Document:

Fifth Supplemental Indenture

 Exhibit 4.1 

DOVER CORPORATION 
 AND

 THE BANK OF NEW YORK MELLON, 

as Trustee 
  

 
 FIFTH
SUPPLEMENTAL INDENTURE 
 Dated as of November 3, 2015 

 
  

3.150% Notes due 2025 

 FIFTH SUPPLEMENTAL INDENTURE (as hereinafter defined, the “Fifth Supplemental
Indenture”), dated as of November 3, 2015, between DOVER CORPORATION, a Delaware corporation (the “Company”) and THE BANK OF NEW YORK MELLON (formerly The Bank of New York), a New York banking corporation, as Trustee
(as hereinafter defined, the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Company and Bank One Trust Company, N.A. (as predecessor to JP Morgan Trust Company National Association and The Bank of New York
Mellon, the “Original Trustee”) executed and delivered an Indenture, dated as of February 8, 2001 (the “Indenture”), to provide for the issuance by the Company from time to time of unsecured notes, debentures
or other evidences of indebtedness, to be issued in one or more series as provided in the Indenture; 
 WHEREAS, on February 12, 2001,
pursuant to a Board Resolution, the Company issued a series of its debt securities under the Indenture designated as the “6.50% Notes due February 15, 2011” in the aggregate principal amount of $400,000,000; 

WHEREAS, on October 13, 2005, pursuant to a Board Resolution, the Company issued two series of its debt securities under the Indenture,
designated as the “4.875% Notes due October 15, 2015”, which were issued in the aggregate principal amount of $300,000,000, and as the “5.375% Debentures due October 15, 2035”, which were issued in the aggregate
principal amount of $300,000,000 (together, the “2005 Securities”); 
 WHEREAS, on March 14, 2008, pursuant to a Board
Resolution, the Company issued two series of its debt securities under the Indenture, designated as the “5.45% Notes due March 15, 2018”, which were issued in the aggregate principal amount of $350,000,000, and as the “6.60%
Notes due March 2038”, which were issued in the aggregate principal amount of $250,000,000 (together, the “2008 Securities”); 

WHEREAS, on March 22, 2011, pursuant to a Board Resolution, the Company issued two series of its debt securities under the Indenture,
designated as the “4.300% Notes due 2021”, which were issued in the aggregate principal amount of $450,000,000, and as the “5.375% Notes due 2041”, which were issued in the aggregate principal amount of $350,000,000 (together,
the “2011 Securities”); 
 WHEREAS, on December 2, 2013, pursuant to a Board Resolution, the Company issued one series
of its debt securities under the Indenture, designated as the “2.125% Notes due 2020”, which was issued in the aggregate principal amount of €300,000,000 (the “2013 Securities”); 

WHEREAS, the Company and JP Morgan Trust Company National Association (formerly known as Bank One Trust Company, N.A.) (as then Trustee under
the Indenture) executed and delivered the First Supplemental Indenture, dated as of October 13, 2005 (the “First Supplemental Indenture”), among other things, to establish the form and terms of the 2005 Securities; 

WHEREAS, subsequent to the date of the First Supplemental Indenture, The Bank of New York Mellon acquired the trustee business of the Original
Trustee and succeeded the Original Trustee as the Trustee under the Indenture; 
 WHEREAS, the Company and the Bank of New York Mellon (as
Trustee under the Indenture) executed and delivered the Second Supplemental Indenture, dated as of March 14, 2008 (the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as of February 22, 2011 (the
“Third Supplemental Indenture”) and the Fourth Supplemental Indenture, dated as of December 2, 

  
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2013 (the “Fourth Supplemental Indenture”), among other things, to establish the forms and terms of the 2005 Securities, the 2008 Securities, the 2011 Securities and the 2013
Securities, respectively; 
 WHEREAS, pursuant to Board Resolutions dated August 6, 2015 and October 29, 2015, the Company has
authorized the creation and issuance of an additional and separate series of its debt securities under the Indenture, designated as the “3.150% Notes due 2025”, which are to be issued in the initial aggregate principal amount of
$400,000,000 (the “Notes”); 
 WHEREAS, pursuant to a Board Resolution authorizing the creation and issuance of the Notes,
the Trustee has been designated as the trustee under the Indenture in respect of the Notes; 
 WHEREAS, Section 901 of the Indenture
provides that, without the consent of the Holders, the Company, when authorized by a Board Resolution, may enter into a supplemental indenture with the Trustee, among other matters, to establish the forms or terms of any series as permitted by
Sections 201 and 301 of the Indenture; 
 WHEREAS, the Company desires to establish the forms and terms of the Notes in accordance with
Sections 201 and 301 of the Indenture; 
 WHEREAS, the Company has determined that this Fifth Supplemental Indenture is authorized or
permitted by the Indenture and has delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate pursuant to Section 903 of the Indenture to that effect and an Opinion of Counsel and an Officers’ Certificate pursuant to
Section 102 of the Indenture to the effect that all conditions precedent provided for in the Indenture to the Trustee’s execution and delivery of this Fifth Supplemental Indenture have been complied with; 

WHEREAS, the entering into this Fifth Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the
Indenture, as supplemented by the First Supplemental Indenture, Second Supplemental Indenture, Third Supplemental Indenture and Fourth Supplemental Indenture; 

WHEREAS, the Indenture, as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental
Indenture, the Fourth Supplemental Indenture and this Fifth Supplemental Indenture, is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of the Indenture and shall, to the extent applicable, be
governed by such provisions; and 
 WHEREAS, all things necessary to make this Fifth Supplemental Indenture a valid indenture and agreement
according to its terms have been done. 
 NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 Section 1.1 Definition of Terms. For all purposes of this Fifth Supplemental Indenture, except as otherwise expressly
provided or unless the context requires otherwise: 
 (a) a term defined in the Indenture and not otherwise defined herein has the same
meaning when used in this Fifth Supplemental Indenture; and 

  
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 (b) the following terms have the meanings given to them in this Section 1.1(b) and shall
have the meaning set forth below for purposes of this Fifth Supplemental Indenture and the Indenture as it relates to the Notes created hereby: 

“Additional Notes” shall have the meaning set forth in Section 4.1. 

“Change of Control” means the occurrence of any of the following: (i) the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of which is that any “person” as the term is defined in Section 13(d)(3) of the Exchange Act) (other than the Company or one of its subsidiaries) becomes the
beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified,
consolidated, exchanged or changed, measured by voting power rather than number of shares; (ii) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of
related transactions, of all or substantially all of the Company’s assets and the assets of its subsidiaries, taken as a whole, to one or more Persons (other than the Company or one of its subsidiaries); or (iii) the first day on which a
majority of the members of the Board of Directors are not Continuing Directors. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control if (1) the Company becomes a direct or indirect wholly-owned
subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock
immediately prior to that transaction or (B) immediately following that transaction no Person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the
Voting Stock of such holding company. 
 “Change of Control Offer” shall have the meaning set forth in Section 3.2.

 “Change of Control Payment” shall have the meaning set forth in Section 3.2. 

“Change of Control Payment Date” shall have the meaning set forth in Section 3.2. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event with respect
to the Notes. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as
having an actual or interpolated maturity comparable to the remaining term of the 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 such Notes. 
 “Comparable Treasury Price” means, with respect
to any Redemption Date: (i) the average of the Reference Treasury Dealer Quotations obtained for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations; (ii) if the Company obtains fewer
than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations; or (iii) if only one such Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

  
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 “Continuing Directors” means, as of any date of determination, any member of the
Company’s Board of Directors who: (i) was a member of such Board of Directors on the date the Notes were issued; or (ii) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of
the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee
for election as a director, without objection to such nomination). 
 “Interest Payment Date” shall have the meaning set
forth in Section 2.3(a). 
 “Interest Period” shall have the meaning set forth in Section 2.3(b). 

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

“Moody’s” means Moody’s Investors Service Inc. 

“Notes Maturity Date” shall have the meaning set forth in Section 2.2. 

“Person” shall have the meaning set forth in the Indenture and includes a “person” or “group” as these
terms are used in Section 13(d)(3) of the Exchange Act. 
 “Quotation Agent” means the Reference Treasury Dealer
appointed by the Company. 
 “Rating Agencies” means (i) each of Moody’s and S&P; and (ii) if either of
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 Moody’s or S&P, or both of them, as the case may be. 

“Rating Event” means with respect to the Notes, the rating is lowered by each of the Rating Agencies and the Notes are rated
below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period shall 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) after the earlier of: (i) the occurrence of a Change of Control; and (ii) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided, however, that
a Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of
Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform a Responsible Officer of the Trustee assigned to the Corporate Trust Office
of the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not
the applicable Change of Control has occurred at the time of the Rating Event). 
 “Regular Record Date” means, with
respect to any Interest Payment Date for the Notes, the May 1 or November 1 (whether or not a Business Day) immediately preceding such Interest Payment Date, as applicable. 

  
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 “Redemption Date” means, with respect to any redemption of Notes, the date fixed
for such redemption pursuant to the Indenture and the Notes. 
 “Reference Treasury Dealer” means (1) Citigroup Global
Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government securities dealer in the United States of America (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer, and (2) one other
Primary Treasury Dealer selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, 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
Company by the Reference Treasury Dealer at 3:30 p.m., (New York City time), on the third Business Day preceding such Redemption Date. 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
actual or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price of 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, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

ARTICLE 2 
 GENERAL TERMS
AND CONDITIONS OF THE NOTES 
 Section 2.1 Designation and Principal Amount. The Notes may be issued from time to time upon
written order of the Company for the authentication and delivery of the Notes pursuant to Sections 301 and 302 of the Indenture. There is hereby authorized a series of Notes designated as the “3.150% Notes due 2025”, initially limited in
aggregate principal amount to $400,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 303, 304, 305, 306 or 1107 of the Indenture). 

Section 2.2 Stated Maturity. The date upon which the Notes shall become due and payable at final maturity, together with any
accrued and unpaid interest, is November 15, 2025 (the “Notes Maturity Date”). 
 Section 2.3 Interest.

 (a) The Notes shall bear interest at the rate of 3.150% per annum. The date from which interest shall accrue on the Notes shall be
November 3, 2015. Interest on the Notes shall be payable semi-annually in arrears on May 15 and November 15 of each year (each, an “Interest Payment Date”), commencing May 15, 2016 to the Persons in whose name
the relevant Notes are registered at the close of business on the Regular Record Date for such Interest Payment Date. 

  
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 (b) Interest payable on any Interest Payment Date, the Notes Maturity Date, or, if applicable,
the Redemption Date with respect to the Notes shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the
original issue date of November 3, 2016, if no interest has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest Payment Date, the Notes Maturity Date or, if applicable, the Redemption Date, as the case may
be (each, an “Interest Period”). 
 (c) The amount of interest payable for any full semi-annual Interest Period shall be
computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period for which interest is computed shall be computed on the basis of a 30-day month
and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest
payable on such Interest Payment Date shall be postponed to the next succeeding day which is a Business Day (and no interest on such payment shall accrue for the period from and after such scheduled Interest Payment Date). 

(d) In the event that the Notes Maturity Date or the Redemption Date falls on a day that is not a Business Day, then the related payments of
principal, premium, if any, and interest may be made on the next succeeding day that is a Business Day (and no additional interest shall accumulate on the amount payable for the period from and after the Notes Maturity Date or Redemption Date). 

Section 2.4 Place of Payment and Appointment. Principal of, and interest on, and the Redemption Price (if any), and Change of
Control Payments (if any), in respect of, the Notes shall be payable at the office or agency of the Company maintained for such purposes in New York, New York, which shall initially be the principal office of the Trustee; provided, however, that
payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the security register or by wire transfer to an account appropriately designated by the Person entitled to
payment; and provided that the Company shall pay principal of, premium, if any, and interest on, the Notes in global form registered in the name of or held by The Depository Trust Company or such other Depositary as any officer of the Company may
from time to time designate, or its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the registered Holder of such Notes in global form. Transfer of the Notes shall be registrable,
the Notes shall be exchangeable for Notes of a like aggregate principal amount, and notices and demands to or on the Company in respect of the Notes and the Indenture, as amended and supplemented, may be served at the office or agency of the Company
maintained for such purpose in New York, New York, which shall initially be the Corporate Trust Office of the Trustee in New York, New York. The Security Registrar and Paying Agent for the Notes shall initially be the Trustee. 

Section 2.5 Denominations. The Notes shall be issuable in minimum denominations of $2,000 and integral multiples of $1,000 in
excess thereof. 
 Section 2.6 Defeasance. The Company may elect, at its option at any time, pursuant to Section 1301 of
the Indenture, to have Section 1302 or Section 1303 in the Indenture, or both, apply to the Notes, or any principal amount thereof. 

Section 2.7 Global Notes. The Notes shall be issued initially in the form of a permanent Global Security or Global Securities in
registered form and shall initially be deposited with and registered in the name of a nominee of The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate. Unless and until each such Global
Security is exchanged for the Notes in certificated form, each Global Security may be transferred, in whole but not in part, and any payments on the Notes shall be made only to the Depositary or a nominee of the Depositary, or to a successor
Depositary selected or approved by the Company or to a nominee of such successor Depositary. 

  
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 Section 2.8 Form of the Notes. The form of the Notes and the Trustee’s
Certificate of Authentication to be endorsed thereon shall be substantially in the form attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual or facsimile signature) may approve, such
approval to be conclusively evidenced by their execution thereof. 
 Section 2.9 No Sinking Fund. The Notes shall not be
entitled to the benefit of any sinking fund. 
 ARTICLE 3 

REDEMPTION OF THE NOTES 

Section 3.1 Optional Redemption by Company. Except as otherwise may be specified in this Fifth Supplemental Indenture, the Notes
may be redeemed, in whole, at any time, or in part, from time to time, at the option of the Company as follows: 
 (a) If the Notes are
redeemed before August 15, 2025, the Notes being redeemed shall be redeemed at a Redemption Price equal to the greater of: 
  

	 	(i)	100% of the principal amount of the Notes then outstanding to be redeemed; and 

  

	 	(ii)	the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the Redemption Date), discounted to the
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate, plus 20 basis points (0.20%), 

plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

(b) If the Notes are redeemed on or after August 15, 2025, the Notes shall be redeemed at a Redemption Price equal to 100% of the
principal amount of the Notes then outstanding to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

(c) Installments of interest on the Notes being redeemed that are due and payable on Interest Payment Dates falling on or prior to a
Redemption Date shall be payable on the Interest Payment Date to the Holders as of the close of business on the relevant Regular Record Date. 

(d) If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Trustee pro rata or by lot, but
consistent with any applicable listing standards. In the event of redemption of Notes in part only, a new Note or Notes of like tenor of the unredeemed portion thereof (which shall not be less than the minimum authorized denomination for the Notes)
shall be issued in the name of the Holder thereof upon cancellation thereof. 

  
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 Section 3.2 Change of Control Triggering Event. 

(a) If a Change of Control Triggering Event occurs with respect to the Notes, unless the Company has exercised its option to redeem the Notes
as described above, the Company shall be required to make an offer (the “Change of Control Offer”) to each Holder of the then outstanding Notes, to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in
excess thereof) of that Holder’s Notes on the terms set forth herein and in the Notes. In the Change of Control Offer, the Company shall be required to 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 the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior
to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall mail to Holders of the Notes, and furnish the Trustee with a copy thereof, a notice describing the
transaction that constitutes or may constitute the Change of Control Triggering Event, offering 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 from the date such
notice is mailed (the “Change of Control Payment Date”), setting forth the instructions determined by the Company, consistent with the provisions of this Section 3.2, that a Holder must follow in order to have its Notes
purchased, and stating that a Holder may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” appearing in Exhibit A, or a comparable form, together with any other procedures that a Holder
must follow to accept a Change of Control Offer or effect withdrawal of such acceptance. 
 The notice shall, if mailed prior to the date of
consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

(b) On the Change of Control Payment Date for the Notes, the Company shall, to the extent lawful: 

 

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

  

	 	(ii)	deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and 

 

	 	(iii)	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.

 (c) 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 such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all Notes properly tendered and not withdrawn under
its offer. In addition, the Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an event of default under the Indenture, other than a default in the payment of the Change of Control
Payment upon a Change of Control Triggering Event. 
 (d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange
Act and any other securities laws and regulations thereunder to the extent those 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 such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations
under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 

  
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 ARTICLE 4 

ORIGINAL ISSUE OF THE NOTES 

Section 4.1 Additional Notes. The Notes are initially limited in aggregate principal amount to $400,000,000. Subject to the terms
and conditions contained herein, the Company may from time to time, without the consent of the existing Holders of Notes, increase the principal amount of Notes by creating and issuing additional Notes (the “Additional Notes”)
having the same terms and conditions as the Notes in all respects, except for any differences in the issue date, issue price, interest accrued prior to the issue date of the Additional Notes and, in some cases, the first Interest Payment Date. The
Additional Notes shall be fungible with the Notes for United States federal income tax purposes unless such Additional Notes are issued with a separate CUSIP number. Any Additional Notes, at the Company’s determination and in accordance with
provisions of the Indenture, shall be consolidated with and form a single series with the previously outstanding Notes for all purposes of the Indenture, including, without limitation, for purposes of determining whether the required percentage of
the Holders of record has given approval or consent to an amendment or waiver or joined in directing the Trustee to take certain actions on behalf of all Holders. The aggregate principal amount of any Additional Notes shall be unlimited. 

ARTICLE 5 
 MODIFICATION
AND WAIVER 
 Section 5.1 Supplemental Indentures with Consent of Holders. As set forth in Section 902 of the
Indenture, with the consent of the Holders of a majority in the aggregate principal amount of Securities of each series affected by such supplemental indenture at the time outstanding, the Company and the Trustee may from time to time and at any
time enter into an indenture or indenture supplemental to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture, the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture or this Fifth Supplemental Indenture or for the purpose of modifying in any manner the rights of the Holders of the Securities. 

Section 5.2 Supplemental Indentures Not Requiring Consent of Holders. As set forth in Section 901 of the Indenture, without
the consent of any Holders of any Securities of each series affected by such supplemental indenture at the time outstanding, the Company and Trustee may from time to time and at any time enter into one or more indentures supplemental to the
Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth
Supplemental Indenture or this Fifth Supplemental Indenture, including conforming the text of this Fifth Supplemental Indenture or the Notes to any provision of the “Description of Notes” in the prospectus supplement and accompanying
prospectus pursuant to which the Notes are offered to the public to the extent that such provisions in the “Description of Notes” was intended to be a verbatim recitation of the Fifth Supplemental Indenture or the Notes. 

Section 5.3 Waivers. The holders of a majority in principal amount of the outstanding Notes may waive compliance with certain
restrictive provisions of the Indenture as they relate to the Notes as set forth in the Indenture or this Fifth Supplemental Indenture. The holders of a majority in principal amount of the outstanding Notes may waive any past default under the
Indenture as such default relates to the Notes, except a default in the payment of principal, premium or interest on the Notes and certain covenants and provisions of the Indenture which cannot be amended without the consent of the holder of each
outstanding Note affected. 

  
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 ARTICLE 6 

MISCELLANEOUS 

Section 6.1 Confirmation of Indenture. The Indenture, as heretofore supplemented and as supplemented by this Fifth Supplemental
Indenture, is in all respects ratified and confirmed, and this Fifth Supplemental Indenture shall be deemed part of the Indenture, as heretofore supplemented, in the manner and to the extent herein and therein provided. 

Section 6.2 Responsibility of Recitals, Etc. The recitals herein and in the Notes (except in the Trustee’s certificate of
authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representations as to the validity or the sufficiency of this Fifth Supplemental Indenture
or of the Notes. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

Section 6.3 Concerning the Trustee. The Trustee does not assume any duties, responsibility or liabilities by reason of this Fifth
Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, the Trustee shall have all of the rights, powers, privileges, protections and immunities which it possesses under the Indenture.

 Section 6.4 Consent to Jurisdiction. The Company irrevocably consents and submits to the nonexclusive jurisdiction of any
court of the State of New York or any United States federal court sitting, in each case, in the Borough of Manhattan, City of New York, State of New York, United States of America, and any appellate court from any thereof in any suit, action, or
proceeding that may be brought in connection with the Indenture, this Fifth Supplemental Indenture or the Notes, and waives any immunity from the jurisdiction of such courts. The Company irrevocably waives, to the fullest extent permitted by law,
any objection to any such suit, action or proceeding that may be brought in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. The
Company agrees, to the fullest extent that it may lawfully do so, that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Company, and waives, to the fullest extent permitted by
law, any objection to the enforcement by any competent court in the Company’s jurisdiction of organization of judgments validly obtained in any such court in New York on the basis of such suit, action or proceeding. 

Section 6.5 Governing Law. This Fifth Supplemental Indenture and the Notes shall be governed by, and construed and enforced in
accordance with, the laws of the State of New York. 
 Section 6.6 Severability. In case any one or more of the provisions
contained in this Fifth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, then, to the extent permitted by law, such invalidity, illegality or unenforceability shall not
affect any other provisions of this Fifth Supplemental Indenture, or of the Notes, but this Fifth Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or
therein. 
 Section 6.7 Counterparts. This Fifth Supplemental Indenture may be executed in any number of counterparts each of
which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

  
 10 

 Section 6.8 Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act which is required under such Act to be a part of and govern this Fifth Supplemental Indenture, the latter provision shall control. If any provision of this Fifth Supplemental
Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Fifth Supplemental Indenture, as so modified or excluded, as the case may be. 

Section 6.9 Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the
construction hereof. 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly
executed as of the day and year first written above. 
  

			
	DOVER CORPORATION
		
	  
 By:
	 	  
 /s/ Brad M.
Cerepak

	Name:	 	Brad M. Cerepak
	Title:	 	Senior Vice President and Chief Financial Officer

  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	  
 By:
	 	  
 /s/ Francine
Kincaid

	Name:	 	Francine Kincaid
	Title:	 	Vice President

 [Signature Page to Fifth Supplemental Indenture] 

 EXHIBIT A 

Form of Note 

 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. 

DOVER CORPORATION 
 3.150%
Note due 2025 
  

					
		 	CUSIP:	 	
			
	  
	 	ISIN:	 	  

	 No.        
	 		 	$                

 Dover Corporation, a corporation duly organized and existing under the laws of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                , or registered assigns, the principal sum of
$                 on November 15, 2025 and to pay interest thereon from November 3, 2015, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on May 15 and November 15 in each year, commencing on May 15, 2016, at the rate of 3.150% per annum, until the principal hereof is paid or made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, 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 Regular Record Date for such interest, which shall be the May 1 or November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 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 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 said Indenture. 

Principal of, the Redemption Price (if any), Change of Control Payments (as defined on the reverse hereof, if any), and interest on, this
Security shall be payable at the office or agency of the Company maintained for that purpose in New York, 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; and provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to an account
maintained by the Person entitled thereto as specified in the Security Register; provided, that the Company shall pay principal of (and premium, if any) and interest on this Security in global form registered in the name of or held by The Depository
Trust Company or such other Depositary as any officer of the Company may from time to time designate, or its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the registered Holder
of this Security in global form. 
 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 referred to on
the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Remainder of page left intentionally blank] 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated:                  ,
20     
  

			
	DOVER CORPORATION
		
	  
 By:
	 	 
	Name:	 	
	Title:	 	

  

			
		
	Attest:	 	 
	Name:	 	
	Title:	 	

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

Dated:                  , 20     

THE BANK OF NEW YORK MELLON, as Trustee 
  

			
		
	By:	 	 
		 	Authorized Signatory

 [Reverse of Security] 

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 February 8, 2001 (herein called the “Base Indenture”, between the Company and The Bank of New York Mellon, as Trustee (the “Trustee”, which term includes any
successor trustee under the Base Indenture), as amended and supplemented by the First Supplemental Indenture, dated as of October 13, 2005, between the Company and the Trustee (the “First Supplemental Indenture”), as further amended
and supplemented by the Second Supplemental Indenture, dated as of March 14, 2008, between the Company and the Trustee (the “Second Supplemental Indenture”), as further amended and supplemented by the Third Supplemental Indenture,
dated as of February 22, 2011 between the Company and the Trustee (the “Third Supplemental Indenture”), as further amended and supplemented by the Fourth Supplemental Indenture, dated as of December 2, 2013 between the Company,
the Trustee and The Bank of New York Mellon, London Branch, as paying agent, and as further amended and supplemented by the Fifth Supplemental Indenture, dated as of November 3, 2015 between the Company and the Trustee (the “Fifth
Supplemental Indenture”), (the “Fifth Supplemental Indenture, together with the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture and the Fourth Supplemental Indenture,
the “Indenture”). Reference is hereby made to the Indenture 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. This Security is one of a series designated on the face hereof initially limited in aggregate principal amount to $400,000,000. 

The Securities of this series are subject to redemption upon not less than 30 days’ and not more than 60 days’ notice by mail, as a
whole or in part, at the election of the Company, from time to time. If the Securities of this series are redeemed before the date that is three months prior to the Stated Maturity Date of the Securities of this series, the Securities shall be
redeemed at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Securities then outstanding to be redeemed, and (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the date of redemption on an annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the applicable Treasury Rate plus 20 basis points (0.20%), plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. If the Securities of this series are redeemed on or after
the date that is three months prior to the Stated Maturity Date of the Securities of this series, the Securities may be redeemed at a Redemption Price equal to 100% of the principal amount of the Securities then outstanding to be redeemed, plus
accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. Interest installments whose Stated Maturity is on or prior to such Redemption Date shall be payable to the Holders of such Securities, or one
or more Predecessor Securities, of record at the close of business on the relevant Record Date referred to on the face hereof, all as provided in the Indenture. 

For purposes of the redemption provisions, the following terms are applicable: 

“Comparable Treasury Issue” shall mean the United States Treasury security selected by the Quotation Agent as having an actual or
interpolated maturity comparable to the remaining term of the Securities 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 such Securities. 
 “Comparable Treasury Price” shall mean, with respect to any
Redemption Date: (i) the average of the Reference Treasury Dealer Quotations obtained for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations; (ii) if the Company obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations; or (iii) if only one such Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Reference Treasury Dealer” means: (i) Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce,
Fenner & Smith Incorporated (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in
the United States of America (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer; and (ii) one other Primary Treasury Dealer selected by the Company. 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Company, 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 Company by the
Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 
 “Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to actual or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price of such Redemption Date. 
 If
less than all of the Securities are to be redeemed, the Securities to be redeemed shall be selected by the Trustee pro rata or by lot, but consistent with any applicable listing standards. In the event of redemption of this Security in part only, a
new Security or Securities of this series for the unredeemed portion hereof (which shall not be less than the minimum authorized denomination for the Securities) shall be issued in the name of the Holder hereof upon the cancellation hereof. 

If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Securities as described above, the
Company shall be required to make an offer (the “Change of Control Offer”) to each Holder of the Securities to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s
Securities on the terms set forth herein. In the Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Securities repurchased, plus accrued and unpaid interest, if any, on
the Securities repurchased to the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to the date of the consummation of any
Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall mail to Holders of the Securities, and furnish the Trustee with a copy thereof, a notice describing the
transaction or transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase the Securities on the date specified in the notice, which date shall be no earlier than 30 days and no later than
60 days from the date such notice is mailed (the “Change of Control Payment Date”), setting forth the instructions determined by the Company, consistent with the provisions of Section 3.3 of the Fifth Supplemental Indenture, that
a Holder must follow in order to have its Securities purchased, and stating that a Holder may elect to have such Securities purchased by completing the form entitled “Option of Holder to Elect Purchase” appearing below, or a comparable
form, together with any other procedures that a Holder must follow to accept a Change of Control Offer or effect withdrawal of such acceptance. 

The notice shall, if mailed prior to the date of the consummation of the Change of Control, state that the offer to purchase is conditioned on
the Change of Control Triggering Event occurring on or prior to the payment date specified in the notice. 
 On the Change of Control
Payment Date, the Company shall be required, to the extent lawful: (a) to accept for payment all Securities or portions of Securities properly tendered pursuant to the Change of Control Offer; (b) to deposit with the paying agent an amount
equal to the Change of Control Payment in respect of all Securities or portions of Securities properly tendered; and (c) to deliver or cause to be delivered to the Trustee the Securities properly accepted together with an Officers’
Certificate stating the aggregate principal amount of Securities or portions of Securities being repurchased. 
 The Company shall not be
required to make the Change of Control Offer upon a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third
party purchases all Securities properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Securities if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under
the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 

  
 2 

 The Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities 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 Change of Control Triggering Event provisions of the Securities, the Company shall comply with those securities laws and regulations
and shall not be deemed to have breached its obligations under the Indenture or the Change of Control Offer provisions of the Securities by virtue of any such conflicts. 

For purposes of the Change of Control Offer provisions, the following terms are applicable: 

“Change of Control” means the occurrence of any of the following: (i) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any “person” as the term is defined in Section 13(d)(3) of the Exchange Act) (other than the Company or one of its subsidiaries) becomes the beneficial owner (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or
changed, measured by voting power rather than number of shares; (ii) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or
substantially all of the Company’s assets and the assets of its subsidiaries, taken as a whole, to one or more Persons (other than the Company or one of its subsidiaries); or (iii) the first day on which a majority of the members of the
Board of Directors are not Continuing Directors. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control if (1) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and
(2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or
(B) immediately following that transaction no Person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. 

“Change of Control Triggering Event” means, with respect to the Securities, the occurrence of both a Change of Control and a Rating
Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who:
(i) was a member of such Board of Directors on the date the Securities were issued; or (ii) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director,
without objection to such nomination). 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any additional rating agency or rating agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service Inc. 

“Person” has the meaning set forth in the Indenture and includes a “person” or “group” as these terms are used
in Section 13(d)(3) of the Exchange Act. 
 “Rating Agencies” means (i) each of Moody’s and S&P; and
(ii) if either of Moody’s or S&P ceases to rate the Securities or fails to make a rating of the Securities 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 Moody’s or S&P, or both of them, as the case may be. 

  
 3 

 “Rating Event” means the rating on the Securities is lowered by each of the Rating
Agencies and the Securities are rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period shall be extended so long as the rating of the Securities is under publicly announced
consideration for a possible downgrade by any of the Rating Agencies) after the earlier of: (i) the occurrence of a Change of Control; and (ii) public notice of the occurrence of a Change of Control or the Company’s intention to
effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a
Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform a Responsible
Officer of the Trustee assigned to the Corporate Trust Office of the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in
respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event). 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. 

“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, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person 

The Securities of this series are not entitled to the benefit of any sinking fund. 

The Fifth Supplemental Indenture contains provisions for defeasance and discharge at any time of (i) the entire indebtedness of this
Security or (ii) certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

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 each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the 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 not less than 25% in principal amount of the Securities of this
series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the
Holders of a majority in principal amount of the Securities of this series at the time Outstanding 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. 
 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. 

  
 4 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Security is registrable in the Security Register, 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 any premium 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 his attorney duly authorized in writing, and thereupon one or more
new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, 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. 

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. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 5 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 3.3 of the Fifth Supplemental Indenture, check
the box below: 
  
  ̈

 If you want to elect to have only part of this Security purchased by the Company pursuant to Section 3.3 of the Fifth Supplemental
Indenture, state the amount below. If you tender less than all of your Securities for purchase, you must retain at least $ aggregate principal amount of Securities. 

$              

Date:                      

Your Signature:                      

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

Signature Guarantee:                      

Participant in a recognized Signature Guarantee Medallion Program 

(or other signature guarantor program reasonably acceptable to the Trustee)Exhibit

Exhibit 4(a)

ALLETE, Inc.
(formerly Minnesota Power & Light Company
and formerly Minnesota Power, Inc.)
TO
THE BANK OF NEW YORK MELLON
(formerly The Bank of New York 
(formerly Irving Trust Company))
AND
ANDRES SERRANO
(successor to Richard H. West, J. A. Austin, E. J. McCabe, D. W. May, J. A. Vaughan, W. T. Cunningham, Douglas J. MacInnes, Ming Ryan and Philip L. Watson)
as Trustees under ALLETE, Inc.’s Mortgage and Deed of Trust dated as of September 1, 1945

Thirty-eighth Supplemental Indenture
Providing, among other things, for

First Mortgage Bonds, 2.80% Series due September 15, 2020
(Fifty-fifth Series),
and

First Mortgage Bonds, 3.86% Series due September 16, 2030
(Fifty-sixth Series),

Dated as of September 1, 2015

THIRTY-EIGHTH SUPPLEMENTAL INDENTURE
THIS INDENTURE, dated as of September 1, 2015, by and between ALLETE, Inc. (formerly Minnesota Power & Light Company and formerly Minnesota Power, Inc.), a corporation of the State of Minnesota, whose post office address is 30 West Superior Street, Duluth, Minnesota 55802 (hereinafter sometimes called the “Company”), and The Bank of New York Mellon (formerly The Bank of New York (formerly Irving Trust Company)), a corporation of the State of New York, whose post office address is 101 Barclay Street, New York, New York 10286 (hereinafter sometimes called the “Corporate Trustee”), and Andres Serrano (successor to Richard H. West, J. A. Austin, E. J. McCabe, D. W. May, J. A. Vaughan, W. T. Cunningham, Douglas J. MacInnes, Ming Ryan and Philip L. Watson), whose post office address is c/o The Bank of New York Mellon, 101 Barclay Street, New York, New York 10286 (said Andres Serrano being hereinafter sometimes called the “Co-Trustee” and the Corporate Trustee and the Co-Trustee being hereinafter together sometimes called the “Trustees”), as Trustees under the Mortgage and Deed of Trust, dated as of September 1, 1945, between the Company and Irving Trust Company and Richard H. West, as Trustees, securing bonds issued and to be issued as provided therein (hereinafter sometimes called the “Mortgage”), reference to which Mortgage is hereby made, this indenture (hereinafter sometimes called the “Thirty-eighth Supplemental Indenture”) being supplemental thereto:
WHEREAS, the Mortgage was filed and recorded in various official records in the State of Minnesota; and
WHEREAS, an instrument, dated as of October 16, 1957, was executed and delivered under which J. A. Austin succeeded Richard H. West as Co-Trustee under the Mortgage, and such instrument was filed and recorded in various official records in the State of Minnesota; and
WHEREAS, an instrument, dated as of April 4, 1967, was executed and delivered under which E. J. McCabe in turn succeeded J. A. Austin as Co-Trustee under the Mortgage, and such instrument was filed and recorded in various official records in the State of Minnesota; and
WHEREAS, under the Sixth Supplemental Indenture, dated as of August 1, 1975, to which reference is hereinafter made, D. W. May in turn succeeded E. J. McCabe as Co-Trustee under the Mortgage; and
WHEREAS, an instrument, dated as of June 25, 1984, was executed and delivered under which J. A. Vaughan in turn succeeded D. W. May as Co-Trustee under the Mortgage, and such instrument was filed and recorded in various official records in the State of Minnesota; and
WHEREAS, an instrument, dated as of July 27, 1988, was executed and delivered under which W. T. Cunningham in turn succeeded J. A. Vaughan as Co-Trustee under the Mortgage, and such instrument was filed and recorded in various official records in the State of Minnesota; and
WHEREAS, on May 12, 1998, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of the State of Minnesota changing its name from Minnesota Power & Light Company to Minnesota Power, Inc. effective May 27, 1998; and
WHEREAS, an instrument, dated as of April 15, 1999, was executed and delivered under which Douglas J. MacInnes in turn succeeded W. T. Cunningham as Co-Trustee under the Mortgage, and such instrument was filed and recorded in various official records in the State of Minnesota; and
Whereas, on May 8, 2001, the Company filed Amended and Restated Articles of Incorporation with the Secretary of State of the State of Minnesota changing its name from Minnesota Power, Inc. to ALLETE, Inc.; and
WHEREAS, under the Thirty-second Supplemental Indenture, dated as of August 1, 2010, to which reference is hereinafter made, Ming Ryan in turn succeeded Douglas J. MacInnes as Co-Trustee under the Mortgage; and

WHEREAS, an instrument, dated as of August 1, 2012, was executed and delivered under which Philip L. Watson in turn succeeded Ming Ryan as Co-Trustee under the Mortgage effective at the close of business on August 6, 2012, and such instrument was filed and recorded in various official records in the State of Minnesota; and
WHEREAS, an instrument, dated as of July 31, 2015, was executed and delivered under which Andres Serrano in turn succeeded Philip L. Watson as Co-Trustee under the Mortgage effective at the close of business on July 31, 2015, and such instrument was filed and recorded in various official records in the State of Minnesota; and  
WHEREAS, by the Mortgage the Company covenanted, among other things, that it would execute and deliver such supplemental indenture or indentures and such further instruments and do such further acts as might be necessary or proper to carry out more effectually the purposes of the Mortgage and to make subject to the lien of the Mortgage any property thereafter acquired and intended to be subject to the lien thereof; and
WHEREAS, for said purposes, among others, the Company executed and delivered the following indentures supplemental to the Mortgage:
	
		
	Designation
	Dated as of

	First Supplemental Indenture
	March 1, 1949

	Second Supplemental Indenture
	July 1, 1951

	Third Supplemental Indenture
	March 1, 1957

	Fourth Supplemental Indenture
	January 1, 1968

	Fifth Supplemental Indenture
	April 1, 1971

	Sixth Supplemental Indenture
	August 1, 1975

	Seventh Supplemental Indenture
	September 1, 1976

	Eighth Supplemental Indenture
	September 1, 1977

	Ninth Supplemental Indenture
	April 1, 1978

	Tenth Supplemental Indenture
	August 1, 1978

	Eleventh Supplemental Indenture
	December 1, 1982

	Twelfth Supplemental Indenture
	April 1, 1987

	Thirteenth Supplemental Indenture
	March 1, 1992

	Fourteenth Supplemental Indenture
	June 1, 1992

	Fifteenth Supplemental Indenture
	July 1, 1992

	Sixteenth Supplemental Indenture
	July 1, 1992

	Seventeenth Supplemental Indenture
	February 1, 1993

	Eighteenth Supplemental Indenture
	July 1, 1993

	Nineteenth Supplemental Indenture
	February 1, 1997

	Twentieth Supplemental Indenture
	November 1, 1997

	Twenty-first Supplemental Indenture
	October 1, 2000

	Twenty-second Supplemental Indenture
	July 1, 2003

	Twenty-third Supplemental Indenture
	August 1, 2004

	Twenty-fourth Supplemental Indenture
	March 1, 2005

	Twenty-fifth Supplemental Indenture
	December 1, 2005

	Twenty-sixth Supplemental Indenture
	October 1, 2006

	Twenty-seventh Supplemental Indenture
	February 1, 2008

	Twenty-eighth Supplemental Indenture
	May 1, 2008

	Twenty-ninth Supplemental Indenture
	November 1, 2008

	Thirtieth Supplemental Indenture
	January 1, 2009

	
		
	Designation
	Dated as of

	Thirty-first Supplemental Indenture
	February 1, 2010

	Thirty-second Supplemental Indenture
	August 1, 2010

	Thirty-third Supplemental Indenture
	July 1, 2012

	Thirty-fourth Supplemental Indenture
	April 1, 2013

	Thirty-fifth Supplemental Indenture
	March 1, 2014

	Thirty-sixth Supplemental Indenture
	June 1, 2014

	Thirty-seventh Supplemental Indenture
	September 1, 2014

which supplemental indentures were filed and recorded in various official records in the State of Minnesota; and
WHEREAS, the Company has heretofore issued, in accordance with the provisions of the Mortgage, as heretofore supplemented, the following series of First Mortgage Bonds:
	
				
	Series
	Principal
Amount
  Issued  
	Principal
Amount
Outstanding

	3-1/8% Series due 1975
	$26,000,000
	

	None

	3-1/8% Series due 1979
	4,000,000
	

	None

	3-5/8% Series due 1981
	10,000,000
	

	None

	4-3/4% Series due 1987
	12,000,000
	

	None

	6-1/2% Series due 1998
	18,000,000
	

	None

	8‐1/8% Series due 2001
	23,000,000
	

	None

	10‐1/2% Series due 2005
	35,000,000
	

	None

	8.70% Series due 2006
	35,000,000
	

	None

	8.35% Series due 2007
	50,000,000
	

	None

	9-1/4% Series due 2008
	50,000,000
	

	None

	Pollution Control Series A
	111,000,000
	

	None

	Industrial Development Series A
	2,500,000
	

	None

	Industrial Development Series B
	1,800,000
	

	None

	Industrial Development Series C
	1,150,000
	

	None

	Pollution Control Series B
	13,500,000
	

	None

	Pollution Control Series C
	2,000,000
	

	None

	Pollution Control Series D
	3,600,000
	

	None

	7-3/4% Series due 1994
	55,000,000
	

	None

	7-3/8% Series due March 1, 1997
	60,000,000
	

	None

	7-3/4% Series due June 1, 2007
	55,000,000
	

	None

	7-1/2% Series due August 1, 2007
	35,000,000
	

	None

	Pollution Control Series E
	111,000,000
	

	None

	7% Series due March 1, 2008
	50,000,000
	

	None

	6-1/4% Series due July 1, 2003
	25,000,000
	

	None

	7% Series due February 15, 2007
	60,000,000
	

	None

	6.68% Series due November 15, 2007
	20,000,000
	

	None

	Floating Rate Series due October 20, 2003
	250,000,000
	

	None

	Collateral Series A
	255,000,000
	

	None

	Pollution Control Series F
	111,000,000
	

	None

	5.28% Series due August 1, 2020
	35,000,000
	

	 35,000,000

	5.69% Series due March 1, 2036
	50,000,000
	

	 50,000,000

	
				
	Series
	Principal
Amount
  Issued  
	Principal
Amount
Outstanding

	5.99% Series due February 1, 2027
	60,000,000
	

	 60,000,000

	4.86% Series due April 1, 2013
	60,000,000
	

	 None

	6.02% Series due May 1, 2023
	75,000,000
	

	75,000,000

	6.94% Series due January 15, 2014
	18,000,000
	

	None

	7.70% Series due January 15, 2016
	20,000,000
	

	20,000,000

	8.17% Series due January 15, 2019
	42,000,000
	

	42,000,000

	4.85% Series due April 15, 2021
	15,000,000
	

	15,000,000

	5.10% Series due April 15, 2025
	30,000,000
	

	30,000,000

	6.00% Series due April 15, 2040
	35,000,000
	

	35,000,000

	4.90% Series due October 15, 2025
	30,000,000
	

	30,000,000

	5.82% Series due April 15, 2040
	45,000,000
	

	45,000,000

	3.20% Series due July 15, 2026
	75,000,000
	

	75,000,000

	4.08% Series due July 15, 2042
	85,000,000
	

	85,000,000

	1.83% Series due April 15, 2018
	50,000,000
	

	50,000,000

	3.30% Series due October 15, 2028
	40,000,000
	

	40,000,000

	4.21% Series due October 15, 2043
	60,000,000
	

	60,000,000

	3.69% Series due March 15, 2024
	60,000,000
	

	60,000,000

	4.95% Series due March 15, 2044
	40,000,000
	

	40,000,000

	3.40% Series due July 15, 2022
	75,000,000
	

	75,000,000

	5.05% Series due July 15, 2044
	40,000,000
	

	40,000,000

	3.02% Series due September 15, 2021
	60,000,000
	

	60,000,000

	3.74% Series due September 15, 2029
	50,000,000
	

	50,000,000

	4.39% Series due September 15, 2044
	50,000,000
	

	50,000,000

which bonds are also hereinafter sometimes called bonds of the First through Fifty-fourth Series, respectively; and
WHEREAS, Section 8 of the Mortgage provides that the form of each series of bonds (other than the First Series) issued thereunder and of coupons to be attached to coupon bonds of such series shall be established by Resolution of the Board of Directors of the Company and that the form of such series, as established by said Board of Directors, shall specify the descriptive title of the bonds and various other terms thereof, and may also contain such provisions not inconsistent with the provisions of the Mortgage as the Board of Directors may, in its discretion, cause to be inserted therein expressing or referring to the terms and conditions upon which such bonds are to be issued and/or secured under the Mortgage; and
WHEREAS, Section 120 of the Mortgage provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Mortgage, whether such power, privilege or right is in any way restricted or is unrestricted, may (to the extent permitted by law) be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted or to additional restriction if already restricted, and the Company may enter into any further covenants, limitations or restrictions for the benefit of any one or more series of bonds issued thereunder, or the Company may cure any ambiguity contained therein, or in any supplemental indenture, or may establish the terms and provisions of any series of bonds (other than said First Series) by an instrument in writing executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to record in all of the states in which any property at the time subject to the lien of the Mortgage shall be situated; and

WHEREAS, the Company now desires to create two new series of bonds and (pursuant to the provisions of Section 120 of the Mortgage) to add to its covenants and agreements contained in the Mortgage, as heretofore supplemented, certain other covenants and agreements to be observed by it and to alter and amend in certain respects the covenants and provisions contained in the Mortgage, as heretofore supplemented; and
WHEREAS, the Company also now desires to amend Section 102 of the Mortgage to cure an ambiguity; and
WHEREAS, the execution and delivery by the Company of this Thirty-eighth Supplemental Indenture, and the terms of the bonds of the Fifty-fifth Series and the Fifty-sixth Series, hereinafter referred to, have been duly authorized by the Board of Directors of the Company by appropriate resolutions of said Board of Directors;
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
That the Company, in consideration of the premises and of One Dollar to it duly paid by the Trustees at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in further evidence of assurance of the estate, title and rights of the Trustees and in order further to secure the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Mortgage, as heretofore supplemented, according to their tenor and effect and the performance of all the provisions of the Mortgage (including any instruments supplemental thereto and any modification made as in the Mortgage provided) and of said bonds, hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, pledges, sets over and confirms (subject, however, to Excepted Encumbrances) unto The Bank of New York Mellon and Andres Serrano, as Trustees under the Mortgage, and to their successor or successors in said trust, and to said Trustees and their successors and assigns forever, all property, real, personal and mixed, of the kind or nature specifically mentioned in the Mortgage, as heretofore supplemented, or of any other kind or nature acquired by the Company after the date of the execution and delivery of the Mortgage, as heretofore supplemented (except any herein or in the Mortgage, as heretofore supplemented, expressly excepted), now owned or, subject to the provisions of subsection (I) of Section 87 of the Mortgage, hereafter acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) and wheresoever situated, including (without in anywise limiting or impairing by the enumeration of the same the scope and intent of the foregoing or of any general description contained in this Thirty-eighth Supplemental Indenture) all lands, power sites, flowage rights, water rights, water locations, water appropriations, ditches, flumes, reservoirs, reservoir sites, canals, raceways, dams, dam sites, aqueducts, and all other rights or means for appropriating, conveying, storing and supplying water; all rights of way and roads; all plants for the generation of electricity by steam, water and/or other power; all power houses, gas plants, street lighting systems, standards and other equipment incidental thereto, telephone, radio and television systems, air-conditioning systems and equipment incidental thereto, water works, water systems, steam heat and hot water plants, substations, lines, service and supply systems, bridges, culverts, tracks, ice or refrigeration plants and equipment, offices, buildings and other structures and the equipment thereof; all machinery, engines, boilers, dynamos, electric, gas and other machines, regulators, meters, transformers, generators, motors, electrical, gas and mechanical appliances, conduits, cables, water, steam heat, gas or other pipes, gas mains and pipes, service pipes, fittings, valves and connections, pole and transmission lines, wires, cables, tools, implements, apparatus, furniture and chattels; all municipal and other franchises, consents or permits; all lines for the transmission and distribution of electric current, gas, steam heat or water for any purpose including towers, poles, wires, cables, pipes, conduits, ducts and all apparatus for use in connection therewith; all real estate, lands, easements, servitudes, licenses, permits, franchises, privileges, rights of way and other rights in or relating to real estate or the occupancy of the same and (except as herein or in the Mortgage, as heretofore supplemented, expressly excepted) all the right, title and interest of the Company in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property hereinbefore or in the Mortgage, as heretofore supplemented, described.
TOGETHER WITH all and singular the tenements, hereditaments, prescriptions, servitudes and appurtenances belonging or in anywise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 57 of the Mortgage) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and every part and parcel thereof.

IT IS HEREBY AGREED by the Company that, subject to the provisions of subsection (I) of Section 87 of the Mortgage, all the property, rights, and franchises acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the date hereof, except any herein or in the Mortgage, as heretofore supplemented, expressly excepted, shall be and are as fully granted and conveyed hereby and by the Mortgage and as fully embraced within the lien hereof and the lien of the Mortgage as if such property, rights and franchises were now owned by the Company and were specifically described herein or in the Mortgage and conveyed hereby or thereby.
PROVIDED that the following are not and are not intended to be now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, hypothecated, affected, pledged, set over or confirmed hereunder and are hereby expressly excepted from the lien and operation of this Thirty-eighth Supplemental Indenture and from the lien and operation of the Mortgage, namely:  (1) cash, shares of stock, bonds, notes and other obligations and other securities not hereafter specifically pledged, paid, deposited, delivered or held under the Mortgage or covenanted so to be; (2) merchandise, equipment, apparatus, materials or supplies held for the purpose of sale or other disposition in the usual course of business; fuel, oil and similar materials and supplies consumable in the operation of any of the properties of the Company; all aircraft, rolling stock, trolley coaches, buses, motor coaches, automobiles and other vehicles and materials and supplies held for the purpose of repairing or replacing (in whole or part) any of the same; all timber, minerals, mineral rights and royalties; (3) bills, notes and accounts receivable, judgments, demands and choses in action, and all contracts, leases and operating agreements not specifically pledged under the Mortgage or covenanted so to be; the Company’s contractual rights or other interest in or with respect to tires not owned by the Company; (4) the last day of the term of any lease or leasehold which may hereafter become subject to the lien of the Mortgage; (5) electric energy, gas, steam, ice, and other materials or products generated, manufactured, produced or purchased by the Company for sale, distribution or use in the ordinary course of its business; and (6) the Company’s franchise to be a corporation; provided, however, that the property and rights expressly excepted from the lien and operation of this Thirty-eighth Supplemental Indenture and from the lien and operation of the Mortgage in the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the event and as of the date that either or both of the Trustees or a receiver or trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XIII of the Mortgage by reason of the occurrence of a Default as defined in Section 65 thereof.
TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed by the Company as aforesaid, or intended so to be, unto the Trustees and their successors and assigns forever.
IN TRUST NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth in the Mortgage, as supplemented, this Thirty-eighth Supplemental Indenture being supplemental thereto.
AND IS HEREBY COVENANTED by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage, as heretofore supplemented, shall affect and apply to the property hereinbefore described and conveyed and to the estate, rights, obligations and duties of the Company and Trustees and the beneficiaries of the trust with respect to said property, and to the Trustees and their successors in the trust in the same manner and with the same effect as if said property had been owned by the Company at the time of the execution of the Mortgage, and had been specifically and at length described in and conveyed to said Trustees by the Mortgage as a part of the property therein stated to be conveyed.

The Company further covenants and agrees to and with the Trustees and their successors in said trust under the Mortgage as follows:
ARTICLE I
Fifty-fifth Series of Bonds
SECTION 1.  There shall be a series of bonds designated “2.80% Series due September 15, 2020” (herein sometimes referred to as the “Fifty-fifth Series”), each of which shall also bear the descriptive title “First Mortgage Bond”, and the form thereof, which shall be established by Resolution of the Board of Directors of the Company, shall contain suitable provisions with respect to the matters hereinafter in this Section specified.  Bonds of the Fifty-fifth Series shall be dated as in Section 10 of the Mortgage provided, mature on September 15, 2020 (the “Fifty-fifth Series Stated Maturity”), be issued as fully registered bonds in denominations of One Thousand Dollars and, at the option of the Company, in any multiple or multiples of One Thousand Dollars (the exercise of such option to be evidenced by the execution and delivery thereof) and bear interest from September 24, 2015 (computed on the basis of a 360-day year of twelve thirty-day months) at the rate of 2.80% per annum, payable semi-annually on March 15 and September 15 of each year, commencing March 15, 2016, the principal of and interest on each said bond to be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts.
Any payment of principal of or interest on any bond of the Fifty-fifth Series that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any such bond of the Fifty-fifth Series is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.
(I)    Optional Prepayment.  The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the bonds of the Fifty-fifth Series at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the Settlement Date specified by the Company in such notice with respect to such principal amount.  The Company will give each registered owner of bonds of the Fifty-fifth Series written notice (by first class mail or such other method as may be agreed upon by the Company and such registered owner) of each optional prepayment under this subsection (I) mailed or otherwise given not less than 30 days and not more than 60 days prior to the date fixed for such prepayment, to each such registered owner at his, her or its last address appearing on the registry books.  Each such notice shall specify the Settlement Date (which shall be a Business Day), the aggregate principal amount of the bonds of the Fifty-fifth Series to be prepaid on such date, the principal amount of each bond held by such registered owner to be prepaid (determined in accordance with subsection (II) of this section), and the interest to be paid on the Settlement Date with respect to such principal amount being prepaid, and shall be accompanied by a certificate signed by a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.  Two Business Days prior to such Settlement Date, the Company shall send to each registered owner of bonds of the Fifty-fifth Series (by first class mail or by such other method as may be agreed upon by the Company and such registered owner) a certificate signed by a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified Settlement Date.  As promptly as practicable after the giving of the notice and the sending of the certificates provided in this subsection, the Company shall provide a copy of each to the Corporate Trustee.  The Trustees shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the information set forth in any such notice or certificate.  The bonds of the Fifty-fifth Series are not otherwise subject to voluntary or optional prepayment. 
(II)    Allocation of Partial Prepayments.  In the case of each partial prepayment of the bonds of the Fifty-fifth Series, the principal amount of the bonds of the Fifty-fifth Series to be prepaid shall be allocated by the Company among all of the bonds of the Fifty-fifth Series at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.

(III)     Maturity; Surrender, Etc.     In the case of each notice of prepayment of bonds of the Fifty-fifth Series pursuant to this section, if cash sufficient to pay the principal amount to be prepaid on the Settlement Date (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any, is not paid as agreed upon by the Company and each registered owner of the affected bonds, or, to the extent that there is no such agreement entered into with one or more such owners, deposited with the Corporate Trustee on or before the Settlement Date, then such notice of prepayment shall be of no effect.  If such cash is so paid or deposited, such principal amount of the bonds of the Fifty-fifth Series shall be deemed paid for all purposes and interest on such principal amount shall cease to accrue.  In case the Company pays any registered owner pursuant to an agreement with that registered owner, the Company shall notify the Corporate Trustee as promptly as practicable of such agreement and payment, and shall furnish the Corporate Trustee with a copy of such agreement; in case the Company deposits any cash with the Corporate Trustee, the Company shall provide therewith a list of the registered owners and the amount of such cash each registered owner is to receive.  The Trustees shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the information set forth in any such notice, list or agreement, and shall not be chargeable with knowledge of any of the contents of any such agreement.  Any bond prepaid in full shall be surrendered to the Company or the Corporate Trustee for cancellation on or before the Settlement Date or, with respect to cash deposited with the Corporate Trustee, before payment of such cash by the Corporate Trustee; any bond prepaid in part shall be surrendered to the Company or the Corporate Trustee on or before the Settlement Date (unless otherwise agreed between the Company and the registered owner) or, with respect to cash deposited with the Corporate Trustee before payment of such cash by the Corporate Trustee, for a substitute bond in the principal amount remaining unpaid.
(IV)    Make-Whole Amount.
“Make-Whole Amount” means, with respect to any bond of the Fifty-fifth Series, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such bond of the Fifty-fifth Series over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero.  For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:
“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed.
“Called Principal” means, with respect to any bond of the Fifty-fifth Series, the principal of such bond that is to be prepaid pursuant to subsection (I) of this section.
“Discounted Value” means, with respect to the Called Principal of any bond of the Fifty-fifth Series, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the bonds of the Fifty-fifth Series is payable) equal to the Reinvestment Yield with respect to such Called Principal.

“Reinvestment Yield” means, with respect to the Called Principal of any bond of the Fifty-fifth Series, 0.5% over the yield to maturity implied by (i) the yields reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” on the Bloomberg Financial Markets Service (or such other display on the Bloomberg Financial Markets Service having the same information as PX1 if PX1 is replaced by the Bloomberg Financial Markets Service) for the most recently issued actively traded on-the-run benchmark U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication) for actively traded U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  Such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the most recently issued, actively traded on-the-run benchmark U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the most recently issued, actively traded on-the-run benchmark U.S. Treasury security with the maturity closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable bond of the Fifty-fifth Series.
“Remaining Average Life” means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.
“Remaining Scheduled Payments” means, with respect to the Called Principal of any Bond of the Fifty-fifth Series, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the bonds of the Fifty-fifth Series, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to subsection (I) of this section.
“Settlement Date” means, with respect to the Called Principal of any Bond of the Fifty-fifth Series, the date on which such Called Principal is to be prepaid pursuant to subsection (I) of this section.
“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.
(V)    At the option of the registered owner, any bonds of the Fifty-fifth Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, together with a written instrument of transfer wherever required by the Company duly executed by the registered owner or by his duly authorized attorney, shall (subject to the provisions of Section 12 of the Mortgage) be exchangeable for a like aggregate unpaid principal amount of bonds of the same series of other authorized denominations.
Bonds of the Fifty-fifth Series shall be transferable (subject to the provisions of Section 12 of the Mortgage) at the office or agency of the Company in the Borough of Manhattan, The City of New York.  The Company shall not be required to make transfers or exchanges of bonds of the Fifty-fifth Series for a period of ten (10) days next preceding any designation of bonds of said series to be prepaid, and the Company shall not be required to make transfers or exchanges of any bonds of said series designated in whole or in part for prepayment.

Upon any exchange or transfer of bonds of the Fifty-fifth Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge, as provided in Section 12 of the Mortgage, but the Company hereby waives any right to make a charge in addition thereto for any exchange or transfer of bonds of the Fifty-fifth Series.
After the delivery of this Thirty-eighth Supplemental Indenture and upon compliance with the applicable provisions of the Mortgage and receipt of consideration therefor by the Company, there shall be an initial issue of bonds of the Fifty-fifth Series for the aggregate principal amount of $40,000,000.

ARTICLE II
Fifty-sixth Series of Bonds

SECTION 1.  There shall be a series of bonds designated “3.86% Series due September 16, 2030” (herein sometimes referred to as the “Fifty-sixth Series”), each of which shall also bear the descriptive title “First Mortgage Bond”, and the form thereof, which shall be established by Resolution of the Board of Directors of the Company, shall contain suitable provisions with respect to the matters hereinafter in this Section specified.  Bonds of the Fifty-sixth Series shall be dated as in Section 10 of the Mortgage provided, mature on September 16, 2030 (the “Fifty-sixth Series Stated Maturity”), be issued as fully registered bonds in denominations of One Thousand Dollars and, at the option of the Company, in any multiple or multiples of One Thousand Dollars (the exercise of such option to be evidenced by the execution and delivery thereof) and bear interest from September 24, 2015 (computed on the basis of a 360-day year of twelve thirty-day months) at the rate of 3.86% per annum, payable semi-annually on March 15 and September 15 of each year, commencing March 15, 2016, the principal of and interest on each said bond to be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts.
Any payment of principal of or interest on any bond of the Fifty-sixth Series that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any such bond of the Fifty-sixth Series is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.
(I)    Optional Prepayment.  At any time prior to March 16, 2030 (six months prior to the Fifty-sixth Series Stated Maturity) the Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the bonds of the Fifty-sixth Series at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the Settlement Date specified by the Company in such notice with respect to such principal amount.  The Company will give each registered owner of bonds of the Fifty-sixth Series written notice (by first class mail or such other method as may be agreed upon by the Company and such registered owner) of each optional prepayment under this subsection (I) mailed or otherwise given not less than 30 days and not more than 60 days prior to the date fixed for such prepayment, to each such registered owner at his, her or its last address appearing on the registry books.  Each such notice shall specify the Settlement Date (which shall be a Business Day), the aggregate principal amount of the bonds of the Fifty-sixth Series to be prepaid on such date, the principal amount of each bond held by such registered owner to be prepaid (determined in accordance with subsection (II) of this section), and the interest to be paid on the Settlement Date with respect to such principal amount being prepaid, and shall be accompanied by a certificate signed by a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.  Two Business Days prior to such Settlement Date, the Company shall send to each registered owner of bonds of the Fifty-sixth Series (by first class mail or by such other method as may be agreed upon by the Company and such registered owner) a certificate signed by a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified Settlement Date.  As promptly as practicable after the giving of the notice and the sending of the certificates provided in this subsection, the Company shall provide a copy of each to the Corporate Trustee.  The Trustees shall be under no duty to inquire into, may conclusively presume the correctness of, and shall 

be fully protected in relying upon the information set forth in any such notice or certificate.  At any time on or after March 16, 2030, the bonds of the Fifty-sixth series will be redeemable at the option of the Company, in whole or in part, on not less than 30 nor more than 60 days’ notice prior to the Settlement Date, at a redemption price equal to 100% of the principal amount of the bonds of the Fifty-sixth Series to be redeemed, plus accrued and unpaid interest thereon to the Settlement Date.  The bonds of the Fifty-sixth Series are not otherwise subject to voluntary or optional prepayment.
(II)    Allocation of Partial Prepayments.  In the case of each partial prepayment of the bonds of the Fifty-sixth Series, the principal amount of the bonds of the Fifty-sixth Series to be prepaid shall be allocated by the Company among all of the bonds of the Fifty-sixth Series at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.
(III)     Maturity; Surrender, Etc.     In the case of each notice of prepayment of bonds of the Fifty-sixth Series pursuant to this section, if cash sufficient to pay the principal amount to be prepaid on the Settlement Date (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any, is not paid as agreed upon by the Company and each registered owner of the affected bonds, or, to the extent that there is no such agreement entered into with one or more such owners, deposited with the Corporate Trustee on or before the Settlement Date, then such notice of prepayment shall be of no effect.  If such cash is so paid or deposited, such principal amount of the bonds of the Fifty-sixth Series shall be deemed paid for all purposes and interest on such principal amount shall cease to accrue.  In case the Company pays any registered owner pursuant to an agreement with that registered owner, the Company shall notify the Corporate Trustee as promptly as practicable of such agreement and payment, and shall furnish the Corporate Trustee with a copy of such agreement; in case the Company deposits any cash with the Corporate Trustee, the Company shall provide therewith a list of the registered owners and the amount of such cash each registered owner is to receive.  The Trustees shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the information set forth in any such notice, list or agreement, and shall not be chargeable with knowledge of any of the contents of any such agreement.  Any bond prepaid in full shall be surrendered to the Company or the Corporate Trustee for cancellation on or before the Settlement Date or, with respect to cash deposited with the Corporate Trustee, before payment of such cash by the Corporate Trustee; any bond prepaid in part shall be surrendered to the Company or the Corporate Trustee on or before the Settlement Date (unless otherwise agreed between the Company and the registered owner) or, with respect to cash deposited with the Corporate Trustee before payment of such cash by the Corporate Trustee, for a substitute bond in the principal amount remaining unpaid.
(IV)    Make-Whole Amount.
“Make-Whole Amount” means, with respect to any bond of the Fifty-sixth Series, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such bond of the Fifty-sixth Series over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero.  For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:
“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed.
“Called Principal” means, with respect to any bond of the Fifty-sixth Series, the principal of such bond that is to be prepaid pursuant to subsection (I) of this section.
“Discounted Value” means, with respect to the Called Principal of any bond of the Fifty-sixth Series, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the bonds of the Fifty-sixth Series is payable) equal to the Reinvestment Yield with respect to such Called Principal.

“Reinvestment Yield” means, with respect to the Called Principal of any bond of the Fifty-sixth Series, 0.5% over the yield to maturity implied by (i) the yields reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” on the Bloomberg Financial Markets Service (or such other display on the Bloomberg Financial Markets Service having the same information as PX1 if PX1 is replaced by the Bloomberg Financial Markets Service) for the most recently issued actively traded on-the-run benchmark U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication) for actively traded U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  Such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the most recently issued, actively traded on-the-run benchmark U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the most recently issued, actively traded on-the-run benchmark U.S. Treasury security with the maturity closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable bond of the Fifty-sixth Series.
“Remaining Average Life” means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.
“Remaining Scheduled Payments” means, with respect to the Called Principal of any Bond of the Fifty-sixth Series, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the bonds of the Fifty-sixth Series, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to subsection (I) of this section.
“Settlement Date” means, with respect to the Called Principal of any Bond of the Fifty-sixth Series, the date on which such Called Principal is to be prepaid pursuant to subsection (I) of this section.
“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.
(V)    At the option of the registered owner, any bonds of the Fifty-sixth Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, together with a written instrument of transfer wherever required by the Company duly executed by the registered owner or by his duly authorized attorney, shall (subject to the provisions of Section 12 of the Mortgage) be exchangeable for a like aggregate unpaid principal amount of bonds of the same series of other authorized denominations.
Bonds of the Fifty-sixth Series shall be transferable (subject to the provisions of Section 12 of the Mortgage) at the office or agency of the Company in the Borough of Manhattan, The City of New York.  The Company shall not be required to make transfers or exchanges of bonds of the Fifty-sixth Series for a period of ten (10) days next preceding any designation of bonds of said series to be prepaid, and the Company shall not be required to make transfers or exchanges of any bonds of said series designated in whole or in part for prepayment.

Upon any exchange or transfer of bonds of the Fifty-sixth Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge, as provided in Section 12 of the Mortgage, but the Company hereby waives any right to make a charge in addition thereto for any exchange or transfer of bonds of the Fifty-sixth Series.
After the delivery of this Thirty-eighth Supplemental Indenture and upon compliance with the applicable provisions of the Mortgage and receipt of consideration therefor by the Company, there shall be an initial issue of bonds of the Fifty-sixth Series for the aggregate principal amount of $60,000,000.

ARTICLE III
Consent to Amendments

SECTION 1.  Consent to Amendments  Each initial and future holder of bonds of the Fifty-fifth Series and the Fifty-sixth Series, by its acquisition of an interest in such bonds, irrevocably (a) consents to the amendments set forth in Article IV of the Thirty-first Supplemental Indenture, dated as of February 1, 2010, without any other or further action by any holder of such bonds, and (b) designates the Corporate 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 amendments at any bondholder meeting, in lieu of any bondholder meeting, in any consent solicitation or otherwise.

ARTICLE IV
Reservation of Right to Amend Sections 35(a) and 101 of the Mortgage 
and Amendment to Section 102 of the Mortgage
SECTION 1.  The Company reserves the right, without any vote, consent or other action by the holders of bonds of the Fifty-fifth Series, the Fifty-sixth Series, or any subsequent series, to amend the Mortgage, as herein or heretofore supplemented as follows:
(A) By deleting from Section 35(a) the phrase “having its principal office and place of business in the Borough of Manhattan, The City of New York” and the word “such” at the location in said Section 35(a) at which such word first appears.
(B) By adding the following at the end of the first sentence of Section 101:
“; provided however, that if all of the bonds at that time Outstanding are registered as to principal and interest or as to principal only, such notice shall be sufficiently given if mailed, postage prepaid to each such registered owner of bonds at his/her last address appearing on the registry books, on or before the date of on which the first publication of such notice would otherwise have been required.”

SECTION 2.  Section 102 of Article XVII of the Mortgage, as heretofore supplemented, is hereby modified by adding the following sentence at the end of such Section:
The phrase “instrument executed by order of its Board of Directors” as used in this Section means an instrument executed by an officer of the Company pursuant to a resolution of the Company’s Board of Directors authorizing one or more officers of the Company, whether by name or by title, to execute, for and on behalf of the Company, one or more instruments appointing one or more individuals or entities as Trustee to fill any vacancies  in the office of Corporate Trustee or any Co-Trustee, whether such vacancies exist at the time of such resolution or thereafter arise, which resolution may (1) appoint one or more individuals or entities to fill any of such vacancies or (2) authorize one or more officers of the Company to select and appoint, for and on behalf of the Company, the individuals or entities to fill any of such vacancies or any future vacancies in the office of Corporate Trustee or any Co-Trustee, subject to any conditions specified in such resolution.
ARTICLE V
Miscellaneous Provisions
SECTION 1.  Section 126 of the Mortgage, as heretofore amended, is hereby further amended by adding the words “and September 15, 2020 and September 16, 2030” after the words “and September 15, 2021, September 15, 2029, and September 15, 2044.”
SECTION 2. Subject to the amendments provided for in this Thirty-eighth Supplemental Indenture, the terms defined in the Mortgage, as heretofore supplemented, shall, for all purposes of this Thirty-eighth Supplemental Indenture, have the meanings specified in the Mortgage, as heretofore supplemented.
SECTION 3. The holders of bonds of the Fifty-fifth Series and the Fifty-sixth Series consent that the Company may, but shall not be obligated to, fix a record date for the purpose of determining the holders of bonds of the Fifty-fifth Series and the Fifty-sixth Series entitled to consent to any amendment, supplement or waiver.  If a record date is fixed, those persons who were holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be holders after such record date.  No such consent shall be valid or effective for more than 90 days after such record date.
SECTION 4. The Trustees hereby accept the trusts herein declared, provided, created or supplemented and agree to perform the same upon the terms and conditions herein and in the Mortgage set forth and upon the following terms and conditions:
The Trustees shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Thirty-eighth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely.  In general, each and every term and condition contained in Article XVII of the Mortgage shall apply to and form part of this Thirty-eighth Supplemental Indenture with the same force and effect as if the same were herein set forth in full with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this Thirty-eighth Supplemental Indenture.
SECTION 5. Whenever in this Thirty-eighth Supplemental Indenture any party hereto is named or referred to, this shall, subject to the provisions of Articles XVI and XVII of the Mortgage, as heretofore supplemented, be deemed to include the successors or assigns of such party, and all the covenants and agreements in this Thirty-eighth Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustees shall, subject as aforesaid, bind and inure to the benefit of the respective successors and assigns of such party whether so expressed or not.

SECTION 6.  Nothing in this Thirty-eighth Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or give to, any person, firm or corporation, other than the parties hereto and the holders of the bonds and coupons Outstanding under the Mortgage, any right, remedy, or claim under or by reason of this Thirty-eighth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Thirty-eighth Supplemental Indenture contained by and on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the bonds and of the coupons Outstanding under the Mortgage.
SECTION 7. This Thirty-eighth Supplemental Indenture shall be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.
SECTION 8. The Company, the mortgagor named herein, by its execution hereof acknowledges receipt of a full, true and complete copy of this Thirty-eighth Supplemental Indenture.

IN WITNESS WHEREOF, ALLETE, Inc. has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by its President, one of its Vice Presidents, or its Treasurer, and its corporate seal to be attested by its Secretary or one of its Assistant Secretaries for and in its behalf, all in the City of Duluth, Minnesota, and The Bank of New York Mellon has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents or one of its Assistant Vice Presidents and its corporate seal to be attested by one of its Assistant Treasurers, one of its Vice Presidents or one of its Assistant Vice Presidents, and Andres Serrano has hereunto set his hand and affixed his seal, all in The City of New York, as of the day and year first above written.
ALLETE, Inc.

	
		
	By
	/s/ Steven Q. DeVinck

	 
	Steven Q. DeVinck

	 
	Senior Vice President and

	 
	Chief Financial Officer

	
		
	Attest:
	/s/ Deborah A. Amberg

	 
	Deborah A. Amberg

	 
	Senior Vice President, General Counsel

	 
	and Secretary

Trustees’ Signature Page Follows

THE BANK OF NEW YORK MELLON,
as Trustee
	
		
	By
	/s/ Francine Kincaid

	 
	Francine Kincaid

	 
	Vice President

    

	
		
	Attest:
	/s/ Ignazio Tamburello

	 
	Ignazio Tamburello

	 
	Vice President

    

    
	
		
	/s/ Andres Serrano
	L.S.

	ANDRES SERRANO
	 

Executed, sealed and delivered by THE BANK OF NEW
YORK MELLON and ANDRES SERRANO in the presence of:

	
		
	 
	/s/ Stacey Poindexter

	 
	/s/ Thomas Hacker

	 
	 

Thirty-eighth Supplemental Indenture dated as of September 1, 2015
To Mortgage and Deed of Trust dated as of September 1, 1945

Trustees’ Signature Page

STATE OF MINNESOTA        )
                                                  ) SS
COUNTY OF ST. LOUIS        )

            

On this 18th day of September, 2015, the foregoing instrument was acknowledged before me by Steven Q. DeVinck, Senior Vice President and Chief Financial Officer of ALLETE, Inc., a Minnesota corporation, on behalf of the Company.

NOTARIAL STAMP OR SEAL                            

                                                                        	
		
	/s/ Jodi M. Nash
	 

	Jodi M. Nash
	 

	Notary Public - Minnesota
	 

	My Commission Expires Jan. 31, 2020
	 

STATE OF MINNESOTA        )
                                                  ) SS
COUNTY OF ST. LOUIS        )

            

On this 18th day of September, 2015, the foregoing instrument was acknowledged before me by Deborah A. Amberg, Senior Vice President, General Counsel and Secretary of ALLETE, Inc., a Minnesota corporation, on behalf of the Company.

NOTARIAL STAMP OR SEAL                   

	
		
	/s/ Jodi M. Nash
	 

	Jodi M. Nash
	 

	Notary Public - Minnesota
	 

	My Commission Expires Jan. 31, 2020
	 

         

                                                                        

STATE OF NEW YORK    )
)  SS:
COUNTY OF NEW YORK    )
On this 17th day of September, 2015, the foregoing instrument was acknowledged before me by Francine Kincaid and Ignazio Tamburello, the Vice President and Vice President, respectively, of The Bank of New York Mellon, the corporation named in the foregoing instrument.
GIVEN under my hand and notarial seal this 17th day of September, 2015.
        	
		
	/s/ Christopher J. Traina
	 

	Christopher J. Traina
	 

	Notary Public - State of New York

	 

	No. 01TR6297825
	 

	Qualified in Queens County
	 

	Commission Expires March 03, 2018
	 

	Certified in New York County
	 

            

STATE OF NEW YORK    )
)  SS:
COUNTY OF NEW YORK    )

On this 18th day of September, 2015, the foregoing instrument was acknowledged before me by Andres Serrano, the person described in and who executed the foregoing instrument.
Given under my hand and notarial seal this 18th day of September, 2015.
    
	
		
	/s/ Christopher J. Traina
	 

	Christopher J. Traina
	 

	Notary Public - State of New York

	 

	No. 01TR6297825
	 

	Qualified in Queens County
	 

	Commission Expires March 03, 2018
	 

	Certified in New York County

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