Document:

Form of Severance and Change in Control Agreement for Other Executive Officers

 Exhibit 10.22 

 
 

 
 SEVERANCE AND CHANGE IN CONTROL AGREEMENT 

This Severance and Change in Control Agreement (the “Agreement”) is made and entered into by and between
[Executive Name] (“Executive”) and Fulcrum BioEnergy, Inc. (the “Company”), effective as of the latest date set forth by the signatures of the parties hereto below (the “Effective
Date”). 
 RECITALS 
 1. The Compensation Committee of the Board of Directors of the Company (the “Committee”) recognizes that it is possible that the Company could terminate Executive’s employment
with the Company and from time to time the Company may consider the possibility of an acquisition by another company or other change in control transaction. The Committee also recognizes that such considerations can be a distraction to Executive and
can cause Executive to consider alternative employment opportunities. The Committee has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of
Executive, notwithstanding the possibility, threat or occurrence of such a termination of employment or the occurrence of a Change in Control (as defined herein) of the Company. 

2. The Committee believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to
continue his or her employment with the Company and to motivate Executive to maximize the value of the Company for the benefit of its stockholders. 
 3. The Committee believes that it is imperative to provide Executive with certain severance benefits upon Executive’s termination of employment and with certain additional benefits following a Change
in Control. These benefits will provide Executive with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change in Control. 

4. The Company and Executive wish to restate the terms of Executive’s severance and benefits (whether or not in connection with a
Change in Control) and replace any and all such provisions providing for severance and/or change in control payments, as set forth below. All other terms and conditions of the Employment Agreement will remain in full force and effect. 

5. Certain capitalized terms used in the Agreement are defined in Section 6 below. 

 AGREEMENT 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
 1. Term of Agreement. This Agreement will not terminate until all of the obligations of the parties hereto with respect to this Agreement have been satisfied. 

2. At-Will Employment. The Company and Executive acknowledge that Executive’s employment is and will continue to be at-will,
as defined under applicable law. If Executive’s employment terminates for any reason, including (without limitation) any termination of employment not set forth in Section 3, Executive will not be entitled to any payments, benefits,
damages, awards or compensation other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses or pursuant to written agreements with the Company, including equity award agreements. 

3. Severance Benefits. 
 (a) Termination without Cause and not in Connection with a Change in Control. If the Company terminates Executive’s employment with the Company for a reason other than Cause, Executive
becoming Disabled or Executive’s death at any time other than during the twelve (12)-month period immediately following a Change in Control, then, subject to Section 4, Executive will receive the following severance benefits from the
Company: 
 (i) Accrued Compensation. The Company will pay Executive all accrued but unpaid paid time off
(“PTO”), expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and arrangements. 
 (ii) Severance Payment. Executive will receive a lump sum severance payment equal to twelve (12) months of Executive’s base salary as in effect immediately prior to the date of
Executive’s termination of employment, less all required tax withholdings and other applicable deductions, which will be paid in accordance with the Company’s regular payroll procedures. 

(iii) Pro-Rated Bonus Payment. Executive will receive a lump-sum severance payment equal to one hundred percent (100%) of
Executive’s target bonus as in effect for the fiscal year in which Executive’s termination occurs, pro-rated by multiplying such bonus amount by a fraction, the numerator of which shall be the number of days from and including the first
day of such fiscal year through and including the date of Executive’s termination, and the denominator of which shall be three-hundred and sixty-five (365). 
 (iv) Continued Employee Benefits. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for
Executive and Executive’s eligible dependents, within the time period prescribed pursuant to COBRA, the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to
Executive’s termination or resignation) until the earlier of (A) a period of twelve (12) months from the last date of employment 

  
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of Executive with the Company, or (B) the date upon which Executive and/or Executive’s eligible dependents becomes covered under similar plans. COBRA reimbursements will be made by the
Company to Executive consistent with the Company’s normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences to Executive or the Company under either Code Section 105(h) or the Patient
Protection and Affordable Care Act of 2010. 
 (v) Equity. All of Executive’s unvested and outstanding equity
awards subject to time-based vesting that would have become vested had Executive remained in the employ of the Company for the twelve (12)-month period following Executive’s termination of employment shall immediately vest and become
exercisable as of the date of Executive’s termination. With respect to any equity awards subject to performance-based vesting, the Executive will be entitled to accelerated vesting as a percentage, if any, determined in the sole discretion of
the Committee based upon the Committee’s assessment of the portion of such performance-based equity awards that are potentially eligible to vest pursuant to the applicable performance metrics as of the date of Executive’s termination of
employment and the Executive’s relative achievement against the applicable performance objectives as of the date of Executive’s termination of employment. The Committee’s determination as to the percentage, if any, of vesting
acceleration with respect to any performance-based equity awards shall be conclusive and final and binding on the Executive and the Company. 
 (vi) Outplacement Benefits. If requested by Executive, the Company will pay the expense for outplacement benefits provided by a service to be determined by the Company in its discretion for a
period of twelve (12) months, up to a maximum dollar value of five thousand dollars ($5,000) following Executive’s termination. 
 (vii) Payments or Benefits Required by Law. Executive will receive such other compensation or benefits from the Company as may be required by law. 

(b) Termination without Cause or Resignation for Good Reason in Connection with a Change in Control. If upon during the twelve
(12)-month period immediately following a Change in Control, (x) the Company terminates Executive’s employment with the Company for a reason other than Cause, Executive becoming Disabled or Executive’s death, or (y) Executive
resigns from such employment for Good Reason, then, subject to Section 4, Executive will receive the following severance benefits from the Company in lieu of the benefits described in Section 3(a) above: 

(i) Accrued Compensation. The Company will pay Executive all accrued but unpaid PTO, expense reimbursements, wages, and other
benefits due to Executive under any Company-provided plans, policies, and arrangements. 
 (ii) Severance Payment.
Executive will receive a lump sum severance payment equal to twelve (12) months of Executive’s base salary as in effect immediately prior to the date of Executive’s termination of employment, less all required tax withholdings and
other applicable deductions, which will be paid in accordance with the Company’s regular payroll procedures. 

  
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 (iii) Target Bonus Payment. Executive will receive a lump sum severance payment
equal to one hundred percent (100%) of Executive’s full target bonus for the fiscal year in effect at the date of such termination of employment (or, if greater, as in effect for the fiscal year in which the Change in Control occurs), less
all required tax withholdings and other applicable deductions. 
 (iv) Continued Employee Benefits. If Executive elects
continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for Executive and Executive’s eligible dependents, within the time period prescribed pursuant to COBRA,
the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination or resignation) until the earlier of (A) a period of twelve (12) months from
the last date of employment of Executive with the Company, or (B) the date upon which Executive and/or Executive’s eligible dependents becomes covered under similar plans. COBRA reimbursements will be made by the Company to Executive
consistent with the Company’s normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences to Executive or the Company under either Code Section 105(h) or the Patient Protection and
Affordable Care Act of 2010. 
 (v) Equity. Executive will be entitled to accelerated vesting as to one hundred percent
(100%) of the then unvested portion of all of Executive’s outstanding equity awards that are subject to time-based vesting With respect to any equity awards subject to performance-based vesting, the Executive will be entitled to
accelerated vesting as a percentage, if any, determined in the sole discretion of the Committee based upon the Committee’s assessment of the portion of such performance-based equity awards that are potentially eligible to vest pursuant to the
applicable performance metrics as of the date of Executive’s termination of employment and the Executive’s relative achievement against the applicable performance objectives as of the date of Executive’s termination of employment. The
Committee’s determination as to the percentage, if any, of vesting acceleration with respect to any performance-based equity awards shall be conclusive and final and binding on the Executive and the Company. 

(vi) Outplacement Benefits. If requested by Executive, the Company will pay the expense for outplacement benefits provided by a
service to be determined by the Company in its discretion for a period of twelve (12) months, up to a maximum dollar value of five thousand dollars ($5,000) following Executive’s termination. 

(vii) Payments or Benefits Required by Law. Executive will receive such other compensation or benefits from the Company as may be
required by law. 
 (c) Disability; Death. If Executive’s employment with the Company is terminated due to Executive
becoming Disabled or Executive’s death, then Executive or Executive’s estate (as the case may be) will (i) receive the earned but unpaid base salary through the date of termination of employment, (ii) receive all accrued PTO,
expense reimbursements and any other benefits due to Executive through the date of termination of employment in accordance with Company-provided or paid plans, policies and arrangements, and (iii) not be entitled to any other compensation or
benefits from the Company except to the extent required by law (for example, COBRA). All payments under clauses (i) through (ii) above shall in all cases be made within thirty 

  
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(30) days of Executive’s termination of employment pursuant to this Section     . 
 (d) Voluntary Resignation; Termination for Cause. If Executive voluntarily terminates Executive’s employment with the Company (other than for Good Reason) or if the Company terminates
Executive’s employment with the Company for Cause, then Executive will (i) receive his or her earned but unpaid base salary through the date of termination of employment, (ii) receive all accrued PTO, expense reimbursements and any
other benefits due to Executive through the date of termination of employment in accordance with established Company-provided or paid plans, policies and arrangements, and (iii) not be entitled to any other compensation or benefits (including,
without limitation, accelerated vesting of any equity awards) from the Company except to the extent provided under agreement(s) relating to any equity awards or as may be required by law (for example, COBRA). 

(e) Timing of Payments. Subject to Section 4, payment of the severance and benefits hereunder shall be made or commence to be
made as soon as practicable following Executive’s termination of employment. 
 (f) Exclusive Remedy. In the event
of a termination of Executive’s employment with the Company, the provisions of this Section 3 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company may otherwise be entitled,
whether at law, tort or contract, in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses). Executive will be entitled to no other severance, benefits,
compensation or other payments or rights upon a termination of employment, including, without limitation, any severance payments and/or benefits provided in the Employment Agreement, other than those benefits expressly set forth in Section 3 of
this Agreement or pursuant to written equity award agreements with the Company. 
 4. Conditions to Receipt of Severance.

 (a) Release of Claims Agreement. The receipt of any severance payments or benefits pursuant to
this Agreement is subject to Executive signing and not revoking a separation agreement and release of claims in a form acceptable to the Company (the “Release”), which must become effective no later than the sixtieth
(60th) day following Executive’s termination of
employment (the “Release Deadline”), and if not, Executive will forfeit any right to severance payments or benefits under this Agreement. To become effective, the Release must be executed by Executive and any revocation
periods (as required by statute, regulation, or otherwise) must have expired without Executive having revoked the Release. In addition, in no event will severance payments or benefits be paid or provided until the Release actually becomes effective.
If the termination of employment occurs at a time during the calendar year where the Release Deadline could occur in the calendar year following the calendar year in which Executive’s termination of employment occurs, then any severance
payments or benefits under this Agreement that would be considered Deferred Payments (as defined in Section 4(d)(i)) will be paid on the first payroll date to occur during the calendar year following the calendar year in which such termination
occurs, or such later time as required by (i) the payment schedule applicable to each payment or benefit as set forth in Section 3, (ii) the date the Release becomes effective, or (iii) Section 4(d)(ii); provided that the

  
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first payment shall include all amounts that would have been paid to Executive if payment had commenced on the date of Executive’s termination of employment. 

(b) Non-solicitation. Executive agrees, to the extent permitted by applicable law, that in the event the Executive receives
severance pay or other benefits pursuant to Section 3(a) or 3(b) above, for the number of months of severance provided to Executive pursuant to Section 3(a)(ii) or 3(b)(ii), as applicable, immediately following the date of Executive’s
termination, Executive, as a condition to receipt of severance pay and benefits under Sections 3(a) and 3(b), will not directly or indirectly, solicit, induce, recruit, or encourage any employee of the Company to leave his or her employment either
for Executive or for any other entity or person. In the event Executive violates the provisions of this Section 4(b), all severance pay and other benefits to which Executive may otherwise be entitled pursuant to Section 3(a) or 3(b) shall
cease immediately. 
 The covenant contained in this Section 4(b) hereof shall be construed as a series of separate
covenants, one for each country, province, state, city or other political subdivision in which the Company currently engages in its business or, during the term of this Agreement, becomes engaged in its business. Except for geographic coverage, each
such separate covenant shall be deemed identical in terms to the covenant contained in this Section 4(b). If, in any judicial proceeding, a court refuses to enforce any of such separate covenants (or any part thereof), then such unenforceable
covenant (or such part) shall be eliminated from this Agreement to the extent necessary to permit the remaining separate covenants (or portions thereof) to be enforced. In the event that the provisions of this Section 4(b) are deemed to exceed
the time, geographic or scope limitations permitted by applicable law, then such provisions shall be reformed to the maximum time, geographic or scope limitations, as the case may be, permitted by applicable law. 

(c) Confidential Information Agreement and Other Requirements. Executive’s receipt of any payments or benefits under
Section 3 will be subject to Executive continuing to comply with the terms of the Confidential Information Agreement (as defined in Section 9) executed by Executive in favor of the Company and the provisions of this Agreement. 

(d) Section 409A. 
 (i) Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement that, when considered together with any
other severance payments or separation benefits, are considered deferred compensation not exempt under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a
“separation from service” within the meaning of Section 409A. And for purposes of this Agreement, any reference to “termination of employment,” “termination” or any similar term shall be construed to mean a
“separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation
Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A. 
 (ii) Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s

  
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termination of employment (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months following Executive’s separation from service,
will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in
accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the six (6) month anniversary of the
separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in
accordance with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury
Regulations. 
 (iii) Without limitation, any amount paid under this Agreement that satisfies the requirements of the
“short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations is not intended constitute to Deferred Payments for purposes of clause (i) above 

(iv) Without limitation, any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation
from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit is not intended to constitute Deferred Payments for purposes of clause (i) above. Any payment intended to
qualify under this exemption must be made within the allowable time period specified in Section 1.409A-1(b)(9)(iii) of the Treasury Regulations. 
 (v) To the extent that reimbursements or in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred compensation” for purposes of Section 409A, (1) all
reimbursements hereunder shall be made on or prior to the last day of the calendar year following the calendar year in which the expense was incurred by Executive, (2) any right to reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit, and (3) the amount of expenses eligible for reimbursement or in-kind benefits provided in any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to
be provided, in any other calendar year. 
 (vi) Any tax gross-up that Executive is entitled to receive under this Agreement or
otherwise shall be paid to Executive no later than December 31 of the calendar year following the calendar year in which Executive remits the related taxes. 
 (vii) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes
of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A. 

(viii) The foregoing provisions are intended to be exempt from or comply with the requirements of Section 409A so that none of the
severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt or so comply. The

  
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Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid
imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. 
 5.
Limitation on Payments. 
 (a) Anything in this Agreement to the contrary notwithstanding, if any payment or benefit
Executive would receive from the Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code; and (ii) but for this sentence, be subject
to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax; or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable
federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment. Any reduction made
pursuant to this Section 5(a) shall be made in accordance with the following order of priority: (i) stock options whose exercise price exceeds the fair market value of the optioned stock (“Underwater Options”)
(ii) Full Credit Payments (as defined below) that are payable in cash, (iii) non-cash Full Credit Payments that are taxable, (iv) non-cash Full Credit Payments that are not taxable (v) Partial Credit Payments (as defined below)
and (vi) non-cash employee welfare benefits. In each case, reductions shall be made in reverse chronological order such that the payment or benefit owed on the latest date following the occurrence of the event triggering the excise tax will be
the first payment or benefit to be reduced (with reductions made pro-rata in the event payments or benefits are owed at the same time). “Full Credit Payment” means a payment, distribution or benefit, whether paid or payable
or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section 280G of the Code) by one dollar, determined as if
such payment, distribution or benefit had been paid or distributed on the date of the event triggering the excise tax. “Partial Credit Payment” means any payment, distribution or benefit that is not a Full Credit Payment. In
no event shall the Executive have any discretion with respect to the ordering of payment reductions. 
 (b) Unless the Company
and Executive otherwise agree in writing, any determination required under this Section 5 will be made in writing by an independent firm (the “Firm”), whose determination will be conclusive and binding upon Executive and
the Company for all purposes. For purposes of making the calculations required by this Section 5, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section 5. The
Company will bear all costs the Firm may reasonably incur in connection with any calculations contemplated by this Section 5. 

  
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 6. Definition of Terms. The following terms referred to in this Agreement will have
the following meanings: 
 (a) Cause. “Cause” means: 

(i) Executive’s willful failure to perform his or her duties and responsibilities to the Company or Executive’s violation of
any written Company policy; 
 (ii) Executive’s commission of any act of fraud, embezzlement, dishonesty or any other
willful misconduct that has caused or is reasonably expected to result in injury to the Company; 
 (iii) Executive’s
unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom the Executive owes an obligation of nondisclosure as a result of his or her relationship with the Company; or 

(iv) Executive’s material breach of any of his or her obligations under any written agreement or covenant with the Company.

 (b) Change in Control. “Change in Control” means the occurrence of any of the following:

 (i) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate
reorganization, if the Company’s shareholders immediately prior to such merger, consolidation or reorganization cease to directly or indirectly own immediately after such merger, consolidation or reorganization at least a majority of the
combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation or other reorganization; 
 (ii) The consummation of the sale, transfer or other disposition of all or substantially all of the Company’s assets (other than (x) to a corporation or other entity of which at least a majority
of its combined voting power is owned directly or indirectly by the Company, (y) to a corporation or other entity owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of the
common stock of the Company or (z) to a continuing or surviving entity described in Section 6(b)(i) in connection with a merger, consolidation or corporate reorganization which does not result in a Change in Control under
Section 6(b)(i)); 
 (iii) A change in the effective control of the Company which occurs on the date that a majority of
members of the Company’s Board of the Directors (the “Board”) is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board
prior to the date of the appointment or election. For purposes of this clause, if any Person (as defined below in Section 6(b)(iv)) is considered to be in effective control of the Company, the acquisition of additional control of the Company by
the same Person will not be considered a Change in Control; 

  
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 (iv) The consummation of any transaction as a result of which any Person becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), directly or indirectly, of securities of the Company representing at least fifty percent
(50%) of the total voting power represented by the Company’s then outstanding voting securities. For purposes of this clause (iv), the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the
Exchange Act but shall exclude: 
 (1) a trustee or other fiduciary holding securities under an employee benefit
plan of the Company or an affiliate of the Company; 
 (2) a corporation or other entity owned directly or
indirectly by the shareholders of the Company in substantially the same proportions as their ownership of the common stock of the Company; 
 (3) the Company; and 
 (4) a corporation or other entity of which
at least a majority of its combined voting power is owned directly or indirectly by the Company; or 
 (v) A complete winding
up, liquidation or dissolution of the Company. 
 A transaction shall not constitute a Change in Control if its sole
purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transactions.
For the avoidance of doubt, an initial public offering of the common stock of the Company shall not constitute a Change in Control for purposes of this Agreement. 
 (c) Code. “Code” means the Internal Revenue Code of 1986, as amended. 
 (d) Disability. “Disability” or “Disabled” means that Executive is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than one (1) year. 

(e) Good Reason. “Good Reason” means Executive’s termination of employment within ninety
(90) days following the expiration of any cure period (discussed below) following the occurrence, without Executive’s consent, of one or more of the following: 
 (i) A material reduction of Executive’s duties, authority or responsibilities, relative to Executive’s duties, authority or responsibilities in effect immediately prior to such reduction;
provided, however, that not being named the [Title] of the acquiring corporation following a Change in Control of the Company will not constitute Good Reason; 
 (ii) A material reduction in Executive’s base compensation (except where there is a reduction applicable to all similarly situated executive officers generally); provided, that a reduction of less
than ten percent (10%) will not be considered a material reduction in base compensation; 

  
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 (iii) A material change in the geographic location of Executive’s primary work
facility or location; provided, that a relocation of less than fifty (50) miles from Executive’s then-present work location will not be considered a material change in geographic location; or 

(iv) A material breach by the Company of a material provision of this Agreement; 

Executive will not resign for Good Reason without first providing the Company with written notice within sixty (60) days of the
event that Executive believes constitutes “Good Reason” specifically identifying the acts or omissions constituting the grounds for Good Reason and a reasonable cure period of not less than thirty (30) days following the date of such
notice during which such condition must not have been cured. 
 (f) Section 409A. “Section
409A” means Code Section 409A, and the final regulations and any guidance promulgated thereunder or any state law equivalent. 
 (g) Section 409A Limit. “Section 409A Limit” will mean two (2) times the lesser of: (i) Executive’s annualized compensation based upon the annual rate of
pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of his or her separation from service as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue
Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the year in which Executive’s separation
from service occurred. 
 7. Successors. 
 (a) The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of
the Company’s business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such
obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in
this Section 7(a) or which becomes bound by the terms of this Agreement by operation of law. 
 (b) Executive’s
Successors. The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. 
 8. Arbitration. 
 (a) Arbitration. In consideration of Executive’s employment with the Company, its promise to arbitrate all employment-related disputes, and Executive’s receipt of the compensation,
pay raises and other benefits paid to Executive by the Company, at present and in the future, Executive agrees that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder or
benefit plan of the Company in 

  
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their capacity as such or otherwise) arising out of, relating to, or resulting from Executive’s employment with the Company or termination thereof, including any breach of this Agreement,
will be subject to binding arbitration under the Arbitration Rules set forth in California Code of Civil Procedure Section 1280 through 1294.2, including Section 1281.8 (the “Act”), and pursuant to California law.
The Federal Arbitration Act shall also apply with full force and effect, notwithstanding the application of procedural rules set forth under the Act. 
 (b) Dispute Resolution. Disputes that Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury, include any statutory claims under local, state, or federal
law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Sarbanes
Oxley Act, the Worker Adjustment and Retraining Notification Act, the California Fair Employment and Housing Act, the Family and Medical Leave Act, the California Family Rights Act, the California Labor Code, claims of harassment, discrimination,
and wrongful termination, and any statutory or common law claims. Executive further understands that this Agreement to arbitrate also applies to any disputes that the Company may have with Executive. 

(c) Procedure. Executive agrees that any arbitration will be administered by the Judicial Arbitration & Mediation
Services, Inc. (“JAMS”), pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The arbitrator shall have the power to decide any motions brought by any party to the
arbitration, including motions for summary judgment and/or adjudication, motions to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The arbitrator shall have the power to award any remedies available
under applicable law, and the arbitrator shall award attorneys’ fees and costs to the prevailing party, except as prohibited by law. The Company will pay for any administrative or hearing fees charged by the administrator or JAMS, and all
arbitrator’s fees, except that Executive shall pay any filing fees associated with any arbitration that Executive initiates, but only so much of the filing fee as Executive would have instead paid had Executive filed a complaint in a court of
law. Executive agrees that the arbitrator shall administer and conduct any arbitration in accordance with California law, including the California Code of Civil Procedure and the California Evidence Code, and that the arbitrator shall apply
substantive and procedural California law to any dispute or claim, without reference to the rules of conflict of law. To the extent that the JAMS Rules conflict with California law, California law shall take precedence. The decision of the
arbitrator shall be in writing. Any arbitration under this Agreement shall be conducted in Alameda County, California. 
 (d)
Remedy. Except as provided by the Act, arbitration shall be the sole, exclusive, and final remedy for any dispute between Executive and the Company. Accordingly, except as provided by the Act and this Agreement, neither Executive nor the
Company will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator will
not order or require the Company to adopt a policy not otherwise required by law which the Company has not adopted. 
 (e)
Administrative Relief. Executive is not prohibited from pursuing an administrative claim with a local, state, or federal administrative body or government agency that is 

  
 -12-

 
authorized to enforce or administer laws related to employment, including, but not limited to, the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, the
National Labor Relations Board, or the Workers’ Compensation Board. However, Executive may not pursue court action regarding any such claim, except as permitted by law. 
 (f) Voluntary Nature of Agreement. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else.
Executive further acknowledges and agrees that Executive has carefully read this Agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences and binding effect of this Agreement and fully
understands it, including that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY TRIAL. Finally, Executive agrees that Executive has been provided an opportunity to seek the advice of an attorney of Executive’s choice before
signing this Agreement. 
 9. Confidential Information. Executive agrees to continue to comply with and be bound by the
Confidential Information and Invention Assignment Agreement (the “Confidential Information Agreement”) entered into by and between Executive and the Company. 
 10. Notice. 
 (a) General. Notices and all other communications
contemplated by this Agreement will be in writing and will be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of Executive,
mailed notices will be addressed to him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will
be directed to the attention of its General Counsel. 
 (b) Notice of Termination. Any termination by the Company for
Cause or by Executive for Good Reason will be communicated by a notice of termination to the other party hereto given in accordance with Section 10(a) of this Agreement. Such notice will indicate the specific termination provision in this
Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty
(30) days after the giving of such notice). The failure by Executive to include in the notice any fact or circumstance which contributes to a showing of Good Reason will not waive any right of Executive hereunder or preclude Executive from
asserting such fact or circumstance in enforcing his or her rights hereunder. 
 11. Miscellaneous Provisions.

 (a) No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this
Agreement, nor will any such payment be reduced by any earnings that Executive may receive from any other source. 
 (b)
Waiver. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by 

  
 -13-

 
Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by
the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (c) Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 

(d) Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto and supersedes in their entirety all
prior or contemporaneous representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter hereof. Executive acknowledges and agrees that this
Agreement encompasses all the rights of Executive to any severance payments and/or benefits based on the termination of Executive’s employment and Executive hereby agrees that he or she has no such rights except as stated herein. No waiver,
alteration, or modification of any of the provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto and which specifically mention this Agreement. 

(e) Choice of Law. The validity, interpretation, construction and performance of this Agreement will be governed by the laws of
the State of California (with the exception of its conflict of laws provisions). 
 (f) Severability. The invalidity or
unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect. 

(g) Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable income, employment and
other taxes, as determined in the Company’s reasonable judgment. 
 (h) Counterparts. This Agreement may be executed
in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 
 [Signature Page to Follow] 

  
 -14-

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of
the Company by its duly authorized officer, as of the day and year set forth below. 
  

							
	COMPANY	 		 	FULCRUM BIOENERGY, INC.
				
		 		 	By:	 	  

				
		 		 	Title:	 	  

				
		 		 	Date:	 	  

			
	EXECUTIVE	 		 	[EXECUTIVE]
				
		 		 	By:	 	  

				
		 		 	Date:	 	  

  
 -15-Supplemental Indenture

 Exhibit 4.2 
 Prepared by: Jeffrey M. Taylor 
 701 Ninth Street, NW - Mail Stop EP1300 

Washington, D.C. 20068 
 Phone
(202) 872-2246 
 Return to: Jeffrey M. Taylor 
 Associate General Counsel - PHI 
 701 Ninth Street, NW - Mail Stop EP1300 

Washington, D.C. 20068 
 Phone
(202) 872-2246 
 POTOMAC ELECTRIC POWER COMPANY 
 701 Ninth Street, N.W., Washington, D.C. 
 TO 

THE BANK OF NEW YORK MELLON 
 101 Barclay Street, New York, NY 
 as Trustee 

 
  

Supplemental Indenture 
 Dated as of March 28, 2012 
  

 
 Supplemental to
Mortgage and Deed of Trust 
 Dated July 1, 1936 

 
  

FIRST MORTGAGE BONDS, 3.05% SERIES DUE APRIL 1, 2022 

 POTOMAC ELECTRIC POWER COMPANY 

SUPPLEMENTAL INDENTURE DATED AS OF MARCH 28, 2012 
 TABLE OF CONTENTS* 
  

 
  

							
	 	 	 	  	PAGE	 
	 Parties
	 		  	 	1	  
	 Recitals
	 		  	 	1	  
		 	 PART I
	  			
			
		 	 Description of Bonds of 3.05% Series
	  	 	4	  
			
	 Section 1.
	 	 General description of Bonds of 3.05% Series
	  	 	4	  
	 Section 2.
	 	 Form of face of Bond of the 3.05% Series
	  	 	5	  
		 	 Form of Trustee’s certificate
	  	 	7	  
		 	 Text appearing on reverse side of Bond 3.05% Series
	  	 	7	  
	 Section 3.
	 	 Denominations of Bonds of 3.05% Series; Global Bond
	  	 	10	  
	 Section 4.
	 	 Legend of Depository
	  	 	10	  
	 Section 5.
	 	 Legend of transferred Global Bond
	  	 	11	  
	 Section 6.
	 	 Transfers of Global Bonds
	  	 	11	  
	 Section 7.
	 	 Reliance on certificates by the Company and the Trustee
	  	 	11	  
	 Section 8.
	 	 Execution and form of temporary Bonds of 3.05% Series
	  	 	11	  
			
		 	 PART II
	  			
			
		 	 Issue of Bonds
	  	 	12	  
			
	 Section 1.
	 	 Unlimited Principal Amount
	  	 	12	  
	 Section 2.
	 	 Issue of Bonds of 3.05% Series
	  	 	12	  
	 Section 3.
	 	 Future Issuances of Bonds of 3.05% Series
	  	 	12	  
			
		 	 PART III
	  			
			
		 	 Redemption and Cancellation of Bonds
	  	 	13	  
			
	 Section 1.
	 	 Bonds of 3.05% Series redeemable
	  	 	13	  
	 Section 2.
	 	 Notice of redemption
	  	 	13	  
	 Section 3.
	 	 Cancellation
	  	 	13	  

 

	*	The Table of Contents is not part of the Supplemental Indenture and should not be considered as such. It is included herein only for purposes of convenient reference.

  
 i 

							
		 	 PART IV
	  			
			
		 	 Additional Particular Covenants of the Company
	  	 	13	  
			
	 Section 1.
	 	 Company not to withdraw moneys pursuant to Section 2 of Article VIII in excess of an amount equal to principal amount of
issued refundable bonds
	  	 	13	  
	 Section 2.
	 	 No property additions made on or prior to December 31, 1946 to be used for any purpose under the Indenture
	  	 	13	  
			
		 	 PART V
	  			
			
		 	 Amendment of Indenture to Permit Qualification Under the Trust Indenture Act
	  	 	13	  
			
		 	 PART VI
	  			
			
		 	 The Trustee
	  	 	14	  
			
		 	 PART VII
	  			
			
		 	 Miscellaneous Provisions
	  	 	14	  
			
		 	 Execution of Supplemental Indenture in counterparts
	  			
		 	 Appointment of attorneys-in-fact by parties
	  			
		 	 Testimonium
	  			
		 	 Execution
	  			
		 	 Company’s Acknowledgments
	  			
		 	 Trustee’s Acknowledgments
	  			

  
 ii 

 SUPPLEMENTAL INDENTURE, dated as of March 28, 2012, made by and between Potomac
Electric Power Company, a corporation organized and existing under the laws of the District of Columbia and a domestic corporation of the Commonwealth of Virginia (hereinafter sometimes called the “Company”), party of the first part, and
The Bank of New York Mellon (formerly known as The Bank of New York), a banking corporation organized and existing under the laws of the State of New York (hereinafter sometimes called the “Trustee”), as trustee under the Mortgage and Deed
of Trust dated July 1, 1936, hereinafter mentioned, party of the second part; 
 WHEREAS, the Company has heretofore
executed and delivered its Mortgage and Deed of Trust, dated July 1, 1936 (hereinafter sometimes referred to as the “Original Indenture”), to The Riggs National Bank of Washington, D.C., as trustee, to secure an issue of First
Mortgage Bonds of the Company, issuable in series; and 
 WHEREAS, the Trustee has succeeded The Riggs National Bank of
Washington, D.C. as trustee under the Original Indenture pursuant to Article XIII, Section 3 thereof; and 
 WHEREAS,
pursuant to the terms and provisions of the Original Indenture, indentures supplemental thereto dated as of July 1, 1936, December 1, 1939, August 1, 1940, August 1, 1942, January 1, 1948, May 1, 1949, May 1, 1950,
March 1, 1952, May 15, 1953, May 16, 1955, June 1, 1956, December 1, 1958, November 16, 1959, December 1, 1960, February 15, 1963, May 15, 1964, April 1, 1966, May 1, 1967, February 15,
1968, March 15, 1969, February 15, 1970, August 15, 1970, September 15, 1972, April 1, 1973, January 2, 1974, August 15, 1974, August 15, 1974, June 15, 1977, July 1, 1979, June 16, 1981,
June 17, 1981, December 1, 1981, August 1, 1982, October 1, 1982, April 15, 1983, November 1, 1985, March 1, 1986, November 1, 1986, March 1, 1987, September 16, 1987, May 1, 1989,
August 1, 1989, April 5, 1990, May 21, 1991, May 7, 1992, September 1, 1992, November 1, 1992, March 1, 1993, March 2, 1993, July 1, 1993, August 20, 1993, September 29, 1993, September 30,
1993, October 1, 1993, February 10, 1994, February 11, 1994, March 10, 1995, September 6, 1995, September 7, 1995, October 2, 1997, March 17, 1999, November 17, 2003, March 16,
2004, May 24, 2005, April 1, 2006, November 13, 2007, March 24, 2008 and December 3, 2008 have been heretofore entered into between the Company and the Trustee to provide, respectively, for the creation
of the first through the seventy-first series of Bonds thereunder and, in the case of the supplemental indentures dated January 1, 1948, March 1, 1952, May 15, 1953, May 16, 1955, June 1, 1956, September 15, 1972,
July 1, 1979, June 17, 1981, November 1, 1985, September 16, 1987, May 1, 1989, May 21, 1991, May 7, 1992, July 1, 1993, October 2, 1997 and one of the supplemental indentures dated August 15, 1974,
to convey additional property; and 
 WHEREAS, $20,000,000 principal amount of Bonds of the 3-1/4% Series due 1966 (the first
series), $5,000,000 principal amount of Bonds of the 3-1/4% Series due 1974 (the second series), $10,000,000 principal amount of Bonds of the 3-1/4% Series due 1975 (the third series), $5,000,000 principal amount of Bonds of the 3-1/4% Series due
1977 (the fourth series), $15,000,000 principal amount of Bonds of the 3% Series due 1983 (the fifth series), $10,000,000 principal amount of Bonds of the 2-7/8% Series due 1984 (the sixth series), $30,000,000 principal amount of Bonds of the 2-3/4%
Series due 1985 (the seventh series), $15,000,000 principal amount of Bonds of the 3-1/4% Series due 1987 (the eighth series), $10,000,000 

 
principal amount of Bonds of the 3-7/8% Series due 1988 (the ninth series), $10,000,000 principal amount of Bonds of the 3-3/8% Series due 1990 (the tenth series), $10,000,000 principal amount of
Bonds of the 3-5/8% Series due 1991 (the eleventh series), $25,000,000 principal amount of Bonds of the 4-5/8% Series due 1993 (the twelfth series), $15,000,000 principal amount of Bonds of the 5-1/4% Series due 1994 (the thirteenth series),
$40,000,000 principal amount of Bonds of the 5% Series due 1995 (the fourteenth series), $50,000,000 principal amount of Bonds of the 4-3/8% Series due 1998 (the fifteenth series), $45,000,000 principal amount of Bonds of the 4-1/2% Series due 1999
(the sixteenth series), $15,000,000 principal amount of Bonds of the 5-1/8% Series due 2001 (the seventeenth series), $35,000,000 principal amount of Bonds of the 5-7/8% Series due 2002 (the eighteenth series), $40,000,000 principal amount of Bonds
of the 6-5/8% Series due 2003 (the nineteenth series),$45,000,000 principal amount of Bonds of the 7-3/4% Series due 2004 (the twentieth series), $35,000,000 principal amount of Bonds of the 8.85% Series due 2005 (the twenty-first Series),
$70,000,000 principal amount of Bonds of the 9-1/2% Series due August 15, 2005 (the twenty-second series), $50,000,000 principal amount of Bonds of the 7-3/4% Series due 2007 (the twenty-third series), $25,000,000 principal amount of Bonds of
the 5-5/8% Series due 1997 (the twenty-fourth series), $100,000,000 principal amount of Bonds of the 8-3/8% Series due 2009 (the twenty-fifth series), $50,000,000 principal amount of Bonds of the 10-1/4% Series due 1981 (the twenty-sixth series),
$50,000,000 principal amount of Bonds of the 10-3/4% Series due 2004 (the twenty-seventh series), $38,300,000 principal amount of Bonds of the 6-1/8% Series due 2007 (the twenty-eighth series), $15,000,000 principal amount of Bonds of the 6-1/2%
Series due 2004 (the twenty-ninth series), $20,000,000 principal amount of Bonds of the 6-1/2% Series due 2007 (the thirtieth series), $7,500,000 principal amount of Bonds of the 6-5/8% Series due 2009 (the thirty-first series), $30,000,000
principal amount of Bonds of the Floating Rate Series due 2010 (the thirty-second series), $50,000,000 principal amount of Bonds of the 14-1/2% Series due 1991 (the thirty-third series), $50,000,000 principal amount of Bonds of the Adjustable Rate
Series due 2001 (the thirty-fourth series),$60,000,000 principal amount of Bonds of the 14-1/4% Series due 1992 (the thirty-fifth series), $50,000,000 principal amount of Bonds of the 11-7/8% Series due 1989 (the thirty-sixth series), $37,000,000
principal amount of Bonds of the 8-3/4% Series due 2010 (the thirty-seventh series), $75,000,000 principal amount of Bonds of the 11-1/4% Series due 2015 (the thirty-eighth series), $75,000,000 principal amount of Bonds of the 9-1/4% Series due 2016
(the thirty-ninth series), $75,000,000 principal amount of Bonds of the 8-3/4% Series due 2016 (the fortieth series), $75,000,000 principal amount of Bonds of the 8-1/4% Series due 2017 (the forty-first series), $75,000,000 principal amount of Bonds
of the 9% Series due 1990 (the forty-second series), $75,000,000 principal amount of Bonds of the 9-3/4% Series due 2019 (the forty-third series), $75,000,000 principal amount of Bonds of the 8-5/8% Series due 2019 (the forty-fourth series),
$100,000,000 principal amount of Bonds of the 9% Series due 2000 (the forty-fifth series), $100,000,000 principal amount of Bonds of the 9% Series due 2021 (the forty-sixth series), $75,000,000 principal amount of Bonds of the 8-1/2% Series due 2027
(the forty-seventh series); $30,000,000 principal amount of Bonds of the 6% Series due 2022 (the forty-eighth series); $37,000,000 principal amount of Bonds of the 6-3/8% Series due 2023 (the forty-ninth series); $78,000,000 principal amount of
Bonds of the 6-1/2% Series due 2008 (the fiftieth series); $40,000,000 principal amount of Bonds of the 7-1/2% Series due 2028 (the fifty-first series); $100,000,000 principal amount of Bonds of the 7-1/4% Series due 2023 (the fifty-second series);
$100,000,000 principal amount of Bonds of the 6-7/8% Series due 2023 (the fifty-third series); $50,000,000 principal amount of Bonds of the 5-5/8% Series due 2003 (the 

  
 2 

 
fifty-fourth series); $50,000,000 principal amount of Bonds of the 5-7/8% Series due 2008 (the fifty-fifth series); $75,000,000 principal amount of Bonds of the 6-7/8% Series due 2024 (the
fifty-sixth series); $42,500,000 principal amount of Bonds of the 5-3/8% Series due 2024 (the fifty-seventh series); $16,000,000 principal amount of Bonds of the 5-3/4% Series due 2010 (the fifty-ninth series); $100,000,000 principal amount of Bonds
of the 6-1/2% series due 2005 (the sixtieth series); $75,000,000 principal amount of Bonds of the 7-3/8% Series due 2025 (the sixty-first series); $175,000,000 principal amount of Bonds of the 6-1/4% Series due 2007 (the sixty-second series); and
$270,000,000 principal amount of Bonds of the 6% Series due 2004 (the sixty-third series) have been heretofore redeemed and retired and there are now issued and outstanding under the Original Indenture and under the supplemental indentures referred
to above: $38,300,000 principal amount of Bonds of the 5-3/8% Series due 2024 (the fifty-eighth series); $200,000,000 principal amount of Bonds of the 4.95% Series due 2013 (the sixty-fourth series); $175,000,000 principal amount of Bonds of the
4.65% Series due 2014 (the sixty-fifth series); $100,000,000 principal amount of Bonds of the 5.75% Series due 2034 (the sixty-sixth series); $175,000,000 principal amount of Bonds of the 5.40% Series due 2035 (the sixty-seventh series);
$109,500,000 principal amount of Bonds of the Medco Collateral Series due 2022 (the sixty-eighth series); $250,000,000 principal amount of Bonds of the 6.50% Series due 2037 (the sixty-ninth series); $250,000,000 principal amount of Bonds of the
6.50% Series 2 due 2037 (the seventieth series); and $250,000,000 principal amount of Bonds of the 7.90% Series due 2038 (the seventy-first series); and 
 WHEREAS, for the purpose of conforming the Original Indenture to the standards prescribed by the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), or otherwise modifying
certain of the provisions of the Original Indenture, indentures supplemental thereto dated December 10, 1939, August 10, 1942, October 15, 1942, April 1, 1966, June 16, 1981, June 17, 1981, December 1, 1981,
August 1, 1982, October 1, 1982, April 15, 1983, November 1, 1985, March 1, 1986, November 1, 1986, March 1, 1987, September 16, 1987, May 1, 1989, August 1, 1989, April 5, 1990, May 21,
1991, May 7, 1992, September 1, 1992, November 1, 1992, March 1, 1993, March 2, 1993, July 1, 1993, August 20, 1993, September 29, 1993, September 30, 1993, October 1, 1993, February 10, 1994,
February 11, 1994, March 10, 1995, September 6, 1995, September 7, 1995, October 2, 1997, March 17, 1999, November 17, 2003, March 16, 2004, May 24, 2005, April 1,
2006, November 13, 2007, March 24, 2008 and December 3, 2008 have been heretofore entered into between the Company and the Trustee, and for the purpose of conveying additional property, indentures supplemental thereto dated
July 15, 1942, October 15, 1947, December 31, 1948, December 31, 1949, February 15, 1951, February 16, 1953, March 15, 1954, March 15, 1955, March 15, 1956, April 1, 1957, May 1, 1958,
May 1, 1959, May 2, 1960, April 3, 1961, May 1, 1962, May 1, 1963, April 23, 1964, May 3, 1965, June 1, 1966, April 28, 1967, July 3, 1967, May 1, 1968, June 16, 1969, May 15, 1970,
September 1, 1971, June 17, 1981, November 1, 1985, September 16, 1987, May 1, 1989, May 21, 1991, May 7, 1992, July 1, 1993 and October 2, 1997 have been heretofore entered into between the Company and
the Trustee, and for the purpose of better securing and protecting the Bonds then or thereafter issued and confirming the lien of the Original Indenture, an indenture dated October 15, 1942 supplemental thereto has been heretofore entered into
between the Company and the Trustee; the Original Indenture as heretofore amended and supplemented being hereinafter referred to as the “Original Indenture as amended”; and 

  
 3 

 WHEREAS, the Company is entitled to have authenticated and delivered additional Bonds in
substitution for refundable Bonds, upon compliance with the provisions of Section 7 of Article III of the Original Indenture as amended; and 
 WHEREAS, the Company has determined to issue a seventy-second series of Bonds under the Original Indenture as amended, to be known as First Mortgage Bonds, 3.05% Series due April 1, 2022 (hereinafter
called “Bonds of 3.05% Series”); and 
 WHEREAS, the Company, in the exercise of the powers and authority conferred
upon and reserved to it under the provisions of the Original Indenture as amended and pursuant to appropriate resolutions of its Board of Directors, has duly resolved and determined to make, execute and deliver to the Trustee a supplemental
indenture in the form hereof for the purposes herein provided; and 
 WHEREAS, all conditions and requirements necessary to make
this Supplemental Indenture a valid, binding and legal instrument have been done, performed and fulfilled, and the execution and delivery hereof have been in all respects duly authorized; 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 That Potomac Electric Power Company, in consideration of the premises and of One Dollar to it duly paid by the Trustee at or before the ensealing and delivery of these presents, and for other valuable
considerations, the receipt whereof is hereby acknowledged, hereby covenants, declares and agrees with the Trustee and its successors in the trust under the Original Indenture as amended for the benefit of those who hold the Bonds and coupons, or
any of them, issued or to be issued hereunder or under the Original Indenture as amended, as follows: 
 PART I. 

DESCRIPTION OF BONDS OF 3.05% SERIES. 
 SECTION 1. The Bonds of 3.05% Series shall, subject to the provisions of Section 1 of Article II of the Original Indenture as amended, be designated as “First Mortgage Bonds, 3.05% Series due
April 1, 2022” of the Company. The Bonds of 3.05% Series shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to, all of the terms, conditions and covenants of the
Original Indenture as amended, except in so far as the terms and provisions of the Original Indenture as amended are amended or modified by this Supplemental Indenture. 
 The Bonds of 3.05% Series shall mature April 1, 2022, and shall bear interest from the date of initial issuance at the rate of three and five hundredths percent (3.05%) per annum, payable
semiannually, commencing October 1, 2012, on the first day of April and the first day of October in each year (each such April 1 and October 1 being hereinafter called an “interest payment date”). The Bonds of 3.05% Series
shall be payable as to principal and interest in lawful money of the United States of America, and shall be payable (as well the interest as the principal thereof) at the agency of the Company in the Borough of Manhattan, The City of New York.

  
 4 

 The interest so payable on any interest payment date shall be paid to the persons in whose
names the Bonds of 3.05% Series are registered at the close of business on the fifteenth calendar day of the month preceding the month in which the interest payment date occurs; provided, that interest payable on the maturity date shall be paid to
the person to whom principal shall be payable; and provided further that if the Company shall default in the payment of any interest due on such interest payment date, such defaulted interest shall be paid to the persons in whose names the Bonds of
3.05% Series are registered on the date of payment of such defaulted interest, or in accordance with the regulations of any securities exchange on which the Bonds of 3.05% Series are listed. Interest shall be computed on the basis of a 360-day year
comprised of twelve 30-day months. 
 Except as provided hereinafter, every Bond of 3.05% Series shall be dated as of the date
of its authentication and delivery, or if that is an interest payment date, the next day, and shall bear interest from the interest payment date next preceding its date or the date of delivery of the initial Bonds of 3.05% Series, whichever is
later. Notwithstanding Section 6 of Article II of the Original Indenture, any Bond of 3.05% Series authenticated and delivered by the Trustee after the close of business on the record date with respect to any interest payment date and prior to
such interest payment date shall be dated as of the date next following such interest payment date and shall bear interest from such interest payment date; except that if the Company shall default in the payment of any interest due on such interest
payment date, such Bond shall bear interest from the next preceding interest payment date or the date of delivery of the initial Bonds of 3.05% Series, whichever is later. 
 SECTION 2. The Bonds of 3.05% Series, and the Trustee’s certificate to be endorsed on the Bonds of 3.05% Series, shall be substantially in the following forms, respectively: 

[FORM OF FACE OF BOND OF 3.05% SERIES] 
 [THIS BOND IS A GLOBAL BOND WITHIN THE MEANING OF THE MORTGAGE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS BOND MAY NOT BE TRANSFERRED TO, OR
REGISTERED OR EXCHANGED FOR BONDS REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE MORTGAGE. EVERY BOND AUTHENTICATED
AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS BOND SHALL BE A GLOBAL BOND THAT IS SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.] 

  
 5 

 POTOMAC ELECTRIC POWER COMPANY 

(A District of Columbia and Virginia corporation) 
 First Mortgage Bond, 3.05% Series due April 1, 2022 
  

			
	No.	  	 $
 CUSIP No. 737679DD9

 POTOMAC ELECTRIC POWER COMPANY, a corporation organized and existing under the laws of the District of
Columbia and a domestic corporation of the Commonwealth of Virginia (hereinafter called the “Company”, which term shall include any successor corporation as defined in the Amended Indenture hereinafter referred to), for value received,
hereby promises to pay to                      or registered assigns, the sum of
             dollars, on the first day of April, 2022, in lawful money of the United States of America, and to pay interest thereon in like money from the later of the date of delivery of
the initial Bonds of 3.05% Series or the April 1 or October 1 next preceding the date of this Bond, or if the Company shall default in the payment of interest due on such interest payment date, then from the next preceding interest payment
date or the date of delivery of the initial Bonds of 3.05% Series, whichever is later, at the rate of three and five hundredths percent (3.05%) per annum, payable semiannually, commencing October 1, 2012, on the first day of April or
October in each year until maturity, or, if the Company shall default in the payment of the principal hereof, until the Company’s obligation with respect to the payment of such principal shall be discharged as provided in the Amended Indenture.
The interest so payable on any April 1 or October 1 will, subject to certain exceptions provided in the indenture dated as of March 28, 2012 supplemental to the Amended Indenture, be paid to the person in whose name this Bond is
registered at the close of business on the fifteenth calendar day of the month preceding the month in which the interest payment date occurs. Both principal of, and interest on, this Bond are payable at the agency of the Company in the Borough of
Manhattan, The City of New York. 
 Reference is made to the further provisions of this Bond set forth on the reverse hereof,
and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Bond
shall not be entitled to any benefit under the Amended Indenture (as defined herein) or any indenture supplemental thereto, or become valid or obligatory for any purpose, until The Bank of New York Mellon (formerly known as The Bank of New York),
the Trustee under the Amended Indenture, or a successor trustee thereto under the Amended Indenture, shall have signed the form of certificate endorsed hereon. 
 IN WITNESS WHEREOF, Potomac Electric Power Company has caused this Bond to be signed in its name by the signature (or a facsimile thereof) of its President or a Vice President, and its corporate seal (or
a facsimile thereof) to be hereto affixed and attested by the facsimile signature of its Secretary or an Assistant Secretary. 
 Dated:

  

			
	POTOMAC ELECTRIC POWER COMPANY
		
	By	 	  

		 	Vice President

  
 6 

 Attest: 
  

	
	  

	Secretary/Assistant Secretary

 [FORM OF TRUSTEE’S CERTIFICATE] 

This Bond is one of the Bonds, of the series designated therein, described in the within-mentioned Amended Indenture and the Supplemental
Indenture dated as of March 28, 2012. 
  

									
	Dated:	 		 		 	The Bank of New York Mellon, as Trustee.
					
		 		 		 	By	 	  

		 		 		 		 	Authorized Signatory

 [TEXT APPEARING ON REVERSE SIDE OF BOND OF 3.05% SERIES] 

This Bond is one of a duly authorized issue of Bonds of the Company (hereinafter called the “Bonds”) in unlimited aggregate
principal amount, of the series hereinafter specified, all issued and to be issued under and equally secured (except in so far as any purchase or sinking fund or analogous provisions for any particular series of Bonds, established by any indenture
supplemental to the Amended Indenture hereinafter mentioned, may afford additional security for such Bonds) by a mortgage and deed of trust, dated July 1, 1936, executed by the Company to The Bank of New York Mellon as successor to The Riggs
National Bank of Washington, D.C. (herein called the “Trustee”), as trustee, as amended by indentures supplemental thereto dated December 10, 1939, August 10, 1942, October 15, 1942, April 1, 1966, June 16, 1981,
June 17, 1981, December 1, 1981, August 1, 1982, October 1, 1982, April 15, 1983, November 1, 1985, March 1, 1986, November 1, 1986, March 1, 1987, September 16, 1987, May 1, 1989,
August 1, 1989, April 5, 1990, May 21, 1991, May 7, 1992, September 1, 1992, November 1, 1992, March 1, 1993, March 2, 1993, July 1, 1993, August 20, 1993, September 29, 1993, September 30,
1993, October 1, 1993, February 10, 1994, February 11, 1994, March 10, 1995, September 6, 1995, September 7, 1995, October 2, 1997, March 17, 1999, November 17, 2003, March 16,
2004, May 24, 2005, April 1, 2006, November 13, 2007, March 24, 2008 and December 3, 2008 (said mortgage and deed of trust, as so amended, being herein called the “Amended Indenture”) and all
indentures supplemental thereto, to which Amended Indenture and supplemental indentures reference is hereby made for a description of the properties mortgaged and pledged, the nature and extent of the security, the rights of the owners of the Bonds
and of the Trustee in respect thereto, and the terms and conditions upon which the Bonds are, and are to be, secured. To the extent permitted by, and as provided in, the Amended Indenture, modifications or alterations of the Amended Indenture, or of
any indenture supplemental thereto, and of the rights and obligations of the Company and of the holders of the Bonds may be made with the consent of the Company by an affirmative vote of not less than 60% in amount of the Bonds entitled to vote then
outstanding, at a meeting of Bondholders called and held as provided in the Amended Indenture, and by an affirmative vote of not less than 60% in amount of the Bonds of any series entitled to vote then outstanding and affected by such modification
or alteration, in case one or more but less than all of the series of Bonds then 

  
 7 

 
outstanding under the Amended Indenture are so affected; provided, however, that no such modification or alteration shall be made which will affect the terms of payment of the principal of, or
interest on, this Bond, which are unconditional, or which reduces the percentage of Bonds the affirmative vote of which is required for the making of such modifications or alterations. 

This Bond is one of a series designated as the “First Mortgage Bonds, 3.05% Series due April 1, 2022” (herein called the
“Bonds of 3.05% Series”) of the Company, issued under and secured by the Amended Indenture and all indentures supplemental thereto and described in the indenture (herein called the “New Supplemental Indenture”), dated as of
March 28, 2012, between the Company and the Trustee, supplemental to the Amended Indenture. 
 The Bonds of 3.05% Series
shall be redeemable at the option of the Company prior to the express date of the maturity hereof, in whole or in part, at any time. The Company shall give notice of its intent to redeem such Bonds at least 30 days but no more than 60 days prior to
the date fixed for such redemption (the “Redemption Date”). If the Company redeems all or any part of the Bonds of 3.05% Series pursuant to the provisions of this paragraph, it shall pay an amount equal to the greater of: 

(i) 100% of the principal amount of the Bonds of 3.05% Series being redeemed; and 

(ii) the sum of the present values of the remaining scheduled payments of principal of and interest (not including the portion of any
scheduled payment of interest which accrued prior to the Redemption Date) on the Bonds of 3.05% Series being redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 15 basis points, 
 plus, in each case, accrued interest on those Bonds to the Redemption Date (calculated assuming a 360-day
year consisting of twelve 30-day months and for any period shorter than a full month, on the basis of the actual number of days elapsed in such period). 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the Bonds of 3.05% Series
to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds of 3.05% Series.

 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the yield 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 H.15 Daily Update of the Federal Reserve Bank, or (ii) if such release (or any
successor release) is not published or does not contain prices on such Business Day, the Reference Treasury Dealer Quotations actually obtained by the Trustee for such Redemption Date. 

“H.15 (519)” means the weekly statistical release entitled “H.15 (519) Selected Interest Rates” or any successor
publication published by the Board of Governors of the Federal Reserve System. 

  
 8 

 “H.15 Daily Update” means the daily update of H.15 (519) available through
the worldwide website of the Board of Governors of the Federal Reserve System or any successor site or publication. 

“Primary Treasury Dealer” means a primary United States Treasury securities dealer in New York City, New York. 

“Reference Treasury Dealer” means a Primary Treasury Dealer selected by Wells Fargo Securities, LLC and its successors;
provided, however, that the Company may substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer
Quotations” means, with respect to 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 the Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

The Company shall deliver to the Trustee before any Redemption Date for the Bonds of 3.05% Series its calculation of the amount
applicable to such redemption. Except with respect to the obligations of the Trustee expressly set forth in the foregoing definitions of “Comparable Treasury Price” and “Reference Treasury Dealer Quotations,” the Trustee shall be
under no duty to inquire into, may presume the correctness of, and shall be fully protected in acting upon, the Company’s calculation of any Redemption Price of the Bonds of 3.05% Series. 

In lieu of stating the amount applicable to such redemption, notices of redemption of the Bonds of 3.05% Series shall state substantially
the following: “The amount applicable to the Bonds to be redeemed shall equal the sum of (a) the greater of (i) 100% of the principal amount of such Bonds, and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest (not including the portion of any scheduled payment of interest which accrued prior to the Redemption Date) on the Bonds being redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Bonds) plus 15 basis points, plus, in each case, (b) accrued interest on the principal amount hereof to the Redemption Date.” 

If at the time notice of redemption is given the redemption moneys are not on deposit with the Trustee, then the redemption shall be
subject to the receipt of such moneys on or before the Redemption Date, and such notice shall be of no effect unless such moneys are received. 
 In case an event of default, as defined in the Amended Indenture, shall occur, the principal of all the Bonds at any such time outstanding under the Amended Indenture may be

  
 9 

 
declared or may become due and payable, upon the conditions and in the manner and with the effect provided in the Amended Indenture. The Amended Indenture provides that such declaration may in
certain events be waived by the holders of a majority in principal amount of the Bonds entitled to vote then outstanding. 

This Bond is transferable by the registered owner hereof, in person or by duly authorized attorney, on the books of the Company to be
kept for that purpose at the agency of the Company in the Borough of Manhattan, The City of New York, upon surrender and cancellation of this Bond and on presentation of a duly executed written instrument of transfer, and thereupon a new Bond or
Bonds of the same series, of the same aggregate principal amount and in authorized denominations will be issued to the transferee or transferees in exchange therefor; and this Bond, with or without others of the same series, may in like manner be
exchanged for one or more new Bonds of the same series of other authorized denominations but of the same aggregate principal amount; all subject to the terms and conditions set forth in the Amended Indenture. 

No recourse shall be had for the payment of the principal of, or the interest on, this Bond, or for any claim based hereon or otherwise
in respect hereof or of the Amended Indenture or any indenture supplemental thereto, against any incorporator, or against any stockholder, director or officer, past, present or future, of the Company or of any predecessor or successor corporation,
either directly or through the Company or any such predecessor or successor corporation, whether for amounts unpaid on stock subscriptions or by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability, whether at common law, in equity, by any constitution, statute or otherwise, of incorporators, stockholders, directors or officers being released by every owner hereof by the acceptance of this Bond and as part of
the consideration for the issue hereof, and being likewise released by the terms of the Amended Indenture. 
 [END OF FORM]

 SECTION 3. The Bonds of 3.05% Series shall be registered Bonds without coupons in denominations of any multiple of $1,000,
numbered consecutively upwards from R-1. The Bonds of 3.05% Series initially shall be represented by one or more securities in registered, global form (a “Global Bond”). The Company initially appoints The Depository Trust Company
(“DTC”) to act as depositary with respect to the Global Bonds (together with any successor, the “Depositary”). The Bonds of 3.05% Series initially shall be registered in the name of Cede & Co. as nominee for DTC.

 SECTION 4. So long as the Bonds of 3.05% Series are held by the Depository, such Bonds of 3.05% Series shall bear the
following legend, in addition to any other legends required by such Depository: 
 “THIS BOND IS A GLOBAL BOND WITHIN THE MEANING OF THE
MORTGAGE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS BOND MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR BONDS REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A
NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED 

  
 10 

 
CIRCUMSTANCES DESCRIBED IN THE MORTGAGE. EVERY BOND AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS BOND SHALL BE A GLOBAL BOND THAT IS
SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.” 
 SECTION 5. Any Bonds of 3.05% Series authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, any Global Bond shall also be a Global Bond and shall bear the legend specified in Section 4 of this Part I, except for any bond authenticated and delivered in
exchange for, or upon registration of transfer of, a Global Bond pursuant to Section 6 of this Part I. 
 SECTION 6.
Notwithstanding anything herein to the contrary, a Global Bond shall not be exchangeable for Bonds of 3.05% Series registered in the name of, and no transfer of a Global Bond may be registered to, any person other than the Depositary or its nominee,
unless (a) such Depositary (1) notifies the Company that it is unwilling or unable to continue as Depositary for the Bonds of 3.05% Series or (2) ceases to be a “clearing agency” registered under the Securities Exchange Act
of 1934, as amended, and the Company within 90 days after it receives such notice or becomes aware of such ineligibility does not appoint a successor Depositary, (b) the Company executes and delivers to the Trustee a notice that the Bonds of
3.05% Series shall be so exchangeable and the transfer thereof so registerable, or (c) there shall have occurred an event of default as provided in the Mortgage with respect to the Bonds of 3.05% Series evidenced by such Global Bond. Upon the
occurrence in respect of the Bonds of 3.05% Series of (i) the condition specified in clause (a) of the preceding sentence, the Bonds of 3.05% Series shall be exchanged, and (ii) any one or more of the conditions specified in clause
(b) or (c) of the preceding sentence, the Bonds of 3.05% Series shall be exchangeable, for bonds registered in the names of, and the transfer of such bond shall be registered to, the beneficial owners of the Bonds of 3.05% Series, or their
designees, as the Depositary shall direct. Bonds of 3.05% Series issued to beneficial owners, or their designees shall be substantially in the form set forth in this Supplemental Indenture, but shall not include the provision related to the Global
Bonds. 
 SECTION 7. The Company and the Trustee may rely conclusively upon (a) a certificate of the Depository as to the
identity of a participant in the book-entry system; (b) a certificate of any participant as to the identity of any indirect participant and (c) a certificate of any participant or any indirect participant as to the identity of, and the
respective principal amount of Bonds of 3.05% Series owned by, beneficial owners. 
 SECTION 8. Until Bonds of 3.05% Series in
definitive form are ready for delivery, the Company may execute, and upon its request in writing the Trustee shall authenticate and deliver, in lieu thereof, Bonds for such series in temporary form, as provided in Section 9 of Article II
of the Original Indenture as amended. 

  
 11 

 PART II. 
 Issue of Bonds. 
 SECTION 1. There is no limit as to the maximum principal amount
of Bonds of 3.05% Series that may be authenticated and delivered by the Trustee or which may at any one time be outstanding, except as the Original Indenture as amended limits the principal amount of Bonds which may be issued thereunder. 

SECTION 2. Subsequent to the execution and delivery hereof, Bonds of 3.05% Series in the aggregate principal amount of $200,000,000,
being the initial issue of Bonds of 3.05% Series, shall forthwith be executed by the Company and delivered to the Trustee and shall be authenticated by the Trustee and delivered (either before or after the recording hereof) to or upon the order of
the Company evidenced by a writing or writings, signed by its President or one of its Vice Presidents and its Treasurer or one of its Assistant Treasurers, at such time or times as may be requested by the Company subsequent to the receipt by the
Trustee of: 
 (1) the certified resolution and the officers’ certificate required by Section 3(a) and
Section 3(b) of Article III of the Original Indenture as amended; 
 (2) the opinion of counsel required by
Section 3(c) of Article III of the Original Indenture as amended; 
 (3) cash, if any, in the amount required to be
deposited by Section 3(d) of Article III of the Original Indenture as amended, which shall be held and applied by the Trustee as provided in said Section 3(d); 
 (4) the officer’s certificate required by Section 7(a) of Article III of the Original Indenture as amended; and 
 (5) the certificates and opinions required by Article XVIII of the Original Indenture as amended. 
 SECTION 3. Subsequent to the execution and delivery hereof and subject to Section 1 of this Part II, additional Bonds of 3.05% Series in an unlimited principal amount may be executed by the Company
and delivered to the Trustee and shall be authenticated by the Trustee and delivered to or upon the order of the Company evidenced by a writing or writings, signed by its President or one of its Vice Presidents and its Treasurer or one of its
Assistant Treasurers, at such time or times as may be requested by the Company subsequent to the receipt by the Trustee of such resolutions, certificates and opinions as are required by the terms of the Original Indenture as amended and compliance
with all provisions of the Original Indenture as amended applicable to the authentication and delivery of Bonds of 3.05% Series. 

  
 12 

 PART III. 
 Redemption and Cancellation of Bonds. 
 SECTION 1. The Bonds of 3.05% Series
shall, in accordance with the provisions of Article V of the Original Indenture as amended, be redeemable, at any time or from time to time prior to maturity, at the option of the Company, either as a whole or in part by lot, as set forth in the
form of Bond of 3.05% Series contained in Section 2 of Part I hereof. 
 SECTION 2. In accordance with the provisions of
Article V of the Original Indenture as amended, notice of any redemption shall be sent by the Company through the mails, postage prepaid, at least 30 days and not more than 60 days prior to the date of redemption, to the registered owners of any of
the Bonds to be redeemed at their addresses as the same shall appear on the transfer register of the Company. Any notice so mailed shall be conclusively presumed to have been duly given, whether or not the owner receives it. 

SECTION 3. All Bonds delivered to or redeemed by the Trustee pursuant to the provisions of this Part III shall forthwith be cancelled.

 PART IV. 
 Additional Particular Covenants of the Company. 
 The Company hereby covenants,
warrants and agrees that so long as any Bonds of 3.05% Series are outstanding: 
 SECTION 1. The Company will not withdraw,
pursuant to the provisions of Section 2 of Article VIII of the Original Indenture as amended, any moneys held by the Trustee as part of the trust estate in excess of an amount equal to the aggregate principal amount of such of the refundable
Bonds as were theretofore issued by the Company; and that upon any such withdrawal by the Company refundable Bonds equal in aggregate principal amount to the amount so withdrawn shall be deemed to have been made the basis of such withdrawal.

 SECTION 2. Property additions purchased, constructed or otherwise acquired on or before December 31, 1946 shall not be
made the basis for the authentication and delivery of Bonds, or the withdrawal of cash, or the reduction of the amount of cash required to be paid to the Trustee under any provision of the Indenture. 

PART V. 

Amendment of Indenture to Permit Qualification 
 Under the Trust Indenture Act. 
 The Company and the Trustee, from time to time
and at any time, without any vote or consent of the holders of the Bonds of 3.05% Series, may enter into such indentures supplemental to the Original Indenture as may or shall by them be deemed necessary or desirable to add to or modify or amend any
of the provisions of the Original Indenture so as to permit the qualification of the Original Indenture under the Trust Indenture Act. 
 Except to the extent specifically provided herein, no provision of this Supplemental Indenture is intended to modify, and the parties hereto do hereby adopt and confirm, the provisions of
Section 318(c) of the Trust Indenture Act which amend and supersede provisions of the Original Indenture, as supplemented, in effect prior to November 15, 1990. 

  
 13 

 PART VI. 
 The Trustee. 
 The Trustee hereby accepts the trusts hereby declared and provided
and agrees to perform the same upon the terms and conditions in the Original Indenture as amended set forth and upon the following terms and conditions: 
 The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the due execution hereof by the Company or for or in
respect of the recitals contained herein, all of which recitals are made by the Company solely. In general, each and every term and condition contained in Article XIII of the Original Indenture as amended shall apply to this Supplemental Indenture
with the same force and effect as if the same were herein set forth in full, with such omissions, variations and modifications thereof as may be appropriate to make the same conform to this Supplemental Indenture. 

PART VII. 

Miscellaneous Provisions. 
 This Supplemental Indenture may be simultaneously executed in any number of counterparts, each of which when so executed shall be deemed to be an original; but such counterparts shall together constitute
but one and the same instrument. 
 The Company hereby constitutes and appoints Kevin M. McGowan, one of its Vice Presidents, to
be its true and lawful attorney-in-fact, for it and in its name to appear before any officer authorized by law to take and certify acknowledgments of deeds to be recorded in the District of Columbia, in the State of Maryland, in the Commonwealth of
Virginia, and in the Commonwealth of Pennsylvania and to acknowledge and deliver these presents as the act and deed of said Company. 
 The Bank of New York Mellon, hereby constitutes and appoints Thomas J. Provenzano, one of its agents, to be its true and lawful attorney-in-fact, for it and in its name to appear before any officer
authorized by law to take and certify acknowledgments of deeds to be recorded in the District of Columbia, in the State of Maryland, in the Commonwealth of Virginia, and in the Commonwealth of Pennsylvania and to acknowledge and deliver these
presents as the act and deed of said The Bank of New York Mellon. 

  
 14 

 IN WITNESS WHEREOF, said Potomac Electric Power Company has caused this Supplemental
Indenture to be executed on its behalf by its President or one of its Vice Presidents and its corporate seal to be hereto affixed and said seal and this Supplemental Indenture to be attested by its Secretary or one of its Assistant Secretaries; and
said The Bank of New York Mellon, in evidence of its acceptance of the trust hereby created, has caused this Supplemental Indenture to be executed on its behalf by one of its agents, and its corporate seal to be hereto affixed and said seal and this
Supplemental Indenture to be attested by one of its senior associates, all as of the 28th day of March 2012. 
  

							
		 		 	Potomac Electric Power Company
				
	(Corporate Seal)	 		 	By	 	 /s/ Kevin M. McGowan

		 		 		 	 Kevin M. McGowan
 Vice President

				
	Attested:	 		 		 	
				
	 /s/ Jane K. Storero
	 		 		 	
	 Jane K. Storero
 Secretary
  
 Signed, sealed and delivered by
 Potomac Electric Power Company in

the presence of:
	 		 		 	
				
	 /s/ Jeffrey M. Taylor
	 		 		 	
				
	 /s/ Debra D. Fitten
	 		 		 	
	  
 As Witnesses

							
		 		 	The Bank of New York Mellon, as Trustee
				
	(Corporate Seal)	 		 	By	 	 /s/ Thomas J. Provenzano

		 		 		 	 Thomas J. Provenzano
 Agent

				
	Attested:	 		 		 	
				
	 /s/ Leslie Lockhart
	 		 		 	
	 Leslie Lockhart
 Senior Associate
  
 Signed, sealed and delivered by The
 Bank of New York Mellon in the
presence
 of:
	 		 		 	
				
	 /s/ John J. McGlynn
	 		 		 	
				
	 /s/ John J. Heranic
	 		 		 	
	
	As Witnesses

 City of Washington, 
 District of Columbia,                      ss.: 

I, Linda Epperly, a Notary Public in and for the District of Columbia, United States of America, do hereby certify that Kevin M. McGowan
and Jane K. Storero, whose names as Vice President and Secretary, respectively, of Potomac Electric Power Company, a corporation, are signed to the foregoing and hereto attached deed, bearing date as of the 28th day of March, 2012, personally
appeared this day before me in my District aforesaid and acknowledged themselves to be, respectively, a Vice President and the Secretary of Potomac Electric Power Company, and that they as such, being authorized so to do, executed the said deed by
signing the name of Potomac Electric Power Company by Kevin M. McGowan, as Vice President, and attested by Jane K. Storero, as Secretary, and acknowledged the same before me in my District aforesaid and acknowledged the foregoing instrument to be
the act and deed of Potomac Electric Power Company. 
 Given under my hand and official seal this 28th day of March, 2012.

 (Notarial Seal) 
  

	
	 /s/ Linda Epperly

	Notary Public
	District of Columbia
	  
 My Commission Expires: January 1,
2015

 Certification: 
 This document was prepared under the supervision of an attorney admitted to practice before the Court of Appeals of Maryland, or by or on behalf of one of the parties named in the within instrument.

  

	
	 /s/ Kirk Emge

	Kirk Emge

 City of Washington, 
 District of Columbia,                      ss.: 

I, Linda Epperly, a Notary Public in and for the District of Columbia, United States of America, do hereby certify that Kevin M. McGowan,
a Vice President of Potomac Electric Power Company, a corporation, one of the parties to the foregoing instrument bearing date as of the 28th day of March, 2012, and hereto annexed, this day personally appeared before me in the City of Washington,
the said Kevin M. McGowan being personally well known to me as the person who executed the said instrument as a Vice President of and on behalf of said Potomac Electric Power Company and known to me to be the attorney-in-fact duly appointed therein
to acknowledge and deliver said instrument on behalf of said corporation, and, as such attorney-in-fact, he acknowledged said instrument to be the act and deed of said Potomac Electric Power Company, and delivered the same as such. I further certify
that the said Kevin M. McGowan, being by me duly sworn, did depose and say that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal and was so affixed by order of the Board of Directors of said
corporation; and that he signed his name thereto by like order. 
 Given under my hand and official seal this 28th day of March,
2012. 
 (Notarial Seal) 
  

	
	 /s/ Linda Epperly

	Notary Public
	District of Columbia
	  
 My Commission Expires: January 1, 2015

 Commonwealth of Pennsylvania, 
 County of Allegheny, ss.: 
 I, Evelina Olshanskaya, a Notary Public in and for the
State and County aforesaid, do hereby certify that Thomas J. Provenzano and Leslie Lockhart, whose names as agent and senior associate, respectively, of The Bank of New York Mellon, a New York banking corporation, are signed to the foregoing and
hereto attached deed, bearing date as of the 28th day of March, 2012, personally appeared before me this day in the Commonwealth aforesaid and acknowledged themselves to be, an agent and senior associate, respectively, of The Bank of New York
Mellon, and that they as such, being authorized so to do, executed the said deed by signing the name of The Bank of New York Mellon, by Thomas J. Provenzano as agent, and attested by Leslie Lockhart, as senior associate, and acknowledged the same
before me in the Commonwealth aforesaid and acknowledged the foregoing instrument to be the act and deed of The Bank of New York Mellon, as therein set forth. 
 Given under my hand and official seal this 28th day of March, 2012. 
 (Notarial Seal) 

 

	
	 /s/ Evelina Olshanskaya

	Notary Public
	Commonwealth of Pennsylvania
	  
 My Commission Expires: February 17,
2015

 Commonwealth of Pennsylvania, 
 County of Allegheny, ss.: 
 Thomas J. Provenzano, of full age, being sworn
according to law, on his oath deposes and says that he is an agent of The Bank of New York Mellon, the Trustee named in the foregoing Supplemental Indenture, dated as of the 28th day of March, 2012, that he is the agent of said Trustee for the
purpose of perfecting such Supplemental Indenture and that the consideration in the Original Indenture referred to therein and in all indentures supplemental to said Original Indenture, including the foregoing Supplemental Indenture, is true and
bona fide as therein set forth. 
 Subscribed and sworn to before me this 28th day of March, 2012. 

(Notarial Seal) 
  

	
	 /s/ Evelina Olshanskaya

	Notary Public
	Commonwealth of Pennsylvania
	  
 My Commission

	Expires: February 17, 2015

 Commonwealth of Pennsylvania, 
 County of Allegheny, ss.: 
 I Evelina Olshanskaya, a Notary Public in and for the
Commonwealth and County aforesaid, do hereby certify that Thomas J. Provenzano an agent of The Bank of New York Mellon, a New York banking corporation, one of the parties to the foregoing instrument bearing date as of the 28th day of March, 2012,
and hereto annexed, this day personally appeared before me, the said Thomas J. Provenzano, being personally well known to me as the person who executed the said instrument as an agent of and on behalf of said The Bank of New York Mellon, and known
to me to be the attorney-in-fact duly appointed therein to acknowledge and deliver said instrument on behalf of said corporation, and, as such attorney-in-fact, he acknowledged said instrument to be the act and deed of said The Bank of New York
Mellon, and delivered the same as such. I further certify that the said Thomas J. Provenzano, being by me duly sworn, did depose and say that he knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal and
was so affixed by order of the Board of Directors of said corporation; and that he signed his name thereto by like order. 

Given under my hand and official seal this 28th day of March, 2012. 
 (Notarial Seal) 
  

	
	 /s/ Evelina Olshanskaya

	  
 Notary Public

	Commonwealth of Pennsylvania
	  
 My Commission Expires: February 17,
2015

 CERTIFICATE OF RESIDENCE 

The Bank of New York Mellon, Mortgagee and Trustee within named, hereby certifies that its precise address is 101 Barclay Street, New
York, NY 10286. 
  

			
	The Bank of New York Mellon, as Trustee
		
	By:	 	 /s/ Thomas J. Provenzano

		 	Thomas J. Provenzano
		 	Agent

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00202-of-00352.parquet"}]]