Document:

Exhibit

EXHIBIT 10.1

Executive Annual Incentive Plan
Objectives 
The purpose of the LegacyTexas Financial Group, Inc. (“LegacyTexas” or the “Bank”) Executive Annual Incentive Plan (the “EIP”) is to motivate and reward senior executives for their contributions to the performance and success of the Bank. LegacyTexas's incentive plan focuses on the financial measures that are critical to the company's growth and profitability. This document summarizes the elements and features of the Plan. The objectives for LegacyTexas's Incentive Plan are as follows:
		
	•
	Recognize and reward achievement of Bank's annual business goals.

		
	•
	Motivate and reward superior performance.

		
	•
	Attract and retain talent needed to grow the Bank.

		
	•
	Be competitive with market.

		
	•
	Encourage teamwork and collaboration among the Bank's leadership and across business groups.

		
	•
	Increase engagement and commitment to the Bank

		
	•
	Ensure appropriate risk balance in plan design and governance policies. 

Plan Year
The annual incentive plan follows the Bank's fiscal year, January 1st to December 31st. 

Eligibility/Participation
Eligibility - Senior executive officers are eligible to participate. To participate in the plan, the employee should meet the following requirements: 
		
	•
	Employees hired after January 1st of the plan year will receive a pro-rata award based on the number of weeks employed during the plan year. 

		
	•
	Participants must be employed at the time of incentive distribution to receive an incentive award except death, disability and retirement.

Participation - Every year the participants will be proposed by CEO and approved by the Compensation Committee. The participants include the NEOs and others as determined by the Compensation Committee.

Incentive Award Opportunity
Each participant will have a target award (expressed as a percentage of base earnings) and range that defines their incentive opportunity. Actual awards will be allocated based on specific performance goals defined for each participant and will range from 0% to 170% of target incentives. The table below summarizes target incentives for each plan year.
Annual Incentive Targets
	
					
	Role
	Below Threshold
	Threshold (50%)
	Target (100%)
	Maximum (170%)

	CEO
	0%
	30%
	60%
	102%

	Executive VPs
	0%
	20%
	40%
	68%

Performance Gate/Trigger
The threshold “gate” for participation in the Short term incentive plan is 85% of budgeted net income, excluding one-time, non-recurring charges such as those associated with a merger or acquisition. Any exclusions are approved by the Compensation Committee and ratified by the Board of Directors. Once the gate is achieved, the plan is “turned on” and payouts are then determined based on performance against four defined performance measures. No payments will be made if the gate is not met. The four performance goals are 1) net interest margin, 2) efficiency ratio, 3) return on average equity and 4) non-performing assets to average total assets (see table below). Performance of these metrics is measured on a relative basis against the KBW NASDAQ Regional Bank Index, excluding non-exchange traded banks (e.g., OTCBB, Pink Sheet).

Performance Measures
The Incentive Plan will reward Bank performance as measured by Net Interest Margin, Efficiency Ratio, ROAE and NPA/Avg. Assets. 
Performance will be measured on a relative basis against an Industry Index defined as the KBW NASDAQ Regional Bank Index excluding non-exchange traded banks (e.g. OTCBB, Pink Sheet). The index component companies will be determined at the end of performance period (e.g. 12/31/2016). 

	
					
	Performance Measure
	Performance Results and Payout
	Weight

	Threshold 
(50% payout)
	Target 
(100% payout)
	Stretch  
(170% payout)

	Net Interest Margin
	35th Percentile 
	50th Percentile 
	75th Percentile 
	25%

	Efficiency Ratio
	25%

	Return on Average Equity
	25%

	NPAs/Average Assets
	25%

	Total
	 
	 
	 
	100%

Payouts
Performance will be assessed at the end of the fiscal year, with 100% of the awards calculated formulaically. Due to the financial data availability, the index financials will be measured based on trailing twelve months as of September 30 of the prior calendar year, while LegacyTexas's financials will be measured as of December 31. Actual payouts for each performance goal will be pro-rated between threshold and maximum levels to reward incremental improvement.

Performance of each specific goal (e.g. Net Interest Margin, Efficiency Ratio, ROAE and NPA / Avg. Assets) is calculated independently to determine the payout for the goal. The sum of the awards for each performance measure determines the total incentive award. Payouts will be made in cash as soon as possible after the closing of Company financials each year and the Committee review and approve the results. 

Payouts will be made in cash at the completion of the annual performance period (January - December). Participants must be employed at the time of award in order to receive payment. Incentive compensation will be tracked and paid annually approximately 75 days following the conclusion of the company's fiscal year. In no event will a payment be paid later than March 15 of the following year.  Each participant's payout is calculated on Base Earnings. Base earnings reflect the base salary actually earned during the course of the plan year. The actual incentive calculation is then based on each participant's performance goals as outlined above. 

Committee Discretion
The Compensation Committee reserves the right to apply negative discretion to the plan as needed to reflect business environment, market conditions that may affect the Bank's performance and incentive plan funding as well as overall risk and regulatory issues. The Committee also reserves the right to amend, modify and adjust payouts as necessary.

Illustration of Sample Performance Scorecard
Below is an illustration of how the plan might work. We assume net income exceeded 85 percent of budget to “turn the plan on”. Our illustration uses a sample base salary of $270,000 and an incentive target of 40% ($108,000). Threshold payout opportunity equals 50% of target while stretch payout opportunity equals 170% of target. 
	
						
	Performance Goals
	Performance and Payout

	Performance Measures
	Weight
	$
	Actual Performance
	Payout Allocation 
(0% - 170%)
	Payout 
($)

	Net Interest Margin
	25%
	$27,000
	50th percentile (target)
	100%
	$27,000

	Efficiency Ratio
	25%
	$27,000
	35th percentile (threshold)
	50%
	$13,500

	ROAE
	25%
	$27,000
	80th percentile (stretch)
	170%
	$45,900

	NPA / Avg. Assets
	25%
	$27,000
	57th percentile
(between target and stretch)
	120%
	$32,400

	Total
	100%
	$108,000
	 
	$118,800

This participant's payout of $118,800 is 110% of target. 

Terms and Conditions 

Participation
Senior executives are eligible to participate in the Plan. New employees will receive a prorated award. 
Effective Date
This program is a continuation of that plan originally adopted in 2013. The Plan will be reviewed annually by the Bank's Compensation Committee and Executive Management to ensure proper alignment with the Bank's business objectives. LegacyTexas retains the rights as 

described below to amend, modify or discontinue the Plan at any time during the specified period. The Incentive Plan will remain in effect each year until terminated or modified by LegacyTexas. 
Program Administration
The Program is authorized by the Board of Directors and administered by the Compensation Committee. The Compensation Committee has the sole authority to interpret the Plan and to make or nullify any rules and procedures, as necessary, for proper administration. Any determination by the Compensation Committee will be final and binding on all participants. 

Program Changes or Discontinuance
LegacyTexas has developed the Plan on the basis of existing business, market and economic conditions; current services; and staff assignments. If substantial changes occur that affect these conditions, services, assignments, or forecasts, LegacyTexas may add to, amend, modify or discontinue any of the terms or conditions of the Plan at any time. The Compensation Committee may, at its sole discretion, waive, change or amend any of the Plan as it deems appropriate. 
Incentive Award Payments
Awards will be paid in cash before the end of the first quarter following the Plan year. Awards will be paid out as a percentage of a participant's base earnings for the Plan year. Incentive awards will be considered taxable income to participants in the year paid and will be subject to withholding for required income and other applicable taxes.  Any rights accruing to a participant or his/her beneficiary under the Plan shall be solely those of an unsecured general creditor of LegacyTexas. Nothing contained in the Plan, and no action taken pursuant to the provisions hereof, will create or be construed to create a trust of any kind, or a pledge, or a fiduciary relationship between LegacyTexas or the Committee and the participant or any other person. Nothing herein will be construed to require LegacyTexas or the CEO to maintain any fund or to segregate any amount for a participant's benefit. In the event that an individual, who is due an incentive payout under the plan, terminates their employment with the Bank after the plan year and prior to the date the incentive is paid, that individual's incentive will be included in the pool and allocated to other participants of the plan.  
Program Funding
The Plan is funded and accrued based on Bank performance results for a given year. Achieving higher levels of performance will increase the Plan payouts to participants. Similarly, achieving less than target performance will reduce the Plan payouts. If the Bank does not achieve its threshold bank performance goal or the trigger performance requirement, the Plan will not be paid. 
New Hires, Reduced Work Schedules, Promotions, and Transfers
Participants who are not employed by LegacyTexas at the beginning of the Plan year will receive a pro rata incentive award based on their length of employment during a given year. Part time employees are eligible to participate. Their award percentage will reflect their base earnings based on actual hours worked. A participant whose work schedule changes during the year will be eligible for prorated treatment that reflects his/her time in the different schedules. If a participant changes his/her role or is promoted during the Plan year, he/she will be eligible for the new role's target incentive award opportunity on a pro rata basis (i.e. the award will be prorated based on the number of weeks employed in the respective positions.)
In the event of an approved leave of absence, the award opportunity level for the year will be adjusted to reflect the time in active status. For example, a participant on leave status for 13 weeks during a Plan year will have his or her calculated award reduced by one-fourth (13 weeks/52 weeks) to reflect the period of leave.
Termination of Employment
If a Plan participant is terminated by the Bank, no incentive award will be paid. To encourage employees to remain in the employment of LegacyTexas, a participant must be an active employee of the Bank on the date the incentive is paid to receive an award. (See exceptions for death, disability and retirement below.) 
Disability, Death or Retirement
If a participant is disabled by an accident or illness, and is disabled long enough to be placed on long-term disability, his/her bonus award for the Plan period shall be pro-rated for the time served.
In the event of death, LegacyTexas will pay to the participant's estate the pro-rated award that would have been earned by the participant for the time served.
Individuals who retire will receive the pro-rated payment for the time served. 

Ethics and Interpretation
If there is any ambiguity as to the meaning of any terms or provisions of this plan or any questions as to the correct interpretation of any information contained therein, the Bank's interpretation expressed by the Compensation Committee will be final and binding.

The altering, inflating, and/or inappropriate manipulation of performance/financial results or any other infraction of recognized ethical business standards, will subject the employee to disciplinary action up to and including termination of employment. In addition, any incentive compensation as provided by this plan to which the employee would otherwise be entitled will be revoked.

Participants who have willfully engaged in any activity, injurious to the Bank, will upon termination of employment, death, or retirement, forfeit any incentive award earned during the award period in which the termination occurred.
Clawback (Subject to change based upon the requirements of governing law or regulation)
If for any reason LegacyTexas has to restate its financial statements (as determined by the members of the Board of Directors who are considered “independent” for purposes of the listing standards of the NASDAQ), the Committee will take, in its sole discretion, such action as it deems necessary to take adjustments to the incentive awards earned during the current year and up to three years before the restatement. The Committee may require reimbursement of a bonus or incentive compensation awarded to current and past officers or cancel unvested restricted stock or other stock or stock-based awards previously granted to such officers in the amount by which such compensation exceeded any lower payment that would have been made based on the restated financial results.

Miscellaneous
The Plan will not be deemed to give any participant the right to be retained in the employ of LegacyTexas, nor will the Plan interfere with the right of LegacyTexas to discharge any participant at any time.
In the absence of an authorized, written employment contract, the relationship between employees and LegacyTexas is one of at-will employment. The Plan does not alter the relationship.
This incentive plan and the transactions and payments hereunder shall, in all respect, be governed by, and construed and enforced in accordance with the laws of the state of Texas.
Each provision in this Plan is severable, and if any provision is held to be invalid, illegal, or unenforceable, the validity, legality and enforceability of the remaining provisions shall not, in any way, be affected or impaired thereby.Exhibit

Exhibit 4.2(a)

GEORGIA POWER COMPANY

TO

WELLS FARGO BANK, NATIONAL ASSOCIATION,
TRUSTEE

FIFTY-SIXTH SUPPLEMENTAL INDENTURE

DATED AS OF MARCH 3, 2017

SERIES 2017A 2.00% SENIOR NOTES

DUE MARCH 30, 2020

TABLE OF CONTENTS1 

	
			
	 
	 
	PAGE

	ARTICLE 1
	1

	Series 2017A Senior Notes
	1

	 
	SECTION 101.  Establishment
	1

	 
	SECTION 102.  Definitions
	2

	 
	SECTION 103.  Payment of Principal and Interest
	3

	 
	SECTION 104.  Denominations
	4

	 
	SECTION 105.  Global Securities
	4

	 
	SECTION 106.  Transfer
	4

	 
	SECTION 107.  Redemption at the Company’s Option
	5

	ARTICLE 2
	5

	 
	Miscellaneous Provisions
	5

	 
	SECTION 201.  Recitals by Company
	5

	 
	SECTION 202.  Ratification and Incorporation of Original Indenture
	5

	 
	SECTION 203.  Executed in Counterparts
	5

	EXHIBIT A    Form of Series 2017A Note
	 

	EXHIBIT B    Certificate of Authentication
	 

_____________________
1This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions.

i

THIS FIFTY-SIXTH SUPPLEMENTAL INDENTURE is made as of the 3rd day of March, 2017, by and between GEORGIA POWER COMPANY, a Georgia corporation, 241 Ralph McGill Boulevard, N.E., Atlanta, Georgia 30308-3374 (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, 150 East 42nd Street, 40th floor, New York, New York 10017 (the “Trustee”).
W I T N E S S E T H:
WHEREAS, the Company has heretofore entered into a Senior Note Indenture, dated as of January 1, 1998 (the “Original Indenture”), with Wells Fargo Bank, National Association (as successor to The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank))), as heretofore supplemented;
WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as heretofore supplemented and as further supplemented by this Fifty-Sixth Supplemental Indenture, is herein called the “Indenture”;
WHEREAS, under the Original Indenture, a new series of unsecured senior debentures or notes or other evidence of indebtedness (the “Senior Notes”) may at any time be established by the Board of Directors of the Company in accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee;
WHEREAS, the Company proposes to create under the Indenture a new series of Senior Notes;
WHEREAS, additional Senior Notes of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and
WHEREAS, all conditions necessary to authorize the execution and delivery of this Fifty-Sixth Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed.
NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
ARTICLE 1
Series 2017A Senior Notes
SECTION 101.  Establishment.  There is hereby established a new series of Senior Notes to be issued under the Indenture, to be designated as the Company’s Series 2017A 2.00% Senior Notes due March 30, 2020 (the “Series 2017A Notes”).
There are to be authenticated and delivered $450,000,000 principal amount of Series 2017A Notes, and such principal amount of the Series 2017A Notes may be increased from time to time 

pursuant to Section 301 of the Original Indenture.  All Series 2017A Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional Series 2017A Notes.  Any such additional Series 2017A Notes will have the same interest rate, maturity and other terms as those initially issued (except for the public offering price and issue date and the initial interest accrual date and initial Interest Payment Date (as defined below), if applicable).  No Series 2017A Notes shall be authenticated and delivered in excess of the principal amount as so increased except as provided by Sections 203, 303, 304, 907 or 1107 of the Original Indenture.  The Series 2017A Notes shall be issued in fully registered form.
The Series 2017A Notes shall be issued in the form of one or more Global Securities in substantially the form set out in Exhibit A hereto.  The Depositary with respect to the Series 2017A Notes shall be The Depository Trust Company.
The form of the Trustee’s Certificate of Authentication for the Series 2017A Notes shall be in substantially the form set forth in Exhibit B hereto.
Each Series 2017A Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for.
The Series 2017A Notes will not have a sinking fund.
SECTION 102.  Definitions.  The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Series 2017A Notes 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 Series 2017A Notes.
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the Company.
“Interest Payment Dates” means March 30 and September 30 of each year, commencing September 30, 2017.
“Original Issue Date” means March 3, 2017.
“Redemption Price” has the meaning given in Section 107 hereof.
 “Reference Treasury Dealer” means a primary U.S. Government securities dealer in the United States appointed by the Company.

2

“Reference Treasury Dealer Quotation” means, with respect to a Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount and quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day in New York City preceding such Redemption Date).
“Regular Record Date” means, with respect to each Interest Payment Date, the 15th calendar day preceding such Interest Payment Date (whether or not a Business Day).
“Stated Maturity” means March 30, 2020.
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
SECTION 103.  Payment of Principal and Interest.  The principal of the Series 2017A Notes shall be due at Stated Maturity (unless earlier redeemed).  The unpaid principal amount of the Series 2017A Notes shall bear interest at the rate of 2.00% per annum until paid or duly provided for.  Interest shall be paid semiannually in arrears on each Interest Payment Date to the Person in whose name the Series 2017A Notes are registered at the close of business on the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity or on a Redemption Date as provided herein will be paid to the Person to whom principal is payable.  Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the Series 2017A Notes are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Series 2017A Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Series 2017A Notes shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture.
Payments of interest on the Series 2017A Notes will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the Series 2017A Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on the Series 2017A Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.
Payment of the principal and interest due at the Stated Maturity or earlier redemption of the Series 2017A Notes shall be made upon surrender of the Series 2017A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2017A Notes shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a 

3

banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto.  
SECTION 104.  Denominations.  The Series 2017A Notes may be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
SECTION 105.  Global Securities.  The Series 2017A Notes will be issued in the form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below, Series 2017A Notes represented by one or more Global Securities will not be exchangeable for, and will not otherwise be issuable as, Series 2017A Notes in definitive form.  The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee.
Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a Series 2017A Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee.  The rights of Holders of such Global Security shall be exercised only through the Depositary.
Subject to the procedures of the Depositary, a Global Security shall be exchangeable for Series 2017A Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company, or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Company, in each case within 90 days after the Company receives such notice or becomes aware of such cessation, (ii) the Company in its sole discretion determines that such Global Security shall be so exchangeable, or (iii) there shall have occurred an Event of Default with respect to the Series 2017A Notes.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series 2017A Notes registered in such names as the Depositary shall direct.
Neither the Company, the Trustee nor any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
SECTION 106.  Transfer.  No service charge will be made for any transfer or exchange of Series 2017A Notes, but payment will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.
The Company shall not be required (a) to issue, register the transfer of or exchange any Series 2017A Notes during a period beginning at the opening of business fifteen (15) days before the day of the mailing of a notice pursuant to Section 1104 of the Original Indenture identifying the serial numbers of the Series 2017A Notes to be called for redemption, and ending at the close of business on the day of the mailing, or (b) to register the transfer of or exchange any Series 2017A 

4

Notes theretofore selected for redemption in whole or in part, except the unredeemed portion of any Series 2017A Notes redeemed in part.
SECTION 107.  Redemption at the Company’s Option.  The Series 2017A Notes will be subject to redemption at the option of the Company, in whole or in part, at any time and from time to time, upon not less than 30 nor more than 60 days’ notice, at Redemption Prices equal to the greater of (1) 100% of the principal amount of the Series 2017A Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal of and interest on the Series 2017A Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 10 basis points (each, a “Redemption Price”) plus, in each case, accrued and unpaid interest thereon to the Redemption Date.
In the event of redemption of the Series 2017A Notes in part only, a new Series 2017A Note or Notes for the unredeemed portion will be issued in the name or names of the Holders thereof upon the surrender thereof.
Notice of redemption shall be given as provided in Section 1104 of the Original Indenture, except that any such notice of redemption shall not specify the Redemption Price therefor but only the manner of calculation thereof.  The Trustee shall not be responsible for the calculation of the Redemption Price.  The Company shall calculate the Redemption Price and promptly notify the Trustee thereof.
Any redemption of less than all of the Series 2017A Notes shall, with respect to the principal thereof, be divisible by $1,000.
ARTICLE 2
Miscellaneous Provisions
SECTION 201.  Recitals by Company.  The recitals in this Fifty-Sixth Supplemental Indenture are made by the Company only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of Series 2017A Notes and of this Fifty-Sixth Supplemental Indenture as fully and with like effect as if set forth herein in full.
SECTION 202.  Ratification and Incorporation of Original Indenture.  As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture as supplemented by this Fifty-Sixth Supplemental Indenture shall be read, taken and construed as one and the same instrument.
SECTION 203.  Executed in Counterparts.  This Fifty-Sixth Supplemental Indenture may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument.

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IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and behalf by its duly authorized officers, all as of the day and year first above written.

	
					
	ATTEST:

	 
	GEORGIA POWER COMPANY

	By:
	/s/Melissa K. Caen
	 
	By:
	/s/David P. Poroch

	 
	Melissa K. Caen
Assistant Secretary

	 
	 
	David P. Poroch
Comptroller and Vice President

	 
	ATTEST:

	 
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

	By:
	/s/Gail A. Klewin
	 
	By:
	/s/Gregory S. Clarke

	 
	Gail A. Klewin
Vice President
	 
	 
	Gregory S. Clarke
Vice President

EXHIBIT A

FORM OF SERIES 2017A NOTE

A-1

	
		
	NO. ___
	CUSIP NO. 373334 KG5

GEORGIA POWER COMPANY
SERIES 2017A 2.00% SENIOR NOTE
DUE MARCH 30, 2020
	
		
	Principal Amount:
	$__________________

	Regular Record Date:
	15th calendar day prior to the applicable Interest Payment Date (whether or not a Business Day)

	Original Issue Date:
	March 3, 2017

	Stated Maturity:
	March 30, 2020

	Interest Payment Dates:
	March 30 and September 30

	Interest Rate:
	2.00% per annum

	Authorized Denominations:
	$2,000 and integral multiples of $1,000 in excess thereof

Georgia Power Company, a Georgia corporation (the “Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to ______________, or registered assigns, the principal sum of ______________ DOLLARS ($_________) on the Stated Maturity shown above (or upon earlier redemption), and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on each Interest Payment Date as specified above, commencing on September 30, 2017, and on the Stated Maturity (or upon earlier redemption) at the rate per annum shown above until the principal hereof is paid or made available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity or on a Redemption Date) will, as provided in such Indenture, be paid to the Person in whose name this Note (the “Note”) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at the Stated Maturity or on any Redemption Date will be paid to the Person to whom principal is payable.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes of this series shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

A-2

Payments of interest on this Note will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for this Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on this Note is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.  A “Business Day” shall mean any day other than a Saturday or a Sunday or a day on which banking institutions in New York City are authorized or required by law or executive order to remain closed or a day on which the Corporate Trust Office of the Trustee is closed for business.
Payment of the principal of and interest due at the Stated Maturity or earlier redemption of the Series 2017A Notes shall be made upon surrender of the Series 2017A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2017A Notes shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  Payment of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 16 days prior to the date for payment by the Person entitled thereto.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.
Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

A-3

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

Dated: 

	
			
	 
	GEORGIA POWER COMPANY

	 
	By:
	 

	 
	Title:
	 

	
			
	Attest:

	 

	Title:
	 
	 

{Seal of GEORGIA POWER COMPANY appears here}

CERTIFICATE OF AUTHENTICATION

This is one of the Senior Notes referred to in the within-mentioned Indenture.

	
			
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee

	 
	By:
	 

	 
	 
	Authorized Signatory

A-5

(Reverse Side of Note)
This Note is one of a duly authorized issue of Senior Notes of the Company (the “Notes”), issued and issuable in one or more series under a Senior Note Indenture, dated as of January 1, 1998, as supplemented (the “Indenture”), between the Company and Wells Fargo Bank, National Association (as successor to The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank))), as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes issued thereunder and of the terms upon which said Notes are, and are to be, authenticated and delivered.  This Note is one of the series designated on the face hereof as Series 2017A 2.00% Senior Notes due March 30, 2020 (the “Series 2017A Notes”) which is unlimited in aggregate principal amount.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.
The Series 2017A Notes will be subject to redemption at the option of the Company, in whole or in part, at any time and from time to time, upon not less than 30 nor more than 60 days’ notice, at Redemption Prices equal to the greater of (i) 100% of the principal amount of the Series 2017A Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on the Series 2017A Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 10 basis points (each, a “Redemption Price”) plus, in each case, accrued and unpaid interest thereon to the Redemption Date.
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Series 2017A Notes 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 Series 2017A Notes.
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the Company.

A-6

“Reference Treasury Dealer” means a primary U.S. Government securities dealer in the United States appointed by the Company.
“Reference Treasury Dealer Quotation” means, with respect to a Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount and quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day in New York City preceding such Redemption Date).
The Trustee shall not be responsible for the calculation of the Redemption Price with respect to any redemption occurring prior to December 30, 2026.  The Company shall calculate such Redemption Price and promptly notify the Trustee thereof.
In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender hereof.
The Series 2017A Notes will not have a sinking fund.  
If an Event of Default with respect to the Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Notes at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees.  No 

A-7

service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same upon surrender of the Note or Notes to be exchanged at the office or agency of the Company.
This Note shall be governed by, and construed in accordance with, the internal laws of the State of New York.

A-8

ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:
	
			
	TEN COM -
	as tenants in
common
	UNIF GIFT MIN ACT- _______ Custodian ________
(Cust)                       (Minor)

	TEN ENT -
	as tenants by the
entireties
	 

	JT TEN -
	as joint tenants
with right of
survivorship and
not as tenants
in common

	under Uniform Gifts to
Minors Act

________________________
(State)

Additional abbreviations may also be used
though not on the above list.
FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 
______________________________________________________________________________
(please insert Social Security or other identifying number of assignee)

______________________________________________________________________________
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE
______________________________________________________________________________

______________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and appointing
______________________________________________________________________________

______________________________________________________________________________
agent to transfer said Note on the books of the Company, with full power of substitution in the premises.
	
				
	Dated:
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

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

A-9

EXHIBIT B

CERTIFICATE OF AUTHENTICATION
This is one of the Senior Notes referred to in the within-mentioned Indenture.
	
			
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee

	 
	By:
	 

	 
	 
	Authorized Signatory

B-1

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