Document:

Exhibit 4.1

 

 

 

BLACK HILLS CORPORATION

 

AND

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

AS TRUSTEE

 

 

 

TENTH SUPPLEMENTAL INDENTURE

 

DATED AS OF

 

AugusT
26, 2021

 

 

 

$600,000,000 1.037% NOTES DUE 2024

 

 

     

     

    

 

TENTH SUPPLEMENTAL INDENTURE dated as of August 26,
2021 (this “Supplemental Indenture”), to the Indenture dated as of May 21, 2003 (the “Base Indenture”
and, as supplemented by the First Supplemental Indenture dated as of May 21, 2003, the Second Supplemental Indenture dated as of May 14,
2009, the Third Supplemental Indenture dated as of July 16, 2010, the Fourth Supplemental Indenture dated as of November 19, 2013,
the Fifth Supplemental Indenture dated as of January 13, 2016, the Sixth Supplemental Indenture dated as of August 19, 2016, the Seventh
Supplemental Indenture dated as of August 27, 2018, the Eighth Supplemental Indenture dated as of October 3, 2019, the Ninth Supplemental
Indenture dated as of June 17, 2020 and as further supplemented, amended or modified, the “Indenture”), by and between
BLACK HILLS CORPORATION, a South Dakota corporation (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a
national banking association organized and existing under the laws of the United States of America (as successor to LaSalle Bank National
Association), as trustee (the “Trustee”).

 

Each party agrees as follows for the benefit of the
other party and for the equal and ratable benefit of the Holders of the Notes (as defined below):

 

WHEREAS, the Company and the Trustee have duly authorized
the execution and delivery of the Base Indenture to provide for the issuance from time to time of senior debt securities (the “Securities”)
to be issued in one or more series as in the Base Indenture provided;

 

WHEREAS, the Company has appointed the Trustee as
successor trustee under the Base Indenture, and the Trustee has accepted such appointment, pursuant to the Agreement of Resignation, Appointment
and Acceptance dated as of February 17, 2009, among Bank of America, N.A. (as successor by merger to LaSalle Bank National Association),
the Trustee and the Company;

 

WHEREAS, the Company desires and has requested the
Trustee to join the Company in the execution and delivery of this Supplemental Indenture in order to establish and provide for the issuance
by the Company of a series of Securities designated as its 1.037% Notes due 2024 in an initial aggregate principal amount of $600,000,000,
substantially in the form attached hereto as Exhibit A (the “Notes”) on the terms set forth herein;

 

WHEREAS, Section 3.1 of the Base Indenture provides
that a supplemental indenture may be entered into by the Company and the Trustee for such purpose provided certain conditions are met;

 

WHEREAS, the conditions set forth in the Base Indenture
for the execution and delivery of this Supplemental Indenture have been complied with; and

 

WHEREAS, all things necessary to make this Supplemental
Indenture a valid agreement of the Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to,
the Base Indenture have been done;

 

     

     

    

 

NOW, THEREFORE:

 

In consideration of the premises and the purchase
and acceptance of the Notes by the holders thereof, the Company covenants and agrees with the Trustee, for the equal and ratable benefit
of the Holders, that the Indenture is supplemented and amended, to the extent expressed herein, as follows:

 

ARTICLE
I

 

Scope of Supplemental Indenture; General

 

This Supplemental Indenture supplements and, to the
extent inconsistent therewith, replaces the provisions of the Base Indenture, to which provisions reference is hereby made.

 

The changes, modifications and supplements to the
Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes, which
shall initially be in an aggregate principal amount of $600,000,000, the amount of which may be increased pursuant to an Officers’
Certificate in accordance with this Supplemental Indenture, and shall not apply to any other Securities that may be issued under the Indenture
unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements.
Pursuant to this Supplemental Indenture, there is hereby created and designated a series of Securities under the Indenture entitled “1.037%
Notes due 2024.” The Notes shall be in the form of Exhibit A hereto.

 

In the event that the Company shall issue and the
Trustee shall authenticate any Notes issued under this Supplemental Indenture subsequent to the Issue Date (such Notes, “Additional
Securities”), the Company shall use its best efforts to obtain the same “CUSIP” number for such Additional Securities
as is printed on the Notes outstanding at such time; provided, however, that if any Additional Securities issued under this
Supplemental Indenture subsequent to the Issue Date are determined not to be fungible with the Notes issued on the Issue Date for U.S.
federal income tax purposes, the Company will obtain a “CUSIP” number for such Additional Securities that is different than
the “CUSIP” number printed on the Notes issued on the Issue Date. If a different “CUSIP” number is obtained as
contemplated herein, all Notes issued under this Supplemental Indenture and Outstanding shall nonetheless vote and consent together on
all matters as one series of Securities under the Indenture.

 

ARTICLE
II

 

Certain Definitions

 

The following terms have the meanings set forth below
in this Supplemental Indenture. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Base Indenture.
To the extent terms defined herein differ from the Base Indenture, the terms defined herein shall govern.

 

“Assets” of any Person means the
whole or any part of its business, property, assets, cash and receivables.

 

    2 

     

    

 

“Change of Control” means the
occurrence of any of the following: (i) the consummation of any transaction (including any merger or consolidation) the result of
which is that any person becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act)
of shares representing more than 50% of the voting power of the then outstanding Voting Stock of the Company or other Voting Stock into
which the Voting Stock of the Company is reclassified, consolidated, exchanged or changed, (ii) the direct or indirect sale, lease,
transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions,
of all or substantially all of the assets of the Company and the Subsidiaries taken as a whole to any person other than the Company or
one of the Subsidiaries, (iii) the merger or consolidation of the Company with or into any person or the merger or consolidation
of any person with or into the Company, in any such event pursuant to a transaction in which any of the outstanding shares of the Voting
Stock of the Company or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other
than any such transaction in which the shares of Voting Stock of the Company outstanding immediately prior to such transaction constitute,
or are converted into or exchanged for, shares representing more than 50% of the voting power of the Voting Stock of the resulting or
surviving person or any direct or indirect parent company of the resulting or surviving person immediately after giving effect to such
transaction, or (iv) the adoption of a plan providing for the liquidation or dissolution of the Company. Notwithstanding the foregoing,
a transaction will not be deemed to involve a Change of Control under clause (i) above if (a) the Company becomes a direct or indirect
wholly owned subsidiary of a holding company and (b)(x) the direct or indirect holders of the Voting Stock of such holding company
immediately following such transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior
to such transaction or (y) immediately following such transaction no person (other than a holding company satisfying the requirements
of this sentence) is the beneficial owner, directly or indirectly, of shares representing more than 50% of the voting power of the Voting
Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3)
of the Exchange Act.

 

“Change of Control Offer” has
the meaning specified in Section 4.2.

 

“Change of Control Payment” has
the meaning specified in Section 4.2.

 

“Change of Control Payment Date”
has the meaning specified in Section 4.2.

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Rating Event.

 

“Comparable Treasury Issue” means
the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining
term from the Redemption Date to the stated maturity date of the Notes to be redeemed that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Notes to be redeemed (assuming, for this purpose, such Notes mature on the Par Call Date).

 

“Comparable Treasury Price” means
with respect to any Redemption Date for the Notes, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations, (2) if fewer than four such Reference Treasury
Dealer Quotations are obtained, the average of all such Reference Treasury Dealer Quotations, or (3) if only one Reference Treasury
Dealer Quotation is obtained, such Reference Treasury Dealer Quotation, in each case determined by the Quotation Agent.

 

    3 

     

    

 

“Consolidated Capitalization”
means, as of any date of determination, the sum obtained by adding (i) Consolidated Shareholders’ Equity; (ii) Consolidated
Indebtedness (exclusive of any that is due and payable within one year of the date such sum is determined); and, without duplication,
(iii) any preference or preferred stock of the Company or any Consolidated Subsidiary that is subject to mandatory redemption or
sinking fund provisions.

 

“Consolidated Indebtedness” means,
as of any date of determination, total indebtedness as shown on the consolidated balance sheet of the Company and the Consolidated Subsidiaries.

 

“Consolidated Shareholders’ Equity”
means, as of any date of determination, the total Assets of the Company and the Consolidated Subsidiaries less all liabilities of the
Company and its Consolidated Subsidiaries that would, in accordance with generally accepted accounting principles in the United States
(as in effect on the date of this Supplemental Indenture), be classified on a balance sheet as liabilities, including (i) indebtedness
secured by property of the Company or any of the Consolidated Subsidiaries whether or not the Company or such Consolidated Subsidiary
is liable for the payment of such indebtedness unless, in the case that the Company or such Consolidated Subsidiary is not so liable,
such property has not been included among the Assets of the Company or such Consolidated Subsidiary on such balance sheet, (ii) deferred
liabilities and (iii) indebtedness of the Company or any of the Consolidated Subsidiaries that is expressly subordinated in right and
priority of payment to other liabilities of the Company or such Consolidated Subsidiary. As used in this definition, “liabilities”
includes preference or preferred stock of the Company or any Consolidated Subsidiary only to the extent of any such preference or preferred
stock that is subject to mandatory redemption or sinking fund provisions.

 

“Consolidated Subsidiary” means,
at any date, any Subsidiary the financial statements of which under generally accepted accounting principles in the United States (as
in effect on the date of this Supplemental Indenture) would be consolidated with those of the Company in its consolidated financial statements
as of such date.

 

“DTC” means The Depository Trust
Company.

 

“Event of Default” has the meaning
specified in Section 5.1.

 

“Fitch” means Fitch Ratings, Inc.,
and its successors.

 

“Holder” means the Person in whose
name a Note is registered in the books of the Security Registrar for the Notes.

 

“Indebtedness” means (i) all indebtedness,
whether or not represented by bonds, debentures, notes or other securities, incurred, created or assumed by the Company or any Subsidiary
for the repayment of money borrowed, (ii) all indebtedness for money borrowed secured by a lien upon property owned by the Company or
any Subsidiary, regardless of whether the Company or such Subsidiary has assumed or otherwise become liable for the payment of such indebtedness
for money borrowed, and (iii) all indebtedness of others for money borrowed that is guaranteed as to payment of principal or interest
by the Company or any Subsidiary or in effect guaranteed by the Company or such Subsidiary through a contingent agreement to purchase
such indebtedness or through any “keep-well” or similar agreement to be directly or indirectly liable for the repayment of
such indebtedness.

 

    4 

     

    

 

“Investment Grade Rating” means
a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, and the equivalent investment grade credit rating from any replacement rating agency or agencies selected by the Company.

 

“Issue Date” means the date on
which the Notes are originally issued under this Supplemental Indenture.

 

“Moody’s” means Moody’s
Investors Service, Inc., and its successors.

 

“Par Call Date” means February
23, 2022.

 

“Primary Treasury Dealer” has
the meaning assigned to such term in the definition of Reference Treasury Dealer.

 

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

 

“Rating Agencies” means (i) each
of Fitch, Moody’s and S&P and (ii) if any two or more of Fitch, Moody’s or S&P ceases to rate the Notes or fails to
make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical
rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a
Board Resolution) as a replacement agency for Fitch, Moody’s or S&P, as the case may be.

 

“Rating Event” means the rating
of the Notes is lowered by at least two of the Rating Agencies and the Notes are rated below an Investment Grade Rating by at least two
of the Rating Agencies, on any day during the period (which period will be extended so long as the rating of the Notes is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) commencing 60 days prior to the first public notice
of the occurrence of a Change of Control or the intention of the Company to effect a Change of Control and ending 60 days following the
consummation of such Change of Control.

 

“Reference Treasury Dealer” means
each of (i) a Primary Treasury Dealer (as defined below) selected by U.S. Bancorp Investments, Inc. or their respective affiliates or
successors which are primary U.S. Government securities dealers in the United States (a “Primary Treasury Dealer”),
(ii) BMO Capital Markets Corp. and Wells Fargo Securities, LLC and (iii) three other Primary Treasury Dealers appointed by the Company
at the time of any redemption; provided, however, that if any of the foregoing or their affiliates or successors shall cease to be a Primary
Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.

 

    5 

     

    

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the
bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing
to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption
Date.

 

“S&P” means S&P Global
Ratings, a division of S&P Global Inc., and its successors.

 

“Subsidiary” means a corporation,
limited partnership, limited liability company or trust in which more than 50% of the outstanding Voting Stock is owned, directly or indirectly,
by the Company and/or by one or more other Subsidiaries.

 

“Treasury Rate” means, with respect
to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated yield to maturity (on
a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

“Voting Stock” means, with respect
to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, stock, partnership
interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest that ordinarily
(without regard to the occurrence of any contingency) has voting power for the election of directors, managers or trustees of such person,
whether at all times or only so long as no senior class of stock has that voting power by reason of any contingency.

 

“Trustee” means the party named
as such above until a successor replaces such party in accordance with the applicable provisions of the Indenture and thereafter means
the successor serving hereunder.

 

ARTICLE
III

 

The Notes

 

Section 3.1           
Payments of Principal and Interest.

 

The Notes shall bear interest from and including
August 26, 2021, to but excluding the date of Maturity, at the rate of 1.037% per annum. The Notes shall mature at 100% of their principal
amount on August 23, 2024. The Company shall pay interest on the Notes semi-annually on February 23 and August 23 of each year, commencing
February 23, 2022, to the Person in whose name any such Note or any predecessor Note is registered in the Security Register at the close
of business on the February 8 or August 8 preceding such Interest Payment Date (each, a “Regular Record Date”).

 

The Company initially authorizes the Trustee to act
as Paying Agent and Security Registrar for the Notes.

 

    6 

     

    

 

Section 3.2           
Optional Redemption.

 

Subject to the provisions of Article XI of the Base
Indenture, the Notes shall be redeemable at the option of the Company, in whole or in part at any time and from time to time, (i) prior
to the Par Call Date, at a Redemption Price equal to the greater of (a) 100% of the principal amount of the Notes to be redeemed plus
accrued and unpaid interest (if any) to but excluding the Redemption Date and (b) the sum, as determined by the Quotation Agent, of the
present values of the principal amount of the Notes to be redeemed, together with remaining scheduled payments of interest (exclusive
of accrued and unpaid interest (if any) to but excluding the Redemption Date) from the Redemption Date to the Par Call Date, in each case
discounted to the Redemption Date on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury
Rate plus 10 basis points, plus accrued and unpaid interest (if any) on the principal amount of the Notes being redeemed to but excluding
the Redemption Date and (ii) on or after the Par Call Date, at a Redemption Price equal to 100% of the principal amount of the Notes
being redeemed, plus accrued and unpaid interest on the Notes being redeemed to but excluding the Redemption Date.

 

If the Company elects to redeem all or any part of
the Notes, the Company will mail by first-class mail or deliver in accordance with DTC procedures a notice of redemption to each Holder
of the Notes to be redeemed (with a copy to the Trustee) at least 15 days before the Redemption Date. To the extent that the Trustee shall
deliver such notice, the Company will deliver such notice to the Trustee at least 30 days prior to the Redemption Date or such shorter
period as may be reasonably acceptable to the Trustee. If the exact Redemption Price is not known at the time of the mailing or delivery
of such notice of redemption, then such notice of redemption need not specify the exact Redemption Price and, instead, may describe how
the Redemption Price will be calculated. In that case, the Company will notify the Trustee of the Redemption Price with respect to any
redemption promptly after the calculation, and the Trustee will not be responsible for such calculation.

 

Section 3.3           
No Sinking Fund.

 

The Notes shall not be entitled to the benefit of
any sinking fund.

 

Section 3.4           
Book Entry, Delivery and Form.

 

The Notes shall initially be issued in the form
of one or more Global Securities (the “Global Notes”). The Global Notes shall initially be deposited on or about the
Issue Date with, or on behalf of, DTC (the “Depositary”) and registered in the name of Cede & Co., as nominee
of the Depositary.

 

    7 

     

    

 

Section 3.5           
Form of Legend for Global Note.

 

In addition to the legend set forth in Section 2.2
of the Base Indenture, every Global Note authenticated and delivered hereunder shall bear a legend substantially in the following form:

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

Section 3.6           
Defeasance.

 

Article XIII, including Sections 13.2 and 13.3,
of the Base Indenture shall apply to the Notes.

 

Section 3.7           
No Additional Amounts.

 

The Company will not pay any additional amounts on
the Notes to compensate any beneficial owner for any United States tax withheld from payments on the Notes.

 

ARTICLE
IV

 

Covenants

 

Section 4.1           
Limitations on Liens.

 

So long as any Notes are Outstanding, neither the
Company nor any Subsidiary shall mortgage, pledge, grant a security interest in or hypothecate, or permit any mortgage, pledge, security
interest, lien or other encumbrance upon, any capital stock of any Subsidiary now or hereafter owned directly or indirectly by the Company
or any Subsidiary, to secure any Indebtedness without concurrently making effective provision whereby the Outstanding Notes shall (so
long as such other Indebtedness shall be so secured) be equally and ratably secured with any and all such other Indebtedness and any other
indebtedness similarly entitled to be equally and ratably secured; provided, however, that this restriction shall not apply
to, or prevent the creation of:

 

(1)              
any mortgage, pledge, security interest, lien or encumbrance existing on the Issue Date;

 

(2)              
any mortgage, pledge, security interest, lien or encumbrance upon any capital stock created at the time of the acquisition
of such capital stock by the Company or any Subsidiary or within one year after such time to secure all or a portion of the purchase price
for such capital stock;

 

(3)              
any mortgage, pledge, security interest, lien or encumbrance upon any capital stock existing thereon at the time of the
acquisition of such capital stock by the Company or any Subsidiary, whether or not the obligations secured thereby are assumed by the
Company or such Subsidiary, other than any mortgage, pledge, security interest, lien or encumbrance created in connection with or in anticipation
of such acquisition not for the purpose of securing the purchase price for such capital stock;

 

    8 

     

    

 

(4)              
any mortgage, pledge, security interest, lien or encumbrance upon any capital stock to secure or provide for the acquisition,
construction, improvement, expansion or development of property by the Company or any Subsidiary; provided that such mortgage,
pledge, security interest, lien or encumbrance may not extend to or cover any other property of the Company or any Subsidiary that is
not the subject of the related financing;

 

(5)              
any mortgage, pledge, security interest, lien or encumbrance upon any limited liability company interest of Black Hills
Wyoming, LLC (or any of its direct or indirect Subsidiaries); provided that such mortgage, pledge, security interest, lien or encumbrance
may not extend to or cover any other property of the Company or any Subsidiary that is not the subject of such refinancing;

 

(6)              
so long as no additional property of the Company or any Subsidiary is encumbered or made subject to a mortgage, pledge,
security interest, lien or other encumbrance, any mortgage, pledge, security interest, lien or encumbrance granted in connection with
(a) extending, renewing, replacing or refinancing in whole or in part the Indebtedness secured by any mortgage, pledge, security interest,
lien or encumbrance described in the foregoing clauses (1) through (5) or (b) any transaction or series of related transactions involving
separate projects pursuant to which any of the mortgages, pledges, security interests, liens or encumbrances described in the foregoing
clauses (1) through (5) are combined or aggregated; provided, that, for purposes of this subclause (b), all of the Indebtedness
secured by such mortgages, pledges, security interests, liens or encumbrances immediately prior to such transaction or series of related
transactions is repaid in connection therewith; provided further, that, for purposes of this subclause (b), the aggregate amount
of Indebtedness secured by such combined or aggregated mortgages, pledges, security interests, liens or other encumbrances does not exceed
the sum of (x) the aggregate amount of extended, renewed, replaced or refinanced Indebtedness secured by such mortgages, pledges, security
interests, liens or encumbrances outstanding immediately prior to such transaction or series of related transactions and (y) 5% of Consolidated
Capitalization, less the total amount of all Indebtedness then outstanding that has been incurred and secured pursuant to this subclause
(y) in any prior, separate transactions or series of related transactions;

 

(7)              
any mortgage, pledge, security interest, lien or encumbrance upon any capital stock now or hereafter owned by the Company
or any Subsidiary to secure any Indebtedness, which would otherwise be subject to the foregoing restriction and not otherwise permitted
under any of the foregoing clauses (1) through (6), in an aggregate principal amount which, together with the amount of all other such
Indebtedness then outstanding that has been incurred and secured under this clause (7), does not at the time of the creation of such mortgage,
pledge, security interest, lien or encumbrance exceed 5% of Consolidated Capitalization; or

 

    9 

     

    

 

(8)              
any judgment, levy, execution, attachment or other similar lien arising in connection with court proceedings, provided
that:

 

(a)              
the execution or enforcement of each such lien is effectively stayed within 60 days after entry of the corresponding judgment
(or the corresponding judgment has been discharged within such 60-day period) and the claims secured thereby are being contested in good
faith by appropriate proceedings timely commenced and diligently prosecuted;

 

(b)              
the payment of each such lien is covered in full by insurance provided by a third party and the insurance company has not
denied or contested coverage thereof; or

 

(c)              
each such lien is adequately bonded within 60 days of the creation of such lien.

 

In case the Company shall propose to mortgage, pledge,
grant a security interest in or hypothecate any capital stock of any Subsidiary owned directly or indirectly by the Company or any Subsidiary
to secure any Indebtedness, other than as permitted by clauses (1) to (7), inclusive, of this Section 4.1, the Company shall prior thereto
give written notice thereof to the Trustee, and the Company shall prior to or simultaneously with such mortgage, pledge, grant of security
interest or hypothecation, by supplemental indenture executed by the Company and the Trustee (or to the extent legally necessary by another
trustee or an additional or separate trustee), in form satisfactory to the Trustee, effectively secure (for so long as such other Indebtedness
shall be so secured) all the Outstanding Notes equally and ratably with such Indebtedness and with any other indebtedness similarly entitled
to be equally and ratably secured.

 

Section 4.2           
Change of Control.

 

If a Change of Control Triggering Event occurs with
respect to the Notes, each Holder of the Notes shall have the right to require the Company to repurchase all or any part (equal to $2,000
or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes pursuant to the offer described below (a “Change
of Control Offer”) on the terms set forth in this Section 4.2. In a Change of Control Offer, the Company shall offer payment
in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest (if any) on the Notes repurchased,
to but excluding the date of repurchase (the “Change of Control Payment”), subject to the right of Holders of record
on the relevant Record Date to receive interest on the corresponding Interest Payment Date.

 

    10 

     

    

 

Within 30 days following any Change of Control Triggering
Event (unless the Company has previously mailed or delivered a redemption notice with respect to all Outstanding Notes pursuant to Section 3.2
of this Supplemental Indenture) or, at the option of the Company, prior to any Change of Control Triggering Event but after public announcement
of the transaction or transactions that constitute or may constitute the Change of Control, the Company shall mail by first-class mail
or deliver in accordance with DTC procedures a notice to each Holder of the Notes (with a copy to the Trustee), which notice shall:

 

(1)           
describe the circumstances and relevant facts regarding the Change of Control Triggering Event;

 

(2)          
offer to repurchase the Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later
than 60 days following the date such notice is mailed or delivered (the “Change of Control Payment Date”), pursuant
to the procedures required by the Indenture and described in such notice, which offer will constitute the Change of Control Offer; and

 

(3)           
if mailed or delivered prior to the date on which the Change of Control Triggering Event occurs, state that the Change of
Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the applicable Change of Control Payment
Date.

 

On the Change of Control Payment Date, the Company
shall, to the extent lawful:

 

(1)           accept for payment all Notes or portions
of Notes properly tendered pursuant to the applicable Change of Control Offer;

 

(2)          
deposit with the Paying Agent an amount equal to the applicable Change of Control Payment in respect of all Notes or portions
of Notes properly tendered; and

 

(3)          
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions of Notes being repurchased.

 

Holders electing to have any Notes repurchased shall
be required to surrender the Notes, with an appropriate form duly completed, to the Company at the address specified in the notice at
least three Business Days prior to the Change of Control Payment Date. Holders shall be entitled to withdraw their election if the Trustee
or the Company receives, not later than one Business Day prior to the Change of Control Payment Date, a written notice (including by facsimile
or other electronic transmission) setting forth the name of the Holder, the principal amount of the Notes which were delivered for purchase
by the Holder and a statement that such Holder is withdrawing its election to have such Notes purchased.

 

On the Change of Control Payment Date, all Notes
purchased by the Company under this Section 4.2 shall be delivered by the Company to the Trustee for cancellation, and the Company
shall pay the Change of Control Payment to the Holders entitled thereto.

 

Notwithstanding the foregoing provisions of this
Section 4.2, the Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering
Event if a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements for
a Change of Control Offer made by the Company and the third party purchases all Notes properly tendered and not withdrawn under such Change
of Control Offer.

 

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The Company shall comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent such laws and regulations are applicable
in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions
of any securities laws or regulations conflict with the provisions of this Section 4.2, the Company shall comply with the applicable
securities laws and regulations. The Company shall not be deemed to have breached its obligations under this Section 4.2 by virtue
of such compliance.

 

Notwithstanding anything to the contrary contained
in the Base Indenture, the Trustee may enter into a supplemental indenture for the purpose of waiving or modifying the provisions of this
Section 4.2 with respect to the Notes with the written consent of the Holders of a majority in principal amount of the Outstanding
Notes.

 

ARTICLE
V

 

Remedies

 

Section 5.1           
Events of Default.

 

“Event of Default” means, with
respect to any Note, any one or more of the following events (whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body):

 

(a)              
default in the payment of the principal of such Note at its Maturity, or any Change of Control Payment with respect to such
Note on any Change of Control Payment Date;

 

(b)              
default in the payment of any interest upon such Note when it becomes due and payable, and continuance of such default for
a period of 30 days;

 

(c)              
default in the performance, or breach, of any covenant or warranty of the Company in this Supplemental Indenture or the
Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section 5.1 specifically
addressed or which has expressly been included in the Indenture solely for the benefit of one or more series of Securities other than
the Notes), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail,
to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding
Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder (without giving effect to any applicable grace period with respect to such covenant or warranty);

 

    12 

     

    

 

(d)              
the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Company
in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law
or (ii) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property,
or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other
decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(e)              
the commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it
to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal
or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State
law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the making by
it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they
become due, or the taking of corporate action by the Company in furtherance of any such action.

 

References to Section 5.1(5) and 5.1(6) in Section 5.2 of the
Base Indenture shall, for purposes of the Notes, be amended to refer to Sections 5.1(d) and 5.1(e) above.

 

    13 

     

    

 

 

ARTICLE
VI

 

Miscellaneous

Section 6.1           
Governing Law.

 

This Supplemental Indenture and the Notes shall be
governed by and construed in accordance with the laws of the State of New York, without giving effect to such State’s conflicts
of laws principles.

 

Section 6.2           
Ratification of Indenture.

 

Except as expressly modified or amended hereby, the
Indenture continues in full force and effect and is in all respects confirmed, ratified and preserved.

 

Section 6.3           
Trustee.

 

The Trustee makes no representations as to the validity
or sufficiency of this Supplemental Indenture. The statements and recitals herein are deemed to be those of the Company and not of the
Trustee.

 

Delivery of reports, information and documents to
the Trustee with respect to the Notes pursuant to the Indenture is for informational purposes only and its receipt of such reports shall
not constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of the Company’s covenants contained in the Indenture or the Notes (as to which the Trustee
is entitled to rely exclusively on Officers’ Certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing
basis or otherwise, the Company’s compliance with the covenants contained in the Indenture or with respect to any reports or other
documents filed with the Securities and Exchange Commission.

 

Section 6.4           
Counterparts.

 

This Supplemental Indenture may be executed in any
number of counterparts, each of which shall be an original, but such counterparts shall together constitute one and the same instrument.

 

Section 6.5           
Separability.

 

In case any provision in this Supplemental Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall
not in any way be affected or impaired thereby.

 

Section 6.6           
Cancellation.

 

All Notes surrendered for payment, redemption, registration
of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly
canceled by the Trustee in accordance with the Trustee’s customary procedures. The Company may at any time deliver to the Trustee
for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever,
and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Notes previously authenticated
hereunder which the Company has not issued and sold, and all Notes so delivered shall be promptly canceled by the Trustee in accordance
with the Trustee’s customary procedures. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided
in this Section, except as expressly permitted by the Indenture. Evidence of the destruction of any cancelled Notes shall be delivered
to the Company upon its written request.

 

    14 

     

    

 

Section 6.7           
Force Majeure.

 

In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations with respect to the Notes arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or
computer (software and hardware) services; it being understood that the Trustee shall undertake commercially reasonable efforts to resume
performance as soon as practicable under the circumstances.

 

Section 6.8           
U.S.A. Patriot Act.

 

The Company acknowledges that in accordance with
the Customer Identification Program (CIP) requirements under the U.S.A. PATRIOT Act and its implementing regulations, the Trustee in order
to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each
person or legal entity that establishes a relationship or opens an account with the Trustee. The Company hereby agrees that it shall provide
the Trustee with such information as the Trustee may request including, but not limited to, the Company’s name, physical address,
tax identification number and other information that will help the Trustee identify and verify the Company’s identity such as organizational
documents, certificate of good standing, license to do business, or other pertinent identifying information.

 

Section 6.9           
Jury Waiver.

 

Each of the Company and the Trustee irrevocably waives,
to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to the Indenture, this Supplemental Indenture and the Notes, or the transactions contemplated thereby.

 

    15 

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Supplemental Indenture to be duly executed, all as of the date first above written.

 

	 	BLACK HILLS CORPORATION
	 	 	 
	 	 	 
	 	By: 	/s/ Richard W. Kinzley
	 	 	Name: Richard W. Kinzley
	 	 	Title: Senior Vice President and Chief Financial Officer

 

Signature Page to Tenth Supplemental Indenture

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	 	 
	 	By: 	/s/ Patrick T. Giordano
	 	 	Name: Patrick T. Giordano
	 	 	Title: Vice President

 

Signature Page to Tenth Supplemental
Indenture

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

[Face of Security]

 

[If this Security is a Global Note, insert: THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

     

     

    

 

CUSIP No.: 092113AU3

ISIN No.: US092113AU39

	No. R-	 	$	 

 

1.037% Notes due 2024

 

BLACK HILLS CORPORATION

 

BLACK HILLS CORPORATION, a South Dakota corporation
(the “Company”), for value received, hereby promises to pay to __________ or registered assigns the principal sum of
_________ MILLION DOLLARS on August 23, 2024 (the “Stated Maturity Date”), unless earlier redeemed at the option of
the Company as provided herein, and to pay interest thereon from August 26, 2021, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on February 23 and August 23 in each year (each, an “Interest Payment
Date”), commencing February 23, 2022, at the rate of 1.037% per annum, until the principal hereof is paid or duly provided for.
All capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Indenture referred to the
reverse of this Security.

 

The interest payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on the February 8 or August 8 (whether or not a Business Day)
preceding such Interest Payment Date at the office or agency of the Company maintained for such purpose. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Any such interest not so punctually paid or duly provided for shall forthwith cease
to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Security (or one or more Predecessor
Securities) 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 Securities of this series 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 Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the
Indenture.

 

The principal of this Security payable on the Stated
Maturity Date, or the Redemption Price payable on a Redemption Date, if any, or the Change of Control Payment payable on a Change of Control
Payment Date, if any, will be paid against presentation of this Security at the office or agency of the Company maintained for that purpose
in Minneapolis, Minnesota, in such coin or currency of the United States of America as at the time of payment is legal tender for the
payment of public and private debts.

 

    A-2 

     

    

 

Interest payable on this Security on any Interest
Payment Date and on the Stated Maturity Date or any Redemption Date or any Change of Control Payment Date, as the case may be, will include
interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided
for (or from and including August 26, 2021, if no interest has been paid on this Security) to but excluding such Interest Payment Date
or the Stated Maturity Date or Redemption Date or Change of Control Payment Date, as the case may be. If any Interest Payment Date or
the Stated Maturity Date or any Redemption Date or any Change of Control Payment Date falls on a day that is not a Business Day, the payment
due on such date will be paid on the next succeeding Business Day with the same force and effect as if it were paid on the date such payment
was due, and no interest shall accrue on the amount so payable for the period from and after the date such payment was due. “Business
Day” means each Monday, Tuesday, Wednesday, Thursday or Friday which is not a day on which banking institutions in New York,
New York, are authorized or obligated by law or executive order to close.

 

[If this Security is a Global Note, insert: All payments
due in respect of this Security will be made by the Company in immediately available funds.]

 

Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Unless the Certificate of Authentication hereon has
been executed by the Trustee by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit
under the Indenture, or be valid or obligatory for any purpose.

 

    A-3 

     

    

 

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

 

	Dated:	 	 
	 	 	 
	 	BLACK HILLS CORPORATION
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

	Attest:	 	 
	 	 	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    A-4 

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities
of the series designated herein referred to in the within-mentioned Indenture.

 

	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    A-5 

     

    

 

[Reverse of Security]

 

BLACK HILLS CORPORATION

 

1.037% Notes due 2024

 

This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an
Indenture dated as of May 21, 2003 (the “Base Indenture”), as supplemented by the First Supplemental Indenture dated
as of May 21, 2003, the Second Supplemental Indenture dated as of May 14, 2009, the Third Supplemental Indenture dated as of July
16, 2010, the Fourth Supplemental Indenture dated as of November 19, 2013, the Fifth Supplemental Indenture dated as of January 13,
2016, the Sixth Supplemental Indenture dated as of August 19, 2016, the Seventh Supplemental Indenture dated as of August 17, 2018, the
Eighth Supplemental Indenture dated as of October 3, 2019, the Ninth Supplemental Indenture dated as of June 17, 2020 and the Tenth Supplemental
Indenture dated as of August 26, 2021 (as so supplemented, herein called the “Indenture”), each between the Company
and Wells Fargo Bank, National Association ( as successor to LaSalle Bank National Association), as trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture with respect to the series of which this Security is a part), to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are,
and are to be, authenticated and delivered. The aggregate principal amount of the Securities of this series to be issued is initially
limited to $600,000,000 (except for Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Securities),
which amount may be increased pursuant to an Officers’ Certificate in accordance with the Tenth Supplemental Indenture referred
to above. To the extent any provision of this Security conflicts with the express provisions of the Base Indenture or the Tenth Supplemental
Indenture thereto, the provisions of the Base Indenture or the Tenth Supplemental Indenture thereto (as applicable) shall govern and be
controlling.

 

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

 

The Securities of this series are subject to redemption,
at the option of the Company, in whole or in part at any time and from time to time (i) prior to February 23, 2022 at a redemption
price equal to the greater of (a) 100% of the principal amount of the Securities of this series to be redeemed plus accrued and unpaid
interest (if any) to the Redemption Date and (b) the sum, as determined by the Quotation Agent, of the present values of the principal
amount of the Securities of this series to be redeemed, together with remaining scheduled payments of interest (exclusive of accrued and
unpaid interest (if any) to but excluding the Redemption Date) from the Redemption Date to February 23, 2022, in each case discounted
to the Redemption Date on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate plus 10 basis
points, plus accrued and unpaid interest (if any) on the principal amount of the Securities of this series being redeemed to but excluding
the Redemption Date, and (ii) on or after February 23, 2022, at a Redemption Price equal to 100% of the principal amount of the Securities
of this series to be redeemed plus accrued and unpaid interest (if any) to but excluding the Redemption Date.

 

    A-6 

     

    

 

If the Company elects to redeem all or any part of
the Securities of this series, the Company will mail by first-class mail or deliver in accordance with DTC procedures a notice of redemption
to each Holder of the Securities to be redeemed (with a copy to the Trustee) at least 15 days before the Redemption Date. To the extent
that the Trustee shall deliver such notice, the Company will deliver such notice to Trustee at least 30 days prior to the Redemption Date
or such shorter period as may be reasonably acceptable to the Trustee.

 

In the event of redemption of this Security in part
only, a new Security or Securities of this series for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon
the cancellation hereof.

 

If a Change of Control Triggering Event occurs with
respect to the Securities of this series, each Holder of the Securities of this series will have the right to require the Company to repurchase
all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Securities of this series
in cash at a repurchase price equal to 101% of the aggregate principal amount of the Securities of this series repurchased, plus accrued
and unpaid interest (if any) on the Securities of this series repurchased, to but excluding the date of repurchase, subject to the right
of the Holders of record on the relevant Record Date to receive interest on the corresponding Interest Payment Date, all as provided in
the Indenture.

 

Article XIII, including Sections 13.1 and 13.2, of
the Base Indenture will apply to the Securities of this series.

 

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 Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority
of the aggregate principal amount of each series of Securities issued under the Indenture at the time Outstanding and affected thereby.
The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding
Securities of any series, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions
of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount,
in certain instances, of the Outstanding Securities of any series to waive, on behalf of all of the Holders of Securities of such series,
certain past defaults under the Indenture and their consequences.

 

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 the Redemption Price and Change of Control Payment, if any) and interest on this Security at the times, places and
rate, and in the coin or currency, herein prescribed.

 

    A-7 

     

    

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register of the Company upon surrender of
this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and the Redemption
Price and Change of Control Payment, if any) and interest on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney
duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

As provided in the Indenture and subject to certain
limitations therein set forth, this Security is exchangeable for a like aggregate principal amount of Securities of different authorized
denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same.

 

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 Security 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 Security is
registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

 

The Securities of this series are issuable only in
registered form without coupons in denominations of $2,000 and integral multiples of $1,000.

 

No recourse shall be had for the payment of the principal
of or the Redemption Price or Change of Control Payment, if any, 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 or any indenture supplemental thereto, against any incorporator, stockholder,
employee, agent, officer, director or subsidiary, as such, past, present or future, of the Company or of any successor corporation, either
directly or through the Company or any 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 issue hereof, expressly waived and released.

 

The Securities and the Indenture shall be governed
by and construed in accordance with the laws of the State of New York, without giving effect to such State’s conflicts of laws principles.

 

    A-8 

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

 

I or we assign and transfer this Security to

 

	 

 

(Insert assignee’s soc. sec. or tax identification
no.)

 

	 
	 
	 
	 
	 

(Print or type assignee’s
name, address and zip code)

 

and irrevocably appoint ______________________________________ as agent
to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

	 

 

	Date:	 	 

 

	Your Signature:	 

 

(Sign exactly as your name appears on the face of this Security)

 

	Tax Identification No.:	 

 

Signature Guarantee by:

 

		 

 

		By:	 

 

		 	 

 

		Name:	 	 

 

		Title:	 	 

 

Signatures must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.ex_277767.htm

Exhibit 10.1

 

DELAYED DRAW TERM NOTE

 

 

$15,000,000.00         Roanoke, Virginia

August 20, 2021

 

 

FOR VALUE RECEIVED, the undersigned ROANOKE GAS COMPANY ("Borrower") promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank") at its office at MAC: R4046-080, 10 South Jefferson Street, 8th Floor, Roanoke, Virginia 24011 or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of Fifteen Million Dollars ($15,000,000.00), or so much thereof as may be advanced and be outstanding pursuant to the terms of the Credit Agreement, as defined herein, with interest thereon, to be computed on each advance from the date of its disbursement as set forth herein.

 

DEFINITIONS:

 

As used herein, the following terms shall have the meanings set forth after each, and any other term defined in this Note shall have the meaning set forth at the place defined:

 

(a)          “Benchmark Floor” means a rate of interest equal to zero percent (0%).

 

(b)         “Federal Reserve Business Day” means any day that is not a Saturday, Sunday or other day on which the Federal Reserve Bank of New York is closed.

 

(c)         “Interest Period” means a period of one (1) month during which the entire outstanding principal balance of this Note bears interest determined in relation to SOFR Average, with the understanding that (i) the initial Interest Period shall commence on the date this Note is disbursed and shall continue up to, but shall not include, the first day of the immediately following month, subject to the provisions of (iii) below; (ii) thereafter each Interest Period shall commence automatically, without notice to or consent from Borrower, on the first day of each month and shall continue up to, but shall not include, the first day of the immediately following month; (iii) if any Interest Period is scheduled to commence on a day that is not a Federal Reserve Business Day, then such Interest Period shall commence on the next succeeding Federal Reserve Business Day (and the preceding Interest Period shall continue up to, but shall not include, the first day of such Interest Period), unless the result of such extension would be to cause such Interest Period to begin in the next calendar month, in which event such Interest Period shall commence on the immediately preceding Federal Reserve Business Day (and the preceding Interest Period shall continue up to, but shall not include, the first day of such Interest Period); and (iv) if, on the first day of the last Interest Period applicable hereto the remaining term of this Note is less than one (1) month, said Interest Period shall be in effect only until the scheduled maturity date hereof.

 

(d)         “Prime Rate” means at any time the rate of interest most recently announced within Bank at its principal office as its prime rate, with the understanding that the Prime Rate is one of Bank's base rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as Bank may designate; provided, however, that if Prime Rate determined as provided above would be less than zero percent (0%), then Prime Rate shall be deemed to be zero percent (0%).

 

(e)         “SOFR” means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

(f)         “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

(g)         “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

(h)         “SOFR Average” means, for any Interest Period, the rate per annum determined by Bank as the compounded average of SOFR over a rolling calendar day period of thirty (30) days (“30-Day SOFR Average”), for the day (such day, the “SOFR Average Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period as such rate is published by the SOFR Administrator on the SOFR Administrator’s Website; provided, however, that (i) if as of 5:00 p.m. (New York City time) on any SOFR Average Determination Day, such 30-Day SOFR Average has not been published on the SOFR Administrator’s Website and a Benchmark Replacement Date with respect to SOFR Average has not occurred, then SOFR Average will be the 30-Day SOFR Average as published on the SOFR Administrator’s Website for the first preceding U.S. Government Securities Business Day for which such 30-Day SOFR Average was published on the SOFR Administrator’s Website so long as the first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such SOFR Average Determination Day and (ii) if SOFR Average determined as provided above (including pursuant to clause (i) of this proviso) would be less than the Benchmark Floor, then SOFR Average shall be deemed to be the Benchmark Floor.

 

(i)         “U.S. Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association, or any successor thereto, recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

 

INTEREST:

 

(a)         Interest. The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at a fixed rate per annum determined by Bank to be one and twenty hundredths percent (1.20%) above SOFR Average as determined on the first day of each Interest Period. Bank shall be permitted to estimate the amount of accrued interest that is payable at any time hereunder on the applicable invoice provided by Bank to Borrower in respect thereof, in which case Borrower shall pay such estimated amount and Bank shall to the extent necessary, include on the next invoice an adjustment to correct any difference between the amount on the applicable invoice and the amount of interest that actually accrued pursuant to the terms of this Note. Bank is hereby authorized to note the date, principal amount and interest rate applicable to this Note and any payments made thereon on Bank's books and records (either manually or by electronic entry) and/or on any schedule attached to this Note, which notations shall be prima facie evidence of the accuracy of the information noted. Borrower shall reimburse Bank immediately upon demand for any loss or expense (including any loss or expense incurred by reason of the liquidation or redeployment of funds obtained to fund or maintain a SOFR Average borrowing) incurred by Bank as a result of the failure of Borrower to accept or complete a SOFR Average borrowing hereunder after making a request therefor. Any reasonable determination of such amounts by Bank shall be conclusive and binding upon Borrower.

 

(b)         Taxes and Regulatory Costs. Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or to become due hereunder, any and all (i) withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise taxes) imposed by any domestic or foreign governmental authority and related in any manner to SOFR or SOFR Average, and (ii) costs, expenses and liabilities arising from or in connection with reserve percentages prescribed by the Board of Governors of the Federal Reserve System (or any successor) for “Eurocurrency Liabilities” (as defined in Regulation D of the Board of Governors of the Federal Reserve System, as amended), assessment rates imposed by the Federal Deposit Insurance Corporation, or similar requirements or costs imposed by any domestic or foreign governmental authority or resulting from compliance by Bank with any request or directive (whether or not having the force of law) from any central bank or other governmental authority and related in any manner to SOFR or SOFR Average. In determining which of the foregoing are attributable to any SOFR or SOFR Average option available to Borrower hereunder, any reasonable allocation made by Bank among its operations shall be conclusive and binding upon Borrower.

 

(c)         Default Interest. Bank shall have the option in its sole and absolute discretion to have the outstanding principal balance of this Note bear interest at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed) equal to three percent (3.0%) above the rate of interest from time to time applicable to this Note (i) from and after the maturity date of this Note; (ii) from and after the date prior to the maturity date of this Note when all principal owing hereunder becomes due and payable by acceleration or otherwise; and/or (iii) upon the occurrence and during the continuance of any Event of Default.

 

(d)         Inability to Determine Interest Rates; Illegality. Subject to the Benchmark Replacement Provisions below, if Bank determines (any determination of which shall be conclusive and binding on Borrower) that either (i) SOFR Average cannot be determined pursuant to the definition thereof other than as a result of a Benchmark Transition Event (an “Inability Determination”) or (ii) any law has made it unlawful, or that any governmental authority has asserted that it is unlawful, for Bank to make or maintain an advance based on SOFR or SOFR Average, or to determine or charge interest rates based upon SOFR or SOFR Average (an “Illegality Determination”), then Bank will so notify Borrower. The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at a fluctuating rate per annum determined by Bank to be equal to the Prime Rate in effect from time to time, from the date of an Inability Determination or an Illegality Determination until Bank revokes such Inability Determination or notifies Borrower that the circumstances giving rise to such Illegality Determination no longer exist, as applicable; provided, however, that no such determination of interest shall take effect during any applicable Interest Period as a result of an Inability Determination. When interest is determined in relation to the Prime Rate, each change in the rate of interest hereunder shall become effective on the date each Prime Rate change is announced within Bank. Notwithstanding any of the foregoing to the contrary, if a Benchmark Replacement is subsequently determined in accordance with applicable Benchmark Replacement Provisions, that Benchmark Replacement, plus any applicable margin, will become effective on the Benchmark Replacement Date and will then supersede the Prime Rate and margin determined in accordance with this provision.

 

 

BENCHMARK REPLACEMENT PROVISIONS:

 

Notwithstanding anything to the contrary contained in this Note or in any related loan document (for the purposes of these Benchmark Replacement Provisions, a swap agreement by and between Borrower and Bank or any of its affiliates is not a loan document):

 

(a)         Benchmark Replacement. If a Benchmark Transition Event occurs, the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes under this Note or under any related loan document. Any Benchmark Replacement will become effective on the applicable Benchmark Replacement Date without any further action or consent of Borrower.

 

(b)         Benchmark Replacement Conforming Changes. Bank will have the right to make Benchmark Replacement Conforming Changes from time to time and any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of Borrower.

 

(c)         Notices; Standards for Decisions and Determinations. Bank will promptly notify Borrower of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Bank pursuant to these Benchmark Replacement Provisions, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and will be made in its sole discretion and without Borrower consent.

 

(d)         Certain Defined Terms. As used in this Note, each of the following capitalized terms has the meaning given to such term below:

 

(i)         “Benchmark” means, initially, SOFR Average; provided, however, that if a Benchmark Transition Event has occurred with respect to SOFR Average or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has become effective pursuant to the provisions of this Note.

 

(ii)         “Benchmark Administrator” means, initially, the SOFR Administrator or any successor administrator of the then-current Benchmark or any insolvency or resolution official with authority over such administrator.

 

(iii)         “Benchmark Replacement” means the sum of: (A) the alternate rate of interest that has been selected by Bank as the replacement for the then-current Benchmark; and (B) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Bank, in each case, giving due consideration to (x) any selection or recommendation by the Relevant Governmental Body at such time for a replacement rate, the mechanism for determining such a rate, the methodology or conventions applicable to such rate, or the spread adjustment, or method for calculating or determining such spread adjustment, for such rate, or (y) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the then-current Benchmark, the methodology or conventions applicable to such rate, or the spread adjustment, or method for calculating or determining such spread adjustment, for such alternate rate for U.S. dollar-denominated syndicated or bilateral credit facilities at such time; provided, however, that if the Benchmark Replacement as determined as provided above would be less than the Benchmark Floor, then the Benchmark Replacement shall be deemed to be the Benchmark Floor, subject to any other applicable floor rate provision.

 

(iv)         “Benchmark Replacement Conforming Changes” means any technical, administrative or operational changes (including, without limitation, changes to the definition of “U.S. Government Securities Business Day,” the definition of “Interest Period,” the timing and frequency of determining rates and making payments of interest, prepayment provisions and other technical, administrative or operational matters) that Bank decides may be appropriate to reflect the adoption and implementation of a Benchmark Replacement and to permit the administration thereof by Bank.

 

(v)         “Benchmark Replacement Date” means the date specified by Bank in a notice to Borrower following a Benchmark Transition Event.

 

(vi)         “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark: a public statement or publication of information by or on behalf of the Benchmark Administrator or a regulatory supervisor for the Benchmark Administrator announcing that (A) the Benchmark Administrator has ceased or will cease to provide the Benchmark permanently or indefinitely or (B) the Benchmark is no longer, or as of a specified future date will no longer be, representative of underlying markets.

 

(vii)         “Relevant Governmental Body” means the Board of Governors of the Federal Reserve System and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System and/or the Federal Reserve Bank of New York or any successor thereto.

 

BORROWING AND REPAYMENT:

 

(a) Disbursement. Borrower may draw some or all of the amount of $15,000,000.00 in one advance hereunder, such advance will be made on a Federal Reserve Business Day provided that no Event of Default (as defined in the Credit Agreement) has occurred and is then continuing, and no act, condition or event then exists which with the giving of notice or the passage of time or both would constitute an Event of Default. Borrower shall request the advance in writing, not later than 11:00 a.m. in the time zone of the city referenced on the first page of this Note above the Note date on a Federal Reserve Business Day at least two (2) Federal Reserve Business Days prior to the Federal Reserve Business Day on which such advance is requested to be made. Bank’s commitment to make such advance hereunder shall terminate on October 1, 2021.

 

(b) Payment of Interest. Interest accrued on this Note shall be payable on the first day of each month, commencing the month immediately following the month in which the advance is made under this Note, and on the maturity date set forth below.

 

(c) Repayment. The outstanding principal balance of this Note shall be due and payable in full on August 20, 2026.

 

(d)         Application of Payments. Each payment made on this Note shall be credited first, to any interest then due and second, to the outstanding principal balance hereof.

 

PAYMENTS:

 

If any payment of principal or interest to be made pursuant to this Note, other than a prepayment or a payment due on the maturity date of this Note, shall fall due on a day that is not a Federal Reserve Business Day, payment shall be made on the next succeeding Federal Reserve Business Day, except that, if such next succeeding Federal Reserve Business Day would fall in the next calendar month, such payment shall be made on the immediately preceding Federal Reserve Business Day. Any extension or contraction of time shall be reflected in computing interest or fees, as the case may be.

 

PREPAYMENT:

 

(a)         Prepayment. Borrower may prepay principal on this Note in the minimum amount of One Hundred Thousand Dollars ($100,000.00); provided however, that if the outstanding principal balance of this Note is less than said amount, the minimum prepayment amount shall be the entire outstanding principal balance hereof. In consideration of Bank providing this prepayment option to Borrower, or if this Note shall become due and payable at any time prior to the last day of any Interest Period by acceleration or otherwise, Borrower shall pay to Bank immediately upon demand a fee which is the amount, if any, by which (i) exceeds (ii) below:

 

(i)         The amount of interest that would have accrued on the amount prepaid at the interest rate applicable to such amount had it remained outstanding until the last day of the Interest Period applicable thereto.

 

(ii)         The amount of interest that would have accrued on the amount prepaid at the SOFR Average (without adding any spread or margin specified in part (a) under the “INTEREST” section of this Note) that would have been applicable to such amount had this Note been disbursed on the repayment date and remained outstanding until the last day of the Interest Period applicable thereto.

 

Borrower acknowledges that prepayment of such amount may result in Bank incurring additional costs, expenses and/or liabilities, and that it is difficult to ascertain the full extent of such costs, expenses and/or liabilities. Borrower, therefore, agrees to pay the above-described prepayment fee and agrees that said amount represents a reasonable estimate of the prepayment costs, expenses and/or liabilities of Bank. If Borrower fails to pay any prepayment fee when due, the amount of such prepayment fee shall thereafter bear interest until paid at a rate per annum two percent (2.00%) above the Prime Rate in effect from time to time (computed on the basis of a 360-day year, actual days elapsed).

 

(b)         Application of Prepayments. If principal under this Note is payable in more than one installment, then any prepayments of principal shall be applied to the most remote principal installment or installments then unpaid.

 

SWAP AGREEMENT:

 

Borrower understands and acknowledges that (i) any Swap Agreement constitutes an independent agreement between Borrower and Bank and will be unaffected by any repayment, prepayment, acceleration, reduction, increase or change in the terms of this Note, except as otherwise expressly provided in the Swap Agreement, (ii) nothing in this Note shall be construed as a modification of a Swap Agreement or create an obligation to amend a Swap Agreement, (iii) Borrower may incur losses or reductions in benefits related to differences between the economic terms and characteristics of this Note and those of a related Swap Agreement (including, without limitation, differences with respect to maturity dates, payment dates and methods for determining interest rates and differences between borrowings hereunder and the notional amount of a Swap Agreement), and Bank is under no obligation to ensure that there are no differences or that differences will not arise hereafter, including, without limitation, differences between usage hereunder and the notional amount of a Swap Agreement, and (iv) Bank has no obligation to modify, renew or extend the maturity date of this Note to match the maturity date of a Swap Agreement. For the purposes of this Note, “Swap Agreement” means any existing or future swap agreement by and between Borrower and Bank or any of its affiliates.

 

EVENTS OF DEFAULT:

 

This Note is made pursuant to and is subject to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated March 31, 2016, as amended from time to time (the “Credit Agreement”). Any default in the payment or performance of any obligation under this Note, or any defined event of default under the Credit Agreement, shall constitute an “Event of Default” under this Note.

 

MISCELLANEOUS:

 

(a)         Remedies. Upon the sale, transfer, hypothecation, assignment or other encumbrance, whether voluntary, involuntary or by operation of law, of all or any interest in any real property securing this Note, if any, or upon the occurrence of any Event of Default, the holder of this Note, at the holder's option, may declare all sums of principal and interest outstanding hereunder to be immediately due and payable without presentment, demand, notice of nonperformance, notice of protest, protest or notice of dishonor, all of which are expressly waived by Borrower, and the obligation, if any, of the holder to extend any further credit hereunder shall immediately cease and terminate. Borrower shall pay to the holder immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys' fees (to include outside counsel fees and all allocated costs of the holder's in-house counsel), expended or incurred by the holder in connection with the enforcement of the holder's rights and/or the collection of any amounts which become due to the holder under this Note whether or not suit is brought, and the prosecution or defense of any action in any way related to this Note, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity.

 

(b)         Collateral Exclusion. No lien or security interest created by or arising under any deed of trust, mortgage, security deed, or similar real estate collateral agreement (“Lien Document”) shall secure the Note Obligations unless such Lien Document specifically describes the promissory note(s), instrument(s) or agreement(s) evidencing Note Obligations as a part of the indebtedness secured thereby. This exclusion shall apply notwithstanding (i) the fact that such Lien Document may appear to secure the Note Obligations by virtue of a cross-collateralization provision or other provisions expanding the scope of the secured obligations, and (ii) whether such Lien Document was entered into prior to, concurrently with, or after the date hereof. As used herein, “Note Obligations” means any obligations under this Note, as amended, extended, renewed, refinanced, supplemented or otherwise modified from time to time, or under any other evidence of indebtedness that has been modified, renewed or extended in whole or in part by this Note, as amended, extended, renewed, refinanced, supplemented or otherwise modified from time to time.

 

(c)         Obligations Joint and Several. Should more than one person or entity sign this Note as a Borrower, the obligations of each such Borrower shall be joint and several.

 

(d)          Governing Law.  This Note shall be governed by and construed in accordance with the laws of Virginia, but giving effect to federal laws applicable to national banks, without reference to the conflicts of law or choice of law principles thereof.

 

(e)         Effective Date. The effective date of this Note shall be the date that Bank has accepted this Note and all conditions to the effectiveness of the Credit Agreement have been fulfilled to Bank’s satisfaction.  Notwithstanding the occurrence of the effective date of this Note, Bank shall not be obligated to extend credit under this Note until all conditions to each extension of credit set forth in the Credit Agreement have been fulfilled to Bank's satisfaction.

 

(f)         Business Purpose. Borrower represents and warrants that all loans evidenced by this Note are for a business, commercial, investment, or other similar purpose and not primarily for a personal, family or household use.

 

IN WITNESS WHEREOF, the undersigned has executed this Note to be effective as of the effective date set forth herein.

 

ROANOKE GAS COMPANY

 

By: /s/ Paul W. Nester

PAUL W. NESTER, PRESIDENT,

CHIEF EXECUTIVE OFFICER

 

 

By: /s/ Lawrence T. Oliver

LAWRENCE T. OLIVER, VICE PRESIDENT,

INTERIM CHIEF FINANCIAL OFFICER, TREASURER,

CORPORATE SECRETARY

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