Document:

China Advanced Construction Materials Group, Inc. - Exhibit 10.3 - Filed by newsfilecorp.com

FORM OF DIRECTOR AGREEMENT 

           
This DIRECTOR AGREEMENT is made as of this __ day of ___________ (the
"Agreement"), by and between China Advanced Construction Materials Group, Inc.,
a Nevada corporation (the "Company") and _________ (the “Director”).

           
WHEREAS, the Company wishes to appoint the Director as a non-executive member of
the board of directors (the “Board”) of the Company and enter into an agreement
with the Director with respect to such appointment; and 

           
WHEREAS, the Director wishes to accept such appointment and to serve the Company
on the terms set forth herein, and in accordance with, the provisions of this
Agreement. 

           
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the
parties hereto agree as follows:

           
1.        Position. Subject to the
terms and provisions of this Agreement, the Company shall appoint Director as
non-executive member of the Board to fill an existing but now vacant
directorship and the Director hereby agrees to serve the Company in that
position upon the terms and conditions hereinafter set forth, provided, however,
that the Director's continued service on the Board after the initial term on the
Board shall be subject to any necessary approval by the Company's stockholders.
This Agreement is subject to the satisfactory completion of a third party
background check within sixty (60) days of the date hereof.

           
2.        Duties. During the
Directorship Term (as defined in Section 5 hereof), the Director shall serve as
a member of the Board, and the Director shall make reasonable business efforts
to attend all Board meetings, serve on appropriate subcommittees as reasonably
requested by the Board, make himself available to the Company at mutually
convenient times and places, attend external meetings and presentations, as
appropriate and convenient, and perform such duties, services and
responsibilities and have the authority commensurate to such position. 

           
The Director will use his best efforts to promote the interests of the Company.
The Company recognizes that the Director (i) is a full-time executive employee
of another entity and that his responsibilities to such entity must have
priority and (ii) sits on the board of directors of other entities.
Notwithstanding same, the Director will use reasonable business efforts to
coordinate his respective commitments so as to fulfill his obligations to the
Company and, in any event, will fulfill his legal obligations as a director.
Other than as set forth above, the Director will not, without the prior written
approval of the Board, engage in any other business activity which could
materially interfere with the performance of his duties, services and
responsibilities hereunder or which is in violation of the reasonable policies
established from time to time by the Company, provided that the foregoing shall
in no way limit his activities on behalf of (i) his current employer and its
affiliates or (ii) the board of directors of those entities on which he sits.

           
3.        Board Committees. The
Director hereby agrees to sit in the relevant committees of the Board and to
perform all of the duties, services and responsibilities necessary thereunder.

           
4.        Monetary Remuneration.

                       
(a)      Fees and Compensation. During the Directorship
Term the Director shall receive the following compensation and benefits:

A monthly fee of U.S $__________

                       
The Director's status during the Directorship Term shall be that of an
independent contractor and not, for any purpose, that of an employee or agent
with authority to bind the Company in any respect. All payments and other
consideration made or provided to the Director under Sections 4 shall be made or
provided without withholding or deduction of any kind, and the Director shall
assume sole responsibility for discharging, all tax or other obligations
associated therewith. 

                       
(b) Restricted Stock Award. During the Directorship Term, the Company shall
grant a Restricted Stock in the amount of _____ shares of the Company’s
restricted common stock (the “Restricted Stock”). The Restricted Stock shall
vest according to the following schedule: 

•        _____shares of the
Company’s common stock shall vest three (3) months from the date hereof (the
“Three Month Vesting Date”) provided that the Director maintains a position on
the Board as of the Three Month Vesting Date; 

•        an additional
_____ shares of the Company’s common stock shall vest six (6) months from the
date hereof (the “Six Month Vesting Date”) provided that the Director maintains
a position on the Board as of the Six Month Vesting Date; 

•        an additional _____
shares of the Company’s common stock shall vest nine (9) months from the date
hereof (the “Nine Month Vesting Date”) provided that the Director maintains a
position on the Board as of the Nine Month Vesting Date; 

•        an additional _____
shares of the Company’s common stock shall vest twelve (12) months from the date
hereof (the “Twelve Month Vesting Date”) provided that the Director maintains a
position on the Board as of the Twelve Month Vesting Date; 

                       
(c) Expense Reimbursements. During the Directorship Term, the Company shall
reimburse the Director for all reasonable out-of-pocket expenses incurred by the
Director in attending any in-person meetings, provided that the Director
complies with the generally applicable policies, practices and procedures of the
Company for submission of expense reports, receipts or similar documentation of
such expenses. However, all reimbursements must be approved in advance by the
Company. 

           
5.        Directorship Term. The
"Directorship Term", as used in this Agreement, shall mean the period commencing
on the date hereof and terminating on the earliest of the following to occur:

                       
(a) one (1) year from the date hereof, subject to a one (1) year renewal term
upon re-election by a majority of the shareholders of the Company; 

                       
(b) the death of the Director ("Death"); 

                       
(c) the termination of the Director from the position of member of the Board by
the mutual agreement of the Company and the Director; 

                       
(d) the removal of the Director from the Board by the shareholders of the
Company; 

                       
(e) the resignation by the Director from the Board if after the date hereof, the
Chief Executive Officer of his current employer determines that the Director's
continued service on the Board conflicts with his fiduciary obligations to his
current employer (a "Fiduciary Resignation"); and 

                       
(f) the resignation by the Director from the Board if the Board or the Chief
Executive Officer of his current employer requires the Director to resign and
such resignation is not a Fiduciary Resignation. 

           
6.        Director's Representation and
Acknowledgment. The Director represents to the Company that his execution
and performance of this Agreement shall not be in violation of any agreement or
obligation (whether or not written) that he may have with or to any person or
entity, including without limitation, any prior employer. The Director hereby
acknowledges and agrees that this Agreement (and any other agreement or
obligation referred to herein) shall be an obligation solely of the Company, and
the Director shall have no recourse whatsoever against any stockholder of the
Company or any of their respective affiliates with regard to this Agreement.

           
7.        Director Covenants. 

                      
(a) Unauthorized Disclosure. The Director agrees and understands that in the
Director's position with the Company, the Director has been and will be exposed
to and receive information relating to the confidential affairs of the Company,
including but not limited to technical information, business and marketing
plans, strategies, customer information, other information concerning the
Company's products, promotions, development, financing, expansion plans,
business policies and practices, and other forms of information considered by
the Company to be confidential and in the nature of trade secrets. The Director
agrees that during the Directorship Term and thereafter, the Director will keep
such information confidential and will not disclose such information, either
directly or indirectly, to any third person or entity without the prior written
consent of the Company; provided, however, that (i) the Director shall have no
such obligation to the extent such information is or becomes publicly known or
generally known in the Company's industry other than as a result of the
Director's breach of his obligations hereunder and (ii) the Director may, after
giving prior notice to the Company to the extent practicable under the
circumstances, disclose such information to the extent required by applicable
laws or governmental regulations or judicial or regulatory process. This confidentiality covenant has no temporal, geographical or
territorial restriction. Upon termination of the Directorship Term, the Director
will promptly return to the Company all property, keys, notes, memoranda,
writings, lists, files, reports, customer lists, correspondence, tapes, disks,
cards, surveys, maps, logs, machines, technical data or any other tangible
product or document which has been produced by, received by or otherwise
submitted to the Director in the course or otherwise as a result of the
Director's position with the Company during or prior to the Directorship Term,
provided that, the Company shall retain such materials and make them available
to the Director if requested by him in connection with any litigation against
the Director under circumstances in which (i) the Director demonstrates to the
reasonable satisfaction of the Company that the materials are necessary to his
defense in the litigation, and (ii) the confidentiality of the materials is
preserved to the reasonable satisfaction of the Company. 

                       
(b) Non-Solicitation. During the Directorship Term and for a period of three (3)
years thereafter, the Director shall not interfere with the Company's
relationship with, or endeavor to entice away from the Company, any person who,
on the date of the termination of the Directorship Term, was an employee or
customer of the Company or otherwise had a material business relationship with
the Company. 

                       
(c) Remedies. The Director agrees that any breach of the terms of this Section 7
would result in irreparable injury and damage to the Company for which the
Company would have no adequate remedy at law; the Director therefore also agrees
that in the event of said breach or any threat of breach, the Company shall be
entitled to an immediate injunction and restraining order to prevent such breach
and/or threatened breach and/or continued breach by the Director and/or any and
all entities acting for and/or with the Director, without having to prove
damages, in addition to any other remedies to which the Company may be entitled
at law or in equity. The terms of this paragraph shall not prevent the Company
from pursuing any other available remedies for any breach or threatened breach
hereof, including but not limited to the recovery of damages from the Director.
The Director acknowledges that the Company would not have entered into this
Agreement had the Director not agreed to the provisions of this Section 7. 

                       
The provisions of this Section 7 shall survive any termination of the
Directorship Term, and the existence of any claim or cause of action by the
Director against the Company, whether predicated on this Agreement or otherwise,
shall not constitute a defense to the enforcement by the Company of the
covenants and agreements of this Section 7. 

           
8.        Indemnification. The Company
agrees to indemnify the Director for his activities as a director of the Company
to the fullest extent permitted by law, and to cover the Director under any
directors and officers liability insurance obtained by the Company. Further, the
Company and the Director agree to enter into an indemnification agreement
substantially in the form of agreement entered into by the Company and its other
Board members. 

           
9.        Non-Waiver of Rights. The
failure to enforce at any time the provisions of this Agreement or to require at
any time performance by the other party of any of the provisions hereof shall in
no way be construed to be a waiver of such provisions or to affect either the
validity of this Agreement or any part hereof, or the right of either party to
enforce each and every provision in accordance with its terms. No waiver by
either party hereto of any breach by the other party hereto of any provision of
this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions at that time or at any prior or subsequent
time. 

           
10.      Notices. Every notice relating to this
Agreement shall be in writing and shall be given by personal delivery or by
registered or certified mail, postage prepaid, return receipt requested; to:

If to the Company: 

China Advanced Construction Materials
Group, Inc. 
Yingu Plaza, 9 Beisihuanxi Road, Suite 1708
Haidian District,
Beijing 100080 PRC

 

If to the Director: 

           
Either of the parties hereto may change their address for purposes of notice
hereunder by giving notice in writing to such other party pursuant to this
Section 10. 

           
11.      Binding Effect/Assignment. This
Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective heirs, executors, personal representatives, estates,
successors (including, without limitation, by way of merger) and assigns.
Notwithstanding the provisions of the immediately preceding sentence, neither
the Director nor the Company shall assign all or any portion of this Agreement
without the prior written consent of the other party. 

           
12.      Entire Agreement. This Agreement
(together with the other agreements referred to herein) sets forth the entire
understanding of the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements, written or oral, between them as to such
subject matter. 

           
13.      Severability. If any provision of this
Agreement, or any application thereof to any circumstances, is invalid, in whole
or in part, such provision or application shall to that extent be severable and
shall not affect other provisions or applications of this Agreement. 

           
14.      Governing Law. This Agreement shall be
governed by and construed in accordance with the internal laws of the State of
Delaware, without reference to the principles of conflict of laws. All actions
and proceedings arising out of or relating to this Agreement shall be heard and
determined in any Delaware state or federal court and the parties hereto hereby
consent to the jurisdiction of such courts in any such action or proceeding;
provided, however, that neither party shall commence any such action or
proceeding unless prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of
action which is the subject of such action or proceeding through mediation by an
independent third party. 

           
15. Legal Fees. The parties hereto agree that the non-prevailing party in
any dispute, claim, action or proceeding between the parties hereto arising out
of or relating to the terms and conditions of this Agreement or any provision
thereof (a "Dispute"), shall reimburse the prevailing party for reasonable
attorney's fees and expenses incurred by the prevailing party in connection with
such Dispute; provided, however, that the Director shall only be required to
reimburse the Company for its fees and expenses incurred in connection with a
Dispute, if the Director's position in such Dispute was found by the court,
arbitrator or other person or entity presiding over such Dispute to be frivolous
or advanced not in good faith. 

           
16. Modifications. Neither this Agreement nor any provision hereof may be
modified, altered, amended or waived except by an instrument in writing duly
signed by the party to be charged. 

           
17. Tense and Headings. Whenever any words used herein are in the
singular form, they shall be construed as though they were also used in the
plural form in all cases where they would so apply. The headings contained
herein are solely for the purposes of reference, are not part of this Agreement
and shall not in any way affect the meaning or interpretation of this Agreement.

           
18. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument. 

(remainder of this page intentionally left blank) 

IN WITNESS WHEREOF, the Company has caused this Director
Agreement to be executed by authority of its Board of Directors, and the
Director has hereunto set his hand, on the day and year first above written.

CHINA ADVANCED CONSTRUCTION MATERIALS GROUP, INC. 

 

By: ______________________________________
Name: 
Title:

 

DIRECTOR 

 

_________________________________________
Name:Gulf 8-K 2014A Ex 4-2

Exhibit 4.2

    

GULF POWER COMPANY

TO

THE BANK OF NEW YORK MELLON,
TRUSTEE

TWENTY-FIRST SUPPLEMENTAL INDENTURE

DATED AS OF SEPTEMBER 23, 2014

SERIES 2014A 4.55% SENIOR NOTES

DUE OCTOBER 1, 2044

    

TABLE OF CONTENTS1     

PAGE
	
			
	ARTICLE 1
	1

	 
	 
	 

	 
	Series 2014A Senior Notes
	1

	 
	SECTION 101.  Establishment
	1

	 
	SECTION 102.  Definitions
	2

	 
	SECTION 103.  Payment of Principal and Interest
	3

	 
	SECTION 104.  Denominations
	4

	 
	SECTION 105.  Global Securities
	4

	 
	SECTION 106.  Transfer
	4

	 
	SECTION 107.  Redemption at the Company’s Option
	5

	 
	 
	 

	ARTICLE 2
	5

	 
	 
	 

	 
	Miscellaneous Provisions
	5

	 
	SECTION 201.  Recitals by Company
	5

	 
	SECTION 202.  Ratification and Incorporation of Original Indenture
	5

	 
	SECTION 203.  Executed in Counterparts
	6

	 
	 
	 

	EXHIBIT A    Form of Series 2014A Note
	 

	 
	 
	 

	EXHIBIT B    Certificate of Authentication
	 

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

i

THIS TWENTY-FIRST SUPPLEMENTAL INDENTURE is made as of the 23rd day of September, 2014 by and between GULF POWER COMPANY, a Florida corporation, One Energy Place, Pensacola, Florida 32520-0001 (the “Company”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, 101 Barclay Street, Floor 8W, New York, New York  10286 (the “Trustee”).
W I T N E S S E T H:
WHEREAS, the Company has heretofore entered into a Senior Note Indenture, dated as of January 1, 1998 (the “Original Indenture”), with The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as Trustee, as heretofore supplemented;
WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as heretofore supplemented and as further supplemented by this Twenty-First Supplemental Indenture, is herein called the “Indenture”;
WHEREAS, under the Original Indenture, a new series of Senior Notes may at any time be established by the Board of Directors of the Company in accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee;
WHEREAS, the Company proposes to create under the Indenture a new series of Senior Notes;
WHEREAS, additional Senior Notes of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and
WHEREAS, all conditions necessary to authorize the execution and delivery of this Twenty-First Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed.
NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
ARTICLE 1
Series 2014A Senior Notes

SECTION 101.  Establishment.  There is hereby established a new series of Senior Notes to be issued under the Indenture, to be designated as the Company’s Series 2014A 4.55% Senior Notes due October 1, 2044 (the “Series 2014A Notes”).

There are to be authenticated and delivered $200,000,000 principal amount of Series 2014A Notes, and such principal amount of the Series 2014A Notes may be increased from time to time pursuant to Section 301 of the Original Indenture.  All Series 2014A Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional Series 2014A Notes.  Any such additional Series 2014A Notes will have the same interest rate, maturity and other terms as those initially issued (except for the public offering price and issue date and the initial interest accrual date and initial Interest Payment Date (as defined below), if applicable).  No Series 2014A Notes shall be authenticated and delivered in excess of the principal amount as so increased except as provided by Sections 203, 303, 304, 907 or 1107 of the Original Indenture.  The Series 2014A Notes shall be issued in fully registered form.
The Series 2014A Notes shall be issued in the form of one or more Global Securities in substantially the form set out in Exhibit A hereto.  The Depositary with respect to the Series 2014A Notes shall be The Depository Trust Company.
The form of the Trustee’s Certificate of Authentication for the Series 2014A Notes shall be in substantially the form set forth in Exhibit B hereto.
Each Series 2014A Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for.
The Series 2014A Notes will not have a sinking fund.
SECTION 102.  Definitions.  The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Series 2014A Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Series 2014A Notes.
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the Company.
“Interest Payment Dates” means April 1 and October 1 of each year, commencing April 1, 2015.
“Original Issue Date” means September 23, 2014.

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 “Reference Treasury Dealer” means a primary U.S. Government securities dealer in the United States appointed by the Company.
“Reference Treasury Dealer Quotation” means, with respect to a Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount and quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. Eastern time on the third Business Day in New York City preceding such Redemption Date).
“Regular Record Date” means, with respect to each Interest Payment Date, the 15th calendar day preceding such Interest Payment Date (whether or not a Business Day).
“Stated Maturity” means October 1, 2044.
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
SECTION 103.  Payment of Principal and Interest. The principal of the Series 2014A Notes shall be due at Stated Maturity (unless earlier redeemed).  The unpaid principal amount of the Series 2014A Notes shall bear interest at the rate of 4.55% per annum until paid or duly provided for.  Interest shall be paid semiannually in arrears on each Interest Payment Date to the Person in whose name the Series 2014A Notes are registered at the close of business on the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity or on a Redemption Date as provided herein will be paid to the Person to whom principal is payable.  Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the Series 2014A Notes are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Series 2014A Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Series 2014A Notes shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture.
Payments of interest on the Series 2014A Notes will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for the Series 2014A Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on the Series 2014A Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.
Payment of the principal and interest due at the Stated Maturity or earlier redemption of the Series 2014A Notes shall be made upon surrender of the Series 2014A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2014A Notes shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for 

3

payment of public and private debts.  Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto.
SECTION 104.  Denominations. The Series 2014A Notes may be issued in denominations of $1,000, or any integral multiple thereof.
SECTION 105.  Global Securities.  The Series 2014A Notes will be issued in the form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below, Series 2014A Notes represented by one or more Global Securities will not be exchangeable for, and will not otherwise be issuable as, Series 2014A Notes in definitive form.  The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee.
Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a Series 2014A Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee.  The rights of Holders of such Global Security shall be exercised only through the Depositary.
Subject to the procedures of the Depositary, a Global Security shall be exchangeable for Series 2014A Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company, or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Company, in each case within 90 days after the Company receives such notice or becomes aware of such cessation, (ii) the Company in its sole discretion determines that such Global Security shall be so exchangeable, or (iii) there shall have occurred an Event of Default with respect to the Series 2014A Notes.  Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series 2014A Notes registered in such names as the Depositary shall direct.
Neither the Company, the Trustee nor any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
SECTION 106.  Transfer.  No service charge will be made for any transfer or exchange of Series 2014A Notes, but payment will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.  The Company shall not be required (a) to issue, register the transfer of or exchange any Series 2014A Notes during a period beginning at the opening of business fifteen (15) days before the day of the mailing of a notice pursuant to Section 1104 of the Original Indenture identifying the serial numbers of the Series 2014A Notes to be called for redemption, and ending at the close of business on the day of the mailing, or (b) to register the transfer of or exchange any Series 2014A Notes theretofore selected for redemption in whole or in part, except the unredeemed portion of any Series 2014A Notes redeemed in part.

4

SECTION 107.  Redemption at the Company’s Option. At any time and from time to time prior to April 1, 2044, the Series 2014A Notes will be subject to redemption at the option of the Company in whole or in part upon not less than 30 nor more than 60 days’ notice, at Redemption Prices equal to the greater of (1) 100% of the principal amount of the Series 2014A Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal of and interest on the Series 2014A Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 25 basis points plus, in each case, accrued and unpaid interest thereon to the Redemption Date.  At any time and from time to time on or after April 1, 2044, the Series 2014A Notes will be subject to redemption at the option of the Company in whole or in part upon not less than 30 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Series 2014A Notes being redeemed plus accrued and unpaid interest on the Series 2014A Notes being redeemed to the Redemption Date.
In the event of redemption of the Series 2014A Notes in part only, a new Series 2014A Note or Notes for the unredeemed portion will be issued in the name or names of the Holders thereof upon the surrender thereof.
Notice of redemption shall be given as provided in Section 1104 of the Original Indenture except that any such notice of redemption with respect to any redemption occurring prior to April 1, 2044 shall not specify the Redemption Price but only the manner of calculation thereof.  The Trustee shall not be responsible for the calculation of such Redemption Price.  The Company shall calculate such Redemption Price and promptly notify the Trustee thereof.
Any redemption of less than all of the Series 2014A Notes shall, with respect to the principal thereof, be divisible by $1,000.
ARTICLE 2
Miscellaneous Provisions
SECTION 201.  Recitals by Company. The recitals in this Twenty-First Supplemental Indenture are made by the Company only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of Series 2014A Notes and of this Twenty-First Supplemental Indenture as fully and with like effect as if set forth herein in full.
SECTION 202.  Ratification and Incorporation of Original Indenture.  Ratification and Incorporation of Original Indenture.  As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture as 

5

supplemented by this Twenty-First Supplemental Indenture shall be read, taken and construed as one and the same instrument.
SECTION 203.  Executed in Counterparts.  This Twenty-First Supplemental Indenture may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument.

6

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

	
					
	ATTEST:
	 
	GULF POWER COMPANY

	 
	 
	 
	 
	 

	By:
	/s/Susan D. Ritenour
	 
	By:
	/s/Richard S. Teel

	 
	Susan D. Ritenour
	 
	 
	Richard S. Teel

	 
	Secretary and Treasurer
	 
	 
	Vice President and Chief Financial Officer

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	ATTEST:
	 
	THE BANK OF NEW YORK MELLON, as Trustee

	 
	 
	 
	 
	 

	By:
	/s/Glenn G. McKeever
	 
	By:
	/s/Laurence J. O’Brien

	 
	Glenn G. McKeever
	 
	 
	Laurence J. O’Brien

	 
	Vice President
	 
	 
	Vice President

EXHIBIT A

FORM OF SERIES 2014A NOTE

	
				
	NO.
	 
	 
	CUSIP NO. 402479 CE7

	 
	 
	 
	 

GULF POWER COMPANY
SERIES 2014A 4.55% SENIOR NOTE
DUE OCTOBER 1, 2044
	
		
	Principal Amount:
	$_____________

	 
	 

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

	 
	 

	Original Issue Date:
	September 23, 2014

	 
	 

	Stated Maturity:
	October 1, 2044

	 
	 

	Interest Payment Dates:
	April 1 and October 1

	 
	 

	Interest Rate:
	4.55% per annum

	 
	 

	Authorized Denominations:
	$1,000 or any integral multiple thereof

Gulf Power Company, a Florida corporation (the “Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to _____________________, or registered assigns, the principal sum of ___________________________ DOLLARS ($___________) on the Stated Maturity shown above (or upon earlier redemption), and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on each Interest Payment Date as specified above, commencing April 1, 2015, and on the Stated Maturity (or upon earlier redemption) at the rate per annum shown above until the principal hereof is paid or made available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity or on a Redemption Date) will, as provided in such Indenture, be paid to the Person in whose name this Note (the “Note”) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at the Stated Maturity or on any Redemption Date will be paid to the Person to whom principal is payable.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not 

inconsistent with the requirements of any securities exchange, if any, on which the Notes of this series shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.
Payments of interest on this Note will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments for this Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months.  In the event that any date on which interest is payable on this Note is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was originally payable.  A “Business Day” shall mean any day other than a Saturday or a Sunday or a day on which banking institutions in New York City are authorized or required by law or executive order to remain closed or a day on which the Corporate Trust Office of the Trustee is closed for business.
Payment of the principal of and interest due at the Stated Maturity or earlier redemption of the Series 2014A Notes shall be made upon surrender of the Series 2014A Notes at the Corporate Trust Office of the Trustee.  The principal of and interest on the Series 2014A Notes shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  Payment of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer or other electronic transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 16 days prior to the date for payment by the Person entitled thereto.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.
Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

A-2

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

Dated: 

	
			
	 
	GULF POWER COMPANY

	 
	 
	 

	 
	By:
	 

	 
	Title:

	 
	 
	 

	 
	 
	 

	 
	 
	 

	Attest:

	 
	 

	 
	 
	 

	Title:
	 
	 

{Seal of GULF POWER COMPANY appears here}

CERTIFICATE OF AUTHENTICATION

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

	
		
	THE BANK OF NEW YORK MELLON,

	as Trustee

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	By:
	 

	 
	Authorized Signatory

	 
	 

(Reverse Side of Note)
This Note is one of a duly authorized issue of Senior Notes of the Company (the “Notes”), issued and issuable in one or more series under a Senior Note Indenture, dated as of January 1, 1998, as supplemented (the “Indenture”), between the Company and The Bank of New York Mellon (as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank)), as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes issued thereunder and of the terms upon which said Notes are, and are to be, authenticated and delivered.  This Note is one of the series designated on the face hereof as Series 2014A 4.55% Senior Notes due October 1, 2044 (the “Series 2014A Notes”) which is unlimited in aggregate principal amount.  Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.
At any time and from time to time prior to April 1, 2044, the Series 2014A Notes will be subject to redemption at the option of the Company in whole or in part upon not less than 30 nor more than 60 days’ notice, at Redemption Prices equal to the greater of (1) 100% of the principal amount of the Series 2014A Notes being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal of and interest on the Series 2014A Notes being redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted (for purposes of determining present value) to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Yield plus 25 basis points, plus, in each case, accrued and unpaid interest thereon to the Redemption Date.  At any time and from time to time on or after April 1, 2044, the Series 2014A Notes will be subject to redemption at the option of the Company in whole or in part upon not less than 30 nor more than 60 days’ notice, at a Redemption Price equal to 100% of the principal amount of the Series 2014A Notes being redeemed plus accrued and unpaid interest on the Series 2014A Notes being redeemed to the Redemption Date.
“Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Series 2014A Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Series 2014A Notes.
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

A-5

“Independent Investment Banker” means an independent investment banking institution of national standing appointed by the Company.
“Reference Treasury Dealer” means a primary U.S. Government securities dealer in the United States appointed by the Company.
“Reference Treasury Dealer Quotation” means, with respect to a Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount and quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. Eastern time on the third Business Day in New York City preceding such Redemption Date).
The Trustee shall not be responsible for the calculation of the Redemption Price, with respect to any redemption occurring prior to April 1, 2044.  The Company shall calculate such Redemption Price and promptly notify the Trustee thereof.
In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender hereof.
The Series 2014A Notes will not have a sinking fund.
If an Event of Default with respect to the Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Notes at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar 

A-6

and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees.  No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
The Notes of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder surrendering the same upon surrender of the Note or Notes to be exchanged at the office or agency of the Company.
This Note shall be governed by, and construed in accordance with, the internal laws of the State of New York.

A-7

ABBREVIATIONS

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

	TEN ENT-
	as tenants by the entireties
	 
	 
	(Cust)
	 
	(Minor)

	JT TEN-
	as joint tenants with right of survivorship and not as tenants in common
	 
	 
	under Uniform Gifts to Minors Act

	 
	 
	 
	 
	(State)

Additional abbreviations may also be used
though not on the above list.

	
	
	FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

	 

	(please insert Social Security or other identifying number of assignee)

	 

	 

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

	 

	 

	 

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

	 

	 

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

    
	
				
	Dated: 
	 
	 
	 

	 
	 
	 
	 

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

A-8

EXHIBIT B

CERTIFICATE OF AUTHENTICATION

This is one of the Senior Notes referred to in the within-mentioned Indenture.
	
		
	THE BANK OF NEW YORK MELLON,

	as Trustee

	 
	 

	 
	 

	By:
	 

	 
	Authorized Signatory

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