Document:

Exhibit 10.2

 

SECOND
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

 

THIS
SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Plant Camp LLC, a Delaware
limited liability company (the “Company”), is entered into as of June 1, 2021, by and among the Company, the members
listed in Schedule I and any other Person who, after the date hereof, becomes a Member in accordance with the terms of this Agreement
(collectively, the “Members”). Unless otherwise noted or defined elsewhere in this Agreement, capitalized terms used
in this Agreement have the meanings ascribed herein, as more fully set forth in ARTICLE XI.

 

WHEREAS,
the Company was formed under the laws of the State of Delaware by the filing of a Certificate of Formation with the Secretary of State
of Delaware (the “Secretary of State”) on May 14, 2020 (the “Certificate of Formation”);

 

WHEREAS,
the Company and the Initial Members are parties to that certain Amended and Restated Liability Company Operating Agreement of the Company,
dated as of May 14, 2021 (the “Previous Operating Agreement”); and

 

WHEREAS,
the Members wish to enter into this Agreement to amend and restate the Previous Operating Agreement in its entirety, and to set forth
the terms and conditions governing the operation and management of the Company.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

Organizational
Matters

 

Section
1.01 Name. The name of the Company is Plant Camp LLC.

 

Section
1.02 Principal Office. The principal office of the Company is located at 1108 Lavaca Street, Suite 110-182, Austin, TX 78701,
or such other location as may from time to time be determined by the Manager. The Manager shall give prompt notice of any such change
to each of the Members.

 

Section
1.03 Registered Office; Registered Agent. The registered office of the Company and the registered agent for service of process
on the Company in the State of Delaware shall be that office and Person named in the Certificate of Formation or such other office (which
need not be a place of business of the Company) or such other Person or Persons as the Manager may designate from time to time in the
manner provided by the Delaware Act and Applicable Law.

 

     

     

    

 

Section
1.04 Purpose; Powers.

 

(a) The
purposes of the Company are to engage in any lawful act or activity for which limited liability companies may be formed under the Delaware
Act and to engage in any and all activities necessary or incidental thereto.

 

(b) The
Company shall have all the powers necessary or convenient to carry out the purposes for which it is formed, including the powers granted
by the Delaware Act.

 

Section
1.05 Term. The term of the Company commenced on the date and time the Certificate of Formation was filed with the Secretary of
State of the State of Delaware and shall continue in existence perpetually or until any earlier date when the Company is terminated in
accordance with the provisions of this Agreement or as provided by law.

 

ARTICLE
II

 Members; Units

 

Section
2.01 Members. The names, mailing addresses, and Membership Interests of the Members are set out in Schedule I attached
hereto (the “Members Schedule”). The Manager shall maintain and update the Members Schedule upon the issuance or Transfer
of any Membership Interests to any new or existing Member in accordance with this Agreement.

 

Section
2.02 Capital Contributions; Capital Accounts; No Withdrawals.

 

(a) The
Members have contributed to the Company the amounts, in the form of cash, property, services, or a promissory note or other obligation
(as such amounts may be amended herein from time to time, the “Capital Contributions”) set out in the Members Schedule.
No Member is required to make additional Capital Contributions to the Company.

 

(b) The
Company shall establish and maintain for each Member a separate capital account (a “Capital Account”) on its books
and records in accordance with the provisions of Section 704(b) of the Code and Treasury Regulations Section 1.704-1(b)(2)(iv). Each
Capital Account shall be (i) credited by such Member’s Capital Contributions to the Company and any profits allocated to such Member
in accordance with Section 4.01 and (ii) debited by any distributions to such Member pursuant to Section 5.01(a) and any losses allocated
to such Member in accordance with Section 4.01. For purposes of maintaining the Members’ Capital Accounts, profits and losses shall
be determined in accordance with Treasury Regulation Section 1.704-1(b). The Capital Accounts shall be adjusted by the Manager upon the
occurrence of an event described in Treasury Regulations Section 1.704-1(b)(2)(iv)(f)(5) in the manner described in Treasury Regulations
Section 1.704-1(b)(2)(iv)(f)(5) and (g) if the Manager determine that such adjustments are necessary or appropriate to reflect the relative
economic interests of the Members. In the event of a Transfer of any Membership Interest in accordance with the terms of this Agreement,
the Transferee shall succeed to the Capital Account of the Transferor to the extent it relates to the transferred Membership Interest.

 

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(c) No
Member shall be entitled to withdraw any part of its Capital Account or to receive any distribution from the Company, except as otherwise
provided in this Agreement.

 

Section
2.03 Additional Capital Contributions.

 

(a) In
addition to the Initial Capital Contributions of the Members, the Members shall make additional Capital Contributions in cash, in proportion
to their respective Membership Interests, as determined by the Manager from time to time to be reasonably necessary to pay any operating,
capital or other expenses relating to the business of the Company (such additional Capital Contributions, the “Additional Capital
Contributions”). Upon the Manager making such determination for Additional Capital Contributions, the Manager shall deliver
to the Members a written notice of the Company’s need for Additional Capital Contributions, which notice shall specify in reasonable
detail (i) the purpose for such Additional Capital Contributions, (ii) the aggregate amount of such Additional Capital Contributions,
(iii) each Member’s share of such aggregate amount of Additional Capital Contributions based upon such Member’s Membership
Interest, and (iv) the date (which date shall not be less than ten (10) Business Days from the date that such notice is given) on which
such Additional Capital Contributions shall be required to be made by the Members.

 

(b) If
any Member shall fail to timely make, or notifies the other Member that it shall not make, all or any portion of any Additional Capital
Contribution which such Member is obligated to make under Section 2.03, then such Member shall be deemed to be a “Non-Contributing
Member”. The non-defaulting Member(s) (the “Contributing Member”) shall be entitled, but not obligated,
to pay the Non-Contributing Member’s proportional share of any such Additional Capital Contributions. Upon payment of the Non-Contributing
Member’s proportional share of any such Additional Capital Contributions, the Non-Contributing Member’s percentage of the
outstanding Units shall be diluted down based on the ratio between the total amount of Additional Capital Contributions that are determined
to be necessary by the Manager and the fair market value of the Company’s outstanding Units as determined by the Manager in the
Manager’s reasonable discretion. For example, if the amount of Additional Capital Contributions that are determined to be necessary
by the Manager is equal to $1,000,000 and the fair market value of the Company’s outstanding Units as determined to be $10,000,000,
then each Non-Contributing Member’s Units in the Company shall be decreased by ten (10%) each. The Manager shall be authorized
to issue additional Units to the Contributing Member(s) in order to ensure that each Member’s percentages of the Company’s
outstanding Units will be accurately reflected on the Company’s books and records in accordance with the provisions of this Section
2.03(b).

 

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(c) If
a Member is characterized as a Non-Contributing Member, then, so long as the Member remains a Non-Contributing Member, it shall forfeit
and no longer be entitled to any consent or voting rights granted in this Agreement.

 

Section
2.04 Admission of Additional Members.

 

(a) Additional
Members may be admitted from time to time in connection with (i) the issuance of Units by the Company, subject to compliance with the
provisions of Section 3.02(b) or (ii) a Transfer of Units, subject to compliance with the provisions of this Agreement, and in either
case, following compliance with the provisions of Section 2.04(b).

 

(b) In
order for any Person not already a Member of the Company to be admitted as a Member, whether pursuant to an issuance or a Transfer (including
a Permitted Transfer) of Units, such Person shall have executed and delivered to the Company a written undertaking substantially in the
form of the Joinder Agreement attached as Exhibit A (a “Joinder Agreement”). Upon the amendment of the Members
Schedule by the Manager and the satisfaction of any other applicable conditions, including, if a condition, the receipt by the Company
of payment for the issuance of the applicable Membership Interests, such Person shall be admitted as a Member, shall be a party hereto,
shall be deemed listed as such on the books and records of the Company, and thereupon shall be issued his, her, or its Membership Interests.
The Manager shall also adjust the Capital Accounts of the Members as necessary in accordance with Section 2.02.

 

Section
2.05 No Withdrawal; Death of Member. 

 

(a) So
long as a Member continues to hold any Membership Interest, such Member shall not have the ability to withdraw as a Member prior to the
dissolution and winding up of the Company and any such withdrawal or attempted withdrawal by a Member prior to the dissolution and winding
up of the Company shall be null and void. As soon as any Member ceases to hold any Membership Interests, such Person shall no longer
be a Member.

 

(b) The
death of any Member shall not cause the dissolution of the Company. In such event, the Company and its business shall be continued by
the remaining Member or Members and the Membership Interests owned by the deceased Member shall be automatically Transferred to such
Member’s executors, administrators, testamentary trustees, legatees, distributees, or beneficiaries, as applicable, as Permitted
Transferees; provided, that any such Permitted Transferee shall be admitted as a Member only upon compliance with the provisions of Section
2.04(b).

 

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Section
2.06 Designation of Units. The Manager may from time to time designate one or more classes or series of units representing Membership
Interests in the Company (“Units”), with such designations, preferences, rights, qualifications, limitations or restrictions
as provided in this Agreement and as may be determined by the Manager from time to time.

 

Section
2.07 Authorized Units. The total number of authorized Units of each class or series of Units shall be set forth on Schedule
I. Subject to this Agreement, the Manager may increase the number of Units designated for any existing class or series. The Manager
may decrease the number of Units designated for any existing class or series by a resolution subtracting from such class or series authorized
and unissued Units designated for such existing class or series. In any such event, the Manager shall promptly amend Schedule I
or cause Schedule I to be amended to reflect the then current authorized and issued number of each class or series of Units. Within
the sole discretion of the Manager, Schedule I and any amendments thereto may be maintained on the books and records of the Company.
All or a portion of the authorized Units shall be designated as “Common Units” as set forth on Schedule I.

 

Section
2.08 Issued Units. The number of Units owned by each Member is set forth opposite the name of such Member on Schedule I.
Subject to the terms of this Agreement, the Manager shall have the authority to cause the Company to issue Units of any class or series,
in such amounts and at such purchase price per Unit as may be determined from time to time by the Manager in its sole and absolute discretion.
In connection with the issuance of any Units, the recipient of any Units shall execute and deliver to the Company a joinder agreement
or a counterpart signature page to this Agreement, pursuant to which such person agrees to be bound by the terms and conditions hereof.
Upon the Company’s receipt of a joinder agreement or counterpart signature page to this Agreement, the person who is so issued
a Unit shall automatically be deemed admitted as a Member of the Company (in respect of such class or series) for purposes of this Agreement.
Upon the issuance of any Unit, the Manager shall promptly amend Schedule I or cause Schedule I to be amended to reflect
such issuance.

 

Section
2.09 Certificates.
All Units shall initially be held in book-entry form by notation of ownership on Schedule I. At the discretion of the
Managers, one or more classes or series of Units may be maintained in certificated form. If any class or series of Units is maintained
in certificated form, then each certificate evidencing a Unit of such class or series shall (i) be in the form approved by the Managers,
(ii) be signed by a Manager, (iii) be consecutively numbered, and (iv) state the holder’s name, the class or series
of Units, the number of Units evidenced thereby and such other matters as may be required.

  

Section
2.10 Replacement
of Lost or Stolen Certificates. With respect to Units that are certificated, the Managers may direct a new certificate or certificates
to be issued in place of a certificate or certificates theretofore issued by the Company and alleged to have been lost, stolen or destroyed,
upon the making of an affidavit of that fact by the person claiming the certificate or certificates representing Units to be lost, stolen
or destroyed. When authorizing such issue of a new certificate or certificates the Managers may, in its discretion and as a condition
precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or certificates, or its legal representative,
to advertise the same in such manner as it shall require or to give the Company a bond with a surety or sureties satisfactory to the
Company in such sum as it may direct as indemnity against any claim, or expense resulting from a claim, that may be made against the
Company in respect of the certificate or certificates alleged to have been lost, stolen or destroyed.

 

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Section
2.11 Recordation
of Transfer of Units. No transfer shall be effective or binding on the Company until such transfer is reflected on a duly authorized
amendment to Schedule I. Units shall be transferable only on the books of the Company by the holder thereof in person or
by such holder’s duly authorized attorney or legal representative. If any class or series of Units is maintained in certificated
form, then to transfer a Unit of such class or series, the holder thereof must surrender to the Company for cancellation the certificate
representing such Unit properly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer.

 

 

Section
2.12 Legends. The Managers shall have the power and authority to provide that any certificates representing Units bear such legends
as the Managers deems appropriate to assure that the Company does not become liable for violations of federal or state securities laws
or other applicable laws. Notwithstanding the foregoing provisions of this Section 2.11, the following legends shall appear on
each certificate representing Units:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR PURSUANT TO THE
SECURITIES OR “BLUE SKY” LAWS OF ANY STATE. SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED
OR OTHERWISE ASSIGNED, EXCEPT PURSUANT TO (i) A REGISTRATION STATEMENT IN RESPECT OF SUCH SECURITIES THAT IS EFFECTIVE UNDER SUCH
ACT, (ii) RULE 144 UNDER SUCH ACT, OR (iii) ANY OTHER EXEMPTION FROM REGISTRATION UNDER SUCH ACT.

 

THE
UNITS REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER, VOTING AND OTHER TERMS AND CONDITIONS SET FORTH IN THE
LIMITED LIABILITY COMPANY AGREEMENT OF THE COMPANY, AS AMENDED FROM TIME TO TIME, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY AT
ITS PRINCIPAL EXECUTIVE OFFICES.

 

THE
COMPANY IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF UNIT OR MORE THAN ONE SERIES OF CLASS OF UNIT. THE COMPANY WILL FURNISH WITHOUT
CHARGE TO EACH MEMBER WHO SO REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL, OR OTHER SPECIAL RIGHTS
OF EACH CLASS OF UNIT OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS.

 

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Section
2.13 Meetings.

 

(a) Meetings
of the Members may be called by (i) the Manager or (ii) a Member or group of Members holding more than 50% of the Membership Interests.

 

(b) Written
notice stating the place, date, and time of the meeting and, in the case of a meeting of the Members not regularly scheduled, describing
the purposes for which the meeting is called, shall be delivered not fewer than 10 days and not more than 30 days before the date of
the meeting to each Member, by or at the direction of the Managers or the Member(s) calling the meeting, as the case may be. The Members
may hold meetings at the Company's principal office or at such other place, as the Managers or the Member(s) calling the meeting may
designate in the notice for such meeting.

 

(c) Any
Member may participate in a meeting of the Members by means of conference telephone or other communications equipment by means of which
all Persons participating in the meeting hear each other, and participation in a meeting by such means shall constitute presence in person
at such meeting.

 

(d) On
any matter that is to be voted on by the Members, a Member may vote in person or by proxy, and such proxy may be granted in writing,
by means of Electronic Transmission, or as otherwise permitted by Applicable Law. Every proxy shall be revocable in the discretion of
the Member executing it unless otherwise provided in such proxy; provided, that such right to revocation shall not invalidate
or otherwise affect actions taken under such proxy prior to such revocation.

 

(e) The
business to be conducted at such meeting need not be limited to the purpose described in the notice and can include other business to
be conducted by the Members; provided, that the Members shall have been notified of the meeting in accordance with Section 2.12(b).
Attendance of a Member at any meeting shall constitute a waiver of notice of such meeting, except where a Member attends a meeting for
the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

 

(f) A
quorum of any meeting of the Members shall require the presence, whether in person or by proxy, of the Members holding a majority of
the Membership Interests. Subject to Section 2.13, no action may be taken by the Members unless the appropriate quorum is present at
a meeting.

 

(g) Subject
to Section 2.13, Section 3.02, and any other provision of this Agreement or the Delaware Act requiring the vote, consent, or approval
of a different percentage of the Membership Interests, no action may be taken by the Members at any meeting at which a quorum is present
without the affirmative vote of the Members holding a majority of the Membership Interests.

 

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Section
2.14 Action Without Meeting. Notwithstanding the provisions of Section 2.12, any matter that is to be voted on, consented to,
or approved by Members may be taken without a meeting, without prior notice, and without a vote if consented to, in writing or by Electronic
Transmission, by Member or Members holding not less than the minimum number of votes that would be necessary to authorize or take such
action at a meeting at which each Member entitled to vote on the action is present and votes. A record shall be maintained by the Managers
of each such action taken by written consent of a Member or Members.

 

ARTICLE
III

 Management

 

Section
3.01 Management of the Company. Subject to the provisions of Section 3.02 and except as otherwise provided by the Delaware Act,
the business, property, and affairs of the Company shall be managed by the Manager. The actions of the Manager taken in accordance with
the provisions of this Agreement shall bind the Company. No other Member of the Company shall have any authority or right to act on behalf
of or bind the Company, unless otherwise provided herein or unless specifically authorized by the Manager pursuant to a duly adopted
resolution expressly authorizing such action.

 

Section
3.02 Actions Requiring Approval of Members. Without the written approval of Members holding a majority of the Membership Interests,
the Company shall not, and shall not enter into any commitment to:

 

(a) Amend,
modify, or waive any provisions of the Certificate of Formation or this Agreement; provided that the Manager may, without the
consent of the other Members, amend the Members Schedule following any new issuance, redemption, repurchase, or Transfer of Membership
Interests in accordance with this Agreement.

 

(b) Issue
additional Membership Interests, Equity Securities, or other securities or, except in connection with a Transfer of Membership Interests
that complies with the applicable provisions of Section 2.04(b), admit additional Members to the Company.

 

(c) Incur
any indebtedness, pledge or grant Liens on any assets, or guarantee, assume, endorse, or otherwise become responsible for the obligations
of any other Person, in each case in excess of $50,000 in a single transaction or series of related transactions, or in excess of $100,000
in the aggregate at any time outstanding.

 

(d) Make
any loan or advance to, or a Capital Contribution or investment in, any Person, in excess of $100,000.

 

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(e) Enter
into or effect any transaction or series of related transactions involving the purchase, lease, license, exchange, or other acquisition
(including by merger, consolidation, sale of stock, or acquisition of assets) by the Company of any assets and/or equity interests, other
than in the ordinary course of business consistent with past practice.

 

(f) Enter
into or effect any transaction or series of related transactions involving the sale, lease, license, exchange, or other disposition (including
by merger, consolidation, sale of stock, or sale of assets) by the Company of any assets and/or equity interests, other than sales of
inventory in the ordinary course of business consistent with past practice.

 

(g) Settle
any lawsuit, action, dispute, or other proceeding or otherwise assume any liability with a value in excess of $25,000 or agree to the
provision of any equitable relief by the Company.

 

(h) Dissolve,
wind up, or liquidate the Company or initiate a bankruptcy proceeding involving the Company.

 

Section
3.03 Officers. The Manager may appoint one or more individuals as officers of the Company (the “Officers”)
as the Manager deem necessary or desirable to carry on the business of the Company and may delegate to such Officers such power and authority
as the Manager deems advisable. An Officer is not required to be a Member of the Company. Any individual may hold two or more offices
of the Company. Each Officer shall hold office until his or her successor is designated by the Manager or until his or her earlier death,
resignation, or removal. Any Officer may resign at any time upon written notice to the Manager. Any Officer may be removed by the Manager
at any time, with or without cause. A vacancy in any office occurring because of death, resignation, removal, or otherwise may, but need
not, be filled by the Manager.

 

Section
3.04 Replacement and Resignation of a Manager. The Manager may be removed at any time, with or without cause, by the Members holding
a majority of the Membership Interests. A Manager may resign at any time by delivering a written resignation to the Company, which resignation
shall be effective upon receipt thereof unless it is specified to be effective at some other time or upon the occurrence of a particular
event. Following the Manager’s removal or resignation, a successor Manager shall be elected by the affirmative vote of the Members
holding a majority of the Membership Interests. The removal of a Manager shall not affect the Manager’s rights as a Member and
shall not constitute a withdrawal of such Member from the Company.

 

Section
3.05 WAIVER OF APPRAISAL AND DISSENTERS’ RIGHTS. EACH MEMBER HEREBY KNOWINGLY AND IRREVOCABLY WAIVES ALL, AND SHALL NOT
ASSERT OR EXERCISE ANY, APPRAISAL RIGHTS OR DISSENTERS' RIGHTS UNDER ANY APPLICABLE LAW TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE
LAW.

 

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ARTICLE
IV 

Allocations

 

Section
4.01 Allocation of Profits and Losses.

 

(a) The
Company’s profits and losses for each Fiscal Year will be allocated among the Members pro rata in accordance with their Membership
Interests.

 

(b) Notwithstanding
any other provision of this Agreement, (i) “partner nonrecourse deductions” (as defined in Treasury Regulations Section 1.704-2(i)),
if any, of the Company shall be allocated for each Fiscal Year to the Member that bears the economic risk of loss within the meaning
of Treasury Regulations Section 1.704-2(i) and “nonrecourse deductions” (as defined in Treasury Regulations Section 1.704-2(b))
and “excess nonrecourse liabilities” (as defined in Treasury Regulations Section 1.752-3(a)), if any, shall be allocated
to and among the Members in accordance with their Membership Interests.

 

(c) This
Agreement shall be deemed to include “qualified income offset,” “minimum gain chargeback,” and “partner
nonrecourse debt minimum gain chargeback” provisions within the meaning of Treasury Regulations under Section 704(b) of the Code.

 

(d) All
items of income, gain, loss, deduction, and credit of the Company shall be allocated among the Members for federal, state, and local
income tax purposes consistent with the manner that the corresponding items are allocated among the Members pursuant to this section,
except as may otherwise be provided herein or under the Code.

 

ARTICLE
V 

Distributions

 

Section
5.01 Distributions.

 

(a) Distributions
of available cash, less any reserves for operating expenses or capital expenditures that are reasonably determined by the Manager, shall
be made to the Members at the times and in the aggregate amounts determined by the Manager. Such distributions shall be paid to the Members
pro rata in accordance with their respective Membership Interests.

 

(b) Notwithstanding
any provision to the contrary contained in this Agreement, the Company shall not make any distribution to Members if such distribution
would violate Section 18-607 of the Delaware Act or other Applicable Law.

 

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ARTICLE
VI

PRE-EMPTIVE RIGHTS

 

Section
6.01 Pre-emptive Rights. 

 

(a) Issuance
of New Securities. The Company hereby grants each Member the right to purchase its pro rata share (in accordance with its
Membership Interest) of any New Securities that the Company may from time to time propose to issue or sell to any party. For purposes
hereof, “New Securities” shall include any and all new issuances of Membership Interests of the Company and any securities
of the Company convertible into, or exchangeable or exercisable for, such Membership Interests, other than Membership Interests or other
securities issued or sold by the Company in connection with (i) a grant to any existing or prospective consultants, employees or Officers
pursuant to any profits interest plan or similar equity-based plans or other compensation agreement; (ii) the conversion or exchange
of any securities of the Company into Membership Interests, or the exercise of any warrants or other rights to acquire Membership Interests;
(iii) any acquisition by the Company of any equity interests, assets, properties or business of any Person; (iv) any merger, consolidation
or other business combination involving the Company; (v) the commencement of any initial public offering or any transaction or series
of related transactions involving a change of control of the Company; (vi) an equity split, payment of distributions or any similar recapitalization;
and (vii) any private placement of warrants to purchase Membership Interests to lenders or other institutional investors (excluding the
Members) in any arm’s length transaction providing debt financing to the Company, in each case, approved in accordance with the
terms of this Agreement.

 

(b) Additional
Issuance Notices. The Company shall give written notice (an “Issuance Notice”) of any proposed issuance
or sale described in subsection (a) above to the Members within five (5) business days following approval of any such issuance or sale
by the Members in accordance with the terms of this Section 6.01(b). The Issuance Notice shall, if applicable, be accompanied by a written
offer from any prospective purchaser (a “Prospective Purchaser”) seeking to purchase New Securities and shall set
forth the material terms and conditions of the proposed issuance, including:

 

(i) the
number and description of the New Securities proposed to be issued and the percentage interest in the Company such issuance would represent;

 

(ii) the
proposed issuance date, which shall be at least twenty (20) business days from the date of the Issuance Notice;

 

(iii) the
proposed purchase price; and

 

(iv) if
the consideration to be paid by the Prospective Purchaser includes non-cash consideration, the Manager’s good-faith determination
of the Fair Market Value thereof.

 

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(c) Exercise
of Pre-emptive Rights. Each Member shall for a period of fifteen (15) Business Days following the receipt of an Issuance Notice
(the “Exercise Period”) have the right to elect irrevocably to purchase its pro rata share (in accordance with its
Membership Interest) of the New Securities at the purchase price set forth in the Issuance Notice by delivering a written notice to the
Company (an “Acceptance Notice”). The delivery of an Acceptance Notice by a Member shall be a binding and irrevocable
offer by such Member to purchase the New Securities described therein. The failure of a Member to deliver an Acceptance Notice by the
end of the Exercise Period shall constitute a waiver of its rights under this Section 6.01 with respect to the purchase of such New Securities,
but shall not affect its rights with respect to any future issuances or sales of New Securities.

 

(d) Over-Allotment.
No later than five (5) Business Days following the expiration of the Exercise Period, the Company shall notify each Member
in writing of the number of New Securities that each Member has agreed to purchase (including, for the avoidance of doubt, where such
number is zero) (the “Over-allotment Notice”). Each Member exercising its right to purchase its pro rata share (in
accordance with its Membership Interest) of the New Securities in full (an “Exercising Member”) shall have a right
of over-allotment such that if any other Member fails to exercise its rights under this Section 6.01 to purchase its pro rata share of
the New Securities (each, a “Non-Exercising Member”), such Exercising Member may purchase its pro rata share of such
Non-Exercising Member’s allotment by giving written notice to the Company within five (5) Business Days of receipt of the Over-allotment
Notice (the “Over-allotment Exercise Period”).

 

(e) Sales
to the Prospective Purchaser. If any Member fails to purchase its allotment of the New Securities within the time period described
in subsection (b) and after the expiration of the Over-allotment Exercise Period, the Company shall be free to complete the proposed
issuance or sale of New Securities described in the Issuance Notice with respect to which Members failed to exercise the option set forth
in this Section 6.01 on terms no less favorable to the Company than those set forth in the Issuance Notice (except that the amount of
New Securities to be issued or sold by the Company may be reduced); provided, that (i) such issuance or sale is closed within
thirty (30) days after the expiration of the Over-allotment Exercise Period (subject to the extension of such 30-day period for a reasonable
time not to exceed sixty (60) days to the extent reasonably necessary to obtain any third-party approvals; and (ii) for the avoidance
of doubt, the price at which the New Securities are sold to the Prospective Purchaser is at least equal to or higher than the purchase
price described in the Issuance Notice. In the event the Company has not sold such New Securities within such time period, the Company
shall not thereafter issue or sell any New Securities without first again offering such securities to the Members in accordance with
the procedures set forth in this Section 6.01.

 

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(f) Closing
of the Issuance. The closing of any purchase by any Member shall be consummated concurrently with the consummation of the
issuance or sale described in the Issuance Notice. Upon the issuance or sale of any New Securities in accordance with this Section 6.01,
the Company shall deliver the New Securities free and clear of any Liens (other than those arising hereunder and those attributable to
the actions of the purchasers thereof), and the Company shall so represent and warrant to the purchasers thereof, and further represent
and warrant to such purchasers that such New Securities shall be, upon issuance thereof to the Exercising Members and after payment therefor,
duly authorized, validly issued, fully paid and non-assessable. The Company, in the discretion of the Manager pursuant to Section 2.09,
may deliver to each Exercising Member certificates evidencing the New Securities. Each Exercising Member shall deliver to the Company
the purchase price for the New Securities purchased by it by certified or bank check or wire transfer of immediately available funds.
Each party to the purchase and sale of New Securities shall take all such other actions as may be reasonably necessary to consummate
the purchase and sale, including, without limitation, entering into such additional agreements as may be necessary or appropriate.

 

ARTICLE
VII

TRANSFER

 

Section
7.01 General Restrictions on Transfer. 

 

(a) Except
as permitted pursuant to Section 2.02(b) or in accordance with the procedures set forth in Section 7.03, Section 9.01 or Section 7.05,
no Member shall Transfer all or any portion of its Membership Interest in the Company. No Transfer of Membership Interests to a Person
not already a Member of the Company shall be deemed completed until the prospective Transferee is admitted as a Member of the Company
in accordance with Section 2.04 hereof.

 

(b) Notwithstanding
any other provision of this Agreement (including Section 2.02(b)), each Member agrees that it will not Transfer all or any portion of
its Membership Interest in the Company, and the Company agrees that it shall not issue any Membership Interests:

 

(i) except
as permitted under the Securities Act and other applicable federal or state securities or blue sky laws, and then, with respect to a
Transfer of Membership Interests, only upon delivery to the Company of an opinion of counsel in form and substance satisfactory to the
Company to the effect that such Transfer may be effected without registration under the Securities Act;

 

(ii) if
such Transfer or issuance would cause the Company to be considered a “publicly traded partnership” under Section 7704(b)
of the Code within the meaning of Treasury Regulations Section 1.7704-1(h)(1)(ii), including the look-through rule in Treasury Regulations
Section 1.7704-1(h)(3);

 

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(iii) if
such Transfer or issuance would affect the Company’s existence or qualification as a limited liability company under the Delaware
Act;

 

(iv) if
such Transfer or issuance would cause the Company to lose its status as a partnership for federal income tax purposes;

 

(v) if
such Transfer or issuance would cause the Company to be required to register as an investment company under the Investment Company Act
of 1940, as amended; or

 

(vi) if
such Transfer or issuance would cause the assets of the Company to be deemed “Plan Assets” as defined under the Employee
Retirement Income Security Act of 1974 or its accompanying regulations or result in any “prohibited transaction” thereunder
involving the Company.

 

(c) Any
Transfer or attempted Transfer of any Membership Interest in violation of this Agreement shall be null and void, no such Transfer shall
be recorded on the Company’s books and the purported Transferee in any such Transfer shall not be treated (and the purported Transferor
shall continue be treated) as the owner of such Membership Interest for all purposes of this Agreement.

 

(d) Except
as provided in Section 2.04(b), no Transfer (including a Permitted Transfer) of Membership Interests to a Person not already a Member
of the Company shall be deemed completed until the prospective Transferee (including a Permitted Transferee) is admitted as a Member
of the Company in accordance with Section 2.03(b) hereof.

 

(e) For
the avoidance of doubt, any Transfer of a Membership Interest permitted by this Agreement shall be deemed a sale, transfer, assignment
or other disposal of such Membership Interest in its entirety as intended by the parties to such Transfer, and shall not be deemed a
sale, transfer, assignment or other disposal of any less than all of the rights and benefits described in the definition of the term
“Membership Interest,” unless otherwise explicitly agreed to by the parties to such Transfer.

 

Section
7.02 Permitted Transfers. The provisions of Section 1.01, Section 7.03, Section
7.04 and Section 7.05 shall not apply to any Transfer by any Member of all or any portion of its Membership Interest to any of the following:

 

(a) Any
Affiliate of such Member; or

 

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(b) With
respect to any Member that is a natural Person, (i) such Member’s Spouse, parent, siblings, descendants (including adoptive relationships
and stepchildren) and the Spouses of each such natural persons (collectively, “Family Members”); (ii) a trust under
which the distribution of Membership Interests may be made only to such Member and/or any Family Member of such Member; (iii) a charitable
remainder trust, the income from which will be paid to such Member during his life; (iv) a corporation, partnership or limited liability
company, the stockholders, partners or members of which are only such Member and/or Family Members of such Member; or (v) by will or
by the laws of intestate succession, to such Member’s executors, administrators, testamentary trustees, legatees or beneficiaries.

 

Section
7.03 Right of First Refusal. 

 

(a) Right
of First Refusal. Subject to the terms and conditions specified in this Section 7.03, each Member shall have a right of first
refusal if any other Member (the “Offering Member”), receives an offer from an Independent Third Party that the Offering
Member desires to accept to Transfer all or any portion of the Membership Interest owned by the Offering Member (the “Offered
Interests”). Each time the Offering Member receives an offer for all or any portion of its Membership Interest in the Company,
the Offering Member shall first make an offering of the Offered Interests to the other Members (the “ROFR Rightholders”)
in accordance with the following provisions of this Section 7.03 prior to Transferring such Offered Interests to the Independent Third
Party (other than Transfers that (i) are permitted by Section 7.02(b), (ii) are proposed to be made by a Dragging Member or required
to be made by a Drag-along Member pursuant to Section 7.04, or (iii) are made by a Tag-along Member upon the exercise of its tag-along
right pursuant to Section 7.05 after the ROFR Rightholders have declined to exercise their rights in full under this Section 7.03).

 

(b) Offer
Notice. 

 

(i) The
Offering Member shall, within five (5) Business Days of receipt of the offer from the Independent Third Party, give written notice (the
“Offering Member Notice”) to the Company and the ROFR Rightholders stating that it has received a bona fide offer
from an Independent Third Party and specifying: (A) the amount of Offered Interests to be Transferred by the Offering Member; (B) the
name of the Person who has offered to purchase such Offered Interests; (C) the purchase price and the other material terms and conditions
of the Transfer, including a description of any non-cash consideration in sufficient detail to permit the valuation thereof; and (D)
the proposed date, time and location of the closing of the Transfer, which shall not be less than sixty (60) days from the date of the
Offering Member Notice.

 

(ii) The
Offering Member Notice shall constitute the Offering Member’s offer to Transfer the Offered Interests to the ROFR Rightholders,
which offer shall be irrevocable until the end of the ROFR Notice Period (as hereinafter defined).

 

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(iii) By
delivering the Offering Member Notice, the Offering Member represents and warrants to the Company and each ROFR Rightholder that: (a)
the Offering Member has full right, title and interest in and to the Offered Interests; (b) the Offering Member has all the necessary
power and authority and has taken all necessary action to sell such Offered Interests as contemplated by this Section 9.03; and (c) the
Offered Interests are free and clear of any and all Liens other than those arising as a result of or under the terms of this Agreement.

 

(c) Exercise
of the Rights of First Refusal. 

 

(i) Upon
receipt of the Offering Member Notice, each ROFR Rightholder shall have ten (10) Business Days (the “ROFR Notice Period”)
to elect to purchase all (but not less than all) of the Offered Interests by delivering a written notice (a “ROFR Offer Notice”)
to the Offering Member and the Company stating that it offers to purchase such Offered Interests on the terms specified in the Offering
Member Notice. Any ROFR Offer Notice shall be binding upon delivery and irrevocable by the applicable ROFR Rightholder. If more than
one ROFR Rightholder delivers a ROFR Offer Notice, each such ROFR Rightholder (the “Purchasing Member”) shall be allocated
its pro rata share (based on its Membership Interest in the Company) of the Offered Interests, unless otherwise agreed by such Members.

 

(ii) Each
ROFR Rightholder who does not deliver a ROFR Offer Notice during the ROFR Notice Period shall be deemed to have waived all of such ROFR
Rightholder’s rights to purchase the Offered Interests under this Section 7.03, and the Offering Member shall thereafter, subject
to the rights of any Purchasing Member and the provisions of Section 7.05, be free to sell the Offered Interests to the Independent Third
Party in the Offering Member Notice without any further obligation to such ROFR Rightholder pursuant to this Section 7.03.

 

(iii) Each
ROFR Rightholder who delivers a ROFR Offer Notice shall be deemed to have waived any rights that such Members may have pursuant to Section
7.05.

 

(d) Consummation
of Sale. If no ROFR Rightholder delivers a ROFR Offer Notice in accordance with Section 7.03(c), then, provided the Offering
Member has also complied with the provisions of Section 7.05, to the extent applicable, the Offering Member may, during the 60-day period
immediately following the expiration of the ROFR Notice Period (which period may be extended for a reasonable time not to exceed ninety
(90) days to the extent reasonably necessary to obtain any required approvals or consents from any Governmental Authority), Transfer
all of the Offered Interests to the Independent Third Party on terms and conditions no more favorable to the Independent Third Party
than those set forth in the Offering Member Notice. If the Offering Member does not Transfer the Offered Interests within such period,
the rights provided hereunder shall be deemed to be revived and the Offered Interests shall not be Transferred to the Independent Third
Party unless the Offering Member sends a new Offering Member Notice in accordance with, and otherwise complies with, this Section .

 

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(e) Cooperation.
Each Member shall take all actions as may be reasonably necessary to consummate the sale contemplated by this Section 7.03
including, without limitation, entering into agreements and delivering certificates and instruments and consents as may be deemed necessary
or appropriate.

 

(f) Closing.
At the closing of any sale and purchase pursuant to this Section , the Offering Member shall deliver to the Purchasing Member(s)
a certificate or certificates representing the Offered Interests to be sold (if any), accompanied by evidence of Transfer and all necessary
transfer taxes paid and stamps affixed, if necessary, against receipt of the purchase price therefore from such Purchasing Member(s)
by certified or official bank check of by wire transfer of immediately available funds.

 

Section
7.04 Drag-along Rights. 

 

(a) Participation.
If one or more Members (together with their respective Permitted Transferees) holding no less than fifty percent (50%) of the then
outstanding Membership Interests (such Member or Members, the “Dragging Member”), proposes to Transfer, in one transaction
or a series of related transactions, all of the Membership Interests owned by the Dragging Member (a “Drag-along Sale”),
the Dragging Member shall have the right, after delivering the Drag-along Notice in accordance with Section 7.04(c) and subject to compliance
with Section 7.04(d), to require that each other Member (each, a “Drag-along Member”) participate in such sale in
the manner set forth in this Section 7.04.

 

(b) Sale
of Membership Interests. Subject to compliance with Section 7.04(c), each Drag-along Member shall sell in the Drag-along Sale all
of the Membership Interests held by such Drag-along Member.

 

(c) Sale
Notice. The Dragging Member shall exercise its rights pursuant to this Section 7.04 by delivering a written notice (the “Drag-along
Notice”) to the Company and each Drag-along Member no more than ten (10) Business Days after the execution and delivery by
all of the parties thereto of the definitive agreement entered into with respect to the Drag-along Sale and, in any event, no later than
twenty (20) Business Days prior to the closing date of such Drag-along Sale. The Drag-along Notice shall make reference to the Dragging
Members’ rights and obligations hereunder and shall describe in reasonable detail:

 

(i) The
name of the person or entity to whom such Membership Interests are proposed to be sold;

 

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(ii) The
proposed date, time and location of the closing of the sale;

 

(iii) The
proposed amount of consideration for the Drag-along Sale and the other material terms and conditions of the Drag-along Sale, including
a description of any non-cash consideration in sufficient detail to permit the valuation thereof; and

 

(iv) A
copy of any form of agreement proposed to be executed in connection therewith.

 

(d) Conditions
of Sale. The obligations of the Drag-along Members in respect of a Drag-along Sale under this Section 7.04 are subject to the satisfaction
of the following conditions:

 

(i) The
consideration to be received by each Drag-along Member shall be the same form and amount of consideration to be received by the Dragging
Member per percentage interest and the terms and conditions of such sale shall, except as otherwise provided in Section 7.04(d)(ii),
be the same as those upon which the Dragging Member sells its Membership Interests;

 

(ii)
If the Dragging Member or any Drag-along Member is given an option as to the form and amount of consideration to be received, the same
option shall be given to all Drag-along Members; and

 

(iii) Each
Drag-along Member shall execute the applicable purchase agreement, if applicable, and make or provide the same representations, warranties,
covenants, indemnities and agreements as the Dragging Member makes or provides in connection with the Drag-along Sale (except that in
the case of representations, warranties, covenants, indemnities and agreements pertaining specifically to the Dragging Member, the Drag-along
Member shall make the comparable representations, warranties, covenants, indemnities and agreements pertaining specifically to itself);
provided, that all representations, warranties, covenants and indemnities shall be made by the Dragging Member and each Drag-along
Member severally and not jointly and any indemnification obligation shall be pro rata based on the consideration received by the Dragging
Member and each Drag-along Member (other than any indemnification obligation pertaining specifically to the Dragging Member or a Drag-along
Member, which obligation shall be the sole obligation of such Dragging Member or Drag-along Member), in each case in an amount not to
exceed the aggregate proceeds received by the Dragging Member and each such Drag-along Member in connection with the Drag-along Sale.

 

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(e) Cooperation.
Each Drag-along Member shall take all actions as may be reasonably necessary to consummate the Drag-along Sale, including, without limitation,
entering into agreements and delivering certificates and instruments, in each case, consistent with the agreements being entered into
and the certificates being delivered by the Dragging Member, but subject to Section 7.04(d)(iii).

 

(f) Expenses.
The fees and expenses of the Dragging Member incurred in connection with a Drag-along Sale and for the benefit of all Drag-along
Members (it being understood that costs incurred by or on behalf of a Dragging Member for its sole benefit will not be considered to
be for the benefit of all Drag-along Members), to the extent not paid or reimbursed by the Company or the Independent Third Party, shall
be shared by the Dragging Member and all the Drag-along Members on a pro rata basis, based on the consideration received by each such
Member; provided, that no Drag-along Member shall be obligated to make any out-of-pocket expenditure prior to the consummation of the
Drag-along Sale.

 

(g) Consummation
of Sale. The Dragging Member shall have sixty (60) days following the date of the Drag-along Notice in which to consummate the Drag-along
Sale, on the terms set forth in the Drag-along Notice. If at the end of such period the Dragging Member has not completed the Drag-along
Sale, the Dragging Member may not then exercise its rights under this Section 7.04 without again fully complying with the provisions
of this Section 7.04.

 

Section
7.05 Tag-along Rights. 

 

(a) Participation.
Subject to the terms and conditions specified in Section ARTICLE I, Section 2.02(b) and Section 7.03, if a Member (together with
its Permitted Transferees) holding no less than five percent (5%) of the then outstanding Membership Interests (the “Selling
Member”) proposes to Transfer any Membership Interests owned by the Selling Member to an Independent Third Party (a “Proposed
Transferee”), each other Member (each, a “Tag-along Member”) shall be permitted to participate in such sale
(a “Tag-along Sale”) on the terms and conditions set forth in this Section 7.05.

 

(b) Application
of Transfer Restrictions. The provisions of this Section 7.05 shall only apply to Transfers in which:

 

(i) No
ROFR Rightholder has exercised its right under Section 7.03 to purchase the Offered Interests; and

 

(ii) The
Dragging Member has elected to not exercise its drag-along right under Section 7.04.

 

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(c) Sale
Notice. Prior to the consummation of any Transfer of Membership Interests qualifying under Section 7.05(b), and after satisfying
its obligations pursuant to Section 7.03, the Selling Member shall deliver to the Company and each other Member a written notice (a “Sale
Notice”) of the proposed Tag-along Sale as soon as practicable following the expiration of the ROFR Rightholder Option Period,
and in no event later than five (5) Business Days thereafter. The Sale Notice shall make reference to the Tag-along Members’ rights
hereunder and shall describe in reasonable detail:

 

(i) The
aggregate percentage of Membership Interests the Proposed Transferee has offered to purchase;

 

(ii) The
identity of the Proposed Transferee;

 

(iii) The
proposed date, time and location of the closing of the Tag-along Sale;

 

(iv) The
purchase price and other material terms and conditions of the Transfer, including a description of any non-cash consideration in sufficient
detail to permit the valuation thereof; and

 

(v) A
copy of any form of agreement proposed to be executed in connection therewith.

 

(d) Exercise
of Tag-along Right.

 

(i) The
Selling Member and each Tag-along Member timely electing to participate in the Tag-along Sale pursuant to Section 7.05(d)(ii) shall have
the right to Transfer in the Tag-along Sale the amount of Membership Interests, equal to the product of (x) the total percentage of Membership
Interests that the Proposed Transferee proposes to buy as stated in the Sale Notice and (y) a fraction (A) the numerator of which is
equal to the percentage of Membership Interests then held by the applicable Member, and (B) the denominator of which is equal to the
total percentage of Membership Interests then held by the Selling Member and all of the Tag-along Members timely electing to participate
in the Tag-along Sale pursuant to Section 7.05(d)(ii) (such amount, the “Tag-along Portion”).

 

(ii) Each
Tag-along Member shall exercise its right to participate in a Tag-along Sale by delivering to the Selling Member a written notice (a
“Tag-along Notice”) stating its election to do so and specifying the amount of Membership Interests (up to its Tag-along
Portion) to be Transferred by it no later than ten (10) Business Days after receipt of the Sale Notice (the “Tag-along Period”).

 

(iii) The
offer of each Tag-along Member set forth in a Tag-along Notice shall be irrevocable, and, to the extent such offer is accepted, such
Tag-along Member shall be bound and obligated to consummate the Transfer on the terms and conditions set forth in this Section 7.05.

 

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(e) Remaining
Portions.

 

(i) If
any Tag-along Member declines to exercise its right under Section 7.05 or elects to exercise it with respect to less than its full Tag-Along
Portion (the “Remaining Portion”), the Selling Member shall promptly deliver a written notice (a “Remaining
Portion Notice”) to those Tag-along Members who have elected to Transfer their Tag-Along Portion in full (each, a “Fully
Participating Tag-along Member”). The Selling Member and each Fully Participating Tag-along Member shall be entitled to Transfer,
in addition to any Membership Interests already being Transferred, the percentage of Membership Interests held by it equal to the product
of (x) the Remaining Portion, and (y) a fraction (A) the numerator of which is equal to the percentage of Membership Interests then held
by the applicable Member, and (B) the denominator of which is equal to the percentage of Membership Interests then held by the Selling
Member and all Fully Participating Tag-along Members.

 

(ii) Each
Fully Participating Tag-along Member shall exercise its right to participate in the Transfer described in Section 7.05(e)(i) by delivering
to the Selling Member a written notice (a “Remaining Tag-along Notice”) stating its election to do so and specifying
the percentage of Membership Interests (up to the amounts it may Transfer pursuant to Section 7.05(e)(i)), to be Transferred by it no
later than five (5) after receipt of the Remaining Portion Notice.

 

(iii) The
offer of each Fully Participating Tag-along Member set forth in a Remaining Tag-along Notice shall be irrevocable, and, to the extent
such offer is accepted, such Member shall be bound and obligated to consummate the Transfer on the terms and conditions set forth in
this Section 7.05.

 

(f) Waiver.
Each Tag-along Member who does not deliver a Tag-along Notice in compliance with Section 7.05(d)(ii) shall be deemed to have waived
all of such Tag-along Member’s rights to participate in the Tag-along Sale, and the Selling Member shall (subject to the rights
of any other participating Tag-along Member) thereafter be free to sell to the Proposed Transferee the Membership Interests identified
in the Sale Notice at a price that is no greater than the price set forth in the Sale Notice and on other terms and conditions which
are not in the aggregate materially more favorable to the Selling Member than those set forth in the Sale Notice, without any further
obligation to the non-accepting Tag-along Members.

 

(g) Conditions
of Sale.

 

(i) Each
Member participating in the Tag-along Sale shall receive the same consideration after deduction of such Member’s proportionate
share of the related expenses in accordance with Section 7.05(i) below.

 

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(ii) Each
Tag-along Member shall make or provide the same representations, warranties, covenants, indemnities and agreements as the Selling Member
makes or provides in connection with the Tag-along Sale (except that in the case of representations, warranties, covenants, indemnities
and agreements pertaining specifically to the Selling Member, the Tag-along Member shall make the comparable representations, warranties,
covenants, indemnities and agreements pertaining specifically to itself); provided, that all representations, warranties, covenants
and indemnities shall be made by the Selling Member and each Tag-along Member severally and not jointly and any indemnification obligation
shall be pro rata based on the consideration received by the Selling Member and each Tag-along Member (other than any indemnification
obligation pertaining specifically to the Selling Member or a Tag-along Member, which obligation shall be the sole obligation of such
Selling or Tag-along Member), in each case in an amount not to exceed the aggregate proceeds received by the Selling Member and each
such Tag-along Member in connection with the Tag-along Sale.

 

(h) Cooperation.
Each Tag-along Member shall take all actions as may be reasonably necessary to consummate the Tag-along Sale, including, without
limitation, entering into agreements and delivering certificates and instruments, in each case, consistent with the agreements being
entered into and the certificates being delivered by the Selling Member, but subject to Section 7.05(g)(ii).

 

(i) Expenses.
The fees and expenses of the Selling Member incurred in connection with a Tag-along Sale and for the benefit of all Tag-along Members
(it being understood that costs incurred by or on behalf of a Selling Member for its sole benefit will not be considered to be for the
benefit of all Tag-along Members), to the extent not paid or reimbursed by the Company or the Proposed Transferee, shall be shared by
the Selling Member and all the participating Tag-along Members on a pro rata basis, based on the consideration received by each such
Member; provided, that no Tag-along Member shall be obligated to make any out-of-pocket expenditure prior to the consummation
of the Tag-along Sale.

 

(j) Consummation
of Sale. The Selling Member shall have sixty (60) days following the expiration of the Tag-along Period in which to consummate the
Tag-along Sale, on terms not more favorable to the Selling Member than those set forth in the Tag-along Notice. If at the end of such
period the Selling Member has not completed the Tag-along Sale, the Selling Member may not then effect a Transfer that is subject to
this Section 7.05 without again fully complying with the provisions of this Section 7.05.

 

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(k) Transfers
in Violation of the Tag-along Right. If the Selling Member sells or otherwise Transfers to the Proposed Transferee any of its Membership
Interests in breach of this Section 7.05, then each Tag-along Member shall have the right to sell to the Selling Member, and the Selling
Member undertakes to purchase from each Tag-along Member, the amount of Membership Interests that such Tag-along Member would have had
the right to sell to the Proposed Transferee pursuant to this Section 7.05, for a price and upon the terms and conditions on which the
Proposed Transferee bought such Membership Interests from the Selling Member, but without indemnity being granted by any Tag-along Member
to the Selling Member; provided, that nothing contained in this Section 7.05(k) shall preclude any Member from seeking alternative remedies
against such Selling Member as a result of its breach of this Section 7.05. The Selling Member shall also reimburse each Tag-along Member
for any and all reasonable and documented out-of-pocket fees and expenses, including reasonable legal fees and expenses, incurred pursuant
to the exercise or the attempted exercise of the Tag-along Member’s rights under this Section 7.05(k).

 

ARTICLE
VIII 

No Personal Liability and Indemnification

 

Section
8.01 Exculpation of Covered Persons. 

 

(a) Covered
Persons. As used herein, the term “Covered Person” shall mean (i) each Member; (ii) each officer, director,
stockholder, partner, member, Affiliate, employee, agent or representative of each Member; and (iii) each Officer, employee, agent or
representative of the Company.

 

(b) Standard
of Care. No Covered Person shall be liable to the Company or any other Covered Person for any loss, damage or claim incurred
by reason of any action taken or omitted to be taken by such Covered Person in his, her or its capacity as a Covered Person, so long
as such action or omission does not constitute fraud or willful misconduct by such Covered Person.

 

(c) Good
Faith Reliance. A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon
such information, opinions, reports or statements (including financial statements and information, opinions, reports or statements as
to the value or amount of the assets, liabilities, Net Income or Net Losses of the Company or any facts pertinent to the existence and
amount of assets from which distributions might properly be paid) of the following Persons or groups: (i) a manager; (ii) one or more
Officers or employees of the Company; (iii) any attorney, independent accountant, appraiser or other expert or professional employed
or engaged by or on behalf of the Company; or (iv) any other Person selected in good faith by or on behalf of the Company, in each case
as to matters that such relying Person reasonably believes to be within such other Person’s professional or expert competence.
The preceding sentence shall in no way limit any Person’s right to rely on information to the extent provided in § 18-406
of the Delaware Act.

 

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Section
8.02 Liabilities and Duties of Covered Persons. 

 

(a) Limitation
of Liability. This Agreement is not intended to, and does not, create or impose any fiduciary duty on any Covered Person.
Furthermore, each of the Members and the Company hereby waives any and all fiduciary duties that, absent such waiver, may be implied
by Applicable Law, and in doing so, acknowledges and agrees that the duties and obligation of each Covered Person to each other and to
the Company are only as expressly set forth in this Agreement. The provisions of this Agreement, to the extent that they restrict the
duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the Members to replace such other duties
and liabilities of such Covered Person.

 

(b) Duties.
Whenever in this Agreement a Covered Person is permitted or required to make a decision (including a decision that is in such
Covered Person’s “discretion” or under a grant of similar authority or latitude), such Covered Person shall be entitled
to consider only such interests and factors as such Covered Person desires, including its own interests, and shall have no duty or obligation
to give any consideration to any interest of or factors affecting the Company or any other Person. Whenever in this Agreement a Covered
Person is permitted or required to make a decision in such Covered Person’s “good faith,” the Covered Person shall
act under such express standard and shall not be subject to any other or different standard imposed by this Agreement or any other Applicable
Law.

 

Section
8.03 Indemnification. 

 

(a) Indemnification.
To the fullest extent permitted by the Delaware Act, as the same now exists or may hereafter be amended, substituted or replaced
(but, in the case of any such amendment, substitution or replacement, only to the extent that such amendment, substitution or replacement
permits the Company to provide broader indemnification rights than the Delaware Act permitted the Company to provide prior to such amendment,
substitution or replacement), the Company shall indemnify, hold harmless, defend, pay and reimburse any Covered Person against any and
all losses, claims, damages, judgments, fines or liabilities, including reasonable legal fees or other expenses incurred in investigating
or defending against such losses, claims, damages, judgments, fines or liabilities, and any amounts expended in settlement of any claims
(collectively, “Losses”) to which such Covered Person may become subject by reason of:

 

(i) any
act or omission or alleged act or omission performed or omitted to be performed on behalf of the Company, any Member or any direct or
indirect Subsidiary of the foregoing in connection with the Business of the Company; or

 

(ii) such
Covered Person being or acting in connection with the business of the Company as a member, stockholder, Affiliate, manager, director,
officer, employee or agent of the Company, any Member, or any of their respective Affiliates, or that such Covered Person is or was serving
at the request of the Company as a member, manager, director, officer, employee or agent of any Person including the Company;

 

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provided,
that (x) such Covered Person acted in good faith and in a manner believed by such Covered Person to be in, or not opposed to, the best
interests of the Company and within the scope of such Covered Person’s authority conferred on him or it by the Company and, with
respect to any criminal proceeding, had no reasonable cause to believe his conduct was unlawful, and (y) such Covered Person’s
conduct did not constitute fraud or willful misconduct, in each case as determined by a final, nonappealable order of a court of competent
jurisdiction. In connection with the foregoing, the termination of any action, suit or proceeding by judgment, order, settlement, conviction,
or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Covered Person did not
act in good faith or, with respect to any criminal proceeding, had reasonable cause to believe that such Covered Person’s conduct
was unlawful, or that the Covered Person’s conduct constituted fraud or willful misconduct.

 

(b) Reimbursement.
The Company shall promptly reimburse (and/or advance to the extent reasonably required) each Covered Person for reasonable
legal or other expenses (as incurred) of such Covered Person in connection with investigating, preparing to defend or defending any claim,
lawsuit or other proceeding relating to any Losses for which such Covered Person may be indemnified pursuant to this Section 8.03; provided,
that if it is finally judicially determined that such Covered Person is not entitled to the indemnification provided by this Section
8.03, then such Covered Person shall promptly reimburse the Company for any reimbursed or advanced expenses.

 

(c) Entitlement
to Indemnity. The indemnification provided by this Section 8.03 shall not be deemed exclusive of any other rights to indemnification
to which those seeking indemnification may be entitled under any agreement or otherwise. The provisions of this Section 8.03 shall continue
to afford protection to each Covered Person regardless of whether such Covered Person remains in the position or capacity pursuant to
which such Covered Person became entitled to indemnification under this Section 8.03 and shall inure to the benefit of the executors,
administrators, legatees and distributees of such Covered Person.

 

(d) Insurance.
To the extent available on commercially reasonable terms, the Company may purchase, at its expense, insurance to cover Losses
covered by the foregoing indemnification provisions and to otherwise cover Losses for any breach or alleged breach by any Covered Person
of such Covered Person’s duties in such amount and with such deductibles as the Manager may determine; provided, that the
failure to obtain such insurance shall not affect the right to indemnification of any Covered Person under the indemnification provisions
contained herein, including the right to be reimbursed or advanced expenses or otherwise indemnified for Losses hereunder. If any Covered
Person recovers any amounts in respect of any Losses from any insurance coverage, then such Covered Person shall, to the extent that
such recovery is duplicative, reimburse the Company for any amounts previously paid to such Covered Person by the Company in respect
of such Losses.

    25

     

    

 

 

(e) Funding
of Indemnification Obligation. Notwithstanding anything contained herein to the contrary, any indemnity by the Company relating
to the matters covered in this Section 8.03 shall be provided out of and to the extent of Company assets only, and no Member (unless
such Member otherwise agrees in writing) shall have personal liability on account thereof or shall be required to make additional Capital
Contributions to help satisfy such indemnity by the Company.

 

(f) Savings
Clause. If this Section 8.03 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction,
then the Company shall nevertheless indemnify and hold harmless each Covered Person pursuant to this Section 10.03 to the fullest extent
permitted by any applicable portion of this Section 10.03 that shall not have been invalidated and to the fullest extent permitted by
Applicable Law.

 

(g) Amendment.
The provisions of this Section 8.03 shall be a contract between the Company, on the one hand, and each Covered Person who
served in such capacity at any time while this Section 10.03 is in effect, on the other hand, pursuant to which the Company and each
such Covered Person intend to be legally bound. No amendment, modification or repeal of this Section 10.03 that adversely affects the
rights of a Covered Person to indemnification for Losses incurred or relating to a state of facts existing prior to such amendment, modification
or repeal shall apply in such a way as to eliminate or reduce such Covered Person’s entitlement to indemnification for such Losses
without the Covered Person’s prior written consent.

 

Section
8.04 Survival. The provisions of this Section
8.04 shall survive the dissolution, liquidation, winding up and termination of the Company.

 

ARTICLE
IX 

Accounting and Tax Matters

 

Section
9.01 Inspection Rights. Upon reasonable notice from a Member, the Company shall afford the Member access during normal business
hours to the corporate, financial, and similar records, reports, and documents of the Company, and shall permit the Member to examine
such documents and make copies thereof.

 

Section
9.02 Income Tax Status. It is the intent of this Company and the Members that this Company shall be treated as a partnership for
US, federal, state, and local income tax purposes. Neither the Manager nor any Member shall make an election for the Company to be classified
as other than a partnership pursuant to Treasury Regulations Section 301.7701-3.

 

    26

     

    

 

Section
9.03 Tax Matters Representative.

 

(a) Appointment;
Resignation. Chelsea Pullano, or such other natural person as the Manager may designate from time to time, is hereby designated as
the “partnership representative” as provided in Section 6223(a) of the Code (the “Tax Matters Representative”).
The Tax Matters Representative can be removed at any time by a vote of Members holding a majority of the Membership Interests of the
Company, and shall resign if it is no longer a Member. In the event of the resignation or removal of the Tax Matters Representative,
the holders of a majority of the Membership Interests of the Company shall appoint a new Tax Matters Representative.

 

(b) Tax
Examinations and Audits. The Tax Matters Representative is authorized and required to represent the Company (at the Company’s
expense) in connection with all examinations of the Company’s affairs by any federal, state, local, or foreign taxing authority,
including resulting administrative and judicial proceedings, and to expend Company funds for professional services and costs associated
therewith.

 

The
Tax Matters Representative shall have sole authority to act on behalf of the Company in any such examinations and any resulting administrative
or judicial proceedings, and shall have sole discretion to determine whether the Company (either on its own behalf or on behalf of the
Members) will contest or continue to contest any tax deficiencies assessed or proposed to be assessed by any taxing authority.

 

(c) US
Federal Tax Proceedings. .To the extent permitted by applicable law and regulations, the Tax Matters Representative will cause the
Company to annually elect out of the partnership audit procedures set forth in Subchapter C of Chapter 63 of the Code as amended by the
Bipartisan Budget Act of 2015 (the “Revised Partnership Audit Rules”) pursuant to Section 6221(b) of the Code. For
any year in which applicable law and regulations do not permit the Company to elect out of the Revised Partnership Audit Rules, then
within forty-five (45) days of any notice of final partnership adjustment, the Tax Matters Representative will cause the Company to elect
the alternative procedure under Section 6226 of the Code, and furnish to the Internal Revenue Service and each Member (including former
Members) during the year or years to which the notice of final partnership adjustment relates a statement of the Member’s share
of any adjustment set forth in the notice of final partnership adjustment.

 

(d) Section
754 Election. The Tax Matters Representative will make an election under Section 754 of the Code, if requested in writing by Members
holding a majority of the outstanding Membership Interests.

 

(e) Indemnification.
The Company shall defend, indemnify, and hold harmless the Tax Matters Representative against any and all liabilities sustained as a
result of any act or decision concerning Company tax matters and within the scope of such Member’s responsibilities as Tax Matters
Representative, so long as such act or decision was done or made in good faith and does not constitute gross negligence or willful misconduct.

 

    27

     

    

 

Section
9.04 Tax Returns. 

 

(a) At
the expense of the Company, the Manager will cause the preparation and timely filing (including extensions) of all tax returns required
to be filed by the Company pursuant to the Code as well as all other required tax returns in each jurisdiction in which the Company owns
property or does business. As soon as reasonably possible after the end of each Fiscal Year, the Manager will deliver to each Member,
Company information necessary for the preparation of such Member’s federal, state, and local income tax returns for such Fiscal
Year.

 

(b) Each
Member agrees that such Member shall not treat any Company item on such Member’s federal, state, foreign, or other income tax return
inconsistently with the treatment of the item on the Company’s return.

 

ARTICLE
X

Dissolution and Liquidation

 

Section
10.01 Events of Dissolution. The Company shall be dissolved and its affairs wound up only upon the occurrence of any of the following
events:

 

(a) An
election to dissolve the Company made by holders of a majority of the Membership Interests;

 

(b) The
sale, exchange, involuntary conversion, or other disposition or Transfer of all or substantially all the assets of the Company; or

 

(c) The
entry of a decree of judicial dissolution under § 18-802 of the Delaware Act.

 

Section
10.02 Effectiveness of Dissolution. Dissolution of the Company shall be effective on the day on which the event described in Section
10.01 occurs, but the Company shall not terminate until the winding up of the Company has been completed, the assets of the Company have
been distributed as provided in Section 10.03, and the Certificate of Formation shall have been cancelled as provided in Section 10.04.

 

Section
10.03 Liquidation. If the Company is dissolved pursuant to Section 10.01, the Company shall be liquidated and its business and
affairs wound up in accordance with the Delaware Act and the following provisions:

 

(a) The
Manager, or another Person selected by the Manager, shall act as liquidator to wind up the Company (the “Liquidator”).
The Liquidator shall have full power and authority to sell, assign, and encumber any or all of the Company’s assets and to wind
up and liquidate the affairs of the Company in an orderly and business-like manner.

 

    28

     

    

 

(b) As
promptly as possible after dissolution and again after final liquidation, the Liquidator shall cause a proper accounting to be made by
a recognized firm of certified public accountants of the Company’s assets, liabilities, and operations through the last day of
the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable.

 

(c) The
Liquidator shall liquidate the assets of the Company and distribute the proceeds of such liquidation in the following order of priority,
unless otherwise required by mandatory provisions of Applicable Law:

 

(i) First,
to the payment of the Company’s debts and liabilities to its creditors (including Members, if applicable) and the expenses of liquidation
(including sales commissions incident to any sales of assets of the Company);

 

(ii) Second,
to the establishment of and additions to reserves that are determined by the Manager to be reasonably necessary for any contingent unforeseen
liabilities or obligations of the Company; and

 

(iii) Third,
to the Members, on a pro rata basis, in accordance with the positive balances in their respective Capital Accounts, as determined after
taking into account all Capital Account adjustments for the taxable year of the Company during which the liquidation of the Company occurs.

 

Section
10.04 Required Filings. Upon completion of the winding up of the Company, the Liquidator shall make all necessary filings required
by the Delaware Act.

 

ARTICLE
XI 

Definitions

 

Section
11.01 Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in this Section 11.01:

 

(a) “Affiliate”
means, with respect to any Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control
with such Person. For purposes of this definition, “control” when used with respect to any specified Person, shall
mean the power, direct or indirect, to direct or cause the direction of the management and policies of such Person, whether through ownership
of voting securities or partnership or other ownership interests, by contract, or otherwise; and the terms “controlling”
and “controlled” shall have correlative meanings.

 

    29

     

    

 

(b)
“Applicable Law” means all applicable provisions of (i) constitutions, treaties, statutes, laws (including the common
law), rules, regulations, decrees, ordinances, codes, proclamations, declarations, or orders of any Governmental Authority; (ii) any
consents or approvals of any Governmental Authority; and (iii) any orders, decisions, advisory, or interpretative opinions, injunctions,
judgments, awards, decrees of, or agreements with, any Governmental Authority.

 

(c) “Certificate
of Formation” means the certificate of formation filed with the Delaware Secretary of State on May 14, 2020.

 

(d) “Code”
means the Internal Revenue Code of 1986, as amended.

 

(e) “Delaware
Act” means the Delaware Limited Liability Company Act and any successor statute, as it may be amended from time to time.

 

(f) “Electronic
Transmission” means any form of communication not directly involving the physical transmission of paper, including the use
of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases),
that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper
form by such a recipient through an automated process.

 

(g) “Equity
Securities” means any and all Units of the Company and any securities of the Company convertible into, exchangeable for, or
exercisable for, such Membership Interests, including, without limitation, any warrants or other rights to acquire such Membership Interests.

 

(h) “Fiscal
Year” means the calendar year, unless the Company is required or elects to have a taxable year other than the calendar year,
in which case Fiscal Year shall be the period that conforms to its taxable year.

 

(i) “Governmental
Authority” means any federal, state, local, or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
authority (to the extent that the rules, regulations, or orders of such organization or authority have the force of law), or any arbitrator,
court, or tribunal of competent jurisdiction.

 

(j) “Lien”
means any mortgage, pledge, security interest, option, right of first offer, encumbrance, or other restriction or limitation of any nature
whatsoever.

 

(k) “Manager”
means Creatd Partners, LLC, or such other Person that may subsequently become a Manager of the Company pursuant to the terms of this
Agreement.

 

    30

     

    

 

(l)
“Marital Relationship” means a civil union, domestic partnership, marriage, or any other similar relationship that
is legally recognized in any jurisdiction.

 

(m) “Membership
Interest” means an interest in the Company owned by a Member, including such Member’s rights to (i) receive a distributive
share of Company assets and items of Company income, gain, loss, and deduction; (ii) vote, consent, or participate in any Member decisions
provided in this Agreement and the Delaware Act; and (iii) receive any and all other benefits due to a Member under this Agreement and
the Delaware Act. The Membership Interest of each Member will be stated as a percentage interest in the same proportion as the total
Units of such Member bears to the total Units of all Members.

 

(n) “Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization,
trust, association, or other entity.

 

(o) “Securities
Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations thereunder,
which shall be in effect at the time.

 

(p) “Spouse”
means a spouse, a party to a civil union, a domestic partner, a same-sex spouse or partner, or any individual in a Marital Relationship
with a Member.

 

(q) “Transfer”
means to sell, transfer, assign, gift, pledge, encumber, hypothecate, or similarly dispose of, directly or indirectly, voluntarily or
involuntarily, by operation of law or otherwise, or to enter into any contract, option, or other arrangement or understanding with respect
to the sale, transfer, assignment, gift, pledge, encumbrance, hypothecation, or similar disposition of, any Membership Interests or any
interest (including a beneficial interest) therein. “Transfer” when used as a noun shall have a correlative meaning.

 

(r) “Transferor”
and “Transferee” mean a Person who makes or receives a Transfer, respectively.

 

ARTICLE
XII 

Miscellaneous

 

Section
12.01 Interpretation. For purposes of this Agreement: (a) the words “include,”
“includes” and “including” shall be deemed to be followed by the words “without limitation”; (b)
the word “or” is not exclusive; and (c) the words “herein,” “hereof,” “hereby,” “hereto”
and “hereunder” refer to this Agreement as a whole. The definitions given for any defined terms in this Agreement shall apply
equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. Unless the context otherwise requires, references herein: (x) to Articles, Sections, and Exhibits
mean the Articles and Sections of, and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means
such agreement, instrument or other document as amended, supplemented or modified from time to time to the extent permitted by the provisions
thereof; and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any
regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction
or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Exhibits and Schedules referred
to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

 

    31

     

    

 

Section
12.02 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware,
without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any jurisdiction).

 

Section
12.03 Submission to Jurisdiction. The parties hereby agree that any suit, action, or proceeding based on any matter arising out
of or in connection with, this Agreement or the transactions contemplated hereby, shall be brought in the federal courts of the United
States of America or the courts of the State of Delaware, in each case located in the City of Wilmington and County of New Castle. Each
of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in
any such suit, action, or proceeding.

 

Section
12.04 Waiver of Jury Trial. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

Section
12.05 Waiver. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from
this Agreement shall operate or be construed as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power,
or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege.
Nothing contained in this Section 12.04 shall diminish a waiver described in Section 12.04.

 

Section
12.06 Notices. All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing
and shall be deemed to have been given:

 

(a) when
delivered by hand;

 

(b) when
received by the addressee if sent by a nationally recognized overnight courier;

 

(c) on
the date sent by facsimile or email of a PDF document (with confirmation of transmission) if sent during normal business hours of the
recipient, and on the next business day if sent after normal business hours of the recipient; or

 

(d) on
the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.

    32

     

    

 

Such
communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified
in a notice given in accordance with this Section 12.05):

 

	If
    to the Company:	[1108
    Lavaca Street, Suite 110-182

    Austin,
    TX 78701]

     

	If
    to a Member:	To
    the Member’s respective mailing address as set forth on the Members Schedule.

     

 

Section
12.07 Remedies. In the event of any actual or prospective breach or default by any party, the other parties shall be entitled
to equitable relief, including remedies in the nature of injunction and specific performance, awarded by a court of competent jurisdiction
(without being required to post a bond or other security or to establish any actual damages). In this regard, the parties acknowledge
and agree that they will be irreparably damaged in the event this Agreement is not specifically enforced, since (among other things)
the Membership Interests are not readily marketable. All remedies hereunder are cumulative and not exclusive, may be exercised concurrently,
and nothing herein shall be deemed to prohibit or limit any party from pursuing any other remedy or relief available at law or in equity
for any actual or prospective breach or default, including recovery of damages. In addition, the parties hereby waive and renounce any
defense to such equitable relief that an adequate remedy at law may exist.

 

Section
12.08 Severability. If any term or provision of this Agreement is held to be invalid, illegal, or unenforceable under Applicable
Law in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement
or invalidate or render unenforceable such term or provision in any other jurisdiction.

 

Section
12.09 Successors and Assigns. Subject to the restrictions on Transfers set forth herein, this Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, and assigns.

 

    33

     

    

 

Section
12.10 Amendment. No provision of this Agreement may be amended or modified except by an instrument in writing executed by Members
holding a majority of the Membership Interests. Any such written amendment or modification will be binding upon the Company and each
Member. Notwithstanding the foregoing, amendments to the Members Schedule may be made by the Manager in accordance with Section 3.02(a).

 

Section
12.11 Headings. The headings in this Agreement are inserted for convenience or reference only and are in no way intended to describe,
interpret, define, or limit the scope, extent, or intent of this Agreement or any provision of this Agreement.

 

Section
12.12 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall be deemed to be one and the same agreement. Counterparts exchanged via facsimile or email transmission, and the signatures
thereon, shall be deemed originals, for all purposes hereunder.

 

Section
12.13 Entire Agreement. This Agreement, together with the Certificate of Formation and all related Exhibits and Schedules, constitutes
the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and supersedes
all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such
subject matter, including but not limited to the Previous Agreement.

 

Section
12.14 No Third-Party Beneficiaries. Except as provided in ARTICLE VIII, this Agreement is for the sole benefit of the parties
hereto (and their respective heirs, executors, administrators, legal representatives, successors, and permitted assigns) and nothing
herein, express or implied, is intended to or shall confer upon any other Person, including any creditor of the Company, any legal or
equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
12.15  Voluntary Participation. Each of the parties to this Agreement hereby warrants, represents and acknowledges to each other
that they: (a) have been advised to consult with their own separate counsel for individual legal advice regarding this Agreement and
have either received advice from their own legal counsel or have declined the opportunity to do so; (b) have read and fully understood
all of the provisions of this Agreement; and (c) are entering into this agreement voluntarily and without coercion or undue influence
of any kind.

 

[Signature
Page Follows]

 

    34

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

	 	THE COMPANY:
	 	 
	 	PLANT CAMP LLC
	 	 	 
	 	By:	Creatd Partners LLC,
	 		its Manager
	 	 	 
	 	By: 	/s/Jeremy Frommer
	 	Name: 	Jeremy Frommer
	 	Title:	Chief Executive Officer
	 	 	 
	 	THE MEMBERS:
	 	 	 
	 	CREATD PARTNERS LLC
	 	 	 
	 	By:  	/s/Jeremy Frommer
	 	Name:	Jeremy Frommer
	 	Title:	Chief Executive Officer
	 	 	 
	 	/s/ Angela Hein
	 	Angela Hein
	 	 	 
	 	/s/ Heidi Brown
	 	Heidi Brown
	 	 	 
	 	/s/ Liz Palughi
	 	Liz Palughi

 

[Signature Page to Second
A&R LLC Agreement – Plant Camp LLC]

 

     

     

    

 

Exhibit
A

 

FORM
OF JOINDER

 

 

 

 

 

    [Ex. A]

     

    

 

Schedule
I

 

MEMBERS
SCHEDULE

 

 

 

 

 

[Sch. A]Exhibit 4.1

 

 

 

DUKE ENERGY CORPORATION

 

TO

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 

Trustee and Calculation Agent

 

 

 

Twenty-fifth Supplemental Indenture

Dated as of June 10, 2021

 

 

 

$500,000,000 FLOATING RATE SENIOR NOTES DUE 2023

$1,000,000,000 2.55% SENIOR NOTES DUE 2031

$750,000,000 3.30% SENIOR NOTES DUE 2041

$750,000,000 3.50% SENIOR NOTES DUE 2051

  

    

     

    

 

TABLE OF
CONTENTS1

 

ARTICLE I 

 

FLOATING RATE SENIOR NOTES DUE 2023

 

	Section 1.01.   Establishment	1
	Section 1.02.   Definitions	2
	Section 1.03.   Payment of Principal and Interest	6
	Section 1.04.   Denominations	8
	Section 1.05.   Global Securities	8
	Section 1.06.   No Redemption	9
	Section 1.07.   Paying Agent and Security Registrar	9
	ARTICLE II

 

2.55% SENIOR NOTES DUE 2031

	Section 2.01.   Establishment	9
	Section 2.02.   Definitions	9
	Section 2.03.   Payment of Principal and Interest	10
	Section 2.04.   Denominations	11
	Section 2.05.   Global Securities	11
	Section 2.06.   Redemption	11
	Section 2.07.   Paying Agent and Security Registrar	12
	ARTICLE III

 

3.30% SENIOR NOTES DUE 2041

	Section 3.01.   Establishment	13
	Section 3.02.   Definitions	13
	Section 3.03.   Payment of Principal and Interest	13
	Section 3.04.   Denominations	14
	Section 3.05.   Global Securities	14
	Section 3.06.   Redemption	15
	Section 3.07.   Paying Agent and Security Registrar	16
	ARTICLE IV

 

3.50% SENIOR NOTES DUE 2051

	Section 4.01.   Establishment	16
	Section 4.02.   Definitions	16

 

 

1 This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation
of any of its terms and provisions.

 

    i

     

    

 

	Section 4.03.   Payment of Principal and Interest	17
	Section 4.04.   Denominations	17
	Section 4.05.   Global Securities	17
	Section 4.06.   Redemption	18
	Section 4.07.   Paying Agent and Security Registrar	19
	ARTICLE V

 

CALCULATION AGENT FOR THE FLOATING RATE NOTES

	Section 5.01.   Appointment	20
	Section 5.02.   Duties and Obligations	20
	Section 5.03.   Terms and Conditions	20
	Section 5.04.   Qualifications	22
	Section 5.05.   Resignation and Removal	22
	Section 5.06.   Successors	22
	Section 5.07.   Trustee Deemed Calculation Agent Upon Certain Circumstances	22
	Section 5.08.   Merger, Conversion, Consolidation, Sale or Transfer	22
	Section 5.09.   Notice	22
	Section 5.10.   Electronic Communications	23
	Section 5.11.   WAIVER OF JURY TRIAL	23
	Section 5.12.   USA PATRIOT Act	23
	Section 5.13.   Calculation of Interest Rate for First Interest Period	23
	Section 5.14.   FATCA	23
	ARTICLE VI

 

MISCELLANEOUS PROVISIONS

	Section 6.01.   Recitals by the Corporation	24
	Section 6.02.   Ratification and Incorporation of Original Indenture	24
	Section 6.03.   Executed in Counterparts; Electronic Signatures	24

 

Exhibit A – Form of Floating Rate Senior Note Due 2023

Exhibit B – Certificate of Authentication

Exhibit C – Form of 2.55% Senior Notes due 2031

Exhibit D – Certificate of Authentication

Exhibit E– Form of 3.30% Senior Notes due 2041

Exhibit F – Certificate of Authentication

Exhibit G– Form of 3.50% Senior Notes due 2051

Exhibit H – Certificate of Authentication

 

    ii

     

    

 

THIS TWENTY-FIFTH SUPPLEMENTAL
INDENTURE is made as of the 10th day of June, 2021, by and among DUKE ENERGY CORPORATION, a Delaware corporation,
having its principal office at 550 South Tryon Street, Charlotte, North Carolina 28202-1803 (the “Corporation”), and The
Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), a national banking association,
as Trustee (herein called the “Trustee”) and Calculation Agent.

 

WITNESSETH:

 

WHEREAS, the Corporation
has heretofore entered into an Indenture, dated as of June 3, 2008 (the “Original Indenture”), with The Bank of New York Mellon
Trust Company, N.A., as Trustee;

 

WHEREAS, the Original
Indenture is incorporated herein by this reference and the Original Indenture, as it may be amended and supplemented to the date hereof,
including by this Twenty-fifth Supplemental Indenture, is herein called the “Indenture”;

 

WHEREAS, under the
Indenture, a new series of Securities may at any time be established in accordance with the provisions of the Indenture and the terms
of such series may be described by a supplemental indenture executed by the Corporation and the Trustee;

 

WHEREAS, the Corporation
hereby proposes to create under the Indenture four additional series of Securities;

 

WHEREAS, additional
Securities of other series hereafter established, except as may be limited in the Indenture as at the time supplemented and modified,
may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and

 

WHEREAS, all conditions
necessary to authorize the execution and delivery of this Twenty-fifth Supplemental Indenture and to make it a valid and binding obligation
of the Corporation have been done or performed.

 

NOW, THEREFORE, in
consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

FLOATING RATE SENIOR NOTES DUE 2023

 

Section
1.01.          Establishment. There
is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Corporation’s Floating
Rate Senior Notes due 2023 (the “Floating
Rate Notes”).

 

There are to be authenticated
and delivered initially $500,000,000 principal amount of the Floating Rate Notes, and no further Floating Rate Notes shall be authenticated
and delivered except as provided by Section 304, 305, 306 or 906 of the Original Indenture and the last paragraph of Section 301
thereof.  The Floating Rate Notes shall be issued in fully registered form without coupons.

 

The Floating Rate Notes shall
be in substantially the form set out in Exhibit A hereto, and the form of the Trustee’s Certificate of Authentication for the
Floating Rate Notes shall be in substantially the form set forth in Exhibit B hereto.

 

    

     

    

 

Each Floating Rate Note shall
be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent
Interest Payment Date to which interest has been paid or duly provided for.

 

Section
1.02.          Definitions. The
following defined terms used in this Article I shall, unless the context otherwise requires, have the meanings specified below for
purposes of the Floating Rate Notes.  Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Original Indenture.

 

“Benchmark”
means, initially, Compounded SOFR, as such term is defined below; provided that if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

 

“Benchmark Replacement”
means the first alternative set forth in the order below that can be determined by the Corporation (or its Designee) as of the Benchmark
Replacement Date:

 

	 	(1)	the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

 

	 	(2)	the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and

 

	 	(3)	the sum of: (a) the alternate rate of interest that has been selected by the Corporation (or its Designee) as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated Floating Rate Notes at such time and (b) the Benchmark Replacement Adjustment.

 

“Benchmark Replacement
Adjustment” means the first alternative set forth in the order below that can be determined by the Corporation (or its Designee)
as of the Benchmark Replacement Date:

 

	 	(1)	the spread adjustment, or method for calculating or determining such spread adjustment, (which may be positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

 

	 	(2)	if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and

 

	 	(3)	the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Corporation (or its Designee) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated Floating Rate Notes at such time.

 

The Benchmark Replacement
Adjustment shall not include the Margin and such Margin shall be applied to the Benchmark Replacement to determine the interest payable
on the Floating Rate Notes.

 

    2

     

    

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition or interpretation of “interest period”, timing and frequency of determining rates and making payments
of interest, rounding of amounts or tenor, and other administrative matters), or any other changes to any other terms or provisions of
the Floating Rate Notes, in each case that the Corporation (or its Designee) decides may be appropriate to reflect the adoption of such
Benchmark Replacement in a manner substantially consistent with market practice (or, if the Corporation (or its Designee) decides that
adoption of any portion of such market practice is not administratively feasible or if the Corporation (or its Designee) determines that
no market practice for use of the Benchmark Replacement exists, in such other manner as the Corporation (or its Designee) determines is
reasonably necessary or practicable).

 

“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

	 	(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

	 	(2)	in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

 

For the avoidance of
doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect
of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily
published component used in the calculation thereof):

 

	 	(1)	a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component);

 

	 	(2)	a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

 

	 	(3)	a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

 

“Business Day”
means any day other than a Saturday or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New York, New
York are authorized or required by law, regulation or executive order to close, or a day on which the Corporate Trust Office is closed
for business.

 

    3

     

    

 

 

“Calculation Agent”
means a banking institution or trust company appointed by the Corporation to act as calculation agent, initially The Bank of New York
Mellon Trust Company, N.A., pursuant to Section 5.01 hereof.

 

“Compounded SOFR”
will be determined by the Calculation Agent in accordance with the following formula (and the resulting percentage will be rounded,
if necessary, to the nearest one hundred-thousandth of a percentage point):

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(	 	
    SOFR

 IndexEnd

     

     
	 	
     

    –

     
	 	    1	 	)	 	X	 	360	 	 
	 	 	
    SOFR

    IndexStart

     
	 	dc	 	 
	 	 	 	 	 	 	 	 	 

where:

 

“SOFR IndexStart”
= For periods other than the initial interest period, the SOFR Index value on the preceding Interest Payment Determination Date, and,
for the initial interest period, the SOFR Index value two U.S. Government Securities Business Days before the Original Issue Date;

 

“SOFR IndexEnd”
= The SOFR Index value on the Interest Payment Determination Date relating to the applicable Interest Payment Date (or, in the final interest
period, relating to the Stated Maturity); and

 

“dc”
is the number of calendar days in the relevant Observation Period.

 

If
a SOFR IndexStart or SOFR IndexEnd is not published on the associated Interest Payment Determination
Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, “Compounded
SOFR” means, for the applicable interest period for which such index is not available, the rate of return on a daily compounded
interest investment calculated in accordance with the formula for SOFR Averages, and definitions required for such formula, published
on the SOFR Administrator’s Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information. For
the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to “calculation period”
shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar
days” shall be removed. If SOFR does not so appear for any day, “i” in the Observation Period, SOFRi for such day “i”
shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the
SOFR Administrator’s Website.

 

“Designee”
means an independent financial advisor or such other designee of the Corporation. For the avoidance of doubt, in no event shall the Calculation
Agent, the Trustee or the Paying Agent be the Designee.

 

“Interest Payment
Date” means March 10, June 10, September 10 and December 10 of each year, commencing on September 10, 2021.

 

“Interest Payment
Determination Date” means the date that is two U.S. Government Securities Business Days before each Interest Payment Date.

 

“interest period”
means (i) the period commencing on any Interest Payment Date (or, with respect to the initial interest period only, commencing on the
date of original issuance) to, but excluding, the next succeeding Interest Payment Date or (ii) in the case of the last such period, the
period from and including the Interest Payment Date immediately preceding the Stated Maturity to, but excluding, the Stated Maturity.

 

    4 

     

    

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

 

“ISDA Fallback
Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions
referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.

 

“ISDA Fallback
Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence
of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

 

“Margin”
has the meaning set forth in Section 1.03(a) hereof.

 

“Observation Period”
means, in respect of each interest period, the period from, and including, the date that is two U.S. Government Securities Business Days
preceding the first date in such interest period to, but excluding, the date that is two U.S. Government Securities Business Days preceding
the Interest Payment Date for such interest period (or in the final interest period, preceding the Stated Maturity).

 

“Original Issue Date”
means June 10, 2021.

 

“Reference Time”
with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Index Determination Time,
as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Corporation (or its Designee)
in accordance with the Benchmark Replacement Conforming Changes.

 

“Regular Record
Date” means, with respect to each Interest Payment Date, the close of business on (i) the business day immediately preceding such
Interest Payment Date so long as all of the Floating Rate Notes remain in book-entry only form or (ii) the 15th calendar day
immediately preceding such Interest Payment Date (whether or not a Business Day) if any of the Floating Rate Notes do not remain in book-entry
only form.

 

“Relevant Governmental
Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“SOFR” means
the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator’s Website.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of SOFR).

 

“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source.

 

“SOFR Index”
means, with respect to any U.S. Government Securities Business Day:

 

    5 

     

    

 

	 	(1)	the SOFR Index value as published by the SOFR Administrator (as defined below) as such index appears on the SOFR Administrator’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); provided that:

 

	 	(2)	
    if a SOFR Index value does not so appear as specified in (1) above
    at the SOFR Index Determination Time, then: (i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not
    occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the “SOFR Index Unavailable Provisions”
    described below; or (ii) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to
    SOFR, then Compounded SOFR shall be the rate determined pursuant to Section 1.03(b) hereof.

     

“SOFR Index Determination
Time” has the meaning set forth in the definition of SOFR Index.

 

“Stated Maturity”
means June 10, 2023.

 

“Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“U.S. Government
Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government
securities.

Section
1.03.          Payment of Principal and Interest.
The principal of the Floating Rate Notes shall
be due at Stated Maturity.  The Floating Rate Notes shall bear interest from the Original Issue Date or from the most recent Interest
Payment Date to which interest has been paid or provided for at the rates set quarterly pursuant to this Section 1.03, payable quarterly
in arrears on each Interest Payment Date to the Person or Persons in whose name each Floating Rate Note is registered on the Regular Record
Date for such Interest Payment Date; provided that interest payable at the Stated Maturity as provided herein shall be paid to the Person
to whom principal is payable.  Interest on the Floating Rate Notes will accrue from and including the Original Issue Date
to, but excluding, the first Interest Payment Date. Starting on the first Interest Payment Date, interest on the Floating Rate Notes will
accrue from and including the last Interest Payment Date to which the Corporation has paid, or duly provided for the payment of, interest
on the Floating Rate Notes to, but excluding, the next succeeding Interest Payment Date. No interest will accrue on the Floating Rate
Notes on the Stated Maturity. Any such interest
that is not so punctually paid or duly provided for shall forthwith cease to be payable to the Holders on such Regular Record Date and
may either be paid to the Person or Persons in whose name each Floating Rate Note 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 (“Special Record Date”), notice whereof
shall be given to Holders of each Floating Rate Note not less than ten (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, if any, on which the Floating Rate
Notes may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture.

 

The amount of interest payable
for any interest period will be computed on the basis of a 360-day year and the actual number of days in the Observation Period.
If any Interest Payment Date falls on a day that is not a Business Day, the Corporation will make the interest payment on the next succeeding
Business Day unless that Business Day is in the next succeeding calendar month, in which case (other than in the case of the Stated Maturity)
the Corporation will make the interest payment on the immediately preceding Business Day. If an interest payment is made on the next succeeding
Business Day, no interest will accrue as a result of the delay in payment. If the Stated Maturity falls on a day that is not a Business
Day, the payment due on such date will be postponed to the next succeeding Business Day, and no further interest will accrue in respect
of such postponement.

 

    6 

     

    

 

Payment of principal of and
interest on the Floating Rate Notes shall be made in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.  Payments of principal of and interest on the Floating Rate Notes represented
by a Global Security shall be made by wire transfer of immediately available funds to the Holder of such Global Security. If any of the
Floating Rate Notes are no longer represented by a Global Security, (i) payments of principal and interest due at the Stated Maturity
of such Floating Rate Notes shall be made at the office of the Paying Agent upon surrender of such Floating Rate Notes to the Paying Agent
and (ii) payments of interest shall be made, at the option of the Corporation, subject to such surrender where applicable, by (A) check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) wire transfer at such
place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen
(16) days prior to the date for payment by the Person entitled thereto.

 

(a)               
Determining the Floating Rate. The Floating Rate Notes will bear interest for each quarterly interest period at an annual
rate equal to Compounded SOFR, determined as described below, plus 25 basis points (0.25%, the “Margin”), from and including
the Original Issue Date to, but excluding, the Stated Maturity. Interest will be payable quarterly in arrears on each Interest Payment
Date, commencing September 10, 2021.

 

On each Interest Payment Determination
Date relating to the applicable Interest Payment Date, the Calculation Agent will calculate the amount of accrued interest payable on
the Floating Rate Notes by multiplying (i) the outstanding principal amount of the Floating Rate Notes by (ii) the product of (a) the
interest rate for the relevant interest period multiplied by (b) the quotient of the actual number of calendar days in such Observation
Period divided by 360. In no event will the interest on the Floating Rate Notes be less than zero. The interest rate for any interest
period will not be adjusted for any modifications or amendments to the SOFR Index or SOFR data that the Federal Reserve Bank of New York
may publish after the interest rate for that interest period has been determined.

 

Absent willful misconduct,
bad faith or manifest error, the calculation of the applicable interest rate for each interest period by the Calculation Agent, or in
certain circumstances, by the Corporation (or its Designee) will be final and binding on the Corporation, the Trustee, and the Holders
of the Floating Rate Notes.

 

None of the Trustee, Paying
Agent, Security Registrar or Calculation Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or
cessation of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence
of, any Benchmark Transition Event or related Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement,
or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied,
(iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index,
or the business day convention, interest determination dates or any other relevant methodology for calculating any such substitute or
successor benchmark, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any,
in connection with any of the foregoing. In connection with the foregoing, the Calculation Agent will be entitled to conclusively rely
on any determinations made by the Corporation (or its Designee) and will have no liability for such actions taken at the direction of
the Corporation (or its Designee).

 

    7 

     

    

 

None of the Trustee, Paying
Agent, Security Registrar or Calculation Agent shall be liable for any inability, failure or delay on its part to perform any of its duties
described in the Indenture as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including
as a result of any failure, inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction,
instruction, notice or information contemplated by the Indenture and reasonably required for the performance of such duties.

 

(b)               
Effect of Benchmark Transition Event.

 

(i)             
Benchmark Replacement. If the Corporation (or its Designee) determines that a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the
Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Notes in respect of such determination
on such date and all determinations on all subsequent dates.

 

(ii)            
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Corporation
(or its Designee) will have the right to make Benchmark Replacement Conforming Changes from time to time.

 

(iii)            
Decisions and Replacement Conforming Changes. Any determination, decision or election that may be made by the Corporation
(or its Designee) pursuant this Section 1.03, including any determination with respect to tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will
be conclusive and binding absent manifest error, will be made in the Corporation’s (or its Designee’s) sole discretion, and,
notwithstanding anything to the contrary in any transaction documentation relating to the Floating Rate Notes, shall become effective
without consent from the Holders of the Floating Rate Notes or any other party.

 

Notwithstanding anything to the
contrary in any transaction documents relating to the Floating Rate Notes, if the Corporation (or its Designee) determines on or prior
to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to determining Compounded SOFR, then the benchmark replacement provisions set forth in this Section 1.03(b) will thereafter apply to all
determinations of the rate of interest payable on the Floating Rate Notes.

 

For the avoidance of doubt, after
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate for each interest period on the
Floating Rate Notes will be an annual rate equal to the sum of the Benchmark Replacement and the Margin.

 

Section 1.04.         
Denominations. The Floating Rate
Notes shall be issued in denominations of $2,000 or any integral multiple of $1,000 in excess thereof.

 

Section 1.05.         
Global Securities. The Floating
Rate Notes shall initially be issued in the form of one or more Global Securities registered in the name of the Depositary (which initially
shall be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below, Floating Rate Notes
represented by such Global Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable as, Floating
Rate Notes in definitive form.  The Global Securities described in this Article I may not be transferred except 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 to a successor
Depositary or its nominee. 

 

    8 

     

    

 

A Global Security representing
the Floating Rate Notes shall be exchangeable for Floating Rate Notes registered in the names of persons other than the Depositary or
its nominee only if (i) the Depositary notifies the Corporation that it is unwilling or unable to continue as a Depositary for such
Global Security and no successor Depositary shall have been appointed by the Corporation within 90 days of receipt by the Corporation
of such notification, or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of
1934, as amended (the “Exchange Act”) at a time when the Depositary is required to be so registered to act as such Depositary
and no successor Depositary shall have been appointed by the Corporation within 90 days after it becomes aware of such cessation, (ii) an
Event of Default has occurred and is continuing with respect to the Floating Rate Notes and beneficial owners of a majority in aggregate
principal amount of the Floating Rate Notes represented by Global Securities advise the Depositary to cease acting as Depositary, or (iii) the
Corporation in its sole discretion, and subject to the procedures of the Depositary, determines that such Global Security shall be so
exchangeable.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Floating Rate
Notes registered in such names as the Depositary shall direct.

 

Section 1.06.         
No Redemption. The Floating Rate Notes shall not be subject to redemption prior to the Stated Maturity and shall not have
a sinking fund.

 

Section
1.07.          Paying Agent and Security Registrar.
The Trustee shall initially serve as Paying Agent
and Security Registrar with respect to the Floating Rate Notes, with the Place of Payment initially being the Corporate Trust Office.

 

ARTICLE
II 

 

2.55%
SENIOR NOTES DUE 2031

 

Section
2.01.          Establishment. There
is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Corporation’s 2.55%
Senior Notes due 2031 (the “2031 Notes”).

 

There are to be authenticated
and delivered initially $1,000,000,000 principal amount of the 2031 Notes, and no further 2031 Notes shall be authenticated and delivered
except as provided by Section 304, 305, 306, 906 or 1106 of the Original Indenture and the last paragraph of Section 301 thereof. 
The 2031 Notes shall be issued in fully registered form without coupons.

 

The 2031 Notes shall be in
substantially the form set out in Exhibit C hereto, and the form of the Trustee’s Certificate of Authentication for the 2031
Notes shall be in substantially the form set forth in Exhibit D hereto.

 

Each 2031 Note shall be dated
the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest
Payment Date to which interest has been paid or duly provided for.

 

Section
2.02.          Definitions. The
following defined terms used in this Article II shall, unless the context otherwise requires, have the meanings specified below for
purposes of the 2031 Notes.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set
forth in the Original Indenture.

 

    9 

     

    

 

“Business Day”
means any day other than a Saturday or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New York, New
York are authorized or required by law, regulation or executive order to close, or a day on which the Corporate Trust Office is closed
for business.

 

“Interest Payment Date”
means each June 15 and December 15 of each year, commencing on December 15, 2021.

 

“Legal Holiday”
means any day that is a legal holiday in New York, New York.

 

“Original Issue Date”
means June 10, 2021.

 

“Regular Record Date”
means, with respect to each Interest Payment Date, the close of business on (i) the Business Day immediately preceding such Interest Payment
Date so long as all of the 2031 Notes remain in book-entry only form or (ii) the 15th calendar day next preceding such Interest Payment
Date (whether or not a Business Day) if any of the 2031 Notes do not remain in book-entry only form.

 

“Stated Maturity”
means June 15, 2031.

 

Section
2.03.          Payment of Principal and Interest.
The principal of the 2031 Notes shall be due at
Stated Maturity (unless earlier redeemed).  The unpaid principal amount of the 2031 Notes shall bear interest at the rate of 2.55%
per annum until paid or duly provided for, such interest to accrue from June 10, 2021 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for.  Interest shall be paid semi-annually in arrears on each Interest Payment Date
to the Person or Persons in whose name the 2031 Notes are registered on the applicable Regular Record Date for such Interest Payment
Date; provided that interest payable at the Stated
Maturity or on a Redemption Date as provided herein shall be paid to the Person to whom principal is payable.  Any such interest
that is not so punctually paid or duly provided for shall forthwith cease to be payable to the Holders on such Regular Record Date and
may either be paid to the Person or Persons in whose name the 2031 Notes are registered at the close of business on a Special Record Date
for the payment of such defaulted interest to be fixed by the Trustee (“Special Record Date”), notice whereof shall be given
to Holders of the 2031 Notes not less than ten (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, if any, on which the 2031 Notes may be listed, and upon such
notice as may be required by any such exchange, all as more fully provided in the Original Indenture.

 

Payments of interest on the
2031 Notes shall include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the 2031
Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months.  In the event that any date on
which interest is payable on the 2031 Notes is not a Business Day, then payment of the interest payable on such date shall be made on
the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force
and effect as if made on the date the payment was originally payable.

 

Payment of principal of, premium,
if any, and interest on the 2031 Notes shall be made in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.  Payments of principal of, premium, if any, and interest on 2031 Notes represented
by a Global Security shall be made by wire transfer of immediately available funds to the Holder of such Global Security. If any of the
2031 Notes are no longer represented by a Global Security, (i) payments of principal, premium, if any, and interest due at the Stated
Maturity or earlier redemption of such 2031 Notes shall be made at the office of the Paying Agent upon surrender of such 2031 Notes to
the Paying Agent and (ii) payments of interest shall be made, at the option of the Corporation, subject to such surrender where applicable,
by (A) check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) wire
transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee
at least sixteen (16) days prior to the date for payment by the Person entitled thereto.

 

    10 

     

    

 

Section 2.04.         
Denominations. The 2031 Notes shall
be issued in denominations of $2,000 or any integral multiple of $1,000 in excess thereof.

 

Section 2.05.         
Global Securities. The 2031 Notes
shall initially be issued in the form of one or more Global Securities registered in the name of the Depositary (which initially shall
be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below, 2031 Notes represented
by such Global Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable as, 2031 Notes in definitive
form.  The Global Securities described in this Article II may not be transferred except 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 to a successor Depositary or its nominee.

 

A Global Security representing
the 2031 Notes shall be exchangeable for 2031 Notes registered in the names of persons other than the Depositary or its nominee only if
(i) the Depositary notifies the Corporation that it is unwilling or unable to continue as a Depositary for such Global Security and
no successor Depositary shall have been appointed by the Corporation within 90 days of receipt by the Corporation of such notification,
or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the Depositary is required
to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Corporation within 90 days
after it becomes aware of such cessation, (ii) an Event of Default has occurred and is continuing with respect to the 2031 Notes
and beneficial owners of a majority in aggregate principal amount of the 2031 Notes represented by Global Securities advise the Depositary
to cease acting as Depositary, or (iii) the Corporation in its sole discretion, and subject to the procedures of the Depositary,
determines that such Global Security shall be so exchangeable.  Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for 2031 Notes registered in such names as the Depositary shall direct.

 

Section
2.06.          Redemption. At any time
before March 15, 2031 (the “2031 Par Call Date”), the
2031 Notes shall be redeemable, in whole or in part and from time to time, at the option of the Corporation, on any date (a “Redemption
Date”), at a redemption price equal to the greater of (i) 100% of the principal amount of the 2031 Notes being redeemed and (ii) the
sum of the present values of the remaining scheduled payments of principal and interest on the 2031 Notes being redeemed that would be
due if the 2031 Notes matured on the 2031 Par Call Date (exclusive of interest accrued to such Redemption Date), discounted to such Redemption
Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, plus,
in either case, accrued and unpaid interest on the principal amount of the 2031 Notes being redeemed to, but excluding, such Redemption
Date.

 

At any time on or after the
2031 Par Call Date, the 2031 Notes shall be redeemable, in whole or in part and from time to time, at the option of the Corporation, at
a redemption price equal to 100% of the principal amount of the 2031 Notes being redeemed plus accrued and unpaid interest on the principal
amount of the 2031 Notes being redeemed to, but excluding, such Redemption Date.

 

For purposes of the first
paragraph of this Section 2.06, the following terms have the following meanings:

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the 2031 Notes to be redeemed (assuming for this purpose, that the 2031 Notes matured on the 2031 Par 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 comparable maturity to the remaining term of such 2031 Notes.

 

    11 

     

    

 

“Comparable Treasury
Price” means, with respect to any Redemption Date for the 2031 Notes, (1) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if fewer than
four of such Reference Treasury Dealer Quotations are obtained, the average of all such Reference Treasury Dealer Quotations as determined
by the Corporation.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Corporation.

 

“Reference Treasury
Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC
and (ii) a Primary Treasury Dealer (as defined below) selected by PNC Capital Markets LLC, or, in each case, their respective affiliates
or successors, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”);
provided, however, that if any of the foregoing or their affiliates or successors shall cease to be a Primary Treasury Dealer, the Corporation
will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the 2031 Notes, the average,
as determined by the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third Business Day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date for the 2031 Notes, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall
be calculated by the Corporation on the third Business Day preceding the Redemption Date.

 

The Corporation shall notify
the Trustee of the redemption price with respect to any redemption of the 2031 Notes occurring before the Par Call Date promptly after
the calculation thereof. The Trustee shall not be responsible for calculating said redemption price.

 

If less than all of the 2031
Notes are to be redeemed, the 2031 Notes or portions of 2031 Notes to be redeemed in amounts of $2,000 or any integral multiple of $1,000
in excess thereof shall be selected for redemption in accordance with the standard procedures of the Depositary.

 

The 2031 Notes shall not have
a sinking fund.

 

Section
2.07.          Paying Agent and Security Registrar.
The Trustee shall initially serve as Paying Agent
with respect to the 2031 Notes, with the Place of Payment initially being the Corporate Trust Office.

 

    12 

     

    

 

ARTICLE
III 

 

3.30%
SENIOR NOTES DUE 2041

 

Section
3.01.          Establishment. There
is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Corporation’s 3.30%
Senior Notes due 2041 (the “2041 Notes”).

 

There are to be authenticated
and delivered initially $750,000,000 principal amount of the 2041 Notes, and no further 2041 Notes shall be authenticated and delivered
except as provided by Section 304, 305, 306, 906 or 1106 of the Original Indenture and the last paragraph of Section 301 thereof. 
The 2041 Notes shall be issued in fully registered form without coupons.

 

The 2041 Notes shall be in
substantially the form set out in Exhibit E hereto, and the form of the Trustee’s Certificate of Authentication for the 2041
Notes shall be in substantially the form set forth in Exhibit F hereto.

 

Each 2041 Note shall be dated
the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest
Payment Date to which interest has been paid or duly provided for.

 

Section
3.02.          Definitions. The
following defined terms used in this Article III shall, unless the context otherwise requires, have the meanings specified below
for purposes of the 2041 Notes.  Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Original Indenture.

 

“Business Day”
means any day other than a Saturday or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New York, New
York are authorized or required by law, regulation or executive order to close, or a day on which the Corporate Trust Office is closed
for business.

 

“Interest Payment Date”
means each June 15 and December 15 of each year, commencing on December 15, 2021.

 

“Legal Holiday”
means any day that is a legal holiday in New York, New York.

 

“Original Issue Date”
means June 10, 2021.

 

“Regular Record Date”
means, with respect to each Interest Payment Date, the close of business on (i) the Business Day immediately preceding such Interest Payment
Date so long as all of the 2041 Notes remain in book-entry only form or (ii) the 15th calendar day next preceding such Interest Payment
Date (whether or not a Business Day) if any of the 2041 Notes do not remain in book-entry only form.

 

“Stated Maturity”
means June 15, 2041.

 

Section
3.03.          Payment of Principal and Interest.
The principal of the 2041 Notes shall be due at
Stated Maturity (unless earlier redeemed).  The unpaid principal amount of the 2041 Notes shall bear interest at the rate of 3.30%
per annum until paid or duly provided for, such interest to accrue from June 10, 2021 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for.  Interest shall be paid semi-annually in arrears on each Interest Payment Date
to the Person or Persons in whose name the 2041 Notes are registered on the applicable Regular Record Date for such Interest Payment
Date; provided that interest payable at the Stated
Maturity or on a Redemption Date as provided herein shall be paid to the Person to whom principal is payable.  Any such interest
that is not so punctually paid or duly provided for shall forthwith cease to be payable to the Holders on such Regular Record Date and
may either be paid to the Person or Persons in whose name the 2041 Notes are registered at the close of business on a Special Record Date
for the payment of such defaulted interest to be fixed by the Trustee (“Special Record Date”), notice whereof shall be given
to Holders of the 2041 Notes not less than ten (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, if any, on which the 2041 Notes may be listed, and upon such
notice as may be required by any such exchange, all as more fully provided in the Original Indenture.

 

    13 

     

    

 

Payments of interest on the
2041 Notes shall include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the 2041
Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months.  In the event that any date on
which interest is payable on the 2041 Notes is not a Business Day, then payment of the interest payable on such date shall be made on
the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force
and effect as if made on the date the payment was originally payable.

 

Payment of principal of, premium,
if any, and interest on the 2041 Notes shall be made in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.  Payments of principal of, premium, if any, and interest on 2041 Notes represented
by a Global Security shall be made by wire transfer of immediately available funds to the Holder of such Global Security. If any of the
2041 Notes are no longer represented by a Global Security, (i) payments of principal, premium, if any, and interest due at the Stated
Maturity or earlier redemption of such 2041 Notes shall be made at the office of the Paying Agent upon surrender of such 2041 Notes to
the Paying Agent and (ii) payments of interest shall be made, at the option of the Corporation, subject to such surrender where applicable,
by (A) check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) wire
transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee
at least sixteen (16) days prior to the date for payment by the Person entitled thereto.

 

Section 3.04.         
Denominations. The 2041 Notes shall
be issued in denominations of $2,000 or any integral multiple of $1,000 in excess thereof.

 

Section 3.05.         
Global Securities. The 2041 Notes
shall initially be issued in the form of one or more Global Securities registered in the name of the Depositary (which initially shall
be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below, 2041 Notes represented
by such Global Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable as, 2041 Notes in definitive
form.  The Global Securities described in this Article III may not be transferred except 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 to a successor Depositary or its nominee.

 

A Global Security representing
the 2041 Notes shall be exchangeable for 2041 Notes registered in the names of persons other than the Depositary or its nominee only if
(i) the Depositary notifies the Corporation that it is unwilling or unable to continue as a Depositary for such Global Security and
no successor Depositary shall have been appointed by the Corporation within 90 days of receipt by the Corporation of such notification,
or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the Depositary is required
to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Corporation within 90 days
after it becomes aware of such cessation, (ii) an Event of Default has occurred and is continuing with respect to the 2041 Notes
and beneficial owners of a majority in aggregate principal amount of the 2041 Notes represented by Global Securities advise the Depositary
to cease acting as Depositary, or (iii) the Corporation in its sole discretion, and subject to the procedures of the Depositary,
determines that such Global Security shall be so exchangeable.  Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for 2041 Notes registered in such names as the Depositary shall direct.

 

    14 

     

    

 

Section
3.06.          Redemption. At any time
before December 15, 2040 (the “2041 Par Call Date”), the
2041 Notes shall be redeemable, in whole or in part and from time to time, at the option of the Corporation, on any date (a “Redemption
Date”), at a redemption price equal to the greater of (i) 100% of the principal amount of the 2041 Notes being redeemed and (ii) the
sum of the present values of the remaining scheduled payments of principal and interest on the 2041 Notes being redeemed that would be
due if the 2041 Notes matured on the 2041 Par Call Date (exclusive of interest accrued to such Redemption Date), discounted to such Redemption
Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus,
in either case, accrued and unpaid interest on the principal amount of the 2041 Notes being redeemed to, but excluding, such Redemption
Date.

 

At any time on or after the
2041 Par Call Date, the 2041 Notes shall be redeemable, in whole or in part and from time to time, at the option of the Corporation, at
a redemption price equal to 100% of the principal amount of the 2041 Notes being redeemed plus accrued and unpaid interest on the principal
amount of the 2041 Notes being redeemed to, but excluding, such Redemption Date.

 

For purposes of the first
paragraph of this Section 3.06, the following terms have the following meanings:

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the 2041 Notes to be redeemed (assuming for this purpose, that the 2041 Notes matured on the 2041 Par 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 comparable maturity to the remaining term of such 2041 Notes.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date for the 2041 Notes, (1) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if fewer than
four of such Reference Treasury Dealer Quotations are obtained, the average of all such Reference Treasury Dealer Quotations as determined
by the Corporation.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Corporation.

 

“Reference Treasury
Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC
and (ii) a Primary Treasury Dealer (as defined below) selected by PNC Capital Markets LLC, or, in each case, their respective affiliates
or successors, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”);
provided, however, that if any of the foregoing or their affiliates or successors shall cease to be a Primary Treasury Dealer, the Corporation
will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the 2041 Notes, the average,
as determined by the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third Business Day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date for the 2041 Notes, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall
be calculated by the Corporation on the third Business Day preceding the Redemption Date.

 

    15 

     

    

 

The Corporation shall notify
the Trustee of the redemption price with respect to any redemption of the 2041 Notes occurring before the Par Call Date promptly after
the calculation thereof. The Trustee shall not be responsible for calculating said redemption price.

 

If less than all of the 2041
Notes are to be redeemed, the 2041 Notes or portions of 2041 Notes to be redeemed in amounts of $2,000 or any integral multiple of $1,000
in excess thereof shall be selected for redemption in accordance with the standard procedures of the Depositary.

 

The 2041 Notes shall not have
a sinking fund.

 

Section
3.07.          Paying Agent and Security Registrar.
The Trustee shall initially serve as Paying Agent
with respect to the 2041 Notes, with the Place of Payment initially being the Corporate Trust Office.

 

ARTICLE
IV 

 

3.50%
SENIOR NOTES DUE 2051

 

Section
4.01.          Establishment. There
is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Corporation’s 3.50%
Senior Notes due 2051 (the “2051 Notes”).

 

There are to be authenticated
and delivered initially $750,000,000 principal amount of the 2051 Notes, and no further 2051 Notes shall be authenticated and delivered
except as provided by Section 304, 305, 306, 906 or 1106 of the Original Indenture and the last paragraph of Section 301 thereof. 
The 2051 Notes shall be issued in fully registered form without coupons.

 

The 2051 Notes shall be in
substantially the form set out in Exhibit G hereto, and the form of the Trustee’s Certificate of Authentication for the 2051
Notes shall be in substantially the form set forth in Exhibit H hereto.

 

Each 2051 Note shall be dated
the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest
Payment Date to which interest has been paid or duly provided for.

 

Section
4.02.          Definitions. The
following defined terms used in this Article IV shall, unless the context otherwise requires, have the meanings specified below for
purposes of the 2051 Notes.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set
forth in the Original Indenture.

 

“Business Day”
means any day other than a Saturday or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New York, New
York are authorized or required by law, regulation or executive order to close, or a day on which the Corporate Trust Office is closed
for business.

 

“Interest Payment Date”
means each June 15 and December 15 of each year, commencing on December 15, 2021.

 

“Legal Holiday”
means any day that is a legal holiday in New York, New York.

 

“Original Issue Date”
means June 10, 2021.

 

    16 

     

    

 

“Regular Record Date”
means, with respect to each Interest Payment Date, the close of business on (i) the Business Day immediately preceding such Interest Payment
Date so long as all of the 2051 Notes remain in book-entry only form or (ii) the 15th calendar day next preceding such Interest Payment
Date (whether or not a Business Day) if any of the 2051 Notes do not remain in book-entry only form.

 

“Stated Maturity”
means June 15, 2051.

 

Section
4.03.          Payment of Principal and Interest.
The principal of the 2051 Notes shall be due at
Stated Maturity (unless earlier redeemed).  The unpaid principal amount of the 2051 Notes shall bear interest at the rate of 3.50%
per annum until paid or duly provided for, such interest to accrue from June 10, 2021 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for.  Interest shall be paid semi-annually in arrears on each Interest Payment Date
to the Person or Persons in whose name the 2051 Notes are registered on the applicable Regular Record Date for such Interest Payment
Date; provided that interest payable at the Stated
Maturity or on a Redemption Date as provided herein shall be paid to the Person to whom principal is payable.  Any such interest
that is not so punctually paid or duly provided for shall forthwith cease to be payable to the Holders on such Regular Record Date and
may either be paid to the Person or Persons in whose name the 2051 Notes are registered at the close of business on a Special Record Date
for the payment of such defaulted interest to be fixed by the Trustee (“Special Record Date”), notice whereof shall be given
to Holders of the 2051 Notes not less than ten (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, if any, on which the 2051 Notes may be listed, and upon such
notice as may be required by any such exchange, all as more fully provided in the Original Indenture.

 

Payments of interest on the
2051 Notes shall include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the 2051
Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months.  In the event that any date on
which interest is payable on the 2051 Notes is not a Business Day, then payment of the interest payable on such date shall be made on
the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force
and effect as if made on the date the payment was originally payable.

 

Payment of principal of, premium,
if any, and interest on the 2051 Notes shall be made in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.  Payments of principal of, premium, if any, and interest on 2051 Notes represented
by a Global Security shall be made by wire transfer of immediately available funds to the Holder of such Global Security. If any of the
2051 Notes are no longer represented by a Global Security, (i) payments of principal, premium, if any, and interest due at the Stated
Maturity or earlier redemption of such 2051 Notes shall be made at the office of the Paying Agent upon surrender of such 2051 Notes to
the Paying Agent and (ii) payments of interest shall be made, at the option of the Corporation, subject to such surrender where applicable,
by (A) check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) wire
transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee
at least sixteen (16) days prior to the date for payment by the Person entitled thereto.

 

Section 4.04.         
Denominations. The 2051 Notes shall
be issued in denominations of $2,000 or any integral multiple of $1,000 in excess thereof.

 

Section 4.05.         
Global Securities. The 2051 Notes
shall initially be issued in the form of one or more Global Securities registered in the name of the Depositary (which initially shall
be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below, 2051 Notes represented
by such Global Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable as, 2051 Notes in definitive
form.  The Global Securities described in this Article IV may not be transferred except 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 to a successor Depositary or its nominee.

 

    17 

     

    

 

A Global Security representing
the 2051 Notes shall be exchangeable for 2051 Notes registered in the names of persons other than the Depositary or its nominee only if
(i) the Depositary notifies the Corporation that it is unwilling or unable to continue as a Depositary for such Global Security and
no successor Depositary shall have been appointed by the Corporation within 90 days of receipt by the Corporation of such notification,
or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the Depositary is required
to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Corporation within 90 days
after it becomes aware of such cessation, (ii) an Event of Default has occurred and is continuing with respect to the 2051 Notes
and beneficial owners of a majority in aggregate principal amount of the 2051 Notes represented by Global Securities advise the Depositary
to cease acting as Depositary, or (iii) the Corporation in its sole discretion, and subject to the procedures of the Depositary,
determines that such Global Security shall be so exchangeable.  Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for 2051 Notes registered in such names as the Depositary shall direct.

 

Section
4.06.          Redemption. At any time
before December 15, 2050 (the “2051 Par Call Date”), the
2051 Notes shall be redeemable, in whole or in part and from time to time, at the option of the Corporation, on any date (a “Redemption
Date”), at a redemption price equal to the greater of (i) 100% of the principal amount of the 2051 Notes being redeemed and (ii) the
sum of the present values of the remaining scheduled payments of principal and interest on the 2051 Notes being redeemed that would be
due if the 2051 Notes matured on the 2051 Par Call Date (exclusive of interest accrued to such Redemption Date), discounted to such Redemption
Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus,
in either case, accrued and unpaid interest on the principal amount of the 2051 Notes being redeemed to, but excluding, such Redemption
Date.

 

At any time on or after the
2051 Par Call Date, the 2051 Notes shall be redeemable, in whole or in part and from time to time, at the option of the Corporation, at
a redemption price equal to 100% of the principal amount of the 2051 Notes being redeemed plus accrued and unpaid interest on the principal
amount of the 2051 Notes being redeemed to, but excluding, such Redemption Date.

 

For purposes of the first
paragraph of this Section 4.06, the following terms have the following meanings:

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the 2051 Notes to be redeemed (assuming for this purpose, that the 2051 Notes matured on the 2051 Par 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 comparable maturity to the remaining term of such 2051 Notes.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date for the 2051 Notes, (1) the average of the Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if fewer than
four of such Reference Treasury Dealer Quotations are obtained, the average of all such Reference Treasury Dealer Quotations as determined
by the Corporation.

 

    18 

     

    

 

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Corporation.

 

“Reference Treasury
Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC
and (ii) a Primary Treasury Dealer (as defined below) selected by PNC Capital Markets LLC, or, in each case, their respective affiliates
or successors, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”);
provided, however, that if any of the foregoing or their affiliates or successors shall cease to be a Primary Treasury Dealer, the Corporation
will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the 2051 Notes, the average,
as determined by the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third Business Day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date for the 2051 Notes, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall
be calculated by the Corporation on the third Business Day preceding the Redemption Date.

 

The Corporation shall notify
the Trustee of the redemption price with respect to any redemption of the 2051 Notes occurring before the Par Call Date promptly after
the calculation thereof. The Trustee shall not be responsible for calculating said redemption price.

 

If less than all of the 2051
Notes are to be redeemed, the 2051 Notes or portions of 2051 Notes to be redeemed in amounts of $2,000 or any integral multiple of $1,000
in excess thereof shall be selected for redemption in accordance with the standard procedures of the Depositary.

 

The 2051 Notes shall not have
a sinking fund.

 

Section
4.07.          Paying Agent and Security Registrar.
The Trustee shall initially serve as Paying Agent
with respect to the 2051 Notes, with the Place of Payment initially being the Corporate Trust Office.

 

    19 

     

    

 

ARTICLE
V 

 

CALCULATION
AGENT FOR THE Floating Rate Notes

 

Section
5.01.          Appointment. Upon
the terms and subject to the conditions contained herein, the Corporation hereby appoints The Bank of New York Mellon Trust Company, N.A.
as the Corporation’s calculation agent for the Floating Rate Notes (the “Calculation Agent”) and The Bank of New York
Mellon Trust Company, N.A. hereby accepts such appointment as the Corporation’s agent for the purpose of calculating the applicable
interest rates on the Floating Rate Notes in accordance with the provisions set forth herein.

 

Section
5.02.         Duties and Obligations.
The Calculation Agent shall: (a) calculate the
applicable interest rates on the Floating Rate Notes in accordance with the provisions set forth herein, and (b) exercise due care to
determine the interest rates on the Floating Rate Notes and shall communicate the same to the Corporation and the Trustee (if the Trustee
is not then serving as the Calculation Agent) as soon as practicable after each determination.

 

The Calculation Agent will,
upon the request of a Holder of the Floating Rate Notes, provide to such Holder the interest rate in effect on the date of such request
and, if determined, the interest rate for the next interest period (as defined in Section 1.02).

 

Section
5.03.          Terms and Conditions. The
Calculation Agent accepts its obligations set forth herein, upon the terms and subject to the conditions hereof, including the following,
to all of which the Corporation agrees:

 

(a)               
The Calculation Agent shall be entitled to such compensation as may be agreed upon with the Corporation for all services rendered
by the Calculation Agent, and the Corporation promises to pay such compensation and to reimburse the Calculation Agent for the reasonable
out-of-pocket expenses (including attorneys’ fees and expenses) incurred by it in connection with the services rendered by it hereunder
upon receipt of such invoices as the Corporation shall reasonably require. The Corporation also agrees to indemnify the Calculation Agent
for, and to hold it harmless against, any and all loss, liability, damage, claim or expense (including the costs and expenses of defending
against any claim (regardless of who asserts such claim) of liability) incurred by the Calculation Agent that arises out of or in connection
with its accepting appointment as, or acting as, Calculation Agent hereunder, except such as may result from the willful misconduct or
gross negligence of the Calculation Agent or any of its agents or employees. Except as provided in the preceding sentence, the Calculation
Agent shall incur no liability and shall be indemnified and held harmless by the Corporation for, or in respect of, any actions taken,
omitted to be taken or suffered to be taken in good faith by the Calculation Agent in reliance upon (i) the opinion or advice of counsel
or (ii) written instructions from the Corporation. The Calculation Agent shall not be liable for any error resulting from the use of or
reliance on a source of information used in good faith and with due care to calculate any interest rate hereunder. The provisions of this
clause (a) shall survive the payment in full of the Floating Rate Notes and the resignation or removal of the Calculation Agent.

 

(b)               
In acting under this Twenty-fifth Supplemental Indenture, the Calculation Agent is acting solely as agent of the Corporation and
does not assume any obligations to or relationship of agency or trust for or with any of the beneficial owners or Holders of the Floating
Rate Notes.

 

(c)               
The Calculation Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted to be taken
or anything suffered by it in reliance upon the terms of the Floating Rate Notes or this Twenty-fifth Supplemental Indenture or any notice,
direction, certificate, affidavit, statement or other paper, document or communication reasonably believed by it to be genuine and to
have been approved or signed by the proper party or parties.

 

(d)               
The Calculation Agent, its officers, directors, employees and shareholders may become the owners or pledgee of, or acquire any
interest in, any Floating Rate Notes, with the same rights that it or they would have if it were not the Calculation Agent, and may engage
or be interested in any financial or other transaction with the Corporation as freely as if it were not the Calculation Agent.

 

(e)               
Neither the Calculation Agent nor its officers, directors, employees, agents or attorneys shall be liable to the Corporation for
any act or omission hereunder, or for any error of judgment made in good faith by it or them, except in the case of its or their willful
misconduct or gross negligence.

 

    20 

     

    

 

(f)                
The Calculation Agent may consult with counsel of its selection and the advice of such counsel or any opinion of such counsel shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and
in reliance thereon.

 

(g)               
The Calculation Agent shall be obligated to perform such duties and only such duties as are herein specifically set forth, and
no implied duties or obligations shall be read into this Twenty-fifth Supplemental Indenture against the Calculation Agent.

 

(h)               
Unless herein otherwise specifically provided, any order, certificate, notice, request, direction or other communication from the
Corporation made or given by it under any provision of this Twenty-fifth Supplemental Indenture shall be sufficient if signed by any officer
of the Corporation.

 

(i)                
The Calculation Agent may perform any duties hereunder either directly or by or through its agents or attorneys, and the Calculation
Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

 

(j)                
The Corporation will not, without first obtaining the prior written consent of the Calculation Agent, make any change to this Twenty-fifth
Supplemental Indenture or the Floating Rate Notes if such change would materially and adversely affect the Calculation Agent’s duties
and obligations hereunder or thereunder.

 

(k)               
In no event shall the Calculation Agent be responsible or liable for special, indirect, or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether it has been advised of the likelihood of such
loss or damage and regardless of the form of action.

 

(l)                
In no event shall the Calculation Agent be responsible or liable for any failure or delay in the performance of its obligations
under this Twenty-fifth Supplemental Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control,
including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware)
services.

 

(m)             
The Calculation Agent shall not be under any obligation (i) to monitor, determine or verify the unavailability or cessation
of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of,
any Benchmark Transition Event or related Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement,
or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied,
(iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index,
or the business day convention, interest determination dates or any other relevant methodology for calculating any such substitute or
successor benchmark, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if
any, in connection with any of the foregoing. In connection with the foregoing, the Calculation Agent will be entitled to conclusively
rely on any determinations made by the Corporation (or its Designee) and will have no liability for such actions taken at the direction
of the Corporation (or its Designee).

 

(n)               
The Calculation Agent shall not be liable for any inability, failure or delay on its part to perform any of its duties described
in this Twenty-fifth Supplement Indenture as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement,
including as a result of any failure, inability, delay, error or inaccuracy on the part of any other transaction party in providing any
direction, instruction, notice or information contemplated by this Twenty-fifth Supplement Indenture and reasonably required for the performance
of such duties.

 

    21 

     

    

 

Section 5.04.         
Qualifications. The Calculation
Agent shall be authorized by law to perform all the duties imposed upon it by this Twenty-fifth Supplemental
Indenture, and shall at all times have a capitalization of at least $50,000,000. The Calculation Agent may not be an affiliate of the
Corporation.

 

Section
5.05.          Resignation and Removal.
The Calculation Agent may at any time resign as
Calculation Agent by giving written notice to the Corporation of such intention on its part, specifying the date on which its desired
resignation shall become effective; provided, however, that such date shall never be earlier than 45 days after the receipt of such notice
by the Corporation, unless the Corporation otherwise agrees in writing. The Calculation Agent may be removed at any time by the filing
with it of any instrument in writing signed on behalf of the Corporation and specifying such removal and the date when it is intended
to become effective. Such resignation or removal shall take effect upon the date of the appointment by the Corporation, as hereinafter
provided, of a successor Calculation Agent. If within 30 days after notice of resignation or removal has been given, a successor Calculation
Agent has not been appointed, the Calculation Agent may, at the expense of the Corporation, petition a court of competent jurisdiction
to appoint a successor Calculation Agent. If at any time the Calculation Agent shall resign or be removed, or be dissolved, or if the
property or affairs of the Calculation Agent shall be taken under the control of any state or federal court or administrative body because
of bankruptcy or insolvency or for any other reason, then a successor Calculation Agent shall as soon as practicable be appointed by the
Corporation by an instrument in writing filed with the predecessor Calculation Agent, the successor Calculation Agent and the Trustee.
Upon the appointment of a successor Calculation Agent and acceptance by it of such appointment, the Calculation Agent so succeeded shall
cease to be such Calculation Agent hereunder. Upon its resignation or removal, the Calculation Agent shall be entitled to the payment
by the Corporation of its compensation, if any is owed to it, for services rendered hereunder and to the reimbursement of all reasonable
out-of-pocket expenses (including reasonable counsel fees) incurred in connection with the services rendered by it hereunder and to the
payment of all other amounts owed to it hereunder.

 

Section
5.06.          Successors. Any
successor Calculation Agent appointed hereunder shall execute and deliver to its predecessor, the Corporation and the Trustee an instrument
accepting such appointment hereunder, and thereupon such successor Calculation Agent, without any further act, deed or conveyance, shall
become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect
as if originally named as such Calculation Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid,
shall thereupon become obliged to transfer and deliver, and such successor Calculation Agent shall be entitled to receive, copies of any
relevant records maintained by such predecessor Calculation Agent.

 

Section
5.07.          Trustee Deemed Calculation
Agent Upon Certain Circumstances. In the event
that the Calculation Agent shall resign or be removed, or be dissolved, or if the property or affairs of the Calculation Agent shall be
taken under the control of any state or federal court or administrative body because of bankruptcy or insolvency or for any other reason,
and the Corporation shall not have made a timely appointment of a successor Calculation Agent, the Trustee, notwithstanding the provisions
of this Article V, shall be deemed to be the Calculation Agent for all purposes of this Twenty-fifth Supplemental Indenture until the
appointment by the Corporation of the successor Calculation Agent.

 

Section
5.08.          Merger, Conversion, Consolidation,
Sale or Transfer. Any corporation into which
the Calculation Agent may be merged or converted, or any corporation with which the Calculation Agent may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Calculation Agent shall be a party or to which the Calculation Agent
shall sell or otherwise transfer all or substantially all of its corporate trust assets or business shall, to the extent permitted by
applicable law, be the successor Calculation Agent under this Twenty-fifth Supplemental
Indenture without the execution or filing of any paper or any further act on the part of any of the parties hereto. Notice of any such
merger, conversion or consolidation or sale shall forthwith be given to the Corporation and the Trustee (if the Trustee is not then serving
as the Calculation Agent).

 

Section
5.09.          Notice. Any
request, demand, authorization, direction, notice, consent, waiver or other document provided or permitted hereby to be given or furnished
to the Calculation Agent shall be delivered in person, sent by letter or fax or communicated by telephone (subject, in the case of communication
by telephone, to confirmation dispatched within 24 hours by letter or by fax) as follows:

 

The Bank of New York Mellon Trust Company, N.A.

Attention: Corporate Trust Administration

4655 Salisbury Road, Suite 300

Jacksonville, Florida 32256

or to any other address of which the Calculation Agent shall have notified the Corporation and the Trustee (if the Trustee is not then
serving as the Calculation Agent) in writing as herein provided.

 

    22 

     

    

 

Section 5.10.         
Electronic Communications. The Calculation Agent shall have the right to accept and act
upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Twenty-fifth Supplemental
Indenture and delivered using Electronic Means; provided, however, that the Corporation shall provide to the Calculation Agent an incumbency
certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen
signatures of such Authorized Officers, which incumbency certificate shall be amended by the Corporation whenever a person is to be added
or deleted from the listing. If the Corporation elects to give the Calculation Agent Instructions using Electronic Means and the Calculation
Agent in its discretion elects to act upon such Instructions, the Calculation Agent’s understanding of such Instructions shall be
deemed controlling. The Corporation understands and agrees that the Calculation Agent cannot determine the identity of the actual sender
of such Instructions and that the Calculation Agent shall conclusively presume that directions that purport to have been sent by an Authorized
Officer listed on the incumbency certificate provided to the Calculation Agent have been sent by such Authorized Officer. The Corporation
shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Calculation Agent and that the Corporation
and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes,
passwords and/or authentication keys upon receipt by the Corporation. The Calculation Agent shall not be liable for any losses, costs
or expenses arising directly or indirectly from the Calculation Agent’s good faith reliance upon and compliance with such Instructions
notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Corporation agrees: (i) to assume
all risks arising out of the use of Electronic Means to submit Instructions to the Calculation Agent, including without limitation the
risk of the Calculation Agent acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that
it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Calculation
Agent and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Corporation; (iii) that
the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable
degree of protection in light of its particular needs and circumstances; and (iv) to notify the Calculation Agent as soon as reasonably
practicable upon learning of any compromise or unauthorized use of the security procedures. “Electronic Means” shall mean
the following communications methods: e-mail, facsimile trans-mission, secure electronic transmission containing applicable authorization
codes, passwords and/or authentication keys issued by the Calculation Agent, or another method or system specified by the Calculation
Agent as available for use in connection with its services hereunder.

 

Section
5.11.          WAIVER OF JURY TRIAL. EACH
OF THE CORPORATION, THE CALCULATION AGENT AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS TWENTY-FIFTH SUPPLEMENTAL INDENTURE, THE
FLOATING RATE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Section
5.12.          USA PATRIOT Act. In
order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including
those relating to the funding of terrorist activities and money laundering and the Customer Identification Program (“CIP”)
requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which the Calculation Agent must obtain, verify and
record information that allows the Calculation Agent to identify customers (“Applicable Law”), the Calculation Agent is required
to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the
Calculation Agent. Accordingly, the Corporation agrees to provide to the Calculation Agent upon its request from time to time such identifying
information and documentation as may be available for such party in order to enable the Calculation Agent to comply with Applicable Law,
including, but not limited to, information as to name, physical address, tax identification number and other information that will help
the Calculation Agent to identify and verify such Corporation such as organizational documents, certificates of good standing, licenses
to do business or other pertinent identifying information. The Corporation understands and agrees that the Calculation Agent cannot determine
the interest rates on the Floating Rate Notes unless and until the Calculation Agent verifies the identities of the Corporation in accordance
with its CIP.

 

Section
5.13.          Calculation of Interest Rate
for First Interest Period. The Calculation
Agent, at the request of the Corporation, has determined, prior to the date of execution and delivery of this Twenty-fifth Supplemental
Indenture, the interest rate for the initial interest period for the Floating Rate Notes. In connection with such determination, the Calculation
Agent shall be entitled to the same rights, protections, exculpations and immunities otherwise available to it under this Twenty-fifth
Supplemental Indenture.

 

Section
5.14.          FATCA. The
Corporation agrees (i) to provide the Trustee with such reasonable tax information as it has in its possession to enable the Trustee to
determine whether any payments pursuant to this Twenty-fifth Supplemental
Indenture are subject to the withholding requirements described in Section 1471(b) of the US Internal Revenue Code of 1986 (the “Code”)
or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations
thereof (“FATCA”) and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under this
Twenty-fifth Supplemental Indenture to
the extent necessary to comply with FATCA.

 

    23 

     

    

 

ARTICLE
VI

MISCELLANEOUS PROVISIONS

 

Section
6.01.          Recitals by the Corporation.
The recitals in this Twenty-fifth Supplemental
Indenture are made by the Corporation only and not by the Trustee or the Calculation Agent, and all of the provisions contained in the
Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of
the Floating Rate Notes, the 2031 Notes, the 2041 Notes, the 2051 Notes and this Twenty-fifth Supplemental Indenture as fully and with
like effect as if set forth herein in full.

 

Section
6.02.          Ratification and Incorporation
of Original Indenture. As supplemented hereby,
the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Twenty-fifth Supplemental Indenture
shall be read, taken and construed as one and the same instrument.

 

Section 6.03.         
Executed in Counterparts; Electronic Signatures. This
Twenty-fifth Supplemental Indenture may be executed in several counterparts, each of which shall be deemed to be an original, and such
counterparts shall together constitute but one and the same instrument. The words “execution,” signed,” signature,”
and words of like import in the Indenture shall include images of manually executed signatures transmitted by facsimile, email or other
electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures
(including without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation,
any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal
effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic
Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing, and anything in the Original Indenture to the contrary
notwithstanding, (a) any Officers’ Certificate, Company Order, Opinion of Counsel, Security, certificate of authentication appearing
on or attached to any Security, supplemental indenture or other certificate, opinion of counsel, instrument, agreement or other document
delivered pursuant to the Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats, (b)
all references in Section 303 or elsewhere in the Original Indenture to the execution, attestation or authentication of any Security or
any certificate of authentication appearing on or attached to any Security by means of a manual or facsimile signature shall be deemed
to include signatures that are made or transmitted by any of the foregoing electronic means or formats, and (c) any requirement in Section
303 or elsewhere in the Original Indenture that any signature be made under a corporate seal (or facsimile thereof) shall not be applicable
to the Securities of such series. For the avoidance of doubt, the Trustee shall also have the benefit of the provisions of Section 5.10
hereof with respect to any Instructions it receives from Authorized Officers of the Corporation.

 

    24 

     

    

IN WITNESS WHEREOF,
each party hereto has caused this instrument to be signed in its name and behalf by its duly authorized officer, all as of the day and
year first above written.

 

 

	 	Duke Energy Corporation
	 	 
	 	By:	/s/ Chris R. Bauer
	 	Name:	Chris R. Bauer
	 	Title: 	Assistant Treasurer
	 	 
	 	 
	 	 
	 	 
	 	The Bank of New York Mellon Trust Company, N.A., as Trustee and Calculation Agent
	 	 
	 	 
	 	By:	/s/ Linda Wirfel
	 	Name:	Linda Wirfel
	 	Title:	Vice President

 

[Signature Page to Twenty-fifth Supplemental Indenture]

 

    

     

    

 

 

EXHIBIT A

 

FORM OF

FLOATING RATE SENIOR NOTE DUE 2023

 

	No.	CUSIP No.  26441C BK0  

 

DUKE ENERGY CORPORATION

FLOATING RATE SENIOR NOTE DUE 2023

 

Principal Amount:  $

 

Regular Record Date:  [Close of business
on the business day immediately preceding such Interest Payment Date so long as all of the Securities (as defined herein) of this series
remain in book-entry only form] [Close of business on the 15th calendar day next preceding such Interest Payment Date (whether
or not a Business Day) if any of the Securities of this series do not remain in book-entry only form]

 

Original Issue Date:  June 10, 2021

 

Stated Maturity: June 10, 2023

 

Interest Payment Dates:  Quarterly on March
10, June 10, September 10 and December 10 of each year, commencing on September 10, 2021

 

Interest Rate: Compounded SOFR plus 25 basis points
(0.25%, the “Margin”)

 

Authorized Denomination:  $2,000 or any integral
multiple of $1,000 in excess thereof

 

Duke Energy Corporation, a
Delaware corporation (the “Corporation”, which term includes any successor corporation under the Indenture referred to on
the reverse hereof), for value received, hereby promises to pay to                               ,
or registered assigns, the principal sum of                                                     
DOLLARS ($                        )
on the Stated Maturity shown above and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, quarterly in arrears on each Interest Payment Date as specified above,
commencing on September 10, 2021 and on the Stated Maturity at the rate per annum shown above until the principal hereof is paid or made
available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity)
will, as provided in the Indenture, be paid to the Person in whose name this Floating Rate Senior Note due 2023 (this “Security”)
is registered on the applicable Regular Record Date as specified above next preceding such Interest Payment Date; provided that
no interest will accrue on the Securities (as defined herein) on the Stated Maturity.  Interest on the Securities of this series
will accrue from and including the Original Issue Date to, but excluding, the first Interest Payment Date. Starting on the first Interest
Payment Date, interest on the Securities of this series will accrue from and including the last Interest Payment Date to which the Corporation
has paid, or duly provided for the payment of, interest on the Securities of this series to, but excluding, the next succeeding Interest
Payment Date. Except as otherwise provided in the Indenture, 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 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, if any, on which the Securities shall be
listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

 

    A-1

     

    

 

 

The amount of interest payable
for any interest period will be computed on the basis of a 360-day year and the actual number of days in the Observation Period.
If any Interest Payment Date falls on a day that is not a Business Day, the Corporation will make the interest payment on the next succeeding
Business Day unless that Business Day is in the next succeeding calendar month, in which case (other than in the case of the Stated Maturity)
the Corporation will make the interest payment on the immediately preceding Business Day. If an interest payment is made on the next succeeding
Business Day, no interest will accrue as a result of the delay in payment. If the Stated Maturity falls on a day that is not a Business
Day, the payment due on such date will be postponed to the next succeeding Business Day, and no further interest will accrue in respect
of such postponement. “Business Day” means any day other than a Saturday or Sunday that is neither a Legal Holiday nor a day
on which banking institutions in New York, New York are authorized or required by law, regulation or executive order to close, or a day
on which the Corporate Trust Office is closed for business.  “Legal Holiday” means any day that is a legal holiday in
New York, New York.

 

Payment of principal of, premium,
if any, and interest on the Securities of this series shall be made in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts.  Payments of principal of, premium, if any, and interest
on the Securities of this series represented by a Global Security shall be made by wire transfer of immediately available funds to the
Holder of such Global Security.  If any of the Securities of this series are no longer represented by a Global Security, (i) payments
of principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of such Securities shall be made at the office
of the Paying Agent upon surrender of such Securities to the Paying Agent, and (ii) payments of interest shall be made, at the option
of the Corporation, subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register or (B) wire transfer at such place and to such account at a banking institution
in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person
entitled thereto.

 

For purposes of this Security,
except as otherwise expressly provided or unless the context otherwise requires, the following terms have the following meanings:

 

“Calculation Agent”
means a banking institution or trust company appointed by the Company to act as calculation agent, initially The Bank of New York Mellon
Trust Company, N.A., pursuant to the Supplemental Indenture. For the avoidance of doubt, in no event shall the Calculation Agent, the
Trustee or the Paying Agent be the Designee.

 

“interest period”,
with respect to the Securities of this series, means (i) the period commencing on any Interest Payment Date (or, with respect to the initial
interest period only, commencing on the Original Issue Date) to, but excluding, the next succeeding Interest Payment Date, or (ii) in
the case of the last such period, the period from and including the Interest Payment Date immediately preceding the Stated Maturity to,
but excluding, the Stated Maturity.

 

Compounded SOFR.
“Compounded SOFR” will be determined by the Calculation Agent in accordance with the following formula (and the resulting percentage
will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point):

 

    A-2 

     

    

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(	 	
    SOFR IndexEnd

     

     
	 	
     

    –

     
	 	    1	 	)	 	X	 	360	 	 
	 	 	
    SOFR

    IndexStart

     
	 	dc	 	 
	 	 	 	 	 	 	 	 	 

 

where:

 

“SOFR IndexStart”
= For periods other than the initial interest period, the SOFR Index value on the preceding Interest Payment Determination Date, and,
for the initial interest period, the SOFR Index value two U.S. Government Securities Business Days before the Original Issue Date;

 

“SOFR IndexEnd”
= The SOFR Index value on the Interest Payment Determination Date relating to the applicable Interest Payment Date (or, in the final interest
period, relating to the Stated Maturity); and

 

“dc”
is the number of calendar days in the relevant Observation Period.

 

For purposes of determining
Compounded SOFR:

 

“Interest Payment
Determination Date” means the date that is two U.S. Government Securities Business Days before each Interest Payment Date.

 

“Observation Period”
means, in respect of each interest period, the period from, and including, the date that is two U.S. Government Securities Business Days
preceding the first date in such interest period to, but excluding, the date that is two U.S. Government Securities Business Days preceding
the Interest Payment Date for such interest period (or in the final interest period, preceding the Stated Maturity).

 

“SOFR Index”
means, with respect to any U.S. Government Securities Business Day:

 

	 	(1)	the SOFR Index value as published by the SOFR Administrator (as defined below) as such index appears on the SOFR Administrator’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); provided that:

 

	 	(2)	if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time, then: (i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the “SOFR Index Unavailable Provisions” described below; or (ii) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the “Effect of Benchmark Transition Event” provisions described below.

 

“SOFR” means
the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator’s Website.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of SOFR).

 

“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source.

 

    A-3 

     

    

 

 

“U.S. Government
Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government
securities.

 

Notwithstanding anything
to the contrary in any transaction documents relating to this Security, if the Company (or its Designee) determines on or prior to the
relevant Reference Time (as defined below) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to determining Compounded SOFR, then the benchmark replacement provisions set forth below under “Effect of Benchmark
Transition Event” will thereafter apply to all determinations of the rate of interest payable on the Floating Rate Notes.

 

For the avoidance of
doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred, the interest rate for each interest period on the Floating Rate Notes will be an annual rate equal to the sum of the
Benchmark Replacement and the Margin.

 

SOFR Index Unavailable
Provisions. If a SOFR IndexStart or SOFR IndexEnd is not published on the associated Interest Payment
Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR,
“Compounded SOFR” means, for the applicable interest period for which such index is not available, the rate of return on a
daily compounded interest investment calculated in accordance with the formula for SOFR Averages, and definitions required for such formula,
published on the SOFR Administrator’s Website, initially located at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information.
For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to “calculation
period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar
days” shall be removed. If SOFR does not so appear for any day, “i” in the Observation Period, SOFRi for such day “i”
shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the
SOFR Administrator’s Website.

 

(a)               
Determining the Floating Rate. This Security will bear interest for each quarterly interest period at an annual rate equal
to Compounded SOFR, determined as described below, plus the Margin, from and including the Original Issue Date to, but excluding, the
Stated Maturity. Interest will be payable quarterly in arrears on each Interest Payment Date, commencing September 10, 2021.

 

On each Interest Payment Determination
Date relating to the applicable Interest Payment Date, the Calculation Agent will calculate the amount of accrued interest payable on
this Security by multiplying (i) the outstanding principal amount of the Securities of this series by (ii) the product of (a) the interest
rate for the relevant interest period multiplied by (b) the quotient of the actual number of calendar days in such Observation Period
divided by 360. In no event will the interest on this Security be less than zero. The interest rate for any interest period will not be
adjusted for any modifications or amendments to the SOFR Index or SOFR data that the Federal Reserve Bank of New York may publish after
the interest rate for that interest period has been determined.

 

Absent willful misconduct,
bad faith or manifest error, the calculation of the applicable interest rate for each interest period by the Calculation Agent, or in
certain circumstances, by the Company (or its Designee) will be final and binding on the Corporation, the Trustee, and the Holders of
the Securities of this Series.

 

    A-4 

     

    

 

 

None of the Trustee, Paying
Agent, Security Registrar or Calculation Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or
cessation of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence
of, any Benchmark Transition Event or related Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement,
or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied,
(iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index,
or the business day convention, interest determination dates or any other relevant methodology for calculating any such substitute or
successor benchmark, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any,
in connection with any of the foregoing. In connection with the foregoing, the Calculation Agent will be entitled to conclusively rely
on any determinations made by the Company (or its Designee) and will have no liability for such actions taken at the direction of the
Company (or its Designee).

 

None of the Trustee, Paying
Agent, Security Registrar or Calculation Agent shall be liable for any inability, failure or delay on its part to perform any of its duties
described in the Indenture as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including
as a result of any failure, inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction,
instruction, notice or information contemplated by the Indenture and reasonably required for the performance of such duties.

 

(b)               
Effect of Benchmark Transition Event.

 

    (i)              
Benchmark Replacement. If the Company (or its Designee) determines that a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark
Replacement will replace the then-current Benchmark for all purposes relating to the Securities of this series in respect of such determination
on such date and all determinations on all subsequent dates.

 

    (ii)              
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Company
(or its Designee) will have the right to make Benchmark Replacement Conforming Changes from time to time.

 

    (iii)            
Decisions and Replacement Conforming Changes. Any determination, decision or election that may be made by the Company (or
its Designee) pursuant this clause (b), including any determination with respect to tenor, rate or adjustment or of the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be
conclusive and binding absent manifest error, will be made in the Company’s (or its Designee’s) sole discretion, and, notwithstanding
anything to the contrary in any transaction documentation relating to this Security, shall become effective without consent from the Holders
of this Security or any other party.

 

Notwithstanding anything to the
contrary in any transaction documents relating to this Security, if the Company (or its Designee) determines on or prior to the relevant
Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining
Compounded SOFR, then the benchmark replacement provisions set forth in this clause (b) will thereafter apply to all determinations of
the rate of interest payable on this Security.

 

    A-5 

     

    

 

For the avoidance of doubt, after
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate for each interest period on this
Security will be an annual rate equal to the sum of the Benchmark Replacement and the Margin.

 

As used in this subsection
“Effect of Benchmark Transition Event,” the following terms have the following meanings:

 

“Benchmark”
means, initially, Compounded SOFR, as such term is defined above; provided that if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current
Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

 

“Benchmark Replacement”
means the first alternative set forth in the order below that can be determined by the Company (or its Designee) as of the Benchmark Replacement
Date:

 

	 	(1)	the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

 

	 	(2)	the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and

 

	 	(3)	the sum of: (a) the alternate rate of interest that has been selected by the Company (or its Designee) as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated Floating Rate Notes at such time and (b) the Benchmark Replacement Adjustment.

 

“Benchmark Replacement
Adjustment” means the first alternative set forth in the order below that can be determined by the Company (or its Designee) as
of the Benchmark Replacement Date:

 

	 	(1)	the spread adjustment, or method for calculating or determining such spread adjustment, (which may be positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

 

	 	(2)	if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and

 

	 	(3)	the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company (or its Designee) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated Floating Rate Notes at such time.

 

The Benchmark Replacement
Adjustment shall not include the Margin and such Margin shall be applied to the Benchmark Replacement to determine the interest payable
on the Securities of this series.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition or interpretation of “interest period”, timing and frequency of determining rates and making payments
of interest, rounding of amounts or tenor, and other administrative matters), or any other changes to any other terms or provisions of
the Floating Rate Notes, in each case that the Company (or its Designee) decides may be appropriate to reflect the adoption of such Benchmark
Replacement in a manner substantially consistent with market practice (or, if the Company (or its Designee) decides that adoption of any
portion of such market practice is not administratively feasible or if the Company (or its Designee)) determines that no market practice
for use of the Benchmark Replacement exists, in such other manner as the Company (or its Designee) determines is reasonably necessary
or practicable).

 

    A-6 

     

    

 

“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

	 	(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

	 	(2)	in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

 

For the avoidance of
doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect
of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily
published component used in the calculation thereof):

 

	 	(1)	a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component);

 

	 	(2)	a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

 

	 	(3)	a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

 

“ISDA Fallback
Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions
referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.

 

“ISDA Fallback
Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence
of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

 

    A-7 

     

    

 

“Reference Time”
with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Index Determination Time,
as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company (or its Designee)
in accordance with the Benchmark Replacement Conforming Changes.

 

“Relevant Governmental
Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

The Securities of this series
are not redeemable prior to maturity.

 

The Securities of this series
shall not have a sinking fund.

 

The Securities of this series
shall constitute the direct unsecured and unsubordinated debt obligations of the Corporation and shall rank equally in priority with the
Corporation’s existing and future unsecured and unsubordinated indebtedness.

 

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, facsimile or electronic signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-8 

     

    

  

IN WITNESS WHEREOF, the Corporation
has caused this instrument to be duly executed as of June 10, 2021.

 

	 	Duke Energy Corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    A-9 

     

    

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated: June 10, 2021	The Bank of New York Mellon Trust Company,

N.A., as Trustee
	 	 	 
	 	By:	                                                     
	 	 	Authorized Signatory

 

    A-10 

     

    

 

 

(Reverse Side of Security)

 

This Floating Rate Senior
Note due 2023 is one of a duly authorized issue of Securities of the Corporation (the “Securities”), issued and issuable in
one or more series under an Indenture, dated as of June 3, 2008, as supplemented (as so supplemented, the “Indenture”),
between the Corporation and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.),
as Trustee (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, limitation of rights, duties and immunities thereunder
of the Corporation, the Trustee and the Holders of the Securities issued thereunder and of the terms upon which said Securities are, and
are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof as Floating Rate Senior
Notes due 2023 initially in the aggregate principal amount of $500,000,000.  Capitalized terms used herein for which no definition
is provided herein shall have the meanings set forth in the Indenture.

 

If an Event of Default with
respect to the 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, with the effect and subject to the conditions provided in the Indenture.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Corporation and
the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Corporation and the Trustee
with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected thereby
(voting as one class).  The Indenture contains provisions permitting the Holders of not less than a majority in principal amount
of the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred and be continuing
(voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with certain exceptions, such default
under the Indenture and its consequences.  The Indenture also permits the Holders of not less than 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 compliance
by the Corporation with certain provisions of the Indenture affecting such series.  Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange 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 Corporation, which is absolute
and unconditional, to pay the principal of 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 Corporation for such purpose, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar and 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 of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees.  No service
charge shall be made for any such registration of transfer or exchange, but the Corporation may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant defeasance at any time of certain
covenants in the Indenture upon compliance with certain conditions set forth in the Indenture.

 

    A-11

     

    

 

Prior to due presentment of
this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation 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 Corporation, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 
As provided in the Indenture and subject to the 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
upon surrender of the Security or Securities to be exchanged at the office or agency of the Corporation.

 

This Security shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

    A-12

     

    

 

ABBREVIATIONS

 

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

 

	TEN COM — as tenants in common	 	
    UNIF GIFT MIN ACT - ______Custodian ________

    (Cust)                     
    (Minor)

	 	 	 
	TEN ENT — as tenants by the entireties	 	 
	 	 	 
	JT TEN — as joint tenants with rights of survivorship and not as tenants in common	 	 	
    under Uniform Gifts to

    Minors Act

    ____________________

	 	 	 	                     (State)

 

Additional abbreviations may also be used though
not on the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and
transfer(s) unto (please insert Social Security or other identifying number of assignee)

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
POSTAL ZIP CODE OF ASSIGNEE

 

the within Security and all rights thereunder,
hereby irrevocably constituting and appointing                     
agent to transfer said Security on the books of the Corporation, with full power of substitution in the premises.

 

	Dated:	 	 	 

 

	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever.
	 	 	 
	 	 	Signature

 Guarantee:	 

 

    A-13

     

    

 

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    A-14

     

    

 

EXHIBIT B

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated: 	The Bank of New York Mellon Trust Company,

N.A., as Trustee
	 	 
	 	By:	 
	 	Authorized Signatory

 

    B-1

     

    

 

 

EXHIBIT C

 

FORM OF

2.55% SENIOR NOTE DUE 2031

 

	No.	CUSIP No.  26441C BL8 

 

DUKE ENERGY CORPORATION

2.55% SENIOR NOTE DUE 2031

 

Principal Amount:  $

 

Regular Record Date:  [Close of business
on the business day immediately preceding such Interest Payment Date so long as all of the Securities (as defined herein) of this series
remain in book-entry only form] [Close of business on the 15th calendar day next preceding such Interest Payment Date (whether
or not a Business Day) if any of the Securities (as defined herein) of this series do not remain in book-entry only form]

 

Original Issue Date:  June 10, 2021

 

Stated Maturity: June 15, 2031

 

Interest Payment Dates:  Semi-annually on
June 15 and December 15 of each year, commencing on December 15, 2021

 

Interest Rate: 2.55% per annum

 

Authorized Denomination:  $2,000 or any integral
multiple of $1,000 in excess thereof

 

Duke Energy Corporation, a
Delaware corporation (the “Corporation”, which term includes any successor corporation under the Indenture referred to on
the reverse hereof), for value received, hereby promises to pay to                               ,
or registered assigns, the principal sum of                                                     
DOLLARS ($                        )
on the Stated Maturity shown above and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date as specified
above, commencing on December 15, 2021 and on the Stated Maturity at the rate per annum shown above until the principal hereof is paid
or made available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated
Maturity or a Redemption Date) will, as provided in the Indenture, be paid to the Person in whose name this 2.55% Senior Note due 2031
(this “Security”) is registered on the applicable Regular Record Date as specified above next preceding such Interest Payment
Date; provided that any interest payable at Stated Maturity or on a Redemption Date will be paid to the Person to whom principal
is payable.  Except as otherwise provided in the Indenture, 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 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, if any, on which the Securities shall be
listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

 

    C-1 

     

    

 

Payments of interest on this
Security will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for this Security
shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months and will accrue from June 10, 2021 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for.  In the event that any date on which
interest is payable on this Security is not a Business Day, then payment of the interest payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force and effect
as if made on the date the payment was originally payable.  “Business Day” means any day other than a Saturday or Sunday
that is neither a Legal Holiday nor a day on which banking institutions in New York, New York are authorized or required by law, regulation
or executive order to close, or a day on which the Corporate Trust Office is closed for business.  “Legal Holiday” means
any day that is a legal holiday in New York, New York.

 

Payment of principal of, premium,
if any, and interest on the Securities of this series shall be made in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts.  Payments of principal of, premium, if any, and interest
on the Securities of this series represented by a Global Security shall be made by wire transfer of immediately available funds to the
Holder of such Global Security.  If any of the Securities of this series are no longer represented by a Global Security, (i) payments
of principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of such Securities shall be made at the office
of the Paying Agent upon surrender of such Securities to the Paying Agent, and (ii) payments of interest shall be made, at the option
of the Corporation, subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register or (B) wire transfer at such place and to such account at a banking institution
in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person
entitled thereto.

 

At any time before March 15,
2031 (the “Par Call Date”), the Securities of this series shall be redeemable, in whole or in part and from time to time,
at the option of the Corporation, on any date (a “Redemption Date”), at a redemption price equal to the greater of (i) 100%
of the principal amount of the Securities of this series being redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on the Securities of this series being redeemed that would be due if this Security matured on the Par
Call Date (exclusive of interest accrued to such Redemption Date), discounted to such Redemption Date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, plus, in either case, accrued and unpaid
interest on the principal amount the Securities of this series being redeemed to, but excluding, such Redemption Date.

 

At any time on or after the
Par Call Date, the Securities of this series shall be redeemable, in whole or in part and from time to time, at the option of the Corporation,
at a redemption price equal to 100% of the principal amount of the Securities of this series being redeemed plus accrued and unpaid interest
on the principal amount of such Securities of this series being redeemed to, but excluding such Redemption Date.

 

For purposes of the second
preceding paragraph, the following terms have the following meanings:

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the Securities of this series to be redeemed (assuming for this purpose this Security matured on the Par 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 comparable maturity to the remaining term of such Securities of this series.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date for the Securities of this series, (1) the average of the Reference Treasury
Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if
fewer than four of such Reference Treasury Dealer Quotations are obtained, the average of all such Reference Treasury Dealer Quotations
as determined by the Corporation.

 

    C-2 

     

    

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Corporation.

 

“Reference Treasury
Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC
and (ii) a Primary Treasury Dealer (as defined below) selected by PNC Capital Markets LLC, or, in each case, their respective affiliates
or successors, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”);
provided, however, that if any of the foregoing or their affiliates or successors shall cease to be a Primary Treasury Dealer, the Corporation
will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Securities of this series,
the average, as determined by the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date for the Securities of this series, the rate per annum equal to the semi-annual equivalent yield
to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury
Rate shall be calculated by the Corporation on the third Business Day preceding the Redemption Date.

 

The Corporation shall notify
the Trustee of the redemption price with respect to any redemption of the Securities of this series occurring before the Par Call Date
promptly after the calculation thereof. The Trustee shall not be responsible for calculating said redemption price.

 

Notice of any redemption by
the Corporation will be mailed (or, as long as the Securities of this series are represented by one or more Global Securities, transmitted
in accordance with the Depositary’s standard procedures therefor) at least 10 days but not more than 60 days before any Redemption
Date to each Holder of Securities of this series to be redeemed.  If Notice of a redemption is provided and funds are deposited as
required, interest will cease to accrue on and after the Redemption Date on the Securities of this series or portions of Securities of
this series called for redemption.  In the event that any Redemption Date is not a Business Day, the Corporation will pay the redemption
price on the next Business Day without any interest or other payment in respect of any such delay.  If less than all the Securities
of this series are to be redeemed at the option of the Corporation, the Securities of this series and portions of the Securities of this
series in amounts of $2,000 or any integral multiple of $1,000 in excess thereof shall be selected for redemption in accordance with the
standard procedures of the Depositary.

 

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

 

The Securities of this series
shall not have a sinking fund.

 

    C-3 

     

    

 

The Securities of this series
shall constitute the direct unsecured and unsubordinated debt obligations of the Corporation and shall rank equally in priority with the
Corporation’s existing and future unsecured and unsubordinated indebtedness.

 

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, facsimile or electronic signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    C-4 

     

    

 

IN WITNESS WHEREOF, the Corporation
has caused this instrument to be duly executed as of June 10, 2021.

 

	 	Duke Energy Corporation
	 	 
	 	By:	         
	 	Name:
	 	Title:

 

    C-5 

     

    

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated: June 10, 2021	The Bank of New York Mellon Trust Company,

N.A., as Trustee
	 	 
	 	 
	 	By:	                       
	 	Authorized Signatory

 

    C-6 

     

    

 

(Reverse Side of Security)

 

This 2.55% Senior Note due
2031 is one of a duly authorized issue of Securities of the Corporation (the “Securities”), issued and issuable in one or
more series under an Indenture, dated as of June 3, 2008, as supplemented (the “Indenture”), between the Corporation
and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as Trustee (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, limitation of rights, duties and immunities thereunder of the Corporation, the Trustee
and the Holders of the Securities issued thereunder and of the terms upon which said Securities are, and are to be, authenticated and
delivered.  This Security is one of the series designated on the face hereof as 2.55% Senior Notes due 2031 initially in the aggregate
principal amount of $1,000,000,000.  Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Indenture.

 

If an Event of Default with
respect to the 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, with the effect and subject to the conditions provided in the Indenture.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Corporation and
the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Corporation and the Trustee
with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected thereby
(voting as one class).  The Indenture contains provisions permitting the Holders of not less than a majority in principal amount
of the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred and be continuing
(voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with certain exceptions, such default
under the Indenture and its consequences.  The Indenture also permits the Holders of not less than 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 compliance
by the Corporation with certain provisions of the Indenture affecting such series.  Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange 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 Corporation, which is absolute
and unconditional, to pay the principal of 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 Corporation for such purpose, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar and 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 of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees.  No service
charge shall be made for any such registration of transfer or exchange, but the Corporation may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant defeasance at any time of certain
covenants in the Indenture upon compliance with certain conditions set forth in the Indenture.

 

    C-7 

     

    

 

Prior to due presentment of
this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation 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 Corporation, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 
As provided in the Indenture and subject to the 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
upon surrender of the Security or Securities to be exchanged at the office or agency of the Corporation.

 

This Security shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

    C-8 

     

    

 

ABBREVIATIONS

 

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

 

	TEN COM — as tenants in common	 	
    UNIF GIFT MIN ACT - ______Custodian ______

    (Cust)                   
    (Minor)

	 	 	 
	TEN ENT — as tenants by the entireties	 	 
	 	 	 
	 	 	 
	JT TEN — as joint tenants with rights of survivorship and not as tenants in common	 	 	
    under Uniform Gifts to

    Minors Act

    ____________________

	 	 	 	(State)                

 

Additional abbreviations may also be used though
not on the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and
transfer(s) unto (please insert Social Security or other identifying number of assignee)

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
POSTAL ZIP CODE OF ASSIGNEE

 

the within Security and all rights thereunder,
hereby irrevocably constituting and appointing                     
agent to transfer said Security on the books of the Corporation, with full power of substitution in the premises.

 

	Dated:	 	 
	 	 
	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever.

 

	 	Signature Guarantee:	 	 

 

    C-9 

     

    

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    C-10 

     

    

 

EXHIBIT D

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated: 	The Bank of New York Mellon Trust Company,

N.A., as Trustee
	 	 
	 	By:	                      
	 	Authorized Signatory

 

    D-1 

     

    

 

EXHIBIT E

 

FORM OF

3.30% SENIOR NOTE DUE 2041

 

	No.	CUSIP No.  26441C BM6  

 

DUKE ENERGY CORPORATION

3.30% SENIOR NOTE DUE 2041

 

Principal Amount:  $

 

Regular Record Date:  [Close of business
on the business day immediately preceding such Interest Payment Date so long as all of the Securities (as defined herein) of this series
remain in book-entry only form] [Close of business on the 15th calendar day next preceding such Interest Payment Date (whether
or not a Business Day) if any of the Securities (as defined herein) of this series do not remain in book-entry only form]

 

Original Issue Date:  June 10, 2021

 

Stated Maturity: June 15, 2041

 

Interest Payment Dates:  Semi-annually on
June 15 and December 15 of each year, commencing on December 15, 2021

 

Interest Rate: 3.30% per annum

 

Authorized Denomination:  $2,000 or any integral
multiple of $1,000 in excess thereof

 

Duke Energy Corporation, a
Delaware corporation (the “Corporation”, which term includes any successor corporation under the Indenture referred to on
the reverse hereof), for value received, hereby promises to pay to                               ,
or registered assigns, the principal sum of                                                     
DOLLARS ($                        )
on the Stated Maturity shown above and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date as specified
above, commencing on December 15, 2021 and on the Stated Maturity at the rate per annum shown above until the principal hereof is paid
or made available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated
Maturity or a Redemption Date) will, as provided in the Indenture, be paid to the Person in whose name this 3.30% Senior Note due 2041
(this “Security”) is registered on the applicable Regular Record Date as specified above next preceding such Interest Payment
Date; provided that any interest payable at Stated Maturity or on a Redemption Date will be paid to the Person to whom principal
is payable.  Except as otherwise provided in the Indenture, 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 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, if any, on which the Securities shall be
listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

 

    E-1 

     

    

 

Payments of interest on this
Security will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for this Security
shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months and will accrue from June 10, 2021 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for.  In the event that any date on which
interest is payable on this Security is not a Business Day, then payment of the interest payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force and effect
as if made on the date the payment was originally payable.  “Business Day” means any day other than a Saturday or Sunday
that is neither a Legal Holiday nor a day on which banking institutions in New York, New York are authorized or required by law, regulation
or executive order to close, or a day on which the Corporate Trust Office is closed for business.  “Legal Holiday” means
any day that is a legal holiday in New York, New York.

 

Payment of principal of, premium,
if any, and interest on the Securities of this series shall be made in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts.  Payments of principal of, premium, if any, and interest
on the Securities of this series represented by a Global Security shall be made by wire transfer of immediately available funds to the
Holder of such Global Security.  If any of the Securities of this series are no longer represented by a Global Security, (i) payments
of principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of such Securities shall be made at the office
of the Paying Agent upon surrender of such Securities to the Paying Agent, and (ii) payments of interest shall be made, at the option
of the Corporation, subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register or (B) wire transfer at such place and to such account at a banking institution
in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person
entitled thereto.

 

At any time before December
15, 2040 (the “Par Call Date”), the Securities of this series shall be redeemable, in whole or in part and from time to time,
at the option of the Corporation, on any date (a “Redemption Date”), at a redemption price equal to the greater of (i) 100%
of the principal amount of the Securities of this series being redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on the Securities of this series being redeemed that would be due if this Security matured on the Par
Call Date (exclusive of interest accrued to such Redemption Date), discounted to such Redemption Date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus, in either case, accrued and unpaid
interest on the principal amount the Securities of this series being redeemed to, but excluding, such Redemption Date.

 

At any time on or after the
Par Call Date, the Securities of this series shall be redeemable, in whole or in part and from time to time, at the option of the Corporation,
at a redemption price equal to 100% of the principal amount of the Securities of this series being redeemed plus accrued and unpaid interest
on the principal amount of such Securities of this series being redeemed to, but excluding such Redemption Date.

 

For purposes of the second
preceding paragraph, the following terms have the following meanings:

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the Securities of this series to be redeemed (assuming for this purpose this Security matured on the Par 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 comparable maturity to the remaining term of such Securities of this series.

 

    E-2 

     

    

 

“Comparable Treasury
Price” means, with respect to any Redemption Date for the Securities of this series, (1) the average of the Reference Treasury
Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if
fewer than four of such Reference Treasury Dealer Quotations are obtained, the average of all such Reference Treasury Dealer Quotations
as determined by the Corporation.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Corporation.

 

“Reference Treasury
Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC
and (ii) a Primary Treasury Dealer (as defined below) selected by PNC Capital Markets LLC, or, in each case, their respective affiliates
or successors, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”);
provided, however, that if any of the foregoing or their affiliates or successors shall cease to be a Primary Treasury Dealer, the Corporation
will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Securities of this series,
the average, as determined by the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date for the Securities of this series, the rate per annum equal to the semi-annual equivalent yield
to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury
Rate shall be calculated by the Corporation on the third Business Day preceding the Redemption Date.

 

The Corporation shall notify
the Trustee of the redemption price with respect to any redemption of the Securities of this series occurring before the Par Call Date
promptly after the calculation thereof. The Trustee shall not be responsible for calculating said redemption price.

 

Notice of any redemption by
the Corporation will be mailed (or, as long as the Securities of this series are represented by one or more Global Securities, transmitted
in accordance with the Depositary’s standard procedures therefor) at least 10 days but not more than 60 days before any Redemption
Date to each Holder of Securities of this series to be redeemed.  If Notice of a redemption is provided and funds are deposited as
required, interest will cease to accrue on and after the Redemption Date on the Securities of this series or portions of Securities of
this series called for redemption.  In the event that any Redemption Date is not a Business Day, the Corporation will pay the redemption
price on the next Business Day without any interest or other payment in respect of any such delay.  If less than all the Securities
of this series are to be redeemed at the option of the Corporation, the Securities of this series and portions of the Securities of this
series in amounts of $2,000 or any integral multiple of $1,000 in excess thereof shall be selected for redemption in accordance with the
standard procedures of the Depositary.

 

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

 

The Securities of this series
shall not have a sinking fund.

 

The Securities of this series
shall constitute the direct unsecured and unsubordinated debt obligations of the Corporation and shall rank equally in priority with the
Corporation’s existing and future unsecured and unsubordinated indebtedness.

 

    E-3 

     

    

 

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, facsimile or electronic signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    E-4 

     

    

 

IN WITNESS WHEREOF, the Corporation
has caused this instrument to be duly executed as of June 10, 2021.

 

	 	Duke Energy Corporation
	 	 
	 	By:	        
	 	Name:
	 	Title:

 

    E-5 

     

    

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated: June 10, 2021	The Bank of New York Mellon Trust Company,

N.A., as Trustee
	 	 
	 	By:	                       
	 	 	Authorized Signatory

 

    E-6 

     

    

 

(Reverse Side of Security)

 

This 3.30% Senior Note due
2041 is one of a duly authorized issue of Securities of the Corporation (the “Securities”), issued and issuable in one or
more series under an Indenture, dated as of June 3, 2008, as supplemented (the “Indenture”), between the Corporation
and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as Trustee (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, limitation of rights, duties and immunities thereunder of the Corporation, the Trustee
and the Holders of the Securities issued thereunder and of the terms upon which said Securities are, and are to be, authenticated and
delivered.  This Security is one of the series designated on the face hereof as 3.30% Senior Notes due 2041 initially in the aggregate
principal amount of $750,000,000.  Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Indenture.

 

If an Event of Default with
respect to the 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, with the effect and subject to the conditions provided in the Indenture.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Corporation and
the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Corporation and the Trustee
with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected thereby
(voting as one class).  The Indenture contains provisions permitting the Holders of not less than a majority in principal amount
of the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred and be continuing
(voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with certain exceptions, such default
under the Indenture and its consequences.  The Indenture also permits the Holders of not less than 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 compliance
by the Corporation with certain provisions of the Indenture affecting such series.  Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange 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 Corporation, which is absolute
and unconditional, to pay the principal of 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 Corporation for such purpose, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar and 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 of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees.  No service
charge shall be made for any such registration of transfer or exchange, but the Corporation may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant defeasance at any time of certain
covenants in the Indenture upon compliance with certain conditions set forth in the Indenture.

 

    E-7 

     

    

 

Prior to due presentment of
this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation 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 Corporation, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 
As provided in the Indenture and subject to the 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
upon surrender of the Security or Securities to be exchanged at the office or agency of the Corporation.

 

This Security shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

    E-8 

     

    

 

 

ABBREVIATIONS

 

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

 

	TEN COM — as tenants in common	 	
    UNIF GIFT MIN ACT - ______Custodian ______

                                         (Cust)                   
(Minor)

	 	 	 
	TEN ENT — as tenants by the entireties	 	 
	 	 	 
	 	 	 
	JT TEN — as joint tenants with rights of survivorship and not as tenants in common	 	 	
    under Uniform Gifts to

    Minors Act

    ____________________

	 	 	 	                           (State)

 

Additional abbreviations may also be used though
not on the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and
transfer(s) unto (please insert Social Security or other identifying number of assignee)

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
POSTAL ZIP CODE OF ASSIGNEE

 

the within Security and all rights thereunder,
hereby irrevocably constituting and appointing                     
agent to transfer said Security on the books of the Corporation, with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	 	 
	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever.
	 	 	 
	 	 	Signature
	 	 	Guarantee:                                                                                                                    

 

    E-9

     

    

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    E-10

     

    

 

EXHIBIT F

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated: 	The Bank of New York Mellon Trust Company,

N.A., as Trustee
	 	 	 
	 	By:	 
	 	Authorized Signatory

 

    F-1

     

    

 

EXHIBIT G

 

FORM OF

3.50% SENIOR NOTE DUE 2051

 

	No.	CUSIP No.  26441C BN4  

 

DUKE ENERGY CORPORATION

3.50% SENIOR NOTE DUE 2051

 

Principal Amount:  $

 

Regular Record Date:  [Close of business
on the business day immediately preceding such Interest Payment Date so long as all of the Securities (as defined herein) of this series
remain in book-entry only form] [Close of business on the 15th calendar day next preceding such Interest Payment Date (whether
or not a Business Day) if any of the Securities (as defined herein) of this series do not remain in book-entry only form]

 

Original Issue Date:  June 10, 2021

 

Stated Maturity: June 15, 2051

 

Interest Payment Dates:  Semi-annually on
June 15 and December 15 of each year, commencing on December 15, 2021

 

Interest Rate: 3.50% per annum

 

Authorized Denomination:  $2,000 or any integral
multiple of $1,000 in excess thereof

 

Duke Energy Corporation, a
Delaware corporation (the “Corporation”, which term includes any successor corporation under the Indenture referred to on
the reverse hereof), for value received, hereby promises to pay to                               ,
or registered assigns, the principal sum of                                                     
DOLLARS ($                        )
on the Stated Maturity shown above and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date as specified
above, commencing on December 15, 2021 and on the Stated Maturity at the rate per annum shown above until the principal hereof is paid
or made available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated
Maturity or a Redemption Date) will, as provided in the Indenture, be paid to the Person in whose name this 3.50% Senior Note due 2051
(this “Security”) is registered on the applicable Regular Record Date as specified above next preceding such Interest Payment
Date; provided that any interest payable at Stated Maturity or on a Redemption Date will be paid to the Person to whom principal
is payable.  Except as otherwise provided in the Indenture, 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 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, if any, on which the Securities shall be
listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

 

Payments of interest on this
Security will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for this Security
shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months and will accrue from June 10, 2021 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for.  In the event that any date on which
interest is payable on this Security is not a Business Day, then payment of the interest payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force and effect
as if made on the date the payment was originally payable.  “Business Day” means any day other than a Saturday or Sunday
that is neither a Legal Holiday nor a day on which banking institutions in New York, New York are authorized or required by law, regulation
or executive order to close, or a day on which the Corporate Trust Office is closed for business.  “Legal Holiday” means
any day that is a legal holiday in New York, New York.

 

    G-1

     

    

 

Payment of principal of, premium,
if any, and interest on the Securities of this series shall be made in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts.  Payments of principal of, premium, if any, and interest
on the Securities of this series represented by a Global Security shall be made by wire transfer of immediately available funds to the
Holder of such Global Security.  If any of the Securities of this series are no longer represented by a Global Security, (i) payments
of principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of such Securities shall be made at the office
of the Paying Agent upon surrender of such Securities to the Paying Agent, and (ii) payments of interest shall be made, at the option
of the Corporation, subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register or (B) wire transfer at such place and to such account at a banking institution
in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person
entitled thereto.

 

At any time before December
15, 2050 (the “Par Call Date”), the Securities of this series shall be redeemable, in whole or in part and from time to time,
at the option of the Corporation, on any date (a “Redemption Date”), at a redemption price equal to the greater of (i) 100%
of the principal amount of the Securities of this series being redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on the Securities of this series being redeemed that would be due if this Security matured on the Par
Call Date (exclusive of interest accrued to such Redemption Date), discounted to such Redemption Date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus, in either case, accrued and unpaid
interest on the principal amount the Securities of this series being redeemed to, but excluding, such Redemption Date.

 

At any time on or after the
Par Call Date, the Securities of this series shall be redeemable, in whole or in part and from time to time, at the option of the Corporation,
at a redemption price equal to 100% of the principal amount of the Securities of this series being redeemed plus accrued and unpaid interest
on the principal amount of such Securities of this series being redeemed to, but excluding such Redemption Date.

 

For purposes of the second
preceding paragraph, the following terms have the following meanings:

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the Securities of this series to be redeemed (assuming for this purpose this Security matured on the Par 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 comparable maturity to the remaining term of such Securities of this series.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date for the Securities of this series, (1) the average of the Reference Treasury
Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if
fewer than four of such Reference Treasury Dealer Quotations are obtained, the average of all such Reference Treasury Dealer Quotations
as determined by the Corporation.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Corporation.

 

    G-2

     

    

 

“Reference Treasury
Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC
and (ii) a Primary Treasury Dealer (as defined below) selected by PNC Capital Markets LLC, or, in each case, their respective affiliates
or successors, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”);
provided, however, that if any of the foregoing or their affiliates or successors shall cease to be a Primary Treasury Dealer, the Corporation
will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Securities of this series,
the average, as determined by the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date for the Securities of this series, the rate per annum equal to the semi-annual equivalent yield
to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury
Rate shall be calculated by the Corporation on the third Business Day preceding the Redemption Date.

 

The Corporation shall notify
the Trustee of the redemption price with respect to any redemption of the Securities of this series occurring before the Par Call Date
promptly after the calculation thereof. The Trustee shall not be responsible for calculating said redemption price.

 

Notice of any redemption by
the Corporation will be mailed (or, as long as the Securities of this series are represented by one or more Global Securities, transmitted
in accordance with the Depositary’s standard procedures therefor) at least 10 days but not more than 60 days before any Redemption
Date to each Holder of Securities of this series to be redeemed.  If Notice of a redemption is provided and funds are deposited as
required, interest will cease to accrue on and after the Redemption Date on the Securities of this series or portions of Securities of
this series called for redemption.  In the event that any Redemption Date is not a Business Day, the Corporation will pay the redemption
price on the next Business Day without any interest or other payment in respect of any such delay.  If less than all the Securities
of this series are to be redeemed at the option of the Corporation, the Securities of this series and portions of the Securities of this
series in amounts of $2,000 or any integral multiple of $1,000 in excess thereof shall be selected for redemption in accordance with the
standard procedures of the Depositary.

 

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

 

The Securities of this series
shall not have a sinking fund.

 

The Securities of this series
shall constitute the direct unsecured and unsubordinated debt obligations of the Corporation and shall rank equally in priority with the
Corporation’s existing and future unsecured and unsubordinated indebtedness.

 

    G-3

     

    

 

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, facsimile or electronic signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    G-4

     

    

 

IN WITNESS WHEREOF, the Corporation
has caused this instrument to be duly executed as of June 10, 2021.

 

	 	Duke Energy Corporation
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    G-5

     

    

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated: June 10, 2021	The Bank of New York Mellon Trust Company,

N.A., as Trustee
	 	 
	 	By:	 
	 	Authorized Signatory

 

    G-6

     

    

 

(Reverse Side of Security)

 

This 3.50% Senior Note due
2051 is one of a duly authorized issue of Securities of the Corporation (the “Securities”), issued and issuable in one or
more series under an Indenture, dated as of June 3, 2008, as supplemented (the “Indenture”), between the Corporation
and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as Trustee (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, limitation of rights, duties and immunities thereunder of the Corporation, the Trustee
and the Holders of the Securities issued thereunder and of the terms upon which said Securities are, and are to be, authenticated and
delivered.  This Security is one of the series designated on the face hereof as 3.50% Senior Notes due 2051 initially in the aggregate
principal amount of $750,000,000.  Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Indenture.

 

If an Event of Default with
respect to the 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, with the effect and subject to the conditions provided in the Indenture.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Corporation and
the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Corporation and the Trustee
with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected thereby
(voting as one class).  The Indenture contains provisions permitting the Holders of not less than a majority in principal amount
of the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred and be continuing
(voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with certain exceptions, such default
under the Indenture and its consequences.  The Indenture also permits the Holders of not less than 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 compliance
by the Corporation with certain provisions of the Indenture affecting such series.  Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.

 

    G-7

     

    

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Corporation, which is absolute
and unconditional, to pay the principal of 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 Corporation for such purpose, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar and 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 of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees.  No service
charge shall be made for any such registration of transfer or exchange, but the Corporation may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant defeasance at any time of certain
covenants in the Indenture upon compliance with certain conditions set forth in the Indenture.

 

Prior to due presentment of
this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation 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 Corporation, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 
As provided in the Indenture and subject to the 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
upon surrender of the Security or Securities to be exchanged at the office or agency of the Corporation.

 

This Security shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

    G-8

     

    

 

 

ABBREVIATIONS

 

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

 

	TEN COM — as tenants in common	 	
    UNIF GIFT MIN ACT - ______Custodian ______

    (Cust)                    
    (Minor)

	 	 	 
	TEN ENT — as tenants by the entireties	 	 
	 	 	 
	JT TEN — as joint tenants with rights of survivorship and not as tenants in common	 	 	
    under Uniform Gifts to

    Minors Act

    ____________________

	 	 	 	(State)

 

Additional abbreviations may also be used though
not on the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and
transfer(s) unto (please insert Social Security or other identifying number of assignee)

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
POSTAL ZIP CODE OF ASSIGNEE

 

the within Security and all rights thereunder,
hereby irrevocably constituting and appointing                     
agent to transfer said Security on the books of the Corporation, with full power of substitution in the premises.

 

	Dated:	 	 	 	 
		 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever.
	 	 	 	 	 
	 	 	 	Signature Guarantee: 	 

 

    G-9 

     

    

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    G-10 

     

    

 

EXHIBIT H

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated: 	The Bank of New York Mellon Trust Company,

N.A., as Trustee
	 	 	 
	 	By:	               
	 	 	Authorized Signatory

 

    H-1

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