Document:

Exhibit

Exhibit 10.1

October 12, 2016

Steve Valenzuela
Delivered via email

Dear Steve, 

Alarm.com is pleased to offer you the position of Chief Financial Officer working out of our Tysons Corner, VA office and reporting to Stephen Trundle, President & CEO. Your start date is tentatively set for Monday, November 14, 2016 and will be finalized upon satisfactory completion of our pre-employment background screening.  This offer will expire on Friday, October 14, 2016 if not accepted. 

Your compensation and incentives will be as follows.
 
Base Compensation 
Your base compensation will be a semi-monthly salary of $13,958.33, which, when annualized, is $335,000, less applicable deductions and withholdings. This salary is compensation for all hours worked in the pay period.  As an exempt employee, you will not be eligible for overtime pay. Payroll is processed on a semi-monthly basis. 

Incentive Compensation 
You will also be eligible for an annual discretionary cash bonus of up to $167,500, less applicable deductions and withholdings. When awarded, cash incentive compensation bonuses are generally based on your performance measured against Alarm.com corporate performance criteria determined by the Compensation Committee, the performance of your department, and a qualitative assessment of performance completed by the CEO with feedback from the Board of Directors. Any such bonus will be paid annually.  

Following the start of your employment, Alarm.com will provide you a sign on bonus payment of $75,000.  This payment will be made within your first two paychecks and will be in lieu of pro-rated bonus eligibility for time worked during 2016.    

Relocation Assistance
In order to offset your relocation to the Washington DC area, Alarm.com agrees to reimburse you up to $50,000 of the combination of a) IRS allowable relocation reimbursements and b) non IRS allowed (taxable) relocation costs to be grossed up.  You must complete the relocation by July 17, 2017 and request for payment must be made within 60 days following the relocation with accompanying receipts/documentation.  

To assist with your local start date in advance of relocation, Alarm.com agrees to cover flights as well as corporate housing/long term stay accommodations between your start date of employment and through the date of your relocation, to not extend beyond July 17, 2017.  

Equity Compensation
Subject to approval by our Board of Directors, you will be awarded 65,000 stock options under Alarm.com’s 2015 Equity Incentive Plan.  Options will vest over 5 years with 20% vesting on the first anniversary date of the grant and monthly thereafter.

Subject to approval by our Board of Directors, you will also be awarded Restricted Stock Units (RSUs) equivalent to $1M in value as of the award date.  Additionally, within 3 months of your 1st and 2nd year employment anniversary dates you will also be awarded, subject to Board approval, Restricted Stock Units (RSUs) equivalent to $250,000 in 

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value as of the award date.  Vesting on such RSUs will be over 5 years such that 40% vests at the 2nd anniversary date of the grant, an additional 40% vests at the 4th anniversary of the grant and the remaining 20% vests at the 5th anniversary date.

As the Company’s CFO, your options and RSUs will be eligible for accelerated vesting on a Change in Control event (as defined in the 2015 Equity Incentive Plan).   In the event of a Change in Control, the unvested shares subject to your outstanding options and RSUs will fully vest upon the earlier of: (1) if the acquirer seeks your help during a transition period, and such transition period does not exceed 12 months after the closing of the Change of Control transaction, then on the last day of the transition period or if the acquirer does not seek such a transition period, upon the closing of such Change in Control transaction (2) twelve months following the closing 
of the Change in Control transaction (3) the date of your involuntary termination by the acquirer (4) after closing of the Change of Control transaction when an acquirer requires relocation more than 35 miles from the current work location and you choose not to relocate or (5) upon a Change of Control, when the acquirer reduces your cash compensation package from compensation in force at time of closing of the Change in Control transaction.  If you are requested to stay by the acquirer for a transitional period not to exceed twelve months following the Change in Control transaction, and you choose not to stay for some or all of the requested period, then there will be no acceleration.  Aside from these benefits upon a Change in Control, Alarm.com does not require or provide management contracts. 

Severance Agreement   
If employment is terminated involuntarily, except for cause, Alarm.com agrees to pay 4 months’ severance pay and 6 months’ COBRA equivalent.   

Benefits
Alarm.com offers a comprehensive benefits package, including health, disability, life insurance, and a 401k Plan that includes corporate matching contributions up to $3,000 per year. You and your eligible dependents may participate in a full range of benefits in accordance with Alarm.com’s current eligibility requirements. It will be necessary for you to make benefit elections within 30 days of your hire date with Alarm.com. Employee benefits are subject to change at the sole discretion of Alarm.com.

This offer is contingent on your submission of satisfactory proof of your eligibility to work in the United States. In addition, as a condition of your employment, you are required to sign the attached Restrictive Covenants Agreement. 

This offer is contingent upon satisfactory completion of a pre-employment background screening. This background screening may include a social security number confirmation; verification of previous employment; verification of education; a credit check; and a criminal background investigation. All information related to these items should have been disclosed on your application. If the results of the pre-employment background check are not satisfactory, or it is found that you falsified or did not disclose relevant information on your application, Alarm.com reserves the right to withdraw this offer or terminate your employment.

Your employment with Alarm.com is at-will, meaning that you or the employer may terminate the employment at any time for any reason not prohibited by law with or without prior notice. This may occur before any particular equity grant vests or any particular compensation becomes due to you.  After any termination you will not be entitled to any further equity award grants or vesting, compensation or other benefits, except as indicated for a change of control event, and except as required by law or confirmed in writing at the time of your departure. Nothing in the offer is intended to create a contract for employment or guarantee of continued employment with Alarm.com. This at-will relationship may not be modified except by individual written agreement signed by you and an authorized officer of Alarm.com. Alarm.com reserves the right to change the terms and conditions of your employment at any time for any reason not prohibited by law, with or without prior notice to you. 

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By signing this letter, you warrant that you will not disclose any trade secrets or confidential information of any prior employer, that you are under no contractual or other legal restriction that would prevent you from accepting this offer, and that you will not, in the course and scope of your Alarm.com employment, violate any previous agreement with any other employer, including, but not limited to, non-compete or non-solicit agreements.  By accepting this offer, you also agree to adhere to Alarm.com’s policies and procedures, including those contained in the Alarm.com employee handbook.

This letter, together with the Restrictive Covenants Agreement referenced above, constitutes the full terms and conditions of your employment with Alarm.com. It supersedes any other oral or written statements that may have been made to you.

It is intended that all of the benefits and payments payable under this letter satisfy, to the greatest extent possible, an exemption from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and this letter 
will be construed to the greatest extent possible as consistent with those exemptions, and to the extent not so exempt, this letter will be construed to the greatest extent possible in a manner that complies with Section 409A.

If you agree to accept this offer, please sign and date this letter as well as the Restrictive Covenants Agreement. Return all pages to Victoria Schillinger, VP of Human Resources at HR@alarm.com prior to the offer expiration date so that we can begin making arrangements for your arrival. If you have any questions, please do not hesitate to contact Victoria Schillinger. We look forward to the contribution that you can make to our team. 

Sincerely,

/s/Stephen S. Trundle

Stephen S. Trundle
President & CEO, Alarm.com

ACCEPTED:   /s/Steve Valenzuela                    DATE:  Oct. 12, 2016    
  

Print Name:   Steve Valenzuela            

3EX-4.5

 Exhibit 4.5 
  

 
 PORTLAND GENERAL ELECTRIC COMPANY

 TO 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION 
 (AS SUCCESSOR TO HSBC BANK USA, NATIONAL ASSOCIATION) 

Trustee. 

Seventy-             Supplemental Indenture 

Dated:             , 20     

$         First Mortgage Bonds, 

    % Series, due          

Supplemental to Indenture of Mortgage and Deed of Trust, 

dated July 1, 1945 of Portland General Electric Company. 

THIS INSTRUMENT GRANTS A SECURITY INTEREST BY A TRANSMITTING UTILITY 

THIS INSTRUMENT CONTAINS AFTER-ACQUIRED PROPERTY PROVISIONS 
  

 

 This
                     SUPPLEMENTAL INDENTURE (hereinafter this “Supplemental Indenture”), dated
            , 20    , is made by and between Portland General Electric Company, an Oregon corporation (hereinafter called the “Company”), and Wells
Fargo Bank, National Association (as successor to HSBC Bank USA, National Association), a national banking association, as Trustee (hereinafter called the “Trustee”). 

WHEREAS, the Company has heretofore executed and delivered its Indenture of Mortgage and Deed of Trust (herein sometimes referred to as the
“Original Indenture”), dated July 1, 1945, to the Trustee to secure an issue of First Mortgage Bonds of the Company; and 

WHEREAS, bonds in the aggregate principal amount of $34,000,000 have heretofore been issued under and in accordance with the terms of the
Original Indenture as bonds of an initial series designated “First Mortgage Bonds, 3-1/8% Series due 1975” (herein sometimes referred to as the “Bonds of the 1975 Series”); and 

WHEREAS, the Company has heretofore executed and delivered to the Trustee several supplemental indentures which provided, among other things,
for amendment of the Original Indenture and for the creation or issuance of several new series of First Mortgage Bonds under the terms of the Original Indenture as follows: 
  

													
	 Supplemental Indenture
	  	Dated	  	Series Designation	  	Principal
Amount	 
					
	 First
	  	11-1-47	  	 	3-1/2	% 	 	Series due 1977	  	$	6,000,000	(1) 
					
	 Second
	  	11-1-48	  	 	3-1/2	% 	 	Series due 1977	  	 	4,000,000	(1) 
					
	 Third
	  	5-1-52	  	 	3-1/2	% 	 	Second Series due 1977	  	 	4,000,000	(1) 
					
	 Fourth
	  	11-1-53	  	 	4-1/8	% 	 	Series due 1983	  	 	8,000,000	(2) 
					
	 Fifth
	  	11-1-54	  	 	3-3/8	% 	 	Series due 1984	  	 	12,000,000	(1) 
					
	 Sixth
	  	9-1-56	  	 	4-1/4	% 	 	Series due 1986	  	 	16,000,000	(1) 
					
	 Seventh
	  	6-1-57	  	 	4-7/8	% 	 	Series due 1987	  	 	10,000,000	(1) 
					
	 Eighth
	  	12-1-57	  	 	5-1/2	% 	 	Series due 1987	  	 	15,000,000	(3) 
					
	 Ninth
	  	6-1-60	  	 	5-1/4	% 	 	Series due 1990	  	 	15,000,000	(1) 
					
	 Tenth
	  	11-1-61	  	 	5-1/8	% 	 	Series due 1991	  	 	12,000,000	(1) 
					
	 Eleventh
	  	2-1-63	  	 	4-5/8	% 	 	Series due 1993	  	 	15,000,000	(1) 
					
	 Twelfth
	  	6-1-63	  	 	4-3/4	% 	 	Series due 1993	  	 	18,000,000	(1) 
					
	 Thirteenth
	  	4-1-64	  	 	4-3/4	% 	 	Series due 1994	  	 	18,000,000	(1) 
					
	 Fourteenth
	  	3-1-65	  	 	4.70	% 	 	Series due 1995	  	 	14,000,000	(1) 
					
	 Fifteenth
	  	6-1-66	  	 	5-7/8	% 	 	Series due 1996	  	 	12,000,000	(1) 

													
	 Supplemental Indenture
	  	Dated	  	Series Designation	  	Principal
Amount	 
					
	 Sixteenth
	  	10-1-67	  	 	6.60	% 	 	Series due October 1, 1997	  	 	24,000,000	(1) 
					
	 Seventeenth
	  	4-1-70	  	 	8-3/4	% 	 	Series due April 1, 1977	  	 	20,000,000	(1) 
					
	 Eighteenth
	  	11-1-70	  	 	9-7/8	% 	 	Series due November 1, 2000	  	 	20,000,000	(4) 
					
	 Nineteenth
	  	11-1-71	  	 	8	% 	 	Series due November 1, 2001	  	 	20,000,000	(4) 
					
	 Twentieth
	  	11-1-72	  	 	7-3/4	% 	 	Series due November 1, 2002	  	 	20,000,000	(4) 
					
	 Twenty-first
	  	4-1-73	  	 	7.95	% 	 	Series due April 1, 2003	  	 	35,000,000	(4) 
					
	 Twenty-second
	  	10-1-73	  	 	8-3/4	% 	 	Series due October 1, 2003	  	 	17,000,000	(4) 
					
	 Twenty-third
	  	12-1-74	  	 	10-1/2	% 	 	Series due December 1, 1980	  	 	40,000,000	(1) 
					
	 Twenty-fourth
	  	4-1-75	  	 	10	% 	 	Series due April 1, 1982	  	 	40,000,000	(1) 
					
	 Twenty-fifth
	  	6-1-75	  	 	9-7/8	% 	 	Series due June 1, 1985	  	 	27,000,000	(1) 
					
	 Twenty-sixth
	  	12-1-75	  	 	11-5/8	% 	 	Series due December 1, 2005	  	 	50,000,000	(4) 
					
	 Twenty-seventh
	  	4-1-76	  	 	9-1/2	% 	 	Series due April 1, 2006	  	 	50,000,000	(4) 
					
	 Twenty-eighth
	  	9-1-76	  	 	9-3/4	% 	 	Series due September 1, 1996	  	 	62,500,000	(4) 
					
	 Twenty-ninth
	  	6-1-77	  	 	8-3/4	% 	 	Series due June 1, 2007	  	 	50,000,000	(4) 
					
	 Thirtieth
	  	10-1-78	  	 	9.40	% 	 	Series due January 1, 1999	  	 	25,000,000	(4) 
					
	 Thirty-first
	  	11-1-78	  	 	9.80	% 	 	Series due November 1, 1998	  	 	50,000,000	(4) 
					
	 Thirty-second
	  	2-1-80	  	 	13-1/4	% 	 	Series due February 1, 2000	  	 	55,000,000	(4) 
					
	 Thirty-third
	  	8-1-80	  	 	13-7/8	% 	 	Series due August 1, 2010	  	 	75,000,000	(4) 
					
	 Thirty-sixth
	  	10-1-82	  	 	13-1/2	% 	 	Series due October 1, 2012	  	 	75,000,000	(4) 
					
	 Thirty-seventh
	  	11-15-84	  	 	11-5/8	% 	 	Extendable Series A due
 November 15, 1999
	  	 	75,000,000	(4) 
	 Thirty-eighth
	  	6-1-85	  	 	10-3/4	% 	 	Series due June 1, 1995	  	 	60,000,000	(4) 
					
	 Thirty-ninth
	  	3-1-86	  	 	9-5/8	% 	 	Series due March 1, 2016	  	 	100,000,000	(4) 
					
	 Fortieth
	  	10-1-90	  				 	Medium Term Note Series	  	 	200,000,000	  
					
	 Forty-first
	  	12-1-91	  				 	Medium Term Note Series I	  	 	150,000,000	(1) 
					
	 Forty-second
	  	4-1-93	  	 	7-3/4	% 	 	Series due April 15, 2023	  	 	150,000,000	(4) 
					
	 Forty-third
	  	7-1-93	  				 	Medium Term Notes Series II	  	 	75,000,000	(1) 
					
	 Forty-fourth
	  	8-1-94	  				 	Medium Term Notes Series III	  	 	75,000,000	(1) 
					
	 Forty-fifth
	  	5-1-95	  				 	Medium Term Notes Series IV	  	 	75,000,000	(1) 
					
	 Forty-sixth
	  	8-1-96	  				 	Medium Term Notes Series V	  	 	50,000,000	(1) 

													
	 Supplemental Indenture
	  	Dated	  	Series Designation	  	Principal
Amount	 
					
	 Forty-seventh
	  	12-14-01	  				 	Second Series due 2002	  	 	150,000,000	(4) 
					
	 Forty-eighth
	  	6-1-02	  				 	Collateral Series due 2003	  	 	72,000,000	(1) 
					
	 Forty-ninth
	  	6-1-02	  				 	Second Collateral Series due 2003	  	 	150,000,000	(1) 
					
	 Fiftieth
	  	10-1-02	  	 	8-1/8	% 	 	Series due 2010	  	 	150,000,000	(4) 
					
	 Fifty-first
	  	10-1-02	  	 	5.6675	% 	 	Series due 2012	  	 	100,000,000	(1) 
					
	 Fifty-second
	  	4-1-03	  	 	5.279	% 	 	Series due 2013	  	 	50,000,000	(4) 
					
	 Fifty-third
	  	5-1-03	  				 	Collateral Series A due 2033
 Collateral Series B due 2033

Collateral Series C due 2033
	  	 	142,400,000	  
	 Fifty-fourth
	  	5-1-03	  				 	Collateral Series due 2004	  	 	150,000,000	(1) 
					
	 Fifty-fifth
	  	7-1-03	  				 	Medium Term Notes Series VI	  	 	200,000,000	  
					
	 Fifty-sixth
	  	5-1-06	  	 
  
	6.31
 6.26
	% 
 % 
	 	Series due 2036
 Series due 2031
	  	 
 	175,000,000
100,000,000	  
  
	 Fifty-seventh
	  	12-1-06	  	 	5.80	% 	 	Series due 2039	  	 	170,000,000	  
					
	 Fifty-eighth
	  	4-1-07	  	 	5.81	% 	 	Series due 2037	  	 	130,000,000	  
					
	 Fifty-ninth
	  	10-1-07	  	 	5.80	% 	 	Series due 2018	  	 	75,000,000	  
					
	 Sixtieth
	  	4-1-08	  	 	4.45	% 	 	Second Series due 2013	  	 	50,000,000	(1) 
					
	 Sixty-first
	  	1-15-09	  	 
  
	6.50
 6.80
	% 
 % 
	 	Series due 2014
 Series due 2016
	  	 
  
	63,000,000
 67,000,000
	(4) 
 (4) 

	 Sixty-second
	  	4-1-09	  	 	6.10	% 	 	Series due 2019	  	 	300,000,000	  
					
	 Sixty-third
	  	11-1-09	  	 	5.43	% 	 	Series due 2040	  	 	150,000,000	  
					
	 Sixty-fourth
	  	1-15-10	  	 	3.46	% 	 	Series due 2015	  	 	70,000,000	(1) 
					
	 Sixty-fifth
	  	6-15-10	  	 	3.81	% 	 	Series due 2017	  	 	58,000,000	  
					
	 Sixty-sixth
	  	5-29-13	  	 	N/A	  	 		  	 	N/A 	(5) 
					
	 Sixty-seventh
	  	6-15-13	  	 
  
	4.47
 4.47
	% 
 % 
	 	Series due 2044
 Series due 2043
	  	 
 	150,000,000
75,000,000	  
  
	 Sixty-eighth
	  	10-15-13	  	 
  
	4.74
 4.84
	% 
 % 
	 	Series due 2042
 Series due 2048
	  	 
 	105,000,000
50,000,000	  
  
	 Sixty-ninth
	  	8-1-14	  	 
  
  
	4.39
 4.44

3.51
	% 
 % 
 % 
	 	Series due 2045
 Series due 2046
 Series
due 2024
	  	 
 
 	100,000,000
100,000,000
80,000,000	  
  
  
	 Seventieth
	  	1-1-15	  	 	3.55	% 	 	Series due 2030	  	 	75,000,000	  
					
	 Seventy-first
	  	5-15-15	  	 	3.50	% 	 	Series due 2035	  	 	70,000,000	  
					
	 Seventy-second
	  	1-1-16	  	 	2.51	% 	 	Series due 2021	  	 	140,000,000	  

	(1)	Paid in full at maturity.

	(2)	This entire issue of Bonds was redeemed out of proceeds from the sale of First Mortgage Bonds, 3-3/8% Series due 1984.

	(3)	This entire issue of Bonds was redeemed out of proceeds from the sale of First Mortgage Bonds, 4-5/8% Series due 1993.

	(4)	Redeemed in full prior to maturity.

	(5)	Amended Section 14.01 of the Original Indenture. 

 which bonds are sometimes referred to herein as the
“Bonds of the 1977 Series,” “Bonds of the 1977 Second Series,” “Bonds of the 1983 Series,” “Bonds of the 1984 Series,” “Bonds of the 1986 Series,” “Bonds of the
4 7⁄8% Series due 1987,” “Bonds of the 5 1⁄2% Series due
1987,” “Bonds of the 1990 Series,” “Bonds of the 1991 Series,” “Bonds of the 4 5⁄8% Series due 1993,” “Bonds of the 4 3⁄4% Series due 1993,” “Bonds of the 1994 Series,” “Bonds of the 1995 Series,” “Bonds of the 1996 Series,” “Bonds of the
1997 Series,” “Bonds of the 1977 Third Series,” “Bonds of the 2000 Series,” “Bonds of the 2001 Series,” “Bonds of the 2002 Series,” “Bonds of the 2003 Series,” “Bonds of the 2003 Second
Series,” “Bonds of the 1980 Series,” “Bonds of the 1982 Series,” “Bonds of the 1985 Series,” “Bonds of the 2005 Series,” “Bonds of the 2006 Series,” “Bonds of the 1996 Second Series,”
“Bonds of the 2007 Series,” “Bonds of the 1999 Series,” “Bonds of the 1998 Series,” “Bonds of the 2000 Second Series,” “Bonds of the 2010 Series,” “Bonds of the 2012 Series,” “Bonds of
the Extendable Series A,” “Bonds of the 1995 Second Series,” “Bonds of the 2016 Series,” “Bonds of the Medium Term Note Series,” “Bonds of the Medium Term Note Series I,” “Bonds of the 2023
Series,” “Bonds of the Medium Term Note Series II,” “Bonds of the Medium Term Note Series III,” “Bonds of the Medium Term Note Series IV,” “Bonds of the Medium Term Note Series V,” “Bonds of the
2002 Second Series,” “Bonds of the Collateral Series,” “Bonds of the Second Collateral Series,” “Bonds of the 2010 Second Series,” “Bonds of the 2012 Second Series,” “Bonds of the 2013 Series,”
“Bonds of the 2033 Series,” “Bonds of the 2004 Collateral Series,” “Bonds of the Medium Term Note Series VI,” “Bonds of the 2036 Series,” “Bonds of the 2031 Series,” “Bonds of the 2039
Series,” “Bonds of the 2037 Series,” “Bonds of the 2018 Series,” “Bonds of the 2013 Second Series,” “Bonds of the 2014 Series,” “Bonds of the 2016 Series,” “Bonds of the 2019 Series,”
“Bonds of the 2040 Series,” “Bonds of the 2015 Series,” “Bonds of the 2017 Series,” “Bonds of the 2044 Series,” “Bonds of the 2043 Series,” “Bonds of the 2042 Series,” “Bonds of the
2048 Series,” “Bonds of the 2045 Series,” “Bonds of the 2046 Series,” “Bonds of the 2024 Series,” “Bonds of the 2030 Series,” “Bonds of the 2035 Series,” and “Bonds of the 2021 Series”
respectively; and 
 WHEREAS, the Original Indenture provides that the Company and the Trustee, subject to the conditions and restrictions
in the Original Indenture contained, may enter into an indenture or indentures supplemental thereto, which shall thereafter form a part of said Original Indenture, among other things, to mortgage, pledge, convey, transfer, or assign to the Trustee
and to subject to the lien of the Original Indenture with the same force and effect as though included in the granting clauses thereof, additional properties acquired by the Company after the execution and delivery of the Original Indenture, and to
provide for the creation of any series of bonds (other than the Bonds of the 1975 Series), designating the series to be created and specifying the form and provisions of the bonds of such series as therein provided or permitted, and to provide a
sinking, amortization, replacement, or other analogous fund for the benefit of all or any of the bonds of any one or more series, of such character and of such amount, and upon such terms and conditions as shall be contained in such supplemental
indenture; and 

 WHEREAS, the Company has heretofore executed and delivered to the Trustee
                     supplemental indentures amending in certain respects the Original Indenture (such Original Indenture as so supplemented and
amended is hereinafter referred to as the “Mortgage”); and 
 WHEREAS, the Company desires to further amend the Mortgage in
certain respects, including a modification to Section 15.04 of the Mortgage in order to conform such Section to applicable law, pursuant to Section 17.01 of the Original Indenture, and the Trustee has agreed to such amendments; and 

WHEREAS, the Company desires to provide for the creation of a new series of bonds to be known as “First Mortgage Bonds,
    % Series due “ (sometimes herein referred to as the “Bonds of the 20     Series” or the “Bonds”), and to specify the form and provisions of the Bonds, and to
mortgage, pledge, convey, transfer, or assign to the Trustee and to subject to the lien of the Mortgage certain additional properties acquired by the Company since the execution and delivery of the Original Indenture; and 

WHEREAS, the Company intends at this time to provide for the issuance of $         aggregate principal
amount of Bonds of the 20     Series under and in accordance with the terms of the Mortgage and this Supplemental Indenture (the Mortgage as so supplemented and amended by this Supplemental Indenture referred to as the
“Indenture”); and 
 WHEREAS, the Bonds of the 20     Series and the Trustee’s authentication
certificate to be executed on the Bonds of the 20     Series are to be substantially in the following form, respectively: 

 (Form of Bond of the     % Series due 20    ) 

[Face of Bond] 
 THIS BOND HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS BOND, AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS BOND MAY NOT BE RESOLD, PLEDGED, OR OTHERWISE TRANSFERRED
WITHOUT REGISTRATION UNDER THE SECURITIES ACT OR AN EXEMPTION THEREFROM (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY, PROVIDED THAT IN-HOUSE COUNSEL TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE
501(A)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT SHALL BE DEEMED ACCEPTABLE) AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF EACH STATE OF THE UNITED STATES AND (B) IT WILL FURNISH TO THE COMPANY AND THE TRUSTEE SUCH
CERTIFICATES AND OTHER INFORMATION AS THEY MAY REASONABLY REQUIRE TO CONFIRM THAT ANY TRANSFER BY IT OF THIS BOND COMPLIES WITH THE FOREGOING RESTRICTIONS, PROVIDED, HOWEVER, THAT SUCH CONFIRMATION BY THE COMPANY MUST BE MADE ON A TIMELY BASIS AND
SHALL NOT BE UNREASONABLY WITHHELD. THE HOLDER HEREOF, BY PURCHASING THIS BOND, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A OR (2) AN INSTITUTION THAT IS AN
“ACCREDITED INVESTOR” AS DEFINED IN RULE 501(A)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT AND THAT IT IS HOLDING THIS BOND FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION OR (3) A NON-U.S. PERSON OUTSIDE THE UNITED STATES WITHIN THE
MEANING OF REGULATION S UNDER THE SECURITIES ACT. 
  

			
	No.        	  	$            
	CUSIP/PPN No. [            ]	  	

 PORTLAND GENERAL ELECTRIC COMPANY 

FIRST MORTGAGE BOND,     % SERIES DUE 20     

ORIGINAL ISSUE DATE:                     

Portland General Electric Company, an Oregon corporation (hereinafter sometimes called the “Company”), for value received,
hereby promises to pay to
                                        , or
registered assigns, the principal sum of          Dollars on             , 20     (the “Maturity Date”), except
to the extent redeemed or repaid prior to the Maturity Date, and to pay interest thereon at the rate of      percent per annum (calculated on the basis of a 360-day year of twelve 30-day months) until the principal hereof is paid
or made available for payment. Interest will be paid semi-annually in arrears on                      and
                     (each an “Interest Payment Date”) each year from the Original Issue Date, which will be the date the first
interest period commences. If the Maturity Date or an Interest Payment Date falls on a day which is not a Business Day, as defined below, principal or interest payable with respect to such Maturity Date or Interest Payment Date will be paid on the
next succeeding Business Day with the same force and effect as if made on such Maturity Date or Interest Payment Date, as the case may be, and, in the case of an Interest Payment Date, but not the Maturity Date, no additional interest shall
accrue. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to certain exceptions, be paid to the person in whose name this bond (or one or more predecessor bonds) is registered at the
close of business on the fifteenth day (whether or not a Business Day) next preceding such Interest Payment Date (the “Regular Record Date”); provided, however, that interest payable on the Maturity Date will

 
be payable to the person to whom the principal hereof shall be payable. Should the Company default in the payment of interest (“Defaulted Interest”), the Defaulted Interest
shall be paid to the person in whose name this bond (or one or more predecessor bonds) is registered on a subsequent record date fixed by the Company, which subsequent record date shall be fifteen days prior to the payment of such Defaulted
Interest. As used herein, “Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York are not required or authorized by law to close. 

Payment of the principal of and interest on this bond will be made in immediately available funds at the office or agency of the Trustee
located in Minneapolis, Minnesota or such other office of the Trustee that functions as its financial operations center, 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, with payment at maturity (or, if applicable, upon redemption) made against presentation of this bond at such office or agency for cancellation. The Trustee, as paying agent of the Company, will make all payments of principal and
interest by wire transfer of immediately available funds; provided, however, that appropriate written wire transfer instructions must have been received by the Trustee not less than sixteen days prior to the applicable Interest Payment Date,
Maturity Date, or redemption date. 
 Reference is hereby made to the further provisions of this bond set forth on the reverse hereof,
including terms of redemption, and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This bond shall not become or be valid or obligatory for any purpose until the authentication certificate hereon shall have been signed by the
Trustee. 
 IN WITNESS WHEREOF, PORTLAND GENERAL
ELECTRIC COMPANY has caused this instrument to be executed manually or in facsimile by its duly authorized officers and has caused a facsimile of its corporate seal to be imprinted hereon. 

 

									
	Dated: 	 	  
	 		 		 	
				
		 		 		 	PORTLAND GENERAL ELECTRIC COMPANY
					
		 		 		 	By:	 	  

					
		 		 		 	Title:	 	
					
	Attest:	 	  
	 		 		 	
		 	Secretary	 		 		 	

 (Form of Trustee’s Authentication Certificate for 

Bonds of the     % Series due 20    ) 

This is one of the bonds, of the series designated herein, described in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, AS TRUSTEE
		
	By:	 	  

		 	Authorized Signatory

 [Reverse of Bond] 

This bond is one of the bonds of a series designated as First Mortgage Bonds,     % Series due 20    
(sometimes herein referred to as the “Bonds of the 20     Series”) limited to a maximum aggregate principal amount of $        . Bonds of the
20     Series are bonds of an authorized issue of bonds of the Company known as First Mortgage Bonds, not limited as to maximum aggregate principal amount, all issued or issuable in one or more series under and equally secured
(except insofar as any sinking fund, replacement fund, or other fund established in accordance with the provisions of the Indenture hereinafter mentioned may afford additional security for the bonds of any specific series) by an Indenture of
Mortgage and Deed of Trust dated July 1, 1945, duly executed and delivered by the Company to Wells Fargo Bank, National Association (as successor to HSBC Bank USA, National Association), as Trustee, as supplemented, amended, and modified by
                     supplemental indentures and by the
                     Supplemental Indenture (such Indenture of Mortgage and Deed of Trust as so supplemented, amended, and modified by such
                     supplemental indentures and the
                     Supplemental Indenture being hereinafter called the “Indenture”), to which Indenture reference is hereby made
for a description of the property mortgaged and pledged as security for said bonds, the nature and extent of the security, and the rights, duties, and immunities thereunder of the Trustee, the rights of the holders of said bonds and of the Trustee
and of the Company in respect of such security, and the terms upon which said bonds may be issued thereunder. Capitalized terms used herein and not defined herein shall have the respective meanings in the Indenture, unless otherwise noted.

The Bonds of the 20     Series are not subject to any sinking fund. 

The Bonds of the 20     Series may be redeemed by the Company prior to maturity as a whole, at any time, or in part, from
time to time on notice given not more than ninety nor less than thirty days prior to the date of such redemption at the option of the Company at a price equal to the greater of (i) the principal amount of the portion of this bond to be redeemed
or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (not including any portion of such payments of interest accrued as of the date of redemption) due on this bond (or portion thereof) to be redeemed,
discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, together in each case with
accrued and unpaid interest to the date of redemption. 
 If this bond or any portion thereof
($         or an integral multiple thereof) is duly called for redemption and payment duly provided for as specified in the Indenture, this bond or such portion thereof shall cease to be entitled to the lien
of the Indenture from and after the date payment is so provided for and shall cease to bear interest from and after the date fixed for such redemption. 

In the event of the selection for redemption of a portion only of the principal of this bond, payment of the redemption price will be made
only upon surrender of this bond in exchange for a bond or bonds (but only of authorized denominations of the same series) for the unredeemed balance of the principal amount of this bond. 

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the
holders of not less than seventy-five percent in principal amount of the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including, if more than one series of bonds shall be at the
time outstanding, not less than sixty percent in principal amount of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations of the Company and
of the holders of the bonds and coupons if the modifications or alterations would adversely affect or diminish the rights of the holders of any bonds against the Company or its property; provided, however, that no such modification or
alteration shall be made without the written approval or consent of all holders hereof which will (i) extend the maturity of this bond or reduce the rate or extend the time of payment of interest hereon or reduce the amount of the principal hereof,
(ii) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of the Indenture, or (iii) reduce the percentage of the principal amount of the bonds upon the approval or consent of the holders of which
modifications or alterations may be made as aforesaid. 
 The transfer of this bond is registrable by the registered owner hereof in person
or by such owner’s attorney duly authorized in writing, at the corporate trust office of the Trustee in Minneapolis, Minnesota, upon surrender of this bond for cancellation and upon payment of any taxes or other governmental charges payable
upon such transfer, and thereupon a new registered bond or bonds of the same series and of a like aggregate principal amount will be issued to the transferee or transferees in exchange therefor. 

The Company, the Trustee, and any paying agent may deem and treat the person in whose name this bond is registered as the absolute owner
hereof for the purpose of receiving payments of or on account of the principal hereof and interest due hereon, and for all other purposes, whether or not this bond shall be overdue, and neither the Company, the Trustee, nor any paying agent shall be
affected by any notice to the contrary. 
 Bonds of this series are issuable only in fully registered form without coupons in denominations
of $         or any amount in excess thereof that is an integral multiple of $        . The registered owner of this bond at its option may surrender the same for
cancellation at said office of the Trustee and receive in exchange therefor the same aggregate principal amount of registered bonds of the same series but of other authorized denominations upon payment of any taxes or other governmental charges
payable upon such exchange and subject to the terms and conditions set forth in the Indenture. Bonds may be issued in a denomination of less than $         (but in multiples of at least
$        ) if necessary to enable the registration of a transfer by a holder of its entire holding of Bonds, or if necessary for the redemption of Bonds. 

If an event of default as defined in the Indenture shall occur, the principal of this bond may become or be declared due and payable before
maturity in the manner and with the effect provided in the Indenture. The holders, however, of certain specified percentages of the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time
outstanding, including in certain cases specified percentages of bonds of particular series, may in certain cases, to the extent and as provided in the Indenture, waive certain defaults thereunder and the consequences of such defaults. 

 No recourse shall be had for the payment of the principal of or the interest on this bond, or for
any claim based hereon, or otherwise in respect hereof or of the Indenture, against any incorporator, shareholder, director, or officer, past, present, or future, as such, of the Company or of any predecessor or successor corporation, either
directly or through the Company or such predecessor or successor corporation, under any constitution or statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability of incorporators, shareholders,
directors, and officers, as such, being waived and released by the holder and owner hereof by the acceptance of this bond and as provided in the Indenture. 

The Indenture provides that this bond shall be deemed to be a contract made under the laws of the State of New York, and for all purposes
shall be construed in accordance with and governed by the laws of said State.
 (End of Form of Bond of the     % Series
due 20    ) 
 and 

WHEREAS, all acts and proceedings required by law and by the charter or articles of incorporation and bylaws of the Company necessary to make
the Bonds to be issued hereunder, when executed by the Company, authenticated and delivered by the Trustee, and duly issued, the valid, binding, and legal obligations of the Company, and to constitute this Supplemental Indenture a valid and binding
instrument, have been done and taken; and the execution and delivery of this Supplemental Indenture have been in all respects duly authorized; 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, that, in order to secure the payment of the principal of, premium, if any, and
interest on all First Mortgage Bonds at any time issued and outstanding under the Original Indenture as supplemented and modified by the
                     supplemental indentures hereinbefore described and as supplemented and modified by this Supplemental Indenture, according to
their tenor, purport, and effect, and to secure the performance and observance of all the covenants and conditions therein and herein contained, and for the purpose of confirming and perfecting the lien of the Indenture on the properties of the
Company hereinafter described, or referred to, and for and in consideration of the premises and of the mutual covenants herein contained, and acceptance of the Bonds by the holders thereof, and for other valuable consideration, the receipt whereof
is hereby acknowledged, the Company has executed and delivered this Supplemental Indenture and by these presents does grant, bargain, sell, warrant, alien, convey, assign, transfer, mortgage, pledge, hypothecate, set over, and confirm unto the
Trustee the following property, rights, privileges, and franchises (in addition to all other property, rights, privileges, and franchises heretofore subjected to the lien of the Original Indenture as supplemented by the
                     supplemental indentures hereinbefore described and not heretofore released from the lien thereof, all of which shall secure all
bonds, including the Bonds), to wit: 

 CLAUSE I 

Without in any way limiting anything in the Mortgage or hereinafter described, all and singular the lands, real estate, chattels real,
interests in land, leaseholds, ways, rights-of-way, easements, servitudes, permits and licenses, lands under water, riparian rights, franchises, privileges, electric generating plants, electric transmission and distribution systems, and all
apparatus and equipment appertaining thereto, offices, buildings, warehouses, garages, and other structures, tracks, machine shops, materials and supplies, and all property of any nature appertaining to any of the plants, systems, business, or
operations of the Company, whether or not affixed to the realty, used in the operation of any of the premises or plants or systems or otherwise, which have been acquired by the Company since the execution and delivery of the Original Indenture and
not heretofore included in any indenture supplemental thereto, and now owned or which may hereafter be acquired by the Company (other than excepted property as defined in the Mortgage). 

CLAUSE II 
 All corporate,
Federal, State, municipal, and other permits, consents, licenses, bridge licenses, bridge rights, river permits, franchises, grants, privileges, and immunities of every kind and description, owned, held, possessed, or enjoyed by the Company (other
than excepted property as defined in the Mortgage) and all renewals, extensions, enlargements, and modifications of any of them, which have been acquired by the Company since the execution and the delivery of the Original Indenture and not
heretofore included in any indenture supplemental thereto, and now owned or which may hereafter be acquired by the Company. 
 CLAUSE III

 Also all other property, real, personal, or mixed, tangible or intangible (other than excepted property as defined in the Mortgage) of
every kind, character, and description and wheresoever situated, whether or not useful in the generation, manufacture, production, transportation, distribution, sale, or supplying of electricity, hot water, or steam, which has been acquired by the
Company since the execution and delivery of the Original Indenture and not heretofore included in any indenture supplemental thereto, and now owned or which may hereafter be acquired by the Company (other than excepted property as defined in the
Mortgage). 
 CLAUSE IV 

Together with all and singular the plants, buildings, improvements, additions, tenements, hereditaments, easements, rights, privileges,
licenses, and franchises and all other appurtenances whatsoever belonging or in any wise pertaining to any of the property hereby mortgaged or pledged, or intended so to be, or any part thereof, and the reversion and reversions, remainder and
remainders, and the rents, revenues, issues, earnings, income, products, and profits thereof, and every part and parcel thereof, and all the estate, right, title, interest, property, claim, and demand of every nature whatsoever of the Company at
law, in equity, or otherwise howsoever, in, of, and to such property and every part and parcel thereof (other than excepted property as defined in the Mortgage). 

 TO HAVE AND TO HOLD all of said property, real, personal, and mixed, and all and singular the
lands, properties, estates, rights, franchises, privileges, and appurtenances hereby mortgaged, conveyed, pledged, or assigned, or intended so to be, together with all the appurtenances thereto appertaining and the rents, issues, and profits
thereof, unto the Trustee and its successors and assigns, forever: 
 SUBJECT, HOWEVER, to the exceptions, reservations, restrictions,
conditions, limitations, covenants, and matters contained in all deeds and other instruments whereunder the Company has acquired any of the property now owned by it, and to permitted encumbrances as defined in Subsection B of Section 1.11 of the
Mortgage; 
 BUT IN TRUST NEVERTHELESS, for the equal and proportionate use, benefit, security, and protection of those who from time to
time shall hold the bonds authenticated and delivered under the Original Indenture and the                      supplemental indentures hereinbefore
described or this Supplemental Indenture, and duly issued by the Company, without any discrimination, preference, or priority of any one bond over any other by reason of priority in the time of issue, sale, or negotiation thereof or otherwise,
except as provided in Section 11.28 of the Mortgage, so that, subject to said Section 11.28, each and all of said bonds shall have the same right, lien, and privilege under the Original Indenture and the
                     supplemental indentures hereinbefore described, or this Supplemental Indenture, and shall be equally secured thereby and hereby
and shall have the same proportionate interest and share in the trust estate, with the same effect as if all of the bonds had been issued, sold, and negotiated simultaneously on the date of delivery of the Original Indenture; 

AND UPON THE TRUSTS, USES, AND PURPOSES and subject to the covenants, agreements, and conditions in the Original Indenture and the
                     supplemental indentures hereinbefore described and herein set forth and declared. 

ARTICLE ONE. 
 BONDS OF
THE 20     SERIES AND 
 CERTAIN PROVISIONS RELATING THERETO. 

SECTION 1.01. Certain Terms of Bonds of the 20     Series. There is hereby established a series of First
Mortgage Bonds of the Company designated and entitled as “First Mortgage Bonds,     % Series due 20    ” (sometimes referred to as the “Bonds of the 20    
Series”). The aggregate principal amount of the Bonds of the 20     Series shall be limited to $        , excluding, however, any Bonds of the 20     Series
which may be executed, authenticated, and delivered in exchange for or in lieu of or in substitution for other Bonds of such Series pursuant to the provisions of the Indenture. 

The definitive Bonds of the 20     Series shall be issuable in substantially the form as hereinabove set forth in fully
registered form without coupons in the denomination of $        , or any amount in excess thereof that is an integral multiple of $        . 

 Notwithstanding the provisions of Section 2.05 of the Mortgage, each Bond of the
20     Series shall be dated as of the date sold by the Company (the “Original Issue Date”) and shall mature on             , 20    
(the “Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date. Each Bond of the 20__ Series shall bear interest from the Original Issue Date, which is the date the first interest period commences, at
the rate of      per cent per annum (calculated on the basis of a 360-day year of twelve 30-day months), until payment of the principal thereof has
been paid or made available for payment. Interest will be payable semi-annually in arrears on
                     and                     
(each an “Interest Payment Date”) each year commencing with the first Interest Payment Date occurring after the Original Issue Date. If the Maturity Date or an Interest Payment Date falls on a day which is not a Business Day, as
defined below, principal or interest payable with respect to such Maturity Date or Interest Payment Date will be paid on the next succeeding Business Day with the same force and effect as if made on such Maturity Date or Interest Payment Date, as
the case may be, and, in the case of an Interest Payment Date, but not the Maturity Date, no additional interest shall accrue. The person in whose name any Bond of the 20     Series is registered at the close of business on the
applicable Record Date (as defined below) with respect to any Interest Payment Date shall be entitled to receive the interest payable thereon on such Interest Payment Date notwithstanding the cancellation of such Bond of the
20     Series upon any registration of transfer or exchange thereof subsequent to such Record Date and prior to such Interest Payment Date, unless the Company shall default in the payment of the interest due on such Interest
Payment Date, in which case such defaulted interest shall be paid to the person in whose name such Bond of the 20     Series is registered on a subsequent record date fixed by the Company, which subsequent record date shall be
fifteen days prior to the payment of such defaulted interest; provided, however, that interest payable on the Maturity Date will be payable to the person to whom the principal thereof shall be payable. As used herein the term
“Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York, New York are not required or authorized by law to close. As used herein, the term “Record Date” with respect to
any Interest Payment Date shall mean the fifteenth day (whether or not such day is a Business Day) next preceding such Interest Payment Date. The principal of the Bonds of the 20     Series shall be payable in any coin or
currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts at the office or agency of the Trustee located in Minneapolis, Minnesota or such other office of the Trustee that
functions as its financial operations center, and interest on such Bonds of the 20     Series shall be payable in like coin or currency at said office or agency, with payment at maturity (or, if applicable, upon redemption) made
against presentation of such Bonds for cancellation. 
 Upon compliance with the provisions of Section 2.06 of the Mortgage and as
provided in this Supplemental Indenture, and upon payment of any taxes or other governmental charges payable upon such exchange, Bonds of the 20     Series may be exchanged for a new Bond or Bonds of the
20     Series of different authorized denominations of like aggregate principal amount. The Trustee hereunder shall, by virtue of its office as such Trustee, be the registrar and transfer agent of the Company for the purpose of
registering permitted transfers of Bonds of the 20     Series. 
 Notwithstanding the provisions of Section 2.11 of
the Mortgage, no service charge shall be made for any exchange or registration of transfer of Bonds of the 20     Series, but the Company or the Trustee at either of their option may require payment of a sum sufficient to cover
any tax or other governmental charge incident thereto. 

 SECTION 1.02. Redemption Provisions for Bonds of the 20    
Series. The Bonds of the 20     Series may be redeemed prior to maturity at any time, in whole or in part, upon prior notice given by mailing such notice to the respective registered owners of such Bonds of the
20     Series not less than thirty nor more than ninety days prior to the redemption date and as otherwise required by the provisions of Article Nine of the Mortgage, at the option of the Company, at a redemption price equal to
the greater of (i) 100 percent of the principal amount of the portion of the Bonds of the 20     Series to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (not
including any portion of such payments of interest accrued as of the date of redemption) due on the Bonds of the 20     Series (or portion thereof) to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, together in each case with accrued and
unpaid interest to the date of redemption. The Company shall give the Trustee notice of such redemption price immediately after the calculation thereof, and the Trustee shall have no responsibility for such calculation. 

Notwithstanding the provisions of Section 9.03 of the Mortgage, in the case of any partial redemption of the Bonds of the
20     Series, the principal amount of the Bonds to be redeemed shall be allocated pro rata among all holders of such Bonds of the 20     Series at the time outstanding and in accordance with the unpaid
principal amount thereof. 
 The following definitions shall apply for purposes of this Section 1.02: 

(a) “Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The
Adjusted Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 
 (b) “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 Bonds of the 20     Series to be redeemed that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds of the 20     Series. 

(c) “Comparable Treasury Price” means, with respect to any redemption date, (A) the average of four Reference
Treasury Dealer Quotations for the redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations for the redemption date, or (B) if the Independent Investment Banker obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations. 

 (d) “Independent Investment Banker” means an independent investment and
banking institution of national standing appointed by the Company. 
 (e) “Reference Treasury Dealer” means a primary
U.S. Government securities dealer in New York City selected by the Independent Investment Banker. 
 (f) “Reference Treasury
Dealer Quotations” means, with respect to each 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 at 5:00 p.m., New York City time, on the fourth Business Day preceding the redemption date. 

SECTION 1.03. Sections 4.04, 4.05, and 4.06 to Remain in Effect. Notwithstanding the provisions of Sections 4.04, 4.05, 4.06,
and 4.07 of the Mortgage, the provisions of Sections 4.04, 4.05, and 4.06 of the Mortgage shall remain in full force and effect and shall be performed by the Company so long as any Bonds of the 20     Series remain
outstanding. 
 SECTION 1.04. Certain Requirements of Mortgage to Remain Applicable. The requirements which are stated in the
next to the last paragraph of Section 1.13 and in Clause (9) of Paragraph A of Section 3.01 of the Mortgage to be applicable so long as any of the Bonds of the 1975 Series are outstanding shall remain applicable so long as any of
the Bonds of the 20     Series are outstanding. 
 SECTION 1.05. Certain Exceptions to Sections 2.06 and 2.10 of the
Mortgage. Notwithstanding the provisions of Section 2.06 or Section 2.10 of the Mortgage, the Company shall not be required (a) to issue, register, discharge from registration, exchange, or register the transfer of any Bond
of the 20     Series for a period of fifteen days next preceding any selection by the Trustee of Bonds of the 20     Series to be redeemed or (b) to register, discharge from registration, exchange, or
register the permitted transfer of any Bond of the 20     Series so selected for redemption in its entirety or (c) to exchange or register the permitted transfer of any portion of a Bond of the 20    
Series which portion has been so selected for redemption. 
 SECTION 1.06. Reference to Minimum Provision for Depreciation in Certificate
of Available Additions. So long as any Bonds of the 20     Series remain outstanding, all references to the minimum provision for depreciation in the form of certificate of available additions set forth in
Section 3.03 of the Mortgage shall be included in any certificate of available additions filed with the Trustee, but whenever Bonds of the 20     Series shall no longer be outstanding, all references to such minimum
provisions for depreciation may be omitted from any such certificate. 
 SECTION 1.07. Reporting Obligations. To the
extent the Company is no longer required to file or does not voluntarily file the following documents with the Securities and Exchange Commission (the “SEC”), so long as any Bonds of the 20     Series are
outstanding, the Company shall furnish to the Trustee, within the time periods specified in the SEC’s rules and regulations, the following: 

(a) All quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” that describes the financial condition and results of operations of the Company and its consolidated subsidiaries and, with respect to the annual information only, a report thereon by the Company’s certified independent
accountants. 
 (b) All current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to
file such reports. 

 The Trustee shall retain such documents in accordance with its customary procedures.

Delivery of such reports, information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from information contained therein (as to which the Trustee may rely solely on Officers’ Certificates). 

SECTION 1.08. CUSIP, ISIN, Private Placement, or Common Code Numbers. The Company in issuing the Bonds of the
20     Series may use “CUSIP,” “ISIN,” “Private Placement,” or “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use such numbers in notices of redemption or
repurchase as a convenience to holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the bonds or as contained in any notice of a redemption or
repurchase and that reliance may be placed only on the other identification numbers printed on the bonds, and any such redemption or repurchase shall not be affected by any defect in or omission of such numbers. The Company shall promptly
notify the Trustee in writing of any change in “CUSIP,” “ISIN,” “Private Placement,” or “Common Code” numbers. 

SECTION 1.09 Duration of Article One. This Article One shall be of force and effect only so long as any Bonds of the
20     Series are outstanding. 
 ARTICLE TWO. 

TRUSTEE. 
 SECTION 2.01.
Duties of Trustee. The Trustee hereby accepts the trust hereby created. The Trustee undertakes, prior to the occurrence of an event of default and after the curing of all events of default which may have occurred, to perform such
duties and only such duties as are specifically set forth in the Original Indenture as heretofore and hereby supplemented and modified, on and subject to the terms and conditions set forth in the Original Indenture as so supplemented and modified,
and in case of the occurrence of an event of default (which has not been cured) to exercise such of the rights and powers vested in it by the Original Indenture as so supplemented and modified, and to use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

 The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity
or sufficiency of this Supplemental Indenture or the Bonds issued hereunder or the due execution thereof by the Company. The Trustee shall be under no obligation or duty with respect to the filing, registration, or recording of this Supplemental
Indenture or the re-filing, re-registration, or re-recording thereof. The recitals of fact contained herein or in the Bonds (other than the Trustee’s authentication certificate) shall be taken as the statements solely of the Company, and the
Trustee assumes no responsibility for the correctness thereof. 
 ARTICLE THREE. 

MODIFICATION OF MORTGAGE 

SECTION 3. Modification to Section 15.04. Section 15.04 of the Mortgage is hereby modified to replace
“Notwithstanding” with “Subject to applicable laws with respect to escheatment of funds, and notwithstanding”. 

ARTICLE FOUR. 

MISCELLANEOUS PROVISIONS. 

SECTION 4.01. Date of this Supplemental Indenture. Although this Supplemental Indenture, for convenience and for the purpose of
reference, is dated             , 20    , the actual date of execution by the Company and by the Trustee is as indicated by their respective acknowledgments hereto
annexed. 
 SECTION 4.02. Relation to Original Indenture. This Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Original Indenture as heretofore supplemented and modified, and as supplemented and modified hereby, the Original Indenture as heretofore supplemented and modified is in all respects ratified and confirmed, and the
Original Indenture as heretofore and hereby supplemented and modified shall be read, taken, and construed as one and the same instrument. All terms used in this Supplemental Indenture shall be taken to have the same meaning as in the Original
Indenture except in cases where the context clearly indicates otherwise. 
 SECTION 4.03. Invalid, Illegal, or Unenforceable
Provisions. In case any one or more of the provisions contained in this Supplemental Indenture or in the Bonds shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provisions of this Supplemental Indenture, but this Supplemental Indenture shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein. 

SECTION 4.04. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. 

SECTION 4.05. Conflicting Provision. If any provision of this Supplemental Indenture conflicts with another provision of the
Mortgage required to be included in indentures qualified under the Trust Indenture Act of 1939 (as enacted prior to the date of this Supplemental Indenture) by any of the provisions of said Act, such required provision shall control. 

 SECTION 4.06. Headings. Article and Section headings and the table of
contents used herein are for convenience of reference only, are not part of this Supplemental Indenture, and are not to affect the construction of, or to be taken into consideration in interpreting, this Supplemental Indenture. 

SECTION 4.07. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK DETERMINED WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), PROVIDED THAT THE
FOREGOING SHALL NOT APPLY TO THE CREATION OR ENFORCEMENT OF ANY LIEN ON REAL PROPERTY CREATED BY THE INDENTURE, WHICH SHALL BE GOVERNED BY THE LAWS OF THE STATE IN WHICH SUCH REAL PROPERTY IS LOCATED. 

SECTION 4.08. Addresses for Notices to the Trustee. Any notice, direction, request or demand hereunder to or upon the Trustee
shall be in writing (including facsimile and electronic mail in PDF format) and shall be deemed to have been sufficiently given or made, for all purposes, if given or served by overnight courier, facsimile, electronic mail in PDF format, or by being
deposited postage prepaid by registered or certified mail in a post office letter box, addressed to the Trustee at: Wells Fargo Bank, National Association, Attn: Corporate, Municipal & Escrow Services, 333 S. Grand Avenue, 5th Floor Suite 5A,
MAC E2604-05A, Los Angeles, CA 90071, Facsimile: 213.253.7598. The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications. 

 IN WITNESS WHEREOF, Portland General Electric Company has caused this Supplemental Indenture to
be signed in its corporate name by its President or one of its Executive Vice Presidents or one of its Vice Presidents and its corporate seal to be hereunto affixed and attested by its Secretary or one of its Assistant Secretaries, and in token of
its acceptance of the trusts created hereunder, Wells Fargo Bank, National Association has caused this Supplemental Indenture to be signed in its corporate name by one of its Vice Presidents or one of its Assistant Vice Presidents or one of its
Corporate Trust Officers, all as of the day and year first above written. 
  

			
	PORTLAND GENERAL ELECTRIC COMPANY
		
	By:	 	  

	Name:	 	James Lobdell
	Title:	 	Senior Vice President of Finance, Chief Financial Officer & Treasurer

  

			
	Attest:	 	  

	Name:	 	Marc S. Bocci
	Title:	 	Secretary
		
	(Seal)	 	

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	State of Oregon	  	)
		  	) ss.
	County of Multnomah	  	)

 The foregoing instrument was acknowledged before me on this      day of
             by James Lobdell, Senior Vice President of Finance, Chief Financial Officer & Treasurer of PORTLAND GENERAL ELECTRIC COMPANY, an Oregon corporation, on behalf of said
corporation. 
  

			
	  

	Notary Public for Oregon	 	
	My Commission Expires	 	  

 [NOTARIAL SEAL] 

			
	State of California	  	)
		  	) ss.
	County of             	  	)

  

							
	On	 	  
	 	before me	 	  

		 		 		 	(insert name and title of the officer)

 personally appeared
                                         
                                         
                                         
                                         
                , 
 who proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the
person(s) or the entity upon behalf of which the person(s) acted, executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the State
of California that the foregoing paragraph is true and correct. 
 WITNESS my hand and official seal. 

 

					
	Signature	 	  
	 	(Seal)

			
	State of Oregon	  	)
		  	) ss.
	County of Multnomah	  	)

 James Lobdell and Marc S. Bocci, the Senior Vice President of Finance, Chief Financial Officer &
Treasurer, and Secretary, respectively, of PORTLAND GENERAL ELECTRIC COMPANY, an Oregon corporation, the mortgagor in the foregoing mortgage named, being first duly sworn, on oath depose and say that they are the officer above named of said
corporation and that this affidavit is made for and on its behalf by authority of its Board of Directors and that the aforesaid mortgage is made by said mortgagor in good faith, and without any design to hinder, delay, or defraud creditors. 

Subscribed and sworn to before me this      day of             ,
20    . 
  

			
	  

	Notary Public for Oregon	 	
	My Commission Expires	 	  

 [NOTARIAL SEAL]

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