Document:

Document

Exhibit 4.1
Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
As of September 30, 2021, Helmerich & Payne, Inc., a Delaware corporation (“H&P”), had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: common stock, par value $0.10 per share (“common stock”). The following contains a description of our common stock, as well as certain related additional information. This description is a summary only and does not purport to be complete. We encourage you to read the complete text of H&P’s amended and restated certificate of incorporation (the “certificate of incorporation”) and amended and restated bylaws (the “bylaws”), which we have filed or incorporated by reference as exhibits to H&P’s Annual Report on Form 10-K. References to “we,” “our” and “us” refer to H&P, unless the context otherwise requires. References to “stockholders” refer to holders of our common stock, unless the context otherwise requires.
General
Pursuant to the certificate of incorporation, we have the authority to issue 161,000,000 shares of capital stock, consisting of 160,000,000 shares of our common stock and 1,000,000 shares of preferred stock, without par value (“preferred stock”). 
Common Stock
All of the outstanding shares of common stock are fully paid and nonassessable.
Voting Rights
Our stockholders are entitled to one vote for each share of common stock held on all matters voted upon by stockholders, including the election of directors. 
Under our bylaws, unless otherwise provided by law, our certificate of incorporation or our bylaws, or permitted by the rules and regulations of any securities exchange or quotation system on which the securities of H&P are listed or quoted for trading, the authorization of any action or the transaction of any business at any meeting of our stockholders at which a quorum is present (other than the election of directors) shall be decided by the affirmative vote of the majority of shares present in person or represented by proxy and entitled to vote thereat.
Under our bylaws, in connection with an election of directors, each nominee for election in an uncontested election is elected by the vote of the majority of votes cast with respect to such director at any meeting of our stockholders at which a quorum is present, meaning that the number of shares voted for such director must exceed the number of shares voted against such director; provided, however, that, if the number of nominees exceeds the number of directors to be elected as of a date that is 14 days in advance of the date we file our definitive proxy statement with the Securities and Exchange Commission, the directors shall be elected by the affirmative vote of a plurality of the shares present in person or represented by proxy at any such meeting and entitled to vote on the election of directors. Holders of our common stock have no right to cumulate their votes in an election of directors.
Dividend Rights
Subject to the rights of any then-outstanding shares of preferred stock, our stockholders are entitled to receive dividends as may be declared in the discretion of H&P’s board of directors (the “board of directors”) out of funds legally available for the payment of dividends. The declaration and amount of future dividends is at the discretion of our board of directors and will depend on our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements and other factors and restrictions our board of directors deems relevant.

Liquidation Rights
Our stockholders are entitled to share equally and ratably in our net assets upon a liquidation or dissolution after the payment or provision for all liabilities, subject to any preferential liquidation rights of any preferred stock that at the time may be outstanding.
No Preemptive, Conversion or Redemption Rights
Our stockholders have no preemptive, subscription, conversion or redemption rights, and are not subject to further calls or assessments by us. There are no sinking fund provisions applicable to our common stock.
Listing
Our common stock is traded on the New York Stock Exchange under the symbol “HP.”
Effects of Certain Provisions of Our Certificate of Incorporation and Bylaws and Delaware Law
Our certificate of incorporation, our bylaws and Delaware law contain provisions that may deter or render more difficult proposals to acquire control of H&P, including proposals a stockholder might consider to be in his or her best interest, impede or lengthen a change in membership of the board of directors and make removal of our management more difficult. 
Action by Stockholders Without a Meeting
Our bylaws provide that stockholders may take action without a meeting of stockholders only if all stockholders consent in writing to such action. An electronic transmission that meets the requirements set forth in our bylaws shall be deemed to be written. 
Special Meetings of Stockholders
Our bylaws provide that special meetings of stockholders may be called at any time only by our board of directors or the president. The only business that may be conducted at a special meeting of stockholders is that business specified in the notice of the meeting.
Advance Notice Provisions
Our bylaws provide that proposals and director nominations made by a stockholder to be voted upon at any annual meeting or special meeting of stockholders may be taken only if such proposal or director nomination is “properly presented” at such meeting. In order for any matter, as the case may be, to be considered “properly presented” at such meeting, a stockholder must comply with certain requirements regarding advance notice to us.
Generally, in the case of an annual meeting, stockholders must deliver to the Secretary of H&P a written notice between 90 and 120 days before the anniversary date of our immediately preceding annual meeting of stockholders. In the case of an annual meeting where we have changed the date of the annual meeting to more than 25 days before or after the anniversary date of our immediately preceding annual meeting of stockholders or in the case of a special meeting of stockholders for the purpose of electing directors, stockholders must deliver the notice no later than 10 days after the day on which notice of the date of the meeting is mailed or public disclosure of the date of the meeting is made, whichever first occurs. 

To be in proper form, the notice must include, among other things, the name and address of the stockholder, certain information regarding the shares owned by the stockholder, a description of all arrangements or understandings between the stockholder and any proposed nominee or other persons relating to H&P or the nomination or proposal and a description of any material interest of the stockholder in the nomination or proposal. To nominate directors, the notice must include, as to each person whom the stockholder proposes to nominate for election as a director, the name, age, business address, residence address and principal occupation or employment of the nominee and certain information regarding the shares owned by the nominee. To make stockholder proposals, the notice must include a description of the proposal and the reasons for bringing the proposal before the meeting. Additionally, the notice must include such other information about the stockholder, each proposal and nominee as required by the Securities and Exchange Commission. 
Director nominations and stockholder proposals that are late or that do not include all required information may be rejected. This could prevent stockholders from bringing certain matters before an annual meeting, including making nominations for directors. 
Vacancies on the Board of Directors
Our bylaws provide that vacancies on the board of directors arising through death, resignation, retirement, removal, an increase in the number of directors or otherwise shall be filled only by a majority of the directors then in office, though less than a quorum.
Issuance of Preferred Stock
Our certificate of incorporation authorizes up to 1,000,000 shares of preferred stock. Preferred stock may be issued from time to time in one or more series, and the board of directors, without further approval of the stockholders, is authorized to fix the rights, preferences, privileges and restrictions applicable to each series of preferred stock. The purpose of authorizing the board of directors to determine these rights, preferences, privileges and restrictions is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, adversely affect the voting power of our then-existing stockholders and, under certain circumstances, make it more difficult for a third party to gain control of H&P.
Merger Provisions
Our certificate of incorporation provides that the affirmative vote of at least two-thirds of the outstanding stock entitled to vote thereon is required in order for us to:

•merge and/or consolidate with any other corporation unless we own at least 90% of the outstanding shares of the other corporation; or
•sell, lease, exchange, transfer or otherwise dispose of all or substantially all of our assets or business.

Our certificate of incorporation also provides that the affirmative vote of at least three-fourths of the outstanding stock entitled to vote thereon is required in order for us to:

•sell, lease, exchange, transfer or otherwise dispose of all or substantially all of our assets or business to a related corporation (defined as a stockholder owning more than 5% of our outstanding shares of any class of stock entitled to vote) or an affiliate of a related corporation;
•merge with a related corporation or an affiliate of a related corporation; or
•enter into a combination or majority share acquisition in which we are the acquiring corporation and our voting shares are issued or transferred to a related corporation or an affiliate of a related corporation or to stockholders of a related corporation.

Delaware Business Combination Statute
We are a Delaware corporation and are subject to Section 203 of the General Corporation Law of the State of Delaware. Section 203 prohibits a “business combination” between a corporation and an “interested stockholder” within three years of the time the stockholder became an interested stockholder, unless:
•prior to such time, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;
•upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, exclusive of shares owned by directors who are also officers and by certain employee stock plans; or
•at or subsequent to such time, the business combination is approved by the board of directors and authorized at a stockholders’ meeting by at least two thirds of the outstanding voting stock that is not owned by the interested stockholder.
Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. Generally, an “interested stockholder” is a person who owns, individually or with or through other persons, 15% or more of the corporation’s outstanding voting stock.
Exclusive Forum
    Our bylaws provide that unless we consent in writing to the selection of an alternative forum the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, stockholder, employee or agent to us or our stockholders, (iii) any action asserting a claim against us or any director, officer, stockholder, employee or agent arising out of or relating to any provision of the General Corporation Law of the State of Delaware, our certificate of incorporation or our bylaws, or (iv) any action asserting a claim against us or any director, officer, stockholder, employee or agent governed by the internal affairs doctrine of the State of Delaware; provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks subject matter jurisdiction over any such action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware, in each such case, unless the Court of Chancery (or such other state or federal court located within the State of Delaware, as applicable) has dismissed a prior action by the same plaintiff asserting the same claims because such court lacked personal jurisdiction over an indispensable party named as a defendant therein. In addition, our bylaws provide that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock is deemed to have notice of and consented to this exclusive forum provision.  This exclusive forum provision is intended to apply to claims arising under Delaware state law and is not intended to apply to claims arising under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Transfer Agent and Registrar
The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.Exhibit 4.1

 

 

FOURTEENTH
SUPPLEMENTAL INDENTURE

 

FROM

 

WISCONSIN
PUBLIC SERVICE CORPORATION

 

TO

 

U.S.
BANK NATIONAL ASSOCIATION

(SUCCESSOR TO FIRSTAR BANK, MILWAUKEE, N.A., NATIONAL ASSOCIATION)

 

TRUSTEE

 

 

 

Dated as of November 18, 2021

 

SUPPLEMENTAL
TO INDENTURE

Dated as of December 1, 1998

 

Senior Debt Securities

 

 

     

     

    

 

This FOURTEENTH SUPPLEMENTAL INDENTURE is made as
of the 18th day of November, 2021, by and between WISCONSIN PUBLIC SERVICE CORPORATION, a corporation duly organized and existing under
the laws of the State of Wisconsin (the “Company”), and U.S. BANK NATIONAL ASSOCIATION (successor to Firstar Bank Milwaukee,
N.A., National Association), a national banking association duly organized and existing under the laws of the United States, as trustee
(the “Trustee”).

 

RECITALS
OF THE COMPANY:

 

WITNESSETH: that

 

The Company has heretofore executed and delivered
its Indenture (hereinafter referred to as the “Indenture”), made as of December 1, 1998; and

 

Section 3.01 of the Indenture provides that
Securities may be issued from time to time in series pursuant to a supplemental indenture specifying the terms of each series of Securities;
and

 

The Company desires to establish a series of Securities
to be designated Senior Notes, 2.85% Series Due December 1, 2051 (the “Securities of the Series Due 2051”);
and

 

Section 10.01 of the Indenture provides that
the Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of establishing the form or
terms of Securities of any series and adding to the covenants of the Company; and

 

The execution and delivery of this Fourteenth Supplemental
Indenture (herein, this “Supplemental Indenture”) has been duly authorized by a Board Resolution;

 

NOW, THEREFORE, this Supplemental Indenture

 

WITNESSETH, that, in order to set forth the terms
and conditions upon which Securities of the Series Due 2051 are, and are to be, authenticated, issued and delivered, and in consideration
of the sum of one dollar duly paid to it by the Trustee at the execution of this Supplemental Indenture, the receipt whereof is hereby
acknowledged, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from
time to time of such Securities as follows:

 

    1

     

    

 

Article I

RELATION TO INDENTURE; DEFINITIONS

 

SECTION 1.1

 

This Supplemental Indenture constitutes an integral
part of the Indenture.

 

SECTION 1.2

 

For all purposes of this Supplemental Indenture:

 

(a)            Capitalized
terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Indenture;

 

(b)            All
references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental
Indenture; and

 

(c)            The
terms “hereof,” “herein,” “hereby,” “hereto,” “hereunder,” and “herewith”
refer to this Supplemental Indenture.

 

Article II

THE SECURITIES

 

There is hereby established a series of Securities
pursuant to Section 3.01 of the Indenture as follows:

 

(a)            The
title of the Securities of the series hereby established is “Senior Notes, 2.85% Series Due December 1, 2051.”

 

(b)            The
aggregate principal amount of the Securities of the Series Due 2051 which may be authenticated and delivered under the Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of other Securities
of such series pursuant to Sections 2.05, 3.04, 3.05, 3.06, 10.06 or 12.07) shall initially be limited to Four Hundred Fifty Million Dollars
($450,000,000), subject to the right of the Company to reopen the Securities of the Series Due 2051 for the issuance of additional
Securities of the Series Due 2051 on the terms and subject to the conditions specified below.

 

(c)            The
Company shall have the right to reopen the Securities of the Series Due 2051 for the issuance of additional Securities of such series
(“Additional Securities of the Series Due 2051”). The issuance of any Additional Securities of the Series Due 2051
shall constitute a further issuance of, and will be consolidated with, the Securities of the Series Due 2051, so as to form a single
series. The Additional Securities of the Series Due 2051 shall have the same terms hereinafter recited, except for the issue date,
the public offering price and, if applicable, the initial interest payment date. Where appropriate, references to the Securities of the
Series Due 2051 in this Supplemental Indenture shall be deemed to include the Additional Securities of the Series Due 2051.

 

    2

     

    

 

(d)            The
Securities of the Series Due 2051 are to be issued in permanent global form without coupons. The beneficial owners of interests in
such permanent Global Security or Securities may not exchange such interests for Securities of such series other than in the manner provided
in Section 2.05 of the Indenture. The Depositary for the Securities of the Series Due 2051 shall be The Depository Trust Company.

 

(e)            The
Stated Maturity of the Securities of the Series Due 2051 is December 1, 2051.

 

(f)            The
Securities of the Series Due 2051 shall bear interest at the rate of 2.85% per annum, and such interest shall accrue from November 18,
2021 (or from the most recent Interest Payment Date to which interest on the Securities of the Series Due 2051 has been paid or provided
for). The Interest Payment Dates for the Securities of the Series Due 2051 shall be June 1 and December 1 in each year
commencing June 1, 2022, or if not a Business Day, the next succeeding Business Day (and without any interest or other payment in
respect of any such delay) and the Regular Record Date for the interest payable on any Interest Payment Date shall be the May 15
or November 15 (whether or not such day is a Business Day) immediately preceding such Interest Payment Date. Interest shall be computed
on the basis of a 360 day year consisting of twelve 30-day months.

 

(g)            Principal
of and interest on the Securities of the Series Due 2051 shall be payable in U.S. Dollars at the Corporate Trust Office of the Trustee
in St. Paul, Minnesota.

 

(h)            At
any time prior to June 1, 2051 (the “Early Call Date”), the Securities of the Series Due 2051 will be redeemable
in whole or in part from time to time, at the Company’s option, at a Redemption Price equal to the greater of (i) 100% of the
principal amount of the Securities of the Series Due 2051 being redeemed or (ii) the sum of the present values of the remaining
scheduled payments of principal and interest on the Securities of the Series Due 2051 being redeemed that would be due if such Securities
of the Series Due 2051 matured on the Early Call Date but for the redemption (exclusive of interest accrued to the Redemption Date)
discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
as hereinafter defined, plus 15 basis points, plus in each case accrued and unpaid interest to, but not including, the Redemption Date.
At any time on or after the Early Call Date, the Company may redeem the Securities of the Series Due 2051, in whole or in part from
time to time, at 100% of the principal amount of the Securities of the Series Due 2051 being redeemed plus accrued and unpaid interest
to, but not including, the Redemption Date.

 

Such Redemption Date shall be set forth in an Officer’s
Certificate delivered to the Trustee on or before the Redemption Date and upon which the Trustee may conclusively rely.

 

For purposes of this paragraph (h):

 

“Treasury Rate” means, with respect to
any Redemption Date, the rate per year equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date; provided that, if the Independent Investment Banker shall determine
that there is no such Comparable Treasury Issue, such rate per year shall be equal to the estimated semiannual equivalent yield to maturity
that a United States Treasury security having a maturity comparable to the remaining term of the Securities of the Series Due 2051
to be redeemed (assuming, for this purpose, that the Securities of the Series Due 2051 mature on the Early Call Date) would bear,
if such security were available, such estimate to be made by the Reference Treasury Dealers on the basis of interpolation, extrapolation
and other accepted financial practices, taking into account (a) the yields to maturity of United States Treasury securities of other
maturities, (b) yields to maturity of other U.S. dollar denominated debt securities having a maturity comparable to the remaining
term of the Securities of the Series Due 2051 to be redeemed (assuming, for this purpose, that the Securities of the Series Due
2051 mature on the Early Call Date) and (c) applicable interest rate spreads between United States Treasury securities and such other
debt securities, all as of 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

    3

     

    

 

“Comparable Treasury Issue” means the
United States Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity
comparable to the remaining term of the Securities of the Series Due 2051 being redeemed (assuming, for this purpose, that the Securities
of the Series Due 2051 mature on the Early Call Date) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Securities
of the Series Due 2051.

 

“Independent Investment Banker” means
one of the Reference Treasury Dealers appointed by the Trustee after consultation with the Company.

 

“Comparable Treasury Price” means, with
respect to any Redemption Date, (a) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding
the highest and lowest such Reference Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Trustee by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such redemption date.

 

“Reference Treasury Dealer” means
each of BofA Securities, Inc., BMO Capital Markets Corp., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC and
their respective successors and two primary U.S. government securities dealers (each a “Primary Treasury Dealer”)
selected by the Company. If any Reference Treasury Dealer shall cease to be a Primary Treasury Dealer, the Company will select
another Primary Treasury Dealer which will be substituted for that dealer.

 

    4

     

    

 

(i)            The
Securities of the Series Due 2051 shall not be subject to any sinking fund and shall not be redeemable at the option of the Holders
thereof.

 

(j)            The
Securities of the Series Due 2051 shall initially be issued in whole in the form of one or more Global Securities. If individual
securities of the Series Due 2051 are issued under the conditions specified in Section 2.05 of the Indenture, individual certificates
will be issued in denominations of $1,000 or any integral multiple thereof.

 

Such Securities of the Series Due 2051 and Additional
Securities of the Series Due 2051, if any, shall be initially authenticated and delivered from time to time upon delivery to the
Trustee of the documents required by Section 3.01 of the Indenture and the form of Securities for the Securities of the Series Due
2051 and Additional Securities of the Series Due 2051, if any, substantially in the form of Security attached hereto as Appendix I,
which is incorporated herein by reference.

 

Article III

MISCELLANEOUS

 

SECTION 3.1

 

The Trustee has accepted the amendment of the Indenture
effected by this Supplemental Indenture and agrees to execute the trust created by the Indenture as hereby amended, but only upon the
terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities
of the Trustee, and without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for
or with respect of any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company,
or for or with respect to (a) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof,
(b) the proper authorization hereof by the Company by corporate action or otherwise, and (c) the due execution hereof by the
Company.

 

SECTION 3.2

 

This Supplemental Indenture shall be construed in
connection with and as a part of the Indenture.

 

SECTION 3.3

 

(a)            If
any provision of this Supplemental Indenture conflicts with another provision of the Indenture required to be included in indentures
qualified under the Trust Indenture Act of 1939, as amended (as enacted prior to the date of this Supplemental Indenture), by
any of the provisions of Sections 310 to 317, inclusive, of said act, such required provision shall control.

 

(b)            In
case any one or more of the provisions contained in this Supplemental Indenture or in the Securities issued hereunder should be invalid,
illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein
shall not in any way be affected, impaired, prejudiced or disturbed thereby.

 

    5

     

    

 

SECTION 3.4

  

Whenever in this Supplemental Indenture either of
the parties hereto is named or referred to, such name or reference shall be deemed to include the successors or assigns of such party,
and all the covenants and agreements contained in this Supplemental Indenture by or on behalf of the Company or by or on behalf of the
Trustee shall bind and inure to the benefit of the respective successors and assigns of such parties, whether so expressed or not.

 

SECTION 3.5

 

(a)            This
Supplemental Indenture may be simultaneously executed in several counterparts, and all such counterparts executed and delivered, each
as an original, shall constitute but one and the same instrument.

 

(b)            The
descriptive headings of the several Articles of this Supplemental Indenture were formulated, used and inserted in this Supplemental Indenture
for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.

 

    6

     

    

 

IN WITNESS WHEREOF, WISCONSIN PUBLIC SERVICE CORPORATION
has caused this Supplemental Indenture to be executed by its Chairman, Chief Executive Officer, President, Vice Chairman or a Vice President,
or any other officer selected by the Board of Directors, and its corporate seal to be hereunto affixed, duly attested by its Secretary
or an Assistant Secretary, and U.S. BANK NATIONAL ASSOCIATION, as Trustee as aforesaid, has caused this Supplemental Indenture to be executed
by one of its authorized signatories, as of November 18, 2021.

 

	 	WISCONSIN PUBLIC SERVICE CORPORATION
	 	 
	[SEAL]	 
	 	 
	 	By:	/s/ Anthony Reese                                                 
	 	 	Anthony Reese
	 	 	Vice President and Treasurer

 

	ATTEST:	 
	 	 
	By:     	/s/
    Margaret C. Kelsey	 
	 	Margaret C. Kelsey	 
	 	Executive Vice President, General Counsel	 
	 	and Corporate Secretary	 

 

	 	U.S. BANK NATIONAL ASSOCIATION
	 	 
	 	By:     	/s/
    Steven F. Posto
	 	 	Steven F. Posto
	 	 	Vice President

 

[ Signature Page to Closing
Document No. 4(f) - Fourteenth Supplemental Indenture ]

 

    7 

     

    

 

 

APPENDIX I

 

$___________

 

CUSIP: No. 976843 BN1

 

THIS
SECURITY IS A GLOBAL SECURITY REGISTERED IN THE NAME OF THE DEPOSITARY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND UNLESS AND UNTIL
IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT 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 OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.*

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (55 WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.*

 

 

*
To be included so long as Security is a Global Security.

 

    8 

     

    

 

WISCONSIN PUBLIC SERVICE CORPORATION

Senior Note, 2.85% Series Due December 1, 2051

 

WISCONSIN PUBLIC SERVICE CORPORATION, a corporation
duly organized and existing under the laws of Wisconsin (herein called the “Company,” which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to ____________________, or registered assigns,
the principal sum of ____________________ on December 1, 2051 and to pay interest thereon from November 18, 2021 or from the
most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 1 and December 1
in each year, commencing June 1, 2022, or if not a Business Day, the next succeeding Business Day (and without any interest or other
payment in respect of any such delay) at the rate of 2.85% per annum, until the principal hereof is paid or made available for payment
and (to the extent that the payment of such interest shall be legally enforceable) at the rate of 2.85% per annum on any overdue principal
and premium and on any overdue installment of interest. Interest shall be computed on the basis of a 360 day year consisting of twelve
30-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the close of business on the May 15 or November 15 (whether or
not such day is a Business Day) immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all
as more fully provided in said Indenture.

 

Payment of the principal of (and premium, if any)
and any such interest on this Security will be made at the office or agency of the Trustee maintained for that purpose, in St. Paul, Minnesota,
in Dollars, provided, however, that at the option of the Company payment of interest may be made by wire transfer of immediately available
funds into the account specified by the Depositary so long as this note is in the form of Global Security and otherwise by check mailed
to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

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

 

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

 

    9 

     

    

 

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

 

	 	WISCONSIN PUBLIC SERVICE CORPORATION

 

		By	

 

Attest:

 

	 	 	[SEAL]

 

    10 

     

    

 

Form of Trustee’s Certificate of
Authentication.

 

Dated: November 18, 2021

 

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

 

	 	 

As Trustee

 

		By	

Authorized Signatory

 

Form of Reverse of Security.

 

This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture,
dated as of December 1, 1998 (herein called the “Indenture”), between the Company and a predecessor of U.S. Bank National
Association, as Trustee (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 series designated on the face hereof, limited in aggregate
principal amount to Four Hundred Fifty Million Dollars ($450,000,000), subject to the right of the Company to reopen the Securities of
this series for the issuance of additional Securities of this series on the terms and subject to the conditions specified in the Fourteenth
Supplemental Indenture to the Indenture.

 

At any time prior to June 1, 2051 (the “Early
Call Date”), the Securities will be redeemable in whole or in part from time to time, at the Company’s option, at a Redemption
Price equal to the greater of (i) 100% of the principal amount of the Securities being redeemed or (ii) the sum of the present
values of the remaining scheduled payments of principal and interest on the Securities being redeemed that would be due if such Securities
matured on the Early Call Date but for the redemption (exclusive of interest accrued to the Redemption Date) discounted to the Redemption
Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Fourteenth
Supplemental Indenture to the Indenture) plus 15 basis points, plus in each case accrued and unpaid interest to, but not including, the
Redemption Date. At any time on or after the Early Call Date, the Company may redeem the Securities, in whole or in part from time to
time, at 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest to, but not including, the Redemption
Date.

 

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

 

If any 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. Upon payment (i) of the amount of principal so declared due and payable and (ii) of
interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally
enforceable), all of the Company’s obligations in respect of the payment of the principal of and interest, if any, on the Securities
of this series shall terminate.

 

This Security is subject to Defeasance as described
in the Indenture.

 

The Indenture may be modified by the Company and
the Trustee without consent of any Holder with respect to certain matters as described in the Indenture. In addition, the Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of a majority 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 certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall bind such Holder and all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange hereof 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 premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein
prescribed.

 

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

 

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

 

    12 

     

    

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.

 

Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

 

The Indenture imposes certain limitations on the
ability of the Company to, among other things, merge or consolidate with any other Person or sell, assign, transfer or lease all or substantially
all of its properties or assets. All such covenants and limitations are subject to a number of important qualifications and exceptions.
The Company must report periodically to the Trustee on compliance with the covenants in the Indenture.

 

A director, officer, employee or shareholder, as
such, of the Company shall not have any liability for any obligations of the Company under this Security or the Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder, by accepting a Security, waives and releases
all such liability. The waiver and release are part of the consideration for the issuance of this Security.

 

Pursuant to a recommendation promulgated by the Committee
on Uniform Security Identification Procedures (“CUSIP”), the Company has caused CUSIP numbers to be printed on the Securities
of this series as a convenience to the Holders of the Securities of this series. No representation is made as to the correctness or accuracy
of such numbers as printed on the Securities of this series and reliance may be placed only on the other identification numbers printed
hereon.

 

All capitalized terms used in this Security without
definition which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    13 

     

    

 

ASSIGNMENT
FORM

 

To assign this Security, fill in the form below:
(I) or (we) assign and transfer this Security to

 

 

(Insert assignee’s social security or tax
I.D. number)

 

 

 

 

 

 

 

 

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

 

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

 

	Dated:	 	Your Signature:	 
	 	 	 	(Sign exactly as your

name appears on the other

side of this Security)

 

	Signature Guaranty:	 	 

[Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Transfer Agent, which requirements will include membership
or participation in STAMP or such other signature guarantee program as may be determined by the Transfer Agent in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act.]

 

Social Security Number or Taxpayer Identification 

	Number:	 	

 

    14

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