Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4(b)(5)    
    

 
 

FORM OF
  SUPPLEMENTAL INDENTURE NO. [    ]  

FROM 

NORTHERN STATES POWER COMPANY
 (A MINNESOTA CORPORATION) 

TO 

WELLS FARGO BANK, N.A. 

TRUSTEE 

DATED
AS OF

[            ] 

SUPPLEMENTAL
TO INDENTURE

DATED AS OF JULY 1, 1999 

  

 
 

TABLE OF CONTENTS    
    

	 
	 
	 	Page

	

PARTIES	
 	

1
	

RECITALS	
 	

1
	

ARTICLE I	

RELATION TO INDENTURE; DEFINITIONS	
 	

2
	 	
 Section 1.01	
 	

2
	 	
 Section 1.02	
 	

2
	

ARTICLE II	

[            ]% NOTES, SERIES DUE [            ]	
 	

2
	 	
 Section 2.01	
 	

2
	 	
 Section 2.02	
 	

2
	 	
 Section 2.03	
 	

2
	 	
 Section 2.04	
 	

3
	 	
 Section 2.05	
 	

3
	 	
 Section 2.06	
 	

4
	 	
 Section 2.07	
 	

4
	 	
 Section 2.08	
 	

5
	

ARTICLE III	

COVENANTS	
 	

5
	 	
 Section 3.01	
 	

5
	 	
 Section 3.02	
 	

5
	

ARTICLE IV	

MISCELLANEOUS	
 	

8
	 	
 Section 4.01	
 	

8
	 	
 Section 4.02	
 	

8
	 	
 Section 4.03	
 	

8
	 	
 Section 4.04	
 	

8
	 	
 Section 4.05	
 	

8
	

Exhibit A—Form of [        ]% Notes, Series due [                        ]
	
 	

A-1

i

        SUPPLEMENTAL INDENTURE No. [    ], made as of the [            ] day of
[                        ], by and
between NORTHERN STATES POWER COMPANY, a corporation duly organized and existing under the laws of the State of Minnesota (the "Company"), and WELLS FARGO BANK, N.A., a national banking association
organized and existing under the laws of the United States, as trustee (the "Trustee"): 

WITNESSETH:  

        WHEREAS, Xcel Energy Inc., the parent corporation of the Company ("Xcel Energy"), has heretofore executed and delivered an Indenture (hereinafter referred
to as the "Original Indenture"), made as of July 1, 1999; 

        WHEREAS,
Xcel Energy has heretofore executed and delivered a Supplemental Indenture No. 1 ("Supplemental Indenture No. 1"), made as of July 15, 1999, which created a
series of Securities designated "6.875% Senior Notes, Series due 2009"; 

        WHEREAS,
Xcel Energy has heretofore executed and delivered a Supplemental Indenture No. 2 ("Supplemental Indenture No. 2"), made as of August 18, 2000, pursuant to
which the Company assumed all of the obligations of Xcel Energy under the Indenture (as defined below) and Xcel Energy conveyed all of its rights and obligations under the Indenture to the Company; 

        WHEREAS,
Xcel Energy has heretofore executed and delivered a Supplemental Indenture No. 3 ("Supplemental Indenture No. 3" and, collectively with the Original Indenture,
Supplemental Indenture No. 1 and Supplemental Indenture No. 2, the "Indenture"), made as of July 1, 2002, which created a series of Securities designated "8.00% Notes, Series due
2042"; 

        WHEREAS,
Section 2.5 of the Original Indenture provides that Securities shall be issued in series and that a Company Order shall specify the terms of each series; 

        WHEREAS,
the Company has this day delivered a Company Order setting forth the terms of a series of Securities designated "[            ]% Notes, Series due
[            ]" (hereinafter sometimes referred to as the "Notes due [            ]"); 

        WHEREAS,
Section 12.1 of the Original Indenture provides that the Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of
establishing the form of Securities or establishing or reflecting any terms of any Security and adding to the covenants of the Company; and 

        WHEREAS,
the execution and delivery of this Supplemental Indenture No. [    ] (herein, "this Supplemental Indenture") have been duly authorized by a
resolution adopted by the Board of Directors of the Company (the "Board"). 

        NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 

        That
in order to set forth the terms and conditions upon which the Notes due [            ] are, and are to be, authenticated, issued and delivered, and in
consideration of the premises of the purchase and acceptance of the Notes due [            ] by the Holders thereof and the sum of one 

 

dollar
duly paid to it by the Trustee at the execution of this Supplemental Indenture, the receipt whereof is hereby acknowledged, the Company covenants and agrees with the Trustee for the equal and
proportionate benefit of the respective Holders from time to time of the Notes due [            ] as follows: 

 
 

ARTICLE I
  RELATION TO INDENTURE; DEFINITIONS    
    

        SECTION
1.01    This Supplemental Indenture constitutes an integral part of the Indenture. 

        SECTION
1.02    For all purposes of this Supplemental Indenture: 

        (a)   Capitalized
terms used herein without definition shall have the meanings specified in the Indenture; 

        (b)   All
references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture; and 

        (c)   The
terms "hereof," "herein," "hereby," "hereto," "hereunder" and "herewith" refer to this Supplemental Indenture. 

 
 

ARTICLE II
  [            ]% NOTES, SERIES DUE [            ]    
    

        SECTION 2.01    There shall be a series of Securities designated the "[            ]% Notes, Series due
[            ]" (the "Notes due [            ]"). The Notes due
[            ] shall be limited to
$[            ] aggregate principal amount. 

        SECTION
2.02    Except as otherwise provided in Section 2.05 hereof, the principal amount of the Notes due [            ] shall be payable on
the stated maturity date of [            ], [            ]. 

        SECTION
2.03    The Notes due [            ] shall be dated their date of authentication as provided in the Indenture and shall bear interest from
their date at the rate of [            ]% per annum, payable on [            ] and
[            ] of each year,
commencing [            ], [            ]. If any such interest payment date falls on a day that is not a business day, then
payment of interest
will be made on the next succeeding business day, except that, if such business day is in the next succeeding calendar year, such payment shall be made on the immediately preceding business day, in
each case with the same force and effect as if made on such date. Notwithstanding the definition of "Business Day" contained in the Indenture, for purposes of this section, "business day" means a day
other than (1) a Saturday or a Sunday, (2) a legal holiday or a day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close, or
(3) a day on which the Trustee's Corporate Trust Office is closed for business. The Regular Record Dates with respect to such [            ],
[            ], [            ] and [            ] interest payment
dates shall be
[            ], [            ], [            ] and
[            ], respectively. Except as
otherwise
provided in this Section 2.03, principal and interest shall be payable to the persons and in the manner provided in Sections 2.4 and 2.12 of the Indenture. 

2

 

        SECTION
2.04    The Notes due [            ] shall be payable at the corporate trust office of the Trustee, at the New York corporate trust office of
Wells Fargo Bank, N.A., as co-paying agent, and at the offices of such other paying agents as the Company may appoint by Company Order in the future. 

        SECTION
2.05    [The Company may not redeem the Notes due [            ] prior to their stated maturity.] [The
Company may redeem the Notes due [            ] at any time, in whole or in part, at a redemption price equal to the greater of (i) the principal amount of such Notes
due [            ] to be redeemed or (ii) the sum of the present value of the remaining scheduled payments of principal and interest thereon, discounted to the date
of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a Treasury Yield (as defined below) plus
[            ] basis points, plus in each case accrued interest thereon to the date of redemption. 

        "Treasury
Yield" means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the redemption date. 

        "Comparable
Treasury Issue" means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes due
[            ] that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Notes. 

        "Independent
Investment Banker" means [            ] or its successor or, if such firm is unwilling or unable to select the Comparable Treasury Issue, one of
the remaining Reference Treasury Dealers appointed by the Trustee after consultation with the Company. 

        "Comparable
Treasury Price" means, with respect to any redemption date, (i) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal
amount) on the third business day preceding such redemption date, as set forth in the daily statistical release (or any successor release) published by the Federal Reserve Bank of New York and
designated "Composite 3:30 p.m. Quotations for U.S. Government Securities" or (ii) if that release (or any successor release) is not published or does not contain such prices on such
business day, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations for such
redemption date, or (B) if fewer than four such Reference Treasury Dealer Quotations are obtained, then the average of all such Quotations. 

        "Reference
Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, 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 Trustee by such Reference Treasury Dealer at 5:00 p.m. on the
third business day preceding such redemption date. 

3

 

        "Reference
Treasury Dealer" means (i) each of [                        ] and any other primary U.S. Government Securities dealer in New
York City (a "Primary
Treasury Dealer") designated by, and not affiliated with, [                        ], provided, however, that if
[                        ], or any of its designees shall
cease to be a Primary Treasury Dealer, the Company shall substitute another Primary Treasury Dealer as a substitute for such entity and (ii) any other Primary Treasury Dealer selected by the
Company.] 

        [On
or after [            ], the Company may redeem the Notes due [            ] at any time, in whole or in part, at a
redemption price equal to the principal amount of such Notes due [            ], plus accrued interest to the date of redemption.] 

        The
Notes due [            ] shall not be subject to any sinking fund. 

        SECTION
2.06    [The Notes due [            ] will be repayable on [            ], at the option of the
holders thereof, at 100% of their principal amount, together with accrued and unpaid interest to [            ]. In order for a Note due
[            ] to be repaid, the Company must receive at the corporate trust office of the Trustee during the period from and including
[            ] to and including the close of business on [            ] (or if
[            ] is not a Business Day,
the next succeeding Business Day): (i) a Note due [            ] with the form entitled "Option to Elect Repayment" on the Note due
[            ] duly completed, or (ii) a telegram, telex, facsimile transmission or
letter from a member of a national securities exchange or the National Association of Securities Dealers, Inc. or a commercial bank or a trust company in the United States of America setting
forth the name of the Holder of the Note due [            ], the principal amount of the Note due [            ], the principal
amount of the Note
due            to be repaid, a statement that the option to elect repayment is being exercised thereby and a guarantee that the Note due
[            ] to be repaid
(with the form entitled "Option to Elect Repayment" on the Note due [            ] duly completed) will be received at the Trustee's corporate trust office, no later than
five Business Days after the date of such telegram, telex, facsimile transmission or letter and such Note due [            ] and form duly completed are received at the
Trustee's office, by such fifth Business Day. Effective exercise of the repayment option by the holder of any Note due [            ] shall be irrevocable. No transfer or
exchange of any Note due [            ] (or, in the event that any Note due [            ] is to be repaid in part, such portion
of the Note due
[            ] to be repaid) will be permitted after exercise of the repayment option. The repayment option may be exercised by the Holder of a Note due
[            ] for less than the entire principal amount of the Note due [            ], provided the principal amount which is to
be repaid is
set forth on the form entitled "Option to Elect Repayment" on the Note due [            ] and is equal to $1,000 or any integral multiple thereof. All questions as to the
validity, eligibility (including time of receipt) and acceptance of any Note due [            ] for repayment will be determined by the Company, whose determination will be
final, binding and non-appealable. Upon timely delivery of a Note due [            ] to the Trustee with the "Option to Elect Repayment" form completed in
accordance with the foregoing, the outstanding principal amount of such Note due [            ] (or portion thereof indicated on the "Option to Elect Repayment") shall
become due and payable on [            ], at a price equal to [            ]% of the principal amount to be repaid plus accrued
and unpaid
interest to [            ].] 

        SECTION
2.07    The Notes due [            ] shall be issued in fully registered form without coupons in denominations of $1,000 and integral
multiples thereof. 

4

 

        SECTION
2.08    The Notes due [            ] shall initially be in the form attached as Exhibit A hereto. 

 
 

ARTICLE III
  COVENANTS    
    

        SECTION 3.01    So long as there remain outstanding any Notes due [            ], the Company will not
create or suffer to be
created or to exist any mortgage, pledge, security interest, or
other lien (collectively, "Lien") on any of its utility properties or assets now owned or hereafter acquired to secure any indebtedness, without making effective provision whereby the Notes due
[            ] shall be equally and ratably secured with any and all such indebtedness and with any other indebtedness similarly entitled to be equally and ratably secured.
However, this restriction shall not apply to or prevent the creation or existence of: 

	(1)
	the
Mortgage securing the Company's First Mortgage Bonds or any indenture supplemental thereto subjecting any property to the Lien thereof or confirming the Lien thereof upon any
property, whether now owned or hereafter acquired;

	(2)
	Liens
on property existing at the time of acquisition or construction of such property (or created within one year after completion of such acquisition or construction), whether by
purchase, merger, construction or otherwise or to secure the payment of all or any part of the purchase price or construction cost thereof, including the extension of any such Liens to repairs,
renewals, replacements, substitutions, betterments, additions, extensions and improvements then or thereafter made on the property subject thereto;

	(3)
	any
extensions, renewals or replacements (or successive extensions, renewals or replacements), in whole or in part, of Liens permitted by the foregoing clauses (1) and (2);

	(4)
	the
pledge of any bonds or other securities at any time issued under any of the Liens permitted by clauses (1), (2) or (3);

	(5)
	Permitted
Encumbrances; or

	(6)
	Liens
on property of any of the Company's subsidiaries, including United Power and Land Co., First Midwest Auto Park Inc. and NSP Nuclear Corporation. 

        Further,
this restriction shall not apply to or prevent the creation or existence of leases made, or existing on property acquired, in the ordinary course of business. 

        SECTION
3.02    Certain Definitions. 

        "Mortgage"
means the lien of the first mortgage pursuant to the Trust Indenture, dated as of February 1, 1937, from the Company to BNY Midwest Trust Company, as successor trustee,
as supplemented by the supplemental trust indenture, including the Supplemental and Restated 

5

 

Trust
Indenture, dated as of May 1, 1988 (the "First Mortgage Indenture"), securing the Company's First Mortgage Bonds. 

        "Permitted
Encumbrances" means any of the following: 

	(1)
	Liens
of taxes, assessments or governmental charges for the then current year and taxes, assessments or governmental charges not then delinquent; Liens for workers' compensation
awards and similar obligations not then delinquent; mechanics', laborers', material men's and similar Liens not then delinquent; and any of such Liens, whether or not delinquent, whose validity is at
the time being contested in good faith by the Company;

	(2)
	Liens
and charges incidental to construction or current operations which have not at the time been filed or asserted or the payment of which has been adequately secured or which, in
the opinion of counsel, are not material in amount;

	(3)
	Liens,
securing obligations neither assumed by the Company nor on account of which any of them customarily pays interest directly or indirectly, existing, either at the date hereof,
or, as to property hereafter acquired, at the time of acquisition by the Company;

	(4)
	Any
right which any municipal or governmental body or agency may have by virtue of any franchise, license, contract or statute to purchase, or designate a purchaser of or order the
sale of, any property of the Company upon payment of reasonable compensation therefor, or to terminate any franchise, license or other rights or to regulate the property and business of the Company;

	(5)
	The
Lien of judgments covered by insurance, or upon appeal and covered, if necessary, by the filing of an appeal bond, or if not so covered not exceeding at any one time $1,000,000 in
aggregate amount;

	(6)
	Easements
or reservations in respect of any property of the Company for the purpose of roads, pipelines, utility transmission and distribution lines or other
rights-of-way and similar purposes, zoning ordinances, regulations, reservations, restrictions, covenants, party wall agreements, conditions of record and other encumbrances
(other than to secure the payment of money), none of which in the opinion of counsel are such as to interfere with the proper operation and development of the property affected thereby in the business
of the Company for the use intended;

	(7)
	Any
Lien or encumbrance, moneys sufficient for the discharge of which have been deposited in trust with the Trustee hereunder or with the trustee or mortgagee under the instrument
evidencing such Lien or encumbrance, with irrevocable authority to the Trustee hereunder or to such other trustee or mortgagee to apply such moneys to the discharge of such Lien or encumbrance to the
extent required for such purpose; 

6

 

	(8)
	Any
defects of title and any terms, conditions, agreements, covenants, exceptions and reservations expressed or provided in deeds or other instruments, respectively, under and by
virtue of which the Company has acquired any property or shall hereafter acquire any property, none of which, in the opinion of counsel, materially adversely affects the operation of the properties of
the Company;

	(9)
	The
pledge of cash or marketable securities for the purpose of obtaining any indemnity, performance or other similar bonds in the ordinary course of business, or as security for the
payment of taxes or other assessments being contested in good faith, or for the purpose of obtaining a stay or discharge in the course of any legal proceedings;

	(10)
	The
pledge or assignment in the ordinary course of business of electricity, gas (either natural or artificial) or steam, accounts receivable or customers' installment paper;

	(11)
	Rights
reserved to or vested in others to take or receive any part of the electricity, gas (either natural or artificial), steam or any by-products thereof generated or
produced by or from any properties of the Company or with respect to any other rights concerning electricity, gas (either natural or artificial) or steam supply, transportation, or storage which are
in use in the ordinary course of the electricity, gas (either natural or artificial) or steam business;

	(12)
	Any
landlord's Lien;

	(13)
	Liens
created or assumed by the Company in connection with the issuance of debt securities, the interest on which is excludable from the gross income of the holders of such
securities pursuant to Section 103 of the Internal Revenue Code of 1986, or any successor section, for purposes of financing, in whole or in part, the acquisition or construction of property to
be used by the Company, but such Liens shall be limited to the property so financed (and the real estate on which such property is to be located);

	(14)
	Liens
affixing to property of the Company at the time a Person consolidates with or merges into, or transfers all or substantially all of its assets to, the Company, provided that in
the opinion of the Board or Company management (evidenced by a certified Board resolution or an Officers' Certificate delivered to the Trustee) the property acquired pursuant to the consolidation,
merger or asset transfer is adequate security for the Lien; and

	(15)
	Liens
or encumbrances not otherwise permitted if, at the time of incurrence and after giving effect thereto, the aggregate of all such Permitted Encumbrances of the Company secured
thereby does not exceed 10% of Tangible Net Worth. 

        "Tangible
Net Worth" means (i) common stockholders' equity appearing on the most recent balance sheet of the Company (or consolidated balance sheet of the Company and its
subsidiaries if the Company then has one or more subsidiaries the accounts of which are 

7

 

consolidated
with the accounts of the Company) prepared in accordance with generally accepted accounting principles less (ii) intangible assets (excluding intangible assets recoverable through
rates as prescribed by applicable regulatory authorities). 

 
 

ARTICLE IV
  MISCELLANEOUS    
    

        SECTION 4.01    The recitals of fact herein and in the Notes due [            ] (except the Trustee's
Certificate) shall be
taken as statements of the Company and shall not be construed as made by the Trustee. 

        SECTION
4.02    This Supplemental Indenture shall be construed in connection with and as a part of the Indenture. 

        SECTION 4.03

        (a)   If
any provision of this Supplemental Indenture limits, qualifies, or conflicts with another provision of the Indenture required to be included in indentures qualified
under the Trust Indenture Act of 1939 (as enacted prior to the date of this Supplemental Indenture) by any of the provisions of Sections 310 to 317, inclusive, of said Act, such required provisions
shall control. 

        (b)   In
case any one or more of the provisions contained in this Supplemental Indenture or in the Notes due [            ] issued hereunder should
be invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected, impaired,
prejudiced or disturbed thereby. 

        SECTION
4.04    Whenever in this Supplemental Indenture either of the parties hereto is named or referred to, this shall be deemed to include the successors or assigns of such
party, and all the covenants and agreements in this Supplemental Indenture contained by or on behalf of the Company or by or on behalf of the Trustee shall bind and inure to the benefit of the
respective successors and assigns of such parties, whether so expressed or not. 

        SECTION 4.05

        (a)   This
Supplemental Indenture may be simultaneously executed in several counterparts, and all said counterparts executed and delivered, each as an original, shall
constitute but one and the same instrument. 

        (b)   The
Table of Contents and the descriptive headings of the several Articles of this Supplemental Indenture were formulated, used and inserted in this Supplemental
Indenture for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 

8

 

        IN
WITNESS WHEREOF, NORTHERN STATES POWER COMPANY has caused this Supplemental Indenture to be signed by its President or a Vice President, and attested by its Secretary or an Assistant
Secretary and WELLS FARGO BANK, N.A., has caused this Supplemental Indenture to be signed by its President, Vice President, Assistant Vice President or authorized Corporate Trust Officer, and attested
by an authorized officer, this [            ] day of
[                        ]. 

	 	 	 	NORTHERN STATES POWER COMPANY
	

 	

 	
 	

By:	

    

	 	 	 	Name:	    

	 	 	 	Title:	    

	

ATTEST:	
 	

 	

 
	

By:	

    
	
 	

 	

 
	Name:	    
	 	 	 
	Title:	    
	 	 	 
	 	 	 	WELLS FARGO BANK, N.A, as Trustee
	

 	

 	
 	

By:	

    

	 	 	 	Corporate Trust Officer
	

ATTEST:	
 	

 	

 
	

By:	

    
	
 	

 	

 
	Name:	    
	 	 	 
	Title:	    
	 	 	 

9

  

 
 

EXHIBIT A    
    
    FORM OF
  [            ]% NOTES, SERIES DUE [            ]    

	REGISTERED	 	 	 	REGISTERED

        THIS
NOTE IS A GLOBAL SECURITY REGISTERED IN THE NAME OF THE DEPOSITORY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE
INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY
OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE 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 DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 
 

NORTHERN STATES POWER COMPANY
  (INCORPORATED UNDER THE LAWS OF THE STATE OF MINNESOTA)
  [            ]% NOTES, SERIES DUE
[            ]    
    

	CUSIP: [            ]	 	NUMBER:
	

ORIGINAL ISSUE DATE(S):

[            ]	
 	

PRINCIPAL AMOUNT(S):$[            ]
	

INTEREST RATE: [            ]%	
 	

MATURITY DATE:

[            ], [            ]

        NORTHERN
STATES POWER COMPANY, a corporation of the State of Minnesota (the "Company"), for value received hereby promises to pay to Cede & Co. or registered assigns, the
principal sum of [            ] DOLLARS on the Maturity Date set forth above, and to pay interest thereon from the Original Issue Date (or if this Global Security has two or
more Original Issue Dates, interest shall, beginning on each such Original Issue Date, begin to accrue for that part of the principal amount to which that Original Issue Date is applicable) set forth
above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears on [            ],
[            ], [            ] and [            ] in each year,
commencing on
[            ], at the per annum Interest Rate set forth above, until the principal 

A-1

 

hereof
is paid or made available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Global Security is paid on the Maturity Date. The interest so
payable and punctually paid or duly provided for on any such Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of
business on the Regular Record Date for such interest, which shall be [            ] or [            ], as the case may be, next
preceding such
Interest Payment Date; provided, that the first Interest Payment Date for any part of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest
Payment Date, shall be the Interest Payment Date following the next succeeding Regular Record Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon
redemption or acceleration, shall be payable to the Person to whom principal shall be payable. Except as otherwise provided in the Indenture (as defined below), any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this Note is registered at the close of business on
a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Securityholders not more than fifteen days or fewer than ten days prior to
such Special Record Date. On or before Noon, New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which such payment of interest is due
on this Global Security (other than maturity), the Trustee shall pay to the Depository such interest in same day funds. On or before Noon, New York City time, or such other time as shall be agreed
upon between the Trustee and the Depository, of the day on which principal, and interest payable at maturity, is due on this Global Security and following receipt of the necessary funds from the
Company, the Trustee shall deposit with the Depository the amount equal to the principal, and interest payable at maturity, by wire transfer into the account specified by the Depository. As a
condition to the payment, on the Maturity Date or upon redemption or acceleration, of any part of the principal of this Global Security, the Depository shall surrender, or cause to be surrendered,
this Global Security to the Trustee, whereupon a new Global Security shall be issued to the Depository. 

        This
Global Security is a global security in respect of a duly authorized issue of Notes, Series due [            ] (the "Notes of this Series", which term
includes any Global Securities representing such Notes) of the Company issued and to be issued under an Indenture dated as of July 1, 1999 between the Company, as successor obligor, and Wells
Fargo Bank, N.A., as successor trustee (herein called the "Trustee", which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the "Indenture").
Under the Indenture, one or more series of Securities may be issued and, as used herein, the term "Securities" refers to the Notes of this Series and any other outstanding series of Securities.
Reference is hereby made for a more complete statement of the respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Securityholders
and of the terms upon which the Securities are and are to be authenticated and delivered. This Global Security has been issued in respect of the series designated on the first page hereof, which
series is limited in aggregate principal amount to $[            ]. 

        Each
Note of this Series shall be dated and issued as of the date of its authentication by the Trustee and shall bear an Original Issue Date or Dates. Each Security or Global Security
issued upon transfer, exchange or substitution of such Security or Global Security shall bear the 

A-2

 

Original
Issue Date or Dates of such transferred, exchanged or substituted Security or Global Security, as the case may be. 

        [The
Company may redeem the Notes of this Series at any time, in whole or in part, at a redemption price equal to the greater of (i) the principal amount of such Notes
of this Series to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield (as defined below) plus
[            ] basis points, plus in each case accrued interest thereon to the date of redemption. 

        "Treasury
Yield" means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the redemption date. 

        "Comparable
Treasury Issue" means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of
this Series that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Notes. 

        "Independent
Investment Banker" means [                        ] or its successor or, if such firm is unwilling or unable to select the
Comparable Treasury Issue, one of
the remaining Reference Treasury Dealers appointed by the Trustee after consultation with the Company. 

        "Comparable
Treasury Price" means, with respect to any redemption date, (i) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) on the third business day preceding such redemption date, as set forth in the daily statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S. Government Securities" or (ii) if that release (or any successor release) is not published or does not contain
such prices on such business day, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations for such redemption date, or (B) if fewer than four such Reference Treasury Dealer Quotations are obtained, then the average of all such Quotations. 

        "Reference
Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, 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 Trustee by such Reference Treasury Dealer at 5:00 p.m. on the
third business day preceding such redemption date. 

A-3

 

        "Reference
Treasury Dealer" means (i) each of [                        ] and any other primary U.S. Government Securities dealer in New
York City (a "Primary
Treasury Dealer") designated by, and not affiliated with, [                        ], provided, however, that if
[                        ] or any of its designees shall
cease to be a Primary Treasury Dealer, the Company shall substitute another Primary Treasury Dealer as a substitute for such entity and (ii) any other Primary Treasury Dealer selected by the
Company.] 

        [On
or after [            ], the Company may redeem the Notes of this Series at any time, in whole or in part, at a redemption price equal to the
principal amount of such Notes of this Series to be redeemed, plus accrued interest to the date of redemption. 

        Notice
of redemption will be given by mail to Holders of Notes of this Series not less than 30 or more than 60 days prior to the date fixed for redemption, all as provided in the
Indenture. In the event of redemption of this Global Security in part only, a new Global Security or Securities of like tenor and series for the unredeemed portion hereof will be issued in the name of
the Securityholder hereof upon the surrender hereof. 

        Interest
payments for this Global Security shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In any case where any Interest
Payment Date or date on which the principal of this Global Security is required to be paid is not a Business Day, then payment of principal or interest need not be made on such date but may be made on
the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or date on which the principal of this Global Security is required to be paid and, in the case
of timely payment thereof, no interest shall accrue for the period from and after such Interest Payment Date or the date on which the principal of this Global Security is required to be paid. 

        The
Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all obligations in respect of the Securities (except for
certain obligations including obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold monies for payment in
trust, all as set forth in the Indenture) if the Company deposits with the Trustee money, U.S. Government Obligations which
through the payment of interest thereon and principal thereof in accordance with their terms will provide money, or a combination of money and U.S. Government Obligations, in any event in an amount
sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Securities on the dates such payments are due in accordance with the terms of the Securities. 

        If
an Event of Default shall occur and be continuing, the principal of the Securities 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 modifications of the rights and obligations of the Company and the rights of the
Securityholders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the outstanding Securities. Any such
consent or waiver by the Holder of this Global Security shall be conclusive 

A-4

 

and
binding upon such Holder and upon all future Holders of this Global Security and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu thereof whether or
not notation of such consent or waiver is made upon the Note. 

        As
set forth in and subject to the provisions of the Indenture, no Holder of any Securities will have any right to institute any proceeding with respect to the Indenture or for any
remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Securities, the Holders of not less than a majority
in principal amount of the outstanding Securities affected by such Event of Default shall have made written request and offered reasonable indemnity to the Trustee to institute such proceeding as
Trustee and the Trustee shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal of and interest on this Note on or after the respective due dates expressed here. 

        No
reference herein to the Indenture and to provisions of this Global 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 interest on this Global Security at the times, places and rates and in the coin or currency prescribed in the Indenture. 

        As
provided in the Indenture and subject to certain limitations therein set forth, this Global Security may be transferred only as permitted by the legend hereto. 

        If
at any time the Depository for this Global Security notifies the Company that it is unwilling or unable to continue as Depository for this Global Security or if at any time the
Depository for this Global Security shall no longer be eligible or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company shall
appoint a successor Depository with respect to this Global Security. If a successor Depository for this Global Security is not appointed by the Company within 90 days after the Company receives
such notice or becomes aware of such ineligibility, the Company's election to issue this Note in global form shall no longer be effective with respect to this Global Security and the Company will
execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for this Global Security, will authenticate and deliver
individual Notes of this Series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of this Global Security. 

        The
Company may at any time and in its sole discretion determine that all Notes of this Series (but not less than all) issued or issuable in the form of one or more Global Securities
shall no longer be represented by such Global Security or Securities. In such event, the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of
individual Notes of this Series in exchange for such Global Security, shall authenticate and deliver, individual Notes of this Series of like tenor and terms in definitive form in an aggregate
principal amount equal to the principal amount of such Global Security or Securities in exchange for such Global Security or Securities. 

A-5

 

        Under
certain circumstances specified in the Indenture, the Depository may be required to surrender any two or more Global Securities which have identical terms (but which may have
differing Original Issue Dates) to the Trustee, and the Company shall execute and the Trustee shall authenticate and deliver to, or at the direction of, the Depository a Global Security in principal
amount equal to the aggregate principal amount of, and with all terms identical to, the Global Securities surrendered thereto and that shall indicate all Original Issue Dates and the principal amount
applicable to each such Original Issue Date. 

        The
Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of Minnesota. 

        Unless
the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent by manual signature of an authorized officer, this Global
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

        All
terms used in this Global Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise indicated herein. 

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

	 	 	 	NORTHERN STATES POWER COMPANY
	

 	

 	
 	

By:	

    

	 	 	 	Title:	    

	 	 	 	Attest:	    

	 	 	 	Title:	    

	TRUSTEE'S CERTIFICATE

OF AUTHENTICATION	 	 	 
	

This Note is one of the Securities of the series

herein designated, described or provided for in

the within-mentioned Indenture.

WELLS FARGO BANK, N.A., as Trustee	
 	

 	

 
	

By:	

    
 Authorized Officer	
 	

 	

 

A-6

 
 
 

ABBREVIATIONS    
    

        The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to
applicable laws or regulations: 

	 
	 
	 
	 	 
	 

	TEN COM	—	as tenants in common	 	UNIF GIFT MIN ACT—	                         Custodian
                        

    (Cust)                          (Minor)
	

TEN ENT	

—	

as tenants by the entireties	
 	

Under Uniform Gifts to Minors
	JT TEN	—	as joint tenants with right of

survivorship and not as tenants in common	 	 	                                        
                   

                        State

Additional
abbreviations may also be used

though not in the above list. 

FOR
VALUE RECEIVED the undersigned hereby sell(s),

assign(s) and transfer(s) unto 

PLEASE
INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE 

	 
	 	 

	

 Please print or typewrite name and address

including postal zip code of assignee
	

 the within security and all rights thereunder,

hereby irrevocably constituting and

appointing                  attorney to transfer

said security on the books of the Company,

with full power of substitution in the

premises.	
 	

 

Dated:
                                         
        

	 
	 	 
	 

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

A-7

QuickLinks

Exhibit 4(b)(5)

FORM OF SUPPLEMENTAL INDENTURE NO. [ ]

TABLE OF CONTENTS

ARTICLE I RELATION TO INDENTURE; DEFINITIONS

ARTICLE II [ ]% NOTES, SERIES DUE [ ]

ARTICLE III COVENANTS

ARTICLE IV MISCELLANEOUS

EXHIBIT A FORM OF [ ]% NOTES, SERIES DUE [ ]

NORTHERN STATES POWER COMPANY (INCORPORATED UNDER THE LAWS OF THE STATE OF MINNESOTA) [ ]% NOTES, SERIES DUE [ ]

ABBREVIATIONSQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.9  

 
 

HOSPIRA, INC.
  2004 PERFORMANCE INCENTIVE PLAN    
    

 
 
 

HOSPIRA, INC.
  2004 PERFORMANCE INCENTIVE PLAN    
    

 
  SECTION 1.    Establishment and Purposes    
    

        1.1    Establishment of the Plan.    Hospira, Inc. ("Hospira") hereby establishes the "Hospira, Inc.
Performance Incentive Plan" the ("Plan"), as set forth in this document. The Plan shall become effective as of April 30, 2004 (the "Effective Date") and shall remain in effect as provided in
Section 6.1 hereof. 

        1.2    Purposes of the Plan.    The purposes of the Plan are to: 

        (a)   Provide
flexibility to Hospira in its ability to attract, motivate, and retain the services of participants in the Plan ("Participants") who make significant
contributions to Hospira's success and to allow Participants to share in the success of Hospira; 

        (b)   Optimize
the profitability and growth of Hospira through incentives which are consistent with Hospira's goals and which link the performance objectives of Participants
to those of Hospira's shareholders; and 

        (c)   Provide
Participants with an incentive for excellence in individual performance. 

 
 

SECTION 2.    Administration    
    

        2.1    General.    The Plan shall be administered by the Compensation and Nominations Committee (the "Committee") of
the Board of Directors of Hospira (the "Board"). 

        2.2    Authority of the Committee.    The Committee will have full authority to administer the Plan, including the
authority to interpret and construe any provision of the Plan, and to establish and amend rules pertaining thereto. All rules, regulations and interpretations shall be conclusive and binding on all
persons. The Committee has sole responsibility for selecting Participants, establishing performance objectives, setting award targets, and determining award amounts. 

        2.3    Delegation by the Committee.    The Committee from time to time may delegate the performance of certain
ministerial functions in connection with the Plan, such as the keeping of records, to such person or persons as the Committee may select. The cost of administration of the Plan will be paid by
Hospira. 

 
 

SECTION 3.    Eligibility and Participation    
    

        3.1    Eligibility and Participation.    Eligibility for participation in the Plan shall be limited to officers of
Hospira and its subsidiaries. Participants in the Plan will be determined annually by the Committee from those officers eligible to participate in the Plan. 

 
 

SECTION 4.    Performance Objectives.    
    

        4.1    Performance Objectives.    The Plan's performance objectives (the "Performance Objectives") shall be determined
with reference to Hospira's Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"). 

        4.2    Individual Base Award Allocation—Defined.    

        (a)   For
the performance period beginning on the Effective Date and ending on December 31, 2004 (the "2004 Period"), the base award allocation for the Chief Executive
Officer, if a Participant for such period, shall be .020 of Hospira's EBITDA for the 2004 Period. The base award allocation for the Chief Operating Officer, if a participant for such period, shall be
..015 of 

1

 

Hospira's
EBITDA for the 2004 Period. The base award allocation for any other Participant shall be .010 of Hospira's EBITDA for the 2004 Period. 

        (b)   For
all fiscal years beginning after December 31, 2004, the base award allocation for the Chief Executive Officer, if a Participant for such fiscal year, shall be
..020 of Hospira's EBITDA for that fiscal year. The base award allocation for the Chief Operating Officer, if a participant for such fiscal year, shall be .015 of Hospira's EBITDA for that fiscal year.
The base award allocation for any other Participant shall be .010 of Hospira's EBITDA for that fiscal year 

 
 

SECTION 5.    Final Awards    
    

        5.1    Final Award Allocation.    As soon as practical after the close of each fiscal year, a Participant's final
award allocation will be determined solely on the basis of the Performance Objectives. In determining a Participant's final award allocation, the Committee will have the discretion to reduce, but not
increase, a Participant's base award allocation, provided that a Participant's individual performance will be considered by the Committee in exercising that discretion. 

        5.2    Payment of Awards.    A Participant's final award allocation will be paid or deferred in the manner and at the
time(s) established by the Committee. 

 
 

SECTION 6.    Duration, Amendment and Termination    
    

        6.1    Duration of the Plan.    The Plan shall commence on the Effective Date, as described in Section 1.1
hereof, and shall remain in effect until terminated by the Board. 

        6.2    Amendment and Termination.    The Board, in its sole discretion, may modify or amend any or all of the
provisions of the Plan at any time and, without notice, may suspend or terminate it entirely. However, no such modification may, without the consent of the Participant, reduce the right of a
Participant to a payment or distribution to which the Participant is entitled by reason of an outstanding award allocation. 

 
 

SECTION 7.    Successors    
    

        7.1    Obligations.    All obligations of Hospira under the Plan with respect to awards granted hereunder shall be
binding on any successor to Hospira, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the
business and/or assets of Hospira. 

 
 

SECTION 8.    Grantor Trusts    
    

        8.1    2004 Payments.    With respect to the final award allocation for the 2004 Period, based on elections previously
filed with Abbott Laboratories for the 2004 calendar year, solely with respect to participants who have grantor trusts that were established under a similar Abbott Laboratories incentive program,
Hospira shall distribute such 2004 Period award to the participant in a manner that facilitates the contribution of such amounts to such participant's grantor trust in a manner prescribed under the
1986 Abbott Laboratories Management Incentive Plan. Hospira shall have no obligation to maintain or make any future contributions to such grantor trusts, other than as herein provided. 

2

QuickLinks

HOSPIRA, INC. 2004 PERFORMANCE INCENTIVE PLAN

HOSPIRA, INC. 2004 PERFORMANCE INCENTIVE PLAN

SECTION 1. Establishment and Purposes

SECTION 2. Administration

SECTION 3. Eligibility and Participation

SECTION 4. Performance Objectives.

SECTION 5. Final Awards

SECTION 6. Duration, Amendment and Termination

SECTION 7. Successors

SECTION 8. Grantor Trusts

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]