Document:

EX-4.(b)

 Exhibit 4(b) 

KENTUCKY UTILITIES COMPANY 

OFFICER’S CERTIFICATE 

(under Sections 201 and 301 of the Indenture, dated as of October 1, 2010) 

Establishing the Form and Certain Terms of the 

First Mortgage Bonds, 3.300% Series due 2050 

The undersigned Daniel K. Arbough, the Treasurer of KENTUCKY UTILITIES COMPANY (the “Company”), in accordance with Sections 201 and
301 of the Indenture, dated as of October 1, 2010 (the “Original Indenture”), as amended and supplemented by various instruments including Supplemental Indenture No. 8, dated as of May 15, 2020 (as so amended and
supplemented, the “Indenture”), of the Company to The Bank of New York Mellon, trustee (the “Trustee”), does hereby establish, for the Securities of Series No. 10, established in Supplemental Indenture No. 8, the terms
and characteristics set forth in this Officer’s Certificate (capitalized terms used herein and not defined herein having the meanings specified in the Original Indenture). 

PART I 
 Set forth below
in this Part I are the terms and characteristics of the aforesaid series of Securities referred to in clauses (a) through (u) in the third paragraph of Section 301 of the Indenture (the lettered clauses set forth herein corresponding to
such clauses in said Section 301): 
  

	 	(a)	 the title of the Securities of such series shall be “First Mortgage Bonds, 3.300% Series due 2050”
(the “Bonds”), and the date of the Bonds shall be June 3, 2020; 

  

	 	(b)	 the aggregate principal amount of Bonds which may be authenticated and delivered under the Indenture shall be
limited as and to the extent set forth in Supplemental Indenture No. 8 and any subsequent supplemental indenture relating thereto; 

  

	 	(c)	 interest on the Bonds shall be payable to the Person or Persons in whose names the Bonds are registered at the
close of business on the Regular Record Date for such interest, except as otherwise expressly provided in the form of Bond attached hereto and hereby authorized and approved; 

 

	 	(d)	 the principal of the Bonds shall be due and payable on June 1, 2050; and the Company shall not have the
right to extend the Maturity of the Bonds as contemplated in Section 301(d) of the Indenture; 

  

	 	(e)	 the Bonds shall bear interest at a fixed rate of 3.300% per annum; interest on the Bonds shall accrue from the
date or dates specified in the form of Bond attached hereto as Exhibit A; the Interest Payment Dates for the Bonds shall be June 1 and December 1 of each year, commencing December 1, 2020; the Regular Record Date for the interest
payable on any Interest Payment Date with respect to the Bonds shall be the May 15 or November 15 (whether or not a Business Day) immediately preceding such Interest Payment Date; and the Company shall not have any right to extend any
interest payment periods for the Bonds as contemplated in Sections 301(e) and 312 of the Indenture; 

	 	(f)	 the Corporate Trust Office of the Trustee in New York, New York shall be the office or agency of the Company at
which the principal of and any premium and interest on the Bonds at Maturity shall be payable, at which registration of transfers and exchanges of the Bonds may be effected and at which notices and demands to or upon the Company in respect of the
Bonds and the Indenture may be served; and the Trustee will initially be the Security Registrar and the Paying Agent for the Bonds; provided, however, that the Company reserves the right to change, by one or more Officer’s
Certificates, any such office or agency and such agent; 

  

	 	(g)	 the Bonds shall be redeemable, in whole or in part, at the option of the Company as and to the extent provided,
and at the price or prices set forth, in Exhibit A hereto; 

  

	 	(h)	 inapplicable; 

  

	 	(i)	 the Bonds shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof;

  

	 	(j)	 inapplicable; 

  

	 	(k)	 inapplicable; 

  

	 	(l)	 inapplicable; 

  

	 	(m)	 inapplicable; 

  

	 	(n)	 inapplicable; 

  

	 	(o)	 inapplicable; 

  

	 	(p)	 the only obligations or instruments which shall be considered Eligible Obligations in respect of the Bonds
shall be Government Obligations; and the provisions of Section 901 of the Original Indenture and Section 201 of Supplemental Indenture No. 8 shall apply to the Bonds; 

 

	 	(q)	 reference is made to Part II of this Officer’s Certificate; 

 

	 	(r)	 reference is made to clause (q) above; no service charge shall be made for the registration of transfer or
exchange of the Bonds; provided, however, that the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with the exchange or transfer; 

 

	 	(s)	 inapplicable; 

  

	 	(t)	 inapplicable; and 

  

	 	(u)	 except as otherwise determined by the proper officers of the Company and established in one or more
Officer’s Certificates supplemental to this Officer’s Certificate, the Bonds shall be substantially in the form of the form of Bond attached hereto as Exhibit A, which form is hereby authorized and approved, and shall have such further
terms as are set forth in such form. 

  
 -2- 

 PART II 

Section 1. Definitions. 

For all purposes of this Officer’s Certificate, the terms listed below shall have the meanings indicated, unless otherwise expressly
provided or unless the context otherwise requires: 
 “Certificated Bond” means a certificated Bond registered in the name
of the registered holder thereof, substantially in the form of Exhibit A hereto except that such Bond shall not bear the Global Bond Legend. 

“Custodian” means the Trustee, in its capacity as custodian for the Depositary with respect to the Bonds in global form, or
any successor entity thereto. 
 “Depositary” means the person designated or acting as a securities depositary for the
Bonds. 
 “DTC” means The Depository Trust Company. 

“Global Bond” means a Bond substantially in the form of Exhibit A hereto and bearing the Global Bond Legend. 

“Global Bond Legend” means the legend as to the global nature of a Bond as set forth in Exhibit B hereto, which is
required to be placed on all Global Bonds. 
 Section 2. Global Bonds. 

(a) General. The Bonds are initially to be issued and delivered in global, fully registered form, registered in the name of
Cede & Co., as nominee for DTC, which is hereby designated as the Depositary. Such Global Bonds shall not be transferable, nor shall any purported transfer be registered, except as follows: 

(i) Global Bonds may be transferred in whole, and appropriate registration of transfer effected, by the Depositary to a nominee
thereof, or by any nominee of the Depositary to any other nominee thereof, or by the Depositary or any nominee thereof to any Depositary or any nominee thereof; and 

(ii) Global Bonds may be transferred in whole, with appropriate registration of transfer effected and Certificated Bonds issued
and delivered, to the beneficial holders of the Global Bonds if: 
 (A) The Depositary shall have notified the Company and
the Trustee that (A) it is unwilling or unable to continue to act as securities depositary with respect to such bonds or (B) it is no longer a clearing agency registered under the Securities Exchange Act of 1934, as amended, and, in either
case, the Trustee shall not have been notified by the Company within one hundred twenty (120) days of the receipt of such notice from the Depositary of the identity of a successor Depositary; or 

(B) the Company shall have delivered to the Trustee a written order to the effect that, on and after a date specified therein,
the Bonds are no longer to be held in global form by a Depositary (subject to the procedures of the Depositary). 

  
 -3- 

 In the event of a transfer of Global Bonds as contemplated in clause (ii) above, the
Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of Certificated Bonds and upon surrender of such Global Bonds, will authenticate and deliver, Certificated Bonds in an aggregate principal
amount equal to the principal amount of such Global Bonds, such Certificated Bonds to be registered in the names provided by the Depositary. 

(b) Principal Amount of Global Bonds. Each Global Bond shall represent such of the outstanding Bonds as shall be specified therein, and
the aggregate principal amount of outstanding Bonds represented thereby may from time to time be reduced to reflect redemptions thereof. Any notation on a Global Bond to reflect the amount of any decrease in the aggregate principal amount of
outstanding Bonds represented thereby resulting from such redemption shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by or on behalf of the registered holder thereof and with the
applicable procedures of the Depositary. 
 (c) Disclaimers. Neither the Company nor the Trustee shall have any responsibility or
obligation to any beneficial owner of a Global Bond, any participant in the Depositary or any other Person with respect to the accuracy of, or for maintaining, supervising or reviewing, the records of the Depositary or its nominee or of any
participant therein or member thereof, with respect to any ownership interest in the Global Bonds or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any
notice of redemption) or the payment of any amount, on or with respect to such Global Bonds. All notices and communications required to be given to the Holders and all payments on Global Bonds required to be made to Holders shall be given or made
only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Bond). The rights of beneficial owners in any Global Bond shall be exercised only through the Depositary subject to the
applicable rules and procedures of the Depositary. The Company and the Trustee may rely conclusively and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial
owners. The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable law with respect to any transfer of any interest in any Global
Bond (including any transfers between or among Depositary participants, members or beneficial owners in any Global Bond) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do
so if and when expressly required by, the terms of the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

 
  

 

  
 -4- 

 IN WITNESS WHEREOF, I have executed this Officer’s Certificate this 3rd day of June,
2020. 
  

	
	 /s/ Daniel K. Arbough

	Name: Daniel K. Arbough
	Title:   Treasurer

  

			
	 /s/ John R. Crockett III

	Name:	 	John R. Crockett III
	Title	 	General Counsel, Chief Compliance
		 	Officer and Corporate Secretary

 [Signature Page to KU Officer’s Certificate under Sections 201 and 301 of the Indenture – 2050
Bonds] 
  

 Exhibit A 

[FORM OF BOND] 
  

			
	No._______________	  	                    CUSIP No. ____________        
	Principal Amount of $_______________	  	

 KENTUCKY UTILITIES COMPANY 

FIRST MORTGAGE BOND, 3.300% SERIES DUE 2050 

KENTUCKY UTILITIES COMPANY, a corporation duly organized and existing under the laws of the Commonwealths of Kentucky and Virginia (herein
referred to as the “Company”, which term includes any Successor Corporation under the Indenture referred to below), for value received, hereby promises to pay to 

or to its registered assigns, the principal sum of 

MILLION ($_______________) Dollars 
 on
June 1, 2050 (the “Stated Maturity Date”), and to pay interest on said principal sum semi-annually in arrears on June 1 and December 1 of each year (each, an “Interest Payment Date”), at the rate of 3.300% per
annum until the principal hereof is paid or made available for payment. The first Interest Payment Date for the Securities of this series shall be December 1, 2020, and interest on the Securities of this series will accrue from and including
June 3, 2020, to and excluding the first Interest Payment Date, and thereafter will accrue from and including the last Interest Payment Date to which interest on the Securities of this series has been paid or duly provided for. No interest will
accrue on the Securities of this series with respect to the day on which the Securities are paid. 
 CERTIFICATE OF AUTHENTICATION

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

Date of Authentication: 
  

			
		 	, as Trustee
	By:	 	          

		 	Authorized Signatory

  
 A-1 

 In the event that any Interest Payment Date is not a Business Day, then payment of interest
payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of such delay) with the same force and effect as if made on the Interest Payment Date. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid (a) to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the May 15 or November 15, whether or not a Business Day (each such date, a “Regular Record Date”), immediately preceding such Interest Payment Date or (b) so long as the Bonds are Global Bonds held in the name
of a securities depository for the Bonds or its nominee, to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Business Day immediately preceding such Interest Payment Date,
except that interest payable at Maturity will be payable to the Person to whom principal shall be paid. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and
may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture referred to herein. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 
 Payment of the principal
of and premium, if any, and interest at Maturity on this Security shall be made upon presentation of this Security at the corporate trust office of The Bank of New York Mellon in New York, New York, or at such other office or agency as may be
designated for such purpose by the Company from time to time, 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, and payment of interest, if any, on this
Security (other than interest payable at Maturity) shall be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, provided that if such Person is a securities depositary, such
payment may be made by such other means in lieu of check as shall be agreed upon by the Company, the Trustee and such Person. 
 This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and issuable in one or more series under an Indenture, dated as of October 1, 2010 (herein called the “Original
Indenture” and, together with any amendments or supplements thereto and the Officer’s Certificate establishing the terms of the Securities of this series, the “Indenture,” which term shall have the meaning assigned to it in the
Original Indenture), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture, including
Supplemental Indenture No. 8 thereto, for a statement of the property mortgaged, pledged and held in trust, the nature and extent of the security, the conditions upon which the lien of the Indenture may be released and the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. The acceptance of this Security by the
Holder hereof shall be deemed to constitute the consent and agreement by such Holder to all of the terms and provisions of the Indenture. This Security is one of the series designated on the face hereof. 

  
 A-2 

 Prior to the Par Call Date (defined below), this Security is subject to redemption at the
option of the Company, in whole at any time or in part from time to time, at a redemption price equal to the greater of: 
  

	 	(a)	 100% of the principal amount of this Security to be so redeemed; and 

 

	 	(b)	 as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of
principal and interest on the principal amount of this Security to be so redeemed that would be due if the Stated Maturity Date of this Security were the Par Call Date (not including any portion of such payments of interest accrued to the date of
redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 30
basis points, 

 plus, in either of the above cases, accrued and unpaid interest to the date of redemption. 

Promptly after the calculation thereof, the Company shall give the Trustee written notice of the redemption price for the foregoing
redemption. The Trustee shall have no responsibility for any such calculation. 
 On or after the Par Call Date, this Security is subject to
redemption at the option of the Company, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of this Security to be so redeemed, plus accrued and unpaid interest to the date of redemption.

 As used herein: 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the
semi-annual 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 that redemption date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as
having an actual or interpolated maturity comparable to the remaining term of this Security (assuming for this purpose that the Stated Maturity Date of this Security were the Par Call Date) that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Security. 

“Comparable Treasury Price” means, with respect to any redemption date: 

 

	 	(a)	 the average of three Reference Treasury Dealer Quotations for that redemption date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or 

  

	 	(b)	 if the Quotation Agent obtains fewer than three Reference Treasury Dealer Quotations, the average of all
Reference Treasury Dealer Quotations so received. 

 “Par Call Date” means
December 1, 2049. 
 “Quotation Agent” means one of the Reference Treasury Dealers appointed by the
Company. 

  
 A-3 

 “Reference Treasury Dealer” means: 

 

	 	(a)	 each of Barclays Capital Inc., Citigroup Global Markets Inc., and Goldman Sachs & Co. LLC (or their
respective affiliates that are Primary Treasury Dealers, as defined below), and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc., or their respective successors, unless any of them is not or ceases to be a primary U.S. Government
securities dealer in the United States (a “Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer; and 

 

	 	(b)	 any other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount), as provided to the Quotation Agent by that Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 Notice of redemption
shall be given by mail to Holders of Securities, not less than 30 days nor more than 60 days prior to the date fixed for redemption, all as provided in the Indenture. As provided in the Indenture, notice of redemption at the election of the Company
as aforesaid may state that such redemption shall be conditional upon the receipt by the applicable Paying Agent or Agents of money sufficient to pay the principal of and premium, if any, and interest, on this Security on or prior to the date fixed
for such redemption; a notice of redemption so conditioned shall be of no force or effect if such money is not so received and, in such event, the Company shall not be required to redeem this Security. 

In the event of redemption of this Security in part only, a new Security or Securities of this series of like tenor representing the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of Default with
respect to the Securities of this series shall occur and be continuing, the principal of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security upon compliance with certain
conditions set forth 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 Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of all series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of all series affected at the time
Outstanding, on behalf of the Holders of all Securities 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 Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 

  
 A-4 

 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (a) such Holder shall have previously given the Trustee written notice
of a continuing Event of Default; (b) the Holders of 25% in aggregate principal amount of the Outstanding Securities shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee reasonable indemnity; (c) the Trustee shall not have received from the Holders of a majority in aggregate principal amount of the Outstanding Securities a direction inconsistent with such request; and (d) shall have
failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed. 
 The Securities of this series are issuable only in registered form without coupons, and 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, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or
accompanied by a written instrument or transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and Tranche,
of authorized denominations and of like tenor and aggregate principal amount, shall be issued to the designated transferee or transferees. 

As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series and Tranche are exchangeable for
a like aggregate principal amount of Securities of the same series and Tranche of any authorized denominations, as requested by the Holder surrendering the same, and of like tenor upon surrender of the Security or Securities to be exchanged at the
office or agency of the Company for such purpose. 
 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. 
 The
Company shall not be required to execute and the Security Registrar shall not be required to register the transfer of or exchange of (a) Securities of this series during a period of 15 days immediately preceding the date notice is given
identifying the serial numbers of the Securities of this series called for redemption or (b) any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the absolute owner hereof for all purposes (subject to Sections 305 and 307 of the Indenture), whether or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary. 
 The Indenture and this Security shall be governed by and construed in accordance
with the laws of the State of New York (including, without limitation, Section 5-1401 of the New York General Obligations Law or any successor to such statute), except to the extent that the Trust
Indenture Act shall be applicable and except to the extent that the law of the any other jurisdiction shall mandatorily govern. 

  
 A-5 

 As used herein, “Business Day,” means any day, other than a Saturday or Sunday,
that is not a day on which banking institutions or trust companies in The City of New York, New York, or other city in which a paying agent for this Security is located, are generally authorized or required by law, regulation or executive order to
remain closed. All other terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

As provided in the Indenture, no recourse shall be had for the payment of the principal of or premium, if any, or interest on any Securities,
or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented thereby, or upon any obligation, covenant or agreement under the Indenture, against, and no personal liability whatsoever shall
attach to, or be incurred by, any incorporator, stockholder, member, officer or director, as such, past, present or future of the Company or of any predecessor or successor corporation (either directly or through the Company or a predecessor or
successor corporation), whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Indenture and all the Securities
are solely corporate obligations and that any such personal liability is hereby expressly waived and released as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the Securities. 

  
 A-6 

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

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Date of Security: 
  

			
	KENTUCKY UTILITIES COMPANY
		
	By:	 	      

		 	Name:
		 	Title:
	
	     

		 	Name:
		 	Title:

  
 A-7 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 

 
  

[please insert social security or other identifying number of assignee] 

 
  

[please print or typewrite name and address of assignee] 
  

 
 the within Security of KENTUCKY UTILITIES COMPANY
and does hereby irrevocably constitute and appoint
                             , Attorney,
to transfer said Security on the books of the within-mentioned Company, with full power of substitution in the premises. 

Dated:                     

  
  

[signature of assignee] 
 Notice:
The signature to this assignment must correspond with the name as written upon the face of the Security in every particular without alteration or enlargement or any change whatsoever. 

SIGNATURE GUARANTEE 
  

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

  
 A-8 

 EXHIBIT B 

GLOBAL BOND LEGEND 
 “THIS IS A
GLOBAL BOND HELD BY OR ON BEHALF OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS BOND) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT
(I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (II) THIS GLOBAL BOND MAY BE TRANSFERRED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2(a) OF PART II OF THE OFFICER’S CERTIFICATE
ESTABLISHING THIS SERIES OF BONDS UNDER THE INDENTURE AND (III) THIS GLOBAL BOND MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 309 OF THE INDENTURE.” 

In addition, if the Depositary shall be DTC, each Global Bond shall bear the following legend: 

“UNLESS THIS BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. 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 A PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.” 

  
 B-1Exhibit
10.4

 

SHARE
APPRECIATION RIGHTS AGREEMENT

PURSUANT
TO THE

INTERNATIONAL
GENERAL INSURANCE HOLDINGS LTD. 2020 OMNIBUS INCENTIVE PLAN

 

*  
*   *   *   *

 

Participant:
_____________________

 

Grant
Date: _____________________

 

Base
Price: $_____

 

Number
of Shares subject to this SAR: _____________________

 

*
  *   *   *   *

 

THIS
SHARE APPRECIATION RIGHTS AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered
into by and between International General Insurance Holdings Ltd., a Bermuda exempted company (the “Company”),
and the Participant specified above, pursuant to the International General Insurance Holdings Ltd. 2020 Omnibus Incentive Plan,
as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and

 

WHEREAS,
it has been determined under the Plan that it would be in the best interests of the Company to grant the Share Appreciation Rights
(“SAR”) provided for herein to the Participant.

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration,
the parties hereto hereby mutually covenant and agree as follows:

 

1.
Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions
of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments
are expressly intended not to apply to the Award provided hereunder), all of which terms and provisions are made a part of and
incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement
shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of
the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict
between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.

 

     

     

    

 

2.
Grant of SAR. The Company hereby grants to the Participant, as of the Grant Date, a SAR on the number of shares
specified above. The SAR represents the right, upon exercise, to receive [either cash or] a number of Common Shares [, or a combination
of cash and Common Shares,] with a Fair Market Value on the date of exercise equal [, in each case,] to the product of (i) the
aggregate number of shares with respect to which this SAR is exercised and (ii) the excess of (A) the Fair Market Value of
a Common Share as of the date of exercise over (B) the SAR Base Price specified above. Except as otherwise provided by the
Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the
Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason.
The Participant shall have no rights as a shareholder with respect to any Common Shares covered by the SAR unless and until the
Participant has become the holder of record of such shares, and no adjustments shall be made for dividends in cash or other property,
distributions or other rights in respect of any such shares, except as otherwise specifically provided for in the Plan or this
Agreement.

 

3.
Vesting and Exercise.

 

(a) Vesting.
Subject to the provisions of Sections 3(b) and 3(c) hereof, the SAR shall vest and become exercisable as follows, provided
that the Participant has not incurred a Termination prior to each such vesting date:

 

	Vesting Date	 	Number of Shares
	[●]	 	[●]
	[●]	 	[●]
	[●]	 	[●]
	[●]	 	[●]

 

There
shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the
appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on
each applicable vesting date. Upon expiration of the SAR, the SAR shall be cancelled and no longer exercisable.

 

(b) Committee
Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide for
accelerated vesting of the SAR at any time and for any reason.

 

(c) [Termination
Following a Change in Control. The SAR shall become fully vested upon the occurrence of the Participant’s
Termination, other than for Cause, during the 12-month period following a Change in Control.]

 

(d) Expiration.
Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement, all portions of the
SAR (whether vested or not vested) shall expire and shall no longer be exercisable after the expiration of ten (10) years
from the Grant Date.

 

    2

     

    

 

4.
Termination.Subject to the terms of the Plan and this Agreement, the SAR, to the extent vested at the time of
the Participant’s Termination, shall remain exercisable as follows:

 

(a) Termination
due to Death or Disability. In the event of the Participant’s Termination by reason of death or Disability, the
vested portion of the SAR shall remain exercisable until the earlier of (i) one (1) year from the date of such Termination,
and (ii) the expiration of the stated term of the SAR pursuant to Section 3(d) hereof; provided, however, that
in the case of a Termination due to Disability, if the Participant dies within such one (1) year exercise period, any
unexercised SAR held by the Participant shall thereafter be exercisable by the legal representative of the
Participant’s estate, to the extent to which it was exercisable at the time of death, for a period of one (1) year from
the date of death, but in no event beyond the expiration of the stated term of the SAR pursuant to Section 3(d)
hereof.

 

(b) Involuntary
Termination Without Cause. In the event of the Participant’s involuntary Termination by the Company without Cause,
the vested portion of the SAR shall remain exercisable until the earlier of (i) ninety (90) days from the date of such
Termination, and (ii) the expiration of the stated term of the SAR pursuant to Section 3(d) hereof.

 

(c) Voluntary
Resignation. In the event of the Participant’s voluntary Termination (other than a voluntary Termination described
in Section 4(d) hereof), the vested portion of the SAR shall remain exercisable until the earlier of (i) ninety (90) days
from the date of such Termination, and (ii) the expiration of the stated term of the SAR pursuant to Section 3(d)
hereof.

 

(d) Termination
for Cause. In the event of the Participant’s Termination for Cause or in the event of the Participant’s
voluntary Termination (as provided in Section 4(c) hereof) after an event that would be grounds for a Termination for Cause,
the Participant’s entire SAR (whether or not vested) shall terminate and expire upon such Termination.

 

(e)
Treatment of Unvested SAR upon Termination. Any portion of the SAR that is not vested as of the date of the
Participant’s Termination for any reason shall terminate and expire as of the date of such Termination.

 

5.
Method of Exercise. Subject to Section 8, to the extent that all or a portion of the SAR has become vested and exercisable,
such portion of the SAR may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time
prior to the expiration of the SAR as provided herein and in accordance with Sections 7.4(c) and 7.4(d) of the Plan, including,
without limitation, by the filing of any written form of exercise notice as may be required by the Committee.

 

6.
Non-Transferability. The SAR, and any rights and interests with respect thereto, issued under this Agreement and
the Plan shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary(ies)
of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution. Any attempt
to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way the SAR, or the levy of
any execution, attachment or similar legal process upon the SAR, contrary to the terms and provisions of this Agreement and/or
the Plan shall be null and void and without legal force or effect.

 

    3

     

    

 

7.
Governing Law. All questions concerning the construction, validity and interpretation of this Agreement shall be
governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles
thereof.

 

8.
Withholding of Tax. The Company shall have the power and the right to deduct or withhold, or require the Participant
to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind which the Company,
in its sole discretion, deems necessary to be withheld or remitted to comply with any applicable law, rule or regulation with
respect to the SAR and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any Common Shares
otherwise required to be issued pursuant to this Agreement. Any minimum statutorily required withholding obligation with regard
to the Participant may, with the consent of the Committee, be satisfied by reducing the amount of cash or of Common Shares otherwise
deliverable upon exercise of the SAR.

 

9.
Entire Agreement; Amendment. This Agreement, together with the Plan, contains the entire agreement between the parties
hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether
written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion,
to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be
modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the
Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.

 

10. Notices.
Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given
only upon receipt thereof by the General Counsel of the Company. Any notice hereunder by the Company shall be given to the
Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the
Participant may have on file with the Company.

 

11. No
Right to Employment. Any questions as to whether and when there has been a Termination and the cause of such
Termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or
limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment
or service at any time, for any reason and with or without Cause.

 

12. Transfer
of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company
(or any Subsidiary) of any personal data information related to the SAR awarded under this Agreement for legitimate business
purposes (including, without limitation, the administration of the Plan). This authorization and consent is freely given by
the Participant.

 

    4

     

    

 

13. Compliance
with Laws. The issuance of this SAR (and any Common Shares upon exercise of this SAR) pursuant to this Agreement
shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities
laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in
each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto.
The Company shall not be obligated to issue the SAR or any of the shares pursuant to this Agreement if any such issuance
would violate any such requirements.

 

14. Section
409A. Notwithstanding anything herein or in the Plan to the contrary, this SAR award is intended to be exempt from
the applicable requirements of Section 409A of the U.S. Internal Revenue Code and shall be limited, construed and interpreted
in accordance with such intent.

 

15.
Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable
by the Company and its successors and assigns. The Participant shall not assign (except in accordance with Section 6 hereof) any
part of this Agreement without the prior express written consent of the Company.

 

16. Headings.
The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and
shall not be deemed to be a part of this Agreement.

 

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

 

18. Further
Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts
and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto
reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the
consummation of the transactions contemplated thereunder.

 

19. Severability.
The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity,
legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or
enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and
obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

 

20. Acquired
Rights. The Participant acknowledges and agrees that: (a) the Company, acting through its Board of Directors, may
terminate or amend the Plan at any time; (b) the award of the SAR made under this Agreement is completely independent of any
other award or grant and is made at the sole discretion of the Committee; (c) no past grants or awards (including, without
limitation, the SAR awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and
(d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be
considered as part of such salary in the event of severance, redundancy or resignation.

 

[Remainder
of Page Intentionally Left Blank]

 

    5

     

    

 

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

 

	 	INTERNATIONAL
    GENERAL INSURANCE HOLDINGS LTD.
	 	 	                      
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	 
	 	 	 
	 	Name:	 

 

 

6

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