemnification or advances granted by this Agreement to Agent shall be
enforceable by or on behalf of Agent in any court of competent jurisdiction if
(a) the claim for indemnification or advances is denied, in whole or in part, or
(b) no disposition of such claim is made within ninety (90) days of request
therefor.  Agent, in such enforcement action, if successful in whole
or in part, also shall be entitled to be paid the Expense of prosecuting Agent's
claim. Neither the failure of the Corporation (including its Board of Directors
or its stockholders) to have made a determination prior to the commencement of
such enforcement action that indemnification of Agent is proper in the
circumstances, nor an actual determination by the Corporation (including its
Board of Directors or its stockholders) that such indemnification is improper
shall be a defense to the action or create a presumption that Agent is not
entitled to indemnification under this Agreement or otherwise.

      

      8.           INSURANCE.

      

      (a)           Unless
otherwise approved by the Board of Directors at any time prior to a Change in
Control, the Corporation shall obtain and maintain directors’ and officers’
liability insurance (“D&O
Insurance”) with respect to which Agent shall be
insured.  Notwithstanding any other provision of this Agreement, the
Corporation shall not be obligated to indemnify the Agent for Expenses which
have been previously paid directly to the Agent by D&O
Insurance.  If the Corporation has D&O Insurance in effect at the
time the Corporation receives from Agent any notice of the commencement of a
Proceeding, the Corporation shall give prompt notice of the commencement of such
Proceeding to the insurer(s) in accordance with the procedures set forth in the
policy(ies).  The Corporation shall thereafter take all reasonably
necessary action to cause such insurers to pay all amounts payable as a result
of such Proceeding in accordance with the terms of such
policy(ies).

       

      (b)           In
the event that (i) the Corporation obtains a new D&O Insurance policy
for any period following the termination of a prior D&O Insurance policy,
and such new D&O Insurance policy does not provide for prior acts coverage,
or (ii) the Corporation does not obtain a new D&O Insurance policy
following the termination of a prior D&O Insurance policy (in either case,
only if Agent is insured under the prior D&O Insurance policy), then, unless
otherwise determined by the Board of Directors at any time prior to a Change in
Control, the Corporation shall add to the D&O Insurance policy or the
applicable successor D&O Insurance policy a run-off endorsement (the “Endorsement”) on the existing
D&O Insurance policy or the applicable successor D&O Insurance policy
subject to the same terms and conditions in all material
respects.  Unless otherwise approved by the Board of Directors prior
to the date on which the Endorsement is obtained, the Endorsement shall be
non-cancelable and shall provide for at least a six-year extended coverage
period for any and all claims covered under the D&O Insurance
policy.  The Corporation shall pay all premiums, commissions and other
costs or charges incurred in obtaining the Endorsement and shall promptly
deliver to Agent a Certificate of Confirmation of Insurance with respect to such
Endorsement.

       

      
        
          
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9.           SUBROGATION.  In the
event of payment under this Agreement, the Corporation shall be subrogated to
the extent of such payment to all of the rights of recovery of Agent, who shall
execute all documents required and shall do all acts that may be reasonably
necessary to secure such rights, including the execution of such documents
necessary to enable the Corporation effectively to bring suit to enforce such
rights.

       

      

      10.         NON-EXCLUSIVITY AND SURVIVAL OF
RIGHTS.

      

      (a)           All
agreements and obligations of the Corporation contained herein shall continue
during the period Agent is a director, officer, employee or other agent of the
Corporation (or is or was serving at the request of the Corporation as a
director, officer, employee or other agent of another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise) and shall
continue thereafter so long as Agent shall be subject to any possible
Proceeding.  The benefits hereunder shall inure to the benefit of the
heirs, executors and administrators and assigns of Agent. The rights conferred
on Agent by this Agreement shall not be exclusive of any other right Agent may
have or hereafter acquire under any statute, provision of the Certificate or
Bylaws, agreement, vote of stockholders or disinterested directors, or
otherwise, both as to action in Agent's official capacity and as to action in
another capacity while holding office.

       

      (b)           The
obligations and duties of the Corporation to Agent under this Agreement shall be
binding on the Corporation and its successors and assigns until terminated in
accordance with its terms.  The Corporation shall require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to the Corporation or to all or substantially all of the business or
assets of the Corporation, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Corporation would
be required to perform if no such succession had taken place.

       

      (c)           No
amendment, alteration or repeal of this Agreement or of any provision hereof
shall limit or restrict any right of Agent under this Agreement in respect of
any action taken or omitted by such Agent prior to such amendment, alteration or
repeal.  To the extent that a change in the Code, whether by statute
or judicial decision, permits greater indemnification or advancement of Expenses
than would be afforded currently under the Certificate, Bylaws and this
Agreement, it is the intent of the parties hereto that Agent shall enjoy by this
Agreement the greater benefits so afforded by such change.  No right
or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy shall be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise.  The assertion or employment of any right
or remedy hereunder, or otherwise, by Agent shall not prevent the concurrent
assertion or employment of any other right or remedy by Agent.

       

      11.         SEVERABILITY. Each of the
provisions of this Agreement is a separate and distinct agreement and
independent of the others, so that if any provision hereof shall be held to be
invalid for any reason, such invalidity contained herein or unenforceability
shall not affect the validity or enforceability of the other provisions hereof.
Furthermore, if this Agreement shall be invalidated in its entirety on any
ground, then the Corporation nevertheless shall indemnify

      
        
          
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      Agent to
the fullest extent provided by the Certificate, Bylaws, the Code or any other
applicable law.

      

      12.         GOVERNING LAW. This Agreement
shall be governed exclusively by and construed according to the laws of the
State of Delaware, as applied to contracts between Delaware residents entered
into and to be performed entirely within Delaware.

      

      13.         AMENDMENT, MODIFICATION, WAIVER AND
TERMINATION. No amendment, modification, termination or cancellation of
this Agreement shall be effective unless signed in writing by both parties
hereto.  No waiver of any of the provisions of this Agreement shall be
deemed or shall constitute a waiver of any other provision hereof (whether or
not similar) nor shall such waiver constitute a continuing waiver.

      

      14.         ENTIRE
AGREEMENT.  This Agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof and supersedes all
prior agreements, understandings and negotiations, written and oral, between the
parties with respect to the subject matter of this Agreement; provided, however,
that this Agreement is a supplement to and in furtherance of the Certificate,
Bylaws, the Code and any other applicable law, and shall not be deemed a
substitute therefore, nor to diminish or abrogate any
rights of Agent thereunder.

      

      15.         INTERPRETATION OF
AGREEMENT.  It is understood that the parties hereto intend
this Agreement to be interpreted and enforced so as to provide indemnification
to Agent to the fullest extent now or hereafter permitted by law.

      

      16.         IDENTICAL
COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed for all purposes to be an original
but all of which together shall constitute this Agreement.

      

      17.         HEADINGS.  The
headings of the sections of this Agreement are inserted for convenience only and
shall not be deemed to constitute part of this Agreement or to affect the
construction hereof.

      

      18.         NOTICES.  All
notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given (i) upon delivery if
delivered by hand to the party to whom such communication was directed or (ii)
upon the third business day after the date on which such communication was
mailed if mailed by certified or registered mail with postage
prepaid:

      

      
        
          
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      (a)           If
to Agent, at the address indicated on the signature page hereof.

       

      (b)           If
to the Corporation, to

       

      Adobe Systems
Incorporated

      345 Park Avenue

      PO Box 2704

      San Jose,
CA  95110-2704

      

      or to such
other address as may have been furnished to Agent by the Corporation, or to such
other address as Agent may direct in writing the Corporation to
use.

      
        
          
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      In Witness
Whereof, the parties hereto have executed this Indemnity Agreement on and
as of the day and year first above written.

      

      ADOBE
SYSTEMS INCORPORATED

       

      By: ______________________________

       

      Title:_____________________________

      

      

      AGENT

       

       

      _________________________________

      (Signature)

      

      Print
Name:

       

      _________________________________

      

      Address:  c/o                           Adobe
Systems Incorporated

      345 Park Avenue

      PO Box 2704

      San Jose,
CA  95110-2704

      

      

      

      
        
          
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