Document:

EX-4.2

 Exhibit 4.2 

THIRTY-FIRST SUPPLEMENTAL INDENTURE 

dated as of February 27, 2014 

This Thirty-First Supplemental Indenture, dated as of the 27th day of February, 2014 between CMS Energy Corporation, a corporation duly
organized and existing under the laws of the State of Michigan (hereinafter called the “Issuer”) and having its principal office at One Energy Plaza, Jackson, Michigan 49201, and The Bank of New York Mellon, a New York banking
corporation (hereinafter called the “Trustee”) and having its Corporate Trust Office at 101 Barclay Street, New York, New York 10286. 

WITNESSETH: 
 WHEREAS, the
Issuer and the Trustee (ultimate successor to NBD Bank, National Association) entered into an Indenture, dated as of September 15, 1992 (the “Original Indenture”), pursuant to which one or more series of debt securities of the
Issuer (the “Securities”) may be issued from time to time; and 
 WHEREAS, Section 2.3 of the Original Indenture
permits the terms of any series of Securities to be established in an indenture supplemental to the Original Indenture; and 
 WHEREAS,
Section 8.1(e) of the Original Indenture provides that a supplemental indenture may be entered into by the Issuer and the Trustee without the consent of any Holders (as defined in the Original Indenture) of the Securities to establish the form
and terms of the Securities of any series; and 
 WHEREAS, the Issuer has requested the Trustee to join with it in the execution and
delivery of this Thirty-First Supplemental Indenture in order to supplement and amend the Original Indenture by, among other things, establishing the form and terms of a series of Securities to be known as the Issuer’s “4.875% Senior Notes
due 2044” (the “New Notes”), providing for the issuance of the New Notes and amending and adding certain provisions thereof for the benefit of the Holders of the New Notes; and 

WHEREAS, the Issuer and the Trustee desire to enter into this Thirty-First Supplemental Indenture for the purposes set forth in
Section 2.3 and Section 8.1(e) of the Original Indenture as referred to above; and 
 WHEREAS, the Issuer has furnished the
Trustee with a copy of the resolutions of its Board of Directors certified by its Secretary or Assistant Secretary authorizing the execution of this Thirty-First Supplemental Indenture; and 

WHEREAS, all things necessary to make this Thirty-First Supplemental Indenture a valid agreement of the Issuer and the Trustee and a valid
supplement to the Original Indenture have been done; 
 NOW, THEREFORE, for and in consideration of the premises and the purchase of the New
Notes to be issued hereunder by Holders thereof, the Issuer and the Trustee mutually covenant and agree, for the equal and proportionate benefit of the respective Holders from time to time of the New Notes, as follows: 

  

 ARTICLE I 

STANDARD PROVISIONS; DEFINITIONS 

SECTION 1.01. Standard Provisions. The Original Indenture together with this Thirty-First Supplemental Indenture and all previous
indentures supplemental thereto entered into pursuant to the applicable terms thereof are hereinafter sometimes collectively referred to as the “Indenture.” All capitalized terms which are used herein and not otherwise defined
herein are defined in the Original Indenture and are used herein with the same meanings as in the Original Indenture. 
 SECTION 1.02.
Definitions. 
 (a) The following terms have the meanings set forth in the Sections hereof set forth below: 

 

			
	 Term
	  	Section
	Applicable Premium	  	2.04
	Depositary	  	Article VIII
	DTC	  	2.03
	Events of Default	  	5.01
	Global Note	  	Article VIII
	Indenture	  	1.01; 2.04
	Interest Payment Date	  	2.03
	Issuer	  	Preamble; 2.03
	Lien	  	3.02
	New Notes	  	Recitals; 2.04
	Original Indenture	  	Recitals
	Original Issue Date	  	2.03
	Place of Payment	  	2.03
	Record Date	  	2.03
	Securities	  	Recitals
	Stated Maturity	  	2.01(a); 2.03
	Treasury Rate	  	2.04
	Trustee	  	Preamble; 2.04

 (b) Section 1.1 of the Original Indenture is amended to insert the new definitions solely applicable to
the New Notes and to replace, solely with respect to the New Notes (but not with respect to any other series of Securities), any existing definitions (as applicable) in the Original Indenture, in the appropriate alphabetical sequence, as follows:

 “Business Day” means any day on which banking institutions in New York, New York are not authorized or required by law
or regulation to close. 
 “Capital Lease Obligation” of a Person means any obligation that is required to be classified
and accounted for as a capital lease on the face of a balance sheet of such Person prepared in accordance with generally accepted accounting principles; the amount of such obligation shall be the capitalized amount thereof, determined in accordance
with generally 

  
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accepted accounting principles; the stated maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease
may be terminated by the lessee without payment of a penalty; and such obligation shall be deemed secured by a Lien on any property or assets to which such lease relates. 

“Capital Stock” means any and all shares, interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) corporate stock, including any Preferred Stock or Letter Stock. 
 “Consolidated
Assets” means, at any date of determination, the aggregate assets of the Issuer and its Consolidated Subsidiaries determined on a consolidated basis in accordance with generally accepted accounting principles. 

“Consolidated Current Liabilities” means, for any period, the aggregate amount of liabilities of the Issuer and its
Consolidated Subsidiaries which may properly be classified as current liabilities (including taxes accrued as estimated), after (i) eliminating all inter-company items between the Issuer and any Consolidated Subsidiary and (ii) deducting
all current maturities of long-term Indebtedness, all as determined in accordance with generally accepted accounting principles. 

“Consolidated Net Tangible Assets” means, for any period, the total amount of assets (less accumulated depreciation or
amortization, allowances for doubtful receivables, other applicable reserves and other properly deductible items) as set forth on the most recently available quarterly or annual consolidated balance sheet of the Issuer and its Consolidated
Subsidiaries, determined on a consolidated basis in accordance with generally accepted accounting principles, and after giving effect to purchase accounting and after deducting therefrom, to the extent otherwise included, the amounts of:
(i) Consolidated Current Liabilities; (ii) minority interests in Consolidated Subsidiaries held by Persons other than the Issuer or a Restricted Subsidiary; (iii) excess of cost over fair value of assets of businesses acquired, as
determined in good faith by the Board of Directors as evidenced by resolutions of the Board of Directors; (iv) any revaluation or other write-up in value of assets subsequent to December 31, 1996, as a result of a change in the method of
valuation in accordance with generally accepted accounting principles; (v) unamortized debt discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights, licenses,
organization or developmental expenses and other intangible items; (vi) treasury stock; and (vii) any cash set apart and held in a sinking or other analogous fund established for the purpose of redemption or other retirement of Capital
Stock to the extent such obligation is not reflected in Consolidated Current Liabilities. 
 “Consolidated Subsidiary”
means any Subsidiary whose accounts are or are required to be consolidated with the accounts of the Issuer in accordance with generally accepted accounting principles. 

“Consumers” means Consumers Energy Company, a Michigan corporation and wholly-owned Subsidiary of the Issuer. 

  
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 “Enterprises” means CMS Enterprises Company, a Michigan corporation and
wholly-owned Subsidiary of the Issuer. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, and any successor legislation. 
 “Indebtedness” of any Person means, without duplication: 

(i) the principal of and premium (if any) in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness
evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; 
 (ii)
all Capital Lease Obligations of such Person; 
 (iii) all obligations of such Person issued or assumed as the deferred purchase price of
property, all conditional sale obligations and all obligations under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); 

(iv) all obligations of such Person for the reimbursement of any obligor on any letter of credit, bankers’ acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (i) through (iii) above) entered into in the ordinary course of business of such Person to the extent
such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit);

 (v) all obligations of the type referred to in clauses (i) through (iv) above of other Persons and all dividends of other
Persons for the payment of which, in either case, such Person is responsible or liable as obligor, guarantor or otherwise; and 
 (vi) all
obligations of the type referred to in clauses (i) through (v) above of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation
being deemed to be the lesser of the value of such property or assets or the amount of the obligation so secured. 
 “Letter
Stock”, as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) which is intended to reflect the separate performance of certain of the businesses or operations conducted by such
corporation or any of its subsidiaries. 
 “Paying Agent” means any Person authorized by the Issuer to pay the principal of
(and premium, if any) or interest on any of the New Notes on behalf of the Issuer. Initially, the Paying Agent shall be the Trustee. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or political subdivision thereof, or any other entity. 

  
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 “Predecessor New Note” of any particular New Note means every previous New Note
evidencing all or a portion of the same debt as that evidenced by such particular New Note; and, for the purposes of the definition, any New Note authenticated and delivered under Section 2.9 of the Original Indenture in exchange for or in lieu
of a mutilated, destroyed, lost or stolen New Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen New Note. 

“Preferred Stock”, as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however
designated) that is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other class of such corporation.

 “Restricted Subsidiary” means any Subsidiary (other than Consumers and its Subsidiaries) of the Issuer which, as of the
date of the Issuer’s most recent quarterly consolidated balance sheet, constituted at least 10% of the total Consolidated Assets of the Issuer and its Consolidated Subsidiaries and any other Subsidiary which from time to time is designated a
Restricted Subsidiary by the Board of Directors; provided that no Subsidiary may be designated a Restricted Subsidiary if, immediately after giving effect thereto, an Event of Default or event that, with the lapse of time or giving of notice
or both, would constitute an Event of Default would exist, and (i) any such Subsidiary so designated as a Restricted Subsidiary must be organized under the laws of the United States or any State thereof, (ii) more than 80% of the Voting
Stock of such Subsidiary must be owned of record and beneficially by the Issuer or a Restricted Subsidiary and (iii) such Restricted Subsidiary must be a Consolidated Subsidiary. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor legislation. 

“Support Obligations” means, for any Person, without duplication, any financial obligation, contingent or otherwise, of such
Person guaranteeing or otherwise supporting any debt or other obligation of any other Person in any manner, whether directly or indirectly, and including, without limitation, any obligation of such Person, direct or indirect, (i) to purchase or
pay (or advance or supply funds for the purchase or payment of) such debt or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such debt, (ii) to purchase property, securities or services for the
purpose of assuring the owner of such debt of the payment of such debt, (iii) to maintain working capital, equity capital, available cash or other financial statement condition of the primary obligor so as to enable the primary obligor to pay
such debt, (iv) to provide equity capital under or in respect of equity subscription arrangements (to the extent that such obligation to provide equity capital does not otherwise constitute debt), or (v) to perform, or arrange for the
performance of, any non-monetary obligations or non-funded debt payment obligations of the primary obligor. 
 “Voting
Stock” means securities of any class or classes the holders of which are ordinarily, in the absence of contingencies, entitled to vote for corporate directors (or persons performing similar functions). 

  
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 ARTICLE II 

DESIGNATION AND TERMS OF THE NEW NOTES; FORMS 

SECTION 2.01. Establishment of Series. 

(a) There is hereby created a series of Securities to be known and designated as the “4.875% Senior Notes due 2044” to be issued in
aggregate principal amount of $300,000,000. Additional Securities, without limitation as to amount, having substantially the same terms as the New Notes (except a different issue date, a different issue price and bearing interest from the last
Interest Payment Date to which interest has been paid or duly provided for on the New Notes, and, if no interest has been paid, from February 27, 2014), may also be issued by the Issuer pursuant to the Indenture without the consent of the
existing Holders of the New Notes; provided, that such additional Securities must be part of the same issue as the New Notes for U.S. federal income tax purposes or, if they are not part of the same issue for such purposes, such additional
Securities must be issued with a separate CUSIP number. Such additional Securities shall be part of the same series as the New Notes. The “Stated Maturity” of the New Notes is March 1, 2044; the principal amount of the New
Notes shall be payable on such date unless the New Notes are earlier redeemed in accordance with the terms of the Indenture. 
 (b) The New
Notes will bear interest from the Original Issue Date, or from the most recent date to which interest has been paid or duly provided for, at the rate of 4.875% per annum stated therein until the principal thereof is paid or made available for
payment. Interest will be payable semi-annually on each Interest Payment Date and at Maturity, as provided in the form of the New Note in Section 2.03 and Section 2.04 hereof. 

(c) The Record Date referred to in Section 2.3(f)(4) of the Original Indenture for the payment of the interest on any New Note payable on
any Interest Payment Date (other than on the Stated Maturity) shall be the February 15 and August 15 next preceding the relevant Interest Payment Date (whether or not a Business Day) except that interest payable on the Stated Maturity
shall be paid to the Person to whom the principal amount is paid. 
 (d) The payment of the principal of, and premium (if any) and interest
on, the New Notes shall not be secured by a security interest in any property. 
 (e) The New Notes shall be redeemable at the option of the
Issuer, in whole or in part, at any time and from time to time, upon not less than 30, nor more than 60 days’ notice at a redemption price equal to 100% of the principal amount of such New Notes being redeemed plus, in the case of any
redemption prior to September 1, 2043 (six months prior to Stated Maturity), the Applicable Premium, if any, thereon at the time of redemption, together with (at any time) accrued and unpaid interest, if any, thereon to, but not including, the
redemption date. In no event will the redemption price ever be less than 100% of the principal amount of the New Notes being redeemed plus accrued interest, if any, thereon to the redemption date. Notwithstanding Section 11.2 of the Indenture,
notice of the foregoing redemption occurring prior to September 1, 2043 (six months prior to Stated Maturity) need not set forth the redemption price therefor but only the manner of calculation thereof. The Issuer shall give the Trustee notice
of such redemption price promptly after the calculation thereof and the Trustee shall have no responsibility for such calculation. 

  
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 (f) The New Notes shall not be convertible. 

(g) The New Notes will not be subordinated to the payment of Senior Debt. 

(h) The Issuer will not pay any additional amounts on the New Notes held by a Person who is not a U.S. person (as defined in Regulation S
under the Securities Act) in respect of any tax, assessment or government charge withheld or deducted. 
 (i) The events specified in Events
of Default with respect to the New Notes shall include the events specified in Article V hereof. In addition to the covenants set forth in Article Three of the Original Indenture, the Holders of the New Notes shall have the benefit of the covenants
of the Issuer set forth in Article III hereof. The provisions of Section 9.1 and Section 9.2 of the Original Indenture shall be amended and restated solely with respect to the New Notes as specified in Article IV hereof. 

(j) The New Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000
in excess thereof. 
 (k) The provisions of Article VI, Article VII and Article VIII hereof shall apply to the New Notes as specified
therein. 
 SECTION 2.02. Forms Generally. The New Notes and Trustee’s certificate of authentication shall be in substantially
the form set forth in this Article II, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such New Notes, as evidenced by their execution thereof. 

The definitive New Notes shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as
determined by the officers executing such New Notes, as evidenced by their execution thereof. 
 SECTION 2.03. Form of Face of New
Note. 
 THIS SECURITY IS A REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY. 

Unless this Global Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to CMS Energy Corporation or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name 

  
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of a nominee of DTC or in such other name as is requested by an authorized representative of DTC (and any payment is made to such nominee of DTC or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof has an interest herein. 

CMS ENERGY CORPORATION 
 4.875%
SENIOR NOTE DUE 2044 
  

			
	No. 1	 	$300,000,000
		
	CUSIP No.: 125896 BN9	 	

 ISIN No.: US125896BN95 

CMS Energy Corporation, a corporation duly organized and existing under the laws of the State of Michigan (herein called the
“Issuer”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of Three Hundred Million
Dollars on March 1, 2044 (“Stated Maturity”) and to pay interest thereon from February 27, 2014 (the “Original Issue Date”) or from the most recent Interest Payment Date to which interest has been paid or
duly provided for, semi-annually in arrears on March 1 and September 1 in each year, commencing on September 1, 2014 (each an “Interest Payment Date”), to the Persons in whose names the New Notes are registered at
5:00 p.m., New York City time, on the February 15 and August 15 (whether or not a Business Day) next preceding the relevant Interest Payment Date (each a “Record Date”), and on the Stated Maturity, to the Person to whom
the principal amount is paid, at the rate of 4.875% per annum, until the principal hereof is paid or made available for payment. The amount of interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year of
twelve 30-day months. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the Person in whose name this New Note (or one or more Predecessor New
Notes) is registered at 5:00 p.m., New York City time, on a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) for the payment of such defaulted interest to be fixed by
the Trustee, notice whereof shall be given to Holders of New Notes not less than 15 calendar days preceding such subsequent Record Date. 

Payment of the principal of (and premium, if any) and interest on this New Note will be made at the office or agency of the Issuer maintained
for that purpose in New York, New York (the “Place of Payment”), 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; provided,
however, that at the option of the Issuer payment of interest (other than interest payable at Maturity) may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire
transfer to an account designated by such Person not later than ten days prior to the date of such payment. 

  
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 Reference is hereby made to the further provisions of this New Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this New Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

Dated: 
  

			
	CMS ENERGY CORPORATION
		
	 By
	 	  

	 Its:
	 	
		
	 By
	 	  

	 Its:
	 	

 SECTION 2.04. Form of Reverse of New Note. 

This 4.875% Senior Note due 2044 is one of a duly authorized issue of securities of the Issuer (herein called the “New
Notes”), issued and to be issued under an Indenture, dated as of September 15, 1992 (as supplemented by the Thirty-First Supplemental Indenture, dated as of February 27, 2014 and as further amended or supplemented from time to
time, the “Indenture”), between the Issuer and The Bank of New York Mellon, a New York banking corporation (ultimate successor to NBD Bank, National Association), as Trustee (herein called the “Trustee”, which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer,
the Trustee, and the Holders of the New Notes and of the terms upon which the New Notes are, and are to be, authenticated and delivered. This New Note is one of the series designated on the face hereof, issued in an initial aggregate principal
amount of $300,000,000. Additional Securities, without limitation as to amount, having substantially the same terms as the New Notes (except a different issue date, a different issue price and bearing interest from the last Interest Payment Date to
which interest has been paid or duly provided for on the New Notes, and, if no interest has been paid, from February 27, 2014), may also be issued by the Issuer pursuant to the Indenture without the consent of the existing Holders of the New
Notes; provided, that such additional Securities must be part of the same issue as the New Notes for U.S. federal income tax purposes or, if they are not part of the same issue for such purposes, such additional Securities must be issued with
a separate CUSIP number. Such additional Securities shall be part of the same series as the New Notes. 

  
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 No sinking fund is provided for the New Notes. 

The New Notes are subject to redemption at the option of the Issuer, in whole or in part, upon not less than 30 nor more than 60 days’
notice as provided in the Indenture at any time and from time to time, at a redemption price equal to 100% of the principal amount of such New Notes being redeemed plus, in the case of any redemption prior to September 1, 2043 (six months prior
to Stated Maturity), the Applicable Premium, if any, thereon at the time of redemption, together with (at any time) accrued and unpaid interest, if any, thereon to, but not including, the redemption date, but interest installments whose Stated
Maturity is on or prior to such redemption date will be payable to the Holder of record at the close of business on the relevant Record Date referred to on the face hereof, all as provided in the Indenture. In no event will the redemption price ever
be less than 100% of the principal amount of the New Notes being redeemed plus accrued interest to the redemption date. 
 The following
definitions are used to determine the Applicable Premium: 
 “Applicable Premium” means, with respect to a New Note (or
portion thereof) being redeemed at any time prior to September 1, 2043, the excess of (A) the present value at such time of the principal amount of such New Note (or portion thereof) being redeemed plus all interest payments due on such
New Note (or portion thereof) after the redemption date (but, for the avoidance of doubt, excluding any portion of such payments of interest accrued to the redemption date), which present value shall be computed using a discount rate equal to the
Treasury Rate plus 20 basis points, over (B) the principal amount of such New Note (or portion thereof) being redeemed at such time. For purposes of this definition, the present values of the interest and principal payments will be determined
in accordance with generally accepted principles of financial analysis. 
 “Treasury Rate” means the yield to maturity at
the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two Business Days prior to
the redemption date or, in the case of defeasance, prior to the date of deposit (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the then remaining average life to
stated maturity of the New Notes being redeemed; provided, however, that if the average life to stated maturity of the New Notes being redeemed is not equal to the constant maturity of a United States Treasury security for which a weekly average
yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given. 

If an Event of Default with respect to this New Note shall occur and be continuing, the principal of this New Note may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 In any case where any Interest Payment Date, redemption date, Stated
Maturity or Maturity of any New Note shall not be a Business Day, then (notwithstanding any other provision of the Indenture or this New Note) payment of interest or principal (and premium, if any) need not be made on such date, but may be made on
the next succeeding Business Day with 

  
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the same force and effect as if made on the Interest Payment Date, redemption date or Stated Maturity or at Maturity; provided that no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date, redemption date, Stated Maturity or Maturity, as the case may be, to such Business Day. 

The Trustee and the Paying Agent shall return to the Issuer upon written request any money or property held by them for the payment of any
amount with respect to the New Notes that remains unclaimed for two years, provided, however, that the Trustee or such Paying Agent, before being required to make any such return, shall at the expense of the Issuer cause to be published once
in a newspaper of general circulation in The City of New York or mail to each such Holder notice that such money or property remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such
publication or mailing, any unclaimed money or property then remaining shall be returned to the Issuer. After return to the Issuer, Holders entitled to the money or property must look to the Issuer for payment as general creditors unless an
applicable abandoned property law designates another Person. 
 The Indenture contains provisions for defeasance at any time of (i) the
entire indebtedness of this New Note or (ii) certain restrictive covenants and Events of Default with respect to this New Note, in each case upon compliance with certain conditions set forth therein. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of all outstanding New Notes under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in principal amount of Securities of all series
(including the New Notes) then outstanding and affected (voting as one class). 
 The Indenture permits the Holders of a majority in
principal amount of Securities of all series at the time outstanding with respect to which a default shall have occurred and be continuing (voting as one class) to waive on behalf of the Holders of all outstanding Securities of such series any past
default by the Issuer, provided that no such waiver may be made with respect to a default in the payment of the principal of or the interest on any Security of such series, the default in the payment of the redemption price with respect to
the New Notes, or the default by the Issuer in respect of certain covenants or provisions of the Indenture, the modification or amendment of which must be consented to by the Holder of each outstanding Security of each series affected. 

As set forth in, and subject to, the provisions of the Indenture, no Holder of any New Note will have any right to institute any proceeding
with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default, the Holders of not less than 25% in principal amount of the outstanding
Securities of each affected series (voting as one class) shall have made written request, and offered reasonable indemnity against costs, expenses and liabilities, to the Trustee to institute such proceeding as trustee, and the Trustee shall not
have received from the Holders of a majority in principal amount of the outstanding Securities of each affected series (voting as one class) a direction inconsistent with such request and shall have failed to institute such proceeding

  
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within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of (and premium, if
any) or any interest on this New Note on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this New Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on this New Note 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 New Note is registrable in the Security Register, upon surrender of this New Note for registration of transfer at the office or agency of the Issuer in any place where the principal of and any premium and interest on this New Note are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or
more new New Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The New Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, New Notes are exchangeable for a like aggregate principal amount of New Notes and of like tenor of a different authorized denomination, as requested
by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Issuer
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Issuer shall
not be required to (i) issue, exchange or register the transfer of this New Note for a period of 15 days next preceding the mailing of the notice of redemption of New Notes or (ii) exchange or register the transfer of any New Note or any
portion thereof selected, called or being called for redemption, except in the case of any New Note to be redeemed in part, the portion thereof not so to be redeemed. 

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

All terms used in this New Note without definition which are defined in the Indenture shall have the meanings assigned to them in the
Indenture. In case of any conflict between this New Note and the Indenture, the provisions of the Indenture shall control. 

  
 12 

 SECTION 2.05. Form of Trustee’s Certificate of Authentication. The Trustee’s
certificate of authentication shall be in substantially the following form: 
 This is one of the Securities of the series designated herein
referred to in the within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK MELLON,
as Trustee

		
	By	 	  

	Authorized Officer

 SECTION 2.06. Rights of Trustee. The Trustee shall not be deemed to have notice, or be charged
with knowledge, of any event requiring notice under the Indenture unless the Trustee shall have received from the Issuer or other requisite party such notice in writing. 

ARTICLE III 
 ADDITIONAL
COVENANTS OF THE ISSUER 
 WITH RESPECT TO THE NEW NOTES 

SECTION 3.01. Existence. So long as any of the New Notes are outstanding, subject to Article Nine of the Original Indenture, the Issuer
will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 
 SECTION 3.02.
Limitation on Certain Liens. So long as any of the New Notes are outstanding, the Issuer shall not create, incur, assume or suffer to exist any lien, mortgage, pledge, security interest, conditional sale, title retention agreement or other
charge or encumbrance of any kind, or any other type of arrangement intended or having the effect of conferring upon a creditor of the Issuer or any Subsidiary a preferential interest (a “Lien”) upon or with respect to any of its
property of any character, including without limitation any shares of Capital Stock of Consumers or Enterprises, without making effective provision whereby the New Notes shall (so long as any such other creditor shall be so secured) be equally and
ratably secured (along with any other creditor similarly entitled to be secured) by a direct Lien on all property subject to such Lien, provided, however, that the foregoing restrictions shall not apply to: 

(i) Liens for taxes, assessments or governmental charges or levies to the extent not past due; 

(ii) pledges or deposits to secure (A) obligations under workmen’s compensation laws or similar legislation,
(B) statutory obligations of the Issuer or (C) Support Obligations; 
 (iii) Liens imposed by law, such as
materialmen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business securing obligations which are not overdue or which have been fully bonded and are
being contested in good faith; 
 (iv) purchase money Liens upon or in property acquired and held by the Issuer in the
ordinary course of business to secure the purchase price of such property or to 

  
 13 

 
secure Indebtedness incurred solely for the purpose of financing the acquisition of any such property to be subject to such Liens, or Liens existing on any such property at the time of
acquisition, or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount, provided that no such Lien shall extend to or cover any property other than the property being acquired and no such extension,
renewal or replacement shall extend to or cover property not theretofore subject to the Lien being extended, renewed or replaced, and provided, further, that the aggregate principal amount of the Indebtedness at any one time
outstanding secured by Liens permitted by this Section 3.02(iv) shall not exceed $10,000,000; and 
 (v) Liens not
otherwise permitted by Section 3.02(i) through Section 3.02(iv) hereof securing Indebtedness of the Issuer; provided that on the date such Liens are created, and after giving effect to such Indebtedness, the aggregate principal
amount at maturity of all of the secured Indebtedness of the Issuer at such date shall not exceed 10% of Consolidated Net Tangible Assets at such date. 

SECTION 3.03. Reporting. For purposes of Section 4.3(a) of the Original Indenture solely with respect to the New Notes (but not
with respect to any other series of Securities), the Trustee agrees that documents filed by the Issuer with the Commission via the Commission’s EDGAR system (or any successor thereto) will constitute filing of the same with the Trustee as of
the time such documents are so filed. 
 ARTICLE IV 

CONSOLIDATION, MERGER AND TRANSFER OF PROPERTY 

SECTION 4.01. Limitation on Consolidation, Merger and Transfer. Section 9.1 of the Original Indenture is hereby amended and
restated solely with respect to the New Notes (but not with respect to any other series of Securities) as follows, and all references in the Original Indenture to Section 9.1 thereof and to the provisions specified therein shall, with respect
to the New Notes, be deemed to be references to this Section 4.01 and to the provisions specified herein, respectively. 

“Nothing contained in the Indenture or in any of the New Notes shall prevent any consolidation or merger of the Issuer with or into any
other Person or Persons (whether or not affiliated with the Issuer), or successive consolidations or mergers in which the Issuer or its successor or successors shall be a party or parties, or shall prevent any conveyance, transfer or lease of the
property of the Issuer as an entirety or substantially as an entirety, to any other Person (whether or not affiliated with the Issuer); provided, however, that: 

(a) in case the Issuer shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets as an
entirety or substantially as an entirety to any Person, the entity formed by such consolidation or into which the Issuer is merged or the Person that acquires by conveyance or transfer, or that leases, the properties and assets of the Issuer as an
entirety or substantially as an entirety shall be a corporation or a limited liability company organized and existing under the laws of the United States of America, any state thereof or the District of Columbia and shall expressly assume, by an
indenture (or indentures, if at such time there is more than one Trustee) supplemental to the Indenture, executed by the successor Person 

  
 14 

 
and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on the New Notes and the performance of every
obligation in the Indenture and the outstanding New Notes on the part of the Issuer to be performed or observed; 
 (b) immediately after
giving effect to such transaction, no Event of Default or event that, after notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and 

(c) either the Issuer or the successor Person shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture complies with the provisions of the Indenture and all
conditions precedent therein relating to such transaction.” 
 SECTION 4.02. Successor Person Substituted for the Issuer.
Section 9.2 of the Original Indenture is hereby amended and restated solely with respect to the New Notes (but not with respect to any other series of Securities) as follows, and all references in the Original Indenture to Section 9.2
thereof and to the provisions specified therein shall, with respect to the New Notes, be deemed to be references to this Section 4.02 and to the provisions specified herein, respectively. 

“Upon any consolidation by the Issuer with or merger of the Issuer into any other Person or any conveyance, transfer or lease of the
properties and assets of the Issuer substantially as an entirety to any Person in accordance with Section 4.01 hereof, the successor Person formed by such consolidation or into which the Issuer is merged or to which such conveyance, transfer or
lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under the Indenture with the same effect as if such successor Person had been named as the Issuer herein; and thereafter, except in the
case of a lease, the predecessor Person shall be released from all obligations and covenants under the Indenture and the New Notes. 
 In
case of any such consolidation, merger, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the New Notes thereafter to be issued as may be appropriate.” 

ARTICLE V 
 ADDITIONAL
EVENTS OF DEFAULT 
 WITH RESPECT TO THE NEW NOTES 

SECTION 5.01. Definition. All of the events specified in Section 5.1(a) through Section 5.1(h) of the Original Indenture
shall be “Events of Default” with respect to the New Notes. 
 SECTION 5.02. Amendments to Section 5.1 of the
Original Indenture. Solely for the purpose of determining Events of Default with respect to the New Notes (but not with respect to any other series of Securities), Section 5.1(e), Section 5.1(f) and Section 5.1(h) of the Original
Indenture shall be amended such that each and every reference in Section 5.1(e) and Section 5.1(f) and the first two references in Section 5.1(h) of the Original Indenture to the Issuer shall be deemed to mean either the Issuer or
Consumers. 

  
 15 

 SECTION 5.03. Additional Events of Default. Solely for the purpose of determining Events
of Default with respect to the New Notes (but not with respect to any other series of Securities), an Event of Default shall also include default in the Issuer’s obligation to redeem the New Notes after exercising its redemption option pursuant
to this Thirty-First Supplemental Indenture. 
 SECTION 5.04. Additional Waivers of Past Defaults. In addition to those matters set
forth in Section 5.10 of the Original Indenture, solely with respect to the New Notes (but not with respect to any other series of Securities), approval of the Holders of each outstanding New Note shall be required to waive any default in any
payment of the redemption price with respect to any New Note. 
 ARTICLE VI 

DISCHARGE OF INDENTURE AND DEFEASANCE 

All of the provisions of Article Ten of the Original Indenture shall be applicable to the New Notes. Upon satisfaction by the Issuer of the
requirements of Section 10.1(C) of the Original Indenture, in connection with any covenant defeasance (as provided in Section 10.1(C) of the Original Indenture), the Issuer shall be released from its obligations under Article Three and
Article Nine of the Original Indenture and under Article III and Article IV hereof with respect to the New Notes and the omission to comply with such obligations under such Articles upon such covenant defeasance shall not constitute an Event of
Default under the Indenture with respect to the New Notes. 
 ARTICLE VII 

MODIFICATION AND WAIVER 

SECTION 7.01. Without Consent of Holders. In addition to any permitted amendment or supplement to the Indenture pursuant to
Section 8.1(a), Section 8.1(b), Section 8.1(c), Section 8.1(e) and Section 8.1(f) of the Original Indenture, the Issuer and the Trustee may amend or supplement the Indenture (to the extent applicable to the New Notes) or the
New Notes without notice to or the consent of any Holder, to: 
 (a) surrender any right or power conferred upon the Issuer; 

(b) comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under the Trust Indenture
Act of 1939, as amended; and 
 (c) add guarantees of obligations under the New Notes. 

In addition, Section 8.1(d) of the Original Indenture is hereby amended and restated solely with respect to the New Notes (but not with
respect to any other series of Securities) as follows, and all references in the Original Indenture to Section 8.1(d) thereof shall, with respect to the New Notes, be deemed to be references to the following provisions of this
Section 7.01: 
 “(d)(1) cure any ambiguity or correct or supplement any inconsistent or otherwise defective provision contained
in the Indenture; provided that such modification or amendment does not adversely affect the interests of the Holders of the New Notes in any material respect; 

  
 16 

 
provided, further, that any amendment made solely to conform the provisions of the Indenture and the form or terms of the New Notes to the section entitled “Description of the
Notes” as set forth in the final prospectus supplement related to the offering and sale of the New Notes dated February 24, 2014 will not be deemed to adversely affect the interests of the Holders of the New Notes; 

(d)(2) make any provision with respect to matters or questions arising under the Indenture that the Issuer may deem necessary or desirable and
that shall not be inconsistent with provisions of the Indenture; provided, that such change or modification does not, in the good faith opinion of the Board of Directors, adversely affect the interests of the Holders of the New Notes in any
material respect;” 
 SECTION 7.02. With Consent of Holders. In addition to those matters set forth in Section 8.2 of the
Original Indenture, solely with respect to the New Notes (but not with respect to any other series of Securities), no amendment or supplemental indenture to the Indenture shall, without the consent of the Holder of each New Note affected thereby:

 (a) reduce the redemption price of the New Notes; 

(b) change the terms applicable to redemption of the New Notes in a manner adverse to the Holder; or 

(c) change the Issuer’s obligation to maintain an office or agency in New York, New York. 

ARTICLE VIII 
 GLOBAL
NOTES 
 The New Notes will be issued initially in the form of one or more Global Notes. “Global Note” means a
registered New Note evidencing one or more New Notes issued to a depositary (the “Depositary”) or its nominee, in accordance with this Article VIII and bearing the legend prescribed in this Article VIII. The Issuer hereby designates
The Depository Trust Company as the Depositary. The Issuer shall execute and the Trustee shall, in accordance with this Article VIII and the Issuer Order with respect to the New Notes, authenticate and deliver one or more Global Notes in temporary
or permanent form that (i) shall represent and shall be denominated in an aggregate amount equal to the aggregate principal amount of the New Notes to be represented by such Global Note or Global Notes, (ii) shall be registered in the name
of the Depositary for such Global Note or Global Notes or the nominee of such Depositary, (iii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions and (iv) shall bear a legend
substantially to the following effect: “Unless this Global Note is presented by an authorized representative of the Depositary to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is
registered in the name of a nominee of the Depositary or in such other name as is requested by an authorized representative of the Depositary (and any payment is made to such nominee of the Depositary or to such other entity as is requested by an
authorized representative of the Depositary), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof has an interest herein.” 

  
 17 

 Notwithstanding Section 2.8 of the Original Indenture, unless and until it is exchanged in
whole or in part for New Notes in definitive form, a Global Note representing one or more New Notes may not be transferred except as a whole by the Depositary to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or
another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for New Notes or a nominee of such successor Depositary. 

If at any time the Depositary for the New Notes is unwilling or unable to continue as Depositary for the New Notes, defaults in the
performance of its duties as Depositary or ceases to be a clearing agency registered under the Exchange Act or other applicable statute or regulation, the Issuer shall appoint a successor Depositary with respect to the New Notes. If a successor
Depositary for the New Notes is not appointed by the Issuer by the earlier of (x) 90 days from the date the Issuer receives notice to the effect that the Depositary is unwilling or unable to act, or the Issuer determines that the Depositary is
unable to act, or (y) the effectiveness of the Depositary’s resignation or failure to fulfill its duties as Depositary, the Issuer will execute, and the Trustee, upon receipt of an Issuer Order for the authentication and delivery of
definitive New Notes, will authenticate and deliver New Notes in definitive form in an aggregate principal amount equal to the principal amount of the Global Note or Global Notes representing such New Notes in exchange for such Global Note or Global
Notes. 
 If the Issuer so specifies with respect to any New Notes, an owner of a beneficial interest in a Global Note representing the New
Notes may, on terms acceptable to the Issuer and the Depositary for the Global Note, receive individual New Notes in exchange for the beneficial interest. In any such instance, an owner of a beneficial interest in a Global Note will be entitled to
physical delivery in definitive form of New Notes represented by the Global Note equal in principal amount to the beneficial interest, and to have the New Notes registered in its name. New Notes so issued in definitive form will be issued as
registered New Notes in minimum denominations of $2,000 and in $1,000 integral multiples, unless otherwise specified by the Issuer. 
 Upon
the exchange of a Global Note for New Notes in definitive form, such Global Note shall be cancelled by the Trustee. New Notes in definitive form issued in exchange for a Global Note pursuant to this Article VIII shall be registered in such names and
in such authorized denominations as the Depositary for such Global Note, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or Security Registrar. The Trustee shall deliver such New Notes to
the Persons in whose names such New Notes are so registered. 
 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

This Thirty-First Supplemental Indenture is a supplement to the Original Indenture. As supplemented by this Thirty-First Supplemental
Indenture, the Original Indenture is in all respects ratified, approved and confirmed, and the Original Indenture and this Thirty-First Supplemental Indenture shall together constitute one and the same instrument. 

  
 18 

 ARTICLE X 

INAPPLICABLE PROVISIONS OF THE ORIGINAL INDENTURE 

The New Notes shall not constitute Subordinated Securities and the provisions of Article Twelve of the Original Indenture shall not apply to
the Notes. 
 TESTIMONIUM 

This Thirty-First Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
 [The remainder of this page has been
intentionally left blank.] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Thirty-First Supplemental Indenture to be
duly executed and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first written above. 
  

			
	CMS ENERGY CORPORATION
		
	By:	 	 /s/ DV Rao

		 	Venkat Dhenuvakonda Rao
		 	Vice President and Treasurer

  

			
	Attest:	 	 /s/ Shelley J. Ruckman

		 	Shelley J. Ruckman
		 	Assistant General Counsel

  

			
	 THE BANK OF NEW YORK MELLON,
as Trustee

		
	By:	 	 /s/ Laurence J. O’Brien

		 	Laurence J. O’Brien
		 	Vice President

  

			
	Attest:	 	 /s/ Francine J. Kincaid

		 	Francine J. Kincaid
		 	Vice President

  
 20EX-10.15

 Exhibit 10.15 

 
 

 
 Board of Directors 
 Compensation Program 
 For 

Non Executive Directors 

November 2013 

 PartnerRe Ltd. Board of Directors Compensation Policy 

PartnerRe Ltd. (the “Company”) has developed a Board of Directors Compensation Policy for Non-Executive Directors (the “Policy”) to
address specific objectives: 
  

	 	•	 	 Establish competitive levels of remuneration, benchmarked against an appropriate peer group. 

 

	 	•	 	 Align the interests of Directors and shareholders by using equity as a major component of the total compensation package. 

 

	 	•	 	 Establish one approach to Directors compensation in recognition of the Company’s strategy to rotate Directors’ committee assignments
periodically. 

  

	 	•	 	 Demonstrate good governance and corporate responsibility. 

As part of this Policy, as approved by the Nominating and Governance Committee, PartnerRe offers a competitive mix of cash and
equity compensation for each non-executive director and for the Chairman of the Board (the “Chairman”) (together the “Directors“1). 
 The total
compensation package for Director’s service on a calendar year period consists of two components: 
  

	 	•	 	 Cash compensation; and 

  

	 	•	 	 Restricted Share Units (“RSUs”). 

  

													
	 Component
	 	Director*
Annual 
Amount	 	 	Committee Chair
Fee
Annual
Amount	 	 	Chairman of the Board
Annual Amount	 
	 Cash
	 	$	80,000	  	 	$	15,000	  	 	$	160,000	  
	 RSUs
	 	$	150,000	  	 				 	$	180,000	  
	 Dividend equivalents paid on RSUs
	 	 
 	Per actual dividend rate
declared by the Board	  
  	 				 	 
 	Per actual dividend rate
declared by the Board	  
  

	*	Chairman excluded 

 Cash Compensation 

 Directors are entitled to receive cash compensation on an annual basis (as detailed in the table above). Cash compensation is paid once a year
on June 15 or the nearest business day thereafter. 
 Elective Equity Incentive 

Deferred Cash Compensation 
 Directors may
elect to defer 50% or 100% of their cash compensation into RSUs (see RSU description). 
 Company Match 

Should a Director elect to defer his or her cash compensation into RSUs, deferred amounts will receive an additional matching award equal to 25% of the
deferred dollar amount. The matching award will be granted in RSUs (see RSU description). 
 Equity Compensation 

RSUs 
 Directors are entitled to receive
RSUs (as detailed in the table above). RSUs are granted once a year on June 15 or the nearest business day thereafter. 
 The number of
RSUs awarded is determined by the applicable annual U.S. dollar amount of the award divided by the Fair Market Value of the Shares (both terms as 

 

	1 	 For the purpose of this document, all references to Directors refer to non-executive directors only and does not include executive directors

  
 2 

 
defined in the PartnerRe Ltd 2003 Non-Employee Directors Share Plan, as amended or replaced from time to time, the “Plan”) on the grant date. RSUs will cliff vest after 5 years from the
grant date and automatic delivery will also occur at this time. 
 Dividend Equivalents 

All RSU awards will accrue dividend equivalents on the same basis as the shares underlying the RSUs, with such dividend equivalents payable annually on
June 15 or the nearest business day thereafter, with no accrued interest on the dividend equivalents. 
 Delivery of RSUs

 Prior to the RSU grant, Directors will have the ability to elect to receive 60% of the value of the RSUs in Shares and 40% in cash.

 Directors Ownership Guidelines 
 Directors are required to own a minimum number of shares equal to 4 times his or her annual cash compensation entitlement (excluding Committee Chair Fee) (“Ownership Target”). For the purpose of
determining the Ownership Target, both shares owned by the Director as well as RSUs are included in the calculation. Directors who do not meet the Ownership Target are required to receive at least 50% of their cash compensation in RSUs until the
Ownership Target is met. 
 Transfers of equity interests into Trusts or Family Partnerships can only occur if the Director Ownership Targets
continue to be met after the transfer has occurred, subject to the approval of the Nominating and Governance Committee and in compliance with certain restrictions. 
 Maximum Annual Equity Awards 
 RSU awards made to Directors shall not exceed the maximum
annual limit stated in the Plan. 
 Appointment and Termination of service 
 Appointment 
 Any newly appointed Director is entitled to receive: 

 

	 	•	 	 an amount equal to the annual amount of cash compensation prorated based on the number of days between the date of appointment and December 31
inclusive (the “Prorated Cash Compensation”); and 

  

	 	•	 	 a number of RSUs equal to the applicable annual U.S. dollar amount prorated based on the number of days between the date of appointment and
December 31 inclusive (the “Prorated Number of RSUs”). 

 Should a Director be appointed before June 15,
he/she will receive on June 15 or the nearest business day thereafter, of the year of appointment the Prorated Cash Compensation and the Prorated Number of RSUs. 
 Should the Director be appointed after June 15, the Prorated Cash Compensation and the Prorated Number of RSUs will be paid or granted on June 15 of the following year. 

Termination of service 
 Appendix A will
apply to cash compensation/clawback, share options (previously granted) and RSUs in the event of the Director’s termination of service. 

Travel 
 The Company agrees to reimburse
all business expenses related to services rendered, including attendance at educational sessions, as a Director. 

  
 3 

 Partner program 
 Every two years the Company invites the partners of Directors to attend events at the Board meeting. The cost of providing the program (excluding travel) is covered by the Company. The Board has decided
that travel costs for partners to attend these programs shall be paid by the Director and shall not be reimbursed by the Company. 

  
 4 

 Appendix A 
 PartnerRe Ltd. 
 Permissible Termination = Change in control, death, permanent
disability, mandatory retirement, voluntary termination due to acceptance of a public service position that would either preclude Board service or make such continued service impractical and failure to be re-elected to the Board by Shareholders.

  

											
	 Pay Component
	  	 Payment / Grant Date
	  	 Termination Before June 15th
	  	 Termination After June 15th

	  	  	 Permissible
	  	 Non-Permissible
	  	 Permissible
	  	 Non-Permissible

	Cash Fee	  	Cash fee is paid on June 15th for the calendar year	  	Pay pro rata Fee	  	Pay pro rata Fee	  	Clawback unearned Fee	  	Clawback unearned Fee
	Restricted Share Units	  	RSUs are granted on June 15th for the calendar year with a five-year cliff vest	  	Cash payment of equivalent of annual pro rated RSU grant Accelerated vesting of prior unvested awards	  	 Not granted for current year
  

Forfeiture of unvested awards
	  	Accelerated vesting of unvested awards and earned pro rata portion of current year’s award Forfeiture of unearned portion of current year’s award	  	Forfeiture of unvested awards
	Share Options (prior to Jan 1, 2013)	  		  	 Accelerated vesting of prior unvested share options.
  

Continued exercisability of outstanding share options for remainder of the term
	  	 Forfeiture of unvested share options.
  

Continued exercisability of outstanding share options for remainder of the term
	  	 Accelerated vesting of prior year’s unvested share options and pro rata portion of current year’s share options

 
 Continued exercisability of outstanding share options for remainder of the
term
	  	 Forfeiture of unvested share options
  

Continued exercisability of outstanding share options for remainder of the term

  
 5

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