Document:

EX-10.1

 Exhibit 10.1 
  

			
	Date:	  	November 15, 2021
		
	To:	  	Queen’s Gambit Growth Capital (“Counterparty”)
		
	Address:	  	55 Hudson Yards, 44th Floor
		  	New York, NY 10001
		
	From:	  	ACM ARRT VII B, LLC, a Delaware limited liability company (“Seller”)
		
	Re:	  	OTC Equity Prepaid Forward Transaction

 The purpose of this agreement (this “Confirmation”) is to confirm the terms and conditions of the transaction
(the “Transaction”) entered into between Seller and Counterparty on the Trade Date specified below. Certain terms of the Transaction shall be as set forth in this Confirmation, with additional terms as set forth in a Pricing Date
Notice (the “Pricing Date Notice”) in the form of Schedule A hereto. This Confirmation, together with the Pricing Date Notice, constitutes a “Confirmation” and the Transaction constitutes a separate “Transaction”
as referred to in the ISDA Form (as defined below). 
 This Confirmation, together with the Pricing Date Notice, evidences a complete binding agreement
between Seller and Counterparty as to the subject matter and terms of the Transaction to which this Confirmation relates and shall supersede all prior or contemporaneous written or oral communications with respect thereto. 

The 2006 ISDA Definitions (the “Swap Definitions”) and the 2002 ISDA Equity Derivatives Definitions (the “Equity
Definitions”, and with the Swap Definitions, the “Definitions”), each as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. If there is any inconsistency between
the Definitions and this Confirmation, this Confirmation governs. If, in relation to the Transaction to which this Confirmation relates, there is any inconsistency between the ISDA Form, this Confirmation (including the Pricing Date Notice), the
Swap Definitions and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated: (i) this Confirmation (including the Pricing Date Notice); (ii) the Equity Definitions;
(iii) the Swap Definitions, and (iv) the ISDA Form. 
 This Confirmation, together with the Pricing Date Notice, shall supplement, form a part of,
and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “ISDA Form”) as if Seller and Counterparty had executed an agreement in such form (but without any Schedule except as set forth herein under
“Schedule Provisions”) on the Trade Date of the Transaction. 
 The terms of the particular Transaction to which this Confirmation relates
are as follows: 
 General Terms 
  

			
	Type of Transaction:	  	Share Forward Transaction
		
	Trade Date:	  	November 15, 2021
		
	Pricing Date:	  	As specified in the Pricing Date Notice
		
	Effective Date:	  	One (1) Settlement Cycle following the Pricing Date.
		
	Valuation Date:	  	The earlier to occur of (a) the second anniversary of the closing of the business combination (the “Business Combination”) between Counterparty and Swvl Inc. (the “Target”) pursuant to the
Business Combination Agreement by and among the Target, Counterparty, the Issuer (as defined below), Pivotal Merger Sub Company I and Pivotal Merger Sub Company II Limited, dated as of July 28, 2021 (the “Business Combination
Agreement”), as reported on the Form 8-K filed by Counterparty on July 28, 2021 (the “Signing 8-K”) and (b) upon the occurrence of a
Trigger Event, if any, such date as elected by the Seller pursuant to its acceleration right in connection therewith and as describe below.

			
	Trigger Event:	  	Seller shall have the right to accelerate the Valuation Date to the Exchange Business Day that the Relevant Price per Share is at or below $5.00 per Share for 20 out of the preceding 30 Exchange Business Days.
		
	Pricing Date Notice:	  	Seller shall deliver to Counterparty a Pricing Date Notice no later than one (1) Exchange Business Day prior to the closing of the Business Combination.
		
	Seller:	  	Seller
		
	Buyer:	  	Counterparty
		
	SPAC Shares:	  	The Class A ordinary shares, par value $0.0001 per share, of Counterparty, which, in connection with the closing of the Business Combination, shall be automatically cancelled, extinguished and converted into the right to
receive Shares.
		
	Shares:	  	The Class A ordinary shares, par value $0.0001 per share of Pivotal Holdings Corp, a British Virgin Islands business company limited by shares incorporated under the laws of the British Virgin Islands (the
“Issuer”), as described on Bloomberg screen “SWVL US <Equity> DES” (or any equivalent or successor screen thereto).
		
	Number of Shares:	  	As specified in the Pricing Date Notice; provided that the Number of Shares shall not exceed the greater of (x) the number of Subject Shares or the Maximum Number of Shares, whichever number is lower, and (y) the Minimum
Number of Shares and, provided further that the Number of Shares shall be equal to the Minimum Number of Shares if a Share Premium Event is applicable. The Number of Shares is subject to partial or full termination as described below under
“Early Settlement” or “Optional Early Termination”.
		
	Maximum Number of Shares:	  	10,000,000 Shares
		
	Minimum Number of Shares:	  	2,500,000 Shares upon a Share Premium Event (otherwise, zero Shares).
		
	Acquisition Price	  	The average price per SPAC Share paid by the Seller to acquire the SPAC Shares, including any brokerage commissions paid by the Seller in connection therewith.
		
	Excess	  	The difference between (i) the Acquisition Price minus (ii) the Redemption Price, which amount may be positive or negative.
		
	Forward Price:	  	The Redemption Price plus 50% of the Excess.
		
	Redemption Price:	  	The “Redemption Price” as defined in Article 168 of the Amended and Restated Articles of Association of Pivotal Holdings Corp, the form of which is included as Exhibit C to the Business Combination Agreement (the
“Counterparty Articles”).
		
	Share Premium Event:	  	If Seller is unable to acquire at least the Minimum Number of Shares before the completion of the Business Combination, Seller may, at its sole option upon not less than two Business Days notice prior to the closing of the Business
Combination, elect to acquire Shares from the Issuer by delivering a notice with the number of Shares that Issuer must deliver so that Seller will own the Minimum Number of Shares (the “Minimum Share Notice”), which number of Shares
may be reduced by subsequent notice to the extent that Seller acquires additional shares

			
	    	 	from shareholders of Counterparty or the Issuer who exercise redemption rights in connection with the Business Combination. Following the completion of the Business Combination and within ten (10) Exchange Business Days
following receipt of the Minimum Share Notice and subject to the due execution and delivery of the Private Placement Documentation (as defined below), Issuer shall deliver the relevant number of Shares (the “Minimum Shares”) to
Seller such that Seller will own the Minimum Number of Shares for the Transaction at a price per Share equal to the Redemption Price. Such delivery of the Minimum Number of Shares shall be pursuant to a private placement transaction not involving
any public offering within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), which transaction shall occur pursuant to definitive documentation substantially consistent with the PIPE Subscription
Agreements described in the Signing 8-K, the form of which was included as Exhibit 99.1 thereto (the “Private Placement Documentation”).
		
		 	Within thirty (30) calendar days after the closing of the Business Combination, Issuer shall use its commercially reasonable efforts to file (at Issuer’s sole cost and expense) with the Securities Exchange Commission (the
“Commission”) a registration statement registering the resale of the Minimum Shares (the “Registration Statement”), and have the Registration Statement declared effective as soon as practicable after the filing
thereof, but no later than the earliest of (i) the 90th calendar day (or 135th calendar day if the Commission notifies the Issuer that it will “review” the Registration Statement) following such closing and (ii) the 10th Exchange
Business Day after the date the Issuer is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review, subject to the
Issuer’s right to postpone and suspend the effectiveness or use of the Registration Statement on the terms set forth in the Private Placement Documentation. Upon notification by the Commission that the Registration Statement has been
declared effective by the Commission, within two (2) Exchange Business Days thereafter, the Issuer shall file the final prospectus under Rule 424 of the Securities Act. In no event shall Seller be identified as a statutory underwriter in the
Registration Statement unless requested by the Commission.
		
		 	If requested by Seller, the Issuer shall remove or instruct its transfer agent to remove any restrictive legend with respect to transfers under the Securities Act from the Minimum Shares if (1) the Registration Statement is and
continues to be effective under the Securities Act, (2) such Minimum Shares are sold or transferred pursuant to Rule 144 under the Securities Act (subject to all applicable requirements of Rule 144 being met), or (3) such Minimum Shares
are eligible for sale under Rule 144, without the requirement for the Issuer to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) as to the Minimum Shares and without volume or manner-of-sale restrictions; provided that Seller shall have timely provided customary representations and other documentation reasonably acceptable to
the Issuer, its counsel and/or its transfer agent in connection therewith. Any fees (with respect to the transfer agent, Issuer’s counsel or otherwise) associated with the issuance of any legal opinion required by the Issuer’s transfer
agent or the removal of such legend shall be borne by the Issuer. If a legend is no longer required pursuant to the foregoing, the Issuer will, no later than five (5) Exchange Business Days following the delivery by Seller to the Issuer or the
transfer agent (with notice to the Issuer) of customary representations and other documentation reasonably acceptable to the Issuer, its counsel and/or its transfer agent, remove the restrictive legend related to the book entry account holding the
Minimum Shares and make a new, unlegended book entry for the Minimum Shares.

			
		  	For the avoidance of doubt, the Minimum Shares shall be included in the Number of Shares for this Share Forward Transaction and be subject to, and form part of, the Transaction in all material respects.
		
	Prepayment:	  	Applicable
		
	Prepayment Amount:	  	An amount equal to 100% of the Forward Price multiplied by the Number of Shares, which shall be paid out of the funds held in the Counterparty’s trust account as part of the flow of funds upon closing of the Business
Combination.
		
	Prepayment Date:	  	The closing date of the Business Combination
		
	Variable Obligation:	  	Not applicable
		
	Exchange(s):	  	Nasdaq Global Market
		
	Related Exchange(s):	  	All Exchanges
		
	Seller Payment Amounts:	  	Seller shall pay to Issuer an amount equal to 50% of the dividend paid to non-redeeming holders of SPAC shares in connection with closing the Business Combination; provided the Seller
Payment Amount shall not exceed $345,000 and provided further that the Seller Payment Amount shall not be payable if the closing price of the SPAC shares on the last Exchange Business Day prior to the Pricing Date exceeds $10.10 per
share.
		
	Counterparty Payment Amounts:	  	Counterparty shall pay to Seller (a) on each Payment Date, a structuring fee of $2,500 per Calculation Period (the “Structuring Fee”), provided that the Structuring Fee with respect to the first and final
Calculation Period shall be prorated to reflect the number of days in such Calculation Period relative to the number of days in the calendar quarter in which such Calculation Period falls and (b) on the Effective Date an amount equal to the
lesser of (x) the attorney fees and other reasonable expenses, including in connection with regulatory filings, related thereto incurred by Seller or its affiliates in connection with this Transaction and (y) $50,000 (“Professional
Fees”). Counterparty shall pay any accrued but unpaid Professional Fees on the next Payment Date.
		
	Payment Dates:	  	Counterparty shall pay to Seller the Counterparty Payment Amounts on the last day of each calendar quarter or, if such date is not a Local Business Day, the next following Local Business Day, except that the final Payment Date shall
be the Settlement Date. Seller shall pay to Issuer the Seller Payment Amount within 10 Local Business Days of the closing of the Business Combination.
		
	Calculation Period:	  	Notwithstanding anything to the contrary in Section 4.13 of the Swap Definitions, each period from, and including, one Period End Date to, but excluding, the next following applicable Period End Date during the term of the
Transaction, except that (a) the initial Calculation Period will commence on, and include, the date of the closing of the Business Combination and (b) the final Calculation Period will end on, but exclude the Settlement Date.
		
	Settlement Terms	  	
		
	Settlement Method Election:	  	Not Applicable
		
	Settlement Method:	  	Physical Settlement

			
	Settlement Currency:	  	USD
		
	Excess Dividend Amount	  	Ex Amount
		
	Settlement Amount:	  	On the Settlement Date, Seller will deliver to Counterparty the remaining Number of Shares and Counterparty shall pay to Seller an amount in cash to Seller equal to (i) the remaining Number of Shares multiplied by the Forward
Price minus (ii) the remaining Prepayment Amount, and Counterparty shall release its security interest in 100% of the Collateral.
		
	Settlement Date:	  	Unless Seller elects Optional Early Termination or if Early Settlement is applicable to the Transaction, two (2) Exchange Business Days following the Valuation Date.
		
	Relevant Price:	  	Solely for determining if Early Settlement is applicable, for any Exchange Business Day prior to the Valuation Date, the dollar volume weighted average price per Share for such day, as displayed under the heading “Bloomberg
VWAP” on the Bloomberg screen “SWVL <Equity> AQR” (or any equivalent or successor screen thereto) or, in the event such volume weighted average price per Share is unavailable, as reasonably determined by the Calculation Agent
using a volume weighted method..
		
	Market Disruption Events:	  	Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in
Valuation Time or Knock-out Valuation Time, as the case may be” in clause (ii) thereof.
		
		  	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.
		
	Early Settlement:	  	On any Exchange Business Day prior to the Valuation Date (any such date, an “Early Settlement Date”), if the Relevant Price equals or exceeds:
		
		  	 a)  $12.00 per Share for at least 20 of 30 of the preceding Exchange Business Days
(such period, an “Early Settlement Determination Period”), Seller shall pay an amount of cash (an “Early Settlement Cash Amount”) to the Issuer equal to 25% of the Prepayment Amount and Counterparty shall release
its security interest in 25% of the Collateral, in each case, less any Prepayment Amount paid or Collateral previously released in connection with an Optional Early Termination, as described below;

		
		  	 b)  $14.00 per Share for any Early Settlement Determination Period, Seller shall pay
an Early Settlement Cash Amount to the Issuer equal to 50% of the Prepayment Amount and Counterparty shall release its security interest in 50% of the Collateral, in each case, less any Prepayment Amount paid or Collateral previously released in
connection with clause (a) above or an Optional Early Termination, as described below;

		
		  	 c)  $16.00 per Share for any Early Settlement Determination Period, Seller shall pay
an Early Settlement Cash Amount to the Issuer equal to 75% of the Prepayment Amount and Counterparty shall release its security interest in 75% of the Collateral, in each case, less any Prepayment Amount paid or Collateral previously released in
connection with clause (a) or (b) above or an Optional Early Termination, as described below; or

			
		  	 d)  $18.00 per Share for any Early Settlement Determination Period, Seller shall pay
an Early Settlement Cash Amount to the Issuer equal to the remainder of the Prepayment Amount and Counterparty shall release its security interest in the remainder of the Collateral.

		
		  	; provided that (i) no Early Settlement Determination Period shall run concurrently with any other Early Settlement Determination Period and no more than 25% of the Prepayment Amount shall be paid to the Issuer and no
more than 25% of the Counterparty’s security interest in the Collateral shall be released pursuant to this provision with respect to each Early Settlement Determination Period, (ii) if the average daily trading volume in the Shares for the
30 Exchange Business Days prior to the Early Settlement Date is less than 1/10 of the applicable Share Reduction Amount (as defined below) per day, then Seller may elect to pay the Early Settlement Cash Amount over a period commencing two Exchange
Business Days after the Early Settlement Date and ending on the date that the Early Settlement Cash Amount has been paid to Issuer in full (the “Extended Settlement Period”) in installments in an amount on each Exchange Business Day
of the Extended Settlement Period equal to (x) 10% of such average daily trading volume times (y) the Trigger Price (not to exceed the Early Settlement Cash Amount in the aggregate), where “Trigger Price” means (I) with respect
to clause (a), $12.00 per Share, (II) with respect to clause (b), $14.00 per Share, (III) with respect to clause (c), $16.00 per Share and (IV) with respect to clause (d), $18.00 per Share; provided further that in the case of
each of (a)-(d) above, the Transaction shall be terminated in part, the effect of such termination shall be to reduce the Number of Shares for such Transaction by the number obtained by dividing the applicable Early Settlement Cash Amount by the
Forward Price (such number, the “Share Reduction Amount”), and the remainder of the Transaction, if any, shall continue in accordance with its terms.
		
	Optional Early Termination:	  	From time to time and on any Exchange Business Day following the date of the closing of the Business Combination (any such date, an “OET Settlement Date”), Seller may, in its absolute discretion, terminate the
Transaction in whole or in part upon no less than three (3) days prior written notice to Counterparty and Issuer (the “OET Notice”), the effect of such termination shall be to reduce the Number of Shares for such Transaction
(the reduction being “Terminated Shares”). Each OET Notice shall specify the OET Settlement Date and the number of Terminated Shares with respect to such termination. On each OET Settlement Date, Seller shall pay to Issuer an amount
equal to the product of (x) the number of Terminated Shares and (y) the Forward Price. The remainder of the Transaction, if any, shall continue in accordance with its terms; provided that if the OET Settlement Date is also the stated
Valuation Date, the remainder of the Transaction shall be settled in accordance with the other provisions of “Settlement Terms.”
		
	Share Adjustments:	  	
		
	Method of Adjustment:	  	Calculation Agent Adjustment
		
	Extraordinary Events:	  	
		
	Consequences of Merger Events:	  	
		
	Share-for-Share:	  	Calculation Agent Adjustment
		
	Share-for-Other:	  	Cancellation and Payment

			
	Share-for-Combined:	  	Component Adjustment
		
	Tender Offer:	  	Applicable; provided, however, that Section 12.1(d) of the Equity Definitions is hereby amended by adding “, or of the outstanding Shares,” before “of the Issuer” in the fourth line thereof and
replacing the reference to “10%” therein with “20%”. Sections 12.1(e) and 12.1(l)(ii) of the Equity Definitions are hereby amended by adding “or Shares, as applicable,” after “voting Shares”.
		
	Consequences of Tender Offers:	  	
		
	Share-for-Share:	  	Calculation Agent Adjustment
		
	Share-for-Other:	  	Calculation Agent Adjustment
		
	Share-for-Combined:	  	Calculation Agent Adjustment
		
	Composition of Combined Consideration:	  	Not Applicable
		
	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the
United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the
Nasdaq Global Select Market or the Nasdaq Global Market (or their respective successors) or such other exchange or quotation system which, in the determination of the Calculation Agent, has liquidity comparable to the aforementioned exchanges; if
the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation
system shall be deemed to be the Exchange.
		
	Business Combination Exclusion:	  	Notwithstanding the foregoing or any other provision herein, the parties agree that the Business Combination shall not constitute a Merger Event, Tender Offer, Delisting or any other Extraordinary Event hereunder.
		
	Additional Disruption Events:	  	
		
	 (a)   Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new
regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof.
		
	 (a)   Failure to Deliver:
	  	Not Applicable
		
	 (b)   Insolvency Filing:
	  	Applicable
		
	 (c)   Hedging Disruption:
	  	Not Applicable
		
	 (d)   Increased Cost of Hedging:
	  	Not Applicable
		
	 (e)   Loss of Stock Borrow:
	  	Not Applicable
		
	 (f)   Increased Cost of Stock Borrow:
	  	Not Applicable

			
	Determining Party:	  	For all applicable events, Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations
as Determining Party, in which case a Third Party Dealer (as defined below) in the relevant market selected by Counterparty will be the Determining Party. When making any determination or calculation as “Determining Party,” Seller shall be
bound by the same obligations relating to required acts of the Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if Determining Party were the Calculation Agent.
		
	Additional Provisions:	  	
		
	Calculation Agent:	  	Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations as Calculation Agent, in
which case an unaffiliated leading dealer in the relevant market selected by Counterparty will be the Calculation Agent.
		
		  	In the event that a party (the “Disputing Party”) does not agree with any determination made (or the failure to make any determination) by the Calculation Agent, the Disputing Party shall have the right to require
that the Calculation Agent have such determination reviewed by a disinterested third party that is a dealer in derivatives of the type that is the subject of the dispute and that is not an Affiliate of either party (a “Third Party
Dealer”). Such Third Party Dealer shall be jointly selected by the parties within one Business Day after the Disputing Party’s exercise of its rights hereunder (once selected, such Third Party Dealer shall be the “Substitute
Calculation Agent”). If the parties are unable to agree on a Substitute Calculation Agent within the prescribed time, each of the parties shall elect a Third Party Dealer and such two dealers shall agree on a third Party Dealer by the end
of the subsequent Business Day. Such third Party Dealer shall be deemed to be the Substitute Calculation Agent. Any exercise by the Disputing Party of its rights hereunder must be in writing and shall be delivered to the Calculation Agent not later
than the third Business Day following the Business Day on which the Calculation Agent notifies the Disputing Party of any determination made (or of the failure to make any determination). Any determination by the Substitute Calculation Agent shall
be binding in the absence of manifest error and shall be made as soon as possible but no later than the second Business Day following the Substitute Calculation Agent’s appointment. The costs of such Substitute Calculation Agent shall be borne
by (a) the Disputing Party if the Substitute Calculation Agent substantially agrees with the Calculation Agent or (b) the non-Disputing Party if the Substitute Calculation Agent does not
substantially agree with the Calculation Agent. If, after following the procedures and within the specified time frames set forth above, a binding determination is not achieved, the original determination of the Calculation Agent shall
apply.
		
		  	Following any adjustment, determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty (which may be by email), the Calculation Agent will promptly (but in any event within five Exchange
Business Days) provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the
basis for such adjustment, determination or calculation (including any quotations, market data or information from internal or external sources, and any assumptions used in making such adjustment, determination or calculation), it being understood
that in no event will the Calculation Agent be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary or confidential models used by it in making such adjustment, determination or calculation or
any information that is subject to an obligation not to disclose such information.

			
		  	All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.
		
	Non-Reliance:	  	Applicable
		
	Agreements and	  	
	Acknowledgements Regarding	  	
	Hedging Activities:	  	Applicable
		
	Additional Acknowledgements:	  	Applicable
		
	Collateral Provisions:	  	
		
	Grant of Security Interest:	  	Seller hereby grants a security interest in the Collateral to Counterparty to secure the payment or performance of all of Seller’s present and future obligations to Counterparty with respect to this Transaction.
		
	Collateral:	  	All of the following personal property of Seller, wherever located, and now owned, held or existing, or hereafter acquired or arising:
		
		  	(i) all cash proceeds of the sale, transfer or other disposition of SPAC Shares standing to the credit of the Securities Account;
		
		  	(ii) the deposit account of Seller at First Republic Bank in which such cash proceeds will be deposited; and
		
		  	(iii) to the extent not listed above as original collateral, proceeds and products of the foregoing.
		
	Securities Account:	  	The securities account opened or to be opened in the name of Seller and maintained at the Securities Intermediary, and any renumbering of that account and any permitted account in replacement thereof. Seller will immediately upon
establishment of the Securities Account furnish to Counterparty information identifying the Securities Account. Seller will instruct the Securities Intermediary to deposit all cash proceeds of any sale or other disposition of the SPAC Shares into a
deposit account in the name of Seller at First Republic Bank.
		
	Securities Intermediary:	  	Cantor Fitzgerald, a nationally recognized “securities intermediary” (as defined in Article 8 of the UCC) that will maintain the Securities Account.
		
	Perfection:	  	Seller authorizes Counterparty to file one or more financing statements, in the standard form for a UCC-1 filing or other appropriate form, describing the Collateral to perfect the security
interest created hereby and otherwise make it effective against third parties. Seller hereby authorizes Counterparty at any time and from time to time to amend any financing statements naming Seller as “debtor” to include the Collateral.
In addition, Seller, Counterparty and First Republic Bank shall enter into a customary deposit account control agreement in form and substance acceptable to such Bank, Seller, Issuer and Counterparty.
		
	Schedule Provisions:	  	
		
	Specified Entity:	  	In relation to both Seller and Counterparty for the purpose of:

			
		  	Section 5(a)(v), Not Applicable
		  	Section 5(a)(vi), Not Applicable
		  	Section 5(a)(vii), Not Applicable
		  	Section 5(b)(v), Not Applicable
		
	Cross-Default	  	The “Cross-Default” provisions of Section 5(a)(vi) of the ISDA Form will not apply to either party.
		
	Credit Event Upon Merger	  	The “Credit Event Upon Merger” provisions of Section 5(b)(v) of the ISDA Form will not apply to either party.
		
	Automatic Early Termination:	  	The “Automatic Early Termination” of Section 6(a) of the ISDA Form will not apply to either party.
		
	Termination Currency:	  	United States Dollars
		
	Additional Termination Event:	  	Will apply to Seller and will apply to Counterparty. The occurrence of either of the following events shall constitute an Additional Termination Event in respect of which Seller and Counterparty shall both be Affected
Parties:
		
		  	(a) The Business Combination fails to close on or before the “Outside Date” as defined in the Business Combination Agreement (as such Outside Date may be amended or extended from time to time).
		
		  	(b) The Business Combination Agreement is terminated prior to the closing of the Business Combination.
		
		  	If this Transaction terminates due to the occurrence of the foregoing Additional Termination Event, then, subject to the immediately following sentence, no further payments or deliveries shall be due by either Seller to Counterparty
or Counterparty to Seller in respect of the Transaction, including without limitation in respect of any settlement amount, breakage costs or any amounts representing the future value of the Transaction, and neither party shall have any further
obligation under the Transaction and, for the avoidance of doubt and without limitation, no payments will have accrued or be due under Sections 2, 6 or 11 of the ISDA Form. Notwithstanding the foregoing, Counterparty’s obligations set forth
under the captions, “‘Payment Amounts”, “Representations, Warranties and Covenants – (h) Waiver by Counterparty” and “Other Provisions — (d) Indemnification” shall survive any termination due to the
occurrence of the foregoing Additional Termination Event.
		
	Governing Law:	  	New York law (without reference to choice of law doctrine)
		
	Credit Support Document:	  	With respect to Seller, each of (i) the undertakings of Seller set forth under Collateral Provisions above, (ii) the obligations of Seller set forth under “Representations, Warranties and Covenants – (f)
Perfected Security Interest; Other Agreements” below; and (iii) the deposit account control agreement referred to under “Perfection” above. With respect to Counterparty, None.
		
	Credit Support Provider:	  	With respect to Seller and Counterparty, None.
		
	Local Business Days:	  	Seller specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York.
		
		  	Counterparty specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York.

 Representations, Warranties and Covenants 

Each of Counterparty and Seller represents and warrants to, and covenants and agrees with, the other as of the date on which it enters into the Transaction
that (in the absence of any written agreement between the parties that expressly imposes affirmative obligations to the contrary for the Transaction): 
  

	(a)	 Non-Reliance. It is acting for its own account,
and it has made its own independent decisions to enter into the Transaction and as to whether the Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not
relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into the Transaction, it being understood that information and explanations related to the terms and conditions of the Transaction
will not be considered investment advice or a recommendation to enter into the Transaction. No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of the
Transaction. 

  

	(b)	 Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction. It is also capable of assuming, and assumes, the risks of the Transaction. 

 

	(c)	 Non-Public Information. It is in compliance with
Section 10(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

  

	(d)	 Eligible Contract Participant. It is an “eligible contract participant” under,
and as defined in, the Commodity Exchange Act (7 U.S.C. § 1a(18)) and CFTC regulations (17 CFR § 1.3). 

  

	(e)	 Tax Characterization. It shall treat the Transaction as a derivative financial contract for U.S.
federal income tax purposes, and it shall not take any action or tax return filing position contrary to this characterization. 

  

	(f)	 Private Placement. It (i) is an “accredited investor” as such term is defined in
Regulation D as promulgated under the Securities Act, (ii) is entering into the Transaction for its own account without a view to the distribution or resale thereof and (iii) understands that the assignment, transfer or other disposition
of the Transaction has not been and will not be registered under the Securities Act. 

  

	(g)	 Investment Company Act. It is not and, after giving effect to the Transaction, will not be
required to register as an “investment company” under, and as such term is defined in, the Investment Company Act of 1940, as amended. 

  

	(h)	 Authorization. The Transaction has been entered into pursuant to authority granted by its
board of directors or other governing authority. It has no internal policy, whether written or oral, that would prohibit it from entering into any aspect of the Transaction, including, but not limited to, the purchase of Shares to be made in
connection therewith. 

 Counterparty represents and warrants to, and covenants and agrees with Seller as of the date on which it enters
into the Transaction that (in the absence of any written agreement between the parties that expressly imposes affirmative obligations to the contrary for the Transaction): 
  

	(a)	 Total Assets. It has total assets of at least USD 50,000,000 as of the date hereof.

  

	(b)	 Non-Reliance. Without limiting the generality of
Section 13.1 of the Equity Definitions, Counterparty acknowledges that Seller is not making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting
standards. 

	(c)	 Solvency. Counterparty is, and shall be as of the date of any payment or delivery by Counterparty
under the Transaction, solvent and able to pay its debts as they come due, with assets having a fair value greater than liabilities and with capital sufficient to carry on the businesses in which it engages. Counterparty: (i) has not engaged in
and will not engage in any business or transaction after which the property remaining with it will be unreasonably small in relation to its business, (ii) has not incurred and does not intend to incur debts beyond its ability to pay as they
mature, and (iii) as a result of entering into and performing its obligations under the Transaction, (a) it has not violated and will not violate any relevant state law provision applicable to the acquisition or redemption by an issuer of
its own securities and (b) it would not be nor would it be rendered “insolvent” (as such term is defined under Section 101(32) of the Bankruptcy Code). If on any Exchange Business Day Counterparty has liquidity, including cash
and amounts available for borrowing under any applicable credit facility, of less than $20 million, Counterparty shall promptly provide written notice of such condition to Seller. 

 

	(d)	 Public Reports. As of the Trade Date, Counterparty is in compliance with its reporting
obligations under the Exchange Act, and all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Exchange Act, when considered as a whole (with the most recent such reports and documents
deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 

  

	(e)	 No Distribution. Counterparty is not entering into the Transaction to facilitate a distribution
of the Shares (or any security that may be converted into or exercised or exchanged for Shares, or whose value under its terms may in whole or in significant part be determined by the value of the Shares) or in connection with any future issuance of
securities. 

  

	(f)	 Form 8-K. The Counterparty will not file with the
Securities and Exchange Commission any Form 8-K or other document that includes any disclosure regarding this Confirmation or the Transaction without consulting with and reasonably considering any comments
received from Seller, provided that, no consultation shall be required with respect to any subsequent disclosures that are substantially similar to prior disclosures by Counterparty that were reviewed by Seller. 

 

	(g)	 No Affiliation. Counterparty, to the best of its knowledge, and each other person that is
directly or indirectly through one or more intermediates controlling or controlled by or under common control with Counterparty is not to be considered and shall not become or be considered an “affiliate” (as defined in Rule 144 under the
Securities Act) of Seller at any time during the term of the Transaction. 

  

	(h)	 Waiver by Counterparty. Counterparty shall (i) provide any consent of its board of directors
required under Article 169 of the Queens Gambit Growth Capital Amended and Restated Articles of Association adopted by special resolution dated January 2021 (the “QG Articles”) (or Article 168 of the Counterparty Articles, if
applicable) in order to enable the Seller to exercise its redemption rights with respect to all of the SPAC Shares held thereby if (a) the Business Combination fails to close on or before the “Outside Date” as defined in the Business
Combination Agreement (as such Outside Date may be amended or extended from time to time) or (b) the Business Combination Agreement is terminated at any time prior to the closing of the Business Combination, and (ii) use commercially
reasonable efforts to provide any consent, waiver or amendment reasonably requested by the Seller with respect to any other rights that may prohibit or materially restrict or limit Seller from entering into or maintaining the Transaction or
transactions contemplated herein. 

 Seller represents and warrants to, and covenants and agrees with Counterparty as of the date on which
it enters into the Transaction and each other date specified that (in the absence of any written agreement between the parties that expressly imposes affirmative obligations to the contrary for the Transaction): 

 

	(a)	 Regulatory Filings. It together with each other person in the Seller Group (as defined in
“Other Provisions” below) is in compliance with all material regulatory filings relating to the Issuer and the Transaction. Counterparty covenants that it will make all regulatory filings that it is required by law or regulation to make
with respect to the Transaction including, without limitation, as may be required by Section 13 or Section 16 under the Exchange Act and, assuming the accuracy of Counterparty’s Repurchase Notices (as described under “Repurchase
Notices” below) any sales of SPAC Shares will be in compliance therewith. 

	(b)	 Net Long Position. During the term of this Transaction it together with each other person
in the Seller Group will maintain on an aggregated basis a net long position at least equal to the Number of Shares then subject to this Transaction. In computing the net long position it shall aggregate all cash transactions in the Shares as well
as the notional amount of all derivatives or other instruments that directly or indirectly give economic exposure to the Shares. 

  

	(c)	 Compliance with SPV Provisions. During the term of this Transaction it will comply with
all provisions of Section 7 and Section 9(d) of the Limited Liability Company Agreement of Seller and shall not amend or permit the amendment of such provisions without the written consent of Counterparty. Failure to comply with the
foregoing covenant shall constitute an Event of Default hereunder. 

  

	(d)	 No Affiliation. Seller and each other person that is directly or indirectly through one or more
intermediates controlling or controlled by or under common control with Seller is not to be considered and shall not become or be considered an “affiliate” (as defined in Rule 144 under the Securities Act) of Counterparty at any time
during the term of the Transaction. 

  

	(e)	 Compliance with Law. Seller with comply with applicable law in all material respects in
connection with its purchases or sales of any SPAC Shares or Shares in connection with the Transaction. 

  

	(f)	 Perfected Security Interest; Other Agreements. (i) Counterparty shall have a first and prior
perfected security interest in the Deposit Account during the term of this Transaction. (ii) Without limiting the foregoing, Seller shall not (a) transfer any cash from the Deposit Account except as contemplated by this Confirmation,
(b) pledge or otherwise grant a security interest in the Deposit Account in favor of any third party or (c) incur any indebtedness or other obligations other than as are incidental to Seller’s performance of its obligations under this
Confirmation. 

 Transactions by Seller in the Shares 

 

	(a)	 Seller hereby waives the redemption rights (“Redemption Rights”) set forth in Article 168 of
the Counterparty Articles and Article 169 of the QG Articles, in connection with the Business Combination with respect to Shares or SPAC Shares, respectively, it acquires from holders thereof other than Counterparty or its affiliates (each, a
“Third Party Shareholder”) who have exercised, or indicate an interest in exercising, their redemption rights in connection with the Business Combination pursuant to the Redemption Rights during the period (the “Hedging
Period”) beginning on the date of execution of this Agreement and ending at the time reversals of redemptions in connection with the Business Combination are no longer permitted (the “Subject Shares”). Following such date,
Seller shall notify Counterparty of the Number of Shares. For the avoidance of doubt, Seller may sell or otherwise transfer or dispose of any of the Shares, Shares or any other shares or securities of the Issuer or Counterparty in one or more public
or private transactions at any time; provided that if such SPAC Shares or Shares are transferred prior to the Closing of the Business Combination, such transferee also agrees to waive Redemption Rights with respect to such SPAC Shares or Shares, as
applicable (in each case with Counterparty as the third party beneficiary of such waiver) and provided, further, that upon the sale of any Shares Seller shall immediately be deemed to have delivered an OET Notice with respect thereto specifying the
settlement date of such sale as the OET Settlement Date. Any Shares sold by Seller during the term of the Transaction will cease to be Shares for purposes of the Transaction. 

 

	(b)	 Within five (5) Local Business Days of receipt of a written request from Counterparty or the Issuer,
Seller will provide the Counterparty or the Issuer, as applicable, with a written report of the sale of Shares by Seller during the period preceding the date of such written request, such report to include the date of the sale and the number of
Shares sold. 

 No Arrangements 

Seller and Counterparty each acknowledge and agree that: (i) there are no voting, hedging or settlement arrangements between Seller and Counterparty with
respect to any Shares or the Issuer, other than those set forth herein; (ii) although Seller may hedge its risk under the Transaction in any way Seller determines, Seller has no obligation to hedge with the purchase or maintenance of any Shares
or otherwise; (iii) Counterparty will not be entitled to any voting rights in respect of any of the Shares underlying the Transaction; and (iv) Counterparty will not seek to influence Seller with respect to the voting of any Hedge
Positions of Seller consisting of Shares. 

 Wall Street Transparency and Accountability Act 

In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that
neither the enactment of WSTAA or any regulation under WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, nor any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the
date of this Confirmation, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the ISDA Form, as applicable, arising from a termination event,
force majeure, illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the ISDA Form. 

Address for Notices 
 Notice to Seller: 

ACM ARRT VII B, LLC 
 c/o Atalaya Capital Management LP 

One Rockefeller Center 32nd Floor 
 New York, NY 10020 

Notice to Counterparty: 
 Queens Gambit Growth Capital 

55 Hudson Yards 44th Floor 

New York, NY 10001 
 Following the Closing of the Business
Combination: 
 Swvl Holdings Corp 
 The Offices 4, One Central

 Dubai World Trade Centre 
 Dubai, United Arab Emirates 

Account Details 
 Account details for Seller: To be
advised. 
 Account details for Counterparty: To be advised. 

Other Provisions. 
  

	(a)	 Rule 10b5-1. 

 

	 	(i)	 Counterparty represents and warrants to Seller that Counterparty is not entering into the Transaction to create
actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the
Shares) for the purpose of inducing the purchase or sale of such securities or otherwise in violation of the Exchange Act, and Counterparty represents and warrants to Seller that Counterparty has not entered into or altered, and agrees that
Counterparty will not enter into or alter, any corresponding or hedging transaction or position with respect to the Shares. Counterparty acknowledges that it is the intent of the parties that the Transaction comply with the requirements of
paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) and the Transaction shall be interpreted to comply with the
requirements of Rule 10b5-1(c). 

	 	(ii)	 Counterparty agrees that it will not seek to control or influence Seller’s decision to make any
“purchases or sales” (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3)) under the Transaction, including, without limitation, Seller’s decision to enter into any hedging transactions.
Counterparty represents and warrants that it has consulted with its own advisors as to the legal aspects of its adoption and implementation of this Confirmation and the Transaction under Rule 10b5-1.

  

	 	(iii)	 Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of this
Confirmation must be effected in accordance with the requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing,
Counterparty acknowledges and agrees that any such amendment, modification, waiver or termination shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no
such amendment, modification or waiver shall be made at any time at which Counterparty or any officer, director, manager or similar person of Counterparty is aware of any material non-public information
regarding Counterparty or the Shares. 

  

	(b)	 Repurchase Notices. Counterparty shall, on any day on which Counterparty effects any repurchase
of Shares, promptly give Seller a written notice of such repurchase (a “Repurchase Notice”) on such day if following such repurchase, the number of outstanding Shares as determined on such day is (i) less than the number of
Shares outstanding that would result in the percentage of total Shares outstanding represented by the number of Shares underlying the Transaction increasing by 0.50% (in the case of the first such notice) or (ii) thereafter more than the number
of Shares that would need to be repurchased to result in the percentage of total Shares outstanding represented by the number of Shares underlying the Transaction increasing by a further 0.50% less than the number of Shares included in the
immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless Seller and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an
“Indemnified Person”) from and against any and all losses (including losses relating to Seller’s hedging activities as a consequence of remaining or becoming a Section 16 “insider” following the closing of the
Business Combination, including without limitation, any forbearance from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and
expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person may become subject to, as a result of Counterparty’s failure to provide Seller with a Repurchase Notice on the day and in the manner specified
in this paragraph, and to reimburse, within thirty (30) days, upon written request, each of such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or
other evidence in connection with or defending any of the foregoing; provided, however, for the avoidance of doubt, Counterparty has no indemnification or other obligations with respect to Seller becoming a Section 16 “insider” prior
to the closing of the Business Combination or as a result of Seller’s purchases of Shares in excess of the Number of Shares. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be
brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide Seller with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and
Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees and
expenses of such counsel related to such proceeding. Counterparty shall not be liable for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified
Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the
indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such
Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph are not exclusive and shall not limit
any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the
termination of the Transaction. 

	(c)	 Transfer or Assignment. The rights and duties under this Confirmation may not be transferred or
assigned by any party hereto without the prior written consent of the other party, such consent not to be unreasonably withheld. If at any time following the closing of the Business Combination at which (A) the Section 16 Percentage
exceeds 9.9%, or (B) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clause (A) or (B), an “Excess Ownership Position”), Seller is unable after using its commercially
reasonable efforts to effect a transfer or assignment of a portion of the Transaction to a third party on pricing terms reasonably acceptable to Seller and within a time period reasonably acceptable to Seller such that no Excess Ownership Position
exists, then Seller may designate any Exchange Business Day as an Early Termination Date with respect to a portion of the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership
Position exists. In the event that Seller so designates an Early Termination Date with respect to a portion of the Transaction, a portion of the Shares with respect to the Transaction shall be delivered to Counterparty as if the Early Termination
Date was the Valuation Date in respect of a Transaction having terms identical to the Transaction and a Number of Shares equal to the number of Shares underlying the Terminated Portion. The “Section 16 Percentage”
as of any day is the fraction, expressed as a percentage, as determined by Seller, (A) the numerator of which is the number of Shares that Seller and each person subject to aggregation of Shares with Seller under Section 13 or
Section 16 of the Exchange Act and rules promulgated thereunder and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) of the Exchange Act) with Seller directly or
indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) (the “Seller Group” ) and (B) the denominator of which is the number of Shares outstanding.

 The “Share Amount” as of any day is the number of Shares that Seller and any person whose ownership position would be
aggregated with that of Seller and any group (however designated) of which Seller is a member (Seller or any such person or group, a “Seller Person”) under any law, rule, regulation, regulatory order or organizational documents or
contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant
definition of ownership under any Applicable Restriction, as determined by Seller in its sole discretion. 
 The “Applicable Share Limit”
means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any person or entity) of a Seller Person, or could
result in an adverse effect on a Seller Person, under any Applicable Restriction, as determined by Seller in its sole discretion, minus (B) 0.1% of the number of Shares outstanding. 

 

	(d)	 Indemnification. Counterparty agrees to indemnify and hold harmless Seller, its affiliates and
its assignees and their respective directors, officers, employees, agents and controlling persons (each such person being an “Indemnified Party”) from and against any and all losses (but not including financial losses to an
Indemnified Party relating to the economic terms of the Transaction provided that Counterparty performs its obligations under this Confirmation in accordance with its terms), claims, damages and liabilities (or actions in respect thereof), joint or
several, incurred by or asserted against such Indemnified Party arising out of, in connection with, or relating to, the execution or delivery of this Confirmation, the performance by the parties hereto of their respective obligations under the
Transaction, any breach of any covenant or representation made by Counterparty in this Confirmation or the ISDA Form or the consummation of the transactions contemplated hereby; provided, however, Counterparty has no indemnification obligations with
respect to any loss, claim, damage, liability or expense related to the manner in which Seller sells the SPAC Shares or any other Shares owned by Seller. Counterparty will not be liable under the foregoing indemnification provision to the extent
that any loss, claim, damage, liability or expense is found in a nonappealable judgment by a court of competent jurisdiction to have resulted from Seller’s material breach of any covenant, representation or other obligation in this Confirmation
or the ISDA Form or from Seller’s willful misconduct, gross negligence or bad faith in performing the services that are subject of the Transaction. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or
insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition
(and in addition to any other reimbursement      

	 	
of legal fees and expenses contemplated by this Confirmation), Counterparty will reimburse any Indemnified Party for all expenses (including reasonable counsel fees and expenses) as they are
incurred in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether
or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty. Counterparty also agrees that no Indemnified Party shall have any liability to Counterparty or any person asserting claims on behalf of or in
right of Counterparty in connection with or as a result of any matter referred to in this Confirmation except to the extent that any losses, claims, damages, liabilities or expenses incurred by Counterparty result from such Indemnified Party’s
breach of any covenant, representation or other obligation in this Confirmation or the ISDA Form or from the gross negligence, willful misconduct or bad faith of the Indemnified Party. The provisions of this paragraph shall survive the completion of
the Transaction contemplated by this Confirmation and any assignment and/or delegation of the Transaction made pursuant to the ISDA Form or this Confirmation shall inure to the benefit of any permitted assignee of Seller. 

 

	(e)	 Amendments to Equity Definitions. 

 

	 	(i)	 Section 11.2(a) of the Equity Definitions is hereby amended by (i) replacing the words “a
diluting or concentrative” with the word “an” and adding the phrase “or such Transaction” at the end thereof; 

  

	 	(ii)	 The first sentence of Section 11.2(c) of the Equity Definitions, prior to clause (A) thereof, is
hereby amended to read as follows: ‘(c) If “Calculation Agent Adjustment” is specified as the Method of Adjustment in the related Confirmation of a Share Option Transaction or Share Forward Transaction, then, following the
announcement or occurrence of any Potential Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment Event has an economic effect on the Transaction and, if so, will (i) make appropriate adjustment(s), if any, to
any one or more of:’ and the portion of such sentence immediately preceding clause (ii) thereof is hereby amended by deleting the words “diluting or concentrative”. 

 

	 	(iii)	 Section 11.2(e)(vii) of the Equity Definitions is hereby amended by (i) replacing the words “a
diluting or concentrative” with the word “an” and (ii) adding the phrase “or the relevant Transaction” at the end thereof; 

  

	 	(iv)	 Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (i) deleting from the fourth line
thereof the word “or” after the word “official” and inserting a comma therefor, and (ii) deleting the semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) the
occurrence of any of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Form with respect to that Issuer.”; 

  

	 	(v)	 Section 12.6(c)(ii) of the Equity Definitions is hereby amended by replacing the words “the
Transaction will be cancelled,” in the first line with the words “Seller will have the right, which it must exercise or refrain from exercising, as applicable, in good faith acting in a commercially reasonable manner, to cancel the
Transaction,”; and 

  

	 	(vi)	 Section 12.9(b)(i) of the Equity Definitions is hereby amended by (i) replacing “either party
may elect” with “Seller may elect” and (ii) replacing “notice to the other party” with “notice to Counterparty” in the first sentence of such section. 

 

	(f)	 Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such
other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other
things, the mutual waivers and certifications provided herein. 

  

	(g)	 Tax Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 

	(h)	 Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to be
(a) a “securities contract” as defined in the Bankruptcy Code, in which case each payment and delivery made pursuant to the Transaction is a “termination value,” “payment amount” or “other transfer
obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” within the meaning of Section 546 of the Bankruptcy Code, and (b) a “swap agreement” as defined in the
Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of
the Bankruptcy Code and a “transfer,” as such term is defined in Section 101(54) of the Bankruptcy Code and a “payment or other transfer of property” within the meaning of Sections 362 and 546 of the Bankruptcy Code, and the
parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate, terminate and accelerate the
Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the ISDA Form with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each
payment and delivery of cash, securities or other property hereunder to otherwise constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code. 

 

	(i)	 Process Agent. For the purposes of Section 13(c) of the ISDA Form: 

Seller appoints as its Process Agent: None 
 Counterparty
appoints as its Process Agent: None. 
  

	(j)	 Requisite Approvals. Notwithstanding anything herein to the contrary, this Confirmation shall not
become effective until each of the parties (other than the Target or Counterparty, as applicable) to each Company Transaction Support Agreement and each SPAC Shareholder Support Agreement (each as defined in the Business Combination Agreement) shall
have entered into one or more agreements that approve, consent to or otherwise waive any rights in connection with, or would provide for the approval of, consent to or waiver of any rights in connection with, the Transaction contemplated by this
Confirmation 

 [Signature page follows] 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of
this Confirmation and returning it to us at your earliest convenience. 
  

			
	Very truly yours,
	
	ACM ARRT VII B, LLC
		
	By:	 	 /s/ Ivan Q. Zinn

	Name:	 	Ivan Q. Zinn
	Title:	 	Authorized Signatory

  

			
	Agreed and accepted by:
	
	QUEENS GAMBIT GROWTH CAPITAL
		
	By:	 	 /s/ Victoria Grace

	Name:	 	Victoria Grace
	Title:	 	Chief Executive Officer

 SCHEDULE A 

FORM OF PRICING DATE NOTICE 
  

	Date:	 [ ], 20[_] 

  

	To:	         Queens Gambit Growth Capital (“Counterparty”)

  

	Address:	      55 Hudson Yards, 44th
Floor 

   New York, NY 10001 

 

	Phone:	          (917) 907-4618

  

	From:	          ACM ARRT VII B, LLC, a Delaware limited liability company
(“Seller”) 

  

	Re:	           OTC Equity Prepaid Forward Transaction

 1. This Pricing Date Notice supplements, forms part of, and is subject to the Confirmation Re: OTC Equity Prepaid Forward Transaction
dated as of November 15, 2021 (the “Confirmation”) between Counterparty and Seller, as amended and supplemented from time to time. All provisions contained in the Confirmation govern this Pricing Date Notice except as expressly
modified below. 
 2. The purpose of this Pricing Date Notice is to confirm certain terms and conditions of the Transaction entered into between Seller and
Counterparty pursuant to the Confirmation. 
 Pricing
Date:                             [_________], 20[_] 

Number of Shares:                    [10,000,000]Document

5
Counterpart __ of 65

Exhibit 4.56
_________________________________________________________________
ENTERGY MISSISSIPPI, LLC
(successor to Entergy Mississippi, Inc., formerly Mississippi Power & Light Company)
to
THE BANK OF NEW YORK MELLON
(formerly The Bank of New York) 
(successor to Harris Trust Company of New York and Bank of Montreal Trust Company)

As Trustee under
Entergy Mississippi, LLC’s
Mortgage and Deed of Trust, dated as of February 1, 1988
________________________________
FORTIETH SUPPLEMENTAL INDENTURE
Providing among other things for
First Mortgage Bonds,
2.55% Series due December 1, 2033
________________
Dated as of  November 1, 2021
_____________________________
Prepared by
Wise Carter Child & Caraway, Professional Association
P.O. Box 651
Jackson, Mississippi 39205
(601) 968-5500
_________________________________________________________________
  
			
	

TABLE OF CONTENTS
Page
Parties        1

Recitals        1
						
	ARTICLE I
DEFINITIONS AND RULES OF CONSTRUCTION

	Section 1.01.    Terms From the Indenture
	8

	Section 1.02.    Certain Defined Terms
	8

	Section 1.03.    References Are to Fortieth Supplemental Indenture
	10

	Section 1.04.    Number and Gender
	10

	ARTICLE II
THE FORTY-FOURTH SERIES
	Section 2.01.    Bonds of the Forty-fourth Series.	10

	Section 2.02.    Optional Redemption of Bonds of the Forty-fourth Series.	11

	Section 2.03.    Transfer and Exchange.	11

	Section 2.04.    Dating of Bonds and Interest Payments.	12

	Section 2.05.    Additional Bonds of the Forty-fourth Series.	12

	Section 2.06.    Release of Company upon Conveyance or Other Transfer.	12

	ARTICLE III
COVENANTS
	Section 3.01.    Maintenance of Paying Agent
	13

	Section 3.02.    Further Assurances
	13

	ARTICLE IV
CONSENT TO AMENDMENTS
	Section 4.01.    Consent to Amendments
	13

	ARTICLE V
MISCELLANEOUS PROVISIONS
	Section 5.01.    Acceptance of Trusts
	13

	Section 5.02.    Effect of Fortieth Supplemental Indenture under Louisiana Law
	14

	Section 5.03.    Record Date
	14

	Section 5.04.    Titles
	14

	Section 5.05.    Counterparts
	14

	Section 5.06.    Governing Law
	14

	Section 5.07.    Recitals
	14

Signatures        S-1

Acknowledgments    S-3

Exhibit A – Form of Bond of Forty-fourth Series
			
	

FORTIETH SUPPLEMENTAL INDENTURE
_________________________
FORTIETH SUPPLEMENTAL INDENTURE, dated as of November 1, 2021, between ENTERGY MISSISSIPPI, LLC, a limited liability company of the State of Texas (formerly Entergy Mississippi Power and Light, LLC and hereinafter sometimes called the “Company”), as successor to Entergy Mississippi, Inc., formerly Mississippi Power & Light Company, a corporation of the State of Mississippi which changed its state of incorporation from the State of Mississippi to the State of Texas by domesticating and converting into a Texas corporation on November 19, 2018 (hereinafter sometimes called the “Original Company”), and THE BANK OF NEW YORK MELLON (successor to Harris Trust Company of New York), a New York banking corporation, as Trustee under the Mortgage and Deed of Trust, dated as of February 1, 1988, executed and delivered by the Original Company (herein called the “Original Indenture”; the Original Indenture together with any and all indentures and instruments supplemental thereto being herein called the “Indenture”);
WHEREAS, the Original Indenture has been duly recorded or filed as required in the States of Mississippi and Arkansas; and
WHEREAS, the Original Company has executed and delivered to the Trustee (such term and all other defined terms used herein and not defined herein having the respective definitions to which reference is made in Article I below) its First Supplemental Indenture, dated as of February 1, 1988, its Second Supplemental Indenture, dated as of July 1, 1988, its Third Supplemental Indenture, dated as of May 1, 1989, its Fourth Supplemental Indenture, dated as of May 1, 1990, its Fifth Supplemental Indenture, dated as of November 1, 1992, its Sixth Supplemental Indenture, dated as of January 1, 1993, its Seventh Supplemental Indenture, dated as of July 15, 1993, its Eighth Supplemental Indenture, dated as of November 1, 1993, its Ninth Supplemental Indenture, dated as of July 1, 1994, its Tenth Supplemental Indenture, dated as of April 1, 1995, its Eleventh Supplemental Indenture, dated as of June 1, 1997, its Twelfth Supplemental Indenture, dated as of April 1, 1998, its Thirteenth Supplemental Indenture, dated as of May 1, 1999, its Fourteenth Supplemental Indenture, dated as of May 1, 1999, its Fifteenth Supplemental Indenture, dated as of February 1, 2000, its Sixteenth Supplemental Indenture, dated as of January 1, 2001, its Seventeenth Supplemental Indenture, dated as of October 1, 2002, its Eighteenth Supplemental Indenture, dated as of November 1, 2002, its Nineteenth Supplemental Indenture, dated as of January 1, 2003, its Twentieth Supplemental Indenture, dated as of March 1, 2003, its Twenty-first Supplemental Indenture, dated as of May 1, 2003, its Twenty-second Supplemental Indenture, dated as of March 1, 2004, its Twenty-third Supplemental Indenture, dated as of April 1, 2004, its Twenty-fourth Supplemental Indenture, dated as of September 1, 2004, its Twenty-fifth Supplemental Indenture, dated as of January 1, 2006, its Twenty-sixth Supplemental Indenture, dated as of June 1, 2009, its Twenty-seventh Supplemental Indenture, dated as of April 1, 2010, its Twenty-eighth Supplemental Indenture, dated as of April 1, 2011, its Twenty-ninth Supplemental Indenture, dated as of May 1, 2011, its Thirtieth Supplemental Indenture, dated as of December 1, 2012, its Thirty-first Supplemental Indenture, dated as of March 1, 2014, its Thirty-second Supplemental Indenture, dated as of May 1, 2016, its Thirty-third Supplemental Indenture, dated as of September 1, 2016, and its Thirty-fourth Supplemental Indenture, dated as of November 1, 2017, each as a supplement to the Original Indenture, and the First through Thirty-fourth Supplemental Indentures have been duly recorded or filed as required in the States of Mississippi and Arkansas; and
WHEREAS, pursuant to an Agreement and Plan of Merger dated as of March 18, 1999, Harris Trust Company of New York merged into Bank of Montreal Trust Company, 
			
	

Trustee under the Indenture, and effective July 1, 1999, the combined entity changed its name to Harris Trust Company of New York. By virtue of Section 9.03 of the Original Indenture, Harris Trust Company of New York became successor Trustee under the Indenture, without execution of any paper or the performance of any further act on the part of any other parties to the Indenture; and
WHEREAS, effective June 30, 2000, Harris Trust Company of New York resigned as Trustee under the Indenture, and by an Instrument of Appointment of Successor Trustee the Original Company appointed The Bank of New York as successor Trustee, effective June 30, 2000, and The Bank of New York accepted said appointment; and
WHEREAS, effective June 30, 2000, Mark F. McLaughlin resigned as Co-Trustee under the Indenture, and by an Agreement of Resignation, Appointment and Acceptance the Original Company appointed Stephen J. Giurlando, as successor Co-Trustee, effective June 30, 2000, and Stephen J. Giurlando accepted said appointment; and
WHEREAS, effective July 1, 2008, The Bank of New York changed its name to The Bank of New York Mellon; and 
WHEREAS, effective June 1, 2009, Stephen J. Giurlando resigned as Co-Trustee under the Indenture; and
WHEREAS, in addition to property described in the Original Indenture, as heretofore supplemented, the Original Company had acquired certain other property rights and interests in property; and
WHEREAS, effective as of November 19, 2018, the Original Company changed its state of incorporation from Mississippi to Texas and domesticated and converted to a Texas corporation; and
WHEREAS, the Original Company, as a Texas corporation (the “Original Company-TX”) executed and delivered to the Trustee the Thirty-fifth Supplemental Indenture, dated as of November 19, 2018, in which the Original Company-TX assumed and agreed to pay, duly and punctually, the principal of and interest on the bonds issued under the Indenture in accordance with the provisions of said bonds and any coupons and of the Indenture, and agreed to perform and fulfill all the covenants and conditions of the Indenture to be kept or performed by the Original Company, as a Mississippi corporation, which Thirty-fifth Supplemental Indenture has been duly recorded or filed as required in the States of Mississippi and Arkansas and with the Secretary of State of Texas; and 
WHEREAS, effective as of 11:58 p.m. Central Time, November 30, 2018, the Original Company-TX allocated to the Company, among other things, all its rights, powers, duties and obligations under the Indenture and the bonds outstanding thereunder and, subject to the Lien of the Indenture, all the Mortgaged and Pledged Property as an entirety (the “2018 Transfer”) pursuant to a Plan of Merger between the Original Company-TX and the Company (the “2018 Transfer Documents”), in connection with which, among other things, the Company succeeded to the ownership of all the Original Company-TX’s right, title and interest in and to the Mortgaged and Pledged Property as constituted immediately prior to the time that the 2018 Transfer became effective, and succeeded to all the Original Company-TX’s rights, powers, duties and obligations under the Indenture and the bonds outstanding thereunder; and 
WHEREAS, the Company executed and delivered to the Trustee the Thirty-sixth Supplemental Indenture, dated as of November 30, 2018, in which the Company (in the name of Entergy Mississippi Power and Light, LLC) assumed and agreed to pay, duly and punctually, the 
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principal of and interest on the bonds issued under the Indenture in accordance with the provisions of said bonds and any coupons and of the Indenture, and agreed to perform and fulfill all the covenants and conditions of the Indenture to be kept or performed by the Original Company-TX, which Thirty-sixth Supplemental Indenture has been duly recorded or filed as required in the States of Mississippi and Arkansas and with the Secretary of State of Texas; and 
WHEREAS, effective as of December 1, 2018, the name of the Company was changed from Entergy Mississippi Power and Light, LLC to Entergy Mississippi, LLC; and
WHEREAS, the Company executed and delivered to the Trustee its Thirty-seventh Supplemental Indenture, dated as of December 5, 2018, its Thirty-eighth Supplemental Indenture, dated as of June 1, 2019, and its Thirty-ninth Supplemental Indenture, dated as of May 1, 2020, each as a supplement to the Original Indenture, which Thirty-seventh Supplemental Indenture, Thirty-eighth Supplemental Indenture and Thirty-ninth Supplemental Indenture have been duly recorded or filed as required in the States of Mississippi and Arkansas and with the Secretary of State of Texas, and, this Fortieth Supplemental Indenture will be recorded or filed as required in the States of Mississippi and Arkansas and with the Secretary of State of Texas; and
WHEREAS, the Original Company or the Company has heretofore issued, in accordance with the provisions of the Indenture, the following series of bonds:
									
	Series	Principal Amount
Issued	Principal
Amount
Outstanding
	14.65% Series due February 1, 1993	$55,000,000	None
	14.95% Series due February 1, 1995	20,000,000	None
	8.40% Collateral Series due December 1, 1992	12,600,000	None
	11.11% Series due July 15, 1994	18,000,000	None
	11.14% Series due July 15, 1995	10,000,000	None
	11.18% Series due July 15, 1996	26,000,000	None
	11.20% Series due July 15, 1997	46,000,000	None
	9.90% Series due April 1, 1994	30,000,000	None
	5.95% Series due October 15, 1995	15,000,000	None
	6.95% Series due July 15, 1997	50,000,000	None
	8.65% Series due January 15, 2023	125,000,000	None
	7.70% Series due July 15, 2023	60,000,000	None
	6 5/8% Series due November 1, 2003	65,000,000	None
	8.25% Series due July 1, 2004	25,000,000	None
	8.80% Series due April 1, 2005	80,000,000	None
	6 7/8% Series due June 1, 2002	65,000,000	None
	6.45% Series due April 1, 2008	80,000,000	None
	6.20% Series due May 1, 2004	75,000,000	None
	Floating Rate Series due May 3, 2004	50,000,000	None
	Pollution Control Series A due July 1, 2022	32,850,000	None
	7 3/4% Series due February 15, 2003	120,000,000	None

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	6.25% due February 1, 2003	70,000,000	None
	6% Series due November 1, 2032	75,000,000	None
	7.25% Series due December 1, 2032	100,000,000	None
	5.15% Series due February 1, 2013	100,000,000	None
	4.35% Series due April 1, 2008	100,000,000	None
	4.95% Series due June 1, 2018	95,000,000	None
	6.25% Series due April 1, 2034	100,000,000	None
	4.65% Series due May 1, 2011	80,000,000	None
	4.60% Pollution Control Series B due April 1, 2022	16,030,000	None
	5.92% Series due February 1, 2016	100,000,000	None
	6.64% Series due July 1, 2019	150,000,000	None
	6.20% Series due April 15, 2040	80,000,000	None
	6.0% Series due May 1, 2051	150,000,000	None
	3.25% Series due June 1, 2016	125,000,000	None
	3.10% Series due July 1, 2023
3.75% Series due July 1, 2024
2.85% Series due June 1, 2028
	250,000,000
100,000,000
375,000,000
	250,000,000
100,000,000
375,000,000

	4.90% Series due October 1, 2066	260,000,000	260,000,000
	3.25% Series due December 1, 2027
4.52% Series due December 1, 2038
3.85% Series due June 1, 2049
	150,000,000
55,000,000
435,000,000
	150,000,000
55,000,000
435,000,000

	3.50% Series due June 1, 2051	370,000,000	370,000,000

; and
WHEREAS, Section 19.04 of the Original Indenture provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Indenture, whether such power, privilege or right is in any way restricted or is unrestricted, may be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted, or to additional restriction if already restricted, and the Company may enter into any further covenants, limitations, restrictions or provisions for the benefit of any one or more series of bonds issued thereunder, or the Company may establish the terms and provisions of any series of bonds by an instrument in writing executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to be recorded in all the states in which any property at the time subject to the Lien of the Indenture shall be situated; and
WHEREAS, the Company desires to create a new series of bonds under the Indenture, and to add to its covenants and agreements contained in the Indenture certain other covenants and agreements to be observed by it; and
WHEREAS, all things necessary to make this Fortieth Supplemental Indenture a valid, binding and legal instrument have been performed, and the issue of said series of bonds, subject to the terms of the Indenture, has been in all respects duly authorized; and
NOW, THEREFORE, THIS FORTIETH SUPPLEMENTAL INDENTURE WITNESSETH: That the Company, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, and in 
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order to further secure the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Indenture, according to their tenor and effect and the performance of all provisions of the Indenture and of said bonds, hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, hypothecates, affects, pledges, sets over and confirms a security interest unto THE BANK OF NEW YORK MELLON, as Trustee, and to its successor or successors in said trust, and to said Trustee and its successors and assigns forever (subject, however, to Excepted Encumbrances as defined in Section 1.06 of the Original Indenture), in (a) all the Mortgaged and Pledged Property acquired by the Company from the Original Company-TX pursuant to the 2018 Transfer Documents (including, but not limited to, that located in the following counties in the State of Mississippi: Adams, Amite, Attala, Bolivar, Calhoun, Carroll, Choctaw, Claiborne, Coahoma, Copiah, Covington, DeSoto, Franklin, Grenada, Hinds, Holmes, Humphreys, Issaquena, Jefferson, Jefferson Davis, Lawrence, Leake, Leflore, Lincoln, Madison, Montgomery, Panola, Pike, Quitman, Rankin, Scott, Sharkey, Simpson, Smith, Sunflower, Tallahatchie, Tate, Tunica, Walthall, Warren, Washington, Webster, Wilkinson, Yalobusha and Yazoo; and in Independence County, Arkansas) and improvements, extensions and additions thereto and renewals and replacements thereof, (b) the property made and used by the Company as the basis under any of the provisions of the Indenture for the authentication and delivery of additional bonds or the withdrawal of cash or the release of property, (c) such franchises, repairs and additional property as may be acquired, made or constructed by the Company (1) to maintain, renew and preserve the franchises covered by the Indenture, or (2) to maintain the property mortgaged and intended to be mortgaged under the Indenture, as an operating system or systems in good repair, working order and condition, or (3) in rebuilding or renewal of property, subject to the Lien of the Indenture, damaged or destroyed, or (4) in replacement of or substitution for machinery, apparatus, equipment, frames, towers, poles, wire, pipe, rails, ties, switches, tools, implements and furniture, subject to the Lien of the Indenture, which shall have become old, inadequate, obsolete, worn out, unfit, unadapted, unserviceable, undesirable or unnecessary for use in the operation of the property mortgaged and intended to be mortgaged under the Indenture, and (d) all properties of the Company real, personal and mixed, of any kind or nature (except as in the Indenture expressly excepted), subject to the provisions of Section 15.03 of the Original Indenture, acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the effective time of the 2018 Transfer and wheresoever situated, including (without in anyway limiting or impairing by the enumeration of the same, the scope and intent of the foregoing or of any general description contained in the Indenture) all real estate, lands, easements, servitudes, licenses, permits, franchises, privileges, rights of way and other rights in or relating to real estate or the occupancy of the same; all power sites, flowage rights, water rights, water locations, water appropriations, ditches, flumes, reservoirs, reservoir sites, canals, raceways, waterways, dams, dam sites, aqueducts, and all other rights or means for appropriating, conveying, storing and supplying water; all rights of way and roads; all plants for the generation of electricity by steam, water and/or other power; all power houses, street lighting systems, standards and other equipment incidental thereto; all telephone, radio and television systems, air conditioning systems and equipment incidental thereto, water wheels, water works, water systems, steam heat and hot water plants, substations, electric, gas and water lines, service and supply systems, bridges, culverts, tracks, ice or refrigeration plants and equipment, offices, buildings and other structures and the equipment thereof; all machinery, engines, boilers, dynamos, turbines, electric, gas and other machines, prime movers, regulators, meters, transformers, generators (including, but not limited to, engine driven generators and turbogenerator units), motors, electrical, gas and mechanical appliances, conduits, cables, water, steam heat, gas or other pipes, gas mains and pipes, service pipes, fittings, valves and connections, pole and transmission lines, towers, overhead conductors and devices, underground conduits, underground conductors and devices, wires, cables, tools, implements, apparatus, storage battery equipment, and all other fixtures and personalty; all municipal and other franchises, consents or permits; all lines for the transmission and distribution of electric current, steam heat or water for any purpose including towers, poles, wires, cables, pipes, conduits, ducts and all apparatus for use in connection therewith and (except 
5
			
	

as in the Indenture expressly excepted) all the right, title and interest of the Company in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property described in the Indenture.
TOGETHER WITH all and singular the tenements, hereditaments, prescriptions, servitudes and appurtenances belonging or in any way appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 11.01 of the Original Indenture) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property, rights and franchises and every part and parcel thereof.
IT IS HEREBY AGREED by the Company that, subject to the provisions of Section 15.03 of the Original Indenture, all the property, rights and franchises acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the date hereof (except as in the Indenture expressly excepted) shall be and are as fully granted and conveyed by the Indenture and as fully embraced within the Lien of the Indenture as if such property, rights and franchises were now owned by the Company and were specifically described in the Indenture and granted and conveyed by the Indenture.
PROVIDED that the following are not and are not intended to be now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, hypothecated, affected, pledged, set over or confirmed hereunder, nor is a security interest therein hereby granted or intended to be granted, and the same are hereby expressly excepted from the Lien and operation of the Indenture, viz: (1) cash, shares of stock, bonds, notes and other obligations and other securities not in the Indenture specifically pledged, paid, deposited, delivered or held under the Indenture or covenanted so to be; (2) merchandise, equipment, apparatus, materials or supplies held for the purpose of sale or other disposition in the usual course of business or for the purpose of repairing or replacing (in whole or part) any rolling stock, buses, motor coaches, automobiles or other vehicles or aircraft or boats, ships, or other vessels and any fuel, oil and similar materials and supplies consumable in the operation of any of the properties of the Company; rolling stock, buses, motor coaches, automobiles and other vehicles and all aircraft; boats, ships and other vessels; all timber, minerals, mineral rights and royalties; (3) bills, notes and other instruments and accounts receivable, judgments, demands and choses in action, and all contracts, leases and operating agreements not specifically pledged under the Indenture or covenanted so to be; (4) the last day of the term of any lease or leasehold which may hereafter become subject to the Lien of the Indenture; (5) electric energy, gas, water, steam, ice, and other materials or products generated, manufactured, produced or purchased by the Company for sale, distribution or use in the ordinary course of its business; (6) any natural gas wells or natural gas leases or natural gas transportation lines or other works or property used primarily and principally in the production of natural gas or its transportation, primarily for the purpose of sale to natural gas customers or to a natural gas distribution or pipeline company, up to the point of connection with any distribution system, and any natural gas distribution system; (7) the Company’s franchise to be a corporation; and (8) any property heretofore released pursuant to any provisions of the Indenture; provided, however, that the property and rights expressly excepted from the Lien and operation of the Indenture in the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the event and as of the date that the Trustee or a receiver or trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XII of the Indenture by reason of the occurrence of a Default.
TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, hypothecated, affected, pledged, set over or confirmed or in which a security interest has been granted by the 
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Company as aforesaid, or intended so to be (subject, however, to Excepted Encumbrances as defined in Section 1.06 of the Original Indenture), unto THE BANK OF NEW YORK MELLON, and its successors and assigns forever.
IN TRUST NEVERTHELESS, upon the terms and trusts in the Indenture set forth, for the equal pro rata benefit and security of all and each of the bonds and coupons issued and to be issued under the Indenture, or any of them, in accordance with the terms of the Indenture, without preference, priority or distinction as to the Lien of any of said bonds and coupons over any others thereof by reason of priority in the time of the issue or negotiation thereof, or otherwise howsoever, subject to the provisions in the Indenture set forth in reference to extended, transferred or pledged coupons and claims for interest; it being intended that, subject as aforesaid, the Lien and security of all said bonds and coupons of all series issued or to be issued under the Indenture shall take effect from the date of the initial issuance of bonds under the Indenture, and that the Lien and security of the Indenture shall take effect from said date as though all said bonds of all series were actually authenticated and delivered and issued upon such date.
PROVIDED, HOWEVER, these presents are upon the condition that if the Company, its successors or assigns, shall pay or cause to be paid, the principal of and interest on said bonds, together with the premium, if any, payable on such of said bonds as may have been called for redemption prior to maturity, or shall provide, as permitted hereby, for the payment thereof by depositing with the Trustee the entire amount due or to become due thereon for principal and interest, and if the Company shall also pay or cause to be paid all other sums payable hereunder by it, then the Indenture and the estate and rights granted under the Indenture shall cease, determine and be void, otherwise to be and remain in full force and effect.
AND IT IS HEREBY COVENANTED, DECLARED AND AGREED by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Indenture shall affect and apply to the property hereinbefore described and conveyed and to the estate, rights, obligations and duties of the Company and the Trustee and its successor or successors as Trustee in such trust in the same manner and with the same effect as if the said property had been owned by the Company at the time of the execution of the Original Indenture and had been specifically and at length described in and conveyed to said Trustee by the Original Indenture as a part of the property therein stated to be conveyed.
The Company further covenants and agrees to and with the Trustee and its successor or successors in such trust as follows:
ARTICLE I
DEFINITIONS AND RULES OF CONSTRUCTION
Section 1.01.    Terms From the Indenture.  All defined terms used in this Fortieth Supplemental Indenture and not otherwise defined herein shall have the respective meanings ascribed to them in the Indenture.
Section 1.02.    Certain Defined Terms.  As used in this Fortieth Supplemental Indenture, the following defined terms shall have the respective meanings specified unless the context clearly requires otherwise:
The term “Adjusted Treasury Rate” shall mean, with respect to any redemption date:
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(1)    the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is published at least weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the bonds of the Forty-fourth Series being redeemed (assuming, for this purpose, that the bonds of the Forty-fourth Series mature on September 1, 2033 (the “Par Call Date”), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or
(2)    if such release (or any successor release) is not published during the week preceding the calculation date for the Adjusted Treasury Rate or does not contain such yields, 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.
The term “Business Day” shall mean any day other than a Saturday or a Sunday or a day on which banking institutions in The City of New York 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.
The term “Comparable Treasury Issue” shall mean the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the bonds of the Forty-fourth Series being redeemed (assuming, for this purpose, that the bonds of the Forty-fourth Series mature on the Par Call Date) 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 Forty-fourth Series (assuming, for this purpose, that the bonds of the Forty-fourth Series mature on the Par Call Date).
The term “Comparable Treasury Price” shall mean, with respect to any redemption date, (i) the average of five Reference Treasury Dealer Quotations for such redemption date after excluding the highest and lowest such Reference Treasury Dealer Quotations or (ii) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.
The term “Independent Investment Banker” shall mean one of the Reference Treasury Dealers that the Company appoints to act as the Independent Investment Banker from time to time or, if any of such firms is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company.
The term “Reference Treasury Dealer” shall mean (i) Scotia Capital (USA) Inc. and a Primary Treasury Dealer (as defined below) selected by U.S. Bancorp Investments, Inc., or, in each case, an affiliate thereof, and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary 
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Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by the Independent Investment Banker after consultation with the Company.
The term “Reference Treasury Dealer Quotations” shall mean, 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. on the third Business Day preceding such redemption date.
The term “Forty-fourth Series” shall have the meaning specified in Section 2.01.
Section 1.03.    References Are to Fortieth Supplemental Indenture.  Unless the context otherwise requires, all references herein to “Articles,” “Sections” and other subdivisions refer to the corresponding Articles, Sections and other subdivisions of this Fortieth Supplemental Indenture, and the words “herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Fortieth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision hereof or to the Original Indenture or any other supplemental indenture thereto.
Section 1.04.    Number and Gender.  Unless the context otherwise requires, defined terms in the singular include the plural, and in the plural include the singular. The use of a word of any gender shall include all genders.
ARTICLE II
THE FORTY-FOURTH SERIES
Section 2.01.    Bonds of the Forty-fourth Series.
There shall be a series of bonds designated 2.55% Series due December 1, 2033 (herein sometimes referred to as the “Forty-fourth Series”), each of which shall also bear the descriptive title “First Mortgage Bond” as permitted by Section 2.01 of the Original Indenture.  The form of bonds of the Forty-fourth Series shall be substantially in the form of Exhibit A hereto.  Bonds of the Forty-fourth Series shall mature on December 1, 2033, and shall be issued only as fully registered bonds in denominations of One Thousand Dollars ($1,000) and, at the option of the Company, in integral multiples thereof (the exercise of such option to be evidenced by the execution and delivery thereof).  Bonds of the Forty-fourth Series shall bear interest at the rate of two and fifty-five one hundredths per centum (2.55%) per annum (except as hereinafter provided), payable semi-annually on June 1 and December 1 of each year, and at maturity or earlier redemption, the first interest payment to be made on June 1, 2022, for the period from the date of original issuance of the bonds of the Forty-fourth Series to, but not including, June 1, 2022, the principal of and premium, if any, and interest on each said bond to be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts.  Interest on the bonds of the Forty-fourth Series may, at the option of the Company, be paid by check mailed to the registered owners thereof.  Overdue principal and overdue interest in respect of the bonds of the Forty-fourth Series shall bear interest (before and after judgment) at the rate of three and fifty-five one hundredths per centum (3.55%) per annum (to the extent that payment of such interest on any overdue interest is not prohibited under applicable law).  Interest on the bonds of the Forty-fourth Series shall be computed on the basis of a 360-day year consisting of twelve 30-day months.  Interest on the bonds of the Forty-fourth Series in respect of a portion of a month shall be calculated based on the actual number of days elapsed using a 30-day month. In any case where any interest payment date, redemption 
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date or maturity of any bond of the Forty-fourth Series shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day, with the same force and effect, and in the same amount, as if made on the corresponding interest payment date or redemption date, or at maturity, as the case may be, and, if such payment is made or duly provided for on such Business Day, no interest shall accrue on the amount so payable for the period from and after such interest payment date, redemption date or maturity, as the case may be, to such Business Day. 
The Company reserves the right to establish at any time, by Resolution of the Board of Directors of the Company, a form of coupon bond, and of appurtenant coupons, for the bonds of the Forty-fourth Series and to provide for exchangeability of such coupon bonds with the bonds of said Series issued hereunder in fully registered form and to make all appropriate provisions for such purpose.
Section 2.02.    Optional Redemption of Bonds of the Forty-fourth Series.
The bonds of the Forty-fourth Series shall be redeemable at the option of the Company, in whole or in part, upon notice mailed to each registered owner at his or her last address appearing on the registry books not less than 30 days nor more than 60 days prior to the date fixed for redemption, (i) at any time prior to the Par Call Date, at a redemption price equal to the greater of (a) 100% of the principal amount of the bonds of the Forty-fourth Series being redeemed and (b) as determined by the Independent Investment Banker, the sum of (x) the present value of the payment on the Par Call Date of the bonds of the Forty-fourth Series being redeemed plus (y) the sum of the present values of the remaining scheduled payments of interest on the bonds of the Forty-fourth Series being redeemed to the Par Call Date (excluding the portion of any such interest accrued to the redemption date), discounted (for purposes of determining such present values) 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 20 basis points, and (ii) at any time on or after the Par Call Date, at a redemption price equal to 100% of the principal amount of the bonds of the Forty-fourth Series to be redeemed, plus, in each case, accrued and unpaid interest thereon to the redemption date.
Section 2.03.    Transfer and Exchange.
(a)    At the option of the registered owner, any bonds of the Forty-fourth Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, New York, shall be exchangeable for a like aggregate principal amount of bonds of the same series of other authorized denominations.
(b)    Bonds of the Forty-fourth Series shall be transferable, upon the surrender thereof for cancellation, together with a written instrument of transfer in form approved by the registrar duly executed by the registered owner or by his or her duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York, New York.
(c)    Upon any such exchange or transfer of bonds of the Forty-fourth Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge, as provided in Section 2.05 of the Original Indenture, but the Company hereby waives any right to make a charge in addition thereto for any such exchange or transfer of bonds of the Forty-fourth Series.
Section 2.04.    Dating of Bonds and Interest Payments.
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(a)    Each bond of the Forty-fourth Series shall be dated as of the date of authentication and shall bear interest from the last preceding interest payment date to which interest shall have been paid (unless the date of such bond is an interest payment date to which interest is paid, in which case from the date of such bond); provided that each bond of the Forty-fourth Series dated prior to June 1, 2022, shall bear interest from the date of original issuance; and provided, further, that if any bond of the Forty-fourth Series shall be authenticated and delivered upon a transfer of, or in exchange for or in lieu of, any other bond or bonds of the Forty-fourth Series upon which interest is in default, it shall be dated so that such bond shall bear interest from the last preceding date to which interest shall have been paid on the bond or bonds in respect of which such bond shall have been delivered or from its date of original issuance, if no interest shall have been paid on the bonds of the Forty-fourth Series.
(b)    Notwithstanding the foregoing, bonds of the Forty-fourth Series shall be dated so that the Person in whose name any bond of the Forty-fourth Series is registered at the close of business on the Business Day immediately preceding an interest payment date shall be entitled to receive the interest payable on the interest payment date, except if, and to the extent that, the Company shall have defaulted in the payment of the interest due on such interest payment date, in which case such defaulted interest shall be paid to the Persons in whose names Outstanding bonds of the Forty-fourth Series are registered at the close of business on the Business Day immediately preceding the date of payment of such defaulted interest.  
Section 2.05.    Additional Bonds of the Forty-fourth Series.  
Upon the delivery of this Fortieth Supplemental Indenture and upon compliance with the applicable provisions of the Indenture, there shall be an initial issue of bonds of the Forty-fourth Series for the aggregate principal amount of $200,000,000.  Additional bonds of the Forty-fourth Series, without limitation as to amount, having substantially the same terms as the Outstanding bonds of the Forty-fourth Series (except for the issue date, the price to public and, if applicable, the initial interest payment date) may be issued by the Company, subject to satisfaction of the requirements of the Indenture, as heretofore supplemented, without the notice to or the consent of the existing holders of the bonds of the Forty-fourth Series.
Section 2.06.    Release of Company upon Conveyance or Other Transfer.
In case the Company, as permitted by Section 15.01 of the Indenture, shall convey or transfer, subject to the Lien of the Indenture, all or substantially all the Mortgaged and Pledged Property as an entirety to a successor, the indenture described in Section 15.02 of the Indenture may also provide for the release and discharge of the Company from all obligations under any bonds of the Forty-fourth Series issued under the Indenture which are assumed by such successor.
ARTICLE III
COVENANTS
Section 3.01.    Maintenance of Paying Agent.  So long as any bonds of the Forty-fourth Series are Outstanding, the Company covenants that the office or agency of the Company in the Borough of Manhattan, The City of New York, New York, where the principal of and premium, if any, or interest on any bonds of such series shall be payable shall also be an office or agency where any such bonds may be transferred or exchanged and where notices, presentations or demands to or upon the Company in respect of such bonds or in respect of the Indenture may be given or made.
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Section 3.02.    Further Assurances.  From time to time whenever reasonably requested by the Trustee or the holders of a majority in aggregate principal amount of the bonds of the Forty-fourth Series then Outstanding, the Company will make, execute and deliver or cause to be made, executed and delivered any and all such further and other instruments and assurances as may be reasonably necessary or proper to carry out the intention of or to facilitate the performance of the terms of the Indenture or to secure the rights and remedies of the holders of such bonds.
ARTICLE IV
CONSENT TO AMENDMENTS
Section 4.01.    Consent to Amendments.  Each initial and future holder of bonds of the Forty-fourth Series, by its acquisition of an interest in such bonds, irrevocably (a) consents to the amendments set forth in Article V of the Thirty-fourth Supplemental Indenture and Article IV of the Thirty-second Supplemental Indenture, in each case without any other or further action by any holder of such bonds, and (b) designates the Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such holder in favor of such amendments at any bondholder meeting, in lieu of any bondholder meeting, in any consent solicitation or otherwise.
ARTICLE V
MISCELLANEOUS PROVISIONS
Section 5.01.    Acceptance of Trusts.  The Trustee hereby accepts the trusts herein declared, provided, created or supplemented and agrees to perform the same upon the terms and conditions herein and in the Original Indenture, as heretofore supplemented, set forth and upon the following terms and conditions:
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Fortieth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company. In general, each and every term and condition contained in Article XVI of the Original Indenture shall apply to and form part of this Fortieth Supplemental Indenture with the same force and effect as if the same were herein set forth in full with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this Fortieth Supplemental Indenture.
Section 5.02.    Effect of Fortieth Supplemental Indenture under Louisiana Law.  It is the intention and it is hereby agreed that, so far as concerns that portion of the Mortgaged and Pledged Property situated within the State of Louisiana, the general language of conveyance contained in this Fortieth Supplemental Indenture is intended and shall be construed as words of hypothecation and not of conveyance and that, so far as the said Louisiana property is concerned, this Fortieth Supplemental Indenture shall be considered as an act of mortgage and pledge and granting of a security interest under the laws of the State of Louisiana, and the Trustee herein named is named as mortgagee and pledgee and secured party in trust for the benefit of itself and of all present and future holders of bonds issued under the Indenture and any coupons thereto issued hereunder, and is irrevocably appointed special agent and representative of the holders of such bonds and coupons and vested with full power in their behalf to effect and enforce the mortgage and pledge and a security interest hereby constituted for their benefit, or otherwise to act as herein provided for.
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Section 5.03.    Record Date.  The holders of the bonds of the Forty-fourth Series shall be deemed to have consented and agreed that the Company may, but shall not be obligated to, fix a record date for the purpose of determining the holders of the bonds of the Forty-fourth Series entitled to consent, if any such consent is required, to any amendment or supplement to the Indenture or the waiver of any provision thereof or any act to be performed thereunder. If a record date is fixed, those persons who were holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date.
Section 5.04.    Titles.  The titles of the several Articles and Sections of this Fortieth Supplemental Indenture and the table of contents shall not be deemed to be any part hereof.
Section 5.05.    Counterparts.  This Fortieth Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.
Section 5.06.    Governing Law.  The internal laws of the State of New York shall govern this Fortieth Supplemental Indenture and the bonds of the Forty-fourth Series, except to the extent that the validity or perfection of the Lien of the Indenture, or remedies thereunder, are governed by the laws of a jurisdiction other than the State of New York.

Section 5.07.    Recitals.  The recitals set forth in the initial pages of this Fortieth Supplemental Indenture and the exhibits attached hereto are incorporated herein by reference, and this Fortieth Supplemental Indenture shall be construed in the light thereof.

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IN WITNESS WHEREOF, ENTERGY MISSISSIPPI, LLC has caused its company name to be hereunto affixed, and this instrument to be signed by its Chairman of the Board, Chief Executive Officer, President, one of its Vice Presidents, its Treasurer or one of its Assistant Treasurers for and on its behalf, and THE BANK OF NEW YORK MELLON has caused its corporate name to be hereunto affixed, and this instrument to be signed by one of its Vice Presidents, Senior Associates or Associates for and on its behalf, all as of the day and year first above written.

						
		ENTERGY MISSISSIPPI, LLC

	By:	/s/ Kevin J. Marino
		Kevin J. Marino
Assistant Treasurer

		

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		THE BANK OF NEW YORK MELLON,
		as Trustee
	By:	/s/ Rick J. Fierro	
		Name: Rick J. Fierro	
		Title:    Vice President	
		

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STATE OF LOUISIANA    )
    )    ss.:
PARISH OF ORLEANS    )
On the 10th day of November, 2021, before me appeared Kevin J. Marino, to me personally known, who, being by me duly sworn, did say that he is an Assistant Treasurer of ENTERGY MISSISSIPPI, LLC, and that the above instrument was signed on behalf of said entity by authority of its Board of Directors, and said Kevin J. Marino acknowledged said instrument to be the free act and deed of said entity.

/s/ Dawn A. Balash            
Dawn A. Balash
State of Louisiana, Parish of Orleans
Notary Public Identification No. 140967
My commission expires at my death

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STATE OF NEW JERSEY    )
    )     ss.:
COUNTY OF PASSAIC    )
On this 9th day of November, 2021, before me appeared Rick J. Fierro to me personally known or proved to me on the basis of satisfactory evidence and, who, being by me duly sworn, did say that he is a Vice President of THE BANK OF NEW YORK MELLON, and that the above instrument was signed on behalf of said entity by authority of its Board of Directors, and said Vice President acknowledged said instrument to be the free act and deed of said entity.

						
		/s/ Brett Anderson
	Brett Anderson
Notary Public - State of New Jersey
My Commission Expires Jan 23, 2024

		

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EXHIBIT A
FORM OF BOND OF FORTY-FOURTH SERIES
(See legend at the end of this bond for
restrictions on transferability and change of form)
FIRST MORTGAGE BOND
2.55% Series due December 1, 2033

						
		                                                                   CUSIP 29366W AC0

	No. R-	$___________

                                            

ENTERGY MISSISSIPPI, LLC (successor to Entergy Mississippi, Inc., formerly Mississippi Power & Light Company), a limited liability company duly organized and validly existing under the laws of the State of Texas (hereinafter called the Company), for value received, hereby promises to pay to __________ or registered assigns, at the office or agency of the Company in New York, New York, the principal sum of _______Dollars ($________) on December 1, 2033, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts, and to pay in like manner to the registered owner hereof interest thereon from the date of original issuance, if the date of this bond is prior to June 1, 2022, or, if the date of this bond is on or after June 1, 2022, from the June 1 or December 1 immediately preceding the date of this bond to which interest has been paid on the bonds of this series (unless the date hereof is an interest payment date to which interest has been paid, in which case from the date hereof), at the rate of two and fifty-five one hundredths per centum (2.55%) per annum in like coin or currency on June 1 and December 1 in each year, commencing June 1, 2022, and at maturity or earlier redemption, until the principal of this bond shall have become due and been duly paid or provided for, and to pay interest (before and after judgment) on any overdue principal, premium, if any, and (to the extent that payment of such interest on any overdue interest is not prohibited under applicable law) on any defaulted interest at the rate of three and fifty-five one hundredths per centum (3.55%) per annum.  Interest on this bond shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this bond in respect of a portion of a month shall be calculated based on the actual number of days elapsed using a 30-day month. 
The interest so payable on any interest payment date will, subject to certain exceptions provided in the Mortgage hereinafter referred to, be paid to the person in whose name this bond is registered at the close of business on the Business Day immediately preceding such interest payment date.  At the option of the Company, interest may be paid by check mailed on or prior to such interest payment date to the address of the person entitled thereto as such address shall appear on the register of the Company. 
This bond shall not become obligatory until The Bank of New York Mellon, the Trustee under the Mortgage, as hereinafter defined, or its successor thereunder, shall have signed the authentication certificate endorsed hereon.
This bond is one of a series of bonds of the Company issuable in series and is one of a duly authorized series known as its First Mortgage Bonds, 2.55% Series due December 1, 2033 (herein called bonds of the Forty-fourth Series), all bonds of all series issued under and equally secured by a Mortgage and Deed of Trust (herein, together with any indenture supplemental thereto, including the Fortieth Supplemental Indenture dated as of November 1, 
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	DB1/ 125076955.5

2021, called the Mortgage), dated as of February 1, 1988, duly executed by the Company to The Bank of New York Mellon, as successor Trustee. Reference is made to the Mortgage for a description of the mortgaged and pledged property, assets and rights, the nature and extent of the lien and security, the respective rights, limitations of rights, covenants, obligations, duties and immunities thereunder of the Company, the holders of bonds and the Trustee and the terms and conditions upon which the bonds are, and are to be, secured, the circumstances under which additional bonds may be issued and the definition of certain terms herein used, to all of which, by its acceptance of this bond, the holder of this bond agrees.
The principal hereof may be declared or may become due prior to the maturity date hereinbefore named on the conditions, in the manner and at the time set forth in the Mortgage, upon the occurrence of a Default as in the Mortgage provided. The Mortgage provides that in certain circumstances and upon certain conditions such a declaration and its consequences or certain past defaults and the consequences thereof may be waived by such affirmative vote of holders of bonds as is specified in the Mortgage.
The Mortgage contains provisions permitting the Company and the Trustee to execute supplemental indentures amending the Mortgage for certain specified purposes without the consent of holders of bonds. With the consent of the Company and to the extent permitted by and as provided in the Mortgage, the rights and obligations of the Company and/or the rights of the holders of the bonds of the Forty-fourth Series and/or the terms and provisions of the Mortgage may be modified or altered by such affirmative vote or votes of the holders of bonds then Outstanding as are specified in the Mortgage.
Any consent or waiver by the holder of this bond (unless effectively revoked as provided in the Mortgage) shall be conclusive and binding upon such holder and upon all future holders of this bond and of any bonds issued in exchange or substitution herefor, irrespective of whether or not any notation of such consent or waiver is made upon this bond or such other bond.
In case the Company, as permitted by the Mortgage, shall convey or transfer, subject to the lien of the Mortgage, all or substantially all the mortgaged and pledged property as an entirety to a successor, the Company may be released and discharged from all obligations under the bonds of this series which are assumed by such successor.
The bonds are issuable as registered bonds without coupons in the denominations of $1,000 and integral multiples thereof.  At the office or agency to be maintained by the Company in the Borough of Manhattan, The City of New York, State of New York, and in the manner and subject to the provisions of the Mortgage, bonds may be exchanged for a like aggregate principal amount of bonds of other authorized denominations, without payment of any charge other than a sum sufficient to reimburse the Company for any tax or other governmental charge incident thereto. This bond is transferable as prescribed in the Mortgage by the registered owner hereof in person, or by his or her duly authorized attorney, at the office or agency of the Company in The City of New York, New York, upon surrender of this bond, and upon payment, if the Company shall require it, of the transfer charges provided for in the Mortgage, and, thereupon, a new fully registered bond of the same series for a like principal amount will be issued to the transferee in exchange hereof as provided in the Mortgage. The Company and the Trustee may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment and for all other purposes and neither the Company nor the Trustee shall be affected by any notice to the contrary.
This bond is redeemable at the option of the Company as provided in the Fortieth Supplemental Indenture.
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	DB1/ 125076955.5

No recourse shall be had for the payment of the principal of, premium, if any, or interest on this bond against any incorporator or any past, present or future subscriber to the capital stock, stockholder, officer or director of the Company or of any predecessor or successor corporation, as such, either directly or through the Company or any predecessor or successor corporation, under any rule of law, statute or constitution or by the enforcement of any assessment or otherwise, all such liability of incorporators, subscribers, stockholders, officers and directors being released by the holder or owner hereof by the acceptance of this bond and being likewise waived and released by the terms of the Mortgage.
Each initial and future holder of this bond, by its acquisition of an interest in this bond, irrevocably (a) consents to the amendments set forth in Article V of the Thirty-fourth Supplemental Indenture and Article IV of the Thirty-second Supplemental Indenture, in each case without any other or further action by any holder of this bond, and (b) designates the Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such holder in favor of such amendments at any bondholder meeting, in lieu of any bondholder meeting, in any consent solicitation or otherwise.
All terms used in this bond not otherwise defined herein that are defined in the Mortgage shall have the meanings assigned to them in the Mortgage.
As provided in the Mortgage, this bond shall be governed by and construed in accordance with the laws of the State of New York.

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	DB1/ 125076955.5

IN WITNESS WHEREOF, Entergy Mississippi, LLC has caused this bond to be signed in its company name by its Chairman of the Board, Chief Executive Officer, President or one of its Vice Presidents by his or her signature or a facsimile thereof, and its company seal to be impressed or imprinted hereon and attested by its Secretary or one of its Assistant Secretaries by his or her signature or a facsimile thereof.
Dated:             
ENTERGY MISSISSIPPI, LLC

By:_______________________________________
Name: 
Title:

Attest:

__________________________
Name:    
Title:    

FORM OF TRUSTEE’S
AUTHENTICATION CERTIFICATE
TRUSTEE'S AUTHENTICATION CERTIFICATE

This bond is one of the bonds, of the series herein designated, described or provided for in the within-mentioned Mortgage.
Dated:     
THE BANK OF NEW YORK MELLON,
    as Trustee

By: ______________________________________
Authorized Signatory

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	DB1/ 125076955.5

LEGEND
Unless and until this bond is exchanged in whole or in part for certificated bonds registered in the names of the various beneficial holders hereof as then certified to the Trustee by The Depository Trust Company or its successor (the “Depositary”), this bond may not be transferred except as a whole 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 by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.
Unless this certificate is presented by an authorized representative of the Depositary to the Company or its agent for registration of transfer, exchange or payment, and any certificate to be issued is registered in the name of Cede & Co., or such other name as requested by an authorized representative of the Depositary and any amount payable thereunder is made payable to Cede & Co., or such other name, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.
This bond may be exchanged for certificated bonds registered in the names of the various beneficial owners hereof if (a) the Depositary is at any time unwilling or unable to continue as depositary and a successor depositary is not appointed by the Company within 90 days, or (b) the Company elects to issue certificated bonds to beneficial owners (as certified to the Company by the Depositary).

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	DB1/ 125076955.5

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