Document:

Restated Articles of Incorporation

 EXHIBIT 4.1 
 RESTATED ARTICLES OF INCORPORATION 
 OF 
 NORTHWEST NATURAL GAS COMPANY 
 (These Restated Articles of Incorporation of Northwest Natural
Gas Company supersede its theretofore existing Restated Articles of Incorporation and all amendments thereto.) 
 ARTICLE I 

The name of this corporation is NORTHWEST NATURAL GAS COMPANY, and its duration shall be perpetual. 
 ARTICLE II 
 The purposes of the corporation are to engage in any lawful activity for which
corporations may be organized under the Oregon Business Corporation Act. 
 ARTICLE III 
  

	A.	The aggregate number of shares of capital stock which the corporation shall have authority to issue is 63,500,000 shares, divided into 3,500,000 shares of Preferred Stock, issuable
in series as hereinafter provided, and 60,000,000 shares of Common Stock. 

  

	B.	A statement of the preferences, limitations and relative rights of each class of capital stock of the corporation, namely, the Preferred Stock and the Common Stock, of the
variations in the relative rights and preferences as between series of the Preferred Stock, insofar as the same are fixed by these Restated Articles of Incorporation, and of the authority vested in the board of directors of the corporation to
establish series of Preferred Stock and to fix and determine the variations in the relative rights and preferences as between series insofar as the same are not fixed by these Restated Articles of Incorporation, is as follows:

 Preferred Stock 
  

	 	1.	The shares of the Preferred Stock may be divided into and issued in series. Each series shall be so designated as to distinguish the shares thereof from the shares of all other
series of the Preferred Stock and all other classes of capital stock of the corporation. To the extent that these Restated Articles of Incorporation shall not have established series of the Preferred Stock and fixed and determined the variations in
the relative rights and preferences as between series, the board of directors shall have authority, and is hereby expressly vested with authority, to divide the Preferred Stock into series and, within the limitations set forth in these Restated
Articles of Incorporation and such limitations as may be provided by law, to fix and determine the relative rights and preferences of any series of the Preferred Stock so established. Such action by the board of directors shall be expressed in a
resolution or resolutions adopted by it prior to the issuance of shares of each series, which resolution or resolutions shall also set forth the distinguishing designation of the particular series of the Preferred Stock established thereby. Without
limiting the generality of the foregoing, authority is hereby expressly vested in the board of directors so to fix and determine with respect to any series of the Preferred Stock: 

  

	 	(a)	The rate of dividend and the relative preference of each series in the payment of dividends; 

	 	(b)	The price at which and the terms and conditions on which shares may be redeemed; 

  

	 	(c)	The amount payable upon shares in the event of voluntary and involuntary liquidation and the relative preference of each series on liquidation; 

  

	 	(d)	Sinking fund provisions, if any, for the redemption or purchase of shares; 

  

	 	(e)	The terms and conditions, if any, on which shares may be converted if the shares of any series are issued with the privilege of conversion; and 

  

	 	(f)	Any other relative right or preference as permitted by law. 

 All shares of the Preferred Stock of the same series shall be identical except that shares of the same series issued at different times may vary as to the dates from which dividends thereon shall be cumulative; and all shares of the
Preferred Stock, irrespective of series, shall constitute one and the same class of stock and shall be identical except as to the designation thereof, the date or dates from which dividends on shares thereof shall be cumulative, and the relative
rights and preferences set forth above in clauses (a) through (f) of this subdivision, as to which there may be variations between different series. Except as otherwise may be provided by law or by the resolutions establishing any series
of Preferred Stock in accordance with the foregoing provisions of this subdivision, whenever the written consent, affirmative vote, or other action on the part of the holders of the Preferred Stock may be required for any purpose, such consent, vote
or other action shall be taken by the holders of the Preferred Stock as a single class irrespective of series and not by different series. 
  

	 	2.	The holders of shares of the Preferred Stock of each series shall be entitled to receive dividends, when and as declared by the board of directors, out of any funds legally
available for the payment of dividends, at the annual rate fixed and determined with respect to each series either by these Restated Articles of Incorporation or in accordance with subdivision III. B. 1., and no more, payable quarterly on the 15th
day of February, May, August and November in each year or on such other date or dates as the board of directors shall determine in the resolutions establishing such series. Such dividends shall be cumulative in the case of shares of each series
either from the date of issuance of shares of such series or from the first day of the current dividend period within which shares of such series shall be issued, as the board of directors shall determine, so that if dividends on all outstanding
shares of each particular series of the Preferred Stock, at the annual dividend rates fixed and determined either by these Restated Articles of Incorporation or in accordance with subdivision III. B. 1., shall not have been paid or declared and set
apart for payment for all past dividend periods and for the then current dividend periods, the deficiency shall be fully paid or dividends equal thereto declared and set apart for payment at said rates before any dividends on the Common Stock shall
be paid or declared and set apart for payment. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments which may be in arrears. 

  

	 	3.	In the event of any dissolution, liquidation or winding up of the corporation, before any distribution or payment shall be made to the holders of the Common Stock, the holders of
the Preferred Stock of each series then outstanding shall be entitled to be paid out of the net assets of the corporation available for distribution to its shareholders the respective amounts per share fixed and determined with respect to each
series either by these Restated Articles of Incorporation or in accordance with subdivision III. B. 1., and no more. If upon dissolution, liquidation or winding up of the corporation, whether voluntary or involuntary, the net assets of the
corporation available for distribution to its shareholders shall be insufficient to pay the holders of all 

 outstanding shares of Preferred Stock of all series the full amounts to which they shall be respectively
entitled as aforesaid, the net assets of the corporation so available for distribution shall be distributed to the holders of Preferred Stock in accordance with the relative preferences of each series of Preferred Stock established either by these
Restated Articles of Incorporation or in accordance with subdivision III. B. 1. For the purposes of this subdivision, any dissolution, liquidation or winding up which may arise out of or result from the condemnation or purchase of all or a major
portion of the properties of the corporation by (i) the United States Government or any authority, agency or instrumentality thereof (ii) a State of the United States or any political subdivision, authority, agency or instrumentality
thereof, or (iii) a district, cooperative or other association or entity not organized for profit, shall be deemed to be an involuntary dissolution, liquidation or winding up; and a consolidation, merger or amalgamation of the corporation with
or into any other corporation or corporations shall not be deemed to be a dissolution, liquidation or winding up of the corporation, whether voluntary or involuntary. 
  

	 	4.	The holders of shares of the Preferred Stock shall have no right to vote in the election of directors or for any other purpose, except as may be otherwise provided by law or by
resolutions establishing any series of Preferred Stock in accordance with subdivision III. B. 1. Holders of Preferred Stock shall be entitled to notice of each meeting of shareholders at which they shall have any right to vote, but shall not be
entitled to notice of any other meeting of shareholders. 

 Common Stock 
  

	 	5.	Subject to the limitations set forth in subdivisions III. B. 2. (and subject to the rights of any class of stock hereafter authorized), dividends may be paid upon the Common Stock
when and as declared by the board of directors of the corporation out of any funds legally available for the payment of dividends. 

  

	 	6.	Subject to the limitations set forth in subdivisions III. B. 3. (and subject to the rights of any other class of stock hereafter authorized), upon any dissolution, liquidation or
winding up of the corporation, whether voluntary or involuntary, the net assets of the corporation shall be distributed ratably to the holders of the Common Stock. 

  

	 	7.	Except as may be otherwise provided by law or by the resolutions establishing any series of Preferred Stock in accordance with subdivision III. B. 1., the holders of the Common
Stock shall have the exclusive right to vote for the election of directors and for all other purposes. In the election of directors of the corporation, every holder of record of any share or shares of the Common Stock of the corporation shall have
the right to cast as many votes for one candidate as shall equal the number of such shares multiplied by the number of directors to be elected, or to distribute such number of votes among any two or more candidates for such election.

  

	 	8.	Upon the issuance for money or other consideration of any shares of capital stock of the corporation, or of any security convertible into capital stock of the corporation, no holder
of shares of the capital stock, irrespective of the class or kind thereof, shall have any preemptive or other right to subscribe for, purchase or receive any proportionate or other amount of such shares of capital stock, or such security convertible
into capital stock, proposed to be issued; and the board of directors may cause the corporation to dispose of all or any of such shares of capital stock, or of any such security convertible into capital stock, as and when said board may determine,
free of any such right, either by offering the same to the corporation’s then shareholders or by otherwise selling or disposing of such shares of other securities, as the board of directors may deem advisable. 

 ARTICLE IV 
  

	A.	The business and affairs of the corporation shall be managed by a board of directors. Except as provided in subdivision B. below, the number of members of the board, their
classifications and terms of office, and the manner of their election and removal shall be as follows: 

  

	 	1.	The number of directors shall be that number, not less than nine or more than thirteen, determined from time to time by resolution adopted by affirmative vote of a majority of the
entire board of directors. The directors shall be divided into three classes, designated Class I, Class II, and Class III. Each class shall consist, as nearly as possible, of one-third of the total number of directors. At the 1984 annual meeting of
shareholders, Class I directors shall be elected for a one-year term, Class II directors for a two-year term, and Class III directors for a three-year term. At each succeeding annual meeting of shareholders, successors to directors whose terms
expire at that annual meeting shall be of the same class as the directors they succeed, and shall be elected for three-year terms. If the number of directors should be changed by resolution of the board of directors, any increase or decrease shall
be apportioned among the classes so as to maintain the number of directors in each class as nearly equal as possible, but in no case shall a decrease in the number of directors shorten the term of any incumbent director. 

  

	 	2.	A director shall hold office until the annual meeting for the year in which his or her term shall expire and until his or her successor shall have been elected and qualified,
subject, however, to prior death, resignation, retirement or removal from office. Any newly created directorship resulting from an increase in the number of directors and any other vacancy on the board of directors, however caused, may be filled by
the affirmative vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director. 

  

	 	3.	One or more of the directors may be removed with or without cause by the affirmative vote of the holders of not less than two-thirds of the shares entitled to vote thereon at a
meeting of the shareholders called expressly for that purpose; provided, however, that for as long as the corporation shall have cumulative voting, if fewer than all the directors should be candidates for removal, no one of them shall be removed if
the votes cast against his or her removal would be sufficient to elect him or her if then cumulatively voted at an election of the class of directors of which he or she shall be a part. 

  

	 	4.	No person, except those persons nominated by the board, shall be eligible for election as a director at any annual or special meeting of shareholders unless a written request that
his or her name be placed in nomination shall be received from a shareholder of record entitled to vote at such election by the secretary of the corporation not later than the latter of (a) the thirtieth day prior to the date fixed for the
meeting, or (b) the tenth day after the mailing of notice of that meeting, together with the written consent of the nominee to serve as a director. 

  

	B.	Notwithstanding the provisions of subdivision A. above, whenever the holders of any one or more classes of the capital stock of the corporation shall have the right, voting
separately as a class or classes, to elect directors at an annual or special meeting of shareholders, the election, term of office, filling of vacancies and other features of such directorships shall be governed by the provisions of these Restated
Articles of Incorporation applicable thereto. Directors so elected shall not be divided into classes unless expressly provided by such provisions, and during their prescribed terms of office, the board of directors shall consist of such directors in
addition to the directors determined as provided in subdivision A. above. 

  

	C.	This Article IV may not be repealed or amended in any respect unless such action shall be approved by the affirmative vote of the holders of not less than two-thirds of the shares
entitled to vote at an election of directors determined as provided in subdivision A. above, at a meeting of the shareholders called expressly for that purpose. 

 ARTICLE V 
  

	A.	For purposes of this Article V: 

  

	 	1.	The term “Affiliate”, as used to indicate a relationship with a specified “Persons” (as hereinafter defined), shall mean a Person that directly or indirectly
through one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified. 

  

	 	2.	The term “Associate”, as used to indicate a relationship with a specified Person, shall mean (a) any Person (other than the corporation) of which such specified
Person is a director, officer, partner, trustee, guardian, fiduciary or official or is, directly or indirectly, the beneficial owner of 10% or more of any class of equity securities or any beneficial interest, (b) any Person who is a director,
officer, partner, trustee, guardian, fiduciary or official or is, directly or indirectly, the beneficial owner of 10% or more of any class of equity securities or any beneficial interest of or in such specified Person (other than the corporation),
and (c) any relative or spouse of such specified Person, or any relative of such spouse who has the same home as such specified Person. 

  

	 	3.	The term “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 of the General Rules and Regulations under the Securities Exchange Act of 1934 as in effect on
April 9, 1984; provided, however, that, notwithstanding the provisions of such Rule, a Person shall be deemed to be the Beneficial Owner of any share of the capital stock of the corporation that such Person shall have the right to acquire at
any time pursuant to any agreement, contract, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise, and any such share of capital stock shall be deemed to be outstanding for purposes of subdivision
V.A.9. 

  

	 	4.	The term “Business Transaction” shall include, without limitation, (a) any merger, consolidation or plan of exchange of the corporation, or any Person controlled by
or under common control with the corporation, with or into any “Related Person” (as hereinafter defined), (b) any merger, consolidation or plan of exchange of a Related Person with or into the corporation or any Person controlled by
or under common control with the corporation, (c) any sale, lease, exchange, transfer or other disposition (in one transaction or a series of transactions) including without limitation a mortgage or any other security device, of all or any
“Substantial Part” (as hereinafter defined) of the property and assets of the corporation, or any Person controlled by or under common control with the corporation, to or with a Related Person, (d) any purchase, lease, exchange,
transfer or other acquisition (in one transaction or a series of transactions), including without limitation a mortgage or any other security device, of all or any Substantial Part of the property and assets of a Related Person, by or with the
corporation or any Person controlled by or under common control with the corporation, (e) any recapitalization of the corporation that would have the effect of increasing the voting power of a Related Person, (f) the issuance, sale,
exchange or other disposition of any securities of the corporation, or of any Person controlled by or under common control with the corporation, by the corporation or by any Person controlled by or under common control with the corporation,
(g) any liquidation, spinoff, splitoff, splitup or dissolution of the corporation, and (h) any agreement, contract or other arrangement providing for any of the transactions described in this subdivision. 

  

	 	5.	The term “Continuing Director” shall mean a director who was a director of the corporation on April 9, 1984 and a director who shall become a director subsequent
thereto whose election, or whose nomination for election by the shareholders, shall have been approved by a vote of a majority of the then Continuing Directors. 

	 	6.	The term “Highest Purchase Price” shall mean, with respect to the shares of any class or series of the capital stock of the corporation, the highest amount of
consideration paid by a Related Person for a share of the same class and series at any time regardless of whether the share was acquired before or after such Related Person became a Related Person; provided, however, that the Highest Purchase Price
shall be appropriately adjusted to reflect the occurrence of any reclassification, recapitalization, stock split, reverse stock split or other readjustment in the number of outstanding shares of that class or series, or the declaration of a stock
dividend thereon. The Highest Purchase Price shall include any brokerage commissions, transfer taxes and soliciting dealers’ fees paid by such Related Person with respect to any shares of the capital stock acquired by such Related Person.

  

	 	7.	The term “Other Consideration” shall include, without limitation, capital stock to be retained by the shareholders of the corporation in a Business Transaction in which
the corporation shall be the survivor. 

  

	 	8.	The term “Person” shall mean any natural person, corporation, partnership, trust, firm, association, government, governmental. agency or any other entity whether acting in
an individual, fiduciary or other capacity. 

  

	 	9.	The term “Related Person” shall mean (a) any Person which, together with its Affiliates and Associates, shall be the Beneficial Owner in the aggregate of 10 percent
or more of the capital stock of the corporation, and (b) any Affiliate or Associate (other than the corporation or a wholly owned subsidiary of the corporation) of any such Person. Two or more Persons acting in concert for the purpose of
acquiring, holding or disposing of the capital stock of the corporation shall be deemed to be a “Related Person”. A Related Person shall be deemed to have acquired a share of capital stock at the time when such Related Person became the
Beneficial Owner thereof. With respect to the shares of the capital stock of the corporation owned by any Related Person, if the price paid for such shares cannot be determined by a majority of the Continuing Directors, the price so paid shall be
deemed to be the market price of the shares in question at the time when such Related Person became the Beneficial Owner thereof. 

  

	 	10.	The term “Substantial Part” shall mean 10% or more of the fair market value of the total assets of a Person, as reflected on the most recent balance sheet of such Person
available to the Continuing Directors on the date of mailing of the notice of the meeting of shareholders called for the purpose of voting with respect to a Business Transaction involving the assets constituting any such Substantial Part.

  

	B.	The corporation shall not enter into any Business Transaction with a Related Person or in which a Related Person shall have an interest (except proportionately as a shareholder of
the corporation) without first obtaining both (1) the affirmative vote of the holders of not less than two-thirds of the outstanding shares of the capital stock of the corporation not held by such Related Person, and (2) the determination
of a majority of the Continuing Directors that the cash or fair market value of the property, securities or Other Consideration to be received per share by the holders, other than such Related Person, of the shares of each class or series of the
capital stock of the corporation in such Business Transaction shall not be less than the Highest Purchase Price paid by such Related Person in acquiring any of its holdings of shares of the same class or series, unless the Continuing Directors by a
majority vote shall either (a) have expressly approved the acquisition of the shares of the capital stock of the corporation that caused such Related Person to become a Related Person, or (b) have expressly approved such Business
Transaction. 

  

	C.	For the purposes of this Article V, a majority of the Continuing Directors shall have the power to 

 make a good faith determination, on the basis of information known to them, of: (1) the number of
shares of capital stock of the corporation of which any Person shall be the Beneficial Owner, (2) whether a Person is an Affiliate or Associate of another Person, (3) whether a Person has an agreement, contract, arrangement or
understanding with another Person as to the matters referred to in subdivision V.A.3. or clause (h) of subdivision V.A.4., (4) the Highest Purchase Price paid by a Related Person for shares of any class or series of the capital stock,
(5) whether the assets subject to any Business Transaction constitute a Substantial Part, (6) whether any Business Transaction is one in which a Related Person has an interest (except proportionately as a shareholder of the corporation),
and (7) such other matters with respect to which a determination may be required under this Article V. 
  

	D.	In determining whether to give their approval as provided in subdivision V.B., the Continuing Directors shall give due consideration to all relevant factors involved, including,
without limitation, (1) the value of the corporation in a freely negotiated transaction and its future value as an independent entity, (2) the recognition of gain or loss to the corporation for tax purposes or the postponement of such
recognition in a tax-free transaction, (3) the anticipated developments of the business of the corporation not yet reflected in the price of its shares, and (4) the impact on employees, customers, suppliers and the public generally within
the geographical area it serves. 

  

	E.	This Article V may not be repealed or amended in any respect unless such action shall be approved by the affirmative vote of the holders of not less than two-thirds of the capital
stock of the corporation not held by a Related Person at a meeting of the shareholders called expressly for that purpose. 

 ARTICLE VI 
 No director of the corporation shall be personally liable to the corporation or its shareholders for monetary damages for
conduct as a director; provided that this Article VI shall not eliminate the liability of a director for any act or omission for which such elimination of liability is not permitted under the Oregon Business Corporation Act. No amendment to the
Oregon Business Corporation Act that further limits the acts or omissions for which elimination of liability is permitted shall affect the liability of a director for any act or omission which occurs prior to the effective date of such amendment.

 ARTICLE VII 
 The corporation shall
indemnify to the fullest extent then permitted by law any person who is made, or threatened to be made, a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, investigative or otherwise
(including an action, suit or proceeding by or in the right of the corporation) by reason of the fact that the person is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or officer
of another corporation, partnership, joint venture, trust or other enterprise against all judgments, amounts paid in settlement, fines and such expenses (including attorneys’ fees), actually and reasonably incurred in connection therewith. This
Article shall not be deemed exclusive of any other provisions for indemnification of directors and officers that may be included in any statute, bylaw, agreement, vote of shareholders or directors or otherwise, both as to action in any official
capacity and as to action in another capacity while holding an office. 
 As amended May 31, 2006.Promissory Note dated June 7, 2006

 Exhibit 10.1 
 PROMISSORY NOTE 
  

			
	$15,000,000.00	  	Miami, Florida
		
		  	June 7, 2006

 FOR VALUE RECEIVED, the undersigned (the “Borrower”) promises to pay to the order of
COMMERCEBANK, N.A. (“Bank”), at the office of the Bank at 220 Alhambra Circle, Coral Gables, Florida 33134, or at such other place as the holder hereof may from time to time designate in writing, the principal sum of FIFTEEN MILLION
AND NO/100 DOLLARS ($15,000,000.00), together with interest thereon on the principal amount from time to time outstanding at an annual rate, prior to maturity or default, of 6.25% per annum until the interest rate change date (“Change
Date”) on the fifth anniversary of the date of this Note. On the Change Date, the annual rate of interest, prior to maturity or default, shall, based upon Borrower’s written election received by Bank at least thirty (30) days prior to
the Change Date, be adjusted to either (a) that rate which is equal to the 5-year U.S. Treasury constant maturity yield as published by the Federal Reserve on the Change Date plus 125 basis points, rounded up to the nearest 1/8 of 1.0%, (the
“Fixed Rate”) (the annual interest rate as so adjusted on the Change Date to remain in effect through the Maturity Date (as defined below) or until a default hereunder which remains uncured beyond any applicable notice and cure periods),
or (b) a fluctuating rate equal to the “Wall Street Journal Prime Rate” (as hereinafter defined) minus 150 basis points (the “Floating Rate”). For the purposes of this Note, “Wall Street Journal Prime Rate” means
the Prevailing Prime Rate as published or quoted in the Money Rates (or other comparable) section of the Wall Street Journal and, if the Wall Street Journal ceases to publish or quote, shall mean a substantially comparable index established or
selected by the Bank. The Prime Rate is not necessarily the best or most favorable rate at which the Bank extends credit to its customers and no representation has been made by the Bank to the Borrower that it is the rate charged any particular
class of customer. Any change in the Wall Street Journal Prime Rate shall become effective as of the opening of business on the day in which such change in the Wall Street Journal Prime Rate occurs. In the event that Borrower shall fail to furnish
the Bank with a timely interest rate election as aforesaid, the annual rate of interest, from the Change Date until maturity or default which remains uncured beyond any applicable notice and cure periods, shall be the Floating Rate. Interest shall
be computed on the actual number of days elapsed and an assumed year of 360 days. Borrower and all endorsers, sureties, guarantors and any other persons liable or to become liable with respect to the loan evidenced by this Note (the
“Loan”) are each included in the term “Obligors” as used in this Note. Said principal and interest shall be payable in lawful money of the United States, on the dates and in the amounts specified below, to wit: 
 Equal installments of principal and interest each in the amount of $297,490.00 shall be due and payable quarterly commencing on the 30th day of September, 2006 and on the last day of each succeeding December, March, June and September thereafter until the Change
Date on June 7, 2011, on which date until June 7, 2016 (the “Maturity Date”), based upon the interest rate election made or deemed made, (a) if the Fixed Rate has been properly elected, then principal and interest at the
adjusted rate then in effect shall be amortized over a period of 20 years and equal quarterly payments of principal and interest as so amortized shall be due and payable on the 30th day of September, 2011 and on the last day of each succeeding December, March, June 

 and September thereafter, or (b) if the Floating Rate has been elected or otherwise applies, then equal principal
payments, calculated based upon a 20-year amortization, plus accrued interest, shall be due and payable on the 31st
day of July, 2011 and on the last day of each succeeding month thereafter. On the Maturity Date, the entire outstanding principal balance, together with all accrued and unpaid interest shall be due and payable in full in a final BALLOON payment.

 Borrower shall pay to Bank a late charge of five percent (5%) of any payment (other than the balloon payment due upon maturity) not
received by Bank within ten (10) days of its due date; provided, however, if said ten (10) day period ends on a day other than a day on which Bank is open for Business (a “Business Day”), then the aforedescribed late charge shall
be payable if the payment is not received by the last Business Day within said ten (10) day period. 
 While the Floating Rate is in
effect, this Note may be prepaid in whole or in part without penalty; otherwise, upon giving at least sixty (60) days prior written notice to Bank, Borrower may prepay the Loan in whole, but not in part, on a required payment date upon payment
of a Prepayment Premium (as hereinafter defined). The Prepayment Premium shall be the difference between (x) minus (y), where 
 (x) is
the sum of: (i) the “present value” of all unpaid installments of principal and interest on this Note from the date of prepayment up to the Maturity Date, and (ii) the “present value” of the final balloon payment equal
to the outstanding Loan balance as of the Maturity Date after accounting for the installments theretofore scheduled to be paid, both being discounted at an interest rate equal to: (a) the “U.S. Treasury Constant Maturity Yield Rate
(TCM)”, as herein defined, plus (b) 125 basis points, and 
 (y) is the outstanding Loan balance of this Note as of the prepayment
date. 
 The TCM means the rate per annum (rounded upward to the next highest multiple of 0.125% if not already a whole multiple thereof)
conclusively determined by Bank (absent manifest error) as of the prepayment date, equal to the then current yield to maturity of U.S. Treasury securities having a remaining maturity equal to or closest to that of the Loan, as specified in the
Federal Reserve Statistical Release H.15 “Selected Interest Rates” (or such successor or replacement publication at the prepayment date) under the category captioned “‘U.S. government securities-Treasury constant maturities”
(or the equivalent). If such yield information is unavailable from such source, the Bank shall calculate the TCM based upon the then current yields to maturity of U.S. Treasury securities closest to but shorter than and also longer than the
remaining maturity of the Loan, as interpolated based on information or quotations appearing in another recognized financial reporting source or service, or another comparable index selected by the Bank. 
 If the foregoing calculations result in a number less than or equal to zero (0), no Prepayment Premium shall be due, but no credit shall be due Borrower.

 Prepayment shall mean any event whereby the Loan is fully or partially satisfied in any manner, other than by making scheduled installment
payments required hereunder or otherwise as provided in the Loan Documents (as hereinafter defined), whether voluntary or involuntary, prior to the Maturity Date (excluding the receipt of insurance or condemnation proceeds) 
  

 2 

 including, but not limited to, any payment after default, any payment after the Maturity Date is accelerated, payment by
any sale under Court order or deed in lieu thereof, or payment by sale or other method under any bankruptcy or insolvency proceeding; and Bank shall not be required to accept such payment if it does not include the payment of the Prepayment Premium
required under the terms, as hereinabove provided. Upon any default by Borrower (beyond any applicable notice and cure periods) and following acceleration of the maturity of the Loan, the premium due from Borrower shall be an amount that would be
due if a voluntary prepayment were made at the time of such acceleration. 
 In addition to and not by way of limitation of any of the
foregoing, if Borrower purposefully defaults on this Note or any of the Loan Documents to avoid the Prepayment Premium, it is agreed said Premium shall be payable. Borrower agrees that a default will be deemed purposeful if Borrower or an affiliate
of Borrower purchases or redeems the property encumbered by the Mortgage (as hereinafter defined) before, at or after any foreclosure sale. 
 Borrower and Bank agree that the hereinabove stated Prepayment Premium has been agreed to in order to provide Bank with partial compensation for the cost of reinvesting the Loan proceeds and for the loss of the contracted return on the
Loan. Borrower and Bank further agree that such Prepayment Premium is reasonable. 
 Borrower shall pay all amounts owing under this Note in
full when due without set-off, counterclaim deduction or withholding for any reason whatsoever. If any payment falls due on a day other than a Business Day, then such payment shall instead be made on the next succeeding Business Day, and interest
shall accrue accordingly. Any payment received by Bank after 1:00 p.m. shall not be credited against the indebtedness under this Note until at least the next succeeding Business Day. 
 If default be made in the payment of any sums payable pursuant to the terms of this Note, or if default (which continues beyond any applicable notice and
cure periods) or other event causing the acceleration of this Note occur under the Mortgage and Security Agreement of even date herewith securing this Note (the “Mortgage”), or any other instrument or document executed in connection with
the Loan (this Note, the Mortgage, and all such instruments and documents, including, without limitation, any guaranties, agreements, mortgages, security agreements, assignments and other documents securing this Note, are referred to in this Note as
the “Loan Documents”) (an “Event of Default”), then or at any time thereafter at the option of Bank, the whole of the principal sum then remaining unpaid hereunder, together with all interest accrued thereon and all other sums
owing under the Loan Documents, shall immediately become due and payable without notice and Bank shall be entitled to pursue any and all rights and remedies provided by applicable law and/or under the terms of this Note or any other Loan Document,
all of which shall be cumulative and may be exercised successively or concurrently. Upon the occurrence and during the continuation of any Event of Default, Bank, at its option, may at any time declare any or all other liabilities of any Obligor to
Bank, under the letter of credit facility in existence on the date of this Note, immediately due and payable (notwithstanding any contrary provisions thereof) without demand or notice of any kind. In addition, Bank shall have the right to set off
any and all sums owed to Borrower by Bank in any capacity (whether or not then due) against the Loan and/or against any other liabilities of Borrower to Bank. 
  

 3 

 From and after an Event of Default, and regardless of whether the Bank also elects to accelerate the
maturity of this Note, the entire principal remaining unpaid hereunder shall bear an augmented annual interest rate (the “Default Rate”) equal to the lesser of (i) ten percent (10%) per annum in excess of the rate otherwise
applicable pursuant to the first paragraph of this Note, or (ii) the highest applicable lawful rate. Failure to exercise any and all rights or remedies Bank may in the event of any such default be entitled to shall not constitute a waiver of
the right to exercise such rights or remedies in the event of any subsequent default, whether of the same or different nature. No waiver of any right or remedy by Bank shall be effective unless made in writing and signed by Bank, nor shall any
waiver on one occasion apply to any future occasion. 
 In no event shall any agreed or actual exaction charged, reserved or taken as an
advance or forbearance by Bank as consideration for the Loan exceed the limits (if any) imposed or provided by the law applicable from time to time to the Loan for the use or detention of money or for forbearance in seeking its collection, and Bank
hereby waives any right to demand such excess. If the floating rate of interest based on the Prime Rate should increase above such maximum interest rate permitted by applicable law (if any), then notwithstanding any contrary provision in this Note
or any other Loan Document and without necessity of further agreement or notice by Bank or any Obligor, the unpaid principal balance of the Loan shall thereupon bear interest at such maximum lawful rate. If the floating interest should thereafter
decrease below such maximum lawful rate, the Loan shall nevertheless continue to bear interest at such maximum lawful rate until Bank receives the full amount of interest delayed by the application of such maximum lawful rate under this paragraph,
at which time the Loan shall once again bear interest at the then applicable floating interest rate. In the event that the interest provisions of this Note or any exactions provided for in this Note or any other Loan Document shall result at any
time or for any reason in an effective rate of interest that transcends the maximum interest rate permitted by applicable law (if any), then, without further agreement or notice, the obligation to be fulfilled shall be automatically reduced to such
limit and all sums received by Bank in excess of those lawfully collectible as interest shall be applied against the principal of the Loan immediately upon Bank’s receipt thereof, with the same force and effect as though the payor had
specifically designated such extra sums to be so applied to principal and Bank had agreed to accept such extra payment(s) as a premium-free prepayment or prepayments. During any time that the Loan bears interest at the maximum lawful rate (whether
by application of this paragraph, the default provisions of this Note or otherwise), interest shall be computed on the basis of the actual number of days elapsed and the actual number of days in the respective calendar year. Pursuant to Florida
Statutes, Section 687.12, the interest rate charged is authorized by Florida Statutes, Chapter 665. 
 The Obligors hereby severally:
(a) waive demand, presentment, protest, notice of dishonor, suit against or joinder of any other person, and all other requirements necessary to charge or hold any Obligor liable with respect to the Loan, except for any notices expressly
required pursuant to the terms of this Note or any other Loan Document; (b) waive any right to immunity from any such action or proceeding and waive any immunity or exemption (except Obligor does not waive any Florida constitutional right to a
homestead exemption) of any property, wherever located, from garnishment, levy, execution, seizure or attachment prior to or in execution of judgment, or sale under execution or other process for the collection of debts; (c) waive any right to
interpose any set-off or non-compulsory counterclaim or to plead laches or any statute of limitations as a defense in any such action or proceeding and waive (to the extent 
  

 4 

 lawfully waivable) all provisions and requirements of law for the benefit of any Obligor now or hereafter in force;
(d) submit to the jurisdiction of the state and federal courts in the State of Florida for purposes of any such action or proceeding; (e) agree that the venue of any such action or proceeding may be laid in Miami-Dade County, Florida (in
addition to any county in which any collateral for the Loan is located), and waive any claim that the same is an inconvenient forum; (f) stipulate that service of process in any such action or proceeding shall be properly made if served upon
CorpDirect Agents, Inc., 515 East Park Avenue, Tallahassee, FL 32301 and (g) agree that the death or mental or physical incapacity of any Obligor or the dissolution or merger or consolidation or termination of the existence of any Obligor that
is a business entity (or if any person controlling such Obligor shall take any action authorizing or leading to the same), shall at Bank’s option, which option may be exercised then or at any time thereafter, result in the Loan being then due
and payable in full. No provision of this Note shall limit Bank’s right to serve legal process in any other manner permitted by law or to bring any such action or proceeding in any other competent jurisdiction. The Obligors hereby severally
consent and agree that, at any time and from time to time without notice, (i) Bank and the owners(s) of any collateral then securing the Loan may agree to release, increase, change, substitute or exchange all or any part of such collateral, and
(ii) Bank and any person(s) then primarily liable for the Loan may agree to renew, extend or compromise the Loan in whole or in part or to modify the terms of the Loan in any respect whatsoever; no such release, increase, change, substitution,
exchange, renewal, extension, compromise or modification shall release or affect in any way the liability of any Obligor, and the Obligors hereby severally waive any and all defenses and claims whatsoever based thereon. Until Bank receives all sums
due under this Note and all other Loan Documents in immediately available funds, no Obligor shall be released from liability with respect to the Loan unless Bank expressly releases such Obligor in a writing signed by Bank, and Bank’s release of
any Obligor(s) shall not release any other person liable with respect to the Loan. 
 The Obligors jointly and severally agree to pay all
filing fees and similar charges and all costs incurred by Bank in collecting or securing or attempting to collect or secure the Loan, including reasonable attorneys’ fees, whether or not involving litigation and/or appellate, administrative or
bankruptcy proceedings. The Obligors jointly and severally agree to pay any documentary stamp taxes, intangibles taxes or other taxes (except for federal or Florida franchise or income taxes based on Bank’s net income) which may now or
hereafter apply to this Note or the Loan or any security therefore, and the Obligors jointly and severally agree to indemnify and hold Bank harmless from and against any liability, costs, reasonable attorneys’ fees, penalties, interest or
expenses relating to any such taxes, as and when the same may be incurred. The Obligors jointly and severally agree to pay on demand, and to indemnify and hold Bank harmless from and against, any and all present or future taxes, levies, imposts,
deductions, charges and withholdings imposed in connection with the Loan by the laws or governmental authorities of any jurisdiction other than the State of Florida or the United States of America, and all payments to Bank under this Note shall be
made free and clear thereof and without deduction therefore. 
 This Note shall be governed by, and construed and enforced in accordance
with, the laws of the State of Florida, except that federal law shall govern to the extent that it may permit Bank to charge, from time to time, interest on the Loan at a rate higher than may be permissible under applicable Florida law. 

 

 5 

 Any provision of this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction only, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. To the extent
that the Obligors may lawfully waive any law that would otherwise invalidate any provision of this Note, each of them hereby waives the same, to the end that this Note shall be valid and binding and enforceable against each of them in accordance
with all its terms. 
 If this Note is signed by more than one person, then the term “Borrower” as used in this Note shall refer to
all such persons jointly and severally, and all promises, agreements, covenants waivers, consents, representations, warranties and other provisions in this Note are made by and shall be binding upon each and every undersigned person, jointly and
severally. The term “Bank” shall be deemed to include any subsequent holder(s) of this Note. Whenever used in this Note, the term “person” means any individual, firm, corporation, trust or other organization or association or
other enterprise or any governmental or political subdivision, agency, department or instrumentality thereof. Whenever used in this Note, words in the singular include the plural, words in the plural include the singular, and pronouns of any gender
include the other genders, all as may be appropriate. The “Prime Rate” is a base reference rate of interest adopted by Bank in its sole discretion as a general benchmark from which Bank determines the floating interest rates chargeable on
various loans to borrowers with varying degrees of creditworthiness. 
 Time shall be of the essence with respect to the terms of this Note.
This Note cannot be changed or modified orally. Bank shall have the right unilaterally to correct patent errors or omissions in this Note or any other Loan Document. Except as otherwise required by law or by the provisions of this Note or any other
Loan Document, payments received by Bank hereunder shall be applied first against expenses and indemnities, next against interest accrued on the Loan, and next in reduction of the outstanding principal balance of the Loan, except that from and after
any default under this Note which continues beyond any applicable notice and cure periods, Bank may apply such payments in any order of priority determined by Bank in its exclusive judgment. Borrower shall receive immediate credit on payments only
if made in the form of either a federal wire transfer of cleared funds or a check drawn on an account maintained with Bank containing sufficient available funds. Otherwise, Borrower shall receive credit on payments after clearance, which shall be no
sooner than the first Business Day after receipt of payment by Bank. For purposes of determining interest accruing under this Note, principal shall be deemed outstanding on the date payment is credited by Bank. If any payment required to be made
pursuant to this Note is not received within ten (10) days after the due date, Bank shall have the right, at its election, to charge any of Borrower’s accounts at Bank with the amount of such payment. Except as otherwise required by the
provisions of this Note or any other Loan Document, any notice required to be given to any Obligor shall be deemed sufficient if made personally or if mailed, postage prepaid, to such Obligor’s address as it appears in this Note (or, if none
appears, to any address for such Obligor then registered in Bank’s records). Bank may grant participations in all or any portion of, and may assign all or any part of Bank’s rights under, this Note. Bank may disclose to any such
participant or assignee any and all information held by or known to Bank at any time with respect to any Obligor. If Borrower or any other Obligor is a partnership, then all general partners thereof shall be liable jointly and severally for all
obligations under this Note and for all other covenants, agreements, undertakings and obligations of Borrower in connection with the Loan, notwithstanding any contrary provision of the 
  

 6 

 partnership laws of the State of Florida. All of the terms of this Note shall inure to the benefit of Bank and its
successors and assigns and shall be binding upon each and every one of the Obligors and their respective heirs, executors, administrators, personal representatives, successors and assigns, jointly and severally. 
 The Mortgage encumbers real and personal property located in Hillsborough County, Florida, and is intended to be recorded amongst the Public Records of
said County. 
 BANK AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO TRIAL BY JURY IN RESPECT
TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS, (WHETHER ORAL OR WRITTEN) OR ACTIONS OF EITHER
PARTY. BORROWER ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL INDUCEMENT TO THE BANK IN EXTENDING CREDIT TO THE BORROWER, THAT THE BANK WOULD NOT HAVE EXTENDED SUCH CREDIT WITHOUT THIS JURY TRIAL WAIVER, AND THAT BORROWER HAS BEEN
REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS JURY TRIAL WAIVER AND UNDERSTANDS THE LEGAL EFFECT OF THIS WAIVER. 
 [Signature Page to Follow] 
  

 7 

 WITNESS the due execution hereof as of the date first above written. 
  

			
	BORROWER:
	
	 TAMPA DC, LLC, a Delaware limited liability
 company

		
	By:	 	 /s/ Rosemary B. Trudeau

	Name:	 	 Rosemary B. Trudeau

	Title:	 	 Manager

  

 8

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