Document:

Exhibit 10.16

 

 

CONSULTING AGREEMENT

 

This Consulting Agreement (the “Agreement”),
dated this 2nd day of May, 2005 is by and between NewPage Corporation (the “Company”)
and Mark Suwyn (the “Consultant”).

 

WHEREAS, an Equity and Purchase Agreement was entered
into by and between Escanaba Timber LLC (f/k/a Maple Acquisition LLC) and
MeadWestvaco Corporation, dated as of January 14, 2005, as amended (the “Purchase
Agreement”);

 

WHEREAS, the Company desires to retain the
Consultant to provide services for the Company upon the terms and conditions
contained herein; and

 

WHEREAS, the Consultant desires to be retained by
the Company upon the terms and conditions contained herein.

 

NOW, THEREFORE, in consideration of the promises in this
Agreement, the mutuality and sufficiency of which are hereby acknowledged, the
parties agree as follows:

 

1)                                      Term. The term of the Agreement shall commence on the “Closing Date” (as
defined under the Purchase Agreement) (the “Effective Date”) and shall continue
thereafter until earlier terminated in accordance with the terms of Section 10
of this Agreement (the “Consulting Term”).

 

2)                                      Duties. The Consultant shall serve as the Chairman of the Board of Directors of
the Company, and NewPage Holding Corporation and such other affiliates of Maple
Timber Acquisition LLC (the “Parent”) as the Board of Directors of the Parent
may request.

 

3)                                      Payments.

 

a)                                      Consulting Fees. During the Consulting Term, in lieu of any
other fees as a director, the Consultant shall receive an annual fee of $500,000
(payable in monthly installments of $41,666.66) (the “Consulting Fees”).

 

b)                                     Signing Bonus. The Consultant shall be entitled to an
up-front payment in the amount
of $697,500. Such amount shall be paid to the Consultant on the Effective Date,
$547,506.75 of which the Consultant hereby instructs the Company to pay to the
Parent to purchase the interests in the Paper Series of the Parent on the
Effective Date pursuant to the Executive Purchase Agreement, dated as the
Effective Date, between the Parent and the Consultant (the “Executive Purchase
Agreement”).

 

c)                                      Expenses. During the Consulting Term, the Company will pay, or reimburse the
Consultant for, reasonable expenses incurred by the Consultant at the request
of, or on behalf of, the Company in the performance of the Consultant’s duties
pursuant to this Agreement, and in accordance with the Company’s policies.

 

4)                                      Independent
Contractor. During the Consulting Term, the Consultant is, and shall be deemed for
all purposes to be, an independent contractor of the Company. The Consultant
acknowledges that this Agreement is not an employment contract. Consequently,
the

 

 

Consulting
Fees set forth in Section 3(a) of this Agreement shall not be deemed to be
wages, and therefore shall not be subject to any withholdings or deductions.
The Consultant shall not be entitled to any employee benefits of the Company or
any of its affiliates or subsidiaries.

 

5)                                      Confidentiality.

 

(a)                                  The Consultant has
had access to, and during the course of the Consultant’s retention under this
Agreement, the Consultant will have access to, certain trade secrets and
confidential information relating to the Company and its affiliates and
subsidiaries (the “Protected Parties”) which is not readily available from
sources outside the Company. The confidential and proprietary information and,
in any material respect, trade secrets of the Protected Parties are among their
most valuable assets, including but not limited to, their customer, supplier
and vendor lists, contract terms, databases, competitive strategies, computer
programs, frameworks, or models, their marketing programs, their sales,
financial, marketing, training and technical information, their product
development (and proprietary product data), business plans and strategies
(including, but not limited to, acquisition and divestiture plans),
environmental matters and other regulatory matters and any other information,
whether communicated orally, electronically, in writing or in other tangible
forms concerning how the Protected Parties create, develop, acquire or maintain
their products and marketing plans, target their potential customers and
operate their businesses. The Protected Parties invested, and continue to
invest, considerable amounts of time and money in their process, technology,
know-how, obtaining and developing the goodwill of their customers, their other
external relationships, their data systems and data bases, and all the
information described above (hereinafter collectively referred to as “Confidential
Information”), and any misappropriation or unauthorized disclosure of
Confidential Information in any form would irreparably harm the Protected
Parties. The Consultant acknowledges that such Confidential Information
constitutes valuable, highly confidential, special and unique property of the
Protected Parties. The Consultant shall hold in a fiduciary capacity for the
benefit of the Protected Parties all Confidential Information relating to the
Protected Parties and their businesses, which shall have been obtained by the Consultant
during the Consultant’s retention by the Company or its subsidiaries and
affiliates and which shall not be or become public knowledge (other than by
acts by the Consultant or representatives of the Consultant in violation of
this Agreement). Except as required by law or an order of a court or
governmental agency with jurisdiction, the Consultant shall not, during the
period the Consultant is retained by the Company or its subsidiaries and
affiliates or at any time thereafter, disclose any Confidential Information,
directly or indirectly, to any person or entity for any reason or purpose
whatsoever, nor shall the Consultant use it in any way, except in the course of
the Consultant’s retention with, and for the benefit of, the Protected Parties
or to enforce any rights or defend any claims hereunder or under any other
agreement to which the Consultant is a party, provided that such disclosure is
relevant to the enforcement of such rights or defense of such claims and is
only disclosed in the formal proceedings related thereto. The Consultant shall
take all reasonable steps to safeguard the Confidential Information and to
protect it against disclosure, misuse, espionage, loss and theft. The
Consultant understands and agrees that the Consultant shall acquire no rights
to any such Confidential Information.

 

(b)                                 All files, records,
documents, drawings, specifications, data, computer programs, evaluation
mechanisms and analytics and similar items relating thereto or to the coated
paper and/or carbonless paper business (the “Business”), as well as all
customer lists,

 

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specific customer information, compilations of product research and
marketing techniques of the Company and its subsidiaries and affiliates, whether
prepared by the Consultant or otherwise coming into the Consultant’s
possession, shall remain the exclusive property of the Company and its
subsidiaries and affiliates, and the Consultant shall not remove any such items
from the premises of the Company and its subsidiaries and affiliates, except in
furtherance of the Consultant’s duties under this Agreement.

 

(c)                                  It is understood that while retained by the
Company, the Consultant will promptly disclose to it, and assign to it the
Consultant’s interest in any invention, improvement or discovery made or
conceived by the Consultant, either alone or jointly with others, which arises
out of the Consultant’s retention. At the Company’s request and expense, the Consultant
will assist the Company and its subsidiaries and affiliates during the period
of the Consultant’s retention under this Agreement and thereafter in connection
with any controversy or legal proceeding relating to such invention,
improvement or discovery and in obtaining domestic and foreign patent or other
protection covering the same.

 

(d)                                 As requested by the Company and at the
Company’s expense, from time to
time and upon the termination of the Consultant’s retention for any reason, the
Consultant will promptly deliver to the Company and its subsidiaries and
affiliates, as applicable, all copies and embodiments, in whatever form, of all
Confidential Information in the Consultant’s possession or within his control
(including, but not limited to, memoranda, records, notes, plans, photographs,
manuals, notebooks, documentation, program listings, flow charts, magnetic
media, disks, diskettes, tapes and all other materials containing any
Confidential Information) irrespective of the location or form of such
material. If requested by the Company, the Consultant will provide the Company
with written confirmation that all such materials have been delivered to the
Company as provided herein.

 

6)                                      Non-Solicitation or Hire. During the Consulting Term and for a period
of 1 year following the termination of the Consultant’s retention for any
reason, the Consultant shall not directly or indirectly solicit or attempt to
solicit or induce, directly or indirectly, (a) any party who is a customer of
the Company or its subsidiaries or affiliates, or who was a customer of the Company
or its subsidiaries or affiliates at any time during the relevant period
immediately prior to the relevant date, for the purpose of marketing, selling
or providing to any such party any services or products offered by or available
from the Company or its subsidiaries or affiliates and relating to the Business
or (b) any employee of the Company or any of its subsidiaries or affiliates or
any person who was an employee of the Company or any of its subsidiaries or affiliates
during the twelve (12) month period immediately prior to the date of the
Consultant’s termination of retention to terminate such employee’s employment
relationship with the Protected Parties in order, in either case, to enter into
a similar relationship with the Consultant, or any other person or any entity
in competition with the Business of the Company or any of its subsidiaries or
affiliates.

 

7)                                      Property. The Consultant acknowledges that all originals and copies of materials,
records and documents generated by him or coming into his possession during his
retention by the Company or its subsidiaries and affiliates are the sole
property of the Company and its subsidiaries and affiliates (“Company Property”).
During the Consulting Term, and at all times thereafter, the Consultant shall
not remove, or cause to be removed, from the premises of

 

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the Company or its subsidiaries or affiliates, copies of any record,
file, memorandum, document, computer related information or equipment, or any
other item relating to the business of the Company or its subsidiaries or
affiliates, except in furtherance of his duties under the Agreement. When the
Consultant’s retention terminates, or upon request of the Company at any time,
the Consultant shall promptly deliver to the Company all copies of Company
Property in his possession or control.

 

8)                                      Remedies; Specific Performance. The Parties acknowledge and agree that the
Consultant’s breach or threatened breach of any of the restrictions set forth
in Sections 5, 6, or 7 will result in irreparable and continuing damage to the
Protected Parties for which there may be no adequate remedy at law and that the
Protected Parties shall be entitled to equitable relief, including specific
performance and injunctive relief as remedies for any such breach or threatened
or attempted breach. The Consultant hereby consents to the grant of an
injunction (temporary or otherwise) against the Consultant or the entry of any
other court order against the Consultant prohibiting and enjoining him from
violating, or directing him to comply with any provision of Sections 5, 6, or
7. The Consultant also agrees that such remedies shall be in addition to any
and all remedies, including damages, available to the Protected Parties against
him for such breaches or threatened or attempted breaches.

 

9)                                      Devotion.

 

a)                                      The Consultant will devote such of his
business time, attention, skill
and energy as are necessary to perform his duties hereunder, use his best
efforts to promote the success of the Company in accordance with all applicable
laws, and cooperate fully with the Company in the advancement of the best
lawful interests of the Company.

 

b)                                     Nothing in this Section 9 shall prevent the
Consultant from engaging in additional activities that do not violate the
provisions of Sections 5, 6, or 7 and 9(a) herein, or otherwise interfere in
the performance of Consultant’s duties under this Agreement.

 

10)                                Termination of the Consulting Agreement and
the Company’s Relationship with the Consultant.

 

a)                                      The Consulting Term may be terminated by the
Company or the Consultant upon 30 days prior written notice to the other party
or immediately upon the Consultant’s death or “Disability” (as defined below)
or by the Company for “Cause” (as defined below), subject to the cure period
contained in such definition. If the Consulting Term is terminated pursuant to
this Section 10(a), the Consulting Term shall terminate immediately, and the
Consultant, or his legal representative, shall be entitled to only such
Consulting Fees as shall have accrued as of the date of such termination.

 

b)                                     For the purposes of this Agreement, “Cause”
means (i) commission of a felony by the Consultant, (ii) acts of dishonesty by
the Consultant resulting or intending to result in personal gain or enrichment
at the expense of the Company or its subsidiaries or affiliates, (iii) the
Consultant’s material breach of any provision of any policy of the Company or
its subsidiaries or affiliates, (iv) conduct by the Consultant in connection
with his duties that is fraudulent, willful and materially injurious to the
Company or its subsidiaries or affiliates or (v)

 

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conduct
by the Consultant in connection with his duties that is unlawful and materially
injurious to the Company or its subsidiaries or affiliates; provided, that, the
Consultant shall have ten (10) business days following the Company’s written
notice of its intention to terminate the Consultant to cure such Cause, if
curable, as determined by the Board of Directors of NewPage Holding
Corporation, in its sole discretion.

 

c)                                      For the purposes of
this Agreement, “Disability” means a physical or mental injury or illness which
prevents the Consultant from fulfilling his duties as Chairman with or without
reasonable accommodation for a period of (i) 90 consecutive days or (ii) 180
days in any one year period.

 

11)                                Disclosure. The Consultant
shall disclose immediately to the Company the existence of any relationship
between the Consultant and any other entity that creates or may create a
conflict of interest that may affect the independent professional judgment of
the Consultant in carrying out his duties under this Agreement.

 

12)                                Representations. The Consultant
expressly represents and warrants to the Company that as of the date of his
signing this Agreement that he is not a party to any contract or agreement
which will or may restrict in any way his ability to perform his duties and responsibilities
under this Agreement and that the performance of his duties for the Company will
not breach any agreements with former employers.

 

13)                                Governing Law. This Agreement
will be governed by and construed in accordance with the laws of the State of New
York, without giving effect to the principles of conflicts of laws.

 

14)                                Jurisdiction. The parties agree
irrevocably to submit to the exclusive jurisdiction of the federal courts or,
if no federal jurisdiction exists, the state courts, located in the City of New
York, Borough of Manhattan, for the purposes of any suit, action or other proceeding
brought by any party arising out of any breach of any of the provisions of this
Agreement and hereby waive, and agree not to assert by way of motion, as a
defense or otherwise, in any such suit, action, or proceeding, any claim that
he or it is not personally subject to the jurisdiction of the above-named
courts, that the suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper, or that
the provisions of this Agreement may not be enforced in or by such courts. In
addition, the parties agree to the waiver of a jury trial.

 

15)                                Notices. Any notice or
other communication required or which may be given hereunder shall be in
writing and shall be delivered personally, telegraphed, telexed, sent by
facsimile transmission or sent by certified, registered or express mail,
postage prepaid, and shall be deemed given when so delivered personally,
telegraphed, telexed, or sent by facsimile transmission or, if mailed, four (4)
days after the date of mailing, as follows:

 

	
  If
  to the Company:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  If the Company, to:

  	
   

  	
   

  

 

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  NewPage Corporation

  	
   

  	
   

  
	
  Courthouse Plaza N.E.

  	
   

  	
   

  
	
  Dayton, Ohio 45463

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attention: Board of Directors

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  With copies to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Cerberus Capital Management, L.P.

  	
   

  	
   

  
	
  299 Park Avenue

  	
   

  	
   

  
	
  New York, New York 10171

  	
   

  	
   

  
	
   

  
	
  Attention:

  	
   

  	
  Lenard Tessler

  
	
  Telephone:

  	
   

  	
  212-891-2100

  
	
  Fax:

  	
   

  	
  (212) 755-3009

  
	
   

  
	
  And

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Schulte Roth & Zabel LLP

  	
   

  	
   

  
	
  919 Third Avenue

  	
   

  	
   

  
	
  New York, NY 10022

  	
   

  	
   

  
	
   

  
	
  Attention:

  	
   

  	
  Stuart D. Freedman, Esq.

  
	
  Telephone:

  	
   

  	
  212-756-2000

  
	
  Fax:

  	
   

  	
  (212) 593-5955

  
	
   

  
	
  If to the Consultant:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Mark Suwyn

  	
   

  	
   

  
	
  6413 Arden Ct.

  	
   

  	
   

  
	
  Brentwood, TN 37027

  	
   

  	
   

  
	
   

  
	
  Telephone:

  	
   

  	
  (239) 498-0613

  
	
  Fax:

  	
   

  	
  (239) 498-2972

  
									

 

Either party may change the address provided above
by delivering written notice of such change of address to the other party.

 

16)                                Assignability;
Successors. This Agreement shall inure to the benefit of and be binding upon the
successors of the Company. Neither the Consultant nor the Company may assign
this Agreement without the express written consent of the other party; provided,
however, that the Company’s obligations under this Agreement shall be
the binding legal obligations of any successor of the Company, and provided
further that the Consultant hereby agrees that the Company may assign this
Agreement to any of its affiliates or subsidiaries at any time without the
consent of the Consultant.

 

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17)                                Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same instrument.

 

18)                                Entire Agreement and Amendment. This Agreement may be amended only by an
agreement in writing signed by the parties. This Agreement contains the entire agreement
between the parties with respect to the subject matter of this Agreement and supersedes
all prior agreements and understandings, oral or written, between the parties
with respect to the subject matter of this Agreement. This Agreement and all
compensation derived therefrom are intended not to constitute compensation
deferred under a nonqualified deferred compensation plan as contemplated in
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
Accordingly, notwithstanding any other provision of this Agreement, the provisions
of this Agreement will be interpreted consistent with the preceding sentence,
and the Agreement may be modified to the minimum extent necessary, as agreed
upon by the Company and the Consultant to comply with the requirements of
Section 409A of the Code and the regulations promulgated thereunder.

 

19)                                Severability. In the event that any one or more of the
terms, conditions or provisions of this Agreement is held invalid, illegal or
unenforceable, that term, condition or provision shall be severed and the
remaining terms, conditions and provisions shall remain binding and effective.

 

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IN WITNESS WHEREOF, the parties have executed
the Agreement as of the date and year first above written.

 

	
   

  	
  NEWPAGE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Linda
  Sheffield

  	
   

  
	
   

  	
  Name: 

  	
  Linda Sheffield

  
	
   

  	
  Title:

  	
  Treasurer

  

 

 

	
   

  	
  /s/
  Mark Suwyn

  	
   

  
	
   

  	
  Mark
  SuwynQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4(f)    
    

	This instrument was prepared by:	 	

	 	 	Paul I. Cutler

Florida Power & Light Company

700 Universe Boulevard

Juno Beach, Florida 33408	 	EXECUTED IN 60 COUNTERPARTS OF WHICH THIS IS COUNTERPART NO. 4

	
FLORIDA POWER & LIGHT COMPANY

to

DEUTSCHE BANK TRUST COMPANY AMERICAS

(formerly known as Bankers Trust Company)

 As Trustee under Florida Power & Light Company's Mortgage and Deed of Trust,

Dated as of January 1, 1944.

One Hundred Seventh Supplemental Indenture

Relating to $300,000,000 Principal Amount

of First Mortgage Bonds, 4.95% Series

due June 1, 2035

Dated as of June 1, 2005

This Supplemental Indenture has been executed in several counterparts, all of which constitute but one and the same instrument. This Supplemental
Indenture has been recorded in several counties and documentary stamp taxes as required by law in the amount of $1,050,000, and non-recurring intangible taxes as required by law in the
amount of $87,020 were paid on the Supplemental Indenture recorded in the public records of Palm Beach County, Florida.

Note to Examiner: The new bonds ("New Bonds") being issued in connection with this Supplemental Indenture are secured by real property and personal
property located both within Florida and outside of Florida. The aggregate fair market value of the collateral exceeds the aggregate principal amount of (y) the New Bonds plus (z) the
other outstanding bonds secured by the mortgage supplemented hereby and all previous supplemental indentures thereto. The intangible tax has been computed pursuant to Section 199.133 (2),
Florida Statutes, by (i) determining the percentage of the aggregate fair market value of the collateral constituting real property situated in Florida and by multiplying that percentage times
the principal amount of the New Bonds (the result hereinafter defined as the "Tax Base") and (ii) multiplying the tax rate times the Tax Base.

 
 
 

ONE HUNDRED SEVENTH SUPPLEMENTAL INDENTURE    
    

        INDENTURE, dated as of the first day of June, 2005, made and entered into by and between FLORIDA POWER &
LIGHT COMPANY, a corporation of the State of Florida, whose post office address is 700 Universe Boulevard, Juno Beach, Florida 33408 (hereinafter sometimes called FPL), and DEUTSCHE BANK TRUST COMPANY
AMERICAS (formerly known as Bankers Trust Company), a corporation of the State of New York, whose post office address is 60 Wall Street, 27th Floor, New York, New York 10005 (hereinafter called the
Trustee), as the one hundred seventh supplemental indenture (hereinafter called the One Hundred Seventh Supplemental Indenture) to the Mortgage and Deed of Trust, dated as of January 1, 1944
(hereinafter called the Mortgage), made and entered into by FPL, the Trustee and The Florida National Bank of Jacksonville, as Co-Trustee (now resigned), the Trustee now acting as the sole
trustee under the Mortgage, which Mortgage was executed and delivered by FPL to secure the payment of bonds issued or to be issued under and in accordance with the provisions thereof,, and which
Mortgage was incorporated by reference in the One Hundredth Sixth Supplemental Indenture and Mortgage, dated as of September 1, 2004, and recorded in the Rockingham County, New Hampshire
Registry of Deeds at Book 4362, Page 1879, reference to which Mortgage and to which One Hundredth Sixth Supplemental Indenture and Mortgage is hereby made, this One Hundred Seventh Supplemental
Indenture being supplemental thereto; 

        WHEREAS,
by an instrument, dated as of April 15, 2002, filed with the Banking Department of the State of New York, Bankers Trust Company effected a corporate name change pursuant
to which, effective such date, it is known as Deutsche Bank Trust Company Americas; and 

        WHEREAS,
Section 8 of the Mortgage provides that the form of each series of bonds (other than the first series) issued thereunder shall be established by Resolution of the Board
of Directors of FPL 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 FPL by any
provision of the Mortgage, whether such power, privilege or right is in any way restricted or is unrestricted, may 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 FPL may enter into any further covenants, limitations or restrictions for the benefit of any one or more series of bonds
issued thereunder, or FPL 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 FPL in such manner as would be necessary to entitle a conveyance of real estate to be recorded in all of the states in which any property at the
time subject to the Lien of the Mortgage shall be situated; and 

        WHEREAS,
FPL now desires to create the series of bonds described in Article I hereof and to add to its covenants and agreements contained in the Mortgage 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; and 

        WHEREAS,
the execution and delivery by FPL of this One Hundred Seventh Supplemental Indenture, and the terms of the bonds, hereinafter referred to in Article I, have been duly
authorized by the Board of Directors of FPL by appropriate resolutions of said Board of Directors; 

2

 

        NOW,
THEREFORE, THIS INDENTURE WITNESSETH: That FPL, in consideration of the premises and of One Dollar to it duly paid by the Trustee 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 Trustee 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, 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 as defined in Section 6 of the Mortgage) unto Deutsche Bank Trust Company Americas, as Trustee under the
Mortgage, and to its successor or successors in said trust, and to said Trustee and its successors and assigns forever, all property, real, personal and mixed, acquired by FPL after the date of the
execution and delivery of the Mortgage (except any herein or in the Mortgage, as heretofore supplemented, expressly excepted), now owned (except any properties heretofore released pursuant to any
provisions of the Mortgage and in the process of being sold or disposed of by FPL) or, subject to the provisions of Section 87 of the Mortgage, hereafter acquired by FPL and wheresoever
situated, including (without in anywise limiting or impairing by the enumeration of the same the scope and intent of the foregoing) 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 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, chattels, and
choses in action; 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 FPL 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 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, products and profits thereof, and all
the estate, right, title and interest and claim whatsoever, at law as well as in equity, which FPL now has or may hereinafter acquire in and to the aforesaid property and franchises and every part and
parcel thereof. 

        IT
IS HEREBY AGREED by FPL that, subject to the provisions of Section 87 of the Mortgage, all the property, rights, and franchises acquired by FPL 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 as fully embraced within the Lien of the Mortgage and the lien
and operation of the One Hundred Sixth Supplemental Indenture and Mortgage, as if such property, rights and franchises were now owned by FPL and were specifically described herein and conveyed hereby. 

3

 

        PROVIDED
that the following are not and are not intended to be now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or
confirmed hereunder and are hereby expressly excepted from the Lien and operation of this One Hundred Seventh Supplemental Indenture and from the Lien and operation of the Mortgage, as heretofore
supplemented, viz: (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, materials or supplies held for the purpose of sale in the usual course of business and fuel (including Nuclear Fuel unless expressly
subjected to the Lien and operation of the Mortgage by FPL in a future Supplemental Indenture), oil and similar materials and supplies consumable in the operation of any properties of FPL; rolling
stock, buses, motor coaches, automobiles and other vehicles; (3) bills, notes and accounts receivable, and all contracts, leases and operating agreements not specifically pledged under the
Mortgage or covenanted so to be; (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, ice, and
other materials or products generated, manufactured, produced or purchased by FPL for sale, distribution or use in the ordinary course of its business; all timber, minerals, mineral rights and
royalties; (6) FPL's franchise to be a corporation; and (7) the properties already sold or in the process of being sold by FPL and heretofore released from the Mortgage
and Deed of Trust, dated as of January 1, 1926, from Florida Power & Light Company to Bankers Trust Company and The Florida National Bank of Jacksonville, trustees, and specifically
described in three separate releases executed by Bankers Trust Company and The Florida National Bank of Jacksonville, dated July 28, 1943, October 6, 1943 and December 11, 1943,
which releases have heretofore been delivered by the said trustees to FPL and recorded by FPL among the Public Records of all Counties in which such properties are located; provided, however, that the
property and rights expressly excepted 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 the Trustee 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 FPL
as aforesaid, or intended so to be, unto Deutsche Bank Trust Company Americas, the Trustee, and its 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
heretofore supplemented, this One Hundred Seventh Supplemental Indenture being supplemental thereto. 

        AND
IT IS HEREBY COVENANTED by FPL that all terms, conditions, provisos, covenants and provisions contained in the Mortgage shall affect and apply to the property hereinbefore described
and conveyed and to the estate, rights, obligations and duties of FPL and the Trustee and the beneficiaries of the trust with respect to said property, and to the Trustee and its successors as Trustee
of said property in the same manner and with the same effect as if said property had been owned by FPL at the time of the execution of the Mortgage, and had been specifically and at length described
in and conveyed to said Trustee, by the Mortgage as a part of the property therein stated to be conveyed. 

4

 

        FPL
further covenants and agrees to and with the Trustee and its successors in said trust under the Mortgage, as follows: 

 
 

ARTICLE I
  One Hundred Fourth Series of Bonds    
    

        Section 1.    (I) There shall be a series of bonds designated "4.95% Series due June 1, 2035", herein sometimes referred to as the
"One Hundred Fourth 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 FPL,
shall contain suitable provisions with respect to the matters hereinafter in this Section specified. Bonds of the One Hundred Fourth Series shall mature on June 1, 2035 and shall be issued as
fully registered bonds in denominations of One Thousand Dollars and, at the option of FPL, in any multiple or multiples of One Thousand Dollars (the exercise of such option to be evidenced by the
execution and delivery thereof); they shall bear interest at the rate of 4.95% per annum, payable semi-annually on June 1 and December 1 of each year (each an "Interest
Payment Date") commencing on December 1, 2005; the principal of and interest on each said bond to be payable at the office or agency of FPL 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. Bonds of the One Hundred Fourth Series shall be dated as in
Section 10 of the Mortgage provided. The record date for payments of interest on any Interest Payment Date shall be the close of business on (1) the business day immediately preceding
such Interest Payment Date so long
as the bonds of the One Hundred Fourth Series are in book-entry only form, registered in the name of The Depository Trust Company or any other successor depositary or a nominee thereof or
(2) the 15th calendar day immediately preceding each Interest Payment Date if the bonds of the One Hundred Fourth Series are not in book-entry only form, registered in the name of
The Depository Trust Company or any other successor depositary or a nominee thereof. Interest on the bonds of the One Hundred Fourth Series will accrue from and including June 7, 2005 to but
excluding December 1, 2005 and, thereafter, from and including the last Interest Payment Date to which interest has been paid or duly provided for (and if no interest has been paid on the bonds
of the One Hundred Fourth Series, from June 7, 2005) to, but excluding, the next succeeding Interest Payment Date. No interest will accrue on a bond of the One Hundred Fourth Series for the day
on which such bond matures. The amount of interest payable for any period will 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 period for which interest is computed will be computed on the basis of the number of days in the period using
30-day calendar months. 

        (II)    Bonds
of the One Hundred Fourth Series shall be redeemable either at the option of FPL or pursuant to the requirements of the Mortgage (including, among other
requirements, the application of cash delivered to or deposited with the Trustee pursuant to the provisions of Section 64 of the Mortgage or with proceeds of Released Property) in whole at any
time, or in part from time to time, prior to maturity, upon notice, as provided in Section 52 of the Mortgage, mailed at least thirty (30) days prior to the date fixed for redemption
(the "Redemption Date"), at a price (the "Redemption Price") equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the Redemption Date plus a premium, if any (the
"Make-Whole Premium"). In no event will the Redemption Price be less than 100% of the principal amount of the bonds of the One Hundred Fourth Series being redeemed plus accrued and unpaid
interest to the Redemption Date. 

5

 

        The
amount of the Make-Whole Premium with respect to any bond of the One Hundred Fourth Series (or portion thereof) to be redeemed will be equal to the excess, if any, of: 

	(1)
	the
sum of the present values, calculated as of the Redemption Date, of:

	a.
	each
interest payment that, but for such redemption, would have been payable on the bond of the One Hundred Fourth Series (or portion thereof) being redeemed on each Interest Payment
Date occurring after the Redemption Date (excluding any accrued interest for the period prior to the Redemption Date); and

	b.
	the
principal amount that, but for such redemption, would have been payable at the final maturity of the bond of the One Hundred Fourth Series (or portion thereof) being redeemed; over

	(2)
	the
principal amount of the bond of the One Hundred Fourth Series (or portion thereof) being redeemed. 

        The
present values of interest and principal payments referred to in clause (1) above will be determined in accordance with generally accepted principles of financial analysis.
Such present values will be calculated by discounting the amount of each payment of interest or principal from the date that each such payment would have been payable, but for the redemption, to the
Redemption Date at a discount rate equal to the Treasury Yield (as defined below) plus 15 basis points. 

        The
Make-Whole Premium will be calculated by an independent investment banking institution of national standing appointed by FPL;  provided that if FPL fails to make such appointment at least 30 days
prior to the Redemption Date, or if the institution so appointed is
unwilling or unable to make such calculation, such calculation will be made by Barclays Capital Inc. or Citigroup Global Markets Inc. or, if such firms are unwilling or unable to make
such calculation, by an independent investment banking institution of national standing appointed by the Trustee at the expense of FPL (in any such case, an "Independent Investment Banker"). 

        For
purposes of determining the Make-Whole Premium, "Treasury Yield" means a rate of interest per annum equal to the weekly average yield to maturity of United States
Treasury Notes that have a constant maturity that corresponds to the remaining term to maturity of the bonds of the One Hundred Fourth Series to be redeemed, calculated to the nearest 1/12th of a year
(the "Remaining Term"). The Treasury Yield will be determined as of the third business day immediately preceding the applicable Redemption Date. 

        The
weekly average yields of United States Treasury Notes will be determined by reference to the most recent statistical release published by the Federal Reserve Bank of New York and
designated "H.15(519) Selected Interest Rates" or any successor release (the "H.15 Statistical Release"). If the H.15 Statistical Release sets forth a weekly average yield for the United States
Treasury Notes having a constant maturity that is the same as the Remaining Term, then the Treasury Yield will be equal to such weekly average yield. In all other cases, the Treasury Yield will be
calculated by interpolation, on a straight-line basis, between the weekly average yields on the United States Treasury Notes that have a constant maturity closest to and greater than the
Remaining Term and the United States Treasury Notes that have a constant maturity closest to and less than the Remaining Term (in each case as set forth in the H.15 Statistical Release). Any weekly
average yields so calculated by interpolation will be rounded to the nearest 1/100th of 1%, with any figure of 1/200th of 1% or above being rounded upward. If weekly average yields for United States
Treasury Notes are not available in the H.15 Statistical Release or otherwise, then the Treasury Yield will be calculated by interpolation of comparable rates selected by the Independent Investment
Banker. 

6

 

        (III)    At
the option of the registered owner, any bonds of the One Hundred Fourth Series, upon surrender thereof for exchange at the office or agency of FPL in the Borough of
Manhattan, The City of New York, together with a written instrument of transfer wherever required by FPL, 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 principal amount of bonds of the same series of other authorized denominations. 

        Bonds
of the One Hundred Fourth Series shall be transferable (subject to the provisions of Section 12 of the Mortgage) at the office or agency of FPL in the Borough of Manhattan,
The City of New York. 

        Upon
any exchange or transfer of bonds of the One Hundred Fourth Series, FPL 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 FPL hereby waives any right to make a charge in addition thereto for any exchange or transfer of bonds of the One Hundred Fourth Series. 

 
 

ARTICLE II
  Dividend Covenant    
    

        Section 2.    Section 3 of the Third Supplemental Indenture, as heretofore amended, is hereby further amended by inserting the words "or
One Hundred Fourth Series" immediately before the words "remain Outstanding". 

 
 

ARTICLE III
  Miscellaneous Provisions    
    

        Section 3.    Subject to the amendments provided for in this One Hundred Seventh Supplemental Indenture, the terms defined in the Mortgage, as
heretofore supplemented, shall, for all purposes of this One Hundred Seventh Supplemental Indenture, have the meanings specified in the Mortgage, as heretofore supplemented. 

        Section 4.    The
holders of bonds of the One Hundred Fourth Series consent that FPL may, but shall not be obligated to, fix a record date for the purpose of determining
the holders of bonds of the One Hundred Fourth 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 5.    The
Trustee hereby accepts the trust herein declared, provided, created or supplemented and agrees to perform the same upon the terms and conditions herein
and in the Mortgage, as heretofore supplemented, set forth and upon the following terms and conditions: 

        The
Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this One Hundred Seventh Supplemental Indenture or for or in respect of
the recitals contained herein, all of which recitals are made by FPL solely. In general, each and every term and condition contained in Article XVII of the Mortgage, as heretofore amended,
shall apply to and form part of this One Hundred Seventh 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 One Hundred Seventh Supplemental Indenture. 

7

 

        Section 6.    Whenever
in this One Hundred Seventh Supplemental Indenture either of the parties hereto is named or referred to, this shall, subject to the provisions of
Articles XVI and XVII of the Mortgage, as heretofore amended, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this One Hundred Seventh
Supplemental Indenture contained by or on behalf of FPL, or by or on behalf of the Trustee, or either of them, shall, subject as aforesaid, bind and inure to the respective benefits of the respective
successors and assigns of such parties, whether so expressed or not. 

        Section 7.    Nothing
in this One Hundred Seventh Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to 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 One Hundred
Seventh Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this One Hundred
Seventh Supplemental Indenture contained by or on behalf of FPL shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the bonds and coupons Outstanding under the
Mortgage. 

        Section 8.    The
Mortgage, as heretofore supplemented and amended and as supplemented hereby, is intended by the parties hereto, as to properties now or hereafter
encumbered thereby and located within the States of Florida, Georgia and New Hampshire, to operate and is to be construed as granting a lien only on such properties and not as a deed passing title
thereto. 

        Section 9.    The
mortgage granted in the One Hundred Sixth Supplemental Indenture and Mortgage, dated as of September 1, 2004, in the Seabrook Substation
Property (as defined in said One Hundred Sixth Supplemental Indenture and Mortgage), as supplemented hereby, is upon the statutory conditions as defined in New Hampshire Revised Statutes Annotated
§477:29, and upon the further condition that all covenants and agreements of FPL contained in said One Hundred Sixth Supplemental Indenture and Mortgage and in the Mortgage, as
supplemented hereby, shall be kept and fully performed, for any breach of which the Trustee shall have the statutory power of sale as defined in New Hampshire Revised Statutes Annotated
§477:29. 

        Section 10.    This
One Hundred Seventh 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. 

8

 

        IN
WITNESS WHEREOF, FPL has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by its President or one of its Vice Presidents, and its
corporate seal to be attested by its Secretary or one of its Assistant Secretaries for and in its behalf, and DEUTSCHE BANK TRUST COMPANY AMERICAS has caused its corporate name to be hereunto affixed,
and this instrument to be signed and sealed by one of its Vice Presidents or Assistant Vice Presidents, and its corporate seal to be attested by one of its Assistant Vice Presidents, one of its
Assistant Secretaries or one of its Associates, all as of the day and year first above written. 

	

 	
 	

FLORIDA POWER & LIGHT COMPANY
	

 	
 	

 	

 
	

 	
 	

By:	

/s/ K. Michael Davis
 K. Michael Davis

Vice President, Accounting, Controller

and Chief Accounting Officer

9250 West Flagler Street

Miami, FL 33102
	

Attest:	
 	

 	

 
	

/s/ Paul I. Cutler
 Paul I. Cutler

Treasurer and Assistant Secretary

700 Universe Boulevard

Juno Beach, FL 33408	
 	

 	

 
	

Executed, sealed and delivered by

    FLORIDA POWER & LIGHT COMPANY

    in the presence of:	
 	

 	

 
	

    	
 	

 	

 
	

/s/ Amy A. Black
	
 	

 	

 
	

    	
 	

 	

 
	

/s/ G. Michael Wilkinson
	
 	

 	

 
	 	 	 	 

9

 

	

 	
 	

 	

 
	

 	
 	

DEUTSCHE BANK TRUST COMPANY AMERICAS
	 	 	 	As Trustee
	

 	
 	

By:	

/s/ Wanda Camacho
 Wanda Camacho

Vice President

60 Wall Street, 27th Floor

New York, NY 10005
	

Attest:	
 	

 	

 
	

    	
 	

 	

 
	

/s/ Irina Golovashchuk
 Irina Golovashchuk

Associate

60 Wall Street, 27th Floor

New York, NY 10005	
 	

 	

 
	

    	
 	

 	

 
	

Executed, sealed and delivered by

    DEUTSCHE BANK TRUST COMPANY AMERICAS

    in the presence of:	
 	

 	

 
	

    	
 	

 	

 
	

/s/ Yana Kalachikova
 Yana Kalachikova	
 	

 	

 
	

    	
 	

 	

 
	

/s/ Victor Carneiro
 Victor Carneiro	
 	

 	

 

10

 

	STATE OF FLORIDA

COUNTY OF PALM BEACH:	 	}	 	SS:

        On the 2nd day of June, in the year 2005, before me personally came K. Michael Davis, to me known, who, being by me duly sworn, did depose and say
that he resides at 1101 N.W. 115th Ave., Plantation, FL 33323; that he is the Vice President, Accounting, Controller and Chief Accounting Officer of FLORIDA POWER & LIGHT COMPANY, one of the
corporations described in and which executed the above instrument; that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed
by order of the Board of Directors of said corporation, and that he signed his name thereto by like order. 

        I
HEREBY CERTIFY, that on this 2nd day of June, 2005, before me personally appeared K. Michael Davis and Paul I. Cutler, respectively, the Vice President, Accounting, Controller
and Chief Accounting Officer and the Treasurer and Assistant Secretary of FLORIDA POWER & LIGHT COMPANY, a corporation under the laws of the State of Florida, to me known to be the persons
described in and who executed the foregoing instrument and severally acknowledged the execution thereof to be their free act and deed as such officers, for the uses and purposes therein mentioned; and
that they affixed thereto the official seal of said corporation, and that said instrument is the act and deed of said corporation. 

        K.
Michael Davis and Paul I. Cutler produced Florida Driver's License No. D120-513-46-467-0 and Florida Driver's License No.
C346-689-59-470 as identification, respectively. 

        WITNESS
my signature and official seal at Juno Beach, in the County of Palm Beach, and State of Florida, the day and year last aforesaid. 

	

/s/ Charlotte Colacino
 Charlotte Colacino

Notary Public—State of Florida

My Commission Expires May 1, 2007

Commission # DD208340

Bonded by National Notary Assn.	
 	

 

11

 

	STATE OF NEW YORK

COUNTY OF NEW YORK	 	}	 	SS:

        On the 3rd day of June, in the year 2005, before me personally came Wanda Camacho, to me known, who, being by me duly sworn, did depose and say
that she resides at 310 41st Street, Union City, NJ 07087; that she is a Vice President of DEUTSCHE BANK TRUST COMPANY AMERICAS, one of the corporations described in and which executed
the above instrument; that she knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said
corporation, and that she signed her name thereto by like order. 

        I
HEREBY CERTIFY, that on this 3rd day of June, 2005, before me personally appeared Wanda Camacho and Irina Golovashchuk, respectively, a Vice President and an Associate of DEUTSCHE BANK
TRUST COMPANY AMERICAS, a corporation under the laws of the State of New York, to me known to be the persons described in and who executed the foregoing instrument and severally acknowledged the
execution thereof to be their free act and deed as such officers, for the uses and purposes therein mentioned; and that they affixed thereto the official seal of said corporation, and that said
instrument is the act and deed of said corporation. 

        Wanda
Camacho and Irina Golovashchuk produced New Jersey Driver's License No. CO336 77700 57562 and New Jersey Driver's License No. G6294 36600 54724 as identification, respectively. 

        WITNESS
my signature and official seal at New York, in the County of New York, and State of New York, the day and year last aforesaid. 

	

 	
 	

/s/ Boris Treyger
 Boris Treyger

Notary Public, State of New York

No 01TR6016003
	

 	
 	

Qualified in Kings County

Commission Expires 12/30, 2006

12

QuickLinks

Exhibit 4(f)

ONE HUNDRED SEVENTH SUPPLEMENTAL INDENTURE

ARTICLE I One Hundred Fourth Series of Bonds

ARTICLE II Dividend Covenant

ARTICLE III Miscellaneous Provisions

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