Document:

Exhibit 4.1

 

Counterpart __ of 75 Counterparts 

 

 

DUKE ENERGY PROGRESS, LLC 

(formerly Duke Energy Progress, Inc.)

 

TO

 

THE BANK OF NEW YORK MELLON 

(formerly The Bank of New York (formerly Irving
Trust Company))

 

AND

 

CHRISTIE LEPPERT 

(successor to Frederick G. Herbst, Richard
H. West, J.A. Austin, E.J. McCabe, 

G. White, D.W. May, J.A. Vaughan, Joseph J.
Arney, Wafaa Orfy, 

W.T. Cunningham, Douglas J. MacInnes, Ming Ryan
and Tina D. Gonzalez)

 

	 	as Trustees under Duke Energy Progress, LLC’s Mortgage and Deed of Trust, dated as of May 1,1940

 

 

 

Ninety-first Supplemental Indenture

 

Providing among other things for 

First Mortgage Bonds, 2.00%
Series due 2031 (One Hundred-sixth Series) 

First Mortgage Bonds, 2.90% Series due 2051
(One Hundred-seventh Series) 

Dated as of August 1, 2021 

 

Prepared by and Return to: 

Hunton Andrews Kurth LLP 

c/o Brendan P. Harney 

200 Park Avenue, 52nd Floor 

New York, New York 10166

 

    

     

    

 

NINETY-FIRST
SUPPLEMENTAL INDENTURE

 

INDENTURE, dated as
of August 1, 2021, by and between DUKE ENERGY PROGRESS, LLC (formerly Duke Energy Progress, Inc.), a limited liability company
of the State of North Carolina, whose post office address is 410 South Wilmington Street, Raleigh, North Carolina 27601-1748 (hereinafter
sometimes referred to as the “Company”), and THE BANK OF NEW YORK MELLON (formerly The Bank of New York (formerly Irving Trust
Company)), a corporation of the State of New York, whose post office address is 240 Greenwich Street, New York, New York 10286 (hereinafter
sometimes referred to as the “Corporate Trustee”), and CHRISTIE LEPPERT (successor to Frederick G. Herbst, Richard H. West,
J.A. Austin, E.J. McCabe, G. White, D.W. May, J.A. Vaughan, Joseph J. Arney, Wafaa Orfy, W.T. Cunningham, Douglas J. MacInnes, Ming Ryan
and Tina D. Gonzalez), whose post office address is 10161 Centurion Parkway, Jacksonville, Florida 32256 (hereinafter sometimes referred
to as the “Individual Trustee”; the Corporate Trustee and the Individual Trustee being hereinafter together sometimes referred
to as the “Trustees”), as Trustees under the Mortgage and Deed of Trust, dated as of May 1, 1940 (hereinafter referred
to as the “Original Mortgage” and, as supplemented from time to time by the eighty-nine supplemental indentures mentioned
below, by this Indenture, and by all other indentures, if any, supplemental to the Original Mortgage, hereinafter referred to as the “Mortgage”),
which Original Mortgage was executed and delivered by the Company to Irving Trust Company (now The Bank of New York Mellon) and Frederick
G. Herbst to secure the payment of bonds issued or to be issued under and in accordance with the provisions of the Original Mortgage,
reference to which Original Mortgage is hereby made, this Indenture (hereinafter sometimes referred to as the “Ninety-first Supplemental
Indenture”) being supplemental thereto:

 

WHEREAS, the Original Mortgage
was recorded in various Counties in the States of North Carolina and South Carolina; and

 

WHEREAS, the Original Mortgage
was indexed and cross-indexed in the real and chattel mortgage records in various Counties in the States of North Carolina and South Carolina;
and

 

WHEREAS, an instrument, dated
as of June 25, 1945, was executed by the Company appointing Richard H. West as Individual Trustee in succession to said Frederick
G. Herbst (deceased) under the Original Mortgage, as theretofore supplemented, and by Richard H. West accepting said appointment, which
instrument was recorded in various Counties in the States of North Carolina and South Carolina; and

 

WHEREAS, an instrument, dated
as of December 12, 1957, was executed by the Company appointing J.A. Austin as Individual Trustee in succession to said Richard H.
West (resigned) under the Original Mortgage, as theretofore supplemented, and by J.A. Austin accepting said appointment, which instrument
was recorded in various Counties in the States of North Carolina and South Carolina; and

 

WHEREAS, an instrument, dated
as of April 15, 1966, was executed by the Company appointing E.J. McCabe as Individual Trustee in succession to said J.A. Austin
(resigned) under the Original Mortgage, as theretofore supplemented, and by E.J. McCabe accepting said appointment, which instrument was
recorded in various Counties in the States of North Carolina and South Carolina; and

 

WHEREAS, by the Seventeenth
Supplemental Indenture mentioned below, the Company, among other things, appointed G. White as Individual Trustee in succession to said
E.J. McCabe (resigned), and G. White accepted said appointment; and

 

    

     

    

 

WHEREAS, by the Nineteenth
Supplemental Indenture mentioned below, the Company, among other things, appointed D.W. May as Individual Trustee in succession to
said G. White (resigned), and D.W. May accepted said appointment; and

 

WHEREAS, by the Thirty-fifth
Supplemental Indenture mentioned below, the Company, among other things, appointed J.A. Vaughan as Individual Trustee in succession to
said D.W. May (resigned), and J.A. Vaughan accepted said appointment; and

 

WHEREAS, an instrument, dated
as of June 27, 1988, was executed by the Company appointing Joseph J. Arney as Individual Trustee in succession to said J.A. Vaughan
(resigned) under the Original Mortgage, as theretofore supplemented, and by Joseph J. Arney accepting said appointment, which instrument
was recorded in various Counties in the States of North Carolina and South Carolina; and

 

WHEREAS, by the Forty-fifth
Supplemental Indenture mentioned below, the Company, among other things, appointed Wafaa Orfy as Individual Trustee in succession to said
Joseph J. Arney (resigned), and Wafaa Orfy accepted said appointment; and

 

WHEREAS, by the Forty-ninth
Supplemental Indenture mentioned below, the Company, among other things, appointed W.T. Cunningham as Individual Trustee in succession
to said Wafaa Orfy (resigned), and W.T. Cunningham accepted said appointment; and

 

WHEREAS, by the Sixty-sixth
Supplemental Indenture mentioned below, the Company, among other things, appointed Douglas J. MacInnes as Individual Trustee in succession
to said W.T. Cunningham (resigned), and Douglas J. MacInnes accepted said appointment; and

 

WHEREAS, by the Seventy-sixth
Supplemental Indenture mentioned below, the Company, among other things, appointed Ming Ryan as Individual Trustee in succession to said
Douglas J. MacInnes (resigned), and Ming Ryan accepted said appointment; and

 

WHEREAS, by the Seventy-ninth
Supplemental Indenture mentioned below, the Company, among other things, appointed Tina D. Gonzalez as Individual Trustee in succession
to said Ming Ryan (resigned), and Tina D. Gonzalez accepted said appointment; and

 

WHEREAS, by the Eighty-seventh
Supplemental Indenture mentioned below, the Company, among other things, appointed Christie Leppert as Individual Trustee in succession
to said Tina D. Gonzalez (resigned), and Christie Leppert accepted said appointment; and

 

WHEREAS, such instruments
were indexed and cross-indexed in the real and chattel mortgage records in various Counties in the States of North Carolina and South
Carolina; and

 

WHEREAS, effective January 1,
2003, the Company began doing business under the name Progress Energy Carolinas, Inc., without changing the legal name of the Company;
and certificates of doing business by the Company under such name were recorded in all counties in the States of North Carolina and South
Carolina in which this Ninety-first Supplemental Indenture is to be recorded and were filed and indexed and cross-indexed in the real
property records in each of such counties; and

 

WHEREAS, effective April 29,
2013, the Company changed its name to Duke Energy Progress, Inc. and evidence of such name change was (i) recorded in all counties
in the States of North Carolina and South Carolina in which this Ninety-first Supplemental Indenture is to be recorded and (ii) filed
and indexed and cross-indexed in the real property records in each of such counties; and

 

    2

     

    

 

WHEREAS, the Company converted
its form of organization effective August 1, 2015 from a North Carolina corporation to a North Carolina limited liability company
named “Duke Energy Progress, LLC,” and evidence of such conversion was (i) recorded in all counties in the States of
North Carolina and South Carolina in which this Ninety-first Supplemental Indenture is to be recorded and (ii) filed and indexed
and cross-indexed in the real property records in each of such counties; and

 

WHEREAS, by the Original Mortgage,
the Company covenanted that it would execute and deliver such supplemental indenture or indentures and such further instruments and do
such further acts as might be necessary or proper to carry out more effectually the purposes of the Mortgage and to make subject to the
lien of the Original Mortgage any property thereafter acquired intended to be subject to the lien thereof; and

 

WHEREAS, for said purposes,
among others, the Company executed and delivered to the Trustees the following supplemental indentures:

 

	Designation	 	Dated as of
	First Supplemental Indenture	 	January 1, 1949
	Second Supplemental Indenture	 	December 1, 1949
	Third Supplemental Indenture	 	February 1, 1951
	Fourth Supplemental Indenture	 	October 1, 1952
	Fifth Supplemental Indenture	 	March 1, 1958
	Sixth Supplemental Indenture	 	April 1, 1960
	Seventh Supplemental Indenture	 	November 1, 1961
	Eighth Supplemental Indenture	 	July 1, 1964
	Ninth Supplemental Indenture	 	April 1, 1966
	Tenth Supplemental Indenture	 	October 1, 1967
	Eleventh Supplemental Indenture	 	October 1, 1968
	Twelfth Supplemental Indenture	 	January 1, 1970
	Thirteenth Supplemental Indenture	 	August 1, 1970
	Fourteenth Supplemental Indenture	 	January 1, 1971
	Fifteenth Supplemental Indenture	 	October 1, 1971
	Sixteenth Supplemental Indenture	 	May 1, 1972
	Seventeenth Supplemental Indenture	 	May 1, 1973
	Eighteenth Supplemental Indenture	 	November 1, 1973
	Nineteenth Supplemental Indenture	 	May 1, 1974
	Twentieth Supplemental Indenture	 	December 1, 1974
	Twenty-first Supplemental Indenture	 	April 15, 1975
	Twenty-second Supplemental Indenture	 	October 1, 1977
	Twenty-third Supplemental Indenture	 	June 1, 1978
	Twenty-fourth Supplemental Indenture	 	May 15, 1979
	Twenty-fifth Supplemental Indenture	 	November 1, 1979
	Twenty-sixth Supplemental Indenture	 	November 1, 1979
	Twenty-seventh Supplemental Indenture	 	April 1, 1980
	Twenty-eighth Supplemental Indenture	 	October 1, 1980
	Twenty-ninth Supplemental Indenture	 	October 1, 1980
	Thirtieth Supplemental Indenture	 	December 1, 1982
	Thirty-first Supplemental Indenture	 	March 15, 1983
	Thirty-second Supplemental Indenture	 	March 15, 1983
	Thirty-third Supplemental Indenture	 	December 1, 1983
	Thirty-fourth Supplemental Indenture	 	December 15, 1983
	Thirty-fifth Supplemental Indenture	 	April 1, 1984
	Thirty-sixth Supplemental Indenture	 	June 1, 1984
	Thirty-seventh Supplemental Indenture	 	June 1, 1984
	Thirty-eighth Supplemental Indenture	 	June 1, 1984
	Thirty-ninth Supplemental Indenture	 	April 1, 1985

 

    3

     

    

 

	Designation	 	Dated
    as of
	Fortieth Supplemental
    Indenture	 	October 1,
    1985
	Forty-first Supplemental
    Indenture	 	March 1, 1986
	Forty-second Supplemental
    Indenture	 	July 1, 1986
	Forty-third Supplemental
    Indenture	 	January 1, 1987
	Forty-fourth Supplemental
    Indenture	 	December 1, 1987
	Forty-fifth Supplemental
    Indenture	 	September 1, 1988
	Forty-sixth Supplemental
    Indenture	 	April 1, 1989
	Forty-seventh Supplemental
    Indenture	 	August 1, 1989
	Forty-eighth Supplemental
    Indenture	 	November 15, 1990
	Forty-ninth Supplemental
    Indenture	 	November 15, 1990
	Fiftieth Supplemental Indenture	 	February 15, 1991
	Fifty-first Supplemental
    Indenture	 	April 1, 1991
	Fifty-second Supplemental
    Indenture	 	September 15, 1991
	Fifty-third Supplemental
    Indenture	 	January 1, 1992
	Fifty-fourth Supplemental
    Indenture	 	April 15, 1992
	Fifty-fifth Supplemental
    Indenture	 	July 1, 1992
	Fifty-sixth Supplemental
    Indenture	 	October 1, 1992
	Fifty-seventh Supplemental
    Indenture	 	February 1, 1993
	Fifty-eighth Supplemental
    Indenture	 	March 1, 1993
	Fifty-ninth Supplemental
    Indenture	 	July 1, 1993
	Sixtieth Supplemental Indenture	 	July 1, 1993
	Sixty-first Supplemental
    Indenture	 	August 15, 1993
	Sixty-second Supplemental
    Indenture	 	January 15, 1994
	Sixty-third Supplemental
    Indenture	 	May 1, 1994
	Sixty-fourth Supplemental
    Indenture	 	August 15, 1997
	Sixty-fifth Supplemental
    Indenture	 	April 1, 1998
	Sixty-sixth Supplemental
    Indenture	 	March 1, 1999
	Sixty-seventh Supplemental
    Indenture	 	March 1, 2000
	Sixty-eighth Supplemental
    Indenture	 	April 1, 2000
	Sixty-ninth Supplemental
    Indenture	 	June 1, 2000
	Seventieth Supplemental
    Indenture	 	July 1, 2000
	Seventy-first Supplemental
    Indenture	 	February 1, 2002
	Seventy-second Supplemental
    Indenture	 	September 1, 2003
	Seventy-third Supplemental
    Indenture	 	March 1, 2005
	Seventy-fourth Supplemental
    Indenture	 	November 1, 2005
	Seventy-fifth Supplemental
    Indenture	 	March 1, 2008
	Seventy-sixth Supplemental
    Indenture	 	January 1, 2009
	Seventy-seventh Supplemental
    Indenture	 	June 18, 2009
	Seventy-eighth Supplemental
    Indenture	 	September 1, 2011
	Seventy-ninth Supplemental
    Indenture	 	May 1, 2012
	Eightieth Supplemental
    Indenture	 	March 1, 2013
	Eighty-first Supplemental
    Indenture	 	June 1, 2013
	Eighty-second Supplemental
    Indenture	 	March 1, 2014
	Eighty-third Supplemental
    Indenture	 	November 1, 2014
	Eighty-fourth Supplemental
    Indenture	 	August 1,
    2015
	Eighty-fifth Supplemental
    Indenture	 	August 1,
    2015
	Eighty-sixth Supplemental
    Indenture	 	September 1,
    2016
	Eighty-seventh Supplemental
    Indenture	 	September 1,
    2017
	Eighty-eighth Supplemental
    Indenture	 	August 1,
    2018
	Eighty-ninth Supplemental
    Indenture	 	March 1,
    2019
	Ninetieth Supplemental
    Indenture	 	August 1,
    2020

 

which supplemental indentures (other than said
Sixty-fifth Supplemental Indenture and said Sixty-seventh Supplemental Indenture) were recorded in various Counties in the States of North
Carolina and South Carolina, and were indexed and cross-indexed in the real and chattel mortgage or security interest records in various
Counties in the States of North Carolina and South Carolina; and

 

    4

     

    

 

WHEREAS, no recording or filing
of said Sixty-fifth Supplemental Indenture in any manner or place is required by law in order to fully preserve and protect the security
of the bondholders and all rights of the Trustees or is necessary to make effective the lien intended to be created by the Original Mortgage
or said Sixty-fifth Supplemental Indenture; and said Sixty-seventh Supplemental Indenture was recorded only in Rowan County, North Carolina
to make subject to the lien of the Mortgage certain property of the Company located in said County intended to be subject to the lien
of the Original Mortgage, all in accordance with Section 42 of the Mortgage; and

 

WHEREAS, the Original Mortgage
and said First through Ninety-first Supplemental Indentures (other than said Sixty-fifth and said Sixty-seventh Supplemental Indentures)
were or are to be recorded in all Counties in the States of North Carolina and South Carolina in which this Ninety-first Supplemental
Indenture is to be recorded; and

 

WHEREAS, in addition to the
property described in the Original Mortgage, as heretofore supplemented, the Company has acquired certain other property, rights and interests
in property; and

 

WHEREAS, the Company has heretofore
issued, in accordance with the provisions of the Original Mortgage, as from time to time then supplemented, the following series of First
Mortgage Bonds:

 

	Series	 	Principal
 Amount
 Issued	 	 	Principal
Amount Outstanding 
	 
	3-3/4% Series due 1965	 	$	46,000,000	 	 	 	None	 
	3-1/8% Series due 1979	 	 	20,100,000	 	 	 	None	 
	3-1/4% Series due 1979	 	 	43,930,000	 	 	 	None	 
	2-7/8% Series due 1981	 	 	15,000,000	 	 	 	None	 
	3-1/2% Series due 1982	 	 	20,000,000	 	 	 	None	 
	4-1/8% Series due 1988	 	 	20,000,000	 	 	 	None	 
	4-7/8% Series due 1990	 	 	25,000,000	 	 	 	None	 
	4-1/2% Series due 1991	 	 	25,000,000	 	 	 	None	 
	4-1/2% Series due 1994	 	 	30,000,000	 	 	 	None	 
	5-1/8% Series due 1996	 	 	30,000,000	 	 	 	None	 
	6-3/8% Series due 1997	 	 	40,000,000	 	 	 	None	 
	6-7/8% Series due 1998	 	 	40,000,000	 	 	 	None	 
	8-3/4% Series due 2000	 	 	40,000,000	 	 	 	None	 
	8-3/4% Series due August 1, 2000	 	 	50,000,000	 	 	 	None	 
	7-3/8% Series due 2001	 	 	65,000,000	 	 	 	None	 
	7-3/4% Series due October 1, 2001	 	 	70,000,000	 	 	 	None	 
	7-3/4% Series due 2002	 	 	100,000,000	 	 	 	None	 
	7-3/4% Series due 2003	 	 	100,000,000	 	 	 	None	 
	8-1/8% Series due November 1, 2003	 	 	100,000,000	 	 	 	None	 
	9-3/4% Series due 2004	 	 	125,000,000	 	 	 	None	 
	11-1/8% Series due 1994	 	 	50,000,000	 	 	 	None	 
	11% Series due April 15, 1984	 	 	100,000,000	 	 	 	None	 
	8-1/2% Series due October 1, 2007	 	 	100,000,000	 	 	 	None	 
	9-1/4% Series due June 1, 2008	 	 	100,000,000	 	 	 	None	 
	10-1/2% Series due May 15, 2009	 	 	125,000,000	 	 	 	None	 
	12-1/4% Series due November 1, 2009	 	 	100,000,000	 	 	 	None	 
	Pollution Control Series A	 	 	63,000,000	 	 	 	None	 
	14-1/8% Series due April 1, 1987	 	 	125,000,000	 	 	 	None	 

 

    5

     

    

 

	Series	 	Principal Amount
 Issued 
	 	 	Principal Amount Outstanding	 
	Pollution Control Series B	 	 	50,000,000	 	 	 	None	 
	Pollution Control Series C	 	 	6,000,000	 	 	 	None	 
	11-5/8% Series due December 1, 1992	 	 	100,000,000	 	 	 	None	 
	Pollution Control Series D	 	 	48,485,000	 	 	 	None	 
	Pollution Control Series E	 	 	5,970,000	 	 	 	None	 
	12-7/8% Series due December 1, 2013	 	 	100,000,000	 	 	 	None	 
	Pollution Control Series F	 	 	34,700,000	 	 	 	None	 
	13-3/8% Series due April 1, 1994	 	 	100,000,000	 	 	 	None	 
	Pollution Control Series G	 	 	122,615,000	 	 	 	None	 
	Pollution Control Series H	 	 	70,000,000	 	 	 	None	 
	Pollution Control Series I	 	 	70,000,000	 	 	 	None	 
	Pollution Control Series J	 	 	6,385,000	 	 	 	None	 
	Pollution Control Series K	 	 	2,580,000	 	 	 	None	 
	Extendible Series due April 1, 1995	 	 	125,000,000	 	 	 	None	 
	11-3/4% Series due October 1, 2015	 	 	100,000,000	 	 	 	None	 
	8-7/8% Series due March 1, 2016	 	 	100,000,000	 	 	 	None	 
	8-1/8% Series due July 1, 1996	 	 	125,000,000	 	 	 	None	 
	8-1/2% Series due January 1, 2017	 	 	100,000,000	 	 	 	None	 
	9.174% Series due December 1, 1992	 	 	100,000,000	 	 	 	None	 
	9% Series due September 1, 1993	 	 	100,000,000	 	 	 	None	 
	9.60% Series due April 1, 1991	 	 	100,000,000	 	 	 	None	 
	Secured Medium-Term Notes, Series A	 	 	200,000,000	 	 	 	None	 
	8-1/8% Series due November 15, 1993	 	 	100,000,000	 	 	 	None	 
	Secured Medium-Term Notes, Series B	 	 	100,000,000	 	 	 	None	 
	8-7/8% Series due February 15, 2021	 	 	125,000,000	 	 	 	None	 
	9% Series due April 1, 2022	 	 	100,000,000	 	 	 	None	 
	8-5/8% Series due September 15, 2021	 	 	100,000,000	 	 	$	100,000,000	 
	5.20% Series due January 1, 1995	 	 	125,000,000	 	 	 	None	 
	7-7/8% Series due April 15, 2004	 	 	150,000,000	 	 	 	None	 
	8.20% Series due July 1, 2022	 	 	150,000,000	 	 	 	None	 
	6-3/4% Series due October 1, 2002	 	 	100,000,000	 	 	 	None	 
	6-1/8% Series due February 1, 2000	 	 	150,000,000	 	 	 	None	 
	7-1/2% Series due March 1, 2023	 	 	150,000,000	 	 	 	None	 
	5-3/8% Series due July 1, 1998	 	 	100,000,000	 	 	 	None	 
	Secured Medium-Term Notes, Series C	 	 	200,000,000	 	 	 	None	 
	6-7/8% Series due August 15, 2023	 	 	100,000,000	 	 	 	None	 
	5-7/8% Series due January 15, 2004	 	 	150,000,000	 	 	 	None	 
	Pollution Control Series L	 	 	72,600,000	 	 	 	72,600,000	 
	Pollution Control Series M	 	 	50,000,000	 	 	 	50,000,000	 
	6.80% Series due August 15, 2007	 	 	200,000,000	 	 	 	None	 
	5.95% Senior Note Series due March 1, 2009	 	 	400,000,000	 	 	 	None	 
	7.50% Senior Note Series due April 1, 2005	 	 	300,000,000	 	 	 	None	 
	Pollution Control Series N	 	 	67,300,000	 	 	 	None	 
	Pollution Control Series O	 	 	55,640,000	 	 	 	None	 
	Pollution Control Series P	 	 	50,000,000	 	 	 	50,000,000	 
	Pollution Control Series Q	 	 	50,000,000	 	 	 	50,000,000	 
	Pollution Control Series R	 	 	45,600,000	 	 	 	45,600,000	 
	Pollution Control Series S	 	 	41,700,000	 	 	 	41,700,000	 
	Pollution Control Series T	 	 	50,000,000	 	 	 	50,000,000	 
	Pollution Control Series U	 	 	50,000,000	 	 	 	50,000,000	 
	Pollution Control Series V	 	 	87,400,000	 	 	 	87,400,000	 
	Pollution Control Series W	 	 	48,485,000	 	 	 	48,485,000	 
	5.125% Series due 2013	 	 	400,000,000	 	 	 	None	 

 

    6

     

    

 

	Series	 	Principal Amount 
 Issued	 	 	Principal Amount Outstanding	 
	6.125% Series due 2033	 	 	200,000,000	 	 	 	200,000,000	 
	5.15% Series due 2015	 	 	300,000,000	 	 	 	None	 
	5.70% Series due 2035	 	 	200,000,000	 	 	 	200,000,000	 
	5.25% Series due 2015	 	 	400,000,000	 	 	 	None	 
	6.30% Series due 2038	 	 	325,000,000	 	 	 	325,000,000	 
	5.30% Series due 2019	 	 	600,000,000	 	 	 	None	 
	3.00% Series due 2021	 	 	500,000,000	 	 	 	500,000,000	 
	2.80% Series due 2022	 	 	500,000,000	 	 	 	500,000,000	 
	4.10% Series due 2042	 	 	500,000,000	 	 	 	500,000,000	 
	4.10% Series due 2043	 	 	500,000,000	 	 	 	500,000,000	 
	Pollution Control Series X	 	 	48,485,000	 	 	 	48,485,000	 
	Floating Rate Series due 2017	 	 	250,000,000	 	 	 	None	 
	4.375% Series due 2044	 	 	400,000,000	 	 	 	400,000,000	 
	Second Floating Rate Series due 2017	 	 	200,000,000	 	 	 	None	 
	4.15% Series due 2044	 	 	500,000,000	 	 	 	500,000,000	 
	3.25% Series due 2025	 	 	500,000,000	 	 	 	500,000,000	 
	4.20% Series due 2045	 	 	700,000,000	 	 	 	700,000,000	 
	3.70% Series due 2046	 	 	450,000,000	 	 	 	450,000,000	 
	Floating Rate Series due 2020	 	 	300,000,000	 	 	 	None	 
	3.60% Series due 2047	 	 	500,000,000	 	 	 	500,000,000	 
	3.375% Series due 2023	 	 	300,000,000	 	 	 	300,000,000	 
	3.700% Series due 2028	 	 	500,000,000	 	 	 	500,000,000	 
	3.45% Series due 2029	 	 	600,000,000	 	 	 	600,000,000	 
	2.50% Series due 2050	 	 	600,000,000	 	 	 	600,000,000	 

 

which bonds are herein sometimes referred to as
bonds of the First through One Hundred-fourth Series, respectively; and

 

WHEREAS, Section 8 of
the Original Mortgage, as heretofore supplemented, provides that the form of each series of bonds (other than the First Series) issued
thereunder and of the coupons to be attached to coupon bonds of such series shall be established by Resolution of the Board of Directors
of the Company and that the form of such series, as established by said Board of Directors, shall specify the descriptive title of the
bonds and various other terms thereof, and may also contain such provisions not inconsistent with the provisions of the Mortgage as said
Board of Directors may, in its discretion, cause to be inserted therein expressing or referring to the terms and conditions upon which
such bonds are to be issued and/or secured under the Mortgage; and

 

WHEREAS, Section 120
of the Original Mortgage, as heretofore supplemented, 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 Mortgage, 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 or restrictions
for the benefit of any one or more series of bonds issued thereunder, or the Company may cure any ambiguity contained therein, or in any
supplemental indenture, or may establish the terms and provisions of any series of bonds other than said First Series, 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 record
in all of the states in which any property at the time subject to the lien of the Mortgage shall be situated; and

 

    7

     

    

 

WHEREAS, the Company now desires
to create one new series of bonds and to add to its covenants and agreements contained in the Original Mortgage, as heretofore supplemented,
certain other covenants and agreements to be observed by it; and

 

WHEREAS, the execution and
delivery by the Company of this Ninety-first Supplemental Indenture, and the terms of the bonds of the One Hundred-sixth and One Hundred-seventh
Series, hereinafter referred to, have been duly authorized by the Board of Directors of the Company by appropriate resolutions of said
Board of Directors;

 

NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

 

That the Company, in consideration
of the premises and of One Dollar to it duly paid by the Trustees at or before the ensealing and delivery of these presents, the receipt
whereof is hereby acknowledged, and in further evidence of assurance of the estate, title and rights of the Trustees and in order further
to secure the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Mortgage,
according to their tenor and effect and the performance of all the provisions of the Original Mortgage (including any instruments supplemental
thereto and any modification made as in the Mortgage provided) and of said bonds, hereby grants, bargains, sells, releases, conveys, assigns,
transfers, mortgages, pledges, sets over and confirms (subject, however, to Excepted Encumbrances as defined in Section 6 of the
Original Mortgage, as heretofore supplemented) unto The Bank of New York Mellon and Christie Leppert, as Trustees under the Mortgage,
and to their successor or successors in said trust, and to said Trustees and their successors and assigns forever, all the following described
properties of the Company:

 

All electric generating plants, stations,
transmission lines, and electric distribution systems, including permanent improvements, extensions or additions to or about such electrical
plants, stations, transmission lines and distribution systems of the Company; all dams, power houses, power sites, buildings, generators,
reservoirs, pipe lines, flumes, structures and works; all substations, transformers, switchboards, towers, poles, wires, insulators, and
other appliances and equipment, and the Company’s rights or interests in the land upon which the same are situated, and all other
property, real or personal, forming a part of or appertaining to, or used, occupied or enjoyed in connection with said generating plants,
stations, transmission lines, and distribution systems; together with all rights of way, easements, permits, privileges, franchises and
rights for or related to the construction, maintenance, or operation thereof, through, over, under or upon any public streets or highways,
or the public lands of the United States, or of any State or other lands; and all water appropriations and water rights, permits and privileges;
including all property, real, personal, and mixed, acquired by the Company after the date of the execution and delivery of the Original
Mortgage, in addition to property covered by the above-mentioned supplemental indentures (except any herein or in the Original Mortgage,
as heretofore supplemented, expressly excepted), now owned or, subject to the provisions of Section 87 of the Mortgage, hereafter
acquired by the Company and wheresoever situated, including (without in anywise limiting or impairing by the enumeration of the same the
scope and intent of the foregoing or of any general description contained in this Ninety-first Supplemental Indenture) all lands, power
sites, flowage rights, water rights, flumes, raceways, dams, rights of way and roads; all steam and power houses, gas plants, street lighting
systems, standards and other equipment incidental thereto, telephone, radio and television systems, air-conditioning systems and equipment
incidental thereto, water works, steam heat and hot water plants, lines, service and supply systems, bridges, culverts, tracks, ice or
refrigeration plants and equipment, street and interurban railway systems, offices, buildings and other structures and the equipment thereof;
all machinery, engines, boilers, dynamos, electric and gas machines, regulators, meters, transformers, generators, 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, wires, cables, tools, implements, apparatus, furniture, chattels and choses in action;
all municipal and other franchises, consents or permits; all lines for the transmission and distribution of electric current, gas, steam
heat or water for any purpose including poles, wires, cables, pipes, conduits, ducts and all apparatus for use in connection therewith;
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 and (except as herein or in the Original Mortgage, as heretofore supplemented, 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 hereinbefore or in the Original Mortgage, as heretofore supplemented, described.

 

    8

     

    

 

TOGETHER WITH all and singular
the tenements, hereditaments and appurtenances belonging or in any wise appertaining to the aforesaid property or any part thereof, with
the reversion and reversions, remainder and remainders and (subject to the provisions of Section 57 of the Original Mortgage, as
heretofore supplemented) 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 and franchises and every part and parcel thereof.

 

IT IS HEREBY AGREED by the
Company that, subject to the provisions of Section 87 of the Original Mortgage, as heretofore supplemented, all the property, rights,
and franchises acquired by the Company after the date hereof (except any herein or in the Mortgage, as heretofore supplemented, expressly
excepted) shall be and are as fully granted and conveyed hereby and as fully embraced within the lien hereof and the lien of the Original
Mortgage as if such property, rights and franchises were now owned by the Company and were specifically described herein and conveyed
hereby.

 

PROVIDED THAT the following
are not and are not intended to be now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged,
set over or confirmed hereunder and are hereby expressly excepted from the lien and operation of this Ninety-first Supplemental Indenture
and from the lien and operation of the Mortgage, namely: (1) cash, shares of stock and obligations (including bonds, notes and other
securities) not hereafter specifically pledged, paid, deposited or delivered under the Mortgage or covenanted so to be; (2) merchandise,
equipment, materials or supplies held for the purpose of sale in the usual course of business and fuel, oil and similar materials and
supplies consumable in the operation of any properties of the Company; rolling stock, buses, motor coaches, vehicles and automobiles;
(3) bills, notes and accounts receivable, and all contracts, leases and operating agreements not specifically pledged under the Mortgage
or this Ninety-first Supplemental Indenture or covenanted so to be; (4) electric energy 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; (5) any
property which does not constitute Property Additions, Funded Property or Funded Cash (each as defined in the Original Mortgage as supplemented)
and (6) any property and rights heretofore released from the lien of the Original Mortgage, as heretofore supplemented; provided,
however, that the property and rights expressly excepted from the lien and operation of the Original Mortgage, as heretofore supplemented,
and this Ninety-first Supplemental 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 either or both of the Trustees 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 Mortgage by reason of the occurrence
of a Default as defined in said Article XII.

 

    9

     

    

 

TO HAVE AND TO HOLD all such
properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over
or confirmed by the Company as aforesaid, or intended so to be, unto the Trustees, their successors and assigns forever.

 

IN TRUST NEVERTHELESS, for
the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth
in the Original Mortgage, as heretofore supplemented, this Ninety-first Supplemental Indenture being supplemental to the Original Mortgage.

 

AND IT IS HEREBY COVENANTED
by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage, as heretofore supplemented,
shall affect and apply to the property hereinbefore described and conveyed and to the estate, rights, obligations and duties of the Company
and the Trustees and the beneficiaries of the trust with respect to said property, and to the Trustees and their successors as Trustees
of said property 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 Mortgage and had been specifically and at length described in and conveyed to the Trustees by the Original Mortgage
as a part of the property therein stated to be conveyed.

 

The Company further covenants
and agrees to and with the Trustees and their successor or successors in such trust under the Mortgage as follows:

 

ARTICLE I

ONE HUNDRED-SIXTH SERIES OF BONDS

 

SECTION 1.
(A) There shall be a series of bonds designated “2.00% Series due 2031” (herein sometimes referred to as
the “One Hundred-sixth Series”), which shall also bear the descriptive title “First Mortgage Bond”, and the form
thereof, which shall be established by Resolution of the Board of Directors of the Company, shall contain suitable provisions with respect
to the matters hereinafter in this Section specified. Bonds of the One Hundred-sixth Series shall be initially issued in the
aggregate principal amount of $650,000,000, mature on August 15, 2031, bear interest at the rate of 2.00% per annum, payable from
August 12, 2021, if the date of said bonds is on or prior to February 15, 2022, or, if the date of said bonds is after February 15,
2022, from the February 15 or August 15 next preceding the date of said bonds, semi-annually on February 15 and August 15
of each year commencing on February 15, 2022, be issued as fully registered bonds in the denominations of Two Thousand Dollars and
in any integral multiple of One Thousand Dollars in excess thereof and be dated as in Section 10 of the Mortgage provided, the principal
of 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,
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 bonds of the One
Hundred-sixth Series will be computed on the basis of a 360-day year comprised of twelve 30-day months. If a due date for the payment
of interest, principal or any Redemption Price (as defined below) on the bonds of the One Hundred-sixth Series, falls on a day that is
not a Business Day, then the payment will be made on the next succeeding Business Day, and no interest will accrue on the amounts payable
for the period from and after the original due date and until the next Business Day. The term “Business Day” means any day
other than a Saturday or Sunday or day on which banking institutions in The City of New York are required or authorized to close.

 

    10

     

    

 

 

(B)            At
any time on or after May 15, 2031 (the “Par Call Date”), the bonds of the One Hundred-sixth Series shall be redeemable
at the option of the Company, or with the Proceeds of Released Property (as contemplated by clause (4) of Section 61 of the
Mortgage), in whole or in part and from time to time, prior to maturity, upon notice as provided in Sections 52 and 54 of the Mortgage
(given by mail or, if the bonds of the One Hundred-sixth Series are represented by one or more One Hundred-sixth Series Global
Bonds (as hereinafter defined), given in accordance with the procedures of DTC (as hereinafter defined), not less than 30 days and not
more than 90 days prior to the date fixed for redemption), at a redemption price equal to 100% of the principal amount of the bonds then
Outstanding to be redeemed, plus in each case accrued but unpaid interest on such principal amount to, but excluding, such date fixed
for redemption. At any time prior to the Par Call Date, the bonds of the One Hundred-sixth Series shall be redeemable at the option
of the Company, or with the Proceeds of Released Property (as contemplated by clause (4) of Section 61 of the Mortgage), in
whole or in part and from time to time, upon notice as provided in Sections 52 and 54 of the Mortgage (given by mail or, if the bonds
of the One Hundred-sixth Series are represented by one or more One Hundred-sixth Series Global Bonds (as hereinafter defined),
given in accordance with the procedures of DTC (as hereinafter defined), not less than 30 days and not more than 90 days prior to the
date fixed for redemption (together with the date fixed for redemption referred to in the preceding sentence, each a “Redemption
Date”)), at a redemption price (hereinafter sometimes referred to as the “Make-Whole Redemption Price” and, together
with the redemption price referred to in the preceding sentence, each a “Redemption Price”) equal to the greater of (i) 100%
of the principal amount of the bonds then Outstanding to be redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on such bonds being redeemed that would be due if such bonds matured on the Par Call Date, computed
by discounting such payments, in each case, to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate (as defined below) plus 15 basis points, plus in either case accrued but unpaid interest on such principal
amount to, but excluding, such Redemption Date. On and after any Redemption Date, if sufficient cash shall have been deposited with the
Corporate Trustee (and/or if the Company has irrevocably directed the Corporate Trustee to apply, from moneys held by it available to
be used for the redemption of bonds, sufficient cash) to redeem all of the bonds of the One Hundred-sixth Series called for redemption,
interest on the bonds of the One Hundred-sixth Series, or the portions of them so called for redemption, shall cease to accrue.

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity
(on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the bonds of the One Hundred-sixth Series to be redeemed (assuming, for this purpose, that the bonds of
the One Hundred-sixth Series matured 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 a comparable maturity to the remaining term of such
bonds of the One Hundred-sixth Series.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Quotation Agent obtains
fewer than four of such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations as determined
by the Company.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury
Dealer” means each of Citigroup Global Markets Inc. and TD Securities (USA) LLC, a Primary Treasury Dealer (as defined below) selected
by MUFG Securities Americas Inc. and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc., or their respective affiliates
or successors, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”);
provided, however, that if any of the foregoing or their affiliates or successors shall cease to be a Primary Treasury Dealer, the Company
shall substitute therefor another Primary Treasury Dealer.

 

    11 

     

    

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business
Day preceding such Redemption Date.

 

In case of a redemption of
only a part of the bonds of the One Hundred-sixth Series, absent any written agreement of the registered holders of all of the bonds of
the One Hundred-sixth Series satisfactory to the Corporate Trustee specifying the particular bonds of the One Hundred-sixth Series to
be redeemed, the Corporate Trustee shall draw by lot, according to such method as it shall deem proper in its discretion, or portions
of them, to be redeemed, provided, that if the bonds of the One Hundred-sixth Series are represented by one or more One Hundred-sixth
Series Global Bonds, interests in the bonds of the One Hundred-sixth Series shall be selected for redemption by DTC in accordance
with its standard procedures therefor.

 

In case of any bonds of the
One Hundred-sixth Series called for redemption in whole or in part prior to the Par Call Date, the Company shall deliver to the Corporate
Trustee promptly upon its calculation thereof, but in any event prior to the related Redemption Date, a Treasurer’s Certificate
setting forth its calculation of the Make-Whole Redemption Price applicable to such redemption. The Corporate Trustee shall be under no
duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the Company’s calculation
of any Make-Whole Redemption Price of the bonds of the One Hundred-sixth Series.

 

In lieu of stating any Make-Whole
Redemption Price, notices of redemption of the bonds of the One Hundred-sixth Series called for redemption in whole or in part shall
state substantially the following: “The redemption price of the bonds to be redeemed shall equal the greater of (i) 100% of
the principal amount of the bonds then Outstanding to be redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest thereon being redeemed that would be due if such bonds matured on the Par Call Date, computed by discounting
such payments, in each case, to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate (as defined in this Ninety-first Supplemental Indenture) plus 15 basis points, plus in each case accrued but unpaid
interest on the principal amount thereof called for redemption to, but excluding, the Redemption Date.”

 

Except as provided herein,
Article X of the Mortgage shall apply to redemptions of bonds of the One Hundred-sixth Series.

 

(C)            Subject
to the provisions set forth below with respect to One Hundred-sixth Series Global Bonds, at the option of the registered owner, any
bonds of the One Hundred-sixth Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of
Manhattan, The City of New York, shall be exchangeable for a like aggregate principal amount of bonds of the same series of other authorized
denominations. The bonds of the One Hundred-sixth Series may bear such legends as may be necessary to comply with any law or with
any rules or regulations made pursuant thereto or with the rules or regulations of any stock exchange or to conform to usage
or agreement with respect thereto.

 

    12 

     

    

 

Subject to the provisions
set forth below with respect to One Hundred-sixth Series Global Bonds, bonds of the One Hundred-sixth 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 duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City
of New York.

 

Upon any exchange or transfer
of bonds of the One Hundred-sixth Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or other
governmental charge required to be paid by the Company, as provided in Section 12 of the Mortgage, but the Company hereby waives
any right to make a charge in addition thereto for any exchange or transfer of bonds of said Series.

 

(D)            The
bonds of the One Hundred-sixth Series shall be issued in registered form without coupons and shall be issued initially in the form
of one or more global bonds (each such global bond hereinafter sometimes referred to as a “One Hundred-sixth Series Global
Bond”) to or on behalf of The Depository Trust Company (hereinafter sometimes referred to as “DTC”), as depositary therefor,
and registered in the name of such depositary or its nominee. Any bonds of the One Hundred-sixth Series to be issued or transferred
to, or to be held by or on behalf of DTC as such depositary or such nominee (or any successor of such depositary or nominee) for such
purpose shall bear the depositary legends as required or otherwise agreed to by the Corporate Trustee and the Company, and in the case
of a successor depositary, such legend or legends as such depositary and/or the Company shall require and to which each shall agree, in
each case such agreement to be confirmed in writing to the Corporate Trustee. Notwithstanding any other provision in this Ninety-first
Supplemental Indenture, payment of interest on the bonds of the One Hundred-sixth Series may be made at the option of the Company
by check mailed to the registered holders thereof at their registered address, and, with respect to a One Hundred-sixth Series Global
Bond, the Company may make payments of principal of, any Redemption Price and interest on such One Hundred-sixth Series Global Bond
pursuant to and in accordance with such arrangements as are agreed upon by the Company and the depositary for such One Hundred-sixth Series Global
Bond.

 

Except under the limited circumstances
described below, bonds of the One Hundred-sixth Series represented by a One Hundred-sixth Series Global Bond or Bonds shall
not be exchangeable for, and shall not otherwise be issuable as, bonds of the One Hundred-sixth Series in definitive form. The One
Hundred-sixth Series Global Bond or Bonds described in this Section 1(D) may not be transferred except by the depositary
to a nominee of the depositary or by a nominee of the depositary to the depositary or another nominee of the depositary or to a successor
depositary or its nominee.

 

A One Hundred-sixth Series Global
Bond shall be exchangeable for bonds of the One Hundred-sixth Series registered in the names of persons other than the depositary
or its nominee only if (i) the depositary notifies the Company that it is unwilling or unable to continue as a depositary for such
One Hundred-sixth Series Global Bond and no successor depositary shall have been appointed by the Company within 90 days of receipt
by the Company of such notification, or if at any time the depositary ceases to be a clearing agency registered under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) at a time when the depositary is required to be so registered to act as such
depositary and no successor depositary shall have been appointed by the Company within 90 days after it becomes aware of such cessation,
(ii) a Default has occurred and is continuing with respect to the bonds of the One Hundred-sixth Series or (iii) the Company
in its sole discretion, and subject to the procedures of the depositary, determines that such One Hundred-sixth Series Global Bond
shall be so exchangeable. Any One Hundred-sixth Series Global Bond that is exchangeable pursuant to the preceding sentence shall
be exchangeable for bonds of the One Hundred-sixth Series registered in such names as the depositary shall direct.

 

    13 

     

    

 

In any exchange provided in
the preceding paragraph the Company shall execute, and the Corporate Trustee, upon receipt of a Company request for the authentication
and delivery of bonds of the One Hundred-sixth Series in the form of definitive certificates in exchange in whole or in part for
such One Hundred-sixth Series Global Bond or Bonds, shall authenticate and deliver, without service charge, to each person specified
by the depositary, bonds of the One Hundred-sixth Series in the form of definitive certificates of like tenor and terms in an aggregate
principal amount equal to the principal amount of such One Hundred-sixth Series Global Bond or the aggregate principal amount of
such One Hundred-sixth Series Global Bonds in exchange for such One Hundred-sixth Series Global Bond or Bonds. Upon the exchange
of the entire principal amount of a One Hundred-sixth Series Global Bond for bonds of the One Hundred-sixth Series in the form
of definitive certificates, such One Hundred-sixth Series Global Bond shall be canceled by the Corporate Trustee. Bonds of the One
Hundred-sixth Series issued in exchange for a One Hundred-sixth Series Global Bond shall be registered in such names and in
such authorized denominations as the depositary for such One Hundred-sixth Series Global Bond, acting pursuant to instructions from
its direct or indirect participants or otherwise, shall instruct the Corporate Trustee. Provided that the Company and the Corporate Trustee
have so agreed, the Corporate Trustee shall deliver such bonds of the One Hundred-sixth Series to the persons in whose names the
bonds of the One Hundred-sixth Series are so to be registered.

 

Any endorsement of a One Hundred-sixth
Series Global Bond to reflect the principal amount thereof, or any increase or decrease in such principal amount, shall be made in
such manner and by such person or persons as shall be specified in or pursuant to any applicable letter of representations or other arrangement
entered into with, or procedures of, the depositary with respect to such One Hundred-sixth Series Global Bond or in a Company request.
Subject to the terms of the Mortgage, the Corporate Trustee shall deliver and redeliver any such One Hundred-sixth Series Global
Bond in the manner and upon instructions given by the person or persons specified in or pursuant to any applicable letter of representations
or other arrangement entered into with, or procedures of, the depositary with respect to such One Hundred-sixth Series Global Bond
or in any applicable Company request. If a Company request is so delivered, any instructions by the Company with respect to such One Hundred-sixth
Series Global Bond contained therein shall be in writing but need not be accompanied by or contained in a Treasurer’s Certificate
and need not be accompanied by an opinion of counsel.

 

The depositary or, if there
be one, its nominee, shall be the holder of a One Hundred-sixth Series Global Bond for all purposes under the Mortgage and the bonds
of the One Hundred-sixth Series and beneficial owners with respect to such One Hundred-sixth Series Global Bond shall hold their
interests pursuant to applicable procedures of such depositary. The Company, the Corporate Trustee, any bond registrar, any paying agent
and any other agent of the Company or the Corporate Trustee shall be entitled to deal with such depositary for all purposes of the Mortgage
relating to such One Hundred-sixth Series Global Bond (including the payment of principal, the Redemption Price, if applicable, and
interest and the giving of instructions or directions by or to the beneficial owners of such One Hundred-sixth Series Global Bond
as the sole holder of such One Hundred-sixth Series Global Bond and shall have no obligations to the beneficial owners thereof (including
any direct or indirect participants in such depositary)). None of the Company, the Corporate Trustee, any paying agent, any bond registrar
or any other agent of the Company or the Corporate Trustee shall have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a beneficial owner in or pursuant to any applicable letter of representations
or other arrangement or transaction entered into with, or procedures of, the depositary with respect to such One Hundred-sixth Series Global
Bond or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, or for any acts or omissions
of a depositary.

 

    14 

     

    

 

ARTICLE II 

ONE HUNDRED-SEVENTH SERIES OF BONDS

 

SECTION 2.
(A) There shall be a series of bonds designated “2.90% Series due 2051” (herein sometimes referred to as
the “One Hundred-seventh Series”), which shall also bear the descriptive title “First Mortgage Bond”, and the
form thereof, which shall be established by Resolution of the Board of Directors of the Company, shall contain suitable provisions with
respect to the matters hereinafter in this Section specified. Bonds of the One Hundred-seventh Series shall be initially issued
in the aggregate principal amount of $450,000,000, mature on August 15, 2051, bear interest at the rate of 2.90% per annum, payable
from August 12, 2021, if the date of said bonds is on or prior to February 15, 2022, or, if the date of said bonds is after
February 15, 2022, from the February 15 or August 15 next preceding the date of said bonds, semi-annually on February 15
and August 15 of each year commencing on February 15, 2022, be issued as fully registered bonds in the denominations of Two
Thousand Dollars and in any integral multiple of One Thousand Dollars in excess thereof and be dated as in Section 10 of the Mortgage
provided, the principal of 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, 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 bonds of the One
Hundred-seventh Series will be computed on the basis of a 360-day year comprised of twelve 30-day months. If a due date for the payment
of interest, principal or any Redemption Price (as defined below) on the bonds of the One Hundred-seventh Series, falls on a day that
is not a Business Day, then the payment will be made on the next succeeding Business Day, and no interest will accrue on the amounts payable
for the period from and after the original due date and until the next Business Day. The term “Business Day” means any day
other than a Saturday or Sunday or day on which banking institutions in The City of New York are required or authorized to close.

 

(B)            At
any time on or after February 15, 2051 (the “Par Call Date”), the bonds of the One Hundred-seventh Series shall
be redeemable at the option of the Company, or with the Proceeds of Released Property (as contemplated by clause (4) of Section 61
of the Mortgage), in whole or in part and from time to time, prior to maturity, upon notice as provided in Sections 52 and 54 of the Mortgage
(given by mail or, if the bonds of the One Hundred-seventh Series are represented by one or more One Hundred-seventh Series Global
Bonds (as hereinafter defined), given in accordance with the procedures of DTC (as hereinafter defined), not less than 30 days and not
more than 90 days prior to the date fixed for redemption), at a redemption price equal to 100% of the principal amount of the bonds then
Outstanding to be redeemed, plus in each case accrued but unpaid interest on such principal amount to, but excluding, such date fixed
for redemption. At any time prior to the Par Call Date, the bonds of the One Hundred-seventh Series shall be redeemable at the option
of the Company, or with the Proceeds of Released Property (as contemplated by clause (4) of Section 61 of the Mortgage), in
whole or in part and from time to time, upon notice as provided in Sections 52 and 54 of the Mortgage (given by mail or, if the bonds
of the One Hundred-seventh Series are represented by one or more One Hundred-seventh Series Global Bonds (as hereinafter defined),
given in accordance with the procedures of DTC (as hereinafter defined), not less than 30 days and not more than 90 days prior to the
date fixed for redemption (together with the date fixed for redemption referred to in the preceding sentence, each a “Redemption
Date”)), at a redemption price (hereinafter sometimes referred to as the “Make-Whole Redemption Price” and, together
with the redemption price referred to in the preceding sentence, each a “Redemption Price”) equal to the greater of (i) 100%
of the principal amount of the bonds then Outstanding to be redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on such bonds being redeemed that would be due if such bonds matured on the Par Call Date, computed
by discounting such payments, in each case, to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate (as defined below) plus 15 basis points, plus in either case accrued but unpaid interest on such principal
amount to, but excluding, such Redemption Date. On and after any Redemption Date, if sufficient cash shall have been deposited with the
Corporate Trustee (and/or if the Company has irrevocably directed the Corporate Trustee to apply, from moneys held by it available to
be used for the redemption of bonds, sufficient cash) to redeem all of the bonds of the One Hundred-seventh Series called for redemption,
interest on the bonds of the One Hundred-seventh Series, or the portions of them so called for redemption, shall cease to accrue.

 

    15 

     

    

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity
(on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the bonds of the One Hundred-seventh Series to be redeemed (assuming, for this purpose, that the bonds of
the One Hundred-seventh Series matured 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 a comparable maturity to the remaining term of such
bonds of the One Hundred-seventh Series.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Quotation Agent obtains
fewer than four of such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations as determined
by the Company.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury
Dealer” means each of Citigroup Global Markets Inc. and TD Securities (USA) LLC, a Primary Treasury Dealer (as defined below) selected
by MUFG Securities Americas Inc. and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc., or their respective affiliates
or successors, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”);
provided, however, that if any of the foregoing or their affiliates or successors shall cease to be a Primary Treasury Dealer, the Company
shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business
Day preceding such Redemption Date.

 

In case of a redemption of
only a part of the bonds of the One Hundred-seventh Series, absent any written agreement of the registered holders of all of the bonds
of the One Hundred-seventh Series satisfactory to the Corporate Trustee specifying the particular bonds of the One Hundred-seventh
Series to be redeemed, the Corporate Trustee shall draw by lot, according to such method as it shall deem proper in its discretion,
or portions of them, to be redeemed, provided, that if the bonds of the One Hundred-seventh Series are represented by one or more
One Hundred-seventh Series Global Bonds, interests in the bonds of the One Hundred-seventh Series shall be selected for redemption
by DTC in accordance with its standard procedures therefor.

 

In case of any bonds of the
One Hundred-seventh Series called for redemption in whole or in part prior to the Par Call Date, the Company shall deliver to the
Corporate Trustee promptly upon its calculation thereof, but in any event prior to the related Redemption Date, a Treasurer’s Certificate
setting forth its calculation of the Make-Whole Redemption Price applicable to such redemption. The Corporate Trustee shall be under no
duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the Company’s calculation
of any Make-Whole Redemption Price of the bonds of the One Hundred-seventh Series.

 

    16 

     

    

 

In lieu of stating any Make-Whole
Redemption Price, notices of redemption of the bonds of the One Hundred-seventh Series called for redemption in whole or in part
shall state substantially the following: “The redemption price of the bonds to be redeemed shall equal the greater of (i) 100%
of the principal amount of the bonds then Outstanding to be redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest thereon being redeemed that would be due if such bonds matured on the Par Call Date, computed by discounting
such payments, in each case, to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate (as defined in this Ninety-first Supplemental Indenture) plus 15 basis points, plus in each case accrued but unpaid
interest on the principal amount thereof called for redemption to, but excluding, the Redemption Date.”

 

Except as provided herein,
Article X of the Mortgage shall apply to redemptions of bonds of the One Hundred-seventh Series.

 

(C)            Subject
to the provisions set forth below with respect to One Hundred-seventh Series Global Bonds, at the option of the registered owner,
any bonds of the One Hundred-seventh Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough
of Manhattan, The City of New York, shall be exchangeable for a like aggregate principal amount of bonds of the same series of other authorized
denominations. The bonds of the One Hundred-seventh Series may bear such legends as may be necessary to comply with any law or with
any rules or regulations made pursuant thereto or with the rules or regulations of any stock exchange or to conform to usage
or agreement with respect thereto.

 

Subject to the provisions
set forth below with respect to One Hundred-seventh Series Global Bonds, bonds of the One Hundred-seventh 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 duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City
of New York.

 

Upon any exchange or transfer
of bonds of the One Hundred-seventh Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or
other governmental charge required to be paid by the Company, as provided in Section 12 of the Mortgage, but the Company hereby waives
any right to make a charge in addition thereto for any exchange or transfer of bonds of said Series.

 

(D)            The
bonds of the One Hundred-seventh Series shall be issued in registered form without coupons and shall be issued initially in the form
of one or more global bonds (each such global bond hereinafter sometimes referred to as a “One Hundred-seventh Series Global
Bond”) to or on behalf of The Depository Trust Company (hereinafter sometimes referred to as “DTC”), as depositary therefor,
and registered in the name of such depositary or its nominee. Any bonds of the One Hundred-seventh Series to be issued or transferred
to, or to be held by or on behalf of DTC as such depositary or such nominee (or any successor of such depositary or nominee) for such
purpose shall bear the depositary legends as required or otherwise agreed to by the Corporate Trustee and the Company, and in the case
of a successor depositary, such legend or legends as such depositary and/or the Company shall require and to which each shall agree, in
each case such agreement to be confirmed in writing to the Corporate Trustee. Notwithstanding any other provision in this Ninety-first
Supplemental Indenture, payment of interest on the bonds of the One Hundred-seventh Series may be made at the option of the Company
by check mailed to the registered holders thereof at their registered address, and, with respect to a One Hundred-seventh Series Global
Bond, the Company may make payments of principal of, any Redemption Price and interest on such One Hundred-seventh Series Global
Bond pursuant to and in accordance with such arrangements as are agreed upon by the Company and the depositary for such One Hundred-seventh
Series Global Bond.

 

    17 

     

    

 

Except under the limited circumstances
described below, bonds of the One Hundred-seventh Series represented by a One Hundred-seventh Series Global Bond or Bonds shall
not be exchangeable for, and shall not otherwise be issuable as, bonds of the One Hundred-seventh Series in definitive form. The
One Hundred-seventh Series Global Bond or Bonds described in this Section 1(D) may not be transferred except by the depositary
to a nominee of the depositary or by a nominee of the depositary to the depositary or another nominee of the depositary or to a successor
depositary or its nominee.

 

A One Hundred-seventh Series Global
Bond shall be exchangeable for bonds of the One Hundred-seventh Series registered in the names of persons other than the depositary
or its nominee only if (i) the depositary notifies the Company that it is unwilling or unable to continue as a depositary for such
One Hundred-seventh Series Global Bond and no successor depositary shall have been appointed by the Company within 90 days of receipt
by the Company of such notification, or if at any time the depositary ceases to be a clearing agency registered under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) at a time when the depositary is required to be so registered to act as such
depositary and no successor depositary shall have been appointed by the Company within 90 days after it becomes aware of such cessation,
(ii) a Default has occurred and is continuing with respect to the bonds of the One Hundred-seventh Series or (iii) the
Company in its sole discretion, and subject to the procedures of the depositary, determines that such One Hundred-seventh Series Global
Bond shall be so exchangeable. Any One Hundred-seventh Series Global Bond that is exchangeable pursuant to the preceding sentence
shall be exchangeable for bonds of the One Hundred-seventh Series registered in such names as the depositary shall direct.

 

In any exchange provided in
the preceding paragraph the Company shall execute, and the Corporate Trustee, upon receipt of a Company request for the authentication
and delivery of bonds of the One Hundred-seventh Series in the form of definitive certificates in exchange in whole or in part for
such One Hundred-seventh Series Global Bond or Bonds, shall authenticate and deliver, without service charge, to each person specified
by the depositary, bonds of the One Hundred-seventh Series in the form of definitive certificates of like tenor and terms in an aggregate
principal amount equal to the principal amount of such One Hundred-seventh Series Global Bond or the aggregate principal amount of
such One Hundred-seventh Series Global Bonds in exchange for such One Hundred-seventh Series Global Bond or Bonds. Upon the
exchange of the entire principal amount of a One Hundred-seventh Series Global Bond for bonds of the One Hundred-seventh Series in
the form of definitive certificates, such One Hundred-seventh Series Global Bond shall be canceled by the Corporate Trustee. Bonds
of the One Hundred-seventh Series issued in exchange for a One Hundred-seventh Series Global Bond shall be registered in such
names and in such authorized denominations as the depositary for such One Hundred-seventh Series Global Bond, acting pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Corporate Trustee. Provided that the Company and
the Corporate Trustee have so agreed, the Corporate Trustee shall deliver such bonds of the One Hundred-seventh Series to the persons
in whose names the bonds of the One Hundred-seventh Series are so to be registered.

 

Any endorsement of a One Hundred-seventh
Series Global Bond to reflect the principal amount thereof, or any increase or decrease in such principal amount, shall be made in
such manner and by such person or persons as shall be specified in or pursuant to any applicable letter of representations or other arrangement
entered into with, or procedures of, the depositary with respect to such One Hundred-seventh Series Global Bond or in a Company request.
Subject to the terms of the Mortgage, the Corporate Trustee shall deliver and redeliver any such One Hundred-seventh Series Global
Bond in the manner and upon instructions given by the person or persons specified in or pursuant to any applicable letter of representations
or other arrangement entered into with, or procedures of, the depositary with respect to such One Hundred-seventh Series Global Bond
or in any applicable Company request. If a Company request is so delivered, any instructions by the Company with respect to such One Hundred-seventh
Series Global Bond contained therein shall be in writing but need not be accompanied by or contained in a Treasurer’s Certificate
and need not be accompanied by an opinion of counsel.

 

    18 

     

    

 

The depositary or, if there
be one, its nominee, shall be the holder of a One Hundred-seventh Series Global Bond for all purposes under the Mortgage and the
bonds of the One Hundred-seventh Series and beneficial owners with respect to such One Hundred-seventh Series Global Bond shall
hold their interests pursuant to applicable procedures of such depositary. The Company, the Corporate Trustee, any bond registrar, any
paying agent and any other agent of the Company or the Corporate Trustee shall be entitled to deal with such depositary for all purposes
of the Mortgage relating to such One Hundred-seventh Series Global Bond (including the payment of principal, the Redemption Price,
if applicable, and interest and the giving of instructions or directions by or to the beneficial owners of such One Hundred-seventh Series Global
Bond as the sole holder of such One Hundred-seventh Series Global Bond and shall have no obligations to the beneficial owners thereof
(including any direct or indirect participants in such depositary)). None of the Company, the Corporate Trustee, any paying agent, any
bond registrar or any other agent of the Company or the Corporate Trustee shall have any responsibility or liability for any aspect of
the records relating to or payments made on account of beneficial ownership interests of a beneficial owner in or pursuant to any applicable
letter of representations or other arrangement or transaction entered into with, or procedures of, the depositary with respect to such
One Hundred-seventh Series Global Bond or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests, or for any acts or omissions of a depositary.

 

ARTICLE III 

DIVIDEND COVENANT

 

SECTION 3.
The Company covenants and agrees that, so long as any of the bonds of the One Hundred-sixth or One Hundred-seventh Series remain
Outstanding, the Company will not declare or pay any dividends upon its common stock (other than dividends in common stock) or make any
other distributions on its common stock or purchase or otherwise retire any shares of its common stock, unless immediately after such
declaration, payment, purchase, retirement or distribution (hereinafter in this Section referred to as “Restricted Payments”),
and giving effect thereto, the amount arrived at by adding:

 

(a)            the
aggregate amount of all such Restricted Payments (other than the dividend of fifty cents ($.50) per share declared on December 8,
1948 and paid on February 1, 1949 to holders of common stock) made by the Company during the period from December 31, 1948,
to and including the effective date of the Restricted Payment in respect of which the determination is being made, plus

 

(b)            an
amount equal to the aggregate amount of cumulative dividends for such period (whether or not paid) on all preferred stock of the Company
from time to time outstanding during such period, at the rate or rates borne by such preferred stock, plus

 

(c)            an
amount equal to the amount, if any, by which fifteen per centum (15%) of the Gross Operating Revenues of the Company for such period shall
exceed the aggregate amount during such period expended and/or accrued on its books for maintenance and/or appropriated on its books out
of income for property retirement, in each case in respect of the Mortgaged and Pledged Property and/or automotive equipment used primarily
in the electric utility business of the Company (but excluding any provisions for amortization of any amounts included in utility plant
acquisition adjustment accounts or utility plant adjustment accounts), will not exceed the amount of the aggregate net income of the Company
for said period available for dividends (computed and ascertained in accordance with sound accounting practice, on a cumulative basis,
including the making of proper deductions for any deficits occurring during any part of such period), plus $3,000,000.

 

    19 

     

    

 

The Company further covenants
and agrees that not later than May 1 of each year beginning with the year 2022 it will furnish to the Corporate Trustee a Treasurer’s
Certificate stating whether or not the Company has fully observed the restrictions imposed upon it by the covenant contained in this Section 2.

 

The terms (i) “dividend”
shall be interpreted so as to include distributions and (ii) “common stock” and “shares of common stock”
shall be interpreted so as to include membership interests.

 

ARTICLE IV

CERTAIN PROVISIONS WITH RESPECT TO FUTURE ADVANCES

 

SECTION 4.
Upon the filing of this Ninety-first Supplemental Indenture for record in all counties in which the Mortgaged and Pledged Property
is located, and until a further indenture or indentures supplemental to the Mortgage shall be executed and delivered by the Company to
the Trustees pursuant to authorization by the Board of Directors of the Company and filed for record in all counties in which the Mortgaged
and Pledged Property is located further increasing or decreasing the amount of future advances which may be secured by the Mortgage, the
Mortgage may secure future advances and other indebtedness and sums not to exceed in the aggregate $2,500,000,000, in addition to $9,820,785,000
in aggregate principal amount of bonds to be Outstanding at the time of such filing, and all such advances and other indebtedness and
sums shall be secured by the Mortgage, equally, to the same extent and with the same priority, as the amount originally advanced on the
security of the Original Mortgage, namely, $46,000,000, and such advances and other indebtedness and sums may be made or become owing
and may be repaid and again made or become owing and the amount so stated shall be considered only as the total amount of such advances
and other indebtedness and sums as may be outstanding at one time.

 

ARTICLE V

MISCELLANEOUS PROVISIONS

 

SECTION 5.
Subject to any amendments provided for in this Ninety-first Supplemental Indenture, the terms defined in the Original Mortgage,
as heretofore supplemented, shall, for all purposes of this Ninety-first Supplemental Indenture, have the meanings specified in the Original
Mortgage, as heretofore supplemented.

 

SECTION 6.
The Trustees hereby accept the trusts herein declared, provided, created or supplemented and agree to perform the same upon the
terms and conditions herein and in the Original Mortgage, as heretofore supplemented, set forth and upon the following terms and conditions:

 

The Trustees shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Ninety-first Supplemental Indenture or for
or in respect of the recitals contained herein, all of which recitals are made by the Company solely. In general each and every term and
condition contained in Article XVI of the Original Mortgage, as heretofore supplemented, shall apply to and form part of this Ninety-first
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 Ninety-first Supplemental Indenture.

 

SECTION 7.
Subject to the provisions of Article XV and Article XVI of the Mortgage, whenever in this Ninety-first Supplemental Indenture
either of the parties hereto is named or referred to, this shall be deemed to include the successors or assigns of such party, and all
the covenants and agreements in this Ninety-first Supplemental Indenture contained by or on behalf of the Company or by or on behalf of
the Trustees shall bind and inure to the benefit of the respective successors and assigns of such parties whether so expressed or not.

 

    20 

     

    

 

SECTION 8.
Nothing in this Ninety-first Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon,
or to give to, any person, firm or corporation, other than the parties hereto and the holders of the Outstanding bonds and coupons, any
right, remedy or claim under or by reason of this Ninety-first Supplemental Indenture or any covenant, condition, stipulation, promise
or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Ninety-first Supplemental Indenture
contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the
Outstanding bonds and coupons.

 

SECTION 9.
The Corporate Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”)
given pursuant to this Ninety-first Supplemental Indenture and delivered using Electronic Means; provided, however, that the Company shall
provide to the Corporate Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the
Company whenever a person is to be added or deleted from the listing. If the Company elects to give the Corporate Trustee Instructions
using Electronic Means and the Corporate Trustee in its discretion elects to act upon such Instructions, the Corporate Trustee’s
understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Corporate Trustee cannot determine
the identity of the actual sender of such Instructions and that the Corporate Trustee shall conclusively presume that directions that
purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Corporate Trustee have been sent
by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to
the Corporate Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality
of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Corporate Trustee shall
not be liable for any losses, costs or expenses arising directly or indirectly from the Corporate Trustee’s good faith reliance
upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction.
The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Corporate Trustee,
including without limitation the risk of the Corporate Trustee acting on unauthorized Instructions, and the risk of interception and misuse
by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting
Instructions to the Corporate Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected
by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide
to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Corporate
Trustee as soon as reasonably practicable upon learning of any compromise or unauthorized use of the security procedures. “Electronic
Means” shall mean the following communications methods: e-mail, facsimile trans-mission, secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys issued by the Corporate Trustee, or another method or system specified
by the Corporate Trustee as available for use in connection with its services hereunder.

    21 

     

    

 

SECTION 10.
This Ninety-first Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same instrument. The words “execution,”
signed,” signature,” and words of like import in the Mortgage shall include images of manually executed signatures transmitted
by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”)
and other electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic
records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law
based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing, and anything in
the Mortgage to the contrary notwithstanding, (a) any officers’ certificate, Opinion of Counsel, Trustee’s Certificate,
Engineer’s Certificate, Net Earning Certificate, bond, certificate of authentication appearing on or attached to any bond, or other
certificate, opinion of counsel, instrument, agreement or other document delivered pursuant to the Mortgage may be executed, attested
and transmitted by any of the foregoing electronic means and formats, (b) all references in Article II or elsewhere in the Mortgage
to the execution, attestation or authentication of any bond or any certificate of authentication appearing on or attached to any bond
by means of a manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of the foregoing
electronic means or formats, and (c) any requirement in Article II or elsewhere in the Mortgage that any signature be made under
a corporate seal (or facsimile thereof) shall not be applicable to the bonds of the One Hundred-six or One Hundred seventh Series.

 

[SIGNATURES
ON THE FOLLOWING PAGES]

 

    22 

     

    

 

The
laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or
asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal
value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection
with the transaction. THE COMPANY HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS, WHICH MEANS THE HIGH BID AT THE JUDICIAL
FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE MORTGAGED PROPERTY.

 

IN
WITNESS WHEREOF, Duke Energy Progress, LLC has caused its name to be hereunto affixed, and this instrument to be signed and sealed by
its President or one of its Vice Presidents or its Treasurer and its company seal to be attested by its Corporate Secretary or one of
its Assistant Secretaries, and The Bank of New York Mellon has caused its corporate name to be hereunto affixed, and this instrument
to be signed and sealed by one of its Vice Presidents, Senior Associates or Associates and its corporate seal to be attested by one of
its Vice Presidents, Senior Associates or Associates, and Christie Leppert (who is appointed as successor Individual Trustee effective
immediately) has hereunto set her hand and seal, all as of the day and year first above written.

 

	 	DUKE ENERGY PROGRESS, LLC
	 	 
	 	By:	/s/
    Karl W. Newlin
	 	 	Karl W. Newlin
	 	 	Treasurer and Senior Vice President, Corporate
    Development

 

Executed, sealed and delivered by DUKE

ENERGY PROGRESS, LLC by Karl W. Newlin,

one of its Senior Vice Presidents, and

attested by Robert T. Lucas III, one
of its

Assistant Secretaries, in the presence
of:

	 	ATTEST:
	 	 
	 	/s/ Robert T.
    Lucas III
	 	Robert T. Lucas III
	 	Assistant Secretary
	 	 
	/s/ Carol Melendez	 
	Carol Melendez	 
	 	 
	/s/ Nancy M. Wright	 
	Nancy M. Wright	 

 

[COMPANY’S
SIGNATURE PAGE]

 

[NINETY-FIRST
SUPPLEMENTAL INDENTURE DATED AS OF AUGUST 1, 2021

TO THE DUKE ENERGY PROGRESS, LLC MORTGAGE AND DEED OF TRUST

DATED AS OF MAY 1, 1940]

     

     

    

 

	 	THE BANK OF NEW
    YORK MELLON, 

    as Corporate Trustee
	 	 
	 	By:	/s/
    Rita Duggan
	 	 	Rita Duggan
	 	 	Vice President

 

Executed, sealed and delivered

by THE BANK OF NEW YORK

MELLON, as Corporate Trustee, by Rita
Duggan,

one of its Vice Presidents,

and attested by Sandra E. Graham,

one of its Agents, in the

	presence of:	ATTEST:

 

	 	/s/
    Sandra E. Graham
	 	Sandra E. Graham
	 	Agent
	 	 
	/s/ Christine
    Conway	 
	Christine Conway	 
	 	 
	/s/ Oreste Casciaro	 
	Oreste Casciaro	 

 

[CORPORATE TRUSTEE’S
SIGNATURE PAGE]

 

[NINETY-FIRST
SUPPLEMENTAL INDENTURE DATED AS OF AUGUST 1, 2021 

TO THE DUKE ENERGY PROGRESS, LLC MORTGAGE AND DEED OF TRUST 

DATED AS OF MAY 1, 1940]

     

     

    

 

	 	/s/
    Christie Leppert
	 	Christie
    Leppert, as successor Individual Trustee

 

Executed and delivered by

CHRISTIE LEPPERT, as successor Individual
Trustee, in the presence of:

 

	/s/
    Richard Dillard	 
	Richard Dillard	 
	 	 
	/s/ Susan McAfoos	 
	Susan McAfoos	 

 

[INDIVIDUAL
TRUSTEE’S SIGNATURE PAGE]

 

[NINETY-FIRST
SUPPLEMENTAL INDENTURE DATED AS OF AUGUST 1, 2021

TO THE DUKE ENERGY PROGRESS, LLC MORTGAGE AND DEED OF TRUST

DATED AS OF MAY 1, 1940] 

     

     

    

 

	STATE OF NORTH CAROLINA	)
	 	) SS.:
	COUNTY OF MECKLENBURG	)

 

This
11th day of August, A.D. 2021, personally came before me, Jenny Pattana, a Notary Public, KARL W. NEWLIN, who, being by me duly sworn,
acknowledged before me that he is Treasurer and Senior Vice President, Corporate Development of DUKE ENERGY PROGRESS, LLC, and that the
seal affixed to the foregoing instrument in writing is the company seal of said company, and that said writing was signed and sealed
by him in behalf of said limited liability company by its authority duly given. And the said KARL W. NEWLIN acknowledged the said writing
to be the act and deed of said limited liability company.

 

On
the 11th day of August, in the year of 2021, before me personally came KARL W. NEWLIN, to me known, who, being by me duly sworn, did
depose and say that he resides at 2132 Brookwood Road, Charlotte, NC 28211; that he is Treasurer and Senior Vice President, Corporate
Development of DUKE ENERGY PROGRESS, LLC, one of the limited liability companies described in and which executed the above instrument;
that he knows the seal of said limited liability company; that the seal affixed to said instrument is such company seal; that it was
so affixed by order of the Board of Directors of said limited liability company, and that he signed his name thereto by like order.

 

	 	/s/
    Jenny Pattana
	 	Jenny Pattana
	 	NOTARY PUBLIC, State of North Carolina
	 	Mecklenburg County
	 	My Commission Expires: June 8, 2025

 

	STATE OF NORTH CAROLINA	)
	 	) SS.:
	COUNTY OF MECKLENBURG	)

 

This
11th day of August, A.D. 2021, personally came before me, Jenny Pattana, a Notary Public, ROBERT T. LUCAS III, who, being by me duly
sworn, acknowledged before me that he is the Assistant Secretary of DUKE ENERGY PROGRESS, LLC, and that the seal affixed to the foregoing
instrument in writing is the company seal of said company, and that said writing was signed and attested by him on behalf of said limited
liability company by its authority duly given.

 

On
the 11th day of August, in the year of 2021, before me personally came ROBERT T. LUCAS III, to me known, who, being by me duly sworn,
did depose and say that he resides at 1650 Myers Park Drive, Charlotte, NC 28207; that he is the Assistant Secretary of DUKE ENERGY PROGRESS,
LLC, one of the limited liability companies described in and which executed the above instrument; that he knows the seal of said limited
liability company; that the seal affixed to said instrument is such company seal; that it was so affixed by order of the Board of Directors
of said limited liability company, and that he signed and attested his name thereto by the authority of the Board of Directors of said
limited liability company.

 

	 	/s/
    Jenny Pattana
	 	Jenny Pattana
	 	NOTARY PUBLIC, State of North Carolina
	 	Mecklenburg County
	 	My Commission Expires: June 8, 2025

 

     

     

    

 

	STATE OF NEW YORK	)
	 	) SS.:
	COUNTY OF NEW YORK	)

 

On
August 11, 2021 before me, the undersigned, personally appeared Rita Duggan, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that she signed the same in her
capacity as a Vice President of THE BANK OF NEW YORK MELLON, a New York banking corporation, as Corporate Trustee, and that by her signature
on the instrument, the individual, or the person upon behalf of which the individual acted, signed the instrument.

 

I,
Rafal Bar, a Notary Public of the State of New York, certify that Rita Dugan personally came before me this day and acknowledged that
she is a Vice President of THE BANK OF NEW YORK MELLON, a New York banking corporation, as Corporate Trustee, and that she, as Vice President,
being authorized to do so, signed the foregoing on behalf of the corporation.

 

Witness
my hand and official seal, this the 11th day of August, 2021.

 

	 	/s/
    Rafal Bar
	 	Rafal Bar
	 	Notary Public, State of New York
	 	No. 01BA6293822
	 	Qualified in Kings County
	 	Commission Expires January 31, 2022

 

	STATE OF NEW YORK	)
	 	) SS.:
	COUNTY OF NEW YORK	)

 

On
August 11, 2021 before me, the undersigned, personally appeared Sandra E. Graham, personally known to me or proved to me on the basis
of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that she signed
and attested the same in her capacity as an Agent of THE BANK OF NEW YORK MELLON, a New York banking corporation, as Corporate Trustee,
and that by her signature on the instrument, the individual, or the person upon behalf of which the individual acted, signed and attested
the instrument.

 

I,
Rafal Bar, a Notary Public of the State of New York, certify that Sandra E. Graham personally came before me this day and acknowledged
that she is an Agent of THE BANK OF NEW YORK MELLON, a New York banking corporation, as Corporate Trustee, and that she, as Vice President,
being authorized to do so, signed and attested the foregoing on behalf of the corporation.

 

Witness
my hand and official seal, this the 11th day of August, 2021.

 

	 	/s/
    Rafal Bar
	 	Rafal Bar
	 	Notary Public, State of New York
	 	No. 01BA6293822
	 	Qualified in Kings County
	 	Commission Expires January 31, 2022

 

     

     

    

 

	

    STATE OF FLORIDA	)
	 	) SS.:
	COUNTY OF DUVAL	)

 

On
August 10, 2021 before me, the undersigned, personally appeared CHRISTIE LEPPERT, personally known to me or proved to me on the basis
of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that she executed
the same in her capacity as successor Individual Trustee, and that by her signature on the instrument, the individual, or the person
upon behalf of which the individual acted, executed the instrument.

 

I,
Cynthia M. Moore, a Notary Public of the State of Florida, do hereby certify that CHRISTIE LEPPERT, as successor Individual Trustee,
personally appeared before me this day and acknowledged the due execution of the foregoing instrument.

 

Witness
my hand and official seal, this the 10th day of August, 2021.

 

	 	/s/
    Cynthia M. Moore
	 	Cynthia M. Moore
	 	Notary Public, State of Florida
	 	My Commission Expires December 13, 2022
	 	Commission Number: No. GG284329

 

     

     

    

 

THIS SECURITY IS A ONE HUNDRED-SIXTH SERIES GLOBAL
BOND WITHIN THE MEANING OF THE MORTGAGE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS
SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE MORTGAGE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO DUKE ENERGY PROGRESS, LLC OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS FIRST MORTGAGE BOND, 2.00% SERIES DUE 2031
MAY, UNDER CONDITIONS PROVIDED IN THE MORTGAGE, BE EXCHANGED FOR FIRST MORTGAGE BONDS, 2.00% SERIES DUE 2031 IN THE FORM OF DEFINITIVE
CERTIFICATES OF LIKE TENOR AND OF AN EQUAL AGGREGATE PRINCIPAL AMOUNT, IN AUTHORIZED DENOMINATIONS, REGISTERED IN THE NAMES OF SUCH
PERSONS AS THE DEPOSITARY SHALL INSTRUCT THE CORPORATE TRUSTEE. ANY SUCH EXCHANGE SHALL BE MADE UPON RECEIPT BY THE CORPORATE TRUSTEE
OF A REQUEST BY DUKE ENERGY PROGRESS, LLC THEREFOR AND A WRITTEN INSTRUCTION FROM THE DEPOSITARY SETTING FORTH THE NAME OR NAMES IN WHICH
THE CORPORATE TRUSTEE IS TO REGISTER SUCH FIRST MORTGAGE BONDS, 2.00% SERIES DUE 2031 IN THE FORM OF DEFINITIVE CERTIFICATES.

 

	REGISTERED BOND	CUSIP: 26442U AL8
	
     

     

     
	 

 

DUKE ENERGY PROGRESS, LLC 

First Mortgage Bond, 

2.00% Series due 2031

 

	No. R-1	$500,000,000

 

     

     

    

 

DUKE ENERGY PROGRESS, LLC,
a North Carolina limited liability company (the “Company”), for value received, hereby promises to pay to

 

Cede & Co.

 

or registered assigns, at the office or agency
of the Company in the Borough of Manhattan, The City of New York,

 

FIVE HUNDRED MILLION DOLLARS
($500,000,000)

 

on August 15, 2031, 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 to the registered owner
hereof interest thereon from August 12, 2021, if the date of this bond is on or prior to February 15, 2022, or, if the date
of this bond is after February 15, 2022, from the February 15 or August 15 next preceding the date of this bond, at the
rate of 2.00% per annum (with interest on overdue principal and overdue installments of interest payable in accordance with the terms
of the Mortgage (as hereinafter defined)) in like coin or currency semi-annually at said office or agency, on February 15 and August 15
in each year until the principal of this bond shall have become due and payable (each an “Interest Payment Date”).
If the date of this bond is on or prior to February 15, 2022, such payments shall commence on February 15, 2022. Interest on
this bond will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

Any interest on this bond
which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name
this bond (or one or more predecessor bonds) is registered at the close of business on the tenth calendar day next preceding such Interest
Payment Date (i.e., February 5 and August 5, respectively) (each a “Regular Record Date”), provided,
however, that so long as this bond is registered in the name of The Depository Trust Company, a New York corporation, its nominee or a
successor depositary, the Regular Record Date shall be the close of business on the business day (as defined in the Ninety-first Supplemental
Indenture mentioned below) immediately preceding such Interest Payment Date.

 

Any interest on this bond
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to
the registered holder on the relevant Regular Record Date solely by virtue of such holder having been such holder; and such interest,
together with any interest thereon as provided in the Mortgage (collectively, “Defaulted Interest”), may be paid by
the Company, at its election in each case, as provided in Subsection A or B below:

 

A.            The
Company may elect to make payment of any Defaulted Interest on the bonds of this series (as defined below) to the persons in whose names
such bonds (or their respective predecessor bonds) are registered at the close of business on a special record date for the payment of
such Defaulted Interest, which shall be fixed in the following manner (a “Special Record Date”). The Company shall
notify the Corporate Trustee referred to below in writing of the amount of Defaulted Interest proposed to be paid on each bond and the
date of the proposed payment (which date shall be such as will enable the Corporate Trustee to comply with the next two sentences hereof),
and at the same time the Company shall deposit with the Corporate Trustee an amount of money equal to the aggregate amount proposed to
be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Corporate Trustee for such deposit prior
to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted
Interest as in this Subsection provided and not to be deemed otherwise part of the trust estate or trust moneys. Thereupon the Corporate
Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 nor less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the Corporate Trustee of the notice of the proposed
payment. The Corporate Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class
postage prepaid, to each holder of a bond of this series at such holder’s address as it appears in the bond register not less than
10 days prior to such Special Record Date. The Corporate Trustee may, in its discretion in the name and at the expense of the Company,
cause a similar notice to be published at least once in a newspaper approved by the Company in each place of payment of the bonds of this
series, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall
be paid to the persons in whose names the bonds of this series (or their respective predecessor bonds) are registered on such Special
Record Date and shall no longer be payable pursuant to the following Subsection B.

 

     

     

    

 

 

B.            The
Company may make payment of any Defaulted Interest on the bonds of this series in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such bonds may be listed and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Corporate Trustee of the proposed payment pursuant to this Subsection, such payment shall be deemed practicable
by the Corporate Trustee.

 

Subject to the foregoing,
each bond of this series delivered under the Mortgage hereinafter mentioned upon transfer of or in exchange for or in lieu of any other
bond of this series shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other bond.

 

This bond is one of an issue
of bonds of the Company issuable in series and is one of a series known as its First Mortgage Bonds, 2.00% Series due 2031 (the “bonds
of this series”), all bonds of all series issued and to be issued under and equally secured (except in so far as any sinking
fund or other fund, established in accordance with the provisions of the Mortgage hereinafter mentioned, may afford additional security
for the bonds of any particular series) by a Mortgage and Deed of Trust (together with any indenture supplemental thereto, including the
Ninety-first Supplemental Indenture, dated as of August 1, 2021, the “Mortgage”), dated as of May 1, 1940,
executed by the Company to The Bank of New York Mellon (formerly Irving Trust Company), as Corporate Trustee, and Christie Leppert (successor
to Frederick G. Herbst), as Individual Trustee. Reference is made to the Mortgage for a description of the property mortgaged and pledged,
the nature and extent of the security, the rights of the holders of the bonds and of the Trustees in respect thereof, the duties and immunities
of the Trustees and the terms and conditions upon which the bonds are and are to be secured and the circumstances under which additional
bonds may be issued. 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 and/or coupons and/or the terms and provisions of the Mortgage may be modified
or altered by affirmative vote of the holders of at least 66 2/3% in principal amount of the bonds then outstanding under the Mortgage
and, if the rights of one or more, but less than all, series of bonds then outstanding are to be affected, then also by affirmative vote
of the holders of at least 66 2/3% in principal amount of the bonds then outstanding of each series of bonds so to be affected (excluding
in any case bonds disqualified from voting by reason of the Company’s interest therein as provided in the Mortgage); provided that,
without the consent of the holder hereof, no such modification or alteration, among other things, shall impair or affect the right of
the holder to receive payment of the principal of and interest on this bond, on or after the respective due dates expressed herein, or
permit the creation of any lien equal or prior to the lien of the Mortgage or deprive the holder of a lien on the mortgaged and pledged
property.

 

     

     

    

 

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.

 

This bond is transferable
as prescribed in the Mortgage by the registered owner hereof in person, or by his duly authorized attorney, at the office or agency of
the Company in the Borough of Manhattan, The City of New York, upon surrender and cancellation of this bond, and thereupon a new fully
registered temporary or definitive bond of the same series for a like principal amount will be issued to the transferee in exchange herefor
as provided in the Mortgage. The Company and the Trustees 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.

 

In the manner prescribed in
the Mortgage, any bonds of this series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough
of Manhattan, The City of New York, are exchangeable for a like aggregate principal amount of bonds of the same series of other authorized
denominations.

 

At any time on or after May 15,
2031 (the “Par Call Date”), the bonds of this series shall be redeemable at the option of the Company, in whole or in part
and from time to time, prior to maturity, upon notice as provided in the Mortgage (given not less than 30 days and not more than 90 days
prior to the date fixed for redemption), at a redemption price equal to 100% of the principal amount of the bonds then outstanding to
be redeemed, plus in each case accrued interest on such principal amount to, but excluding, such date fixed for redemption. At any time
prior to the Par Call Date, the bonds of this series shall be redeemable at the option of the Company, in whole or in part and from time
to time, upon notice as provided in the Mortgage (given not less than 30 days and not more than 90 days prior to the date fixed for redemption
(together with the date fixed for redemption referred to in the preceding sentence, each a “Redemption Date”)), at
a redemption price (together with the redemption price referred to in the preceding sentence, each a “Redemption Price”)
equal to the greater of (i) 100% of the principal amount of the bonds then outstanding to be redeemed and (ii) the sum of the
present values of the remaining scheduled payments of principal and interest on such bonds being redeemed that would be due if such bonds
matured on the Par Call Date, computed by discounting such payments, in each case, to the Redemption Date on a semiannual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Ninety-first Supplemental Indenture mentioned
above) plus 15 basis points, plus in either case accrued but unpaid interest on such principal amount to, but excluding, the Redemption
Date. On and after any Redemption Date, if sufficient cash shall have been deposited with Corporate Trustee (and/or if the Company has
irrevocably directed the Corporate Trustee to apply, from moneys held by it available to be used for the redemption of bonds, sufficient
cash) to redeem all of the bonds of this series called for redemption, interest on the bonds of this series, or the portions of them so
called for redemption, shall cease to accrue. Reference is made to said Ninety-first Supplemental Indenture for the full terms of the
redemption provisions applicable to the bonds of this series.

 

No recourse shall be had for
the payment of the principal or any Redemption Price of 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.

 

     

     

    

 

This bond shall not become
obligatory until The Bank of New York Mellon (formerly Irving Trust Company), the Corporate Trustee under the Mortgage, or its successor
thereunder, shall have signed the form of certificate endorsed hereon.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, DUKE ENERGY
PROGRESS, LLC has caused this bond to be signed in its name with the manual or facsimile signature of its President or one of its Vice
Presidents and its company seal to be impressed or imprinted hereon and attested by its Secretary or one of its Assistant Secretaries.

 

	 	DUKE ENERGY PROGRESS, LLC
	 	 
	DATED: August 12, 2021	 
	 	 
	 	By:	 
	 	 	Karl W. Newlin
	 	 	Treasurer and Senior Vice President,
	Corporate Development	 

 

	ATTEST:	 	 
	 	 	 
	 	 	 
	Robert T. Lucas III	 	 
	Assistant Secretary	 	 

 

     

     

    

 

CORPORATE
TRUSTEE’S CERTIFICATE

 

This bond is one of the bonds,
of the series herein designated, described or provided for in the within-mentioned Mortgage.

 

	 	THE BANK OF NEW YORK MELLON,
	 	Corporate Trustee
	 	 
	 	 
	 	By: 	 
	 	 	Authorized Officer

 

     

     

    

 

THIS SECURITY IS A ONE HUNDRED-SIXTH SERIES GLOBAL
BOND WITHIN THE MEANING OF THE MORTGAGE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS
SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE MORTGAGE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO DUKE ENERGY PROGRESS, LLC OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS FIRST MORTGAGE BOND, 2.00% SERIES DUE 2031
MAY, UNDER CONDITIONS PROVIDED IN THE MORTGAGE, BE EXCHANGED FOR FIRST MORTGAGE BONDS, 2.00% SERIES DUE 2031 IN THE FORM OF DEFINITIVE
CERTIFICATES OF LIKE TENOR AND OF AN EQUAL AGGREGATE PRINCIPAL AMOUNT, IN AUTHORIZED DENOMINATIONS, REGISTERED IN THE NAMES OF SUCH
PERSONS AS THE DEPOSITARY SHALL INSTRUCT THE CORPORATE TRUSTEE. ANY SUCH EXCHANGE SHALL BE MADE UPON RECEIPT BY THE CORPORATE TRUSTEE
OF A REQUEST BY DUKE ENERGY PROGRESS, LLC THEREFOR AND A WRITTEN INSTRUCTION FROM THE DEPOSITARY SETTING FORTH THE NAME OR NAMES IN WHICH
THE CORPORATE TRUSTEE IS TO REGISTER SUCH FIRST MORTGAGE BONDS, 2.00% SERIES DUE 2031 IN THE FORM OF DEFINITIVE CERTIFICATES.

 

	REGISTERED BOND	CUSIP: 26442U AL8

 

DUKE ENERGY PROGRESS, LLC

First Mortgage Bond,

2.00% Series due 2031

 

	No. R-2	$150,000,000

 

     

     

    

 

DUKE ENERGY PROGRESS, LLC,
a North Carolina limited liability company (the “Company”), for value received, hereby promises to pay to

 

Cede & Co.

 

or registered assigns, at the office or agency
of the Company in the Borough of Manhattan, The City of New York,

 

ONE HUNDRED FIFTY MILLION DOLLARS
($150,000,000)

 

on August 15, 2031, 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 to the registered owner
hereof interest thereon from August 12, 2021, if the date of this bond is on or prior to February 15, 2022, or, if the date
of this bond is after February 15, 2022, from the February 15 or August 15 next preceding the date of this bond, at the
rate of 2.00% per annum (with interest on overdue principal and overdue installments of interest payable in accordance with the terms
of the Mortgage (as hereinafter defined)) in like coin or currency semi-annually at said office or agency, on February 15 and August 15
in each year until the principal of this bond shall have become due and payable (each an “Interest Payment Date”).
If the date of this bond is on or prior to February 15, 2022, such payments shall commence on February 15, 2022. Interest on
this bond will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

Any interest on this bond
which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name
this bond (or one or more predecessor bonds) is registered at the close of business on the tenth calendar day next preceding such Interest
Payment Date (i.e., February 5 and August 5, respectively) (each a “Regular Record Date”), provided,
however, that so long as this bond is registered in the name of The Depository Trust Company, a New York corporation, its nominee or a
successor depositary, the Regular Record Date shall be the close of business on the business day (as defined in the Ninety-first Supplemental
Indenture mentioned below) immediately preceding such Interest Payment Date.

 

Any interest on this bond
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to
the registered holder on the relevant Regular Record Date solely by virtue of such holder having been such holder; and such interest,
together with any interest thereon as provided in the Mortgage (collectively, “Defaulted Interest”), may be paid by
the Company, at its election in each case, as provided in Subsection A or B below:

 

A.           The
Company may elect to make payment of any Defaulted Interest on the bonds of this series (as defined below) to the persons in whose names
such bonds (or their respective predecessor bonds) are registered at the close of business on a special record date for the payment of
such Defaulted Interest, which shall be fixed in the following manner (a “Special Record Date”). The Company shall
notify the Corporate Trustee referred to below in writing of the amount of Defaulted Interest proposed to be paid on each bond and the
date of the proposed payment (which date shall be such as will enable the Corporate Trustee to comply with the next two sentences hereof),
and at the same time the Company shall deposit with the Corporate Trustee an amount of money equal to the aggregate amount proposed to
be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Corporate Trustee for such deposit prior
to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted
Interest as in this Subsection provided and not to be deemed otherwise part of the trust estate or trust moneys. Thereupon the Corporate
Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 nor less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the Corporate Trustee of the notice of the proposed
payment. The Corporate Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class
postage prepaid, to each holder of a bond of this series at such holder’s address as it appears in the bond register not less than
10 days prior to such Special Record Date. The Corporate Trustee may, in its discretion in the name and at the expense of the Company,
cause a similar notice to be published at least once in a newspaper approved by the Company in each place of payment of the bonds of this
series, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall
be paid to the persons in whose names the bonds of this series (or their respective predecessor bonds) are registered on such Special
Record Date and shall no longer be payable pursuant to the following Subsection B.

 

     

     

    

 

B.            The
Company may make payment of any Defaulted Interest on the bonds of this series in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such bonds may be listed and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Corporate Trustee of the proposed payment pursuant to this Subsection, such payment shall be deemed practicable
by the Corporate Trustee.

 

Subject to the foregoing,
each bond of this series delivered under the Mortgage hereinafter mentioned upon transfer of or in exchange for or in lieu of any other
bond of this series shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other bond.

 

This bond is one of an issue
of bonds of the Company issuable in series and is one of a series known as its First Mortgage Bonds, 2.00% Series due 2031 (the “bonds
of this series”), all bonds of all series issued and to be issued under and equally secured (except in so far as any sinking
fund or other fund, established in accordance with the provisions of the Mortgage hereinafter mentioned, may afford additional security
for the bonds of any particular series) by a Mortgage and Deed of Trust (together with any indenture supplemental thereto, including the
Ninety-first Supplemental Indenture, dated as of August 1, 2021, the “Mortgage”), dated as of May 1, 1940,
executed by the Company to The Bank of New York Mellon (formerly Irving Trust Company), as Corporate Trustee, and Christie Leppert (successor
to Frederick G. Herbst), as Individual Trustee. Reference is made to the Mortgage for a description of the property mortgaged and pledged,
the nature and extent of the security, the rights of the holders of the bonds and of the Trustees in respect thereof, the duties and immunities
of the Trustees and the terms and conditions upon which the bonds are and are to be secured and the circumstances under which additional
bonds may be issued. 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 and/or coupons and/or the terms and provisions of the Mortgage may be modified
or altered by affirmative vote of the holders of at least 66 2/3% in principal amount of the bonds then outstanding under the Mortgage
and, if the rights of one or more, but less than all, series of bonds then outstanding are to be affected, then also by affirmative vote
of the holders of at least 66 2/3% in principal amount of the bonds then outstanding of each series of bonds so to be affected (excluding
in any case bonds disqualified from voting by reason of the Company’s interest therein as provided in the Mortgage); provided that,
without the consent of the holder hereof, no such modification or alteration, among other things, shall impair or affect the right of
the holder to receive payment of the principal of and interest on this bond, on or after the respective due dates expressed herein, or
permit the creation of any lien equal or prior to the lien of the Mortgage or deprive the holder of a lien on the mortgaged and pledged
property.

 

     

     

    

 

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.

 

This bond is transferable
as prescribed in the Mortgage by the registered owner hereof in person, or by his duly authorized attorney, at the office or agency of
the Company in the Borough of Manhattan, The City of New York, upon surrender and cancellation of this bond, and thereupon a new fully
registered temporary or definitive bond of the same series for a like principal amount will be issued to the transferee in exchange herefor
as provided in the Mortgage. The Company and the Trustees 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.

 

In the manner prescribed in
the Mortgage, any bonds of this series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough
of Manhattan, The City of New York, are exchangeable for a like aggregate principal amount of bonds of the same series of other authorized
denominations.

 

At any time on or after May 15,
2031 (the “Par Call Date”), the bonds of this series shall be redeemable at the option of the Company, in whole or in part
and from time to time, prior to maturity, upon notice as provided in the Mortgage (given not less than 30 days and not more than 90 days
prior to the date fixed for redemption), at a redemption price equal to 100% of the principal amount of the bonds then outstanding to
be redeemed, plus in each case accrued interest on such principal amount to, but excluding, such date fixed for redemption. At any time
prior to the Par Call Date, the bonds of this series shall be redeemable at the option of the Company, in whole or in part and from time
to time, upon notice as provided in the Mortgage (given not less than 30 days and not more than 90 days prior to the date fixed for redemption
(together with the date fixed for redemption referred to in the preceding sentence, each a “Redemption Date”)), at
a redemption price (together with the redemption price referred to in the preceding sentence, each a “Redemption Price”)
equal to the greater of (i) 100% of the principal amount of the bonds then outstanding to be redeemed and (ii) the sum of the
present values of the remaining scheduled payments of principal and interest on such bonds being redeemed that would be due if such bonds
matured on the Par Call Date, computed by discounting such payments, in each case, to the Redemption Date on a semiannual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Ninety-first Supplemental Indenture mentioned
above) plus 15 basis points, plus in either case accrued but unpaid interest on such principal amount to, but excluding, the Redemption
Date. On and after any Redemption Date, if sufficient cash shall have been deposited with Corporate Trustee (and/or if the Company has
irrevocably directed the Corporate Trustee to apply, from moneys held by it available to be used for the redemption of bonds, sufficient
cash) to redeem all of the bonds of this series called for redemption, interest on the bonds of this series, or the portions of them so
called for redemption, shall cease to accrue. Reference is made to said Ninety-first Supplemental Indenture for the full terms of the
redemption provisions applicable to the bonds of this series.

 

No recourse shall be had for
the payment of the principal or any Redemption Price of 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.

 

     

     

    

 

This bond shall not become
obligatory until The Bank of New York Mellon (formerly Irving Trust Company), the Corporate Trustee under the Mortgage, or its successor
thereunder, shall have signed the form of certificate endorsed hereon.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, DUKE ENERGY
PROGRESS, LLC has caused this bond to be signed in its name with the manual or facsimile signature of its President or one of its Vice
Presidents and its company seal to be impressed or imprinted hereon and attested by its Secretary or one of its Assistant Secretaries.

 

	 	DUKE ENERGY PROGRESS, LLC
	 	 
	DATED: August 12, 2021	 
	 	 
	 	By: 	 
	 	 	Karl W. Newlin
	 	 	Treasurer and Senior Vice President,
	Corporate Development	 

 

 

	ATTEST:	 	 
	 	 	 
	 	 	 
	Robert T. Lucas III	 	 
	Assistant Secretary	 	 

 

     

     

    

 

CORPORATE
TRUSTEE’S CERTIFICATE

 

This bond is one of the bonds,
of the series herein designated, described or provided for in the within-mentioned Mortgage.

 

	 	THE BANK OF NEW YORK MELLON,
	 	Corporate Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Officer

 

     

     

    

 

THIS SECURITY IS A ONE HUNDRED-SEVENTH SERIES
GLOBAL BOND WITHIN THE MEANING OF THE MORTGAGE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE
OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE MORTGAGE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO DUKE ENERGY PROGRESS, LLC OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THIS FIRST MORTGAGE BOND, 2.90% SERIES DUE 2051
MAY, UNDER CONDITIONS PROVIDED IN THE MORTGAGE, BE EXCHANGED FOR FIRST MORTGAGE BONDS, 2.90% SERIES DUE 2051 IN THE FORM OF DEFINITIVE
CERTIFICATES OF LIKE TENOR AND OF AN EQUAL AGGREGATE PRINCIPAL AMOUNT, IN AUTHORIZED DENOMINATIONS, REGISTERED IN THE NAMES OF SUCH
PERSONS AS THE DEPOSITARY SHALL INSTRUCT THE CORPORATE TRUSTEE. ANY SUCH EXCHANGE SHALL BE MADE UPON RECEIPT BY THE CORPORATE TRUSTEE
OF A REQUEST BY DUKE ENERGY PROGRESS, LLC THEREFOR AND A WRITTEN INSTRUCTION FROM THE DEPOSITARY SETTING FORTH THE NAME OR NAMES IN WHICH
THE CORPORATE TRUSTEE IS TO REGISTER SUCH FIRST MORTGAGE BONDS, 2.90% SERIES DUE 2051 IN THE FORM OF DEFINITIVE CERTIFICATES.

 

	REGISTERED BOND	CUSIP: 26642U AM6

 

DUKE ENERGY PROGRESS, LLC

First Mortgage Bond,

2.90% Series due 2051

 

	No. R-1	$450,000,000

 

     

     

    

 

DUKE ENERGY PROGRESS, LLC,
a North Carolina limited liability company (the “Company”), for value received, hereby promises to pay to

 

Cede & Co.

 

or registered assigns, at the office or agency
of the Company in the Borough of Manhattan, The City of New York,

 

FOUR HUNDRED FIFTY MILLION
DOLLARS ($450,000,000)

 

on August 15, 2051, 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 to the registered owner
hereof interest thereon from August 12, 2021, if the date of this bond is on or prior to February 15, 2022, or, if the date
of this bond is after February 15, 2022, from the February 15 or August 15 next preceding the date of this bond, at the
rate of 2.90% per annum (with interest on overdue principal and overdue installments of interest payable in accordance with the terms
of the Mortgage (as hereinafter defined)) in like coin or currency semi-annually at said office or agency, on February 15 and August 15
in each year until the principal of this bond shall have become due and payable (each an “Interest Payment Date”).
If the date of this bond is on or prior to February 15, 2022, such payments shall commence on February 15, 2022. Interest on
this bond will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

Any interest on this bond
which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name
this bond (or one or more predecessor bonds) is registered at the close of business on the tenth calendar day next preceding such Interest
Payment Date (i.e., February 5 and August 5, respectively) (each a “Regular Record Date”), provided,
however, that so long as this bond is registered in the name of The Depository Trust Company, a New York corporation, its nominee or a
successor depositary, the Regular Record Date shall be the close of business on the business day (as defined in the Ninety-first Supplemental
Indenture mentioned below) immediately preceding such Interest Payment Date.

 

Any interest on this bond
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to
the registered holder on the relevant Regular Record Date solely by virtue of such holder having been such holder; and such interest,
together with any interest thereon as provided in the Mortgage (collectively, “Defaulted Interest”), may be paid by
the Company, at its election in each case, as provided in Subsection A or B below:

 

A.            The
Company may elect to make payment of any Defaulted Interest on the bonds of this series (as defined below) to the persons in whose names
such bonds (or their respective predecessor bonds) are registered at the close of business on a special record date for the payment of
such Defaulted Interest, which shall be fixed in the following manner (a “Special Record Date”). The Company shall
notify the Corporate Trustee referred to below in writing of the amount of Defaulted Interest proposed to be paid on each bond and the
date of the proposed payment (which date shall be such as will enable the Corporate Trustee to comply with the next two sentences hereof),
and at the same time the Company shall deposit with the Corporate Trustee an amount of money equal to the aggregate amount proposed to
be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Corporate Trustee for such deposit prior
to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted
Interest as in this Subsection provided and not to be deemed otherwise part of the trust estate or trust moneys. Thereupon the Corporate
Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 nor less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the Corporate Trustee of the notice of the proposed
payment. The Corporate Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class
postage prepaid, to each holder of a bond of this series at such holder’s address as it appears in the bond register not less than
10 days prior to such Special Record Date. The Corporate Trustee may, in its discretion in the name and at the expense of the Company,
cause a similar notice to be published at least once in a newspaper approved by the Company in each place of payment of the bonds of this
series, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall
be paid to the persons in whose names the bonds of this series (or their respective predecessor bonds) are registered on such Special
Record Date and shall no longer be payable pursuant to the following Subsection B.

 

     

     

    

 

B.            The
Company may make payment of any Defaulted Interest on the bonds of this series in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such bonds may be listed and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Corporate Trustee of the proposed payment pursuant to this Subsection, such payment shall be deemed practicable
by the Corporate Trustee.

 

Subject to the foregoing,
each bond of this series delivered under the Mortgage hereinafter mentioned upon transfer of or in exchange for or in lieu of any other
bond of this series shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other bond.

 

This bond is one of an issue
of bonds of the Company issuable in series and is one of a series known as its First Mortgage Bonds, 2.90% Series due 2051 (the “bonds
of this series”), all bonds of all series issued and to be issued under and equally secured (except in so far as any sinking
fund or other fund, established in accordance with the provisions of the Mortgage hereinafter mentioned, may afford additional security
for the bonds of any particular series) by a Mortgage and Deed of Trust (together with any indenture supplemental thereto, including the
Ninety-first Supplemental Indenture, dated as of August 1, 2021, the “Mortgage”), dated as of May 1, 1940,
executed by the Company to The Bank of New York Mellon (formerly Irving Trust Company), as Corporate Trustee, and Christie Leppert (successor
to Frederick G. Herbst), as Individual Trustee. Reference is made to the Mortgage for a description of the property mortgaged and pledged,
the nature and extent of the security, the rights of the holders of the bonds and of the Trustees in respect thereof, the duties and immunities
of the Trustees and the terms and conditions upon which the bonds are and are to be secured and the circumstances under which additional
bonds may be issued. 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 and/or coupons and/or the terms and provisions of the Mortgage may be modified
or altered by affirmative vote of the holders of at least 66 2/3% in principal amount of the bonds then outstanding under the Mortgage
and, if the rights of one or more, but less than all, series of bonds then outstanding are to be affected, then also by affirmative vote
of the holders of at least 66 2/3% in principal amount of the bonds then outstanding of each series of bonds so to be affected (excluding
in any case bonds disqualified from voting by reason of the Company’s interest therein as provided in the Mortgage); provided that,
without the consent of the holder hereof, no such modification or alteration, among other things, shall impair or affect the right of
the holder to receive payment of the principal of and interest on this bond, on or after the respective due dates expressed herein, or
permit the creation of any lien equal or prior to the lien of the Mortgage or deprive the holder of a lien on the mortgaged and pledged
property.

 

     

     

    

 

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.

 

This bond is transferable
as prescribed in the Mortgage by the registered owner hereof in person, or by his duly authorized attorney, at the office or agency of
the Company in the Borough of Manhattan, The City of New York, upon surrender and cancellation of this bond, and thereupon a new fully
registered temporary or definitive bond of the same series for a like principal amount will be issued to the transferee in exchange herefor
as provided in the Mortgage. The Company and the Trustees 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.

 

In the manner prescribed in
the Mortgage, any bonds of this series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough
of Manhattan, The City of New York, are exchangeable for a like aggregate principal amount of bonds of the same series of other authorized
denominations.

 

At any time on or after February 15,
2051 (the “Par Call Date”), the bonds of this series shall be redeemable at the option of the Company, in whole or in part
and from time to time, prior to maturity, upon notice as provided in the Mortgage (given not less than 30 days and not more than 90 days
prior to the date fixed for redemption), at a redemption price equal to 100% of the principal amount of the bonds then outstanding to
be redeemed, plus in each case accrued interest on such principal amount to, but excluding, such date fixed for redemption. At any time
prior to the Par Call Date, the bonds of this series shall be redeemable at the option of the Company, in whole or in part and from time
to time, upon notice as provided in the Mortgage (given not less than 30 days and not more than 90 days prior to the date fixed for redemption
(together with the date fixed for redemption referred to in the preceding sentence, each a “Redemption Date”)), at
a redemption price (together with the redemption price referred to in the preceding sentence, each a “Redemption Price”)
equal to the greater of (i) 100% of the principal amount of the bonds then outstanding to be redeemed and (ii) the sum of the
present values of the remaining scheduled payments of principal and interest on such bonds being redeemed that would be due if such bonds
matured on the Par Call Date, computed by discounting such payments, in each case, to the Redemption Date on a semiannual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Ninety-first Supplemental Indenture mentioned
above) plus 15 basis points, plus in either case accrued but unpaid interest on such principal amount to, but excluding, the Redemption
Date. On and after any Redemption Date, if sufficient cash shall have been deposited with Corporate Trustee (and/or if the Company has
irrevocably directed the Corporate Trustee to apply, from moneys held by it available to be used for the redemption of bonds, sufficient
cash) to redeem all of the bonds of this series called for redemption, interest on the bonds of this series, or the portions of them so
called for redemption, shall cease to accrue. Reference is made to said Ninety-first Supplemental Indenture for the full terms of the
redemption provisions applicable to the bonds of this series.

 

No recourse shall be had for
the payment of the principal or any Redemption Price of 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.

 

     

     

    

 

This bond shall not become
obligatory until The Bank of New York Mellon (formerly Irving Trust Company), the Corporate Trustee under the Mortgage, or its successor
thereunder, shall have signed the form of certificate endorsed hereon.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, DUKE ENERGY
PROGRESS, LLC has caused this bond to be signed in its name with the manual or facsimile signature of its President or one of its Vice
Presidents and its company seal to be impressed or imprinted hereon and attested by its Secretary or one of its Assistant Secretaries.

 

	 	DUKE ENERGY PROGRESS, LLC
	 	 
	DATED: August 15, 2021	 
	 	 
	 	By: 	 
	 	 	Karl W. Newlin
	 	 	Treasurer and Senior Vice President,
	Corporate Development	 

 

	ATTEST:	 	 
	 	 	 
	 	 	 
	Robert T. Lucas III	 	 
	Assistant Secretary	 	 

 

     

     

    

 

CORPORATE
TRUSTEE’S CERTIFICATE

 

This bond is one of the bonds,
of the series herein designated, described or provided for in the within-mentioned Mortgage.

 

	 	THE BANK OF NEW YORK MELLON,
	 	Corporate Trustee
	 	 
	 	 
	 	By: 	 
	 	 	Authorized OfficerExhibit
10.1

 

FIRST
AMENDMENT TO LICENCE AGREEMENT

 

THIS
FIRST AMENDMENT (this “Amendment”) is made the 16th day April, 2021 (“Amendment Effective Date”)

 

CRT
Initial/Date: /TH/ 6/8/2021

Company
Initial/Date: /BC/ 5/17/2021

 

BETWEEN:

 

CANCER
RESEARCH TECHNOLOGY LIMITED a company registered in England and Wales with number 1626049 and registered office at 2 Redman Place,
Stratford, London, E20 1JQ, England (“CRT”);

 

LINEAGE
CELL THERAPEUTICS, INC., a California company with principal place of business at 2173 Salk Avenue, Suite 200, Carlsbad, CA 92008,
USA (the “Company”).

 

WHEREAS:

 

	 	(A)	The
    Parties entered into that certain Licence Agreement dated May 6, 2020 (the “Agreement”).
	 	 	 
	 	(B)	The
    Parties desire to amend certain clauses of the Agreement as described below.

 

NOW
IT IS HEREBY AGREED as follows:

 

DEFINITIONS
AND INTERPRETATION

 

	 	1.1	In
    this Amendment, capitalized terms used but not defined shall have the meaning attributed to them in the Agreement.
	 	1.2
    	In
    this Amendment:

 

	 	1.2.1	unless
    the context requires otherwise, all references to a particular Clause, paragraph or Schedule shall be references to that clause,
    paragraph or schedule, of or to this Amendment;
	 	1.2.2	unless
    the contrary intention appears, words importing the masculine gender shall include the feminine and vice versa and words in the singular
    include the plural and vice versa;
	 	1.2.3
    	unless
    the contrary intention appears, words denoting persons shall include any individual, partnership, company, corporation, joint venture,
    trust, association, organisation or other entity, in each case whether or not having separate legal personality;
	 	1.2.4	reference
    to any statute or regulation includes any modification or reenactment of that statute or regulation, provided that the modification
    or re-enactment does not diminish the rights or extend the obligations of any Party; and
	 	1.2.5	references
    to the words “include” or “including” shall be construed without limitation to the generality of the preceding
    words. 

 

AMENDMENTS

 

	 	2.1
    	Clause
    2.3.1 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

	 	2.3.1
    	any
    sub-licence granted by the Company shall be expressed to terminate automatically on the termination of this Agreement for any reason
    (provided however that the sub-licence may contain the direct licensing rights set out under Clauses 2.8 and 2.9 below, subject to
    the obligations, limitations and restrictions set out therein);

 

    	1

     

    

 

	 	2.2
    	The
    following two clauses are hereby added to the Agreement as Clauses 2.8 and 2.9 respectively:

 

	 	2.8	If,
    within ninety (90) days after the date of automatic termination of a sub-licence pursuant to Clause 2.3.1, CRT receives a written
    request from the applicable Sub-Licensee to enter into a direct licence agreement under this Clause 2.8, then: (i) provided such
    sub-licence did not exceed in scope the rights granted by CRT to the Company under, and was granted by the Company in compliance
    with Clause 2.3 of, this Agreement; and (ii) provided such Sub-Licensee is not then in breach of any of its obligations under its
    agreement with the Company (under which the sub-licence was granted); and (iii) to the extent of CRT’s legal rights to do so;
    and (iv) subject to the remainder of this Clause 2.8, CRT will enter into such a direct license agreement. Any such direct licence
    agreement shall:

 

	 	2.8.1	grant
    rights under the same Exclusive Results and/or Non-Exclusive Results that were licensed to that Sub-Licensee under the terminated
    sub-licence from the Company, and with the same exclusivity or non-exclusivity (as the case may be) and field of use as said terminated
    sub-licence;
	 	2.8.2	be
    on substantially equivalent terms (including, without limitation, payment terms) as, and contain terms no less favourable and no
    more onerous for CRT than, the applicable terms of this Agreement;
	 	2.8.3	not
    oblige CRT to perform any action, assume any liability or give any covenant, warranty or indemnity that is personal to the Company,
    or that CRT is not obliged to perform, assume or give under this Agreement;
	 	2.8.4	require
    the Sub-Licensee to pay all the reasonable out-of-pocket legal and other costs incurred by CRT in connection with its negotiation
    and execution of such direct license; and
	 	2.8.5	contain
    an indemnity from the Sub-Licensee, in favour of the Indemnified Parties and consistent with the terms of clause 9 of the Agreement,
    against any and all third party claims, demands, losses, damages and expenses (including without limitation, legal fees) arising
    from or in connection with the Sub-Licensee’s agreement with the Company (under which the terminated sub-licence was granted).

 

	 	2.9	At
    the request of the Company and subject to Clauses 2.3.2 and 2.3.5, CRT will confirm in writing to a Sub-Licensee the terms of the
    preceding Clause 2.8. Any such confirmation will be the Confidential Information of CRT.

 

ENTIRE
AGREEMENT

 

	 	3.1
    	Except
    as expressly modified by this Amendment, all terms and conditions set forth in the Agreement, as in effect on the Amendment Effective
    Date, shall remain in full force and effect. The Agreement as modified by this Amendment embodies and sets forth the entire agreement
    and understanding of the Parties with respect to the subject matter hereof and supersedes all prior oral or written agreements, understandings
    or arrangements relating to the subject matter of this Amendment. No party has relied on any statement in deciding to enter into
    this Amendment that is not expressly set out in this Amendment.

 

SEVERABILITY

 

	 	4.1
    	If
    and to the extent that any court or tribunal of competent jurisdiction holds any of the terms, provisions or conditions or parts
    thereof of this Amendment, or the application hereof to any circumstances, to be invalid or to be unenforceable in a final nonappealable
    order, the remainder of this Amendment and the application of such term, provision or condition or part thereof to circumstances
    other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each of the other terms, provisions
    and conditions of this Amendment shall be valid and enforceable to the fullest extent permissible by law.

 

    	2

     

    

 

EXECUTION

 

	 	5.1	This
    Amendment may be executed in any one or more number of counterpart agreements, and as scanned email attachments, and all signatures
    and counterparts so exchanged shall be considered as original and shall be deemed to form part of and together constitute this Agreement.

 

GOVERNING
LAW AND JURISDICTION

 

	 	6.1	This
    Amendment is governed by and construed in accordance with English Law and each Party hereby agrees to submit to the exclusive jurisdiction
    of the English Courts in respect of any claim or dispute arising out of this Amendment or its subject matter.

 

    	3

     

    

 

IN
WITNESS whereof this Amendment has been executed by duly authorised officers of the Parties on the day first above written.

 

	Signed
    by:	/s/
    Tony Hickson	 
	 	Tony
    Hickson (Apr 16, 2021 12:03 GMT+1)	 
	 	 	 
	Name:	Tony
    Hickson	 
	 	 	 
	Title:	Chief
    Business Officer	 
	 	 	 
	 	For
    and on behalf of
	 	CANCER
    RESEARCH TECHNOLOGY LIMITED
	 	 	 
	Signed
    by:	/s/
    Brian Culley	 
	 	Brian
    Culley, CEO (Apr 16, 2021 09:01 PDT)	 
	 	 	 
	Name:	Brian
    Culley	 
	 	 	 
	Title:	CEO	 
	 	 	 
	 	For
    and on behalf of
	 	LINEAGE
    CELL THERAPEUTICS, INC.

 

    	4

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