Document:

Exhibit 10.3

 

RESTRICTED STOCK AWARD AGREEMENT

 

This Restricted Stock
Award Agreement (this “Agreement”) is entered into this 2nd day of January, 2019 (the “Grant Date”),
by and between ARC Group, Inc., a Nevada corporation (the “Company”), and Seenu G. Kasturi (the “Executive”).

 

WHEREAS, the Company
and the Executive are parties to that certain amended and restated employment agreement, dated January 2, 2019, by and between
the Company and the Executive (the “Employment Agreement”); and

 

WHEREAS, under the
terms of the Employment Agreement, the Company agreed to issue a restricted stock award to the Executive; and

 

WHEREAS, the Company
and the Executive wish to enter into this Agreement in accordance with the terms of the Employment Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing, the agreement set forth below and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as follows:

 

1.       Grant
of Restricted Shares. The Company hereby grants to the Executive 390,000 shares (the “Restricted Shares”) of common
stock, $.01 par value per share (“Common Stock”), of the Company on the terms and subject to the conditions set forth
herein.

 

2.       Vesting
of Restricted Shares. The Restricted Shares shall vest (“Vested Shares”) in accordance with the following schedule:

 

(i)130,000
shares on March 31, 2019;

 

(ii)130,000
shares on March 31, 2020; and

 

(iii)  130,000
shares on March 31, 2021.

 

3.       Escrow
of Restricted Shares.

 

(a)       Deposit.
A certificate representing the Restricted Shares shall be issued in the name of the Executive upon the execution of this Agreement
by the Company and the Executive and shall be escrowed with the Secretary of the Company subject to removal of the restrictions
placed thereon or forfeiture pursuant to the terms of this Agreement. Each deposited certificate shall be accompanied by a duly
executed Stock Power (endorsed in blank) in the form attached hereto as Exhibit A. The deposited certificates, together
with any other assets or securities that may be deposited from time to time with the Company pursuant to this Agreement, shall
remain in escrow until such time or times as the certificates (or other assets or securities) are to be released or otherwise surrendered
for cancellation in accordance with the terms of this Agreement. Upon delivery of the certificates to the Company, the Executive
shall be issued an instrument of deposit acknowledging the number of Restricted Shares delivered in escrow to the Secretary of
the Company.

 

     

     

    

 

(b)       Release
or Surrender. The Restricted Shares, together with any other assets or securities held in escrow hereunder, shall be subject
to the following terms and conditions relating to their release from escrow or their surrender to the Company for repurchase and/or
cancellation:

 

(i)   Upon any
Restricted Shares becoming Vested Shares, all restrictions shall be removed from the certificates representing such Restricted
Shares and the Secretary of the Company shall deliver to the Executive certificates representing such Vested Shares free and clear
of all restrictions (except for any applicable securities law restrictions) within 10 business days following the date such Restricted
Shares became Vested Shares.

 

(ii)  Upon the
Executive’s termination of employment with the Company pursuant to Section 6, any Restricted Shares that are Vested Shares
on the date of termination, and any Restricted Shares that become Vested Shares as a result of such termination, shall be released
from escrow and delivered to the Executive within 10 business days following the date such Restricted Shares became Vested Shares.
All Restricted Shares that have not become Vested Shares shall be forfeited by the Executive in the manner set forth in Section
3(b)(iii).

 

(iii)   Should the Executive forfeit any Restricted Shares pursuant to Section
6, then the escrowed certificates for such forfeited Restricted Shares shall be surrendered to the Company for cancellation concurrently
with such forfeiture. Upon such forfeiture, the Executive shall cease to have any further rights or claims with respect to such
forfeited Restricted Shares. To facilitate the performance or observance by the Executive of this Section 3(b)(iii), the
Executive hereby irrevocably appoints (which appointment is coupled with an interest) the Secretary of the Company as the attorney-in-fact
of the Executive to transfer any Restricted Shares so forfeited to the Company, and the Executive agrees that the transfer of stock
certificates with respect to such forfeited Restricted Shares shall be specifically performable by the Company in a court of equity
or law.

 

4.       Stockholder
Rights. Unless and until such time as the Restricted Shares are forfeited by the Executive pursuant to Section 3, the Executive
shall have all of the rights of a stockholder, including voting and dividend rights, with respect to the Restricted Shares, including
the Restricted Shares held in escrow under Section 3, subject, however, to the transfer restrictions set forth in Section 5. Notwithstanding
the foregoing, any cash dividends declared and paid by the Company with respect to the Restricted Shares shall be paid directly
to the Executive and shall not be held in escrow or subject to forfeiture hereunder.

 

5.       Restrictions
on Transfer.

 

(a)The Restricted
Shares may not be resold, pledged as security or otherwise transferred, assigned or encumbered by the Executive prior to the date
such Restricted Shares are no longer subject to forfeiture, unless specifically agreed to in writing by the Company.

 

(b)The Executive
hereby agrees that the Executive shall make no disposition of the Restricted Shares unless and until:

 

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(i)The forfeiture
restrictions applicable to such Restricted Shares have lapsed;

 

(ii)The Executive
shall have notified the Company of the proposed disposition, unless there is then in effect a registration
statement under the Securities Act of 1933, as amended (the “Securities Act”) covering such proposed disposition and
such disposition is made in accordance with such registration statement; and

 

(ii)The
Executive shall have complied with all requirements of this Agreement applicable to the disposition of the Restricted Shares
(including the requirements of any applicable securities laws).

 

(c)The Company
shall not be required to (i) transfer on its books any Restricted Shares that have been sold or transferred in violation of the
provisions of this Section 5, or (ii) treat as the owner of the Restricted Shares, or otherwise accord voting or dividend rights
to, any transferee to whom the Restricted Shares have been transferred in contravention of this Agreement. References herein to
the Executive shall include, where applicable, a permitted transferee.

 

6.       Termination
of Employment.

 

(a)       Forfeiture
by Death or Disability, for “Cause,” or by Voluntary Termination. If the Executive’s employment by the Company
terminates by reason of death or Disability as such term is defined in Section 4(b) of the Employment Agreement, or if the Company
terminates the Executive’s employment for “Cause” as such term is defined in Section 4(c) of the Employment Agreement,
or if the Executive terminates his own employment with the Company, all Restricted Shares that have not become Vested Shares shall
be forfeited to the Company. The Company’s board of directors shall have sole authority and discretion to determine whether
the Executive’s employment or services has been terminated by reason of Disability or for “Cause.” 

 

(b)       Termination
Without Cause. If the Executive’s employment by the Company is terminated by the Company without “Cause”
as such term is defined in Section 4(c) of the Employment Agreement, then all Restricted Shares shall immediately become Vested
Shares. 

 

7.       Adjustments
for Changes in Common Stock and Certain Other Events.

 

(a)       Changes
in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares,
reclassification of shares, spin-off or other similar change in capitalization or event, or any distribution to holders of shares
of Common Stock other than an ordinary cash dividend, the number and class of securities available under this Agreement shall be
adjusted appropriately by the Company to the extent the Company’s board of directors shall determine, in good faith, that
such an adjustment or substitution is necessary or appropriate. Any adjustment under this Section 7(a) shall become effective at
the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend,
or in the event that no record date is fixed, upon the making of such dividend. If this Section 7(a) applies to an event and Section
7(c) also applies to the event, Section 7(c) shall be applicable to the event, and this Section 7(a) shall not be applicable to
the event.

 

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(b)       Liquidation
or Dissolution. In the event the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company
or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, the Company’s
board of directors shall provide that all restrictions and conditions contained herein that are then outstanding shall automatically
be deemed terminated or satisfied immediately prior to the consummation of such liquidation or dissolution.

 

(c)Reorganization
Event or Change in Control Event. Upon the occurrence of a Reorganization Event (as defined below) that is not a Change in
Control Event (as defined below), this Agreement shall be assumed by the acquiring or succeeding entity (or an affiliate thereof)
and shall apply to the cash, securities or other property that the Common Stock was converted into or exchanged for pursuant to
such Reorganization Event in the same manner and to the same extent as they applied to the Common Stock subject to this Agreement.
Upon the occurrence of a Change in Control Event (regardless of whether such event also constitutes a Reorganization Event), all
restrictions and conditions on any Restricted Shares then outstanding shall automatically be deemed terminated or satisfied in
full, as applicable, immediately prior to the consummation of the Change in Control Event. For the purposes of this Section 7,
“Reorganization Event” and “Change in Control Event” shall have the meanings ascribed to such terms in
the Company’s 2014 Stock Incentive Plan adopted by the Company’s board of directors on June 16, 2014.

 

8.       Investment
Representation. The Executive hereby acknowledges that the Restricted Shares are being acquired for the Executive’s own
account for investment purposes only and not with a view to, or with any present intention of, distributing or reselling any of
such Restricted Shares. The Executive acknowledges and agrees that the Restricted Shares have not been registered under the Securities
Act or under any state securities laws, and that the Restricted Shares may not be, directly or indirectly, sold, transferred, offered
for sale, pledged, hypothecated or otherwise disposed of without registration under the Securities Act and registration or qualification
under applicable state securities laws, except pursuant to an available exemption from such registration or qualification. The
Executive also acknowledges and agrees that neither the Securities and Exchange Commission (“SEC”) nor any securities
commission or other governmental authority has: (i) approved the transfer of the Restricted Shares or passed upon or endorsed the
merits of the transfer of the Restricted Shares; or (ii) confirmed the accuracy of, determined the adequacy of, or reviewed this
Agreement. The Executive has such knowledge, sophistication and experience in financial, tax and business matters in general, and
investments in securities in particular, that it is capable of evaluating the merits and risks of this investment in the Restricted
Shares, and the Executive has made such investigations in connection herewith as it deemed necessary or desirable so as to make
an informed investment decision without relying upon the Company for legal or tax advice related to this investment.

 

9.       Restrictive
Legend. The certificates evidencing the Restricted Shares to be issued under this Agreement shall have endorsed thereon (except
to the extent that the restrictions described in any such legend are no longer applicable) the following legend, appropriate notations
thereof will be made in the Company’s stock transfer books, and stop transfer instructions reflecting these restrictions
on transfer will be placed with the transfer agent of the Restricted Shares.

 

    	 	4	 

     

    

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES
LAWS. THESE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES
ACT AND REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN AVAILABLE EXEMPTION THEREFROM.
NO TRANSFER OF THE SECURITIES REPRESENTED HEREBY MAY BE MADE IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION UNLESS THERE
SHALL HAVE BEEN DELIVERED TO THE ISSUER A WRITTEN OPINION OF UNITED STATES COUNSEL OF RECOGNIZED STANDING, IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER, TO THE EFFECT THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES
ACT AND REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.

 

THE SECURITIES EVIDENCED BY THIS
CERTIFICATE ARE SUBJECT TO AND TRANSFERABLE ONLY IN ACCORDANCE WITH THAT CERTAIN RESTRICTED STOCK AWARD AGREEMENT DATED JANUARY
2, 2019, BETWEEN THE COMPANY AND THE EXECUTIVE, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. NO TRANSFER
OR PLEDGE OF THE SHARES EVIDENCED HEREBY MAY BE MADE EXCEPT IN ACCORDANCE WITH AND SUBJECT TO THE PROVISIONS OF SAID AGREEMENT.
BY ACCEPTANCE OF THIS CERTIFICATE, ANY HOLDER, TRANSFEREE OR PLEDGEE HEREOF AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF THE
AGREEMENT.

 

10.       Section
83(b) Election. The Executive understands that under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”),
the difference between the purchase price, if any, paid for the Restricted Shares and their fair market value on the date any forfeiture
restrictions applicable to such Restricted Shares lapse will be reportable as ordinary income at that time. The Executive understands
that the Executive may elect to be taxed at the time the Restricted Shares are acquired hereunder to the extent the fair market
value of the Restricted Shares differs from the purchase price, if any, rather than when and as such Restricted Shares cease to
be subject to such forfeiture restrictions, by filing an election under Section 83(b) of the Code with the Internal Revenue Service
within 30 days after the Gant Date. If the fair market value of the Restricted Shares at the Grant Date equals the purchase price
paid (and thus no tax is payable), the election should be made to avoid adverse tax consequences in the future. Executive understands
that failure to make this filing within the 30-day period will result in the recognition of ordinary income by Executive as the
forfeiture restrictions lapse. THE EXECUTIVE ACKNOWLEDGES THAT IT IS THE EXECUTIVE’S SOLE RESPONSIBILITY, AND NOT THE COMPANY’S,
TO FILE A TIMELY ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF THE EXECUTIVE REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO
MAKE THIS FILING ON THE EXECUTIVE’S BEHALF. THE EXECUTIVE IS RELYING SOLELY ON THE EXECUTIVE’S ADVISORS WITH RESPECT
TO THE DECISION AS TO WHETHER OR NOT TO FILE A SECTION 83(b) ELECTION.

 

    	 	5	 

     

    

 

11.       Covenants
of the Company. The Company covenants and agrees that the Restricted Shares have been duly authorized and, when issued and
paid for in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable shares of Common
Stock with no personal liability resulting solely from the ownership of such shares and will be free and clear of all liens, charges,
restrictions, claims and encumbrances imposed by or through the Company.

 

12.       Notices.
All notices hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally, sent by documented
overnight delivery service or, to the extent receipt is confirmed, telecopy, telefax or other electronic transmission service to
the appropriate address or number as set forth below:

 

If to the Company:

 

ARC Group,
Inc.

1409 Kinsley Avenue

Suite 2

Orange Park, FL 32073

Attn: Secretary

 

If to the Executive:

 

To the address
specified for the Executive in the Company’s records.

 

13.       Amendment
and Waiver. This Agreement may not be amended, modified or supplemented except by an instrument or instruments in writing signed
by the party against whom enforcement of any such amendment, modification or supplement is sought. The parties hereto entitled
to the benefits of a term or provision may waive compliance with any obligation, covenant, agreement or condition contained herein.
Any agreement on the part of a party to any such waiver shall be valid only if set forth in an instrument or instruments in writing
signed by the party against whom enforcement of any such waiver is sought. No failure or delay on the part of any party hereto
in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach
of any representation, warranty, covenant or agreement contained herein.

 

14.       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns; provided, however, that no party hereto may assign its rights or delegate its obligations under this Agreement
without the express prior written consent of the other party hereto. Nothing in this Agreement is intended to confer upon any person
not a party hereto (and their successors and assigns) any rights, remedies, obligations or liabilities under or by reason of this
Agreement.

 

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15.       Headings;
Definitions. The section headings contained in this Agreement are inserted for convenience of reference only and will not affect
the meaning or interpretation of this Agreement. All references to sections contained herein mean sections of this Agreement unless
otherwise stated. All capitalized terms defined herein are equally applicable to both the singular and plural forms of such terms.

 

16.       Severability.
If any provision of this Agreement or the application thereof to any person or circumstance is held to be invalid or unenforceable
to any extent, the remainder of this Agreement shall remain in full force and effect and shall be reformed to render this Agreement
valid and enforceable while reflecting to the greatest extent permissible the intent of the parties.

 

17.       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without regard
to the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

 

18.       Counterparts.
This Agreement may be executed and delivered by facsimile in two or more counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same agreement.

 

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intentionally left blank]

 

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IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date written above.

 

	 	ARC GROUP, INC.
	 	 	 
	 	 	 
	 	By: 	/s/ Richard W. Akam
	 	 	Richard W. Akam
	 	 	Chief Operating Officer and Secretary
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	 	 
	 	/s/ Seenu G. Kasturi
	 	Seenu G. Kasturi

 

    	 	8	 

     

    

 

Exhibit A

 

Stock Power

 

FOR VALUE RECEIVED,
___________________________ hereby sells, assigns and transfers unto ARC Group, Inc., a Nevada corporation (the “Company”),
______________________ (_________) shares of the common stock of the Company standing in the name of _______________________ on
the books of the Company represented by Certificate No. __________ herewith and does hereby irrevocably constitute and appoint
the Secretary of the Company attorney-in-fact to transfer the said stock on the books of the within named Company with full power
of substitution and resubstitution in the premises.

 

 

 

	Dated:	 	 	 
	 	 	 	(Signature)
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(Print Name)Exhibit

3(3)(ii), 5(i) and 7(iii)

Exhibit 4.47(a)
ENTERGY TEXAS, INC.
OFFICER’S CERTIFICATE
12-B-9

Establishing the Form and Certain Terms of the 
First Mortgage Bonds, 4.0% Series due March 30, 2029

THIS INSTRUMENT GRANTS A SECURITY INTEREST
BY A UTILITY

THIS INSTRUMENT CONTAINS AFTER-ACQUIRED
PROPERTY PROVISIONS
 
The undersigned, STEVEN C. MCNEAL, VICE PRESIDENT AND TREASURER, an Authorized Officer of Entergy Texas, Inc., a Texas corporation (the “Company”) (all capitalized terms used herein which are not defined herein but are defined in the Indenture referred to below, shall have the meanings specified in such Indenture), pursuant to Board Resolutions dated August 29, 2008 and December 19, 2018 and Sections 201 and 301 of such Indenture, does hereby certify to THE BANK OF NEW YORK MELLON, as trustee (the “Trustee”) under the Indenture, Deed of Trust and Security Agreement of the Company dated as of October 1, 2008 (the “Indenture”) as of January 3, 2019, that:
		
	1.
	The Securities of the ninth series to be issued under the Indenture (the “Bonds”) shall be issued in a series designated “First Mortgage Bonds, 4.0% Series due March 30, 2029”; the Bonds shall be in substantially the form set forth in Exhibit A hereto; the Bonds shall initially be issued in the aggregate principal amount of $300,000,000; however, the aggregate principal amount of Bonds which may be authenticated and delivered under the Indenture is unlimited; and the Bonds issued on the original issue date and any additional Bonds issued thereafter shall be considered one and the same series of Securities under the Indenture; additional Bonds, without limitation as to amount, having substantially the same terms as the Outstanding Bonds (except for the issue date, price to public and, if applicable, the initial interest payment date) may be issued by the Company without notice to or the consent of the existing Holders of the Bonds.

		
	2.
	The Bonds shall mature and the principal shall be due and payable together with all accrued and unpaid interest thereon on March 30, 2029, and the Company shall not have any right to extend the Maturity of the Bonds as contemplated in Section 301(d) of the Indenture;

		
	3.
	The Bonds shall bear interest as provided in the form thereof set forth in Exhibit A hereto; the Interest Payment Dates for the Bonds shall be March 30 and September 30 of each year, commencing March 30, 2019;

		
	4.
	Each installment of interest on the Bonds shall be payable as provided in the form thereof set forth in Exhibit A hereto; the Company shall not have any right to extend any interest payment periods for the Bonds as contemplated in Section 301(e) of the Indenture;

		
	5.
	The principal of, and premium, if any, and each installment of interest on the Bonds shall be payable, and registration of transfers and exchanges in respect of the Bonds may be effected, at the office or agency of the Company in The City of New York and as otherwise provided in the form of Bond set forth in Exhibit A hereto; and notices and demands to or upon the Company in respect of the Bonds may be served at the office or agency of the Company in The City of New York; the Corporate Trust Office of the Trustee will initially be the agency of the Company for such payment, registration of transfers and exchanges and service of notices and demands, and the Company hereby appoints the Trustee as its agent for all such purposes; and the Trustee will initially 

be the Security Registrar and the Paying Agent for the Bonds; provided, however, that the Company reserves the right to change, by one or more Officer’s Certificates, any such office or agency and such agent;

		
	6.
	The Regular Record Dates for the interest payable on any given Interest Payment Date with respect to the Bonds shall be the close of business on the Business Day immediately preceding such Interest Payment Date;

		
	7.
	The Bonds are subject to redemption as provided in the form thereof set forth in Exhibit A hereto;

		
	8.
	No service charge shall be made for the registration of transfer or exchange of the Bonds; provided, however, that the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with the exchange or transfer;

		
	9.
	The Bonds shall be issued initially in global form registered in the name of Cede & Co. (as nominee for The Depository Trust Company (“DTC”)); provided, that the Company reserves the right to provide for another depository, registered as a clearing agency under the Exchange Act, to act as depository for the global Bonds (DTC and any such successor depository, the “Depository”); beneficial interests in Bonds issued in global form may not be exchanged in whole or in part for individual certificated Bonds in definitive form, and no transfer of a global Bond in whole or in part may be registered in the name of any Person other than the Depository or its nominee except that (i) if the Depository (A) has notified the Company that it is unwilling or unable to continue as depository for the global Bonds or (B) has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor depository for such global Bonds has not been appointed by the Company within ninety (90) days after the Company receives such notice or becomes aware of such condition, as the case may be, (ii) the Company executes and delivers to the Trustee an Officer’s Certificate providing that the global Bonds shall be so exchangeable or (iii) there shall have occurred and be continuing an Event of Default with respect to the Bonds, in each case, the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Bonds, will authenticate and deliver Bonds in definitive certificated form in an aggregate principal amount equal to the principal amount of the global Bonds representing such Bonds in exchange for such global Bonds, such definitive Bonds to be registered in the names provided by the Depository; each global Bond (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of the outstanding Bonds to be represented by such global Bond, (ii) shall be registered in the name of the Depository or its nominee, (iii) shall be delivered by the Trustee to the Depository, its nominee, any custodian for the Depository or otherwise pursuant to the Depository’s instruction and (iv) shall bear a legend restricting the transfer of such global Bond to any person other than the Depository or its nominee; none of the Company, the Trustee, any Paying Agent or any Authenticating Agent will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests in a global Bond or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests; the Bonds in global form will contain restrictions on transfer, substantially as described in the form set forth in Exhibit A hereto;

		
	10.
	None of the Trustee, the Security Registrar or the Company shall have any liability for any acts or omissions of the Depository, for any transfers of beneficial interests in the Bonds, for any Depository records of beneficial interests, for any transactions between the Depository and beneficial owners or in respect of any transfers effected by the Depository or by any participant members of the Depository or any beneficial owner of any interest in any Bonds held through any such participant member of the Depository;

		
	11.
	If the Company shall make any deposit of money and/or Eligible Obligations with respect to any Bonds, or any portion of the principal amount thereof, as contemplated by Section 801 of the Indenture, the Company shall not deliver an Officer’s Certificate described in clause (z) in the first paragraph of said Section 801 unless the Company shall also deliver to the Trustee, together with such Officer’s Certificate, either:

(A)    an instrument wherein the Company, notwithstanding the satisfaction and discharge of its indebtedness in respect of such Bonds, shall assume the obligation (which shall be absolute and unconditional) to irrevocably deposit with the Trustee or Paying Agent such additional sums of money, if any, or additional Eligible 

Obligations (meeting the requirements of Section 801), if any, or any combination thereof, at such time or times, as shall be necessary, together with the money and/or Eligible Obligations theretofore so deposited, to pay when due the principal of and premium, if any, and interest due and to become due on such Bonds or portions thereof, all in accordance with and subject to the provisions of said Section 801; provided, however, that such instrument may state that the obligation of the Company to make additional deposits as aforesaid shall be subject to the delivery to the Company by the Trustee of a notice asserting the deficiency accompanied by an opinion of an independent public accountant of nationally recognized standing, selected by the Trustee, showing the calculation thereof; or
(B)    an Opinion of Counsel to the effect that, as a result of a change in law occurring after the date of this certificate, the Holders of such Bonds, or portions of the principal amount thereof, will not recognize income, gain or loss for United States federal income tax purposes as a result of the satisfaction and discharge of the Company’s indebtedness in respect thereof and will be subject to United States federal income tax on the same amounts, at the same times and in the same manner as if such satisfaction and discharge had not been effected;
		
	12.
	The Eligible Obligations with respect to the Bonds shall be Government Obligations;

		
	13.
	The Company reserves the right, without any consent, vote or other action by Holders of the Bonds, or of any subsequent series of Securities, to amend Section 907 of the Original Indenture, as heretofore amended and supplemented, substantially as follows: (a) to change the words “this Indenture” wherever they appear in Section 907 to “this Indenture or the Securities” and (b) to change the words “remedy hereunder” in Section 907 to “remedy under this Indenture or the Securities” (the “Section 907 Amendment”).  Each initial and future Holder of the Bonds, by its acquisition of an interest in such Bonds, irrevocably (a) consents to the Section 907 Amendment without any other or further action by any Holder of such Bonds, and (b) designates the Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such Holder in favor of such amendment at any meeting of Holders, in lieu of any meeting of Holders, in any consent solicitation or otherwise.  After obtaining the consents of the Holders of a majority in aggregate principal amount of the Securities then Outstanding (considered as one class) to the Section 907 Amendment, the Company may make such amendment.  Pursuant to the last paragraph of Section 1302 of the Indenture, (a) the Holders of the Bonds shall be deemed to have consented to the Section 907 Amendment, (b) no Act of such Holders shall be required to evidence such consent and (c) such consent may be counted in the determination of whether or not the Holders of the requisite principal amount of Securities shall have consented to such Section 907 Amendment;

		
	14.
	The Bonds shall have such other terms and provisions as are provided in the form set forth in Exhibit A hereto;

		
	15.
	No Event of Default under the Indenture has occurred or is occurring;

		
	16.
	The undersigned has read all of the covenants and conditions contained in the Indenture, and the definitions in the Indenture relating thereto, relating to the issuance and authentication and delivery of the Bonds and in respect of compliance with which this certificate is made;

		
	17.
	The statements contained in this certificate are based upon the familiarity of the undersigned with the Indenture, the documents accompanying this certificate, and upon discussions by the undersigned with officers and employees of the Company familiar with the matters set forth herein;

		
	18.
	In the opinion of the undersigned, she has made such examination or investigation as is necessary to enable her to express an informed opinion as to whether or not such covenants and conditions have been complied with; and

		
	19.
	In the opinion of the undersigned, such conditions and covenants, and all conditions precedent provided for in the Indenture (including any covenants compliance with which constitutes a condition precedent) relating 

to the authentication and delivery of the Bonds requested in the accompanying Company Order have been complied with.

[Remainder of page intentionally left blank]
    

IN WITNESS WHEREOF, I have executed this Officer’s Certificate as of the date set forth above.
By: /s/ Steven C. McNeal    
Name:    Steven C. McNeal
Title:    Vice President and Treasurer

Exhibit A
[FORM OF BOND]
[Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Entergy Texas, Inc., 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.]

No.  ___    CUSIP No. 29365T AG9
MATURITY DATE: March 30, 2029    PRINCIPAL AMOUNT: ____________
ENTERGY TEXAS, INC.
FIRST MORTGAGE BONDS, 4.0% SERIES DUE MARCH 30, 2029
ENTERGY TEXAS, INC., a corporation duly organized and existing under the laws of the State of Texas (herein referred to as the “Company,” which term includes any successor Person under the Indenture referred to below), for value received, hereby promises to pay to 
or registered assigns, the principal amount specified above on the Maturity Date set forth above and to pay interest on the unpaid principal hereof from and including January 8, 2019 or from and including the most recent interest payment date to which interest has been paid or duly provided for semiannually on March 30 and September 30 of each year, commencing March 30, 2019, and on the Maturity Date (each, an “Interest Payment Date”), at the rate of 4.0% per annum (the “Interest Rate”) to but excluding the date on which the principal hereof is paid or made available for payment. In the event that any Interest Payment Date is not a Business Day (as defined below), 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 such delay) with the same force and effect as if made on the Interest Payment Date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Business Day immediately preceding such Interest Payment Date (each a “Regular Record Date”), except that interest payable at Maturity will be payable to the Person to whom principal shall be paid.  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this 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 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 referred to herein. The Company shall pay interest on such Defaulted Interest (to the extent that payment thereof is enforceable under the applicable law) at the Interest Rate.
Payment of the principal of and premium, if any, and interest at Maturity on this Security shall be made upon presentation of this Security at the office or agency of the Company maintained for that purpose in The City of New York, in the State of New York, 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; provided, however, that, at the option of the Company, interest on this Security (other than interest payable at Maturity) may be paid by check mailed to the address of the person entitled thereto, as such address shall appear on the Security Register, and provided, further, that if such person is a 

securities depositary, such payment may be made by such other means in lieu of check as shall be agreed upon by the Company, the Trustee and such person.
All terms used in this Security not otherwise defined herein which are defined in the Indenture shall have the meanings assigned to them in the Indenture and in the Officer’s Certificate establishing the terms of the Securities of this series (the “Series Officer’s Certificate”).
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, Deed of Trust and Security Agreement dated as of October 1, 2008 (herein, together with any amendments or supplements thereto, called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture, for a statement of the property mortgaged, pledged and held in trust, the nature and extent of the security, the conditions upon which the Lien of the Indenture may be released and to the Indenture, Board Resolutions and Series Officer’s Certificate creating the series designated on the face hereof, 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 acceptance of this Security shall be deemed to constitute the consent and agreement by the Holder thereof to all of the terms and provisions of the Indenture.  This Security is one of the series designated on the face hereof.
Securities of this series shall be redeemable at the option of the Company in whole or in part, upon notice mailed at least 30 days but not more than 60 days prior to the date fixed for redemption (the “Redemption Date”) (i) at any time prior to December 30, 2028, at a price (the “Redemption Price”) equal to the greater of (a) 100% of the principal amount of Securities of this series being redeemed and (b) as determined by the Independent Investment Banker, the sum of (x) the present value of the payment on December 30, 2028 of the principal amount of the Securities of this series being redeemed plus (y) the sum of the present values of the remaining scheduled payments of interest on the Securities of this series being redeemed to December 30, 2028 (excluding the portion of any such interest accrued to the Redemption Date), discounted (for purposes of determining such present values) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 25 basis points, and (ii) at any time on or after December 30, 2028, at the Redemption Price equal to 100% of the principal amount of Securities of this series being redeemed, plus, in each case, accrued and unpaid interest thereon to, but not including, the Redemption Date.

“Adjusted Treasury Rate” means, with respect to any redemption date:

(1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Securities of this series (assuming, for this purpose, that the Securities of this series mature on December 30, 2028), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or

(2) if such release (or any successor release) is not published during the week preceding the calculation date for the Adjusted Treasury Rate or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the redemption date.

“Business Day” means any day other than a Saturday or a Sunday or a day on which banking institutions in The City of New York are authorized or required by law or executive order to remain closed or a day on which the corporate trust office of the Trustee is closed for business.

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities of this series (assuming, for this purpose, that the Securities of this series mature on December 30, 2028) 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 Securities of this series (assuming, for this purpose, that the Securities of this series mature on December 30, 2028).

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of five Reference Treasury Dealer Quotations for such redemption date after excluding the highest and lowest such Reference Treasury Dealer Quotations or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

“Independent Investment Banker” means one of the Reference Treasury Dealers that we appoint to act as the Independent Investment Banker from time to time or, if any of such firms is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.

“Reference Treasury Dealer” means (1) BNP Paribas Securities Corp., Mizuho Securities USA LLC and a Primary Treasury Dealer (as defined below) selected by each of KeyBanc Capital Markets Inc., MUFG Securities Americas Inc. and Scotia Capital (USA) Inc., or in each case, an affiliate thereof, and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer, and (2) any other Primary Treasury Dealer selected by the Independent Investment Banker after consultation with the Company.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m. on the third Business Day preceding such redemption date.

Notice of redemption (other than at the option of the Holder) shall be given by mail to Holders of Securities all as provided in the Indenture.  As provided in the Indenture, notice of redemption at the election of the Company as aforesaid may state that such redemption shall be conditional upon the receipt by the applicable Paying Agent or Agents of money sufficient to pay the principal of and premium, if any, and interest, if any, on this Security on or prior to the date fixed for such redemption; a notice of redemption so conditioned shall be of no force or effect if such money is not so received and, in such event, the Company shall not be required to redeem this Security.

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

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security upon compliance with certain conditions set forth in the Indenture and the Series Officer’s Certificate.

If an Event of Default with respect to 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 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 of this series at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding to be directly affected thereby.  Each initial and future Holder of Securities 

of this series, by its acquisition of an interest in such Securities, irrevocably (a) consents to the Section 907 Amendment as defined in the Series Officer’s Certificate creating this series without any other or further action by any Holder of such Securities, and (b) designates the Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such Holder in favor of such amendment at any meeting of Holders, in lieu of any meeting of Holders, in any consent solicitation or otherwise.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding in respect of which an Event of Default shall have occurred and be continuing shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as the Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of Securities of all series at the time Outstanding in respect of which an Event of Default shall have occurred and be continuing a direction inconsistent with such request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.  The Section 907 Amendment, if adopted, would extend the limitation described in the first sentence of this paragraph to include any proceeding with respect to the Securities and for any remedy thereunder.  

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 any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein and herein set forth, Securities of this series are exchangeable for Securities of this series, of authorized denominations and of like tenor and aggregate principal amount, as requested by the Holder 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.

The Company shall not be required to execute, and the Security Registrar shall not be required to register, the transfer of or exchange of (a) Securities of this series during a period of 15 days immediately preceding the date notice is to be given identifying the serial numbers of the Securities of this series called for redemption, (b) any Security during the 15 days before an Interest Payment Date, or (c) any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

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 absolute 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.

This Security shall be governed by and construed in accordance with the laws of the State of New York (including without limitation Section 5-1401 of the New York General Obligations Law or any successor to such statute), except to the extent that the Trust Indenture Act shall be applicable.

As provided in the Indenture, no recourse shall be had for the payment of the principal of or premium, if any, or interest on any Securities, or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented thereby, or upon any obligation, covenant or agreement under the Indenture, against, and no personal liability whatsoever shall attach to, or be incurred by, any incorporator, shareholder, member, limited partner, officer, manager or director, as such, past, present or future of the Company or of any predecessor or successor of the Company (either directly or through the Company or a predecessor or successor of the Company), whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Indenture and all the Securities are solely corporate obligations and that any such personal liability is hereby expressly waived and released as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the Securities.

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

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
ENTERGY TEXAS, INC.
By:                            
     Name:  
     Title:    

[FORM OF CERTIFICATE OF AUTHENTICATION]
CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
Dated: 
THE BANK OF NEW YORK MELLON, as Trustee
By:                            
Authorized Signatory

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