Document:

exv4w1

Exhibit 4.1

NEVADA POWER COMPANY

d/b/a NV Energy

OFFICER’S CERTIFICATE

May __, 2011

     I, the undersigned officer of Nevada Power Company d/b/a NV Energy (the “Company”), do
hereby certify that I am an Authorized Officer of the Company as such term is defined in the
Indenture (as defined herein). I am delivering this certificate pursuant to the authority granted
in the Board Resolutions of the Company dated October 29, 2010, and Sections 1.04, 2.01, 3.01,
4.01(a) and 4.02(b)(i) of the General and Refunding Mortgage Indenture dated as of May 1, 2001, as
heretofore amended and supplemented to the date hereof (as heretofore amended and supplemented, the
“Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (as
successor to The Bank of New York Mellon), as Trustee (the “Trustee”). Section 1(u)(iii)
of this Officer’s Certificate sets forth definitions of capitalized terms used herein. Terms used
herein and not otherwise defined herein shall have the meanings assigned to them in the Indenture.
Based upon the foregoing, I hereby certify on behalf of the Company as follows:

     1. The terms and conditions of the Securities described in this Officer’s Certificate are as
follows (the lettered subdivisions set forth in this Section 1 corresponding to the lettered
subdivisions of Section 3.01 of the Indenture):

(a) The Securities of the twenty-fifth series to be issued under the Indenture shall be
designated “5.45% General and Refunding Mortgage Notes, Series Y, due 2041 (the “Series
Y Notes”).

(b) There shall be no limit upon the aggregate principal amount of the Series Y Notes that
may be authenticated and delivered under the Indenture. The Series Y Notes shall be
initially authenticated and delivered in the aggregate principal amount of $250,000,000.

(c) Interest on the Series Y Notes shall be payable to the Persons in whose names such
Securities are registered at the close of business on the Regular Record Date for such
interest, except as otherwise expressly provided in the form of such Securities attached
hereto as Exhibit A.

(d) The Series Y Notes shall mature and the principal thereof shall be due and payable
together with all accrued and unpaid interest thereon on May 15, 2041.

(e) The Series Y Notes shall bear interest at 5.45% per annum and such interest shall be
payable at the times provided in the form of such Securities attached hereto as Exhibit
A.

(f) The corporate trust agency office of The Bank of New York Mellon Trust Company, N.A. at
101 Barclay Street in New York, New York 10286 shall be the place at which (i) the
principal, interest and premium on the Series Y Notes shall be payable, (ii) registration of
transfer of the Series Y Notes may be effected and (iii) exchanges of

 

 

the Series Y Notes may be effected. The Corporate Trust Office of The Bank of New York
Mellon Trust Company, N.A., at 700 South Flower Street, Suite 500 in Los Angeles, California
90017 shall be the place where notices and demands to or upon the Company in respect of the
Series Y Notes and the Indenture may be served; and The Bank of New York Mellon Trust
Company, N.A. shall be the Paying Agent and Security Registrar for the Series Y Notes;
provided, however, that the Company reserves the right to change, by one or
more Officer’s Certificates, any such place or the Paying Agent and Security Registrar; and
provided, further, that the Company reserves the right to designate, by one
or more Officer’s Certificates, its principal office in Las Vegas, Nevada as any such place
or itself or any of its Subsidiaries as the Security Registrar; provided,
however, that there shall be only a single Security Registrar for the Series Y
Notes.

(g) Optional Redemption.

     (i) Optional Redemption. At any time prior to November 15, 2040, the Company
may redeem the Series Y Notes at its option, either in whole or in part at a redemption
price equal to the greater of (1) 100% of the principal amount of the Series Y Notes being
redeemed and (2) the sum of the present values of the remaining scheduled payments of
principal and interest on the Series Y Notes being redeemed (excluding the portion of any
such interest accrued to the date of redemption) discounted (for purposes of determining
present value) to the redemption date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis
points, plus, in each case, accrued interest thereon to the date of redemption.

     At any time on or after November 15, 2040, the Company may redeem the Series Y Notes at its
option, either in whole or in part, at a redemption price equal to 100% of the principal
amount of the Series Y Notes being redeemed plus accrued interest thereon to the date of
redemption.

     “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 Y Notes 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 Y Notes.

     “Comparable Treasury Price” means, with respect to any redemption date, (1) the
average of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) on the third Business Day preceding such
redemption date, as set forth in the daily statistical release (or any successor
release) published by the Federal Reserve Bank of New York and designated “Composite
3:30 p.m. Quotations for U.S. Government Securities” or (2) if such release (or any
successor release) is not published or does not contain such prices on such third
Business Day, the Reference Treasury Dealer Quotation for such redemption date.

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     “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company.

     “Reference Treasury Dealer” means a primary U.S. Government Securities Dealer
selected by the Company.

     “Reference Treasury Dealer Quotation” means, with respect to the Reference Treasury
Dealer and any redemption date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by such Reference Treasury Dealer at or before 5:00 p.m., New York
City time, on the third Business Day preceding such redemption date.

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

          (ii) Notice of Redemption. Notices of redemption shall be mailed by first
class mail at least 30 but not more than 60 days before the Redemption Date to each Holder
of Series Y Notes to be redeemed at its registered address, except that redemption notices
may be mailed more than 60 days prior to a Redemption Date if the notice is issued in
connection with a defeasance of the Series Y Notes or a satisfaction and discharge of the
Series Y Notes under the Indenture. Notices of redemption may not be conditional. In lieu
of the Redemption Price, any Notice of Redemption of the Series Y Notes shall state the
manner of calculating the Redemption Price.

          (iii) Selection of Series Y Notes to be Redeemed. In accordance with Section
5.03 of the Indenture, the following method is provided for the selection of Series Y Notes
to be redeemed and these procedures shall be followed by the Security Registrar in the event
of a redemption of the Series Y Notes pursuant to the provisions of this Officer’s
Certificate. If less than all of the Series Y Notes are to be redeemed at any time, the
Security Registrar shall select Series Y Notes for redemption as follows:

	 	(A)	 	if the Series Y Notes are listed on any national securities
exchange, in compliance with the requirements of the principal national
securities exchange on which the Series Y Notes are listed; or
	 
	 	(B)	 	if the Series Y Notes are not listed on any national securities
exchange, on a pro rata basis, by lot or by such method as the Trustee deems
fair and appropriate.

               No Series Y Notes of $2,000 principal amount or less can be redeemed in part.

     (h) Mandatory Redemption/Offers to Purchase.

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     (i) Mandatory Redemption. The Company is not required to make mandatory
redemption or sinking fund payments with respect to the Series Y Notes.

     (ii) Offer to Purchase Upon Change of Control.

     (A) Upon the occurrence of a Change of Control, each Holder of Series Y Notes shall
have the right to require the Company to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess thereof) of that Holder’s Series Y Notes pursuant to
the offer described below (the “Change of Control Offer”) on the terms set forth in
this Officer’s Certificate. In the Change of Control Offer, the Company shall offer an
amount in cash (the “Change of Control Payment”) equal to 101% of the aggregate
principal amount of Series Y Notes repurchased plus accrued and unpaid interest on the
Series Y Notes repurchased to the Change of Control Payment Date (as defined below).

     (B) Within ten days following any Change of Control, the Company shall mail a notice to
each Holder of Series Y Notes stating:

	 	(1)	 	the description of the transaction or transactions that
constitute the Change of Control, that the Change of Control Offer is being
made pursuant to this Section 1(h)(ii), and that all Series Y Notes validly
tendered and not withdrawn shall be accepted for payment;
	 
	 	(2)	 	the purchase price and the purchase date, which shall be no
earlier than 30 days and no later than 60 days from the date such notice is
mailed (the “Change of Control Payment Date”);
	 
	 	(3)	 	that any Series Y Note not tendered or accepted for payment
shall continue to accrue interest;
	 
	 	(4)	 	that, unless the Company defaults in the payment of the Change
of Control Payment, all Series Y Notes accepted for payment pursuant to the
Change of Control Offer shall cease to accrue interest after the Change of
Control Payment Date;
	 
	 	(5)	 	that Holders of Series Y Notes electing to have any Series Y
Notes purchased pursuant to a Change of Control Offer shall be required to
surrender the Series Y Notes properly endorsed, with the form entitled “Option
of Holder to Elect Purchase” on the reverse of the Series Y Notes properly
completed, together with other customary documents as the Company may
reasonably request, to the Paying Agent at the address specified in the notice
prior to the close of business on the third Business Day preceding the Change
of Control Payment Date;
	 
	 	(6)	 	that Holders of Series Y Notes shall be entitled to withdraw
their election if the Paying Agent receives, not later than the close of
business on the second Business Day preceding the Change of Control Payment
Date, a telegram, facsimile transmission or letter setting forth the name of
the

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	 	 	 	Holder, the principal amount of Series Y Notes delivered for purchase, and a
statement that such Holder of Series Y Notes is withdrawing its election to
have the Series Y Notes purchased; and
	 
	 	(7)	 	that Holders of Series Y Notes whose Series Y Notes are being
purchased only in part shall be issued new Series Y Notes equal in principal
amount to the unpurchased portion of the Series Y Notes surrendered, which
unpurchased portion must be equal to $2,000 in principal amount or an integral
multiple of $1,000 in excess thereof.

     (C) If any of the Series Y Notes subject to a Change of Control Offer are in the form
of a Global Note, then the Company shall modify such notice to the extent necessary to
accord with the Applicable Procedures of the Depositary applicable to offers to purchase.

     (D) On the Change of Control Payment Date, the Company shall, to the extent lawful, (1)
accept for payment all Series Y Notes or portions thereof properly tendered pursuant to the
Change of Control Offer, (2) deposit with the Paying Agent in immediately available funds an
amount equal to the Change of Control Payment in respect of all Series Y Notes or portions
thereof so tendered and (3) deliver or cause to be delivered to the Trustee the Series Y
Notes so accepted together with an Officer’s Certificate stating the aggregate principal
amount of Series Y Notes or portions thereof being purchased by the Company. The Paying
Agent shall promptly mail to each Holder of Series Y Notes so tendered the Change of Control
Payment for such Series Y Notes, and the Trustee shall promptly authenticate and make
available for delivery to each Holder of Series Y Notes a new Series Y Note equal in
principal amount to any unpurchased portion of the Series Y Notes surrendered, if any;
provided that each such new Series Y Note shall be in a principal amount of $2,000
or an integral multiple of $1,000 in excess thereof. Any Series Y Note not so accepted
shall be promptly mailed or delivered by the Company to the Holder thereof. The Company
shall publicly announce the results of the Change of Control Offer on or as soon as
practicable after the Change of Control Payment Date.

     (E) The Change of Control provisions described above that require the Company to make a
Change of Control Offer following a Change of Control shall be applicable whether or not any
other provisions of this Officer’s Certificate are applicable.

     (F) The Company shall not be required to make a Change of Control Offer upon a Change
of Control if a third party makes the Change of Control Offer in the manner, at the times
and otherwise in compliance with the requirements set forth herein applicable to a Change of
Control Offer made by the Company and purchases all Series Y Notes validly tendered and not
withdrawn under such Change of Control Offer.

     (iii) Offers to Purchase — General.

     (A) If the Change of Control Payment Date is on or after a Regular Record Date and on
or before the related Interest Payment Date, any accrued and unpaid interest

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shall be paid to the Person in whose name a Series Y Note is registered at the close of
business on such Regular Record Date, and no additional interest shall be payable to Holders
of Series Y Notes who tender Series Y Notes pursuant to the Change of Control Offer.

     (B) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with a Change of Control Offer. To the extent that
the provisions of any securities laws or regulations conflict with the Change of Control
Offer provisions of this Officer’s Certificate, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations
under the Change of Control Offer provisions of this Officer’s Certificate by virtue of such
conflict.

(i) The Series Y Notes are issuable only in denominations of $2,000 and integral multiples
of $1,000 in excess thereof.

(j) Not applicable.

(k) Not applicable.

(l) Not applicable.

(m) See subsection (e) above.

(n) Not applicable.

(o) Not applicable.

(p) Not applicable.

(q) Book-entry; Delivery and Form.

     (i) Form and Dating.

     The Series Y Notes and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit A hereto. The Series Y Notes may have
notations, legends or endorsements required by law, securities exchange rule or usage. Each
Series Y Note shall be dated the date of its authentication. The Series Y Notes shall be in
denominations of $2,000 and integral multiples of $1,000 in excess thereof.

     The terms and provisions contained in the Series Y Notes shall constitute, and are
hereby expressly made, a part of this Officer’s Certificate, and the Company, by its
execution and delivery of this Officer’s Certificate, expressly agrees to such terms and
provisions and to be bound thereby. However, to the extent any provision of any Series Y
Note conflicts with the express provisions of this Officer’s Certificate or the Indenture,
the provisions of this Officer’s Certificate or the Indenture, as applicable, shall govern
and be controlling.

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     Series Y Notes initially shall be issued in global form and shall be substantially in
the form of Exhibit A attached hereto. Series Y Notes issued in definitive form
shall also be substantially in the form of Exhibit A attached hereto. Each Global
Note shall represent such aggregate principal amount of the outstanding Series Y Notes as
shall be specified therein and each shall provide that it shall represent the aggregate
principal amount of outstanding Series Y Notes from time to time endorsed thereon and that
the aggregate principal amount of outstanding Series Y Notes represented thereby may from
time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.
Any endorsement of a Global Note to reflect the amount of any increase or decrease in the
aggregate principal amount of outstanding Series Y Notes represented thereby shall be made
by the Trustee, the Depositary or the Note Custodian, at the direction of the Trustee, in
accordance with instructions given by the Holder thereof as required by Section 1(q)(iv) of
this Officer’s Certificate.

     (ii) Authentication.

     The Trustee or an Authenticating Agent shall authenticate by delivery and execution of
a Trustee’s Certificate of Authentication in the form set forth in Section 2.02 of the
Indenture (A) the Series Y Notes for original issue on the Issue Date in the initial
aggregate principal amount of $250,000,000 and (B) additional Series Y Notes for original
issue from time to time after the Issue Date in such principal amounts as may be set forth
in the Company Order, in each case, upon receipt of a Company Order, which Company Order
shall specify (x) the amount of Series Y Notes to be authenticated and the date of original
issue thereof and (y) the amount of Series Y Notes to be issued in global form or definitive
form. The aggregate principal amount of the Series Y Notes outstanding at any time may not
exceed $250,000,000 plus such additional principal amounts as may be issued and
authenticated pursuant to clause (B) of this paragraph.

     (iii) Security Registrar, Paying Agent and Depositary.

     The Company initially appoints the Trustee to act as the Security Registrar and Paying
Agent for the Series Y Notes. Upon the occurrence of an Event of Default set forth in
Sections 10.01(d) or 10.01(e) of the Indenture, the Trustee shall serve as Paying Agent for
the Series Y Notes. Pursuant to Section 6.02 of the Indenture, the Company hereby
designates the corporate trust agency office of the Trustee as its office or agency at 101
Barclay Street in the City and State of New York where payment of the Series Y Notes shall
be made and where the registration of transfer or exchange of the Series Y Notes may be
effected; and the Corporate Trust Office of the Trustee at 700 Flower Street, Suite 500 in
Los Angeles, California as the place where notices and demands to or upon the Company in
respect of the Series Y Notes and the Indenture may be served. The Company may also from
time to time designate one or more other offices or agencies with respect to the Series Y
Notes and may from time to time rescind any of these designations in accordance with the
terms provided in Section 6.02 of the Indenture.

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     The Company initially appoints The Depository Trust Company (“DTC”) to act as
Depositary with respect to the Global Notes. The Trustee has been appointed by DTC to act
as Note Custodian with respect to the Global Notes.

     (iv) Transfer and Exchange.

     (A) Transfer and Exchange of Global Notes. A Global Note may not be
transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee
of the Depositary to the Depositary or to another nominee of the Depositary, or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary. All Global Notes shall be exchanged by the Company for Definitive Notes if:

	 	(1)	 	the Company delivers to the Trustee notice from the Depositary
that it is unwilling or unable to continue to act as Depositary for the Global
Notes or that it is no longer a clearing agency registered under the Exchange
Act and, in either case, a successor Depositary is not appointed by the Company
within 90 days after the date of such notice from the Depositary; or
	 
	 	(2)	 	the Company in its sole discretion notifies the Trustee in
writing that it elects to cause issuance of the Series Y Notes in certificated
form.

Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes
also may be exchanged or replaced, in whole or in part, as provided in Sections 3.06 and
3.09 of the Indenture. Every Series Y Note authenticated and delivered in exchange for, or
in lieu of, a Global Note or any portion thereof, pursuant to Sections 3.06 and 3.09 of the
Indenture, shall be authenticated and delivered in the form of Exhibit A attached
hereto. A Global Note may not be exchanged for another Series Y Note other than as provided
in this Section 1(q)(iv)(A); however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 1(q)(iv)(B) of this Officer’s Certificate.

     (B) Transfer and Exchange of Beneficial Interests in the Global Notes. The
Company acknowledges that the transfer and exchange of beneficial interests in the Global
Notes will be effected through the Depositary, in accordance the Applicable Procedures.

     (C) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon
request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of
this Section 1(q)(iv)(C), the Security Registrar shall register the transfer or exchange of
Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder
shall present or surrender to the Security Registrar the Definitive Notes duly endorsed or
accompanied by a written instruction of transfer in form satisfactory to the Security
Registrar duly executed by such Holder or by his attorney, duly authorized in writing.

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     (D) Legends. The following legend shall appear on the face of all Global Notes
issued under this Indenture unless specifically stated otherwise in the applicable
provisions of this Officer’s Certificate:

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE OFFICER’S CERTIFICATE
UNDER THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
ARTICLE III OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 1(q)(iv)(A) OF THE OFFICER’S CERTIFICATE UNDER THE INDENTURE, (III)
THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09
OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH
THE PRIOR WRITTEN CONSENT OF THE COMPANY OR ANY SUCCESSOR THERETO.”

     Additionally, so long as DTC is the Depositary with respect to any Global Note, each
such Global Note shall also bear a legend in substantially the following form:

“UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY, TO THE
COMPANY OR ANY SUCCESSOR THERETO OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.”

     (E) Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for Definitive Notes or
a particular Global Note has been redeemed, repurchased or canceled in whole and not in
part, each such Global Note shall be returned to or retained and canceled by the Trustee in
accordance with Section 3.09 of the Indenture. At any time prior to such cancellation, if
any beneficial interest in a Global Note is exchanged for or transferred to a Person who
shall take delivery thereof in the form of a beneficial interest in another Global Note or
for Definitive Notes, the principal amount of Series Y Notes represented by such Global Note
shall be reduced accordingly and an endorsement shall be made on such Global Note, by the
Trustee, the Note Custodian or the Depositary at the direction of the Trustee, to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a
Person who shall take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note shall be increased accordingly

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and an endorsement shall be made on such Global Note, by the Trustee, the Note
Custodian or by the Depositary at the direction of the Trustee, to reflect such increase.

     (F) General Provisions Relating to Transfers and Exchanges. To permit
registrations of transfers and exchanges, subject to Section 1(q)(iv) of this Officer’s
Certificate, the Company shall execute and, upon the Company’s order, the Trustee or an
Authenticating Agent shall authenticate Global Notes and Definitive Notes at the Security
Registrar’s request.

     (v) Outstanding Series Y Notes.

     Notwithstanding the definition of “Outstanding” in Section 1.01 of the Indenture,
Series Y Notes that the Company, a Subsidiary of the Company or an Affiliate of the Company
offers to purchase or acquires pursuant to an offer, exchange offer, tender offer or
otherwise shall not be deemed to be owned by the Company, such Subsidiary or such Affiliate
until legal title to such Series Y Notes passes to the Company, such Subsidiary or such
Affiliate, as the case may be.

     (r) Not applicable.

     (s) Not applicable.

     (t) Not applicable.

     (u) Additional Conditions and Definitions.

          (i) Additional Conditions to Section 9.01 of Indenture.

Notwithstanding the provisions of Section 9.01 of the Indenture, no Series Y Note shall be
deemed to have been paid pursuant to such provisions unless the Company shall have delivered
to the Trustee either: (a) an Opinion of Counsel in the United States reasonably acceptable
to the Trustee confirming that (i) the Company has received from, or there has been
published by, the Internal Revenue Services a ruling or (ii) since the date of this
Officer’s Certificate, there has been a change in the applicable federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, the Holders of the Outstanding Series Y Notes will not recognize income, gain or loss
for federal income tax purposes as a result of such satisfaction and discharge and will be
subject to federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such satisfaction and discharge had not occurred; or (b) (i)
an instrument wherein the Company, notwithstanding the satisfaction and discharge of the
Company’s indebtedness in respect of the Series Y Notes, shall assume the obligation (which
shall be absolute and unconditional) to irrevocably deposit with the Trustee such additional
sums of money, if any, or additional Eligible Obligations, if any, or any combination
thereof, at such time or times, as shall be necessary, together with the money and/or
Eligible Obligations theretofore so deposited, to pay when due the principal of and premium,
if any, and interest due and to become due on such Series Y Notes or portions thereof;
provided, however, that such instrument may state that the Company’s
obligation to make additional deposits as aforesaid shall be

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subject to the delivery to the Company by the Trustee of a notice asserting the deficiency
accompanied by an opinion of an Independent public Accountant of nationally recognized
standing showing the calculation thereof; and (ii) an Opinion of Counsel of tax counsel in
the United States reasonably acceptable to the Trustee to the effect that the Holders of the
Outstanding Series Y Notes will not recognize income, gain or loss for federal income tax
purposes as a result of such satisfaction and discharge and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been
the case if such satisfaction and discharge had not occurred.

     (ii) Modifications Requiring Consent.

     In addition to the provisions of Section 14.02 of the Indenture, no supplemental
indenture shall alter or waive any of the provisions with respect to the redemption of the
Series Y Notes set forth in Section 1(g) hereof without the consent of each Holder of Series
Y Notes affected thereby.

     (iii) Certain Definitions.

     Set forth below are certain defined terms used in this Officer’s Certificate. Reference
is made to the Indenture for the definitions of any other capitalized terms used herein for
which no definition is provided herein.

     “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified
Person. For purposes of this definition, “control,” as used with respect to any Person,
means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise; provided that beneficial ownership of 10% or
more of the Voting Stock of a Person shall be deemed to be control. For purposes of this
definition, the terms “controlling,” “controlled by” and “under common control with” have
correlative meanings.

     “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary,
Euroclear and Clearstream that apply to such transfer or exchange.

     “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the
relief of debtors.

     “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), except that in
calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial
ownership of all securities that such “person” has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is exercisable
only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and
“Beneficially Owned” have a corresponding meaning.

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     “Board of Directors” means:

	 	(1)	 	with respect to a corporation, the board of directors of the
corporation or any committee of such board of directors duly authorized to act
for the corporation;
	 
	 	(2)	 	with respect to a partnership, the board of directors of the
general partner of the partnership; and
	 
	 	(3)	 	with respect to any other Person, the board or committee of
such Person serving a similar function.
	 
	 	 	 	“Capital Stock” means:
	 
	 	(1)	 	in the case of a corporation, corporate stock;
	 
	 	(2)	 	in the case of an association or business entity, any and all
 shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;
	 
	 	(3)	 	in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and
	 
	 	(4)	 	any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of
assets of, the issuing Person.

     “Change of Control” means the occurrence of any of the following:

	 	(1)	 	the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or
assets of the Company and its Restricted Subsidiaries taken as a whole to any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act,
including any “group” with the meaning of the Exchange Act);
	 
	 	(2)	 	the adoption of a plan relating to the liquidation or
dissolution of the Company; or
	 
	 	(3)	 	the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any
“person” (as defined above) becomes the Beneficial Owner, directly or
indirectly, of more than 30% of the Voting Stock of the Company or NV Energy,
Inc., measured by voting power rather than number of shares.

     “Change of Control Offer” has the meaning assigned to it in Section 1(h)(ii)(A) of this
Officer’s Certificate.

12

 

     “Change of Control Payment” has the meaning assigned to it in Section 1(h)(ii)(A) of
this Officer’s Certificate.

     “Change of Control Payment Date” has the meaning assigned to it in Section
1(h)(ii)(B)(2) of this Officer’s Certificate.

     “Clearstream” means Clearstream Banking, Societe Anonyme Luxembourg.

     “Default” means any event that is, or with the passage of time or the giving of notice
or both would be, an Event of Default as defined in the Indenture.

     “Definitive Note” means a certificated Series Y Note registered in the name of the
Holder thereof and issued in accordance with Section 1(q)(iv) of this Officer’s Certificate,
in the form of Exhibit A hereto except that such Series Y Note shall not bear the
Global Note Legend.

     “Depositary” means, with respect to the Series Y Notes issuable or issued in whole or
in part in global form, the Person specified in Section 1(q)(iii) of this Officer’s
Certificate as the Depositary with respect to the Series Y Notes, and any and all successors
thereto appointed as depositary hereunder and having become such pursuant to the applicable
provision of this Officer’s Certificate or the Indenture.

     “DTC” has the meaning assigned to it in Section 1(q)(iii) of this Officer’s
Certificate.

     “Equity Interests” means Capital Stock and all warrants, options or other rights to
acquire Capital Stock (but excluding any debt security that is convertible into, or
exchangeable for, Capital Stock).

     “Euroclear” means Euroclear Bank S.A./N.V.

     “Event of Default” means an Event of Default as defined in the Indenture.

     “Global Note Legend” means the first legend and, if applicable, the second legend set
forth in Section 1(q)(iv)(D) of this Officer’s Certificate.

     “Global Notes” means, individually and collectively, each of the Series Y Notes issued
or issuable in the global form of Exhibit A hereto issued in accordance with
Sections 1(q)(i) of this Officer’s Certificate, and that bears the Global Note Legend and
that is deposited with or on behalf of and registered in the name of the Depositary.

     “Indirect Participant” means a Person who holds a beneficial interest in a Global Note
through a Participant.

     “Issue Date” means the first date on which any Series Y Notes are issued, authenticated
and delivered under the Indenture and this Officer’s Certificate.

     “Non-Recourse Debt” means indebtedness:

13

 

	 	(1)	 	as to which neither Nevada Power nor any of its Restricted
Subsidiaries (a) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute indebtedness), (b)
is directly or indirectly liable as a guarantor or otherwise, or (c)
constitutes the lender;
	 
	 	(2)	 	no default with respect to which (including any rights that
the holders of the indebtedness may have to take enforcement action against an
Unrestricted Subsidiary) would permit upon notice, lapse of time or both any
holder of any other indebtedness (other than the Notes) of Nevada Power or any
of its Restricted Subsidiaries to declare a default on such other indebtedness
or cause the payment of the indebtedness to be accelerated or payable prior to
its stated maturity; and
	 
	 	(3)	 	as to which the lenders have been notified in writing that
they will not have any recourse to the stock or assets of Nevada Power or any
of its Restricted Subsidiaries.

     “Note Custodian” means the Trustee, as custodian for the Depositary with respect to the
Series Y Notes in global form, or any successor entity thereto.

     “Participant” means, with respect to DTC, Euroclear or Clearstream, a Person who has an
account with DTC, Euroclear or Clearstream, respectively (and, with respect to DTC, shall
include Euroclear and Clearstream).

     “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is
not an Unrestricted Subsidiary.

     “Subsidiary” means, with respect to any specified Person

	 	(1)	 	any corporation, association or other business entity of which
more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency) to vote in the election
of directors, managers or trustees of the corporation, association or other
business entity is at the time owned or controlled, directly or indirectly, by
that Person or one or more of the other Subsidiaries of that Person (or a
combination thereof); and
	 
	 	(2)	 	any partnership (a) the sole general partner or the managing
general partner of which is such Person or a Subsidiary of such Person or (b)
the only general partners of which are that Person or one or more Subsidiaries
of that Person (or any combination thereof).

     “Unrestricted Subsidiary” means any Subsidiary of Nevada Power that is designated by
the Board of Directors as an Unrestricted Subsidiary pursuant to a Board Resolution, but
only to the extent that such Subsidiary:

	 	(1)	 	has no indebtedness other than Non-Recourse Debt;

14

 

	 	(2)	 	is not party to any agreement, contract, arrangement or
understanding with Nevada Power or any Restricted Subsidiary of Nevada Power
unless the terms of any such agreement, contract, arrangement or understanding
are no less favorable to Nevada Power or such Restricted Subsidiary than those
that might be obtained at the time from Persons who are not Affiliates of
Nevada Power;
	 
	 	(3)	 	is a Person with respect to which neither Nevada Power nor any
of its Restricted Subsidiaries has any direct or indirect obligation (a) to
subscribe for additional Equity Interests or (b) to maintain or preserve such
Person’s financial condition or to cause such Person to achieve any specified
levels of operating results;
	 
	 	(4)	 	has not guaranteed or otherwise directly or indirectly provided
credit support for any indebtedness of Nevada Power or any of its Restricted
Subsidiaries; and
	 
	 	(5)	 	has at least one director on its Board of Directors that is not
a director or executive officer of Nevada Power or any of its Restricted
Subsidiaries and has at least one executive officer that is not a director or
executive officer of Nevada Power or any of its Restricted Subsidiaries.

     “U.S.” means the United States of America.

     “Voting Stock” of any Person as of any date means the Capital Stock of such Person that
is at the time entitled to vote in the election of the Board of such Person.

(v) The Series Y Notes shall have such other terms and provisions as are provided in the
form thereof attached hereto as Exhibit A, and shall be issued in substantially such
form.

     2. The undersigned has read all of the covenants and conditions contained in the Indenture,
and the definitions in the Indenture relating thereto, relating to the issuance of the Series Y
Notes and in respect of compliance with which this certificate is made.

     The statements contained in this certificate are based upon the familiarity of the undersigned
with the Indenture, the documents accompanying this certificate, and upon discussions by the
undersigned with officers and employees of the Company familiar with the matters set forth herein.

     In the opinion of the undersigned, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenants and
conditions have been complied with.

     In the opinion of the undersigned, such conditions and covenants have been complied with.

15

 

     IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the date
first written above.

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Dilek L. Samil 	 
	 	Senior Vice President, Finance,
 Chief Financial
Officer and Treasurer 	 
	 

	 	 	 	 	 
	 	Acknowledged and received on

May ___, 2011

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	Raymond Torres 	 
	 	 	Title:  	Senior Associate 	 
	 

[Signature Page to Officer’s Certificate (Terms of Note)]

 

 

Exhibit A

Form of Series Y Notes

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture and

the Officer’s Certificate]

NEVADA POWER COMPANY

5.45% General and Refunding Mortgage Notes, Series Y, due 2041

	 	 	 	 	 	 	 

	Original Interest Accrual Date:

	 	May 12, 2011
	 	Redeemable: Yes þ No o
	Stated Maturity:

	 	May 15, 2041
	 	Redemption Date: See Below
	Interest Rate:

	 	5.45%	 	Redemption Price: See Below
	Interest Payment Dates:

	 	May 15 and November 15
	 	 
	Record Dates:

	 	May 1 and November 1
	 	 

The Security is not a Discount Security

within the meaning of the within-mentioned Indenture.

 

CUSIP No. 641423 CA4

5.45% General and Refunding Mortgage Notes, Series Y, due 2041

	 	 	 

	No. R-

	 	$_______________

Nevada Power Company d/b/a NV Energy, a Nevada corporation (the “Company”) promises to pay to
_______________ or registered assigns, the principal sum of _______________ Dollars on May 15,
2041.

     1. Interest. The Company promises to pay interest on the principal amount of this Series Y
Note at 5.45% per annum, from May 12, 2011 until maturity. The Company shall pay interest
semi-annually in arrears on May 15 and November 15 of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on
the Series Y Notes shall accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from Original Interest Accrual Date specified above; provided that
if there is no existing Default in the payment of interest, and if this Series Y Note is
authenticated between a record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the
case of the original issuance of Series Y Notes, in which case interest shall accrue from the
Original Interest Accrual Date specified above; provided, further, that the first Interest Payment
Date shall be November 15, 2011. The Company shall pay interest (including postpetition interest
in any proceeding under the Bankruptcy Law) on overdue principal and premium, if any, from time to
time on demand at the rate borne on the Series Y Notes; it shall pay interest (including
post-petition interest in any proceeding under the Bankruptcy Law) on

A-1

 

overdue installments of interest, if any, (without regard to any applicable grace periods)
from time to time on demand at the same rate to the extent lawful. Interest shall be computed on
the basis of a 360-day year of twelve 30-day months.

     2. Method of Payment. The Company shall pay interest on the Series Y Notes (except Defaulted
Interest) to the Persons who are registered Holders of Series Y Notes at the close of business on
the May 1 and November 1 next preceding the Interest Payment Date, even if such Series Y Notes are
canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 3.07 of the Indenture with respect to Defaulted Interest. The Series Y Notes shall be
payable as to principal and premium and interest at the office or agency of the Company maintained
for such purpose within the City and State of New York, or, at the option of the Company, payment
of interest may be made by check mailed to the Holders of Series Y Notes at their addresses set
forth in the register of Holders, and provided that payment by wire transfer of immediately
available funds shall be required with respect to principal of, and interest and premium on, all
Global Notes and all other Series Y Notes the Holders of which shall have provided wire transfer
instructions to the Company or the Paying Agent. Such payment shall be 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.

     3. Paying Agent and Security Registrar. Initially, The Bank of New York Mellon Trust Company,
N.A., the Trustee under the Indenture, shall act as Paying Agent and Security Registrar. The
Company may change any Paying Agent or Security Registrar without notice to any Holder of Series Y
Notes. The Company or any of its Subsidiaries may act in any such capacity.

     4. Indenture; Security. This Series Y Note is one of a duly authorized issue of Securities of
the Company, issued and issuable in one or more series under and equally secured by a General and
Refunding Mortgage Indenture, dated as of May 1, 2001 (such Indenture as originally executed and
delivered and as supplemented or amended from time to time thereafter, together with any
constituent instruments establishing the terms of particular Securities, being herein called the
"Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., (as
successor to The Bank of New York Mellon), as Trustee (herein called the “Trustee,” which term
includes any successor Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the property mortgaged, pledged
and held in trust, the nature and extent of the security and the respective rights, limitations of
rights, duties and immunities of the Company, the Trustee and the Holders of the Securities
thereunder and of the terms and conditions upon which the Securities are, and are to be,
authenticated and delivered and secured. The acceptance of this Series Y Note shall be deemed to
constitute the consent and agreement by the Holder hereof to all of the terms and provisions of the
Indenture. This Series Y Note is one of the series designated above. The terms of the Series Y
Notes include those stated in the Indenture, including the Officer’s Certificate dated May ___,
2011 (the “Officer’s Certificate”), and those made part of the Indenture by reference to the Trust
Indenture Act. The Series Y Notes are subject to all such terms, and Holders of Series Y Notes are
referred to the Indenture, including the Officer’s Certificate, and such Act for a statement of
such terms. To the extent any provision of this Series Y Note

A-2

 

conflicts with the express provisions of the Indenture or the Officer’s Certificate, the
provisions of the Indenture and the Officer’s Certificate shall govern and be controlling. The
Series Y Notes are general obligations of the Company initially limited to $250,000,000 aggregate
principal amount in the case of Series Y Notes issued on the Issue Date.

     All Outstanding Securities, including the Series Y Notes, issued under the Indenture are
secured by the lien of the Indenture on the properties of the Company described in the Indenture.

     5. Optional Redemption.

     (a) At any time prior to November 15, 2040, the Company may redeem the Series Y Notes
at its option, either in whole or in part at a redemption price equal to the greater of (1)
100% of the principal amount of the Series Y Notes being redeemed and (2) the sum of the
present values of the remaining scheduled payments of principal and interest on the Series Y
Notes being redeemed (excluding the portion of any such interest accrued to the date of
redemption) discounted (for purposes of determining present value) to the redemption date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate (as defined below) plus 20 basis points, plus, in each case, accrued interest
thereon to the date of redemption.

     At any time on or after November 15, 2040, the Company may redeem the Series Y Notes at its
option, either in whole or in part, at a redemption price equal to 100% of the principal
amount of the Series Y Notes being redeemed plus accrued interest thereon to the date of
redemption.

     “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 Y Notes 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 Y Notes.

     “Comparable Treasury Price” means, with respect to any redemption date, (1) the
average of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) on the third Business Day preceding such
redemption date, as set forth in the daily statistical release (or any successor release)
published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m.
Quotations for U.S. Government Securities” or (2) if such release (or any successor
release) is not published or does not contain such prices on such third Business Day, the
Reference Treasury Dealer Quotation for such redemption date.

     “Independent Investment Banker” means one of the Reference Treasury Dealers appointed
by the Company.

A-3

 

     “Reference Treasury Dealer” means a primary U.S. Government Securities Dealer
selected by the Company.

     “Reference Treasury Dealer Quotation” means, with respect to the Reference Treasury
Dealer and any redemption date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by such Reference Treasury Dealer at or before 5:00 p.m., New York City
time, on the third Business Day preceding such redemption date.

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

     6. Notice of Optional Redemption. Notice of optional redemption shall be mailed at least 30
days but not more than 60 days before the Redemption Date to each Holder whose Series Y Notes are
to be redeemed at its registered address. Series Y Notes in denominations larger than $2,000 may
be redeemed in part but only in whole multiples of $1,000 in excess thereof. Notices of redemption
may not be conditional. On and after the redemption date, interest ceases to accrue on Series Y
Notes or portions thereof called for redemption.

     7. Mandatory Redemption. The Company shall not be required to make mandatory redemption or
sinking fund payments with respect to the Series Y Notes.

     8. Denominations, Transfer, Exchange. The Series Y Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Series Y Notes may be registered and Series Y Notes may be exchanged as provided in the
Indenture and the Officer’s Certificate. The Security Registrar and the Trustee may require a
Holder of Series Y Notes, among other things, to furnish appropriate endorsements and transfer
documents and the Company may require a Holder of Series Y Notes to pay any taxes and fees required
by law or permitted by the Indenture. The Company need not exchange or register the transfer of
any Series Y Note or portion of a Series Y Note selected for redemption, except for the unredeemed
portion of any Series Y Note being redeemed in part. Also, the Company need not exchange or
register the transfer of any Series Y Notes for a period of 15 days before a selection of Series Y
Notes to be redeemed or during the period between a record date and the corresponding Interest
Payment Date.

     9. Persons Deemed Owners. The registered Holder of a Series Y Note may be treated as its
owner for all purposes.

     10. Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as
therein provided, the Trustee to enter into one or more supplemental indentures for

A-4

 

the purpose of adding any provisions to, or changing in any manner or eliminating any of the
provisions of, the Indenture with the consent of the Holders of not less than a majority in
aggregate principal amount of the Securities of all series then Outstanding under the Indenture,
considered as one class; provided, however, that if there shall be Securities of more than one
Series outstanding under the Indenture and if a proposed supplemental indenture shall directly
affect the rights of the Holders of Securities of one or more, but less than all, of such series,
then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding
Securities of all series so directly affected, considered as one class, shall be required; and
provided, further, that if the Securities of any series shall have been issued in more than one
Tranche and if the proposed supplemental indenture shall directly affect the rights of the Holders
of Securities of one or more, but less than all, of such Tranches, then the consent only of the
Holders of a majority in aggregate principal amount of the Outstanding Securities of all Tranches
so directly affected, considered as one class, shall be required; and provided, further, that the
Indenture permits the Trustee to enter into one or more supplemental indentures for limited
purposes without the consent of any Holders of Securities. The Indenture also contains provisions
permitting the Holders of a majority in principal amount of the Securities then Outstanding, on
behalf of the Holders of all Securities, 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 Series Y Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Series Y Note and of any Series Y Note issued upon the
registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Series Y Note.

     11. Events of Default. If an Event of Default shall occur and be continuing, the principal of
this Series Y Note may be declared due and payable in the manner and with the effect provided in
the Indenture.

     12. No Recourse Against Others. As provided in the Indenture, no recourse shall be had for
the payment of the principal of or premium, if any, or interest on any Securities, or any part
thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness
represented thereby, or upon any obligation, covenant or agreement under the Indenture, against,
and no personal liability whatsoever shall attach to, or be incurred by, any incorporator,
stockholder, officer or director, as such, past, present or future of the Company or of any
predecessor or successor corporation (either directly or through the Company or a predecessor or
successor corporation), whether by virtue of any constitutional provision, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and
understood that the Indenture and all the Securities are solely corporate obligations and that any
such personal liability is hereby expressly waived and released as a condition of, and as part of
the consideration for, the execution of the Indenture and the issuance of the Securities.

     13. Authentication. Unless the certificate of authentication hereon has been executed by the
Trustee or an Authenticating Agent by manual signature, this Series Y Note shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

A-5

 

     14. Transfer and Exchange.

          (a) As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Series Y Note is registrable in the Security Register, upon surrender of this
Series Y Note for registration of transfer at the corporate trust agency office of The Bank of New
York Mellon Trust Company, N.A. in New York, New York or such other office or agency as may be
designated by the Company from time to time, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed
by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new
Series Y Notes of this series or authorized denominations and of like tenor and aggregate principal
amount, will be issued to the designated transferee or transferees.

          (b) No 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.

          (c) Prior to due presentment of this Series Y 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
Series Y Note is registered as the absolute owner hereof for all purposes, whether or not this
Series Y Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary.

     15. Governing Law. The Series Y Notes shall be governed by and construed in accordance with
the laws of the State of New York.

     16. Definition of Other Terms. All terms used in this Series Y Note which are defined in the
Indenture or the Officer’s Certificate shall have the meanings assigned to them in the Indenture or
the Officer’s Certificate, as applicable, unless otherwise indicated.

     17. Abbreviations. Customary abbreviations may be used in the name of a Holder of Series Y
Notes or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST
(= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

     18. CUSIP Numbers. The Company has caused CUSIP numbers to be printed on the Series Y Notes
and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders of
Series Y Notes. No representation is made as to the accuracy of such numbers either as printed on
the Series Y Notes or as contained in any notice of redemption and reliance may be placed only on
the other identification numbers placed thereon.

A-6

 

     The Company shall furnish to any Holder of Series Y Notes upon written request and without
charge a copy of the Indenture. Requests may be made to:

Nevada Power Company

d/b/a NV Energy

P.O. Box 230

6226 W. Sahara Avenue

Las Vegas, Nevada 89146

Attention: Chief Financial Officer

A-7

 

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

	 	 	 	 	 
	 	NEVADA POWER COMPANY d/b/a NV Energy

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 

CERTIFICATE OF AUTHENTICATION

          This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

Dated: ___________________

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A., as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-8

 

	 	 	 	 	 

Assignment Form

To assign this Series Y Note, fill in the form below: (I) or (we) assign and transfer this Series Y
Note to

 
(Insert assignee’s soc. sec. or tax I.D. no.)

      

      

      

 
(Print or type assignee’s name, address and zip code)

and irrevocably appoint                                                                
                                                                                                 
  to transfer this Series Y Note on the books of the Company. The agent may
substitute another to act for him.

      

	 	 	 

	Date:
	 	 
	 
	Your Signature:
	 	 
	 

	 	 
	 

	 	(Sign exactly as your name appears on the face of this Series Y Note)

SIGNATURE GUARANTEE

      

	 	 	 

	 

	 	Signatures must
be guaranteed
by an “eligible
guarantor
institution”
meeting the
requirements of
the Security
Registrar,
which
requirements
include
membership or
participation
in the Security
Transfer Agent
Medallion
Program
(“STAMP”) or
such other
“signature
guarantee
program” as may
be determined
by the Security
Registrar in
addition to, or
in substitution
for, STAMP, all
in accordance
with the
Securities
Exchange Act of
1934, as
amended.

A-9

 

Option of Holder to Elect Purchase

     If you want to elect to have this Series Y Note purchased by the Company pursuant to Section
1(h)(ii) (Offer to Purchase upon Change of Control) of the Officer’s Certificate, check the box
below:

     o Section 1(h)(ii) (Offer to Purchase upon Change of Control)

     If you want to elect to have only part of this Series Y Note purchased by the Company pursuant
to Section 1(h)(ii) (Offer to Purchase upon Change of Control) of the Indenture, state the amount
you elect to have purchased (must be $2,000 in principal amount or in integral multiples of $1,000
in excess of $2,000):

     $                                        

	 	 	 

	Date:
	 	 
	 
	Your Signature:
	 	 
	 

	 	 
	 

	 	(Sign exactly as your name appears on the face of the Series Y Note)

Tax Identification No.:                                                                
                                                                                                

SIGNATURE GUARANTEE

      

	 	 	 

	 

	 	Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Security
Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion
Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition
to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

A-10Exhibit 10.1

Exhibit 10.1

WARRANT INDENTURE AMENDMENT AGREEMENT

This Agreement is made as of January 26, 2011.

BETWEEN:

IVANHOE ENERGY INC., a corporation incorporated under the laws of the Yukon
Territory

(the “Company”)

AND

CIBC MELLON TRUST COMPANY, a trust company incorporated under the laws of Canada and
having an office in the City of Vancouver

(the “Warrant Agent”)

AND

MACQUARIE CAPITAL MARKETS CANADA LTD., a company incorporated under the laws of
Ontario

WHEREAS:

	A.	 	the Company and the Warrant Agent entered into a Warrant Indenture (the “Warrant Indenture”)
dated as of January 26, 2010 in respect of warrants exercisable into common shares (“Common
Shares”) in the capital of the Company (the “Warrants”);

	B.	 	the parties have agreed to amend the Warrant Indenture in accordance with the terms set forth
below.

NOW THEREFORE, in consideration of the premises and in further consideration of the mutual
covenants herein set forth, the receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:

	1.	 	Subsection 1.1(r) of the Warrant Indenture is amended by deleting “January 26, 2011,
representing the first anniversary of the closing date of the issue of special warrants” and
replacing it with:

“February 25, 2011”

	2.	 	Schedule A to the Warrant Indenture is deleted in its entirety and replaced with Schedule A
to this Agreement.

	3	 	Following the execution of this agreement, the Company and the Warrant Agent will issue and
deliver to each Warrantholder a replacement Warrant certificate in substantially the same form
as the Warrant certificate attached as Schedule A hereto representing the
number of Warrants held by each Warrantholder, against delivery or transfer for cancellation
by the Warrantholder of its original Warrant certificate.

 

 

 

	4	 	The amendments to the Warrant Indenture contemplated hereunder will not apply to the 90,000
Warrants issued to David A. Dyck.

	5.	 	This Agreement will be governed by and construed in accordance with the laws of British
Columbia and the federal laws of Canada applicable thereto.

	6.	 	This Agreement may be executed in one or more counterparts, each of which so executed shall
be deemed to be an original and such counterparts together shall constitute one and the same
instrument.

	7.	 	This Agreement shall benefit and bind the parties to it in respect to its successors and
assigns.

IN WITNESS WHEREOF the parties have executed this Agreement as of the 13th day of
January, 2011 to have effect as of the date first written above.

	 	 	 	 	 
	 

	IVANHOE ENERGY INC.	 	 
	 
	 	 	 	 
	 

	Per:	 /s/ Beverly A. Bartlett	 	 
	 

	 	 

Authorized Signatory
	 	 
	 
	 	 	 	 
	 

	CIBC MELLON TRUST COMPANY	 	 
	 
	 	 	 	 
	 

	Per:	 /s/ Tricia Murphy	 	 
	 

	 	 

Authorized Signatory
	 	 
	 
	 	 	 	 
	 

	Per:	 /s/ Kathy Straw	 	 
	 

	 	 

Authorized Signatory
	 	 
	 
	 	 	 	 
	 

	MACQUARIE CAPITAL MARKETS CANADA LTD.	 	 
	 
	 	 	 	 
	 

	Per:	 /s/ Robert F.G. Colcleugh	 	 
	 

	 	 

Authorized Signatory
	 	 
	 
	 	 	 	 
	 

	Per:	 /s/ L. Trevor Anderson	 	 
	 

	 	 

Authorized Signatory
	 	 

 

- 2 -

 

SCHEDULE “A”

IVANHOE ENERGY INC. WARRANT CERTIFICATE

 

 

IVANHOE ENERGY INC. WARRANT CERTIFICATE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITARY
SERVICES INC. (“CDS”) TO IVANHOE ENERGY INC. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE
NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS
(AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR
ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.

EXERCISABLE ONLY BEFORE 5:00 P.M. (VANCOUVER TIME) ON OR BEFORE FEBRUARY 25, 2011 (THE “EXPIRY
DATE”), AFTER WHICH TIME THIS WARRANT WILL BE NULL AND VOID.

THE FOLLOWING LEGEND FOR U.S. PURCHASERS ONLY

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY
THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B)
OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT
AND IN COMPLIANCE WITH CANADIAN LAWS AND REGULATIONS, (C) INSIDE THE UNITED STATES, PURSUANT TO THE
EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF
AVAILABLE, IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OF THE UNITED STATES, OR (D)
INSIDE OR OUTSIDE THE UNITED STATES, PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LEGISLATION AFTER PROVIDING A LEGAL OPINION
SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER IS EXEMPT FROM OR OTHERWISE NOT SUBJECT TO
REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE SECURITIES LAWS.

 

 

 

WARRANTS

IVANHOE ENERGY INC.

(Incorporated under the laws of the Yukon Territory)

			
	 	 	 
	WARRANT CERTIFICATE NO.                     
	 	                                        Warrants

THIS IS TO CERTIFY that, for value received,                                         , the registered holder hereof (the “holder”) is
entitled, for every one (1) Warrant held, to purchase at any time before the Expiry Time, being
5:00 p.m. (Vancouver time) on the Expiry Date one (1) fully paid and non-assessable common share
(“Common Share”) in the capital of Ivanhoe Energy Inc. (the “Company”) as constituted on the date
hereof, or such other securities as are stipulated by the provisions for adjustment contained in
the Warrant Indenture hereinafter described, by delivery to CIBC Mellon Trust Company (the “Warrant
Agent”) at its principal office in the City of Vancouver or City of Toronto of this Warrant
Certificate, with the Exercise Form attached hereto duly completed and executed, and a bank draft,
certified cheque, money order or wire transfer in lawful money of Canada, payable to or to the
order of the Warrant Agent, in trust for the Company, at par in the city where this Warrant
Certificate is so delivered, in an amount equal to the product of the Exercise Consideration
multiplied by the number of Common Shares being purchased upon exercise of the Warrants.

For the purposes of this Warrant Certificate, “Exercise Consideration” means, in respect of every
one (1) Warrant exercised, the sum of Cdn.$3.16, subject to adjustment pursuant to Article 4 of the
Warrant Indenture.

The Warrants represented by this certificate are issued under and pursuant to a Warrant Indenture
(the “Indenture”) made as of January 26, 2010 and amended as of January            , 2011 among the
Company, the Agent and the Warrant Agent (which expression shall include any successor warrant
agent appointed under the Indenture), to which Indenture (and any amendments thereto and
instruments supplemental thereto) reference is hereby made for a full description of the rights of
the holders of the Warrants and the terms and conditions upon which such Warrants are or are to be,
issued and held, all to the same effect as if the provisions of the Indenture and all amendments
thereto and instruments supplemental thereto were herein set forth and to all of which provisions
the holder of these Warrants by acceptance hereof assents. All capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Indenture.

In the event of any conflict or inconsistency between the provisions of the Indenture (and any
amendments thereto and instruments supplemental thereto) and the provisions of this Warrant
Certificate, except those that are necessary by context, the provisions of the Indenture (and any
amendments thereto and instruments supplemental thereto) shall prevail. The terms and provisions
of the Indenture (and any amendments thereto and instruments supplemental thereto) are incorporated
herein by reference.

This Warrant Certificate shall be validly surrendered only upon delivery thereof or by mailing the
same, with payment as provided above, to the Warrant Agent at its principal office in the City of
Vancouver (at the address hereinafter indicated). The Exercise Form attached hereto shall be
deemed not to be duly completed if not fully completed in the manner indicated or if the name and
mailing address of the holder do not appear legibly on such Exercise Form or such Exercise Form is
not signed by the holder.

 

- 2 -

 

Not later than the fifth (5th) Business Day after the surrender to the Warrant Agent of
this Warrant Certificate for the purposes of exercising Warrants represented hereby with the
attached Exercise Form duly completed and payment as provided above, (i) the Warrant Agent will
cause to be mailed to the holder, or to such person as the holder may otherwise specify in the
Exercise Form or by written notice given to the Warrant Agent prior to such mailing, at the address
of the holder or, if so specified, of such person, or, if specified in the Exercise Form or by
written notice given to the Warrant Agent prior to such mailing, cause to be delivered to such
holder or person at the place where this Warrant Certificate was surrendered certificates
representing the number of Common Shares issuable upon the exercise of such Warrants registered in
the name of the holder or, if so specified, such person, or (ii) in the case of the exercise of
Warrants issued pursuant to Global Warrant Certificate(s), the Company shall cause the Depository
to enter and issue, as the case may be, to the person or persons in whose name or names such Common
Shares have been issued, a Book-Entry Only System customer confirmation. In the event of
non-receipt of any such certificate referred to in (i) above by the person to whom it is so sent as
aforesaid, or the loss or destruction thereof, the Company shall issue and the Warrant Agent shall
countersign and deliver to such person a replacement certificate of like date and tenor in place of
the one lost or destroyed upon being furnished with such evidence of ownership and of such
non-receipt, loss or destruction and with such indemnity and surety bond or security as the Warrant
Agent may reasonably require. The holder shall bear the cost of the issue of such replacement
certificate. If less than all the Warrants evidenced by this Warrant Certificate are exercised,
the holder will be entitled to receive without charge a new Warrant Certificate representing the
balance of such Warrants.

Upon a valid exercise of Warrants as provided herein, the person or persons in whose name or names
the Common Shares are issuable, shall be deemed for all purposes (except as provided in the
Indenture) to be the holder or holders of record of such Common Shares and the Company covenants
that it will (subject to and in accordance with the provisions of the Indenture) cause certificates
representing such Common Shares to be delivered or mailed to such person or persons at the address
or addresses specified in such Exercise Form.

To the extent that the Warrants represented by this Warrant Certificate confer the right to
subscribe for a fraction of a Common Share, such right may be exercised in respect of such fraction
only in combination with an additional Warrant or Warrants which in the aggregate entitle the
holder to acquire a whole number of Common Shares. No fractional Common Shares will be issued. If
a holder is not able to, or elects not to, combine Warrants so as to be entitled to acquire a whole
number of Common Shares, the Company shall make an appropriate cash adjustment. In respect of any
holder, the Company shall only be required to make such a cash adjustment once and for one (1)
fractional Common Share and no more. The amount of the cash adjustment shall be equal to the
fraction of a Common Share to which the holder would be entitled multiplied by the Current Market
Price. The Company will not, under any circumstances, be obligated to issue a cheque to a
Warrantholder of less than Cdn.$10.00.

The Indenture provides for adjustments to the subscription rights attaching to the Warrants
represented by this Warrant Certificate in certain events and also provides for the giving of
notice by the Company prior to taking certain actions necessitating such adjustments.

The holding of the Warrants evidenced by this Warrant Certificate shall not constitute the holder
hereof a shareholder of the Company or entitle such holder to any right or interest in respect
thereof except as herein and in the Indenture expressly provided.

 

- 3 -

 

The Warrants evidenced by this Warrant Certificate are transferable only in accordance with the
terms and conditions set forth in Section 2.7 of the Indenture which makes reference to the fact
that a person who furnishes evidence (unless the Company has instructed the Warrant Agent in
writing to waive such requirement) to the reasonable satisfaction of the Warrant Agent that he is:

	 	(a)	 	the executor, administrator, heir or legal representative of the heirs of the
estate of a Warrantholder,

	 
	 	(b)	 	a guardian, committee, trustee, curator or tutor representing a Warrantholder
who is an infant, an incompetent person or a missing person,

	 
	 	(c)	 	a liquidator of, or a trustee in bankruptcy for, a Warrantholder, or

	 
	 	(d)	 	a transferee of a Warrantholder who provides the Warrant Agent with evidence
satisfactory to the Warrant Agent and the Company, acting reasonably, including but not
limited to a properly completed and executed declaration attached as Exhibit “A” to the
transfer form attached to this Warrant Certificate, that such transferee is/was either:
(i) not in the United States at the time the buy order for the Warrants was executed,
not acquiring the Warrants for the account or benefit of a U.S. Person or a person in
the United States and was not offered the Warrants in the United States, or (ii) a
person that has purchased or acquired Warrants in a transaction that was exempt from
registration under the U.S. Securities Act and has provided the Company with
satisfactory evidence of the availability of such exemption (which shall include an
opinion of counsel reasonably acceptable to the Company) and was exempt from
registration under any applicable securities laws of any state of the United States and
that the securities laws of any other applicable jurisdiction(s) have been complied
with in relation to the transfer of the Warrants involved.

Warrants may only be transferred on compliance with the conditions of the Indenture on the register
to be kept by and at the principal office of the Warrant Agent in the City of Vancouver upon
surrender of this Warrant Certificate to the Warrant Agent accompanied by a written instrument of
transfer in form and execution satisfactory to the Warrant Agent or other registrar and upon
compliance with such reasonable requirements relating to the payment of costs of the transfer by
the holder as the Warrant Agent may prescribe and all applicable securities legislation and
requirements of regulatory authorities.

If any of the Common Shares issuable upon the exercise of Warrants are to be issued to a person or
persons other than the holder (as aforesaid), the holder shall pay to the Warrant Agent all
requisite stamp transfer taxes or other governmental charges exigible in connection with the issue
of such Common Shares to such other person or persons or shall establish to the satisfaction of the
Warrant Agent that such taxes and charges have been paid.

On presentation at the principal office of the Warrant Agent in Vancouver, subject to the
provisions of the Indenture and on compliance with the reasonable requirements of the Warrant
Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates of
different denomination evidencing in total the same number of Warrants as the certificate or
certificates being exchanged.

 

- 4 -

 

The Indenture contains provisions making resolutions passed at properly held meetings of
Warrantholders and instruments in writing signed by Warrantholders holding a specified majority of
the outstanding Warrants binding on all such holders.

This Warrant Certificate shall not be valid for any purpose whatever unless and until it has been
countersigned by or on behalf of the Warrant Agent.

Time shall be of the essence hereof. The Warrants and the Indenture (and any amendments thereto
and instruments supplemental thereto) shall be governed by, performed, construed and enforced in
accordance with the laws of the Province of British Columbia and the laws of Canada applicable
therein and shall be treated in all respects as British Columbia contracts.

Unless the Company has instructed the Warrant Agent in writing to waive any or all of the following
requirements, the Warrants may not be exercised by or for the account or benefit of a U.S. Person
or a person in the United States unless the holder certifies in writing to the Company and the
Warrant Agent that the holder: (i) purchased the Special Warrants directly from the Company
pursuant to a written subscription agreement for the purchase of Special Warrants; (ii) is
exercising the Warrants solely for its own account and not on behalf of any other Person; and (iii)
was an “Accredited Investor”, as that term is defined in Regulation D under the Securities Act,
both on the date the Warrants were issued by the Company and on the date of exercise of the
Warrants; or (iii) a registered transferee of such Warrants who has complied with Subsection 2.7(d)
hereof, provided that the Company may, in its sole discretion, accept, in substitution of the
foregoing, evidence satisfactory to the Company, acting reasonably, to the effect that the Common
Shares have been registered under the U.S. Securities Act and applicable state securities laws or
that the Common Shares may be issued upon exercise of the Warrants without registration under the
U.S. Securities Act and any applicable state securities laws.

This Warrant may not be exercised in the United States or by or for the account or benefit of a
U.S. Person or person in the United States other than by: (i) an original Warrantholder, or (ii) by
a registered transferee of Warrants that acquired the Warrants in a transaction registered or
exempt from registration under the U.S. Securities Act and applicable state securities laws and in
compliance with the Indenture.

If, as and when deemed necessary by the Company pursuant to Applicable Securities Laws, the Company
and the Warrant Agent may attach such legends to each certificate representing Common Shares
issuable upon the exercise of Warrants as are required in order to comply with such securities
laws.

After the exercise of any of the Warrants represented by this Warrant Certificate, the holder will
no longer have any rights under either the Indenture or this Warrant Certificate with respect to
such Warrants, other than the right to receive certificates representing the Common Shares issuable
upon the exercise or deemed exercise of the Warrants represented by this Warrant Certificate, and
such Warrants shall be void and of no further value or effect.

IN WITNESS WHEREOF the Company has caused this Warrant Certificate to be signed by its duly
authorized officer as of                                         , 2011.

 

- 5 -

 

	 	 	 	 	 	 	 
	 	 	IVANHOE ENERGY INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	Per:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	Authorized Signatory	 	 

	 	 	 	 	 
	Countersigned by:	 	 
	 
	 	 	 	 
	CIBC MELLON TRUST COMPANY	 	 
	 
	 	 	 	 
	Per:
	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 

 

- 6 -

 

EXERCISE INSTRUCTIONS TO WARRANTHOLDER

The Warrantholder may exercise his right to subscribe for Common Shares of IVANHOE ENERGY INC. (the
“Company”) by completing the Exercise Form and surrendering this Warrant Certificate and the duly
completed Exercise Form, with payment of the applicable Exercise Consideration, to CIBC Mellon
Trust Company by delivering or mailing it to CIBC Mellon Trust Company at its principal stock
transfer office in the City of Vancouver at Suite 1600, The Oceanic Plaza, 1066 West Hastings
Street, Vancouver, British Columbia, V6E 3X1.

For your own protection, it is suggested that all documentation be forwarded to the Warrant Agent
by registered mail.

 

- 7 -

 

EXERCISE FORM

	To: 	 	 Ivanhoe Energy Inc.

c/o CIBC Mellon Trust Company

Suite 1600, The Oceanic Plaza

1066 West Hastings Street

Vancouver, British Columbia

V6E 3X1

The undersigned holder of the within Warrant Certificate, pursuant to the Warrant Indenture
mentioned therein hereby exercises                      of the Warrants (the “Exercised Warrants”) evidenced
thereby and hereby subscribes for a number of Common Shares of Ivanhoe Energy Inc. equal to such
number of Common Shares or number or amount of other securities or property, or combination
thereof, to which such exercise entitles him under the provisions of the Warrant Indenture at an
aggregate price equal to the product of the Exercise Consideration and the number of Exercised
Warrants, and on the terms specified in such Warrant Certificate and the Warrant Indenture, and in
payment therefor, delivers herewith a bank draft, certified cheque or money order payable to CIBC
Mellon Trust Company, in trust for Ivanhoe Energy Inc.

The undersigned hereby irrevocably directs that such Common Shares be issued and delivered as
follows:

	 	 	 	 	 
	 	 	 	 	Number(s) or
	 	 	 	 	Amount(s) of
	Name(s) in Full	 	Address(es)	 	Common Shares
	 

	 	 
	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 

No certificates will be registered or delivered to an address in the United States unless Box B
below is checked.

Aggregate Common Shares owned or controlled (beneficial and legal) on the date of exercise                                         .

(Please print full name in which share certificates are to be issued. If any Common Shares are to
be issued to a person or persons other than the Warrantholder, the Warrantholder must pay to the
Warrant Agent all exigible transfer taxes or other government charges.)

The undersigned certifies that each of the representations and warranties made by the undersigned
to the Company in connection with the undersigned’s acquisition of the Exercised Warrants remains
true and correct on the date hereof.

 

 

 

The undersigned represents that it (A) has had access to such current public information concerning
Ivanhoe Energy Inc. as it considered necessary in connection with its investment decision and (B)
understands that the securities issuable upon exercise hereof have not and will not be registered
under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”).

The undersigned represents and warrants that it: [check one only]

	o	A.	 	 is not in the United States or a U.S. Person as defined in Rule 902 of
Regulation S under the U.S. Securities Act and is not exercising the Exercised Warrants
for the account or benefit of a U.S. Person or a person in the United States.

	 
	o	B.	 	 is a registered holder that acquired the Exercised Warrants in a transaction
that was exempt from registration under the U.S. Securities Act and applicable state
securities laws and in compliance with Subsections 2.7(d) of the Warrant Indenture.

DATED at                      this
 _____ 
day of                     ,
 _____.

	 	 	 	 	 	 	 
	 

Signature Guaranty*

	 	 	 	 

Signature of Subscriber**
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

Name of Subscriber
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

Address (include Postal Code)
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

SIN/TIN Number (if any)
	 	 

	 	 	 
	*	 	If the Common Shares are to be issued to a person other than the registered holder, then the
signature of the Subscriber must be guaranteed by a bank or medallion guaranteed by a member
of a recognized medallion guarantee program.

	 
	**	 	This signature must correspond exactly with the name appearing on the registration panel.

	 
	o	 	Check box if the share certificates are to be delivered at the office where this Warrant is
exercised, failing which they will be mailed.

 

 

 

TRANSFER OF WARRANTS

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to:

	 	 	 
	 

	 	 
	 

	 	Name
	 
	 	 
	 

	 	 
	 

	 	Address
	 
	 	 
	 

	 	 

 _____ 
Warrants of Ivanhoe Energy Inc. registered in the name of the undersigned on the
records of Ivanhoe Energy Inc. maintained by CIBC Mellon Trust Company represented by the Warrant
Certificate attached and irrevocably appoints
 _____ 
the attorney of the
undersigned to transfer the said securities on the books or register with full power of
substitution.

DATED this _____ day of                                         ,                     

	 	 	 	 	 	 	 
	 

Signature Guaranteed

	 	 	 	 

(Signature of Warrant Holder)
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

Print full Name
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

Print full address and SIN/TIN (if any)
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 

Instructions

	1.	 	If the Transfer Form is signed by a trustee, executor, administrator, curator, guardian,
attorney, officer of a corporation or any person acting in a fiduciary or representative
capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to
the Warrant Agent and the Company.

	2.	 	The signature on the Transfer Form must be guaranteed by an authorized officer of a Schedule
1 chartered bank or medallion guaranteed by a member of a recognized medallion guarantee
program.

	3.	 	Warrants will only be transferable in accordance with applicable securities laws and stock
exchange regulations. The transfer of Warrants to a transferee may, depending on the
residency of such transferee, result in the securities obtained upon the exercise of the
Warrants not being freely tradeable in the jurisdiction where the transferee is resident.

 

 

 

Unless the Company has otherwise instructed the Warrant Agent in writing, no transfer of Warrants
will be valid unless this Transfer Form is accompanied by: (a) a duly executed
declaration by the transferee of Warrants in the form attached as Exhibit “A” to this Transfer
Form; and (b) such other evidence as the Warrant Agent may reasonably require that the transfer of
such Warrants is being made in accordance with all applicable securities legislation.

 

- 2 -

 

EXHIBIT “A”

DECLARATION OF TRANSFEREE OF WARRANTS OF IVANHOE ENERGY INC.

			
	TO:	 	CIBC Mellon Trust Company, Warrant Agent of the Warrants of Ivanhoe Energy Inc.

			
	AND TO:	 	Ivanhoe Energy Inc. (the “Company”)

The undersigned transferee (“Transferee”) of common share purchase warrants of Ivanhoe Energy Inc.
(“Warrants”) whose name appears as such on the form of transfer of such Warrants that accompanies
this declaration, hereby declares and certifies, for himself and on behalf of each beneficial
transferee of all or any part of such Warrants, that he and they are aware that the Warrants and
the common shares (“Common Shares”) of the Company underlying the Warrants (together the “Subject
Securities”) have not been and will not be registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”) or the securities laws of any states of the United
States, and that the transfer contemplated hereby is being made in reliance on an exemption from
such registration requirements.

The Transferee represents and warrants that:

[check one only]

	o 	A. 	 (i)	 	no offers to sell the Subject Securities were made by any person to the
Transferee or any beneficial transferee for whom he is acting while such persons were
in the United States;

	 	(ii)	 	the Transferee and each beneficial transferee for whom he is
acting were outside the United States at the time of execution and delivery of
the instrument by which the Transferee and each beneficial transferee for whom
he is acting agreed to acquire the Subject Securities; and

	 
	 	(iii)	 	the Transferee and each beneficial transferee for whom he is
acting, is not, and is not acquiring the Subject Securities for the account or
benefit of, a U.S. Person as defined in Rule 904 of Regulation S under the U.S.
Securities Act.

	o 	B.	 	 The Transferee has acquired the Warrants in a transaction exempt from registration under the U.S.
Securities Act and applicable state securities laws and has provided herewith evidence (which
the Transferee acknowledges must be satisfactory to the Company) of such exemption. The
Transferee acknowledges that there is a Warrant Indenture which contains restrictions with
respect to the exercise and transfer of Warrants.

 

- 3 -

 

DATED at
 _____ 
this
 _____ 
day of
 ___________________________,
 ___________.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Name of Transferee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	Signature of Authorized Representative	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Name of Person Signing	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Title	 	 

 

- 4 -

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