Document:

Exhibit 4.1

 

CERTIFIED COPY

OF

SECURITIES RESOLUTION NO. 13

OF WEC ENERGY GROUP, INC.

 

I, Margaret C. Kelsey, Executive
Vice President, Corporate Secretary and General Counsel of WEC ENERGY GROUP, INC. (the “Company”), do hereby certify that
the attached is a true and correct copy of Securities Resolution No. 13 under the Indenture dated as of March 15, 1999 between the Company
and The Bank of New York Mellon Trust Company, N.A., as successor to The First National Bank of Chicago, as Trustee, which has been duly
adopted by the Vice President and Treasurer of the Company pursuant to authorization delegated to him by the Board of Directors of the
Company at a meeting duly called and held on December 2, 2021 (effective as of January 1, 2022) and by resolutions adopted by unanimous
written consent of the Executive Committee of the Board of Directors on September 26, 2022; that a quorum of said Board was present at
said December 2, 2021 meeting and voted throughout; and I do further certify that said resolutions have not been rescinded and remain
in full force and effect.

 

IN WITNESS WHEREOF, I have
hereunto set my hand and affixed the corporate seal of said WEC ENERGY GROUP, INC. this 27th day of September 2022.

 

	 	/s/ Margaret C. Kelsey
	 	Margaret C. Kelsey
	 	Executive Vice President, Corporate Secretary and General Counsel
	 	 
	(CORPORATE SEAL)	 

 

    -1-

     

    

 

5.00% SENIOR NOTES DUE
SEPTEMBER 27, 2025

5.15% SENIOR NOTES DUE october 1, 2027

 

SECURITIES RESOLUTION NO. 13

OF

WEC ENERGY GROUP, INC.

 

The actions described below are taken by the Board
(as defined in the Indenture referred to below) of WEC ENERGY GROUP, INC. (the “Company”), or by an Officer or committee of
Officers pursuant to Board delegation, pursuant to resolutions adopted by the Board of Directors of the Company as of December 2, 2021
(effective as of January 1, 2022) and by the Executive Committee of the Board of Directors on September 26, 2022 and Section 2.01 of the
Indenture dated as of March 15, 1999 (the “Indenture”) between the Company and The Bank of New York Mellon Trust Company,
N.A. (as successor to The First National Bank of Chicago), as Trustee. Terms used herein and not defined have the same meaning as in the
Indenture.

 

	A.	5.00% Senior Notes Due September 27, 2025

 

RESOLVED, that a new series
of Securities is authorized as follows:

 

		1.	The title of the series is 5.00% Senior Notes due September 27, 2025 (“2025 Notes”).

 

		2.	The form of the 2025 Notes shall be substantially in the form of Exhibit 1 hereto.

 

		3.	The 2025 Notes shall have the terms set forth in Exhibit 1.

 

		4.	The 2025 Notes shall have such other terms as are set forth in Exhibit 3 hereto.

 

		5.	The 2025 Notes shall be sold to the underwriter(s) named in the Prospectus Supplement dated September
22, 2022, on the following terms:

 

Aggregate Principal Amount: $500,000,000

Price to Public: 99.928%

Underwriting Discount: 0.350%

Closing Date: September 27, 2022

 

	B.	5.15% Senior Notes Due October 1, 2027

 

RESOLVED, that a new series
of Securities is authorized as follows:

 

		1.	The title of the series is 5.15% Senior Notes due October 1, 2027 (“2027 Notes”).

 

		2.	The form of the 2027 Notes shall be substantially in the form of Exhibit 2 hereto.

 

		3.	The 2027 Notes shall have the terms set forth in Exhibit 2.

 

		4.	The 2027 Notes shall have such other terms as are set forth in Exhibit 3 hereto.

 

		5.	The 2027 Notes shall be sold to the underwriter(s) named in the Prospectus Supplement dated September
22, 2022, on the following terms:

 

Aggregate Principal Amount: $400,000,000

Price to Public: 99.794%

Underwriting Discount: 0.600%

Closing Date: September 27, 2022

 

This Securities Resolution shall be effective
as of September 22, 2022.

 

    -1-

     

    

 

EXHIBIT 1

 

	No.             	$               

 

WEC ENERGY GROUP, INC.

5.00% Senior Notes due
SEPTEMBER 27, 2025

CUSIP NUMBER: 92939UAH9

 

WEC ENERGY GROUP, INC.

 

promises to pay to ________________________________________________________________

 

or registered assigns

the principal sum of _________________________________________________________ Dollars

on September 27, 2025

 

	Interest Payment Dates:	March 27 and September 27
	Record Dates:	March 12 and September 12

 

	Dated:	 
	 	 
	WEC ENERGY GROUP, INC.	 
	 	 
	by	 
	 	 
	 	 
	[Title of Authorized Officer]	 
	 	 
	 	 
	(CORPORATE SEAL)	 
	 	 
	 	 
	[Assistant] Secretary	 

 

    Exhibit 1-1

     

    

 

	Authenticated:	 
	 	 
	THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A.,
 Registrar, by	 
	 	 
	 	 
	Authorized Signature	 
	 	 
	Dated:	 

 

    Exhibit 1-2

     

    

 

WEC ENERGY GROUP, INC.

5.00% Senior Notes Due September 27, 2025

 

		1.	Interest.

 

WEC Energy Group, Inc. (the “Company”),
a Wisconsin corporation, promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Company
will pay interest semiannually on March 27 and September 27 of each year commencing March 27, 2023. Interest on the Securities (as defined
in Section 4) will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from September 27,
2022. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

		2.	Method of Payment.

 

The Company will pay interest on the
Securities to the persons who are registered holders of Securities at the close of business on the record date for the next interest payment
date, except as otherwise provided in the Indenture. Holders must surrender Securities to a Paying Agent to collect principal payments.
The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public
and private debts. The Company may pay principal and interest by check payable in such money. It may mail an interest check to a holder’s
registered address.

 

		3.	Securities Agents.

 

Initially, The Bank of New York Mellon
Trust Company, N.A. will act as Paying Agent, Transfer Agent and Registrar. The Company may change any Paying Agent or Transfer Agent
without notice. The Company or any Affiliate may act in any such capacity. Subject to certain conditions, the Company may change the Trustee.

 

		4.	Indenture.

 

The Company issued the securities of
this series (the “Securities”) under an Indenture dated as of March 15, 1999 (the “Indenture”) between the Company
and The Bank of New York Mellon Trust Company, N.A. (as successor to The First National Bank of Chicago) (the “Trustee”).
The terms of the Securities include those stated in the Indenture and in the Securities Resolution establishing the Securities and those
made part of the Indenture by the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb). Securityholders are referred to the
Indenture, the Securities Resolution and such Act for a statement of such terms.

 

		5.	Redemption.

 

Prior to August 27, 2025 (the
 “Par Call Date”), the Company may redeem the Securities at its option, in whole or in part, at any time and from time to time,
at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

 

		·	(1) (a) the sum of the present values of the remaining scheduled payments
of principal and interest thereon discounted to the redemption date (assuming the Securities matured on the Par Call Date) on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, less (b) interest accrued
to, but not including, the date of redemption; and

 

    -1-

     

    

 

		·	(2) 100% of the principal amount of the Securities to be redeemed,

 

plus, in either case,
accrued and unpaid interest thereon to, but not including, the redemption date.

 

On or after the Par Call Date, the
Company may redeem the Securities, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the
principal amount of the Securities being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

 

“Treasury Rate” means,
with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

 

The Treasury Rate shall be determined
by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted each business
day by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield
or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board
of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation
or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal”
(or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable:
(1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the
 “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the
two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding
to the Treasury constant maturity on H.15 immediately longer than the Remaining Life—and shall interpolate to the Par Call Date
on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if
there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury
constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury
constant maturity from the redemption date.

 

If on the
third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate
based on the rate per annum equal to the semiannual equivalent yield to maturity at 11:00 a.m., New York City time, on the second
business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest
to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two
or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date
preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States
Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities
maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the
Company shall select from among these two or more United States Treasury securities the United States Treasury security that is
trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m.,
New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semiannual yield to
maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as
a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three
decimal places.

 

    -2-

     

    

 

The Company’s actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

 

The Company will send a notice of any
redemption at least 30 days, but not more than 60 days, before the redemption date to each Securityholder of the Securities to be redeemed.

 

Procedures for the redemption of the
Securities will be governed by Article 3 of the Indenture.

 

		6.	Denominations, Transfer, Exchange.

 

The Securities are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Securities may be registered and Securities
may be exchanged as provided in the Indenture. The Transfer Agent may require a holder, among other things, to furnish appropriate endorsements
and transfer documents and to pay any taxes and fees required by law or the Indenture. The Transfer Agent need not exchange or register
the transfer of any Security or portion of a Security selected for redemption. Also, it need not exchange or register the transfer of
any Securities for a period of 15 days before a selection of Securities to be redeemed.

 

		7.	Persons Deemed Owners.

 

The registered holder of a Security
may be treated as its owner for all purposes.

 

		8.	Amendments and Waivers.

 

Subject to certain exceptions, the Indenture
or the Securities may be amended with the consent of the holders of a majority in principal amount of the securities of all series affected
by the amendment. Subject to certain exceptions, a default on a series may be waived with the consent of the holders of a majority in
principal amount of the series.

 

Without the consent of any Securityholder,
the Indenture or the Securities may be amended, among other things, to cure any ambiguity, omission, defect or inconsistency; to provide
for assumption of Company obligations to Securityholders; or to make any change that does not materially adversely affect the rights of
any Securityholder.

 

		9.	Restrictive Covenants.

 

The Securities are unsecured general
obligations of the Company initially limited to $500,000,000 principal amount. The Company may from time to time without notice to, or
the consent of, the holders of the Securities, create and issue further securities of the same series, equal in rank to the Securities
in all respects (or in all respects except for the payment of interest accruing prior to the issue date of the new securities or, if applicable,
the first payment of interest following the issue date of the new securities) so that the new securities may be consolidated and form
a single series with the Securities and have the same terms as to status, redemption or otherwise as the Securities. The Indenture does
not limit other unsecured debt.

 

    -3-

     

    

 

In addition to the restrictions on the
Securities contained in the Indenture, the Securities will be subject to the following additional restrictive covenant:

 

Limitation upon Liens on Stock of
Certain Subsidiaries

 

For so long as any Securities remain
outstanding, the Company will not create or incur or allow any of its subsidiaries to create or incur any pledge or security interest
on any of the capital stock of Wisconsin Electric Power Company (“Wisconsin Electric”) or Wisconsin Gas LLC (“Wisconsin
Gas”) held by the Company or one of the Company’s subsidiaries on the issue date of the Securities.

 

		10.	Successors.

 

When a successor assumes all the obligations
of the Company under the Securities and the Indenture, the Company will be released from those obligations.

 

		11.	Defeasance Prior to Redemption or Maturity

 

Subject to certain conditions, the Company
at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee
money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity. U.S. Government
Obligations are securities backed by the full faith and credit of the United States of America which are not callable at the issuer’s
option or certificates representing an ownership interest in such Obligations.

 

		12.	Defaults and Remedies.

 

An Event of Default includes: default
for 60 days in payment of interest on the Securities; default in payment of principal on the Securities; default for 60 days in the payment
of any sinking fund obligation; default by the Company for a specified period after notice to it in the performance of any of its other
agreements applicable to the Securities; certain events of bankruptcy or insolvency; and any other Event of Default provided for in the
series. If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the Securities
may declare the principal of all the Securities to be due and payable immediately.

 

In addition, an Event of Default under
the Securities shall also include a failure to pay when due principal, interest or premium in an aggregate amount of $25 million or more
with respect to any Indebtedness (as defined below) of the Company, Wisconsin Electric or Wisconsin Gas, or the acceleration of any such
Indebtedness aggregating $25 million or more which default is not cured, waived or postponed pursuant to an agreement with the holders
of the Indebtedness within 60 days after written notice as provided in the Indenture, or the acceleration is not rescinded or annulled
within 30 days after written notice as provided in the Indenture. As used herein, “Indebtedness” means the following obligations
of the Company, Wisconsin Electric and Wisconsin Gas (and specifically excludes obligations of the Company’s other subsidiaries
and intercompany obligations): (a) all obligations for borrowed money, (b) all obligations evidenced by bonds, debentures, notes or similar
instruments, or upon which interest payments are customarily made, (c) all obligations under conditional sale or other title retention
agreements relating to property purchased to the extent of the value of such property (other than customary reservations or retentions
of title under agreements with suppliers entered into in the ordinary course of business), and (d) all obligations, other than intercompany
items, issued or assumed as the deferred purchase price of property or services purchased which would appear as liabilities on a balance
sheet of the Company, Wisconsin Electric or Wisconsin Gas.

 

Securityholders may not enforce
the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it
enforces the Indenture or the Securities. Subject to certain limitations, holders of a majority in principal amount of the
Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Securityholders notice of any
continuing default (except a default in payment of principal or interest) if it determines that withholding notice is in their
interests. The Company must furnish an annual compliance certificate to the Trustee.

 

    -4-

     

    

 

		13.	Trustee Dealings with Company.

 

The Bank of New York Mellon Trust Company,
N.A., the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with those persons, as if it were not Trustee.

 

		14.	No Recourse Against Others.

 

A director, officer, employee or stockholder,
as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and
releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

		15.	Authentication.

 

This Security shall not be valid until
authenticated by a manual signature of the Registrar.

 

		16.	Abbreviations.

 

Customary abbreviations may be used
in the name of a Securityholder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint
tenants with right of survivorship and not as tenants in common), CUST (=custodian), U/G/M/A (=Uniform Gifts to Minors Act), and U/T/M/A
(=Uniform Transfers to Minors Act).

 

The Company will furnish to any Securityholder
upon written request and without charge a copy of the Indenture and the Securities Resolution, which contains the text of this Security
in larger type. Requests may be made to: Corporate Secretary, WEC Energy Group, Inc., 231 West Michigan Street, P.O. Box 1331, Milwaukee,
WI 53201.

 

    -5-

     

    

 

EXHIBIT 2

 

	No.             	$               

 

WEC ENERGY GROUP, INC.

5.15% Senior Notes due
OCTOBER 1, 2027

CUSIP Number: 92939UAJ5

 

WEC ENERGY GROUP, INC.

 

promises to pay to ________________________________________________________________

 

or registered assigns

the principal sum of _________________________________________________________ Dollars

on October 1, 2027

 

	Interest Payment Dates:	April 1 and October 1
	Record Dates:	March 15 and September 15

 

	Dated:	 
	 	 
	WEC ENERGY GROUP, INC.	 
	 	 
	by	 
	 	 
	 	 
	[Title of Authorized Officer]	 
	 	 
	 	 
	(CORPORATE SEAL)	 
	 	 
	 	 
	[Assistant] Secretary	 

 

    Exhibit 2-1

     

    

 

	Authenticated:	 
	 	 
	THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A.,
 Registrar, by	 
	 	 
	 	 
	Authorized Signature	 
	 	 
	Dated:	 

 

    Exhibit 2-2

     

    

 

WEC ENERGY GROUP, INC.

5.15% Senior Notes Due October 1, 2027

 

		1.	Interest.

 

WEC Energy Group, Inc. (the “Company”),
a Wisconsin corporation, promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Company
will pay interest semiannually on April 1 and October 1 of each year commencing April 1, 2023. Interest on the Securities (as defined
in Section 4) will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from September 27,
2022. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

		2.	Method of Payment.

 

The Company will pay interest on the
Securities to the persons who are registered holders of Securities at the close of business on the record date for the next interest payment
date, except as otherwise provided in the Indenture. Holders must surrender Securities to a Paying Agent to collect principal payments.
The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public
and private debts. The Company may pay principal and interest by check payable in such money. It may mail an interest check to a holder’s
registered address.

 

		3.	Securities Agents.

 

Initially, The Bank of New York Mellon
Trust Company, N.A. will act as Paying Agent, Transfer Agent and Registrar. The Company may change any Paying Agent or Transfer Agent
without notice. The Company or any Affiliate may act in any such capacity. Subject to certain conditions, the Company may change the Trustee.

 

		4.	Indenture.

 

The Company issued the securities of
this series (the “Securities”) under an Indenture dated as of March 15, 1999 (the “Indenture”) between the Company
and The Bank of New York Mellon Trust Company, N.A. (as successor to The First National Bank of Chicago) (the “Trustee”).
The terms of the Securities include those stated in the Indenture and in the Securities Resolution establishing the Securities and those
made part of the Indenture by the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb). Securityholders are referred to the
Indenture, the Securities Resolution and such Act for a statement of such terms.

 

		5.	Redemption.

 

Prior to September 1, 2027 (the
 “Par Call Date”), the Company may redeem the Securities at its option, in whole or in part, at any time and from time to time,
at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

 

		·	(1) (a) the sum of the present values of the remaining scheduled payments
of principal and interest thereon discounted to the redemption date (assuming the Securities matured on the Par Call Date) on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, less (b) interest accrued
to, but not including, the date of redemption; and

 

    -1-

     

    

 

		·	(2) 100% of the principal amount of the Securities to be redeemed,

 

plus, in either case,
accrued and unpaid interest thereon to, but not including, the redemption date.

 

On or after the Par Call Date, the
Company may redeem the Securities, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the
principal amount of the Securities being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

 

“Treasury Rate” means,
with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

 

The Treasury Rate shall be determined
by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted each business
day by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield
or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board
of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation
or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal”
(or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable:
(1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the
 “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the
two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding
to the Treasury constant maturity on H.15 immediately longer than the Remaining Life—and shall interpolate to the Par Call Date
on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if
there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury
constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury
constant maturity from the redemption date.

 

If on the third business day preceding
the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to
the semiannual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date
of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there
is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a
maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date
following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call
Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities
meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities
the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United
States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph,
the semiannual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked
prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and
rounded to three decimal places.

 

    -2-

     

    

 

The Company’s actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

 

The Company will send a notice of any
redemption at least 30 days, but not more than 60 days, before the redemption date to each Securityholder of the Securities to be redeemed.

 

Procedures for the redemption of the
Securities will be governed by Article 3 of the Indenture.

 

		6.	Denominations, Transfer, Exchange.

 

The Securities are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Securities may be registered and Securities
may be exchanged as provided in the Indenture. The Transfer Agent may require a holder, among other things, to furnish appropriate endorsements
and transfer documents and to pay any taxes and fees required by law or the Indenture. The Transfer Agent need not exchange or register
the transfer of any Security or portion of a Security selected for redemption. Also, it need not exchange or register the transfer of
any Securities for a period of 15 days before a selection of Securities to be redeemed.

 

		7.	Persons Deemed Owners.

 

The registered holder of a Security
may be treated as its owner for all purposes.

 

		8.	Amendments and Waivers.

 

Subject to certain exceptions, the Indenture
or the Securities may be amended with the consent of the holders of a majority in principal amount of the securities of all series affected
by the amendment. Subject to certain exceptions, a default on a series may be waived with the consent of the holders of a majority in
principal amount of the series.

 

Without the consent of any Securityholder,
the Indenture or the Securities may be amended, among other things, to cure any ambiguity, omission, defect or inconsistency; to provide
for assumption of Company obligations to Securityholders; or to make any change that does not materially adversely affect the rights of
any Securityholder.

 

		9.	Restrictive Covenants.

 

The Securities are unsecured general
obligations of the Company initially limited to $400,000,000 principal amount. The Company may from time to time without notice to, or
the consent of, the holders of the Securities, create and issue further securities of the same series, equal in rank to the Securities
in all respects (or in all respects except for the payment of interest accruing prior to the issue date of the new securities or, if applicable,
the first payment of interest following the issue date of the new securities) so that the new securities may be consolidated and form
a single series with the Securities and have the same terms as to status, redemption or otherwise as the Securities. The Indenture does
not limit other unsecured debt.

 

In addition to the restrictions on the
Securities contained in the Indenture, the Securities will be subject to the following additional restrictive covenant:

 

Limitation upon Liens on Stock of
Certain Subsidiaries

 

For so long as any Securities
remain outstanding, the Company will not create or incur or allow any of its subsidiaries to create or incur any pledge or security
interest on any of the capital stock of Wisconsin Electric Power Company (“Wisconsin Electric”) or Wisconsin Gas LLC
(“Wisconsin Gas”) held by the Company or one of the Company’s subsidiaries on the issue date of the
Securities.

 

    -3-

     

    

 

		10.	Successors.

 

When a successor assumes all the obligations
of the Company under the Securities and the Indenture, the Company will be released from those obligations.

 

		11.	Defeasance Prior to Redemption or Maturity

 

Subject to certain conditions, the Company
at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee
money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity. U.S. Government
Obligations are securities backed by the full faith and credit of the United States of America which are not callable at the issuer’s
option or certificates representing an ownership interest in such Obligations.

 

		12.	Defaults and Remedies.

 

An Event of Default includes: default
for 60 days in payment of interest on the Securities; default in payment of principal on the Securities; default for 60 days in the payment
of any sinking fund obligation; default by the Company for a specified period after notice to it in the performance of any of its other
agreements applicable to the Securities; certain events of bankruptcy or insolvency; and any other Event of Default provided for in the
series. If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the Securities
may declare the principal of all the Securities to be due and payable immediately.

 

In addition, an Event of Default under
the Securities shall also include a failure to pay when due principal, interest or premium in an aggregate amount of $25 million or more
with respect to any Indebtedness (as defined below) of the Company, Wisconsin Electric or Wisconsin Gas, or the acceleration of any such
Indebtedness aggregating $25 million or more which default is not cured, waived or postponed pursuant to an agreement with the holders
of the Indebtedness within 60 days after written notice as provided in the Indenture, or the acceleration is not rescinded or annulled
within 30 days after written notice as provided in the Indenture. As used herein, “Indebtedness” means the following obligations
of the Company, Wisconsin Electric and Wisconsin Gas (and specifically excludes obligations of the Company’s other subsidiaries
and intercompany obligations): (a) all obligations for borrowed money, (b) all obligations evidenced by bonds, debentures, notes or similar
instruments, or upon which interest payments are customarily made, (c) all obligations under conditional sale or other title retention
agreements relating to property purchased to the extent of the value of such property (other than customary reservations or retentions
of title under agreements with suppliers entered into in the ordinary course of business), and (d) all obligations, other than intercompany
items, issued or assumed as the deferred purchase price of property or services purchased which would appear as liabilities on a balance
sheet of the Company, Wisconsin Electric or Wisconsin Gas.

 

Securityholders may not enforce the
Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces
the Indenture or the Securities. Subject to certain limitations, holders of a majority in principal amount of the Securities may direct
the Trustee in its exercise of any trust or power. The Trustee may withhold from Securityholders notice of any continuing default (except
a default in payment of principal or interest) if it determines that withholding notice is in their interests. The Company must furnish
an annual compliance certificate to the Trustee.

 

    -4-

     

    

 

		13.	Trustee Dealings with Company.

 

The Bank of New York Mellon Trust Company,
N.A., the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with those persons, as if it were not Trustee.

 

		14.	No Recourse Against Others.

 

A director, officer, employee or stockholder,
as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and
releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

		15.	Authentication.

 

This Security shall not be valid until
authenticated by a manual signature of the Registrar.

 

		16.	Abbreviations.

 

Customary abbreviations may be used
in the name of a Securityholder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint
tenants with right of survivorship and not as tenants in common), CUST (=custodian), U/G/M/A (=Uniform Gifts to Minors Act), and U/T/M/A
(=Uniform Transfers to Minors Act).

 

The Company will furnish to any Securityholder
upon written request and without charge a copy of the Indenture and the Securities Resolution, which contains the text of this Security
in larger type. Requests may be made to: Corporate Secretary, WEC Energy Group, Inc., 231 West Michigan Street, P.O. Box 1331, Milwaukee,
WI 53201.

 

    -5-

     

    

 

EXHIBIT 3

 

WEC ENERGY GROUP, INC.

5.00% Senior Notes Due September 27, 2025

5.15% Senior Notes Due October 1, 2027

 

Supplemental Terms

 

In addition to the terms set
forth in Exhibits 1 and 2 to Securities Resolution No. 13, the 2025 Notes and the 2027 Notes shall have the following terms:

 

Section 1.              Definitions.
Capitalized terms used and not defined herein shall have the meaning given such terms in the Indenture. The following is an additional
definition applicable to the 2025 Notes and the 2027 Notes:

 

“Depositary”
means, with respect to each of the 2025 Notes and the 2027 Notes, each issued as one or more global Securities, The Depository Trust Company,
New York, New York, or any successor thereto registered under the Securities Exchange Act of 1934 or other applicable statute or regulation.

 

Section 2.              Securities
Issuable as Global Securities.

 

(a)           The
2025 Notes and the 2027 Notes shall each be issued in the form of one or more permanent global Securities and shall, except as otherwise
provided in this Section 2, be registered only in the name of the Depositary or its nominee. Each global Security shall bear a legend
substantially to the following effect:

 

“Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), 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 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 ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.”

 

(b)           If
at any time (i) the Depositary with respect to the 2025 Notes or the 2027 Notes notifies the Company that it is unwilling or unable to
continue as Depositary for such global Security or (ii) the Depositary for 2025 Notes or the 2027 Notes shall no longer be eligible or
in good standing under the Securities Exchange Act of 1934 or other applicable statute or regulation, the Company shall appoint a successor
Depositary with respect to such global Security. If a successor Depositary for such global Security is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such ineligibility, the Transfer Agent shall register the exchange
of such global Security for an equal principal amount of Registered Securities in the manner provided in Section 2.07 of the Indenture.

 

(c)           The
Transfer Agent shall register the transfer or exchange of a global Security for Registered Securities pursuant to Section 2.07 of the
Indenture if (i) a Default or Event of Default shall have occurred and be continuing with respect to the 2025 Notes or the 2027 Notes,
or (ii) the Company determines that the 2025 Notes or the 2027 Notes, as the case may be, shall no longer be represented by global Securities.

 

    Exhibit 3-1

     

    

 

(d)           In
any exchange provided for in the preceding paragraphs (b) or (c), the Company will execute and the Registrar will authenticate and deliver
Registered Securities. Registered Securities issued in exchange for a global Security shall be in such names and denominations as the
Depositary for such global Security shall instruct the Registrar. The Registrar shall deliver such Registered Securities to the persons
in whose names such Securities are so registered.

 

(e)           The
2025 Notes and the 2027 Notes will trade in the Depositary’s Same-Day Funds Settlement System. All payments of principal and interest
on global Securities will be made by the Company in immediately available funds.

 

    Exhibit 3-2Exhibit 4.9
​
DESCRIPTION OF SECURITIES
​
General
​
This describes the general terms of our capital stock. For a more detailed description of our capital stock, you should read the applicable provisions of the Delaware General Corporation Law, or DGCL, and our charter and bylaws.
Our certificate of incorporation provides that we may issue up to 200,000,000 shares of common stock, par value $0.0001 per share, and up to 50,000,000 shares of preferred stock, par value $0.0001 per share, and permits our board of directors, without stockholder approval, to amend the charter to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. As of September 19, 2022, there were 62,432,727 shares of our common stock outstanding and no shares of our preferred stock outstanding. Under Delaware law, stockholders generally are not personally liable for our debts or obligations solely as a result of their status as stockholders.
Common Stock
​
Holders of our common stock generally have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any of our securities. Holders of our common stock are entitled to receive dividends when authorized by our board of directors out of assets legally available for the payment of dividends. They are also entitled to share ratably in our assets legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding up, after payment of or adequate provision for all of our known debts and liabilities. These rights are subject to the preferential rights of any other class or series of our stock. The outstanding shares of common stock are, and any shares offered by this prospectus will be when issued and paid for, fully paid and nonassessable.
Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess the exclusive voting power. In uncontested elections, directors are elected by a majority of all of the votes cast in the election of directors, and in contested elections, directors are elected by a plurality of all of the votes cast in the election of directors.
Preferred Stock
​
Our board of directors has the authority, without stockholder approval, to issue, at any time and from time to time, up to 50,000,000 shares of our preferred stock in one or more classes or series. Each such class or series shall have such preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption as shall be determined by our board of directors and set forth in articles supplementary relating to such class or series. The rights of the holders of our common stock will be subject to, and may be adversely affected by, the rights of holders of any preferred stock that may be issued in the future. Such rights may include voting and conversion rights which could adversely affect the holders of the common stock. Satisfaction of any dividend or liquidation preferences of outstanding preferred stock would reduce the amount of funds available, if any, for the payment of dividends or liquidation amounts on common stock.
A prospectus supplement, relating to any offered class or series of preferred stock, will specify the following terms of such class or series, as applicable:
		●	the designation and par value of such class or series of preferred stock,

		●	the number of shares of such class or series of preferred stock offered, the liquidation preference per share and the offering price of such class or series of preferred stock,

​

​
		●	the dividend rate(s), period(s), and/or payment date(s) or method(s) of calculation thereof applicable to such class or series of preferred stock,

		●	whether dividends on such class or series of preferred stock are cumulative or not and, if cumulative, the date from which dividends on such class or series of preferred stock shall accumulate,

		●	the provision for a sinking fund, if any, for such class or series of preferred stock,

		●	the provision for redemption, if applicable, of such class or series of preferred stock,

		●	any listing of such class or series of preferred stock on any securities exchange,

		●	the preemptive rights, if any, of such class or series of preferred stock,

		●	the terms and conditions, if applicable, upon which shares such class or series of preferred stock will be convertible into shares of our common stock or shares of any other class or series of our stock or other securities, including the conversion price (or manner of calculation thereof),

		●	a discussion of any additional material federal income tax consequences applicable to an investment in such class or series of preferred stock,

		●	the relative ranking and preferences of such class or series of preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of the affairs of our Company,

		●	any limitations on issuance of any class or series of stock ranking senior to or on parity with such class or series of preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of the affairs of our Company,

		●	any voting rights of such class or series of preferred stock, and

		●	any other specific terms, preferences, rights, limitations or restrictions of such class or series of preferred stock.

​
Warrants
​
We may issue warrants to purchase the securities described in this prospectus. Unless otherwise provided in the applicable prospectus supplement, each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent. Additional information regarding any warrants we may offer and the related warrant agreement will be set forth in the applicable prospectus supplement. As of September 23, 2022, the following warrants were outstanding:
​

2

​
		●	162,790 warrants, issued in March 2018, exercisable into 162,790 shares of Aytu common stock, with a $108.00 strike price and set to expire in March 2023;

		●	419,160 warrants issued in October 2018, exercisable into 419,160 shares of Aytu common stock, with a $15.00 strike price and set to expire in October 2023;

		●	50,870 Placement Agent Warrants issued March 13, 2020, exercisable into 50,870 shares of Aytu common stock, with a $14.38 strike price and set to expire in March 2025;

		●	104,000 Placement Agent Warrants issued March 13, 2020, exercisable into 104,000 shares of Aytu common stock, with a $15.63 strike price and set to expire in March 2025;

		●	81,505 Placement Agent Warrants issued March 23, 2020, exercisable into 81,505 shares of Aytu common stock, with a $19.94 strike price and set to expire in March 2025;

		●	919 warrants assumed as part of the February 14, 2020 Merger with Innovus Pharmaceuticals, Inc., exercisable into approximately 919 shares of Aytu common stock, with a weighted-average strike price of $196.88 and a weighted-average expiration date of March 2023; 

		●	311,458 Placement Agent Warrants issued December 15, 2020. Exercisable into 311,458 shares of Aytu common stock, with a $7.50 strike price and set to expire in December 2025;

		●	867,769 warrants, issued in January 2022, exercisable into 867,769 shares of Aytu common stock, with a $1.21 strike price and set expire in January 2027;

		●	6,666,000 warrants, issued in March 2022, exercisable into 6,666,000 shares of Aytu common stock, with a $1.30 strike price and set to expire in March 2027; and

		●	23,255,814 warrants, issued in August 2022, exercisable into 23,255,814 shares of Aytu common stock, with a $0.43 strike price and set to expire in August 2027. 

Each of these warrants entitles the holder to purchase one share of common stock at prices ranging between $0.43 and $196.88, as converted, per share, with a weighted average exercise price of $1.55 per share. Certain of these warrants has a net exercise provision under which its holder may, in lieu of payment of the exercise price in cash, surrender the warrant and receive a net amount of shares based on the fair market value of our common stock at the time of exercise of the warrant after deduction of the aggregate exercise price. Each of these warrants also contains provisions for the adjustment of the exercise price and the aggregate number of shares issuable upon the exercise of the warrant in the event of dividends, share splits, reorganizations and reclassifications and consolidations. Certain of these warrants contain a provision requiring a reduction to the exercise price in the event we issue common stock, or securities convertible into or exercisable for common stock, at a price per share lower than the warrant exercise price.
Options
​
On June 1, 2015, our stockholders approved the 2015 Stock Option and Incentive Plan, which provides for the award of stock options, stock appreciation rights, restricted stock and other equity awards for up to an aggregate of 3.0 million shares of common stock. The shares of common stock underlying any awards that are forfeited, canceled, reacquired by us prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) under the 2015 Plan will be added back to the shares of common stock available for issuance under the 2015 Plan.
​
As of August 31, 2017, we had outstanding options to purchase an aggregate of 38,263 shares of our common stock at a weighted average exercise price of $16.31 per share. Of these, an aggregate of 23,385 are exercisable. The outstanding options have vesting requirements with an aggregate of 3,748 vesting one third on each of November 

3

​

4

​
11, 2016, 2017 and 2018, an aggregate of 1,560 vesting one quarter on each of November 11, 2016, 2017, 2018 and 2019, an aggregate of 104 vesting one quarter on each of August 7, 2016, 2017, 2018 and 2019, an aggregate of 7,966 vesting one third on each of July 7, 2017, 2018 and 2019 and an aggregate of 1,500 vesting in full on November 4, 2017.
​
The 2015 Plan is administered by our Board or a committee designated by the Board (as applicable, the Administrator). The Administrator has full power to select, from among the individuals eligible for awards, the individuals to whom awards will be granted, to make any combination of awards to participants, and to determine the specific terms and conditions of each award, subject to the provisions of the 2015 Plan. The Administrator may delegate to our Chief Executive Officer the authority to grant stock options and other awards to employees who are not subject to the reporting and other provisions of Section 16 of the Exchange Act and not subject to Section 162(m) of the Code, subject to certain limitations and guidelines.
​
Persons eligible to participate in the 2015 Plan are full or part-time officers, employees, non-employee directors, directors and other key persons (including consultants and prospective officers) of our company and its subsidiaries as selected from time to time by the Administrator in its discretion. Approximately 30 individuals are currently eligible to participate in the 2015 Plan, which includes officers, employees who are not officers, non-employee director, former employees and other individuals who are primarily consultants.
​
The 2015 Plan provides that upon the effectiveness of a “sale event” as defined in the 2015 Plan, except as otherwise provided by the Administrator in the award agreement, all stock options, stock appreciation rights and other awards will be assumed or continued by the successor entity and adjusted accordingly to take into account the impact of the transaction. To the extent, however, that the parties to such sale event do not agree that all stock options, stock appreciation rights or any other awards shall be assumed or continued, then such stock options and stock appreciation rights shall become fully exercisable and the restrictions and conditions on all such other awards with time-based conditions will automatically be deemed waived. Awards with conditions and restrictions relating to the attainment of performance goals may become vested and non-forfeitable in connection with a sale event in the Administrator’s discretion. In addition, in the case of a sale event in which our stockholders will receive cash consideration, we may make or provide for a cash payment to participants holding options and stock appreciation rights equal to the difference between the per share cash consideration and the exercise price of the options or stock appreciation rights in exchange for the cancellation thereto.
​
Quotation on the NASDAQ Capital Market
​
Our common stock is quoted on the Nasdaq Capital Market under the symbol “AYTU”.
​
Transfer Agent
​
The transfer agent of our common stock is Issuer Direct Corporation. Their address is 500 Perimeter Park Drive, Suite D, Morrisville, NC 27560.
​
Delaware Anti-Takeover Law and Provisions of Our Certificate of Incorporation and Bylaws
​
Delaware Anti-Takeover Law. We are subject to Section 203 of the Delaware General Corporation Law. Section 203 generally prohibits a public Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:
​
		●	prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

		●	upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding specified shares; or

5

		●	at or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

Section 203 defines a “business combination” to include:
​
		●	any merger or consolidation involving the corporation and the interested stockholder;

		●	any sale, lease, exchange, mortgage, pledge, transfer or other disposition of 10% or more of the assets of the corporation to or with the interested stockholder;

		●	subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

		●	subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or

		●	the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

​
In general, Section 203 defines an “interested stockholder” as any person that is:
​
		●	the owner of 15% or more of the outstanding voting stock of the corporation;

		●	an affiliate or associate of the corporation who was the owner of 15% or more of the outstanding voting stock of the corporation at any time within three years immediately prior to the relevant date; or

		●	the affiliates and associates of the above.

​
Under specific circumstances, Section 203 makes it more difficult for an “interested stockholder” to effect various business combinations with a corporation for a three-year period, although the stockholders may, by adopting an amendment to the corporation’s certificate of incorporation or bylaws, elect not to be governed by this section, effective 12 months after adoption.
​
Our certificate of incorporation and bylaws do not exclude us from the restrictions of Section 203. We anticipate that the provisions of Section 203 might encourage companies interested in acquiring us to negotiate in advance with our board of directors since the stockholder approval requirement would be avoided if a majority of the directors then in office approve either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder.
​
Certificate of Incorporation and Bylaw. Provisions of our certificate of incorporation and bylaws may delay or discourage transactions involving an actual or potential change of control or change in our management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions that our stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common stock. Among other things, these provisions include:
		●	the authorization of 50,000,000 shares of “blank check” preferred stock, the rights, preferences and privileges of which may be established and shares of which may be issued by our Board of Directors at its discretion from time to time and without stockholder approval;

		●	limiting the removal of directors by the stockholders;

		●	allowing for the creation of a staggered board of directors;

6

		●	eliminating the ability of stockholders to call a special meeting of stockholders; and

		●	establishing advance notice requirements for nominations for election to the board of directors or for proposing matters that can be acted upon at stockholder meetings.

7

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