Document:

Exhibit
10.2

 

PERFORMANCE
STOCK UNIT AGREEMENT 

 

PURSUANT
TO THE 

 

FALCON
MINERALS CORPORATION 

 

2018
LONG-TERM INCENTIVE PLAN 

 

*
* * * * 

 

Participant:
[Name]

 

Grant
Date: May [●], 2019

 

Target
Number of Performance Stock Units Granted: [●]

 

Maximum
Number of Performance Stock Units Granted: [●]

 

*
* * * * 

 

THIS
PERFORMANCE STOCK UNIT AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered
into by and between Falcon Minerals Corporation, a Delaware corporation (the “Company”), and the Participant
specified above, pursuant to the Falcon Minerals Corporation 2018 Long-Term Incentive Plan, as in effect and as amended from time
to time (the “Plan”), which is administered by the Committee; and

 

WHEREAS,
the Committee has determined in accordance with the Plan that it would be in the best interests of the Company to grant the
Performance Stock Units (“PSUs”) provided herein to the Participant.

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration,
and intending to be legally bound hereby, 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; provided, however, that any
provisions with respect to treatment of the PSUs upon the Participant’s Termination (as defined below) shall be as provided
in this Agreement.

 

2.
Grant of Performance Stock Unit Award. The Company hereby grants to the Participant, as of the Grant Date specified
above, the number of PSUs specified under Target Number of Performance Stock Units Granted above (i.e., [●] PSUs), provided
that the Participant is eligible to earn PSUs up to the number of PSUs specified under Maximum Number of Performance Stock Units
Granted above (i.e., [●] PSUs). Except as otherwise provided by the Plan and this Agreement, 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, 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, including Section 3(b) below. Subject to Section 5 hereof, the Participant
shall not have the rights of a stockholder in respect of the shares underlying this Award until such shares are delivered to the
Participant in accordance with Section 4 hereof.

 

3.
Vesting. The PSUs shall be subject to both time vesting and performance vesting.

 

(a)
Subject to the further provisions of this Section 3, the PSUs subject to this grant shall time vest on August 23, 2021, provided
that the Participant has not incurred a Termination prior to such date.

 

     

     

    

 

(b)
The PSUs shall performance vest if the following performance targets are met on or prior to August 23, 2025, in accordance with
the following schedules:

 

(i)
[●] PSUs will vest on the date that the 30-Day VWAP (as such term is defined in that certain Contribution Agreement, dated
as of June 3, 2018, by and among Royal Resources L.P., a Delaware limited partnership (“Royal Resources”),
Osprey Energy Acquisition Corp., a Delaware corporation, and such other parties thereto named therein, as such agreement is in
effect as of the date hereof (the “Contribution Agreement”)) equals or exceeds $10.00 per share (subject to
adjustment in accordance with Section 12 hereof).

 

(ii)
An additional [●] PSUs will vest on the date that the 30-Day VWAP equals or exceeds $12.50 per share (subject to adjustment
in accordance with Section 12 hereof) (such target, the “Tier 1 Target” and any such date, the “Tier
1 Target Date”); provided that an additional number of PSUs shall vest under this Section 3(b)(ii) if any Extraordinary
Dividends (as defined in the Contribution Agreement) were declared during the period commencing on the Grant Date and ending on
the Tier 1 Target Date, with such additional number to be in the same proportion as the additional number of Common Units (as
defined in the Contribution Agreement), if any, issued to Royal Resources under Section 2.6(a)(i) of the Contribution Agreement.
Notwithstanding the foregoing, in no event will the amount of PSUs vesting pursuant to Section 3(b)(ii) exceed [●] in the
aggregate.

 

(iii)
An additional [●] PSUs will vest on date that the 30-day VWAP equals or exceeds $15.00 per share (subject to adjustment
in accordance with Section 12 hereof) (such target, the “Tier 2 Target”, and together with the targets described
in Section 3(b)(i) and Section 3(b)(ii), the “Targets”, and each, a “Target” and any such
date, the “Tier 2 Target Date”); provided that the Tier 2 Target shall be decreased effective immediately after
the declaration of any Extraordinary Dividend (as defined in the Contribution Agreement) during the period commencing on the Grant
Date and ending on the Tier 2 Target Date, with such decrease in the Tier 2 Target, if any, to be the same as the decrease of
the Adjusted Tier 2 Target for Royal Resources under the Contribution Agreement; provided further, that in no instance shall
the Tier 2 Target be decreased below $12.50 (subject to adjustment in accordance with Section 12 hereof).

 

(iv)
In the event of a Liquidity Event (as defined below) that results in distributions to stockholders or that involves shares of
the Company being acquired pursuant to a tender offer or an agreement with the Company, the Price Target (to the extent not previously
achieved) shall be applied using the Liquidity Event Price, as defined below, rather than the 30-Day VWAP as of the date of the
Liquidity Event. For the avoidance of doubt, to the extent that the foregoing does not cause the PSUs to vest, the Targets shall
continue to apply as set forth in clauses (i), (ii) and (iii) above.

 

(v)
The term “Liquidity Event” shall have the meaning set forth in the Contribution Agreement.

 

(vi)
The term “Liquidity Event Price” shall mean the highest price per share of Common Stock paid in any Liquidity Event.

 

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, except for acceleration as provided herein or in the Plan. For avoidance of doubt, once the 30-day VWAP
targets set forth above are achieved, such PSU shall not become unvested if the trading price of the Company subsequently declines.
Any PSUs that have not vested in accordance with the terms of this Agreement as of August 23, 2025 shall be forfeited for no consideration
on August 23, 2025.

 

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

 

(d)
Qualifying Termination. Upon the Participant’s Termination by the Company without Cause or upon the Participant’s
Termination due to the Participant’s death or Disability (any such termination, a “Qualifying Termination”),
the PSUs shall be time vested as of the date of termination and shall be performance vested, to the extent not yet performance
vested, based on the achievement of one or more of the Targets, if any, achieved on or within 30 days following the Participant’s
date of the Qualifying Termination. Any PSUs that have not vested in accordance with this Section 3(d) shall be forfeited for
no consideration as of the date 30 days after the Qualifying Termination.

 

(e)
Forfeiture. Subject to the Committee’s discretion to accelerate vesting hereunder, other than in the event of a Qualifying
Termination, upon the Participant’s Termination for any reason before all of the PSUs subject to this grant have vested,
any unvested PSUs shall automatically terminate and shall be forfeited as of the date of the Participant’s Termination.

 

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4.
Delivery of Shares or Cash.

 

(a)
Within thirty (30) days following the date on which both the time and the performance vesting criteria have been met with respect
to PSUs, the Participant shall receive the number of shares of Common Stock that correspond to the number of PSUs that have become
vested on the applicable vesting date or, in the sole discretion of the Committee, an amount in cash equal to the Fair Market
Value of a share of Common Stock on the date of vesting for each PSU. Whether payment is made in the form of Common Stock or cash,
or a combination thereof, shall be determined in the sole discretion of the Committee.

 

(b) Blackout
Periods. If the Participant is subject to any Company “blackout” policy or other trading restriction imposed
by the Company on the date such distribution would otherwise be made pursuant to Section 4(a) hereof, such distribution shall
be instead made on the earlier of (i) the date that the Participant is not subject to any such policy or restriction and (ii)
ninety (90) days following the date such distribution would otherwise have been made hereunder.

 

5.
Dividends; Rights as Stockholder. Except as otherwise provided herein, the Participant shall have no rights as a
stockholder with respect to any shares of Common Stock covered by any PSU, including any rights to cash dividends on shares of
Common Stock issuable hereunder, unless and until the Participant has become the holder of record of such shares.

 

6.
Non-Transferability. Subject to Section 19 hereof, no portion of the PSUs may be sold, assigned, transferred, encumbered,
hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the PSUs or in the event of
the Participant’s death or disability, as provided herein, unless and until payment is made in respect of vested PSUs in
accordance with the provisions hereof and the Participant has become the holder of record of the vested shares of Common Stock
issuable hereunder.

 

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 (including, but
not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to
be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the PSUs and,
if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise
required to be issued pursuant to this Agreement. At the discretion of the Company, any minimum statutorily required withholding
obligation with regard to the Participant may be satisfied by reducing the amount of cash or shares of Common Stock otherwise
deliverable to the Participant hereunder.

 

9.
Legend. The Company may at any time place legends referencing any applicable federal, state or foreign securities
law restrictions on all certificates, if any, representing shares of Common Stock issued pursuant to this Agreement. The Participant
shall, at the request of the Company, promptly present to the Company any and all certificates representing shares of Common Stock
acquired pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section.

 

10.
Securities Representations. The PSUs are being issued to the Participant and this Agreement is being made by the
Company in reliance upon the following express representations and warranties of the Participant. The Participant acknowledges,
represents and warrants that:

 

(a)
The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the
Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this
Section 10.

 

(b)
If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, any shares of Common Stock issued
to the Participant in respect of the PSUs must be held indefinitely unless an exemption from any applicable resale restrictions
is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to
such shares and the Company is under no obligation to register such shares (or to file a “re-offer prospectus”).

 

(c)
If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Participant understands that
(i) the exemption from registration under Rule 144 will not be available unless (A) a public trading market then exists for the
Common Stock of the Company, (B) adequate information concerning the Company is then available to the public, and (C) other terms
and conditions of Rule 144 or any exemption therefrom are complied with, and (ii) any sale of the shares of Common Stock issued
to the Participant in respect of the PSUs hereunder may be made only in limited amounts in accordance with the terms and conditions
of Rule 144 or any exemption therefrom.

 

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11.
Restrictive Covenants.

 

(a)
Confidentiality. During the course of the Participant’s employment with the Company, the Participant will have access
to Confidential Information. For purposes of this Agreement, “Confidential Information” means all data, information,
ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements,
know-how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns,
models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether
merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising
from the past, current or potential business, activities and/or operations of the Company or any of its affiliates, including,
without limitation, any such information relating to or concerning finances, sales, marketing, advertising, transition, promotions,
pricing, personnel, customers, suppliers, vendors, raw partners and/or competitors. The Participant agrees that the Participant
shall not, directly or indirectly, other than in the good faith performance of his duties hereunder, use, make available, sell,
disclose or otherwise communicate to any person, other than in the course of the Participant’s assigned duties and for the
benefit of the Company, either during the period of the Participant’s employment or at any time thereafter, any Confidential
Information or other confidential or proprietary information received from third parties subject to a duty on the Company’s
and its subsidiaries’ and affiliates’ part to maintain the confidentiality of such information, and to use such information
only for certain limited purposes, in each case, which shall have been obtained by the Participant during the Participant’s
employment by the Company (or any predecessor). The foregoing shall not apply to information that (i) was known to the public
prior to its disclosure to the Participant; (ii) becomes generally known to the public subsequent to disclosure to the Participant
through no wrongful act of the Participant or any representative of the Participant; (iii) is independently developed by Participant,
or comes into possession of the Participant, other than in connection with his employment by the Company; or (iv) the Participant
is required to disclose by applicable law, regulation or legal process (provided that the Participant provides the Company with
prior notice of the contemplated disclosure and cooperates with the Company at its expense in seeking a protective order or other
appropriate protection of such information).

 

(b)
Nonsolicitation; Noninterference.

 

(i)
During the Participant’s employment with the Company and the Restricted Period (as defined below), the Participant agrees
that the Participant shall not, except in the furtherance of the Participant’s duties to the Company, directly or indirectly,
individually or on behalf of any other person, firm, corporation or other entity, solicit, aid or induce any customer of the Company
or any of its subsidiaries or affiliates to purchase goods or services then sold by the Company or any of its subsidiaries or
affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying
or soliciting any such customer.

 

(ii)
During the Participant’s employment with the Company and the Restricted Period, the Participant agrees that the Participant
shall not, except in the furtherance of the Participant’s duties to the Company, directly or indirectly, individually or
on behalf of any other person, firm, corporation or other entity, (A) solicit, aid or induce any employee, representative or agent
of the Company or any of its subsidiaries or affiliates to leave such employment or retention or to accept employment with or
render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or hire or retain
any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation
or other entity in identifying, hiring or soliciting any such employee, representative or agent, or (B) interfere, or aid or induce
any other person or entity in interfering, with the relationship between the Company or any of its subsidiaries or affiliates
and any of their respective vendors, joint venturers or licensors. An employee, representative or agent shall be deemed covered
by this Section 11(b)(ii) while so employed or retained and for a period of six (6) months thereafter. Notwithstanding the foregoing,
a general solicitation that is not targeted at employees, representatives, or agents of the Company shall not constitute a breach
of this Section 11(b)(ii).

 

(iii)
“Restricted Period” means the period beginning on the Participant’s last day of employment with the Company
and ending on the first anniversary thereof.

 

(c) Nondisparagement.
The Participant agrees not to make negative comments or otherwise disparage the Company or its officers, directors,
employees, shareholders, agents or products other than in the good faith performance of the Participant’s duties to the
Company while the Participant is employed by the Company. The Company agrees to instruct its officers and directors at the
time of the Participant’s termination and, to the extent the Participant is terminated in connection with a Change
in Control, its officers and directors in the ninety (90) day period following such Change in Control, not to make negative
comments about or otherwise disparage the Participant other than in the good faith performance of duties to the Company. This
Section 11(c) shall not be violated by truthful statements in response to legal process, required governmental testimony or
filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such
proceedings).

 

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(d)
Inventions.

 

(i)
The Participant acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments,
software, know-how, processes, techniques, works of authorship and other work product, whether patentable or unpatentable, (A)
that are reduced to practice, created, invented, designed, developed, contributed to, or improved with the use of any Company
resources and/or within the scope of the Participant’s work with the Company or that relate to the business, operations
or actual or demonstrably anticipated research or development of the Company, and that are made or conceived by the Participant,
solely or jointly with others, during the period of employment (the “Employment Term”), or (B) suggested by any work
that the Participant performs in connection with the Company, either while performing the Participant’s duties with the
Company or on the Participant’s own time, shall belong exclusively to the Company (or its designee), whether or not patent
or other applications for intellectual property protection are filed thereon (the “Inventions”). The Participant
will keep full and complete written records (the “Records”), in the manner prescribed by the Company, of all
Inventions, and will promptly disclose all Inventions completely and in writing to the Company. The Records shall be the sole
and exclusive property of the Company, and the Participant will surrender them upon the termination of the Employment Term, or
upon the Company’s request. The Participant irrevocably conveys, transfers and assigns to the Company the Inventions and
all patents or other intellectual property rights that may issue thereon in any and all countries, whether during or subsequent
to the Employment Term, together with the right to file, in the Participant’s name or in the name of the Company (or its
designee), applications for patents and equivalent rights (the “Applications”). The Participant will, at any
time during and subsequent to the Employment Term, make such applications, sign such papers, take all rightful oaths, and perform
all other acts as may be requested from time to time by the Company to perfect, record, enforce, protect, patent or register the
Company’s rights in the Inventions, all without additional compensation to the Participant from the Company but at the Company’s
sole expense. The Participant will also execute assignments to the Company (or its designee) of the Applications, and give the
Company and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the Company’s
benefit, all without additional compensation to the Participant from the Company.

 

(ii)
In addition, the Inventions will be deemed Work for Hire, as such term is defined under the copyright laws of the United States,
on behalf of the Company and the Participant agrees that the Company will be the sole owner of the Inventions, and all underlying
rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations
to the Participant. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, or the rights in such Inventions
do not otherwise automatically vest in the Company, the Participant hereby irrevocably conveys, transfers and assigns to the Company,
all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions,
including, without limitation, all of the Participant’s right, title and interest in the copyrights (and all renewals, revivals
and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter
recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions,
to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other
unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation,
the right to receive all proceeds and damages therefrom. In addition, the Participant hereby waives any so-called “moral
rights” with respect to the Inventions. To the extent that the Participant has any rights in the results and proceeds of
the Participant’s service to the Company that cannot be assigned in the manner described herein, the Participant agrees
to unconditionally waive the enforcement of such rights. The Participant hereby waives any and all currently existing and future
monetary rights in and to the Inventions and all patents and other registrations for intellectual property that may issue thereon
including, without limitation, any rights that would otherwise accrue to the Participant’s benefit by virtue of the Participant
being an employee of or other service provider to the Company.

 

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(iii)
18 U.S.C. § 1833(b) provides: “An individual shall not be held criminally or civilly liable under any Federal or State
trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local
government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating
a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such
filing is made under seal.” Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability
for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement
have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for
the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade
secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public
disclosure.

 

(e)
Reasonableness of Covenants. In signing this Agreement, the Participant gives the Company assurance that the Participant
has carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed under this
Section 11 hereof. The Participant agrees that these restraints are necessary for the reasonable and proper protection of the
Company and its affiliates and their Confidential Information and that each and every one of the restraints is reasonable in respect
to subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent
the Participant from obtaining other suitable employment during the period in which the Participant is bound by the restraints.
The Participant agrees that, before providing services, whether as an employee or consultant, to any entity during the period
of time that the Participant is subject to the constraints in Section 11(a) hereof, the Participant will provide a copy of Section
11 of this Agreement to such entity. The Participant acknowledges that each of these covenants has a unique, very substantial
and immeasurable value to the Company and its affiliates and that the Participant has sufficient assets and skills to provide
a livelihood while such covenants remain in force. The Participant further covenants that the Participant will not challenge the
reasonableness or enforceability of any of the covenants set forth in this Section 11, and that the Participant will reimburse
the Company and its affiliates for all costs (including reasonable attorneys’ fees) incurred in connection with any action
to enforce any of the provisions of this Section 11 if either the Company and/or its affiliates prevails on any material issue
involved in such dispute or if the Participant challenges the reasonableness or enforceability of any of the provisions of this
Section 11. It is also agreed that each of the Company’s affiliates will have the right to enforce all of the Participant’s
obligations to that affiliate under this Agreement, including without limitation pursuant to this Section 11.

 

(f)
Reformation. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section
11 is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties
that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the
laws of that state.

 

(g)
Tolling. In the event of any violation of the provisions of this Section 11, the Participant acknowledges and agrees that
the post-termination restrictions contained in this Section 11 shall be extended by a period of time equal to the period of such
violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period
shall be tolled during any period of such violation.

 

(h)
Survival of Provisions. The obligations contained in Section 11 hereof shall survive the termination or expiration of the
Employment Term and the Participant’s employment with the Company and shall be fully enforceable thereafter.

 

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12.
Adjustments for Certain Events. In the event that a transaction or change in capitalization described in Section
4.2(b) of the Plan occurs, without limiting the application of Sections 4.2 and 12.1 of the Plan, the Company shall equitably
adjust the Targets to reflect the applicable event. In the event of a Liquidity Event, the PSUs either (i) shall be assumed by
the surviving entity, with equitable adjustments to the number of PSUs and the Targets or (ii) shall be fully vested with respect
to time vesting and with respect to performance vesting, shall be vested to the extent Targets are achieved as of the date of
the Liquidity Event, and the shares of Common Stock to be paid in respect of the PSUs shall be treated in the Liquidity Event
as are other shares of Common Stock.

 

13.
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.

 

14.
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.

 

15.
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 Affiliates to terminate the Participant’s employment or service
at any time, for any reason and with or without Cause.

 

16.
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 PSUs 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.

 

17.
Compliance with Laws. The grant of PSUs and the issuance of shares of Common Stock hereunder 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, rule regulation or exchange requirement applicable thereto. The Company
shall not be obligated to issue any shares of Common Stock pursuant to this Agreement if any such issuance would violate any such
requirements. As a condition to the settlement of the PSUs, the Company may require the Participant to satisfy any qualifications
that may be necessary or appropriate to evidence compliance with any applicable law or regulation.

 

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18.
Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the PSUs are intended to be exempt
from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with
such intent.

 

19.
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.

 

20.
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.

 

21.
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.

 

22.
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.

 

23.
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.

 

24.
Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at
any time, to the extent provided in Article XIII of the Plan; (b) the award of PSUs made under this Agreement is completely independent
of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without
limitation, the PSUs 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]

 

    8

     

    

 

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

 

	 	FALCON MINERALS CORPORATION
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	PARTICIPANT
	 	 
	 	 
	 	Name:	[Name]

 

 

9EX-4.2

 Exhibit 4.2 

SECOND SUPPLEMENTAL INDENTURE 

SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of May 16, 2019, between Avangrid, Inc., a New
York corporation (the “Company”), and The Bank of New York Mellon, a corporation organized under the laws of the State of New York authorized to conduct a banking business, as Trustee (the “Trustee”). 

RECITALS 
 WHEREAS, in
accordance with Sections 2.01, 2.03 and 9.01(g) of the Indenture, dated as of November 21, 2017, between the Company and the Trustee (the “Indenture”), this Supplemental Indenture is being entered into in order to establish the
form and terms of a new series of securities; 
 NOW, THEREFORE: 

In consideration of the premises and the purchases of the Notes (as defined below) by the holders thereof, the Company and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Notes as follows: 

ARTICLE I 
 DEFINITIONS

 All capitalized terms used herein without definition shall have the meanings specified in the Indenture. For all purposes of this
Supplemental Indenture, the terms defined in this Article I have the meanings set forth below: 
 “Business Day” means
any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in The City of New York. 

“Capital Lease Obligations” means as to any Person, the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases (under the Financial Accounting Standards
Board’s Accounting Standard Update No. 2016-02 “Leases (Topic 840)”) or financing leases (under the Financial Accounting Standards Board’s Accounting Standard Update No. 2018-11 “Leases (Topic 842)”) on a balance sheet of such Person under GAAP and, for the purposes of this Supplemental Indenture, the amount of such obligations at any time shall be the capitalized
amount thereof at such time determined in accordance with GAAP. 
 “Capital Stock” means any and all shares, interests,
participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the
foregoing. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as
having an actual or interpolated maturity comparable to the remaining 

 
term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (a) the average of the Reference Treasury Dealer
Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if the Quotation Agent obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all
such Reference Treasury Dealer Quotations. 
 “First Mortgage Bond Indentures” means (i) the Indenture of Mortgage,
dated as of May 1, 2009, from Central Maine Power Company to The Bank of New York Mellon Trust Company, N.A., as trustee (as supplemented and amended), (ii) the Indenture, dated as of September 1, 1918, from Rochester Gas and Electric
Corporation to Bankers Trust Company, as trustee (as supplemented and amended), (iii) the Indenture between The Southern Connecticut Gas Company (formerly, The Bridgeport Gas Light Company) and The Bridgeport City Trust Company, as trustee, dated as
of March 1, 1948 (as supplemented and amended) and (iv) the First Mortgage Indenture and Deed of Trust, dated as of July 1, 1954, from The Berkshire Gas Company (formerly, Pittsfield Coal Gas Company) to Chemical Bank & Trust
Company, as trustee. 
 “GAAP” means generally accepted accounting principles for financial reporting in the United States.

 “Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any obligation of
(a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case
guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or
indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds
(1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase
property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the
owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount
of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the
maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are
not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Company in good faith. 

  
 2 

 “Indebtedness” means of any Person at any date, without duplication,
(a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables not overdue more than 60 days incurred in the ordinary course of
such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with
respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations of such
Person, (f) all liabilities of such Person as an account party under acceptances, letters of credit (other than trade letters of credit), surety bonds or similar arrangements, (g) the liquidation value of all preferred Capital Stock of
such Person that is redeemable at the option of the holder thereof or that has any mandatory dividend, redemption or other required payment that could be required thereunder prior to the date that is one year after the stated maturity date of the
Notes set forth in Section 2.02 hereof, (h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above, and (i) all obligations of the kind referred to in clauses
(a) through (h) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person, whether or not
such Person has assumed or become liable for the payment of such obligation. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such
Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. Indebtedness
shall not include Indebtedness of the Company or any of its Significant Subsidiaries arising from the application of Financial Interpretation Number 45 of the Financial Accounting Standards Board, Financial Interpretation Number 46 of the Financial
Accounting Standards Board or Issue No. 01-08 of the Emerging Issues Task Force. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any financing lease having
substantially the same economic effect as any of the foregoing). 
 “Par Call Date” means March 1, 2029. 

“Person” means any natural person, corporation, business trust, joint venture, association, company, partnership or
government, or any agency or political subdivision thereof. 
 “Principal Property” means any building, structure or other
facility (together with the land on which it is erected and fixtures comprising a part thereof) owned by the Company or any Significant Subsidiary and used primarily for generation, transmission, distribution, design, development or construction, in
each case located within the United States, that has a book value on the date of which the determination is being made, without deduction of any depreciation 

  
 3 

 
reserves, exceeding 2% of Total Assets, other than any such facility (or portion thereof) that the Company reasonably determines is not material to the business of the Company and its
subsidiaries, taken as a whole. 
 “Quotation Agent” means one of the Reference Treasury Dealers selected by the Company,
or if any such firm is unwilling or unable to serve as such, an independent investment banking institution of national standing appointed by the Company. 

“Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Wells Fargo Securities, LLC, a Primary Treasury
Dealer selected by Credit Agricole Securities (USA) Inc. and a Primary Treasury Dealer selected by MUFG Securities Americas Inc., or their respective affiliates or successors, each of which is a primary U.S. Government securities dealer in the
United States (a “Primary Treasury Dealer”) and one other nationally recognized investment banking firm that is a Primary Treasury Dealer specified from time to time by the Company, except that if any of the foregoing ceases to be a
Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 
 “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) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Significant Subsidiary” means a significant subsidiary of the Company as defined by Rule
1-02 of Regulation S-X under the Securities Exchange Act of 1934, as amended. 

“Total Assets” means, as of any date of determination, the total consolidated assets of the Company and its subsidiaries,
determined in accordance with GAAP, as shown on the most recent internally available balance sheet of the Company, after giving pro forma effect to any acquisition or disposal of any property or assets consummated after the date of the applicable
balance sheet and on or prior to the date of determination. 
 “Treasury Rate” means, with respect to any redemption date,
the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such redemption date. 
 ARTICLE II 

THE NOTES 

Section 2.01. Issuance of Notes. There shall be a series of debt securities designated “3.800% Notes due 2029” (the
“Notes”). The Notes shall be initially limited to $750,000,000 aggregate principal amount except as provided in Section 2.09 hereof. 

Section 2.02. Principal Payment. Except as otherwise provided in Section 2.06 hereof, the principal amount of the Notes shall
be payable on the stated maturity date of June 1, 2029. 

  
 4 

 Section 2.03. Interest Rates and Payment Dates. The Notes shall be dated their
date of authentication as provided in the Indenture and shall bear interest from their date at the rate of 3.800% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2019. The
record dates with respect to such June 1 and December 1 interest payment dates shall be May 15 and November 15 (whether or not a Business Day), respectively. Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

Section 2.04. Payment Dates Generally. If any interest payment date, date of redemption or the maturity date of any of the Notes
is not a Business Day, then payment of principal and interest shall be made on the next succeeding Business Day. No interest shall accrue on the amount so payable for the period from that interest payment date, redemption date or maturity date, as
the case may be, to the date payment is made. 
 Section 2.05. Currency. Payment of principal and interest on the Notes shall be
made in U.S. Dollars. 
 Section 2.06. Optional Redemption. At any time and from time to time prior to the Par Call Date, the
Company may, at its option, redeem all or any portion of the Notes, on not less than 10 nor more than 60 days’ prior notice mailed to the Holders of the Notes to be redeemed in accordance with Section 3.02 of the Indenture, at a redemption
price equal to the greater of (a) 100% of the principal amount of the Notes to be redeemed and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if such
Notes matured on the Par Call Date (exclusive of interest accrued to the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest on the principal amount of the Notes to be redeemed to, but excluding, such redemption date. 

At any time and from time to time on or after the Par Call Date, the Company may, at its option, redeem all or any portion of the Notes, on
not less than 10 nor more than 60 days’ prior notice mailed to the Holders of the Notes to be redeemed in accordance with Section 3.02 of the Indenture, at a redemption price equal to 100% of the principal amount of the Notes to be
redeemed plus accrued and unpaid interest on the principal amount of the Notes to be redeemed to, but excluding, such redemption date. The Trustee shall have no obligation to calculate the redemption price of any Notes to be redeemed pursuant to
this Supplemental Indenture. 
 Section 2.07. Sinking Fund. The Notes shall not be subject to any sinking fund. 

Section 2.08. Covenants. In addition to the covenants set forth in the Indenture, the Company covenants that so long as any of the
Notes are outstanding: 
 (a)    The Company shall not and shall not permit any of its Significant Subsidiaries to
create, assume, incur or suffer to exist any Lien upon or with respect to any Principal Properties, whether now owned or hereafter acquired, without making effective provision whereby the Notes shall be secured by such Lien equally and ratably with
or prior to any and all Indebtedness 

  
 5 

 
and other obligations to be secured thereby, provided that nothing in this Section 2.08(a) shall prohibit: 

(i)    Liens for taxes not yet due or that are being contested in good faith by appropriate proceedings,
provided that adequate reserves with respect thereto are maintained on the books of the Company or the applicable Significant Subsidiary, in conformity with GAAP; 

(ii)    Carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other
like liens arising in the ordinary course of business that are not overdue for a period of more than 90 days or that are being contested in good faith by appropriate proceedings; 

(iii)    Pledges or deposits in connection with workers’ compensation, unemployment insurance and
other social security legislation; 
 (iv)    Deposits to secure the performance of bids, trade contracts
(other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(v)    Easements,
rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, do not in any case materially detract from
the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Company or any of its Significant Subsidiaries; 

(vi)    Liens in respect of property of the Company or any of its subsidiaries existing on the date hereof;

 (vii)    Liens in respect of property acquired or constructed by the Company or any of its
subsidiaries after the date hereof, which are created at the time of or within 120 days after acquisition or completion of construction of that property to secure Indebtedness assumed or incurred to finance all or any part of the purchase price or
cost of construction of that property, provided that in that case (a) none of those liens extend to or cover any other property of the Company or any of its subsidiaries, as the case may be, and (b) the aggregate principal amount of
Indebtedness secured by all of those liens in respect of that property does not exceed the cost of that property and any improvements then being financed; 

(viii)    Liens securing Indebtedness owed by a subsidiary of the Company to the Company or any of its
subsidiaries; 
 (ix)    Extensions, renewals or replacements of any Liens permitted hereunder (including
successive extensions, renewals and replacements), provided that with respect to Indebtedness in excess of $250,000,000, the principal amount of Indebtedness (or the maximum commitment therefor) secured by that Lien is not increased and that
Lien does not extend to or cover any property other than the property covered by that Lien on the date of that extension, renewal or replacement; 

  
 6 

 (x)    Any interest or title of a lessor under any lease
entered into in the ordinary course of business and covering only the assets so leased; 
 (xi)    Liens
existing upon any property acquired by the Company or any of its subsidiaries in the ordinary course of business; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition, (ii) such Lien
shall not apply to any other property or assets and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition and extensions, renewals and replacements thereof that do not increase the outstanding
principal amount thereof; 
 (xii)    Liens arising in connection with sales or transfers of, or
financings secured by, accounts receivable or related contracts; 
 (xiii)    Liens created by or
resulting from litigation or legal proceedings that are being contested in good faith by appropriate proceedings and do not involve amounts that in the aggregate would exceed $50,000,000; 

(xiv)    Liens incidental to the normal conduct of the business of the Company or any of its subsidiaries
or the ownership of its property that are not incurred in connection with the incurrence of Indebtedness and that do not in the aggregate materially impair the use of such property in the operation of the business of the Company and its subsidiaries
taken as a whole or the value of such property for the purposes of such business; 
 (xv)    Liens in
respect of property of the Company or any of its subsidiaries in connection with (a) the First Mortgage Bond Indentures or (b) customary mortgage bonds issued by the Company or its subsidiaries; and 

(xvi)    Liens which would otherwise not be permitted by clauses (i) through (xv) above, securing
additional Indebtedness of the Company or any of its subsidiaries, provided that the aggregate amount of all such secured Indebtedness does not exceed 10% of Total Assets. 

Section 2.09. Additional Notes. The Notes may be reopened and additional Notes may be issued in excess of the limitation set forth
in Section 2.01, provided that such additional Notes shall contain the same terms and conditions as the Notes in all respects (except for the issue date, the issue price and, if applicable, the first interest payment date) as the other
Notes previously issued. Any such additional Notes, together with the other Notes, shall constitute a single series of Securities for purposes of the Indenture and this Supplemental Indenture; provided, further, that such additional
Notes will not bear the same CUSIP number as the Notes, unless such additional Notes are issued in a “qualified reopening” for U.S. federal income tax purposes or such additional Notes are part of the same issue as the Notes for U.S.
federal income tax purposes. 
 Section 2.10. Denomination and Form of Notes. The Notes shall be fully registered, without
coupons, and issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof. Except as provided in Section 2.07 of the Indenture, the Notes shall be issuable only as Global Securities representing the entire aggregate
principal amount of the Notes and shall be substantially in the form attached as Exhibit A hereto. 

  
 7 

 Section 2.11. Initial Depositary. The initial Depositary for the Notes shall be
The Depository Trust Company. 
 Section 2.12. Additional Amounts. No additional amounts contemplated in Section 2.03(m) of
the Indenture shall be payable in respect of the Notes. 
 ARTICLE III 

MISCELLANEOUS 

Section 3.01. Governing Law. The laws of the State of New York shall govern this Supplemental Indenture and the Notes, without
giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 

Section 3.02. Successors. All agreements of the Company in this Supplemental Indenture and the Notes shall bind its successors.
All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 
 Section 3.03. Duplicate Originals.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

Section 3.04. Separability. In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 3.05. Effect of Supplemental Indenture. This Supplemental Indenture supplements the Indenture and shall be a part, and
subject to all the terms, thereof. The Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture and this Supplemental Indenture shall be read, taken and construed as one and
the same instrument. All provisions included in this Supplemental Indenture supersede any conflicting provisions included in the Indenture unless not permitted by law. The provisions of this Supplemental Indenture are intended to apply solely to the
Notes and the Holders thereof and shall not apply to any future issuance of Securities by the Company and all references to provisions of the Indenture herein amended and restated or otherwise modified shall have effect solely with respect to the
Notes contemplated in this Supplemental Indenture. 
 Section 3.06. Counterparts. This Supplemental Indenture may be executed in
any number of counterparts, each of which shall be deemed to be an original and all of them together shall represent the same agreement. 

Section 3.07. No Responsibility of the Trustee. The recitals herein contained are made by the Company and not by the Trustee, and
the Trustee does not assume any responsibility for the correctness thereof. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture. 

  
 8 

 SIGNATURES 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first written above.

  

					
	 AVANGRID, INC.,
 as the
Company

		
	By:	 	 /s/ Douglas K. Stuver

		 	Name:	 	Douglas K. Stuver
		 	Title:	 	Senior Vice President – Chief Financial Officer
		
	By:	 	 /s/ Scott M. Tremble

		 	Name:	 	Scott M. Tremble
		 	Title:	 	Senior Vice President – Controller

  
 [Signature Page to
Second Supplemental Indenture] 

 SIGNATURES 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first written above.

  

					
	 THE BANK OF NEW YORK MELLON,
 as the
Trustee

		
	By:	 	 /s/ Laurence J. O’Brien

		 	Name:	 	Laurence J. O’Brien
		 	Title:	 	Vice President

  

  
 [Signature Page to
Second Supplemental Indenture] 

 EXHIBIT A 

Form of Notes 

 (FACE OF SECURITY) 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE “DEPOSITARY”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT IS MADE TO CEDE & CO., OR SUCH OTHER NAME REQUESTED BY THE DEPOSITARY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 3.800% Notes due 2029 

AVANGRID, INC. 
  

			
	Issue Date: May 16, 2019	  	Maturity Date June 1, 2029
		
	Principal Amount: $	  	CUSIP No.: 05351W AB9
		
	Registered: R-	  	ISIN No.: US05351WAB90

 Avangrid, Inc., a New York corporation (the “Company,” which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of          Million Dollars
($        ) on June 1, 2029, and to pay interest thereon from the Issue Date or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on
June 1 and December 1 in each year, commencing on December 1, 2019, until and including the Maturity Date (each, an “Interest Payment Date”), at the rate of 3.800% per 

  
 A-1 

 
annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in such
Indenture, be paid to the Person in whose name this Security is registered at the close of business on the record date for such interest, which shall be May 15 or November 15 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date (each, a “Regular Record Date”). Any such interest so payable, but not punctually paid or duly provided for, on any Interest Payment Date shall 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 in any other lawful manner not inconsistent with the requirements of any securities exchange on
which this Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and interest on this Security shall be made at the office or agency of the Company
maintained for that purpose in New York, New York, 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, against surrender of this Security in the case of any
payment due at the maturity of the principal hereof; provided, however, that, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register; provided, further, that, if this Security is a Global Security, payment may be made pursuant to the applicable procedures of the Depositary as permitted in said Indenture. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof 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 executed on its behalf by its duly authorized officers. 

Dated: May 16, 2019 
  

			
	AVANGRID, INC.
		
	By:	 	
                     

		 	Name:
		 	Title:
		
	By:	 	
                     

		 	Name:
		 	Title:

  
 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: May 16, 2019 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	
                     

		 	Name:
		 	Title:

  
 A-3 

 (REVERSE OF SECURITY) 

3.800% Notes due 2029 
 This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of November 21, 2017 (the “Base
Indenture”), as was previously supplemented by the first supplemental indenture thereto dated as of November 17, 2017 and as further supplemented by the second supplemental indenture thereto dated as of May 16, 2019 (the second
supplemental indenture, together with the Base Indenture, the “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 for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, limited initially in aggregate principal amount to $750,000,000.00. 

At any time and from time to time prior to March 1, 2029 (the “Par Call Date”), the Company may, at its option, redeem all or
any portion of the Securities, on not less than 10 nor more than 60 days’ prior notice mailed to the Holders of the Securities to be redeemed in accordance with Section 3.02 of the Base Indenture, at a redemption price equal to the greater
of (a) 100% of the principal amount of the Securities to be redeemed and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed that would be due if such Securities
matured on the Par Call Date (exclusive of interest accrued to the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest on the principal amount of the Securities to be redeemed to, but excluding, such redemption date. 

At any time and from time to time on or after the Par Call Date, the Company may, at its option, redeem all or any portion of the Securities,
on not less than 10 nor more than 60 days’ prior notice mailed to the Holders of the Securities to be redeemed in accordance with Section 3.02 of the Base Indenture, at a redemption price equal to 100% of the principal amount of the
Securities to be redeemed plus accrued and unpaid interest on the principal amount of the Securities to be redeemed to, but excluding, such redemption date. 

In connection with such optional redemption, the following defined terms apply: 

“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking
institutions are authorized or required by law or regulation to close in The City of New York. 
 “Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed (assuming, for this purpose, that the Securities matured on the
Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Securities. 

  
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 “Comparable Treasury Price” means, with respect to any redemption date,
(a) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if the Quotation Agent obtains fewer than four of such
Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 
 “Quotation Agent” means one
of the Reference Treasury Dealers selected by the Company, or if any such firm is unwilling or unable to serve as such, an independent investment banking institution of national standing appointed by the Company. 

“Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Wells Fargo Securities, LLC, a Primary Treasury Dealer (as
defined below) selected by Credit Agricole Securities (USA) Inc. and a Primary Treasury Dealer selected by MUFG Securities Americas Inc., or their respective affiliates or successors, each of which is a primary U.S. Government securities dealer in
the United States (a “Primary Treasury Dealer”) and one other nationally recognized investment banking firm that is a Primary Treasury Dealer specified from time to time by the Company, except that if any of the foregoing ceases to be a
Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 
 “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) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 If less than all the Securities are to be redeemed, (i) if the Securities are held by a Depositary, the applicable operational
procedures of the Depositary for selection of Securities for redemption will apply and (ii) if the Securities are not held by a Depositary, the Trustee shall select the Securities to be redeemed either pro rata, by lot or in such manner as it
shall deem appropriate and fair. 
 The notice of redemption to each such Holder shall specify the principal amount of each Security held by
such Holder to be redeemed, the CUSIP numbers of the Securities to be redeemed, the date fixed for redemption, the redemption price, or if not then ascertainable, the manner of calculation thereof, the place or places of payment, that payment will
be made upon presentation and surrender of such Securities, that interest accrued to, but excluding, the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof
to be redeemed will cease to accrue and that such 

  
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Securities subject to such redemption shall cease to be outstanding and the Holders thereof shall have no rights with respect thereto other than the right to receive the redemption price upon
presentment and surrender. In case any Security is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon
surrender of such Security, a new Security or Securities of such series and tenor in principal amount equal to the unredeemed portion thereof will be issued. 

In case any Security is to be redeemed in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion
hereof shall be issued in the name of the Holders hereof upon the cancellation hereof. 
 The Trustee shall have no obligation to calculate
the redemption price in connection with any redemption of all or any portion of the Securities. 
 So long as any of the Securities are
outstanding, the Company shall be bound to the covenants set forth in the Indenture applicable to the Securities. 
 The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 The Securities shall not be subject to any sinking fund. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 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 (considered together as one class for this purpose). Any 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. 
 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 such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of at least 25% in aggregate principal amount of outstanding Securities of all such series affected shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee, such Holder or Holders have offered the Trustee indemnity satisfactory to it against any costs, liabilities or expenses to be incurred in compliance with such request, and the Trustee shall
not have received from the Holders of a majority in principal amount of the outstanding Securities of all such 

  
 A-6 

 
affected series a direction that is inconsistent with such written request, and the Trustee 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. 

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 of the Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed
by the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount shall 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 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 upon the Security Register for such series as the absolute
owner hereof (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for all purposes; and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be
affected by any notice to the contrary. 
 The Securities of this series are issued in fully registered form, without coupons, and issued in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 This Security is a Global Security and is subject to the
provisions of the Indenture relating to Global Securities, including the limitations in Section 2.07 of the Base Indenture on transfers and exchanges of Global Securities. 

The laws of the State of New York shall govern this Security and the Indenture, without giving effect to applicable principles of conflicts of
law to the extent that the application of the laws of another jurisdiction would be required thereby. 
 All terms used in this Security
that are defined in the Indenture and not defined herein shall have the meanings assigned to them in the Indenture. 

  
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