Document:

Exhibit

Exhibit 4.2(b)

GEORGIA POWER COMPANY

TO

WELLS FARGO BANK, NATIONAL ASSOCIATION,
TRUSTEE

SIXTIETH SUPPLEMENTAL INDENTURE

DATED AS OF SEPTEMBER 10, 2019

SERIES 2019B 2.65% SENIOR NOTES

DUE SEPTEMBER 15, 2029

TABLE OF CONTENTS1 

	
			
	 
	 
	PAGE

	ARTICLE 1
	1

	Series 2019B Senior Notes
	1

	 
	SECTION 101.  Establishment
	1

	 
	SECTION 102.  Definitions
	2

	 
	SECTION 103.  Payment of Principal and Interest
	3

	 
	SECTION 104.  Denominations
	4

	 
	SECTION 105.  Global Securities
	4

	 
	SECTION 106.  Transfer
	4

	 
	SECTION 107.  Redemption at the Company’s Option
	5

	ARTICLE 2
	5

	 
	Miscellaneous Provisions
	5

	 
	SECTION 201.  Recitals by Company
	5

	 
	SECTION 202.  Ratification and Incorporation of Original Indenture
	5

	 
	SECTION 203.  Executed in Counterparts
	6

	EXHIBIT A    Form of Series 2019B Note
	 

	EXHIBIT B    Certificate of Authentication
	 

_____________________
1This 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

THIS SIXTIETH SUPPLEMENTAL INDENTURE is made as of the 10th day of September, 2019, by and between GEORGIA POWER COMPANY, a Georgia corporation, 241 Ralph McGill Boulevard, N.E., Atlanta, Georgia 30308-3374 (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, 150 East 42nd Street, 40th floor, New York, New York 10017 (the “Trustee”).
W I T N E S S E T H:
WHEREAS, the Company has heretofore entered into a Senior Note Indenture, dated as of January 1, 1998 (the “Original Indenture”), with Wells Fargo Bank, National Association (as successor to The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank))), as heretofore supplemented;
WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as heretofore supplemented and as further supplemented by this Sixtieth Supplemental Indenture, is herein called the “Indenture”;
WHEREAS, under the Original Indenture, a new series of unsecured senior debentures or notes or other evidence of indebtedness (the “Senior Notes”) may at any time be established by the Board of Directors of the Company in accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee;
WHEREAS, the Company proposes to create under the Indenture a new series of Senior Notes;
WHEREAS, additional Senior Notes of other series hereafter established, except as may be limited in the Original 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 Sixtieth Supplemental Indenture and to make it a valid and binding obligation of the Company 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 1
Series 2019B Senior Notes
SECTION 101.  Establishment.  There is hereby established a new series of Senior Notes to be issued under the Indenture, to be designated as the Company’s Series 2019B 2.65% Senior Notes due September 15, 2029 (the “Series 2019B Notes”).
There are to be authenticated and delivered $350,000,000 principal amount of Series 2019B Notes, and such principal amount of the Series 2019B Notes may be increased from time to time 

pursuant to Section 301 of the Original Indenture.  All Series 2019B Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional Series 2019B Notes.  Any such additional Series 2019B Notes will have the same interest rate, maturity and other terms as those initially issued (except for the public offering price and issue date and the initial interest accrual date and initial Interest Payment Date (as defined below), if applicable).  No Series 2019B Notes shall be authenticated and delivered in excess of the principal amount as so increased except as provided by Sections 203, 303, 304, 907 or 1107 of the Original Indenture.  The Series 2019B Notes shall be issued in fully registered form.
The Series 2019B Notes shall be issued in the form of one or more Global Securities in substantially the form set out in Exhibit A hereto.  The Depositary with respect to the Series 2019B Notes shall be The Depository Trust Company.
The form of the Trustee’s Certificate of Authentication for the Series 2019B Notes shall be in substantially the form set forth in Exhibit B hereto.
Each Series 2019B 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.
The Series 2019B Notes will not have a sinking fund.
SECTION 102.  Definitions.  The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Series 2019B Notes to be redeemed 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 the Series 2019B Notes.
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) 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 (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the Company.
“Interest Payment Dates” means March 15 and September 15 of each year, commencing March 15, 2020.
“Original Issue Date” means September 10, 2019.
“Reference Treasury Dealer” means a primary U.S. Government securities dealer in the United States appointed by the Company.

2

“Reference Treasury Dealer Quotation” means, with respect to a Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount and quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day in New York City preceding such Redemption Date).
“Regular Record Date” means, with respect to each Interest Payment Date, the 15th calendar day preceding such Interest Payment Date (whether or not a Business Day).
“Stated Maturity” means September 15, 2029.
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity 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.
SECTION 103.  Payment of Principal and Interest.  The principal of the Series 2019B Notes shall be due at Stated Maturity (unless earlier redeemed).  The unpaid principal amount of the Series 2019B Notes shall bear interest at the rate of 2.65% per annum until paid or duly provided for.  Interest shall be paid semiannually in arrears on each Interest Payment Date to the Person in whose name the Series 2019B Notes are registered at the close of business on the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity or on a Redemption Date as provided herein will be paid to the Person to whom principal is payable.  Any such interest that is not so punctually paid or duly provided for will 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 Series 2019B 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, notice whereof shall be given to Holders of the Series 2019B 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 Series 2019B Notes shall 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 Series 2019B Notes will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the Series 2019B Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on the Series 2019B Notes 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 other 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 the principal and interest due at the Stated Maturity or earlier redemption of the Series 2019B Notes shall be made upon surrender of the Series 2019B Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2019B Notes shall be paid 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 interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a 

3

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 104.  Denominations.  The Series 2019B Notes may be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
SECTION 105.  Global Securities.  The Series 2019B Notes will be issued in the form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below, Series 2019B Notes represented by one or more Global Securities will not be exchangeable for, and will not otherwise be issuable as, Series 2019B Notes in definitive form.  The Global Securities described above 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.
Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a Series 2019B Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee.  The rights of Holders of such Global Security shall be exercised only through the Depositary.
Subject to the procedures of the Depositary, a Global Security shall be exchangeable for Series 2019B Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company 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 Company, or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, 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 Company, in each case within 90 days after the Company receives such notice or becomes aware of such cessation, (ii) the Company in its sole discretion determines that such Global Security shall be so exchangeable, or (iii) there shall have occurred an Event of Default with respect to the Series 2019B Notes.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series 2019B Notes registered in such names as the Depositary shall direct.
Neither the Company, the Trustee nor any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
SECTION 106.  Transfer.  No service charge will be made for any transfer or exchange of Series 2019B Notes, but payment will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.
The Company shall not be required (a) to issue, register the transfer of or exchange any Series 2019B Notes during a period beginning at the opening of business fifteen (15) days before the day of the mailing of a notice pursuant to Section 1104 of the Original Indenture identifying the serial numbers of the Series 2019B Notes to be called for redemption, and ending at the close of business on the day of the mailing, or (b) to register the transfer of or exchange any Series 2019B 

4

Notes theretofore selected for redemption in whole or in part, except the unredeemed portion of any Series 2019B Notes redeemed in part.
SECTION 107.  Redemption at the Company’s Option.  At any time and from time to time prior to June 15, 2029, the Series 2019B Notes will be subject to redemption at the option of the Company, 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 Redemption Prices equal to the greater of (1) 100% of the principal amount of the Series 2019B Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal of and interest on the Series 2019B Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 20 basis points plus, in each case, accrued and unpaid interest thereon to the Redemption Date. At any time and from time to time on or after June 15, 2029, the Series 2019B Notes will be subject to redemption at the option of the Company in whole or in part upon not less than 30 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Series 2019B Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date.
In the event of redemption of the Series 2019B Notes in part only, a new Series 2019B Note or Notes for the unredeemed portion will be issued in the name or names of the Holders thereof upon the surrender thereof.
Notice of redemption shall be given as provided in Section 1104 of the Original Indenture, except that any such notice of redemption with respect to any redemption occurring prior to June 15, 2029 shall not specify the Redemption Price therefor but only the manner of calculation thereof.  The Trustee shall not be responsible for the calculation of the Redemption Price.  The Company shall calculate the Redemption Price and promptly notify the Trustee thereof.
Any redemption of less than all of the Series 2019B Notes shall, with respect to the principal thereof, be divisible by $1,000.
ARTICLE 2
Miscellaneous Provisions
SECTION 201.  Recitals by Company.  The recitals in this Sixtieth Supplemental Indenture are made by the Company only and not by the Trustee, 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 Series 2019B Notes and of this Sixtieth Supplemental Indenture as fully and with like effect as if set forth herein in full.
SECTION 202.  Ratification and Incorporation of Original Indenture.  As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture as supplemented by this Sixtieth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

5

SECTION 203.  Executed in Counterparts.  This Sixtieth Supplemental Indenture may be simultaneously 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.

6

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

	
					
	ATTEST:

	 
	GEORGIA POWER COMPANY

	By:
	/s/Meredith M. Lackey
	 
	By:
	/s/David P. Poroch

	 
	Meredith M. Lackey
Corporate Secretary

	 
	 
	David P. Poroch
Executive Vice President, Chief Financial Officer, Treasurer and Comptroller

	 
	ATTEST:

	 
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

	By:
	/s/Karen Z. Kelly
	 
	By:
	/s/Stefan Victory

	 
	Karen Z. Kelly
Vice President
	 
	 
	Stefan Victory
Vice President

EXHIBIT A

FORM OF SERIES 2019B NOTE

A-1

	
		
	NO. ___
	CUSIP NO. 373334 KL4

GEORGIA POWER COMPANY
SERIES 2019B 2.65% SENIOR NOTE
DUE SEPTEMBER 15, 2029
	
		
	Principal Amount:
	$__________________

	Regular Record Date:
	15th calendar day prior to the applicable Interest Payment Date (whether or not a Business Day)

	Original Issue Date:
	September 10, 2019

	Stated Maturity:
	September 15, 2029

	Interest Payment Dates:
	March 15 and September 15

	Interest Rate:
	2.65% per annum

	Authorized Denominations:
	$2,000 and integral multiples of $1,000 in excess thereof

Georgia Power Company, a Georgia corporation (the “Company”, 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 (or upon earlier redemption), 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, semiannually in arrears on each Interest Payment Date as specified above, commencing on March 15, 2020, and on the Stated Maturity (or upon earlier redemption) 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 on a Redemption Date) will, as provided in such Indenture, be paid to the Person in whose name this Note (the “Note”) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at the Stated Maturity or on any 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 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, notice whereof shall be given to Holders of Notes 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 Notes of this series shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

A-2

Payments of interest on this Note will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for this Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on this Note 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 other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.  A “Business Day” shall mean any day other than a Saturday or a Sunday or a day on which banking institutions in New York City are authorized or required by law or executive order to remain closed or a day on which the Corporate Trust Office of the Trustee is closed for business.
Payment of the principal of and interest due at the Stated Maturity or earlier redemption of the Series 2019B Notes shall be made upon surrender of the Series 2019B Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2019B Notes shall be paid 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.  Payment of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic 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 16 days prior to the date for payment by the Person entitled thereto.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS 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 by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

A-3

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

Dated: ___________________

	
			
	 
	GEORGIA POWER COMPANY

	 
	By:
	 

	 
	Title:
	 

	
			
	Attest:

	 

	Title:
	 
	 

{Seal of GEORGIA POWER COMPANY appears here}

CERTIFICATE OF AUTHENTICATION

This is one of the Senior Notes referred to in the within-mentioned Indenture.

	
			
	Dated: ________________
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee

	 
	By:
	 

	 
	 
	Authorized Signatory

A-5

(Reverse Side of Note)
This Note is one of a duly authorized issue of Senior Notes of the Company (the “Notes”), issued and issuable in one or more series under a Senior Note Indenture, dated as of January 1, 1998, as supplemented (the “Indenture”), between the Company and Wells Fargo Bank, National Association (as successor to The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank))), as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes issued thereunder and of the terms upon which said Notes are, and are to be, authenticated and delivered.  This Note is one of the series designated on the face hereof as Series 2019B 2.65% Senior Notes due September 15, 2029 (the “Series 2019B Notes”) which is unlimited in aggregate principal amount.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.
At any time and from time to time prior to June 15, 2029, the Series 2019B Notes will be subject to redemption at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at Redemption Prices equal to the greater of (i) 100% of the principal amount of the Series 2019B Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on the Series 2019B Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 20 basis points plus, in each case, accrued and unpaid interest thereon to the Redemption Date. At any time and from time to time on or after June 15, 2029, the Series 2019B Notes will be subject to redemption at the option of the Company in whole or in part upon not less than 30 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Series 2019B Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date.
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity 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.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Series 2019B Notes to be redeemed 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 the Series 2019B Notes.
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) 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 (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

A-6

“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the Company.
“Reference Treasury Dealer” means a primary U.S. Government securities dealer in the United States appointed by the Company.
“Reference Treasury Dealer Quotation” means, with respect to a Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount and quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day in New York City preceding such Redemption Date).
The Trustee shall not be responsible for the calculation of the Redemption Price with respect to a redemption occurring prior to June 15, 2029.  The Company shall calculate the Redemption Price and promptly notify the Trustee thereof.
In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender hereof.
The Series 2019B Notes will not have a sinking fund.  
If an Event of Default with respect to the Notes of this series shall occur and be continuing, the principal of the Notes 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 Company and the rights of the Holders of the Notes of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Notes at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note 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 Note.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this 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 Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar 

A-7

and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes 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 Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same upon surrender of the Note or Notes to be exchanged at the office or agency of the Company.
This Note shall be governed by, and construed in accordance with, the internal laws of the State of New York.

A-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 right 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 Note and all rights thereunder, hereby irrevocably constituting and appointing
______________________________________________________________________________

______________________________________________________________________________
agent to transfer said Note on the books of the Company, with full power of substitution in the premises.
	
				
	Dated:
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

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

A-9

EXHIBIT B

CERTIFICATE OF AUTHENTICATION
This is one of the Senior Notes referred to in the within-mentioned Indenture.
	
			
	Dated: __________________
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee

	 
	By:
	 

	 
	 
	Authorized Signatory

B-1Exhibit 10.3

 

FRANCESCA’S HOLDINGS CORPORATION

2015 EQUITY INCENTIVE PLAN

DIRECTOR RESTRICTED STOCK AWARD AGREEMENT

 

THIS DIRECTOR RESTRICTED
STOCK AWARD AGREEMENT (this “Award Agreement”) is dated as of ____________ by and between
Francesca’s Holdings Corporation, a Delaware corporation (the “Corporation”), and __________
(the “Director”).

 

W I T N E S S E T H

 

WHEREAS, pursuant
to the Francesca’s Holdings Corporation 2015 Equity Incentive Plan (the “Plan”), the Corporation hereby
grants to the Director, effective as of ____________ (the “Award Date”), a restricted stock award
(the “Award”), upon the terms and conditions set forth herein and in the Plan.

 

NOW THEREFORE,
in consideration of services rendered and to be rendered by the Director, and the mutual promises made herein and the mutual benefits
to be derived therefrom, the parties agree as follows:

 

1.     
Defined Terms. Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned
to such terms in the Plan.

 

2.     
Grant. Subject to the terms of this Award Agreement, the Corporation hereby grants to the Director an Award with
respect to an aggregate of _________ restricted shares of Common Stock of the Corporation (the “Restricted Stock”).

 

3.     
Vesting. Subject to the terms and conditions of this Award Agreement (including, without limitation, the terms
of Section 8 below), the Award shall vest, and restrictions (other than those set forth in Section 8.1 of the Plan) shall lapse,
in ______ installment on the _______ anniversary of the Award Date; provided, however, that if the Director ceases
to be a member of the Board due to the Director’s Retirement, the Award shall vest on a pro-rated basis on the date of such
Retirement as to (i) the total number of shares of Restricted Stock subject to the Award, multiplied by (ii) a fraction, the numerator
of which is the number of days that have elapsed between the Award Date and the date of such Retirement and the denominator of
which is three hundred sixty-five (365), with the balance of the Award to be forfeited to the Corporation as provided in Section
8. For purposes of the Award, “Retirement” means the Director’s resignation from service on the Board
at a time when the Director has both (a) attained age fifty-five (55) and (b) served as a member of the Board for at least five
(5) years. The Board reserves the right to accelerate the vesting of the Restricted Stock in such circumstances as it, in its sole
discretion, deems appropriate and any such acceleration shall be effective only when set forth in a written instrument executed
by an officer of the Corporation.

 

4.     
Continuance of Employment or Service. The vesting schedule requires continued employment or service through the
applicable vesting date as a condition to the vesting of the applicable installment of the Award and the rights and benefits under
this Award Agreement. Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle
the Director to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination
of employment or services as provided in Section 8 below or under the Plan.

 

    	 	1	 

     

    

 

5.     
Dividend and Voting Rights. After the Award Date, the Director shall be entitled to cash dividends with respect
to the shares of Restricted Stock subject to the Award even though such shares are not vested but shall not be entitled to voting
rights with respect to the shares of Restricted Stock, provided that such rights to cash dividends shall terminate immediately
as to any shares of Restricted Stock that are forfeited pursuant to Section 8 below; and provided, further, that the Director agrees
that promptly following any such forfeiture of the shares of Restricted Stock, the Director will make a cash payment to the Company
equal to the amount of any cash dividends received by the Director in respect of any such unvested, forfeited shares. To the extent
the shares are forfeited after the record date and before the payment date for a particular dividend, the Director shall, promptly
after the dividend is paid, make a cash payment to the Company equal to the amount of any such cash dividend received by the Director
in respect of such forfeited shares.

 

6.     
Restrictions on Transfer. Prior to the time that they have become vested pursuant to Section 3 or Section 7 of
the Plan, neither the Restricted Stock, nor any interest therein, amount payable in respect thereof, or Restricted Property (as
defined in Section 9 hereof) may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either
voluntarily or involuntarily. The transfer restrictions in the preceding sentence shall not apply to (a) transfers to the Corporation,
or (b) transfers by will or the laws of descent and distribution.

 

7.     
Stock Certificates.

 

(a)        Book Entry Form. The Corporation shall issue the shares of Restricted Stock subject to the Award either: (a) in certificate
form as provided in Section 7(b) below; or (b) in book entry form, registered in the name of the Director with notations regarding
the applicable restrictions on transfer imposed under this Award Agreement.

 

(b)        Certificates to be Held by Corporation; Legend. Any certificates representing shares of Restricted Stock that may
be delivered to the Director by the Corporation prior to vesting shall be redelivered to the Corporation to be held by the Corporation
until the restrictions on such shares shall have lapsed and the shares shall thereby have become vested or the shares represented
thereby have been forfeited hereunder. Such certificates shall bear the following legend and any other legends the Corporation
may determine to be necessary or advisable to comply with all applicable laws, rules, and regulations:

 

“The ownership of this certificate
and the shares of stock evidenced hereby and any interest therein are subject to substantial restrictions on transfer under an
Agreement entered into between the registered owner and Francesca’s Holdings Corporation. A copy of such Agreement is on
file in the office of the Secretary of Francesca’s Holdings Corporation.”

 

(c)        Delivery of Certificates Upon Vesting. Promptly after the vesting of any shares of Restricted Stock pursuant to Section
3 or Section 8 hereof or Section 7 of the Plan and the satisfaction of any and all related tax withholding obligations pursuant
to Section 10, the Corporation shall, as applicable, either remove the notations on any shares of Restricted Stock issued in book
entry form which have vested or deliver to the Director a certificate or certificates evidencing the number of shares of Restricted
Stock which have vested (or, in either case, such lesser number of shares as may result after giving effect to Section 10). The
Director (or the beneficiary or personal representative of the Director in the event of the Director’s death or disability,
as the case may be) shall deliver to the Corporation any representations or other documents or assurances as the Corporation or
its counsel may determine to be necessary or advisable in order to ensure compliance with all applicable laws, rules, and regulations
with respect to the grant of the Award and the delivery of shares of Common Stock in respect thereof. The shares so delivered shall
no longer be restricted shares hereunder.

 

    	 	2	 

     

    

 

(d)        Stock Power; Power of Attorney. Concurrently with the execution and delivery of this Award Agreement, the Director
shall deliver to the Corporation an executed stock power in the form attached hereto as Exhibit A, in blank, with respect
to such shares. The Corporation shall not deliver any share certificates in accordance with this Award Agreement unless and until
the Corporation shall have received such stock power executed by the Director. The Director, by acceptance of the Award, shall
be deemed to appoint, and does so appoint by execution of this Award Agreement, the Corporation and each of its authorized representatives
as the Director’s attorney(s)-in-fact to effect any transfer of unvested forfeited shares (or shares otherwise reacquired
by the Corporation hereunder) to the Corporation as may be required pursuant to the Plan or this Award Agreement and to execute
such documents as the Corporation or such representatives deem necessary or advisable in connection with any such transfer.

 

8.     
Effect of Termination of Employment or Services. If the Director ceases to be employed by or ceases to provide
services to the Corporation or a Subsidiary (the date of such termination of employment or service is referred to as the Director’s
“Severance Date”), the Director’s shares of Restricted Stock (and related Restricted Property as defined
in Section 9 hereof) shall, except as expressly provided below, be forfeited to the Corporation to the extent such shares have
not become vested pursuant to Section 3 hereof or Section 7 of the Plan upon the Severance Date (regardless of the reason for such
termination of employment or service, whether with or without cause, voluntarily or involuntarily, or due to death or disability).
Upon the occurrence of any forfeiture of shares of Restricted Stock hereunder, such unvested, forfeited shares and related Restricted
Property shall be automatically transferred to the Corporation as of the Severance Date, without any other action by the Director
(or the Director’s beneficiary or personal representative in the event of the Director’s death or disability, as applicable).
No consideration shall be paid by the Corporation with respect to such transfer. The Corporation may exercise its powers under
Section 7(d) hereof and take any other action necessary or advisable to evidence such transfer. The Director (or the Director’s
beneficiary or personal representative in the event of the Director’s death or disability, as applicable) shall deliver any
additional documents of transfer that the Corporation may request to confirm the transfer of such unvested, forfeited shares and
related Restricted Property to the Corporation.

 

9.     
Adjustments Upon Specified Events. Upon the occurrence of certain events relating to the Corporation’s
stock contemplated by Section 7.1 of the Plan, the Administrator shall make adjustments in accordance with such section in the
number and kind of securities that may become vested under the Award. If any adjustment shall be made under Section 7.1 of the
Plan or an event described in Section 7.2 of the Plan shall occur and the shares of Restricted Stock are not fully vested upon
such event or prior thereto, the restrictions applicable to such shares of Restricted Stock shall continue in effect with respect
to any consideration, property or other securities (the “Restricted Property” and, for the purposes of this
Award Agreement, “Restricted Stock” shall include “Restricted Property”, unless the context otherwise requires)
received in respect of such Restricted Stock. Such Restricted Property shall vest at such times and in such proportion as the shares
of Restricted Stock to which the Restricted Property is attributable vest, or would have vested pursuant to the terms hereof if
such shares of Restricted Stock had remained outstanding. To the extent that the Restricted Property includes any cash (other than
regular cash dividends), such cash shall be invested, pursuant to policies established by the Administrator, in interest bearing,
FDIC-insured (subject to applicable insurance limits) deposits of a depository institution selected by the Administrator, the earnings
on which shall be added to and become a part of the Restricted Property.

 

    	 	3	 

     

    

 

10. 
Tax Withholding. Subject to Section 8.1 of the Plan, upon any vesting of the Restricted Stock, the Corporation
shall automatically withhold and reacquire the appropriate number of whole shares of Restricted Stock, valued at their then fair
market value (with the “fair market value” of such shares determined in accordance with the applicable provisions
of the Plan), to satisfy any withholding obligations of the Corporation or its Subsidiaries with respect to such vesting at the
minimum applicable withholding rates. In the event that the Corporation cannot satisfy such withholding obligations by withholding
and reacquiring shares of Restricted Stock, or in the event that the Director makes or has made an election pursuant to Section
83(b) of the Code or the occurrence of any other withholding event with respect to the Award, the Corporation (or a Subsidiary)
shall be entitled to require a cash payment by or on behalf of the Director and/or to deduct from other compensation payable to
the Director any sums required by federal, state or local tax law to be withheld with respect to such vesting of any Restricted
Stock or such Section 83(b) election or other withholding event.

 

11. 
Notices. Any notice to be given under the terms of this Award Agreement shall be in writing and addressed to
the Corporation at its principal office to the attention of the Secretary, and to the Director at the Director’s last address
reflected on the Corporation’s payroll records. Any notice shall be delivered in person or shall be enclosed in a properly
sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid)
in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be given only
when received, but if the Director is no longer an Eligible Person, shall be deemed to have been duly given five business days
after the date mailed in accordance with the foregoing provisions of this Section 11.

 

12. 
Plan. The Award and all rights of the Director under this Award Agreement are subject to the terms and conditions
of the provisions of the Plan, incorporated herein by reference. The Director agrees to be bound by the terms of the Plan and this
Award Agreement. The Director acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Award
Agreement. Unless otherwise expressly provided in other sections of this Award Agreement, provisions of the Plan that confer discretionary
authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Director unless such rights
are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate
action of the Board or the Administrator under the Plan after the date hereof.

 

    	 	4	 

     

    

 

13. 
Entire Agreement. This Award Agreement and the Plan together constitute the entire agreement and supersede all
prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan
may be amended pursuant to Section 8.6 of the Plan. This Award Agreement may be amended by the Board from time to time. Any
such amendment must be in writing and signed by the Corporation. Any such amendment that materially and adversely affects the Director’s
rights under this Award Agreement requires the consent of the Director in order to be effective with respect to the Award. The
Corporation may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect
the interests of the Director hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same
provision or a waiver of any other provision hereof.

 

14. 
Counterparts. This Award Agreement may be executed simultaneously in any number of counterparts, each of which
shall be deemed an original but all of which together shall constitute one and the same instrument.

 

15. 
Section Headings. The section headings of this Award Agreement are for convenience of reference only and shall
not be deemed to alter or affect any provision hereof.

 

16. 
Governing Law. This Award Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of Delaware without regard to conflict of law principles thereunder.

 

17. 
Clawback Policy. The Restricted Stock is subject to the terms of the Corporation’s recoupment, clawback
or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could
in certain circumstances require repayment or forfeiture of the Restricted Stock or other cash or property received with respect
to the Restricted Stock (including any value received from a disposition of the Restricted Stock).

 

18. 
Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM AGAINST OUT OF OR RELATING TO THE PLAN OR THIS RESTRICTED STOCK AWARD AGREEMENT (INCLUDING THESE TERMS).

 

19. 
No Advice Regarding Grant. The Director is hereby advised to consult with his or her own tax, legal and/or investment
advisors with respect to any advice the Director may determine is needed or appropriate with respect to the Restricted Stock (including,
without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Award, the
advantages and disadvantages of making an election under Section 83(b) of the Code with respect to the Award, and the process and
requirements for such an election). Neither the Corporation nor any of its officers, directors, affiliates or advisors makes any
representation (except for the terms and conditions expressly set forth in this Award Agreement) or recommendation with respect
to the Award or the making an election under Section 83(b) of the Code with respect to the Award. In the event the Director desires
to make an election under Section 83(b) of the Code with respect to the Award, it is the Director’s sole responsibility to
do so timely. Except for the withholding rights set forth in Section 10 above, the Director is solely responsible for any and all
tax liability that may arise with respect to the Award.

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the Corporation
has caused this Award Agreement to be executed on its behalf by a duly authorized officer and the Director has hereunto set his
or her hand as of the date and year first above written.

 

	 	FRANCESCA’S HOLDINGS CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	 	 
	 	By: 	 
	 	 	 	 
	 	Print Name: 	                                  
	 	 	 
	 	Its:	              	 
	 	 	 
	 	 	 
	 	DIRECTOR
	 	 	 
	 	 	 
	 	 	 
	 	Signature	 
	 	 	 
	 	 	 
	 	 	 
	 	Print Name	 

 

    	 	6	 

     

    

 

CONSENT OF SPOUSE

 

In consideration of
the execution of the foregoing Restricted Stock Award Agreement by Francesca’s Holdings Corporation, I, _____________________________,
the spouse of the Director therein named, do hereby join with my spouse in executing the foregoing Restricted Stock Award Agreement
and do hereby agree to be bound by all of the terms and provisions thereof and of the Plan.

 

Dated:_____________, 20__

 

	 	 
	 	Signature of Spouse
	 	 
	 	 
	 	Print Name

 

    	 	7	 

     

    

 

EXHIBIT A

 

STOCK POWER

 

FOR VALUE RECEIVED
and pursuant to that certain Restricted Stock Award Agreement between Francesca’s Holdings Corporation, a Delaware corporation
(the “Corporation”), and the individual named below (the “Individual”) dated as of _____________, 20__,
the Individual, hereby sells, assigns and transfers to the Corporation, an aggregate ________ shares of Common Stock of the Corporation,
standing in the Individual’s name on the books of the Corporation and represented by stock certificate number(s) _____________________________________________
to which this instrument is attached, and hereby irrevocably constitutes and appoints _________________ ____________________________________
as his or her attorney in fact and agent to transfer such shares on the books of the Corporation, with full power of substitution
in the premises.

 

Dated _____________, ________

 

 

	 	 
	 	Signature
	 	 
	 	 
	 	 
	 	Print Name

  

 

(Instruction: Please do not fill in
any blanks other than the signature line. The purpose of the assignment is to enable the Corporation to exercise its sale/purchase
option set forth in the Restricted Stock Award Agreement without requiring additional signatures on the part of the Individual.)

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