Document:

Prepared by R.R. Donnelley Financial -- Registrant's Certificate of Designation

  
 Exhibit 4.1 
  
 CERTIFICATE OF DESIGNATION 
 OF 
 SERIES A JUNIOR PARTICIPATING PREFERRED STOCK 
  
 (Pursuant to
Section 151 of the 
 Delaware General Corporation Law) 
  
 DENDREON CORPORATION, a corporation organized and existing under the General Corporation Law of the State of Delaware (hereinafter called the “Company”),
hereby certifies that the following resolution was adopted by the Board of Directors of the Company as required by Section 151 of the General Corporation Law at a meeting duly called and held on September 18, 2002: 
  
 RESOLVED, that pursuant to the authority granted to and vested in the Board of Directors of the
Company in accordance with the provisions of the Company’s Amended and Restated Certificate of Incorporation, the Board of Directors hereby creates a series of Preferred Stock, par value $.001 per share, of the Company and hereby states the
designation and number of shares, and fixes the designations and the powers, preferences and rights, and the qualifications, limitations and restrictions thereof (in addition to the provisions set forth in the Amended and Restated Certificate of
Incorporation of the Company, which are applicable to the Preferred Stock of all classes and series), as follows: 
  
 Series A Junior Participating Preferred Stock: 
  
 SECTION
1.  Designation and Amount.    One Million (1,000,000) shares of Preferred Stock, $.001 par value, are designated “Series A Junior Participating Preferred Stock” with the
designations and the powers, preferences and rights, and the qualifications, limitations and restrictions specified herein (the “Junior Preferred Stock”). Such number of shares may be increased or decreased by resolution of the Board of
Directors; provided, that no decrease shall reduce the number of shares of Junior Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding
options, rights or warrants or upon the conversion of any outstanding securities issued by the Company convertible into Junior Preferred Stock. 
  
 SECTION 2.  Dividends and Distributions. 
  
 (A)  Subject to the rights of the holders of any shares of any series of Preferred Stock (or any similar stock) ranking prior and superior
to the Junior Preferred Stock with respect to dividends, the holders of shares of Junior Preferred Stock, in preference to the holders of Common Stock, par value $.001 per share (the “Common Stock”), of the Company, and of any

 

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 other junior stock, shall be entitled to receive, when, as and if declared by the
Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the first day of April, July, October and January in each year (each such date being referred to herein as a “Quarterly Dividend Payment
Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Junior Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (a) $l.00 or (b)
subject to the provision for adjustment hereinafter set forth, 100 times the aggregate per share amount of all cash dividends, and 100 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other
than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date or, with
respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Junior Preferred Stock. In the event the Company shall at any time declare or pay any dividend on the Common Stock payable in
shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of
shares of Common Stock, then in each such case the amount to which holders of shares of Junior Preferred Stock were entitled immediately prior to such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a
fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

  
 (B)  The Company shall declare a dividend or distribution on the Junior
Preferred Stock as provided in paragraph (A) of this Section immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock); provided, that in the event no dividend or
distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the next subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the Junior Preferred Stock shall
nevertheless be payable on such subsequent Quarterly Dividend Payment Date, when, as and if declared by the Board of Directors. 
  
 (C)  Dividends shall begin to accrue and be cumulative on outstanding shares of Junior Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such
shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of
issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Junior Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of
which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Junior Preferred Stock in an amount less than the
total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix a record date for the determination of
holders of shares of Junior Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof. 
 

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 SECTION 3.  Voting
Rights.     The holders of shares of Junior Preferred Stock shall have the following voting rights: 
  
 (A)  Subject to the provision for adjustment hereinafter set forth, each share of Junior Preferred Stock shall entitle the holder thereof to 100 votes on all matters submitted to a
vote of the stockholders of the Company. In the event the Company shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares
of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders of shares of
Junior Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
  
 (B)  Except as otherwise provided herein, in any other Certificate of Designation creating a series of Preferred Stock or any similar stock, or by law, the holders of shares of Junior Preferred Stock and the
holders of shares of Common Stock and any other capital stock of the Company having general voting rights shall vote together as one class on all matters submitted to a vote of stockholders of the Company. 
  
 (C)  Except as set forth herein, or as otherwise provided by law, holders of Junior Preferred Stock shall
have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 
  
 SECTION 4.  Certain Restrictions. 
  
 (A)  Whenever quarterly dividends or other dividends or distributions payable on the Junior Preferred
Stock as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Junior Preferred Stock outstanding shall have been paid in full, the Company shall not:

  
 (i)  declare or pay dividends, or make any other distributions, on any shares of
stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Junior Preferred Stock; 
  
 (ii)  declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with
the Junior Preferred Stock, except dividends paid ratably on the Junior Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then
entitled; 
  
 (iii)  redeem or purchase or otherwise acquire for consideration
shares of any stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Junior Preferred Stock, provided that the Company may at any time redeem, purchase or otherwise acquire shares of any such junior stock
in exchange for shares of any stock of the Company ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Junior Preferred Stock; or 
 

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 (iv)  redeem or purchase or otherwise acquire
for consideration any shares of Junior Preferred Stock, or any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Junior Preferred Stock, except in accordance with a purchase offer
made in writing or by publication (as determined by the Board of Directors) to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective annual dividend rates and other relative rights and
preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes. 
  
 (B)  The Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of stock of
the Company unless the Company could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in such manner. 
  
 SECTION 5.  Reacquired Shares.    Any shares of Junior Preferred Stock purchased or
otherwise acquired by the Company in any manner whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be
reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth herein, in the Company’s Amended and Restated Certificate of Incorporation, or in any other Certificate of Designation creating
a series of Preferred Stock or any similar stock or as otherwise required by law. 
  
 SECTION 6.  Liquidation, Dissolution or Winding Up.    Upon any liquidation, dissolution or winding up of the Company, no distribution shall be made (1) to the holders
of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Junior Preferred Stock unless, prior thereto, the holders of shares of Junior Preferred Stock shall have received $100 per share, plus
an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment, provided that the holders of shares of Junior Preferred Stock shall be entitled to receive an aggregate amount per
share, subject to the provision for adjustment hereinafter set forth, equal to 100 times the aggregate amount to be distributed per share to holders of shares of Common Stock, or (2) to the holders of shares of stock ranking on a parity (either as
to dividends or upon liquidation, dissolution or winding up) with the Junior Preferred Stock, except distributions made ratably on the Junior Preferred Stock and all such parity stock in proportion to the total amounts to which the holders of all
such shares are entitled upon such liquidation, dissolution or winding up. In the event the Company shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or
consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the aggregate amount
to which holders of shares of Junior Preferred Stock were entitled immediately prior to such event under the proviso in clause (1) of the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of which is the
number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
 

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 SECTION 7.  Consolidation,
Merger, Etc.    In case the Company shall enter into any consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or
any other property, then in any such case each share of Junior Preferred Stock shall at the same time be similarly exchanged or changed into an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 100 times the
aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. In the event the Company shall at any time declare or pay any
dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common
Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Junior Preferred Stock shall be adjusted by multiplying such
amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

  
 SECTION 8.  No
Redemption.    The shares of Junior Preferred Stock shall not be redeemable. 
  
 SECTION 9.  Rank.    The Junior Preferred Stock shall rank, with respect to the payment of dividends and the distribution of assets, junior to all series of any other
class of the Company’s Preferred Stock. 
  
 SECTION
10.  Amendment.    The Amended and Restated Certificate of Incorporation of the Company shall not be amended in any manner which would materially alter or change the powers, preferences or special
rights of the Junior Preferred Stock so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Junior Preferred Stock, voting together as a single class. 
 

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 IN WITNESS WHEREOF, the
undersigned has executed this certificate as of September 23, 2002. 
  
  
 
	 
	 By:
 	 	 /s/    MARTIN A.
SIMONETTI        
 

	  	 	 Martin A. Simonetti
 Chief
Financial Officer, Senior Vice
 President, Finance and Treasurer
 

 
 

 6Prepared by R.R. Donnelley Financial -- First Supplemental Indenture

 EXHIBIT 4.1 
  
 
 
  
  
 STANCORP FINANCIAL GROUP, INC. 
  
  
 and 
  
  

U.S. BANK NATIONAL ASSOCIATION, 
  
 as
Trustee 
  
  
  
 
 
  
  
 FIRST SUPPLEMENTAL INDENTURE 
  
 Dated as of September 25, 2002 
  
  
 to 
  
  
 INDENTURE 
  
 Dated as of September 25, 2002 
  
  
  
 
 
  
  
 6.875% Senior Notes Due 2012 
  
  
  
 

 FIRST SUPPLEMENTAL INDENTURE, dated as of the 25th of September, 2002 (this “First Supplemental Indenture”), between StanCorp Financial Group, Inc., a corporation duly
organized and existing under the laws of the State of Oregon (hereinafter sometimes referred to as the “Company”), and U.S. Bank National Association, a national banking association as trustee (hereinafter sometimes referred
to as the “Trustee”) under the Indenture dated as of September 25, 2002 between the Company and the Trustee (the “Indenture”). 
  
 WHEREAS, the Company executed and delivered the Indenture to the Trustee to provide for the future issuance of its debt securities (the “Securities”), which Securities are to be
issued from time to time in such series as may be determined by the Company under the Indenture, in an unlimited aggregate principal amount which may be authenticated and delivered thereunder as in the Indenture provided; and 

 
 WHEREAS, the Indenture is incorporated herein by this reference; and 
  
 WHEREAS, pursuant to the terms of the Indenture, the Company desires to provide for the establishment of a new series of its
Securities to be known as its 6.875% Senior Notes due 2012 (such series being hereinafter referred to as the “6.875% Senior Notes”), the form and substance of such 6.875% Senior Notes and the terms, provisions and conditions thereof
to be set forth as provided in the Indenture and this First Supplemental Indenture; and 
  
 WHEREAS, the
Company desires and has requested the Trustee to join with it in the execution and delivery of this First Supplemental Indenture, and all requirements necessary to make this First Supplemental Indenture a valid instrument, in accordance with its
terms, and to make the 6.875% Senior Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed and fulfilled, and the execution and delivery hereof have been in all
respects duly authorized; 
  
 NOW, THEREFORE, in consideration of the purchase and acceptance of the 6.875%
Senior Notes by the holders thereof, and for the purpose of setting forth, as provided in the Indenture, the form and substance of the 6.875% Senior Notes and the terms, provisions and conditions thereof, the Company covenants and agrees with the
Trustee as follows: 
  
 Article One 
 Additional Definitions 
  
 Section 1.01.    For all purposes of
this First Supplemental Indenture, capitalized terms used herein without definition shall have the meanings specified in the Indenture. 
  
 Section 1.02.    The terms defined in this Section, for all purposes of this First Supplemental Indenture, shall have the respective meanings specified in this Section. 
  
 “Adjusted Treasury Rate” means, with respect to any date of redemption, the rate per year equal to the semiannual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that date of redemption. 

 1 

  “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent
as having a maturity comparable to the remaining term of the Securities to be redeemed that would be used, at the time of selection and under customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of the 6.875% Senior Notes. 
  
 “Comparable Treasury Price” means, with respect
to any date of redemption, the average of the Reference Treasury Dealer Quotations for the date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or if the Trustee obtains fewer than three Reference Treasury
Dealer Quotations, the average of all Reference Treasury Dealer Quotations. 
  
 “Quotation Agent”
means Goldman, Sachs & Co. or another Reference Treasury Dealer appointed by the Company. 
  
 “Reference
Treasury Dealer” means Goldman, Sachs & Co. and its successors and, at the Company’s option, other nationally recognized investment banking firms that are primary dealers of U.S. government securities in New York City. If any of
the foregoing ceases to be a primary dealer of U.S. government securities in New York City, the Company must substitute another primary dealer of U.S. government securities. 
  
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of redemption, the average, as determined by the
Trustee, 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 Trustee by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third
business day before the date of redemption. 
  
 “Stated Maturity” means October 1, 2012.

  
 Article Two 
 General
Terms and Conditions of 
 the 6.875% Senior Notes 
  
 Section 2.01.    There is hereby established, and authenticated and delivered by the Trustee on the date hereof, a series of Securities designated the “6.875% Senior
Notes” limited in initial aggregate principal amount to $250,000,000; provided, however, that the aggregate principal amount of the 6.875% Senior Notes may be increased in the future, without the consent of the holders of the 6.875% Senior
Notes, on the same terms and with the same CUSIP and ISIN numbers as the 6.875% Senior Notes. The 6.875% Senior Notes shall mature and the principal shall be due and payable, together with all accrued and unpaid interest thereon, on the Stated
Maturity, subject to the provisions of the Indenture relating to the acceleration of maturity. The 6.875% Senior Notes shall be issued in fully registered form without coupons in denominations of $1,000 and integral multiples thereof. The 6.875%
Senior Notes shall be issued in the form set forth in Exhibit A hereto. 
 

 2 

 Section 2.02.    The 6.875% Senior Notes shall be issued in the form of one or more Global
Securities and registered in the name of the Depository (which shall be The Depository Trust Company) or its nominee. 6.875% Senior Notes represented by a Global Security will not be exchangeable for, and will not otherwise be issuable as, 6.875%
Senior Notes in certificated form, except as provided in Section 2.11 of the Indenture and except if there shall have occurred and be continuing an Event of Default and the holders of a majority in aggregate principal amount of 6.875% Senior Notes
determine to discontinue the system of book-entry transfers through the Depository. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for 6.875% Senior Notes registered in such names as the Depository
shall direct. 
  
 Section 2.03.    The Global Securities described above may not be
transferred except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or to a successor Depository or its nominee. 
  
 Owners of beneficial interests in such Global Securities will not be considered the holders thereof for any purpose under the Indenture,
and no Global Security representing a 6.875% Senior Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depository or its nominee or to a successor Depository or its
nominee. The rights of holders of such Global Securities shall be exercised only through the Depository. 
  
 Section 2.04.    Each 6.875% Senior Note will bear interest at the rate of 6.875% per annum from and including the date of original issuance or from the most recent Interest Payment Date (as defined below)
to which interest has been paid or duly provided for until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment
of interest at the same rate per annum. Interest shall be paid semiannually in arrears on April 1 and October 1 of each year (each, an “Interest Payment Date”), commencing on April 1, 2003 to the person in whose name such 6.875%
Senior Note or any predecessor 6.875% Senior Note is registered at the close of business on the 15th day of the month preceding such Interest Payment Date (the “Record Date”), provided that the interest payable at the Stated
Maturity will be paid to the person to whom principal is payable. Any such interest installment not punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be payable to the registered holder on the relevant Record
Date, and may be paid to the person in whose name the 6.875% Senior Note (or one or more predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee for the payment of such defaulted interest,
notice whereof shall be given to the registered holders of the 6.875% Senior Notes not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the 6.875% Senior Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 

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 The amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months
and, for any period shorter than a full calendar month, on the basis of the actual number of days elapsed in such period. In the event that any date on which interest is payable on the 6.875% Senior Notes is not a Business Day, then payment of
interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such
payment shall be made on the immediately preceding Business Day (and without any reduction in interest or other payment in respect of any such early payment), in each case with the same force and effect as if made on the date such payment was
originally payable. 
  
 Payment of the principal and interest due at the Stated Maturity of the 6.875% Senior Notes
shall be made upon surrender of the 6.875% Senior Notes at the Corporate Trust Office. The principal of and interest on the 6.875% Senior 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 in immediately available funds 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 14 days prior to the date for payment by the person entitled thereto. 
  
 Section
2.05.    The 6.875% Senior Notes will be senior unsecured obligations of the Company and will rank equally in right of payment with all of the other senior unsecured, unguaranteed and unsubordinated indebtedness of the
Company from time to time outstanding. The 6.875% Senior Notes will rank senior to any subordinated indebtedness of the Company. 
  
 Article Three 
 Redemption of the 6.875% Senior Notes 
  
 Section 3.01.    Subject to the terms of Article Three of the Indenture, the Company shall have the right to redeem the 6.875% Senior Notes, in
whole, at any time, or in part, from time to time, at a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of the 6.875% Senior Notes to be redeemed and (ii) the sum of the present
values of the remaining scheduled payments of principal and interest on the 6.875% Senior Notes to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the date of redemption on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 45 basis points; plus, in each case, any accrued and unpaid interest thereon to the date of such redemption. If the 6.875% Senior Notes
are only partially redeemed pursuant to this Section 3.01, the 6.875% Senior Notes will be redeemed pro rata by the Trustee. The Company may not redeem the 6.875% Senior Notes in part unless all accrued and unpaid interest has been paid in full on
all outstanding 6.875% Senior Notes for all interest periods terminating on or prior to the date of redemption. 
 

 4 

 Notwithstanding Section 3.02 of the Indenture, the notice of redemption with respect to the foregoing redemption need not
set forth the Redemption Price but only the manner of calculation thereof. 
  
 The Company shall notify the Trustee
of the Redemption Price with respect to the foregoing redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. 
  
 Article Four 
 Form of 6.875% Senior Notes 
  
 The 6.875% Senior Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms
set forth in Exhibit A attached hereto. 
  
 Article Five 
 Original Issue of 6.875% Senior Notes 
  
 6.875% Senior Notes
in the aggregate principal amount of $250,000,000 may, upon execution of this First Supplemental Indenture, or from time to time thereafter, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver such Notes to or upon the written order of the Company, signed by its Chairman, Chief Executive Officer or President and its Treasurer or an Assistant Treasurer, Controller or Assistant Controller, without any further action
by the Company. 
  
 Article Six 
 Miscellaneous Provisions 
  
 Section 6.01.    The Indenture, as
supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided and shall be read,
taken and construed as one and the same instrument. 
  
 Section 6.02.    The recitals
herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this First Supplemental Indenture.

  
 Section 6.03.    This First Supplemental Indenture shall be governed by and construed
in accordance with the laws of the State of New York applicable to agreements made and performed in said state. 
 

 5 

 Section 6.04.    This First Supplemental Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed on the date or dates indicated in the acknowledgments and as of the day and year first above written.

  
 
	 STANCORP FINANCIAL GROUP, INC.
 
	 
	 By:
 	 	 /s/    ERIC E. PARSONS
 

	  	 	 Name:    Eric E. Parsons
 Title:
     President and Chief Operating Officer
 

 
  
 
	 
	 Attest:
 	  	 /s/    MICHAEL T. WINSLOW
        
 
	  	  	  	  
	  	  	 Name:    Michael T. Winslow
 Title:      Corporate Secretary
 	  	  	  	  

 
  
 
	 U.S. BANK NATIONAL ASSOCIATION
 as Trustee
 
	 
	 By:
 	 	 /s/    CHERYL NELSON
 

	  	 	 Name:    Cheryl Nelson
 Title:      Vice
President
 

 
  
 

 6 

 Exhibit A 
  
 (FORM OF FACE OF NOTE) 
  
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN SECTION 2.11
OF THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN SECTION 2.11 OF THE INDENTURE. 
  
 UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 
	 No.[            ]
 	 	 $250,000,000
 
	 
	 CUSIP No. 852891 AA 8
 	 	  

 
  
  
 STANCORP FINANCIAL GROUP, INC.

  
 6.875% Senior Note Due 2012 
  
 STANCORP FINANCIAL GROUP, INC., a corporation duly organized and existing under the laws of the State of Oregon (herein referred to as the “Company”, which term
includes any successor corporation under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $250,000,000, on October 1, 2012 (the “Stated Maturity”), and to pay
interest on such principal sum from and including September 25, 2002 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, payable semiannually in arrears on April 1 and October 1 of
each year (each such date, an “Interest Payment Date”), commencing on 
 

 A-1 

 April 1, 2003, at the rate of 6.875% per annum, until the principal hereof shall have become due and payable, and on any overdue principal and
premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. The amount of interest payable on any Interest Payment Date shall be computed
on the basis of a 360-day year of twelve 30-day months and, for any period shorter than a full calendar month, on the basis of the actual number of days elapsed in such period. In the event that any date on which interest is payable on this Note is
not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the
next succeeding calendar year, such payment shall be made on the immediately preceding Business Day (and without any reduction in interest or other payment in respect of any such early payment), in each case with the same force and effect as if made
on such date. The interest installment so payable, and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the person in whose name this Note (or one or more Predecessor Securities, as
defined in the Indenture) is registered at the close of business on the 15th day of the month preceding such Interest Payment Date (each, a “Record Date”). Any such interest installment not punctually paid or duly provided for on any
Interest Payment Date shall forthwith cease to be payable to the registered holder on the relevant Record Date, and may be paid to the person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered holders of this series of Notes not less than 10 days prior to such special record date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may then be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture
hereinafter referred to. 
  
 Payment of the principal of and interest due at the Stated Maturity of this Note shall
be made upon surrender of this Note at the Corporate Trust Office. The principal of and interest on this Note shall be paid in such coin of 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 in immediately available funds 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 15 days
prior to the date for payment by this person entitled thereto. 
  
 The Senior Notes (as defined on the reverse
hereof) will be senior unsecured obligations of the Company and will rank equally in right of payment with all of the other senior unsecured, unguaranteed and unsubordinated indebtedness of the Company from time to time outstanding. The Senior Notes
will rank senior to any subordinated indebtedness of the Company. 
 

 A-2 

 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. 
  
 This Note shall not be entitled to any
benefit under the Indenture hereinafter referred to, be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 
  
 IN WITNESS WHEREOF, the Company has caused this Note to be executed. 
  
 
	 STANCORP FINANCIAL GROUP, INC.
 
	 
	 By:
 	 	 

	  	 	 Name:    
 Title:      

 
  
 
	 Attest:
 	  	  	  	  
	 
	 
	  	  	  	  
	 Name:    
 Title:      
 	  	  	  	  

 
 

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 Certificate of Authentication 
  
 This is one of the Notes of the series of Securities described in the within-mentioned Indenture. 
  
 Dated: September 25, 2002 
  
 
	 U.S. BANK NATIONAL ASSOCIATION
 as Trustee
 
	 
	 By:
 	 	 

	  	 	 Authorized Signatory
 

 
  
 

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 (Reverse) 
 6.875% Senior Note

 (continued) 
  
 This Note is one of a duly authorized series of senior notes of the Company (herein sometimes referred to as the “Securities”), specified in the Indenture (as defined below), all issued or to be issued in one or more series
under and pursuant to an Indenture dated as of September 25, 2002 (the “Indenture”) duly executed and delivered between the Company and U.S. Bank National Association, a national banking association, as Trustee (herein referred to as the
“Trustee”), to which Indenture and all indentures supplemental thereto (including, without limitation, the First Supplemental Indenture, dated as of September 25, 2002, between the Company and the Trustee) reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Securities and the terms upon which said Securities are, and are to be, authenticated and delivered.
By the terms of the Indenture, the Securities are issuable in series which may vary as to amount, date of maturity, rate of interest and in other respects as in the Indenture provided. This Note is one of a series designated as the 6.875% Senior
Notes due 2012, limited in initial aggregate principal amount of $250,000,000; provided, however, that the aggregate principal amount of the Securities may be increased in the future, without the consent of the holders of the Securities, on the same
terms and with the same CUSIP and ISIN numbers as the Securities. 
  
 Subject to the terms of Article Three of the
Indenture, the Company shall have the right to redeem the Securities of this series at the option of the Company, in whole or in part at any time and from time to time (an “Optional Redemption”), at a redemption price equal to the greater
of (i) 100% of the principal amount of the Securities of this series to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such
payments of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 45 basis points; plus, in each case,
any accrued and unpaid interest thereon to the date of such redemption. If the Securities of this series are only partially redeemed by the Company pursuant to an Optional Redemption, the Securities of this series will be redeemed pro rata by the
Trustee. 
  
 “Adjusted Treasury Rate” means, with respect to any date of redemption, the rate per year
equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that date of
redemption. 
  
 “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Securities to be redeemed that would be used, at the time of selection and under customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the 6.875% Senior Notes. 
 

 A-5 

 “Comparable Treasury Price” means, with respect to any date of redemption, the average of the Reference
Treasury Dealer Quotations for the date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or if the Trustee obtains fewer than three Reference Treasury Dealer Quotations, the average of all Reference
Treasury Dealer Quotations. 
  
 “Quotation Agent” means Goldman, Sachs & Co. or another Reference
Treasury Dealer appointed by the Company. 
  
 “Reference Treasury Dealer” means Goldman, Sachs & Co.
and its successors and, at the Company’s option, other nationally recognized investment banking firms that are primary dealers of U.S. government securities in New York City. If any of the foregoing ceases to be a primary dealer of U.S.
government securities in New York City, the Company must substitute another primary dealer of U.S. government securities. 
  
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of redemption, the average, as determined by the Trustee, 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 Trustee by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day before the date of redemption. 

 
 In the event of redemption of this Security in part only, a new Security or Securities of this series for the unredeemed
portion hereof will be issued in the name of the holder hereof upon the cancellation hereof. 
  
 In case an Event of
Default with respect to the Securities of this series shall have occurred and be continuing, the principal of all of the Securities of this series may be declared, and upon such declaration shall become, due and payable, in the manner, with the
effect and subject to the conditions provided in the Indenture. 
  
 The Indenture contains provisions for defeasance
at any time of the entire indebtedness of the Securities of this series upon compliance by the Company with certain conditions set forth therein. 
  
 

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 The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee, with the consent of the
holders of not less than a majority in aggregate principal amount of the Securities of each series affected at the time Outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to,
changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of the Securities. The Indenture also contains provisions permitting the holders of
a majority in aggregate principal amount of the Securities of all series at the time outstanding affected thereby, on behalf of the holders of the Securities of such series, to waive any past default in the performance of any of the covenants
contained in the Indenture, or established pursuant to the Indenture with respect to such series, and its consequences, except a default in the payment of the principal of or premium, if any, or interest on any of the Securities of such series,
which default may be waived by the unanimous consent of the holders affected. Any such consent or waiver by the registered holder of this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and
upon all future holders and owners of this Security and of any Security issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made
upon this Security. 
  
 Upon an Event of Default, the Trustee or the holders of not less than 25% in principal amount
of the outstanding Securities of this series may declare the principal of all of the Securities of this series to be immediately due and payable; and upon any such declaration such principal amount of and the accrued interest on all of the
Securities of this series shall become immediately due and payable. 
  
 No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Security at the time and place and at the rate
and in the money herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set
forth, this Security is transferable by the registered holder hereof on the Security Register of the Company, upon surrender of this Security for registration of transfer at the office or agency of the Company designated for such purpose in the City
of St. Paul, Minnesota, accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Trustee duly executed by the registered holder hereof or its attorney duly authorized in writing, and thereupon one or
more new Securities of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 
  
 

 A-7 

 Prior to due presentment for registration of transfer of this Security, the Company, the Trustee, any paying agent and
any Security Registrar may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Security shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security
Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee nor any paying agent nor any Security Registrar
shall be affected by any notice to the contrary. 
  
 No recourse shall be had for the payment of the principal of or
the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or
of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issuance hereof, expressly waived and released. 
  
 [If the Note is to be issued as a Global
Security, insert—This Global Security is exchangeable for Securities in certificated form only under certain limited circumstances set forth in the Indenture.] The Securities of this series are issuable 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 herein and therein set forth, Securities of this series so issued are exchangeable for a like aggregate principal amount of
Securities of this series of a different authorized denomination, as requested by the holder surrendering the same. 
  
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  
 This Security shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and performed in said state. 
 

 A-8

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