Document:

Form of Dow InterNotes(R)

 Exhibit 4.1 
 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 OF A DEPOSITARY. THIS GLOBAL SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) 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 SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
HEREON MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

													
	REGISTERED	 		 		  		  	REGISTERED

  

					
	CUSIP	 	  
	 	

					
	 No.
	 	  
	 	

 THE DOW CHEMICAL COMPANY 
 DOW INTERNOTES® 
 THE FOLLOWING SUMMARY OF TERMS IS
SUBJECT TO THE INFORMATION SET FORTH ON THE REVERSE HEREOF: 
 PRINCIPAL AMOUNT: 
  

					
	ORIGINAL ISSUE DATE:	 	INTEREST RATE:	 	MATURITY DATE:
			
	ORIGINAL ISSUE DISCOUNT NOTE:	 	TOTAL AMOUNT OF OID:	 	

 ISSUE PRICE: (expressed as a percentage of aggregate principal amount): 
 INTEREST PAYMENT DATES (check one if applicable) 
  

			
	  ̈  Monthly
	 	 ̈  Quarterly
	  ̈  Semi-annual
	 	 ̈  Annual

 REDEMPTION RIGHT     ̈  Yes (If yes, the Company has the right to redeem this Security on any Interest Payment Date after
            .) 
 REPAYMENT RIGHT     ̈  Yes (If yes, the holder of this Security has the right to the repayment of this Security on any Interest Payment Date after
            .) 
 SURVIVOR’S OPTION: 
  ̈  Yes                 ̈  No 

 THE DOW CHEMICAL COMPANY, a Delaware corporation (herein called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the Principal Amount stated above on the Maturity Date shown above,
and to pay interest on each payment date and at maturity as follows: 
  

	 	•	 	 in the case of a Security that provides for monthly interest payments, the Interest Payment Dates shall be the fifteenth day of each calendar month
(or, if not a Business Day, the next succeeding Business Day), commencing the first succeeding calendar month following the month in which the Security is issued; 

  

	 	•	 	 in the case of a Security that provides for quarterly interest payments, the Interest Payment Dates shall be the fifteenth day of every third month
(or, if not a Business Day, the next succeeding Business Day), commencing in the third succeeding calendar month following the month in which the Security is issued; 

  

	 	•	 	 in the case of a Security that provides for semi-annual interest payments, the Interest Payment Dates shall be the fifteenth day of each sixth month
(or, if not a Business Day, the next succeeding Business Day), commencing in the sixth succeeding calendar month following the month in which the Security is issued; and 

  

	 	•	 	 in the case of a Security that provides for annual interest payments, the Interest Payment Date shall be the fifteenth day of every twelfth month (or,
if not a Business Day, the next succeeding Business Day), commencing in the twelfth succeeding calendar month following the month in which the Security is issued. 

 The first payment of interest on any Security originally issued between a Record Date and an Interest Payment Date will be made on the
Interest Payment Date following the next succeeding Record Date to the registered owner of such Security on such next succeeding Record Date. Unless the applicable pricing supplement states otherwise, interest on the Securities will be computed on
the basis of a 360-day year of twelve 30-day months. 
 Interest payments on this Security will include interest accrued from
and including the last date in respect of which interest has been paid or duly provided for (or from and including the Original Issue Date if no interest has been paid or provided for) to but excluding the Interest Payment Date or the Maturity Date,
as the case may be. If the Interest Payment Date or the Maturity for any Security falls on a day that is not a Business Day, the payment of principal and interest may be made on the next succeeding Business Day, and no interest on such payment shall
accrue for the period from such Interest Payment Date or Maturity, as the case may be. The interest payable on any Interest Payment Date will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the
person in whose name this Security is registered at the close of business on the Record Date, which shall be the close of business on the first day of the calendar month in which such Interest Payment Date occurs, whether or not such date shall be a
Business Day, and the interest payable at maturity will be payable to the person to whom the principal hereof shall be payable. 
 Payments of such principal and interest shall be made in United States dollars at the office or agency of the Company in Chicago, Illinois, which, subject to the right of the Company to vary or terminate the appointment of such agency,
shall initially be at the principal office of

  

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The Bank of New York Mellon Trust Company, N.A., Two North LaSalle Street, Chicago, Illinois 60602 (the “Corporate Trust Office”); provided, that payment of interest may be made
at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear on the Security register; provided, further that so long as CEDE & CO. or another nominee of the
Depositary is the registered owner of this Security, payments of principal and interest will be made in immediately available funds through the Depositary’s Same-Day Funds Settlement System. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 
 This Security shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 
 [Signatures appear on following pages] 
  

 7 

 IN WITNESS WHEREOF, THE DOW CHEMICAL COMPANY has caused this instrument to be signed by
facsimile by its duly authorized representative. 
 Dated: 
 [SEAL] 
  

													
	 Attest:
	 	THE DOW CHEMICAL COMPANY
					
	 By:
	 	  
	 		 	By:	 	  

		 	Name:	 		 		 		 	Name:	 	
		 	Title:	 		 		 		 	Title:	 	

  

 8 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 
  

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

 9 

 REVERSE OF SECURITY 
 THE DOW CHEMICAL COMPANY 
 DOW
INTERNOTESSM 
 1. General. This Note is one of a duly authorized issue of securities (herein called the “Securities”) of the Company,
issued and to be issued in one or more series under an Indenture, dated as of May 1, 2008 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (herein called the “Trustee”, which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the Securities of the series designated on the face hereof. The Securities of
this series may bear different dates, mature at different times and bear interest at different rates. The Securities of this series may be issued from time to time in an unlimited aggregate principal amount. 
 2. Redemption at the Option of the Company. Unless a Redemption Right is specified on the face hereof, this Security shall not be
redeemable at the option of the Company before the Maturity Date specified on the face hereof. If a Redemption Right is so specified, this Security may be redeemed at the option of the Company on any Interest Payment Date on and after the date, if
any, specified on the face hereof (each, a “Redemption Date”). This Security may be redeemed on any Redemption Date in whole or in part in increments of $1,000 (an “Authorized Denomination”) at the option of the Company at a
redemption price equal to 100% of the principal amount to be redeemed, together with accrued interest to the Redemption Date, on written notice given not more than 60 days nor less than 30 days prior to the proposed Redemption Date. In the event of
redemption of this Security in part only, a new Security for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the surrender hereof. 
 3. Repayment at the Option of the Holder. Unless a Repayment Right is specified on the face hereof, this Security shall not be repayable at the option of the Holder on any date prior to the
Maturity Date specified on the face hereof, other than in connection with any applicable Survivor’s Option (defined below). If a Repayment Right is so specified, this Security is subject to repayment at the option of the Holder on any Interest
Payment Date on and after the date, if any, indicated on the face hereof (each, a “Repayment Date”). On any Repayment Date this Security shall be repayable in whole or in part in increments of $1,000 at the option of the Holder hereof at a
repayment price equal to 100% of the principal amount to be repaid, together with accrued interest thereon to the Repayment Date. In order for a Security to be repaid in whole or in part at the option of the Holder, the Trustee must receive, at the
Corporate Trust Office, or such other office of which the Company shall from time to time notify the holders of the Securities, at least 30 but not more than 60 days prior to the Repayment Date on which this Security is to be repaid, this Security
with the form entitled “Option to Elect Repayment” below duly completed. Once this Security is delivered for repayment, the Holder may not revoke its exercise of the repayment option. 
 4. Repayment Upon Death. If the Survivor’s Option is affirmatively specified on the face hereof, the Holder of the Security
shall have the right to require the Company to repay a Security prior to its maturity date upon the death of the beneficial owner of the Security as described below. The Company calls this right the “Survivor’s Option.” 
  

 10 

 Upon exercise of the Survivor’s Option, the Company will, at its option, either repay
or repurchase any Security (or portion thereof) properly tendered for repayment by or on behalf of the person (the “Representative”) that has authority to act on behalf of the deceased beneficial owner of the Security at a price equal to
the sum of: 
  

	 	•	 	 100% of the principal amount of the deceased beneficial owner’s beneficial interest in such Security, and 

  

	 	•	 	 accrued and unpaid interest, if any, to the date of such repayment or repurchase, 

 subject to the following limitations. 
 The Survivor’s Option may not be exercised unless the Security was owned by the beneficial owner or the estate of that beneficial owner at least six months prior to such exercise. In addition,
the Company may limit the aggregate principal amount of Securities as to which the Survivor’s Option may be exercised as follows: 
  

	 	•	 	 In any calendar year, the Company may, in its sole discretion, limit the aggregate principal amount to the greater of 2% of the outstanding aggregate
principal amount of the Securities as of December 31 of the most recently completed calendar year or $2,000,000. The Company calls this limitation the “annual put limitation.” 

  

	 	•	 	 For any individual deceased beneficial owner of Securities, the Company may limit the aggregate principal amount to $250,000 for any calendar year. The
Company calls this limitation the “individual put limitation.” 

 The Company will not make
principal repayments pursuant to the exercise of the Survivor’s Option except in principal amounts of $1,000 and multiples of $1,000. If the limitations described above would result in the partial repayment of any Security, the principal amount
of the Security remaining outstanding after repayment must be at least $1,000. 
 An otherwise valid election to exercise the
Survivor’s Option may not be withdrawn. Each Security (or portion thereof) tendered pursuant to a valid exercise of the Survivor’s Option will be accepted in the order all such Securities are received by the Trustee, unless the acceptance
of that Security would contravene the annual put limitation or the individual put limitation. If, as of the end of any calendar year, the aggregate principal amount of Securities (or portions thereof) that have been tendered pursuant to the valid
exercise of the Survivor’s Option during that year has exceeded either the annual put limitation or the individual put limitation for that year, any exercise(s) of the Survivor’s Option with respect to Securities (or portions thereof) not
accepted during such calendar year because such acceptance would have contravened either such limitation shall be deemed to be tendered in the following calendar year in the order all such Securities (or portions thereof) were originally tendered.

 Any Security (or portion thereof) accepted for repayment or repurchase pursuant to exercise of the Survivor’s Option
will be repaid or repurchased on the first Interest Payment Date to occur at least 20 calendar days after the date of acceptance. If that date is not a Business Day,

  

 11 

 
payment will be made on the next succeeding Business Day. In the event that a Security (or any portion thereof) tendered for repayment or repurchase pursuant to valid exercise of the
Survivor’s Option is not accepted, the Trustee will deliver a notice by first-class mail to the registered Holder, at that Holder’s last known address as indicated in the Security register, that states the reason that the Security (or
portion thereof) has not been accepted for repayment. 
 Subject to the foregoing, in order to validly exercise a
Survivor’s Option, the Trustee must receive from the representative of the deceased beneficial owner: 
  

	 	•	 	 appropriate evidence satisfactory to the Trustee (A) that the deceased was the beneficial owner of such Security at the time of death and the
interest in such Security was owned by the deceased beneficial owner or his or her estate at least six months prior to the request for repayment or purchase, (B) that the death of such beneficial owner has occurred, (C) of the date of such
death, and (D) that the Representative has authority to act on behalf of the deceased beneficial owner; 

  

	 	•	 	 if the interest in the Security is held by a nominee of the deceased beneficial owner, a certificate satisfactory to the Trustee from such nominee
attesting to the deceased’s beneficial ownership of the Security; 

  

	 	•	 	 a written request for repayment signed by the Representative, with the signature guaranteed by a member firm of a registered national securities
exchange or of the National Association of Securities Dealers, Inc. or a commercial bank or trust company having an office or correspondent in the United States; 

  

	 	•	 	 if applicable, a properly executed assignment or endorsement; 

  

	 	•	 	 tax waivers and such other instruments or documents that the Trustee reasonably required in order to establish the validity of the beneficial ownership
of the Security and the claimant’s entitlement to payment; and 

  

	 	•	 	 any additional information the Trustee reasonably required to evidence satisfaction of any conditions to the exercise of the Survivor’s Option or
to document beneficial ownership or authority to make the election and to cause the repayment or repurchase of the Security. 

 Subject to the annual put limitation and the individual put limitation, all questions as to the eligibility or validity of any exercise of the Survivor’s Option will be determined by the Trustee in
its sole discretion. The Trustee’s determination will be final and binding on all parties. 
 The death of a person holding
a beneficial interest in a Security as a joint tenant or tenant by the entirety with another person, or as a tenant in common with the deceased Holder’s spouse, will be deemed the death of the beneficial owner of the Security, and the entire
principal amount of the Security so held will be subject to the Survivor’s Option. The death of a person holding a beneficial interest in a Security as a tenant in common with a person other than such deceased Holder’s spouse will be
deemed the death of the beneficial owner of a Security only with respect to the deceased Holder’s interest in the Security. The death of a person who, during his or her lifetime, was entitled to substantially all of the beneficial interests of
ownership of a Security will

  

 12 

 
be deemed the death of the beneficial owner for purposes of the Survivor’s Option, regardless of the registered Holder of the Security, if such beneficial interest can be established to the
satisfaction of the Trustee. Such beneficial interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act, community property or other joint ownership
arrangements between a husband and wife and custodial and trust arrangements where one person has substantially all of the beneficial ownership interest in the Security during his or her lifetime. 
 For Securities represented by a Global Security, the Depositary or its nominee shall be the holder of such Security and therefore shall be
the only entity that can exercise the Survivor’s Option for such Security. To obtain repayment or repurchase pursuant to exercise of the Survivor’s Option with respect to such Security, the Representative must provide to the broker or
other entity through which the beneficial interest in such Security is held by the deceased beneficial owner (i) the documents described in the third preceding paragraph and (ii) written instructions to such broker or other entity to
notify the Depositary of such Representative’s desire to obtain repayment or repurchase pursuant to exercise of the Survivor’s Option. Such broker or other entity shall provide to the Trustee (i) the documents received from the
Representative referred to in clause (i) of the preceding sentence and (ii) a certificate satisfactory to the Trustee from such broker or other entity stating that it represents the deceased beneficial owner. Such broker or other entity
shall be responsible for disbursing any payments it receives pursuant to exercise of the Survivor’s Option to the appropriate Representative. 
 5. Events of Default. 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. 
 6. Modifications and Waivers; Obligation of the Company
Absolute. 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 at least 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. 
 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 interest on this Security at the times, places and rate, and in the coin or currency, herein prescribed. 
 7. Authorized Denominations. The Securities are issuable in registered form, without coupons, in denominations of $1,000 and any
integral multiple of $1,000 in excess thereof. As provided in the Indenture, and subject to certain limitations therein set forth and to the limitations described below, if applicable, 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. 
  

 13 

 8. Registration of Transfer. 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 maintained for that purpose in the City of
Chicago, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the securities registrar (which shall initially be the Trustee, The Bank of New York Mellon Trust Company, N.A., Two North LaSalle
Street, Chicago, Illinois 60602 (Attention: Corporate Trust Department) or at such other address as it may designate as its principal corporate trust office in the City of Chicago), 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, will be issued to the designated transferee or transferees. 
 This Security is exchangeable only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, (y) the Company in its sole discretion determines that this Security shall be
exchangeable for certificated Securities in registered form or (z) an Event of Default, or an event which with the passage of time or the giving of notice would become an Event of Default, with respect to the Securities represented hereby has
occurred and is continuing, provided that the definitive Securities so issued in exchange for this permanent Security shall be in denominations of $1,000 and any integral multiple of $1,000 in excess thereof and be of like aggregate principal amount
and tenor as the portion of this permanent Security to be exchanged, and provided further that, unless the Company agrees otherwise, Securities of this series in certificated registered form will be issued in exchange for this permanent Security, or
any portion hereof, only if such Securities in certificated registered form were requested by written notice to the Trustee or the Securities Registrar by or on behalf of a person who is beneficial owner of an interest hereof given through the
Holder hereof. Except as provided above, owners of beneficial interests in this permanent Security will not be entitled to receive physical delivery of Securities in certificated registered form and will not be considered the Holders thereof for any
purpose under the Indenture. 
 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. 
 9. Owners. 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 is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 10. No Recourse Against Certain Persons. No recourse for the payment of the principal or interest on this Security, or for any claim
based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any Supplemental Indenture thereto or in any Security, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator,

  

 14 

 
stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation of either of them, either directly or through the Company or any successor
corporation of either of them, whether by virtue of any constitution, statute or rule or law or by the enforcement of any assessment or penalty or otherwise, all such liability being by the acceptance hereof and as a condition of and as part of the
consideration for the issue hereof, expressly waived and released. 
 11. Defeasance. The Indenture with respect to any
series will be discharged and cancelled except for certain Sections thereof, subject to the terms of the Indenture, upon payment of all of the Securities of such series or upon the irrevocable deposit with the Trustee of cash or U.S. Government
Obligations (or a combination thereof) sufficient for such payment in accordance with Article Ten of the Indenture. 
 12.
Governing Law. The Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York. 
 13. Defined Terms. All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  

 15 

 OPTION TO ELECT REPAYMENT 
 The undersigned hereby irrevocably request(s) and instruct(s) the Company to repay this Security (or portion hereof specified below)
pursuant to its terms at a price equal to 100% of the principal amount hereof to be repaid, together with accrued and unpaid interest hereon, payable to the date of repayment, to the undersigned, at
                                        . (Please
print or typewrite name and address of the undersigned) 
 For this Security to be repaid, the undersigned must give to the
Trustee at Two North LaSalle Street, Chicago, Illinois 60602, Attention: Corporate Trust Department, or at such other place or places of which the Company shall from time to time notify the holders of the Securities, not more than 60 days nor less
than 30 days prior to the date of repayment, this Security with this “Option to Elect Repayment” form duly completed. 
 If less than the entire principal amount of this Security is to be repaid, specify the portion hereof (which shall be increments of US$1,000) which the holder elects to have repaid and specify the denomination or denominations (which shall
be an Authorized Denomination) of the Securities to be issued to the holder for the portion of this Security not being repaid (in the absence of any such specification, one such Security will be issued for the portion not being repaid): 

 

					
	US$	  		  	  

		  		  	Signature
	Dated:	  		  	NOTICE: The signature on this “Option to Elect Repayment” form must correspond with the name as written upon the face of the within Security in every particular,
without alteration or enlargement or any change whatsoever.
			
	  
	  		  	
	Signature Guarantee	  		  	
			
	 NOTICE: The signature(s) should be
 guaranteed by an eligible guarantor
 institution (banks, stockbrokers, savings
 and loan associations, and credit unions
 with
membership in an approved signature
 guarantee medallion program), pursuant to
 Rule 17Ad-15 under the Securities
 Exchange Act of 1934.
	  		  	

  

 16 

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

  

					
	 TEN COM
	 	-	  	as tenants in common
	TEN ENT	 	-	  	as tenants by the entireties
	JT TEN -	 	as joint tenants with right of survivorship and not as tenants in common

  

									
	UNIF GIFT MIN ACT -	  	  
	  	Custodian	  	  
	  	
		  	(Cust)	  		  	(Minor)	  	
		  	under Uniform Gifts to Minors Act	  	
		  	  
	  	
		  	State	  	

 Additional abbreviations may also be used though not in the above list. 
  
  
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(a) unto 
  

	
	 PLEASE INSERT SOCIAL SECURITY
 NUMBER OR OTHER IDENTIFYING
 NUMBER OF ASSIGNEE

	 
	 

			
	(Please print or typewrite name and address, including postal zip code, of assignee)
	
	  

	
	  

	the within Security and all rights thereunder, and hereby irrevocably constitutes and appoints
	
	  

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

	
	  

  

					
	Dated:	  		  	
		  		  	  

		  		  	NOTICE: The signature to this assignment must correspond with the name as written upon the within Security in every particular, without alteration or enlargement or any change
whatsoever.
			
	  
	  		  	
	Signature Guarantee	  		  	
			
	 NOTICE: The signature(s) should be
 guaranteed by an eligible guarantor
 institution (banks, stockbrokers,
 savings and loan associations, and
 credit unions with membership in an
 approved signature guarantee medallion
 program),
pursuant to Rule 17Ad-15
 under the Securities Exchange Act of 1934.
	  		  	

  

 17Form of Agreement Concerning Indemnification and Related Matters

 Exhibit 10.1 
 PORTLAND GENERAL ELECTRIC COMPANY 
 AGREEMENT
CONCERNING INDEMNIFICATION AND RELATED MATTERS 
 (Officers and Key Employees) 
 This Agreement is made as of             
    ,20    , by and between PORTLAND GENERAL ELECTRIC COMPANY, an Oregon corporation (the “Corporation”), and
                    (the “Indemnitee”), an [officer/employee] of the Corporation. 
 WHEREAS, it is essential to the Corporation to retain and attract as officers and employees of the Corporation the most capable persons
available and persons who have significant experience in business, corporate and financial matters; and 
 WHEREAS, the
Corporation has identified the Indemnitee as a person possessing the background and abilities desired by the Corporation and desires the Indemnitee to serve as [an
officer/                    ] of the Corporation; and 
 WHEREAS, the substantial increase in corporate litigation may, from time to time, subject corporate officers and certain employees to burdensome litigation, the risks of which frequently far outweigh the
advantages of serving in such capacity; and 
 WHEREAS, in recent times the cost of liability insurance has increased and the
availability of such insurance is, from time to time, severely limited; and 
 WHEREAS, the Corporation and the Indemnitee
recognize that serving as an officer or employee of a corporation at times calls for subjective evaluations and judgments upon which reasonable persons may differ and that, in that context, it is anticipated and expected that officers and employees
of corporations will and do from time to time commit actual or alleged errors or omissions in the good faith exercise of their corporate duties and responsibilities; and 
 WHEREAS, it is the express policy of the Corporation to indemnify designated officers and employees to the fullest extent permitted by law; and 
 WHEREAS, [the articles of incorporation of the Corporation permit, and the bylaws of the Corporation require, indemnification of the
officers of the Corporation to the fullest extent permitted by law, including but not limited to the Oregon Business Corporation Act (the “OBCA”), and] [the articles of incorporation of the Corporation permit indemnification of employees
of the Corporation to the fullest extent permitted by law, including but not limited to the Oregon Business Corporation Act (the “OBCA”), and] the OBCA expressly provides that the indemnification provisions set forth therein are not
exclusive, and thereby contemplates that contracts may be entered into between the Corporation and its officers and employees with respect to indemnification; and 
 WHEREAS, the Corporation and the Indemnitee desire to articulate clearly in contractual form their respective rights and obligations with regard to the Indemnitee’s service on behalf of the
Corporation as [an officer/                    ] and with regard to claims for loss, liability, expense or damage which, directly or
indirectly, may arise out of or relate to such service; and 
  

 - 1 - 

 WHEREAS, this Agreement expresses the entire understanding of the parties hereto with
respect to the subject matter hereof and it supersedes and replaces any and all former or contemporaneous agreements, understandings, representations or warranties relating to such subject matter and contains all of the terms, conditions,
understandings, representations, warranties, and promises of the parties hereto in connection therewith. 
 NOW THEREFORE, the
Corporation and the Indemnitee agree as follows: 
  

	1.	Agreement to Serve. 

 The
Indemnitee shall serve as [an officer/                    ] of the Corporation for so long as the Indemnitee is duly [elected/appointed], or
until the Indemnitee tenders a resignation in writing. This Agreement creates no obligation on either party to continue the service of the Indemnitee for a particular term or any term. 
  

	2.	Definitions. 

 As used in
this Agreement: 
  

	 	(a)	The term “Proceeding” shall include any threatened, pending or completed action, suit or proceeding, whether brought in the right of the Corporation or
otherwise, and whether of a civil, criminal, administrative or investigative nature, whether formal or informal, in which the Indemnitee may be or may have been involved as a party, witness or otherwise, by reason of the fact that the Indemnitee is
or was a [an officer/                    ] of the Corporation, or is or was serving at the request of the Corporation as a director, officer,
partner, trustee, manager, employee or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, whether or not serving in such capacity at the time any liability or expense is incurred for which
exculpation, indemnification or reimbursement can be provided under this Agreement. 

  

	 	(b)	The term “Expenses” includes, without limitation thereto, expenses of investigations, judicial or administrative proceedings or appeals, attorney, accountant
and other professional fees and disbursements and any expenses of establishing a right to indemnification under Section 13 of this Agreement, but shall not include amounts paid in settlement by the Indemnitee or the amount of judgments or fines
against the Indemnitee. 

  

	 	(c)	 References to “other enterprise” include, without limitation, employee benefit plans; references to “fines” include, without
limitation, any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving at the request of the Corporation” include, without limitation, any service as a

  

 - 2 - 

	 	 
director, officer, partner, trustee, manager, employee or agent which imposes duties on, or involves services by, such director, officer, partner, trustee, manager, employee or agent with respect
to an employee benefit plan, its participants, or its beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall
be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Agreement. 

  

	 	(d)	References to “the Corporation” shall include, in addition to the resulting entity, any constituent corporation or other entity (including any constituent of
a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, partners, trustees, managers, employees or agents, so that any person who
is or was a director, officer, partner, trustee, manager, employee or agent of such constituent entity, or is or was serving at the request of such constituent entity as a director, officer, partner, trustee, manager, employee or agent of another
corporation, limited liability company, partnership, joint venture, trust or other enterprise, shall stand in the same position under this Agreement with respect to the resulting or surviving entity as such person would have with respect to such
constituent entity if its separate existence had continued. 

  

	 	(e)	For purposes of this Agreement, the meaning of the phrase “to the fullest extent permitted by law” shall include, but not be limited to:

  

	 	(i)	to the fullest extent authorized or permitted by any amendments to or replacements of the OBCA adopted after the date of this Agreement that increase the extent to
which a corporation may indemnify or exculpate its officers or employees; and 

  

	 	(ii)	to the fullest extent permitted by the provision of the OBCA that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of
any amendment to or replacement of the OBCA. 

  

	3.	Limitation of Liability. 

  

	 	(a)	To the fullest extent permitted by law, the Indemnitee shall have no monetary liability of any kind or nature whatsoever in respect of the Indemnitee’s errors or
omissions (or alleged errors or omissions) in serving the Corporation or any of its subsidiaries, their respective shareholders or any other enterprise at the request of the Corporation, so long as such errors or omissions (or alleged errors or
omissions), if any, are not shown by clear and convincing evidence to have involved: 

  

	 	(i)	any breach of the Indemnitee’s duty of loyalty to such entities, shareholders or enterprises; 

  

 - 3 - 

	 	(ii)	any act or omission not in good faith or which involved intentional misconduct or a knowing violation of law; 

  

	 	(iii)	any transaction from which the Indemnitee derived an improper personal benefit; 

  

	 	(iv)	any unlawful distribution (including, without limitation, dividends, stock repurchases and stock redemptions), as defined in the OBCA or, as applicable, in the limited
liability company act of the state where the Corporation’s subsidiary is organized; or 

  

	 	(v)	profits made from the purchase and sale by the Indemnitee of securities of the Corporation within the meaning of Section 16(b) of the Securities Exchange Act of
1934, as amended, or similar provision of any state statutory law or common law. 

  

	 	(b)	Without limiting the generality of subparagraph (a) above and to the fullest extent permitted by law, the Indemnitee shall have no personal liability to the
Corporation or any of its subsidiaries, their respective shareholders or any other person claiming derivatively through the Corporation, regardless of the theory or principle under which such liability may be asserted, for: 

 

	 	(i)	punitive, exemplary or consequential damages; 

  

	 	(ii)	treble or other damages computed based upon any multiple of damages actually and directly proved to have been sustained; 

  

	 	(iii)	fees of attorneys, accountants, expert witnesses or professional consultants; or 

  

	 	(iv)	civil fines or penalties of any kind or nature whatsoever. 

  

	4.	Indemnity in Third Party Proceedings. 

 The Corporation shall indemnify the Indemnitee in accordance with the provisions of this Section 4 if the Indemnitee was or is a party to or a participant in (as a witness or otherwise), or is
threatened to be made a party to or a participant in (as a witness or otherwise), any Proceeding (other than a Proceeding by or in the right of the Corporation to procure a judgment in its favor), against all Expenses, judgments, fines and amounts
paid in settlement, actually and reasonably incurred by the Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed was in or not opposed to the best interests of the
Corporation, and, with respect to any criminal action or proceeding, the Indemnitee, in addition, had no reasonable cause to believe that the Indemnitee’s conduct was unlawful. However, the Indemnitee shall not be entitled to indemnification
under this Section 4 in connection with any Proceeding charging improper personal benefit to the Indemnitee in

  

 - 4 - 

 
which the Indemnitee is adjudged liable on the basis that personal benefit was improperly received by the Indemnitee, unless and only to the extent that the court conducting such Proceeding, or
any other court of competent jurisdiction, determines upon application that, despite the adjudication of liability, the Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances. 
  

	5.	Indemnity in Proceedings by or in the Right of the Corporation. 

 The Corporation shall indemnify the Indemnitee in accordance with the provisions of this Section 5 if the Indemnitee was or is a party to or a participant in (as a witness or otherwise), or is
threatened to be made a party to or a participant in (as a witness or otherwise), any Proceeding by or in the right of the Corporation to procure a judgment in its favor, against all Expenses actually and reasonably incurred by the Indemnitee in
connection with the defense or settlement of such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed was in or not opposed to the best interests of the Corporation. However, the Indemnitee shall not
be entitled to indemnification under this Section 5 in connection with any Proceeding in which the Indemnitee has been adjudged liable to the Corporation unless and only to the extent that the court conducting such Proceeding, or any other
court of competent jurisdiction, determines upon application that, despite the adjudication of liability, the Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances. 
  

	6.	Indemnification of Expenses of Successful Party. 

 Notwithstanding any other provisions of this Agreement other than Section 8, to the extent that the Indemnitee has been successful, in whole or in part, on the merits or otherwise, in defense of any
Proceeding that it is a party to or a participant in (as a witness or otherwise) or in defense of any claim, issue or matter therein, including the dismissal of an action without prejudice, the Corporation shall indemnify the Indemnitee against all
Expenses actually and reasonably incurred in connection therewith. 
  

	7.	Additional Indemnification. 

 Notwithstanding any limitation in Sections 4, 5 or 6, the Corporation shall indemnify the Indemnitee to the fullest extent permitted by law with respect to any Proceeding (including a Proceeding by or in the right of the Corporation to
procure a judgment in its favor), against all Expenses, judgments, fines and amounts paid in settlement, actually and reasonably incurred by the Indemnitee in connection with such Proceeding. 
  

 - 5 - 

	8.	Exclusions. 

 Notwithstanding any provision in this Agreement, the Corporation shall not be obligated under this Agreement to make any indemnification in connection with any claim made against the Indemnitee: 
  

	 	(a)	for which payment has been made to or on behalf of the Indemnitee under any insurance policy, except with respect to any excess amount to which the Indemnitee is
entitled under this Agreement beyond the amount of payment under such insurance policy; 

  

	 	(b)	if a court having jurisdiction in the matter finally determines that such indemnification is not lawful under any applicable statute or public policy;

  

	 	(c)	in connection with any Proceeding (or part of any Proceeding) initiated by the Indemnitee, or any Proceeding by the Indemnitee against the Corporation or its directors,
officers, employees or other persons entitled to be indemnified by the Corporation, unless: 

  

	 	(i)	the Corporation is expressly required by law to make the indemnification; 

  

	 	(ii)	the Proceeding was authorized by the Board of Directors of the Corporation; or 

  

	 	(iii)	the Indemnitee initiated the Proceeding pursuant to Section 12 of this Agreement and the Indemnitee is successful in whole or in part in such Proceeding;

  

	 	(d)	for an accounting of profits made from the purchase and sale by the Indemnitee of securities of the Corporation within the meaning of Section 16(b) of the
Securities Exchange Act of 1934, as amended, or similar provision of any state statutory law or common law; or 

  

	 	(e)	in connection with any proceeding by the Corporation or an affiliate of the Corporation against the Indemnitee in respect of a breach of the provisions of the
Indemnitee’s employment agreement with the Corporation or such affiliate. 

  

	9.	Event of Joint Liability. 

  

	 	(a)	The Corporation shall not enter into any settlement of any Proceeding in which the Corporation is jointly liable with Indemnitee (or would be if joined in such
Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 

  

	 	(b)	The Corporation shall indemnify Indemnitee from any claims for contribution which may be brought by other officers, directors or employees of the Corporation who may be
jointly liable with Indemnitee. 

  

 - 6 - 

	10.	Advances of Expenses. 

 The Corporation shall pay the Expenses incurred by the Indemnitee in any Proceeding (other than a Proceeding brought for an accounting of profits made from the purchase and sale by the Indemnitee of securities of the Corporation within the
meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provision of any state statutory law or common law) in advance of the final disposition of the Proceeding at the written request of the Indemnitee, if the
Indemnitee: 
  

	 	(a)	furnishes the Corporation a written affirmation of the Indemnitee’s good faith belief that the Indemnitee is entitled to be indemnified under this Agreement; and

  

	 	(b)	furnishes the Corporation a written undertaking to repay the advance to the extent that it is ultimately determined that the Indemnitee is not entitled to be
indemnified by the Corporation. Such undertaking shall be an unlimited general obligation of the Indemnitee but need not be secured. 

 Advances pursuant to this Section 10 shall be made no later than ten days after receipt by the Corporation of the affirmation and undertaking described in Sections 10(a) and 10(b) above, and shall be
made without regard to the Indemnitee’s ability to repay the amount advanced and without regard to the Indemnitee’s ultimate entitlement to indemnification under this Agreement. Advances shall be unsecured and interest free. The
Corporation may establish a trust, escrow account or other secured funding source for the payment of advances made and to be made pursuant to this Section 10 or of other liability incurred by the Indemnitee in connection with any Proceeding.

  

	11.	Nonexclusivity and Continuity of Rights. 

 The indemnification, advancement of Expenses, and exculpation from liability provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may be entitled under any
other agreement, any articles of incorporation, bylaws, or vote of shareholders or directors, the OBCA, or otherwise, both as to action in the Indemnitee’s official capacity and as to action in another capacity while holding such office or
occupying such position. The indemnification, advancement of expenses and exculpation under this Agreement shall continue as to the Indemnitee even though the Indemnitee may have ceased to be [an
officer/                    ] of the Corporation or a director, officer, partner, trustee, manager, employee or agent of an enterprise related
to the Corporation and shall inure to the benefit of the heirs, executors, administrators and personal representatives of the Indemnitee. 
  

 - 7 - 

	12.	Procedure Upon Application for Indemnification. 

 Any indemnification under Sections 4, 5, 6 or 7 shall be made no later than 45 days after receipt of the written request of the Indemnitee, unless a determination that the Indemnitee is not entitled to
indemnification under this Agreement is made within such 45 day period: 
  

	 	(a)	by the Board of Directors by a majority vote of a quorum consisting of directors who are not parties to the applicable Proceeding; 

  

	 	(b)	if a quorum cannot be obtained under paragraph (a) of this Section 12, then by a majority vote of a committee of the Board of Directors that is (i) duly
designated by the Board of Directors, with the participation of directors who are parties to the applicable Proceeding and (ii) consists solely of two or more directors not parties to the applicable Proceeding; 

  

	 	(c)	by independent legal counsel in a written opinion, which counsel shall be appointed (i) by a majority vote of the Board of Directors or its committee in the manner
prescribed by paragraph (a) or paragraph (b) of this Section 12, or (ii) if a quorum of the Board of Directors cannot be obtained under paragraph (a) of this Section 12 or a committee cannot be designated under
paragraph (b) of this Section 12, then by a majority vote of the full Board of Directors, including directors who are parties to the applicable Proceeding; or 

  

	 	(d)	by the shareholders of the Corporation. 

 If the Corporation selects independent legal counsel to make the determination whether Indemnitee is entitled to Indemnification pursuant to this Section 12, the Corporation will pay the reasonable fees and expenses of such independent
counsel and agrees to indemnify such independent counsel against any and all Expenses, claims, liabilities and damages arising out of its engagement pursuant under this Section 12. 
  

	13.	Enforcement. 

 The
Indemnitee may enforce any right to indemnification, advances or exculpation provided by this Agreement in any court of competent jurisdiction in compliance with Section 25 if: 
  

	 	(a)	the Corporation denies the claim for indemnification, advances or exculpation, in whole or in part; or 

  

	 	(b)	the Corporation does not dispose of such claim within the time period required by this Agreement. 

 It shall be a defense to any such enforcement action (other than an action brought to enforce a claim for advancement of Expenses pursuant
to, and in compliance with, Section 10 of this Agreement) that the Indemnitee is not entitled to indemnification or exculpation under this Agreement. However, except as provided in Section 14 of this Agreement, the Corporation shall not
assert any defense to an action brought to enforce a claim for advancement of Expenses pursuant to Section 10 of this Agreement if the Indemnitee has tendered to the Corporation the affirmation and undertaking required thereunder. 

 

 - 8 - 

 The burden of proving by clear and convincing evidence that indemnification or exculpation
is not appropriate shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors, a committee thereof, or independent legal counsel) to have made a determination prior to the commencement of such action that
indemnification or exculpation is proper in the circumstances because the Indemnitee has met the applicable standard of conduct nor an actual determination by the Corporation (including its Board of Directors, a committee thereof, or independent
legal counsel) that indemnification or exculpation is improper because the Indemnitee has not met such applicable standard of conduct, shall be asserted as a defense to the action or create a presumption that the Indemnitee is not entitled to
indemnification or exculpation under this Agreement or otherwise. 
 For purposes of any determination of good faith, Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Corporation, including financial statements, or on information supplied to Indemnitee by the directors and officers of the
Corporation in the course of their duties, or on the advice of legal counsel for the Corporation, its Board of Directors, any committee of the Board of Directors, or on information or records given or reports made to the Corporation, its Board of
Directors, or any committee of the Board of Directors, by an independent certified public accountant or by an appraiser or other expert selected by the Corporation, its Board of Directors, or any committee of the Board of Directors. 
 The knowledge and/or actions, or failure to act, of any other officer, director, agent or employee of the Corporation shall not be imputed
to the Indemnitee for purposes of determining the right to indemnification under this Agreement. 
 The Indemnitee’s
expenses incurred in connection with successfully establishing the Indemnitee’s right to indemnification, advances or exculpation, in whole or in part, in any Proceeding shall also be paid or reimbursed by the Corporation. 
 The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere, or its equivalent, shall
not, of itself, create a presumption that: 
  

	 	(i)	the Indemnitee is not entitled to indemnification under Sections 4, 5 or 7 of this Agreement because the Indemnitee did not act in good faith and in a manner which the
Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the Indemnitee’s conduct was unlawful; or

  

	 	(ii)	the Indemnitee is not entitled to exculpation under Section 3 of this Agreement. 

  

 - 9 - 

	14.	Notification and Defense of Claim. 

 As a condition precedent to indemnification under this Agreement, not later than 30 days after receipt by the Indemnitee of notice of the commencement of any Proceeding the Indemnitee shall, if a claim in
respect of the Proceeding is to be made against the Corporation under this Agreement, notify the Corporation in writing of the commencement of the Proceeding. The failure to properly notify the Corporation shall not relieve the Corporation from any
liability which it may have to the Indemnitee otherwise than under this Agreement. With respect to any Proceeding as to which the Indemnitee so notifies the Corporation of the commencement: 
  

	 	(a)	The Corporation shall be entitled to participate in the Proceeding at its own expense. 

  

	 	(b)	Except as otherwise provided in this Section 14, the Corporation may, at its option and jointly with any other indemnifying party similarly notified and electing
to assume such defense, assume the defense of the Proceeding, with legal counsel reasonably satisfactory to the Indemnitee. The Indemnitee shall have the right to use separate legal counsel in the Proceeding, but the Corporation shall not be liable
to the Indemnitee under this Agreement, including Section 10 above, for the fees and expenses of separate legal counsel incurred after notice from the Corporation of its assumption of the defense, unless (i) the Indemnitee reasonably
concludes that there may be a conflict of interest between the Corporation and the Indemnitee in the conduct of the defense of the Proceeding, or (ii) the Corporation does not use legal counsel to assume the defense of such Proceeding. The
Corporation shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Corporation or as to which the Indemnitee has made the conclusion provided for in (i) above. 

  

	 	(c)	Indemnitee shall provide the Corporation such information and cooperation in connection with the Proceeding as may be reasonably appropriate. 

 

	 	(d)	If two or more persons who may be entitled to indemnification from the Corporation, including the Indemnitee, are parties to any Proceeding, the Corporation may require
the Indemnitee to use the same legal counsel as the other parties. The Indemnitee shall have the right to use separate legal counsel in the Proceeding, but the Corporation shall not be liable to the Indemnitee under this Agreement, including
Section 10 above, for the fees and expenses of separate legal counsel incurred after notice from the Corporation of the requirement to use the same legal counsel as the other parties, unless the Indemnitee reasonably concludes that there may be
a conflict of interest between the Indemnitee and any of the other parties required by the Corporation to be represented by the same legal counsel. 

  

 - 10 - 

	 	(e)	The Corporation shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without its written
consent, which shall not be unreasonably withheld. The Indemnitee shall permit the Corporation to settle any Proceeding that the Corporation assumes the defense of, except that the Corporation shall not settle any action or claim in any manner that
would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written consent. 

  

	15.	Partial Indemnification. 

 If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some or a portion of the Expenses, judgments, fines or amounts paid in settlement, actually and reasonably incurred by the
Indemnitee in connection with such Proceeding, but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify the Indemnitee for the portion of such Expenses, judgments, fines or amounts paid in settlement to which the
Indemnitee is entitled. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Corporation shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. If the Indemnitee is not wholly successful in such Proceeding, the Corporation also shall
indemnify Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue or matter on which the Indemnitee was successful. For purposes of this Section 15 and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
  

	16.	Interpretation and Scope of Agreement. 

 Nothing in this Agreement shall be interpreted to constitute a contract of service for any particular period or pursuant to any particular terms or conditions. The Corporation retains the right, in its
discretion, to terminate the service relationship of the Indemnitee, with or without cause, or to alter the terms and conditions of the Indemnitee’s service all without prejudice to any rights of the Indemnitee which may have accrued or vested
prior to such action by the Corporation. 
  

	17.	Severability. 

 If this
Agreement or any portion thereof shall be invalidated on any ground by any court of competent jurisdiction, the remainder of this Agreement shall continue to be valid and the Corporation shall nevertheless indemnify the Indemnitee as to Expenses,
judgments, fines and amounts paid in settlement with respect to any Proceeding to the fullest extent permitted by any applicable portion of this Agreement that shall not have been invalidated. 
  

 - 11 - 

	18.	Subrogation. 

 In the
event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee. The Indemnitee shall execute all documents required and shall do all acts that may be
necessary to secure such rights and to enable the Corporation effectively to bring suit to enforce such rights. 
  

	19.	Notices. 

 All notices,
requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given upon delivery by hand to the party to whom the notice or other communication shall have been directed, or on the third
business day after the date on which it is mailed by United States mail with first-class postage prepaid, addressed as follows: 
  

	 	(a)	If to the Indemnitee, to the address indicated on the signature page of this Agreement. 

  

	 	(b)	If to the Corporation, to 

 Portland General Electric Company 
 Attn: General Counsel

 121 SW Salmon, 1 WTC 1715 
 Portland, OR 97204 
 or to any other address as either party may designate to the other in writing. 
  

	20.	Counterparts. 

 This
Agreement may be executed in any number of counterparts, each of which shall constitute the original. 
  

	21.	Applicable Law. 

 This
Agreement shall be governed by and construed in accordance with the internal laws of the state of Oregon without regard to the principles of conflict of laws. 
  

	22.	Successors and Assigns. 

 This Agreement shall be binding upon the Corporation and its successors and assigns. 
  

 - 12 - 

	23.	Period of Limitations. 

 No legal action shall be brought and no cause of action shall be asserted by or in the right of the Corporation against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two
years from the date of accrual of such cause of action, and any claim or cause of action of the Corporation shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided,
however, that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern. 
  

	24.	Attorney Fees. 

 If any
suit, action (including, without limitation, any bankruptcy proceeding) or arbitration is instituted to enforce or interpret any provision of this Agreement, the prevailing party shall be entitled to recover from the party not prevailing, in
addition to other relief that may be provided by law, an amount determined reasonable as attorney fees at trial and on any appeal of such suit or action. 
  

	25.	Jurisdiction and Venue. 

 Each party hereto expressly and irrevocably consents and submits to the jurisdiction and venue of any state or federal court sitting in Multnomah County, Oregon, in any action or proceeding arising out of or relating to this Agreement and
agrees that all claims in respect of the action or proceeding may be heard and determined in such court and to the appellate courts in connection with any appeal. The parties expressly waive all defenses of lack of personal jurisdiction, improper
venue and forum non-conveniens with respect to such federal and state courts sitting within Multnomah County, Oregon. The parties expressly consent to (i) service of process being effected upon them by certified mail sent to the addresses set
forth in this Agreement and (ii) any final judgment rendered against a party in any action or proceeding being enforceable in other jurisdictions in any manner provided by law. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first written above. 
  

									
	CORPORATION:	 		 		 	INDEMNITEE:
				
	PORTLAND GENERAL ELECTRIC COMPANY	 		 		 	
					
	 By:
	 	  
	 		 		 	  

		 		 		 		 	

  

 - 13 -

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