Document:

Form of Fourteenth Supplemental Indenture

 Exhibit 4.2 
 VIRGINIA ELECTRIC AND POWER COMPANY 
 Issuer 
 AND 
 THE BANK OF NEW YORK 
 (successor to JPMorgan Chase Bank, N.A. 
 (formerly known as The Chase Manhattan Bank))

 Trustee 
 Fourteenth
Supplemental Indenture 
 Dated as of May 1, 2007 
 $ 600,000,000 
 2007 Series A 6.0% Senior Notes 
 Due 2037 
  

 TABLE OF CONTENTS* 
  

					
	ARTICLE I
	2007 SERIES A 6.0% SENIOR NOTES DUE 2037
			
	SECTION 101.	 	Establishment	  	1
	SECTION 102.	 	Definitions	  	2
	SECTION 103.	 	Payment of Principal and Interest	  	4
	SECTION 104.	 	Denominations	  	5
	SECTION 105.	 	Global Securities	  	5
	SECTION 106.	 	Redemption.	  	6
	SECTION 107.	 	Sinking Fund	  	6
	SECTION 108.	 	Additional Interest	  	6
	SECTION 109.	 	Paying Agent	  	7
	
	ARTICLE II
	MISCELLANEOUS PROVISIONS
			
	SECTION 201.	 	Recitals by Company	  	7
	SECTION 202.	 	Ratification and Incorporation of Original Indenture	  	7
	SECTION 203.	 	Executed in Counterparts	  	7
	SECTION 204.	 	Assignment	  	7

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

  

 THIS FOURTEENTH SUPPLEMENTAL INDENTURE is made as of the first day of May, 2007, by and between VIRGINIA
ELECTRIC AND POWER COMPANY, a Virginia corporation, having its principal office at 120 Tredegar Street, Richmond, Virginia 23219 (the “Company”), and THE BANK OF NEW YORK (successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase
Manhattan Bank)), a New York banking corporation, as Trustee (herein called the “Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, the Company has heretofore entered into a Senior Indenture, dated as of June 1, 1998 (the “Original Indenture”), as heretofore
supplemented and amended, with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by this reference and the Original
Indenture, as heretofore supplemented and amended and as further supplemented by this Fourteenth Supplemental Indenture, is herein called the “Indenture”; 
 WHEREAS, under the Original Indenture, a new series of Securities may at any time be established in accordance with the provisions of the Original Indenture and the terms of such series may be described by a
supplemental indenture executed by the Company and the Trustee; 
 WHEREAS, the Company proposes to create under the Indenture a series of
Securities; 
 WHEREAS, additional Securities of other series hereafter established, except as may be limited in the Original Indenture as at
the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Fourteenth Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 
 2007 SERIES A 6.0% SENIOR NOTES DUE 2037 
 SECTION 101. Establishment. There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Company’s 2007 Series A 6.0% Senior Notes Due 2037, (the “Series A Senior
Notes”). 
 There are to be initially authenticated and delivered $600,000,000 principal amount of Series A Senior Notes, and such
principal amount of the Series A Senior Notes may be increased from time to time pursuant to Section 301 of the Indenture. All Series A Senior Notes need not be issued at the same time and such series may be reopened at any time, without the
consent of any Holder, for 

 
issuances of additional Series A Senior Notes. Any such additional Series A Senior Notes will have the same interest rate, maturity and other terms as those
initially issued. Further Series A Senior Notes may also be authenticated and delivered as provided by Sections 304, 305, 306, 906 and 1106 of the Original Indenture. 
 The Series A Senior Notes shall be issued in definitive fully registered form without coupons, in substantially the form set out in Exhibit A hereto. The entire initially issued principal amount of the Series A
Senior Notes shall initially be evidenced by one or more certificates issued to Cede & Co., as nominee for The Depository Trust Company. 
 The form of the Trustee’s Certificate of Authentication for the Series A Senior Notes shall be in substantially the form set forth in Exhibit B hereto. 
 Each Series A Senior Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from
the most recent Interest Payment Date to which interest has been paid or duly provided for. 
 SECTION 102. Definitions. The following
defined terms used herein shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.

 “Adjusted Treasury Rate” means, with respect to any Redemption Date: (i) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System
and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no
maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or
extrapolated from such yields on a straight line basis, rounding to the nearest month); or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate
per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for such Redemption Date. 
 “Business Day” means a day other than (i) a Saturday or a Sunday, (ii) a day on which banks
in New York, New York are authorized or obligated by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office is closed for business. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Series A Senior Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Series A Senior Notes. 
  

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 “Comparable Treasury Price” means (i) the average of the Reference Treasury Dealer
Quotations for any Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Independent Investment Banker” means Morgan Stanley & Co. Incorporated or Wachovia Capital Markets,
LLC and their respective successors as selected by the Company, or if none of such firms is willing or able to serve as such, an independent investment and banking institution of national standing appointed by the Company. 
 “Interest Payment Dates” means May 15 and November 15 of each year, commencing on November 15, 2007. 
 “Optional Redemption Price” has the meaning specified in Section 106. 
 “Original Issue Date” means May 17, 2007. 
 “Outstanding,” when used with respect to the Series A Senior Notes, means, as of the date of determination, all Series A Senior Notes, theretofore authenticated and delivered under the Indenture, except:

 (i) Series A Senior Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
 (ii) Series A Senior Notes for whose payment at Maturity the necessary amount of money or money’s worth has been theretofore deposited (other than
pursuant to Section 1303 of the Original Indenture) with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of
such Series A Senior Notes; provided that, if such Series A Senior Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Original Indenture or provision therefor satisfactory to the Trustee has been made;

 (iii) Series A Senior Notes with respect to which the Company has effected Defeasance pursuant to Section 1302 of the Original
Indenture; and 
 (iv) Series A Senior Notes that have been paid pursuant to Section 306 of the Original Indenture or in exchange for or
in lieu of which other Series A Senior Notes have been authenticated and delivered pursuant to the Indenture, other than any such Series A Senior Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that
such Series A Senior Notes are held by a bona fide purchaser in whose hands such Series A Senior Notes are valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding
Series A Senior Notes have given, made or taken any request, demand, authorization, direction, notice, consent or waiver or other action hereunder as of any date, Series A Senior Notes owned by the Company or any other obligor upon the Series A
Senior Notes or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such
request, demand, authorization, direction, notice, consent, 

  

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waiver or other action only Series A Senior Notes which the Trustee actually knows to be so owned shall be so disregarded. Series A Senior Notes so owned
which shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such Series A Senior Notes and (B) that the
pledgee is not the Company or any other obligor upon the Series A Senior Notes or an Affiliate of the Company or such other obligor. 
 “Reference Treasury Dealer” means: (i) Morgan Stanley & Co. Incorporated or one other primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) selected by Wachovia
Capital Markets, LLC and their respective successors as selected by the Company; provided that, if any such firm or its successors ceases to be a Primary Treasury Dealer, the Company shall substitute another Primary Treasury Dealer; and (ii) up
to four other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Regular Record Date” means, with respect to each Interest Payment Date, the close of
business on the Business Day preceding such Interest Payment Date; provided, that with respect to Series A Senior Notes that are not represented by one or more Global Securities, the Regular Record Date shall be the close of business on the
15th calendar day (whether or not a Business Day) preceding such Interest Payment Date. 
 “Remaining Life” means the remaining term of the Series A Senior Notes. 
 “Stated Maturity” means May 15, 2037. 
 SECTION 103. Payment of Principal and Interest. The principal of the Series A Senior Notes shall be due at the Stated Maturity (unless earlier redeemed). The unpaid principal amount of the Series A Senior Notes
shall bear interest at the rate of 6.0% per annum until paid or duly provided for, such interest to accrue from the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for. Interest
shall be paid semi-annually in arrears on each Interest Payment Date to the Person in whose name the Series A Senior Notes are registered on the Regular Record Date for such Interest Payment Date; provided that interest payable at the Stated
Maturity of principal or on a Redemption Date as provided herein will be paid to the Person to whom principal is payable. Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such
Regular Record Date and may either be paid to the Person or Persons in whose name the Series A Senior Notes are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee (in
accordance with Section 307 of the Original Indenture), notice whereof shall be given to Holders of the Series A Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange, if any, on which the Series A Senior Notes may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture.

  

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 Payments of interest on the Series A Senior Notes will include interest accrued to but excluding the
respective Interest Payment Dates. Interest payments for the Series A Senior Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the Series A Senior
Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the same force and
effect as if made on the date the payment was originally payable. 
 Payment of the principal and interest on the Series A Senior Notes shall
be made at the office of the Paying Agent in such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, with any such payment that is due at the Stated Maturity of any Series A
Senior Notes or on a Redemption Date being made upon surrender of such Series A Senior Notes to the Paying Agent. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the
option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the
United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto. In the event that any date on which principal and interest is payable on the Series A Senior
Notes is not a Business Day, then payment of the principal and interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the
same force and effect as if made on the date the payment was originally payable. 
 SECTION 104. Denominations. The Series A Senior
Notes may be issued in denominations of $1,000, or any integral multiple thereof. 
 SECTION 105. Global Securities. The Series A
Senior Notes will be issued initially in the form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee. Except under the limited circumstances described below, Series
A Senior Notes represented by such Global Securities will not be exchangeable for, and will not otherwise be issuable as, Series A Senior Notes in definitive form. The Global Securities described above may not be transferred except by the Depositary
to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee. 
 Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a Series A Senior Note shall be
exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee or except as described below. The rights of Holders of such
Global Security shall be exercised only through the Depositary. 
  

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 A Global Security shall be exchangeable for Series A Senior Notes registered in the names of persons
other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company
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 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, or (ii) the Company in its sole discretion and subject to the procedures of the Depositary determines that such Global
Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series A Senior Notes registered in such names as the Depositary shall direct. 
 SECTION 106. Redemption. The Series A Senior Notes are redeemable, in whole or in part, at any time, and at the option of the Company, at a
Redemption Price (“Optional Redemption Price”) equal to the greater of: 
 (i) 100% of the principal amount of Series A Senior Notes
then Outstanding to be so redeemed, or 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest
thereon (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate,
plus 25 basis points, as calculated by an Independent Investment Banker, 
 plus, in either of the above cases, accrued and unpaid interest
thereon to the Redemption Date. 
 The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date.

 Notwithstanding Section 1104 of the Original Indenture, (x) notice of redemption under this Section 106 shall with respect
to the Series A Senior Notes be given by first-class mail, postage prepaid, mailed not less than 20 nor more than 60 days prior to the Redemption Date, to each Holder of Series A Senior Notes to be redeemed, at his address appearing in the Security
Register, and (y) the notice of such redemption need not set forth the Redemption Price but only the manner of calculation thereof. The Company shall notify the Trustee of the Redemption Price promptly after the calculation thereof and the
Trustee shall have no responsibility for such calculation. 
 SECTION 107. Sinking Fund. The Series A Senior Notes shall not have a
sinking fund. 
 SECTION 108. Additional Interest. Any principal of and installment of interest on the Series A Senior Notes that is
overdue shall bear interest at the rate of 6.0% (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable
on demand. 
  

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 SECTION 109. Paying Agent. The Trustee shall initially serve as Paying Agent with respect to the
Series A Senior Notes, with the Place of Payment initially being the Corporate Trust Office of the Trustee. 
 ARTICLE II 

MISCELLANEOUS PROVISIONS 
 SECTION
201. Recitals by Company. The recitals in this Fourteenth Supplemental Indenture are made by the Company only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges,
immunities, powers and duties of the Trustee shall be applicable in respect of the Series A Senior Notes and of this Fourteenth Supplemental Indenture as fully and with like effect as if set forth herein in full. 
 SECTION 202. Ratification and Incorporation of Original Indenture. As supplemented hereby, the Original Indenture is in all respects ratified and
confirmed, and the Original Indenture and this Fourteenth Supplemental Indenture shall be read, taken and construed as one and the same instrument. 
 SECTION 203. Executed in Counterparts. This Fourteenth Supplemental Indenture may be executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the
same instrument. 
 SECTION 204. Assignment. The Company shall have the right at all times to assign any of its rights or obligations
under the Indenture with respect to the Series A Senior Notes to a direct or indirect wholly-owned subsidiary of the Company; provided that, in the event of any such assignment, the Company shall remain fully liable for the performance of all such
obligations. The Indenture may also be assigned by the Company in connection with a transaction described in Article Eight of the Original Indenture. 
  

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

			
	VIRGINIA ELECTRIC AND POWER COMPANY
		
	By:	 	  

	Name:	 	G. Scott Hetzer
	Title:	 	Senior Vice President and Treasurer
	
	THE BANK OF NEW YORK
	(SUCCESSOR TO JPMORGAN CHASE BANK, N.A. (FORMERLY KNOWN AS THE CHASE MANHATTAN BANK)), as Trustee
		
	By:	 	  

	Name:	 	Carol Ng
	Title:	 	Vice President

  

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 EXHIBIT A 
 FORM OF 
 2007 SERIES A 6.0% SENIOR NOTE 
 DUE 2037 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [CEDE & CO.] OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO [CEDE & CO.], ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, [CEDE & CO.,] HAS AN INTEREST HEREIN.]** 
 [THIS SERIES A SENIOR NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SERIES A SENIOR NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SERIES A SENIOR NOTE 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 INDENTURE.]** 
 VIRGINIA ELECTRIC 
 AND POWER COMPANY 
 $                             
 2007 SERIES A 6.0% SENIOR NOTE 
 DUE 2037

  

			
	No. R-	  	CUSIP No. 927804 FB5

 Virginia Electric and Power Company, a
corporation duly organized and existing under the laws of Virginia (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
[Cede & Co.] **, or registered assigns (the “Holder”), the principal sum of
                                        
Dollars ($                    ) on May 15, 2037 and to pay interest thereon from May 17, 2007 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 15, and November 15 of each year, commencing on November 15, 2007, at the rate of 6.0% per annum, until the principal hereof is
paid or made available for payment, provided 
  

	**	Insert in Global Securities. 

  

 9 

 that any principal, and any such installment of interest, that is
overdue shall bear interest at the rate of 6.0% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest
shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Series A Senior Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on the Business Day preceding such Interest Payment Date; provided, that with respect to Series
A Senior Notes that are not represented by one or more Global Securities, the Regular Record Date shall be the close of business on the 15th calendar day (whether or not a Business Day) preceding such Interest Payment Date, provided, that interest payable at the Stated Maturity of principal or on a Redemption Date will be paid to the Person to whom principal is
payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Series A Senior Note (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Series A Senior Notes not less than 10 days
prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Series A Senior Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. 
 Payments of interest on the Series A Senior Notes will include interest accrued to
but excluding the respective Interest Payment Dates. Interest payments for the Series A Senior Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the
Series A Senior Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the
same force and effect as if made on the date the payment was originally payable. 
 Payment of the principal of and premium, if any, and
interest on this Series A Senior Note will be made at the office of the Paying Agent, in the Borough of Manhattan, City and State of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts, with any such payment that is due at the Stated Maturity of any Series A Senior Note or upon redemption being made upon surrender of such Series A Senior Note to such office or agency; provided, however, that at
the option of the Company payment of interest, subject to such surrender where applicable, may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire
transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto. 
 Reference is hereby made to the further provisions of this Series A Senior Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
  

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 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Series A Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

					
	Dated:	 	 Virginia Electric and Power Company

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 (SEAL) 
 Attest: 
  

			
	  

	 Name:
	 	  

	 [Assistant ]Corporate Secretary

  

 3 

 [REVERSE OF SERIES A 6.0% SENIOR NOTE] 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of June 1, 1998, as heretofore supplemented and amended and as further supplemented by a Fourteenth Supplemental Indenture dated as of May 1, 2007 (collectively, as amended or supplemented from
time to time, herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York (successor to JPMorgan Chase Bank, N. A. (formerly known as The Chase Manhattan
Bank)), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof (the
“Series A Senior Notes”) which is unlimited in aggregate principal amount. 
 The Series A Senior Notes are redeemable, in whole or
in part, at any time in the manner and with the effect provided in the Indenture. 
 If an Event of Default with respect to Series A Senior
Notes shall occur and be continuing, the principal of the Series A Senior Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Series A Senior Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Series A Senior Note and of any Series A Senior Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Series A Senior Note.

 As provided in and subject to the provisions of the Indenture, the Holder of this Series A Senior Note shall not have the right to
institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default
with respect to the Series A Senior Notes, the Holders of not less than a majority in principal amount of the Series A Senior Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such
Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Series A Senior Notes at the time Outstanding a direction inconsistent with such
request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted 

  

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by the Holder of this Series A Senior Note for the enforcement of any payment of principal hereof or premium, if any, or interest hereon on or after the
respective due dates expressed or provided for herein. 
 No reference herein to the Indenture and no provision of this Series A Senior Note
or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Series A Senior Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Series A Senior Note is registrable in the Security Register, upon surrender of this Series A Senior Note for registration of transfer at the office or agency of the Company in any place where the principal of, premium, if any, and interest on this
Series A Senior Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Series A Senior Notes and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Series A Senior Notes are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Series A Senior Notes are exchangeable for a like aggregate principal amount of Series A Senior Notes having the same Stated Maturity and of like tenor of any authorized
denominations as requested by the Holder upon surrender of the Series A Senior Note or Series A Senior Notes to be exchanged at the office or agency of the Company. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 Prior to due presentment of this Series A Senior Note for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Series A Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 All terms used in this Series A Senior Note that are defined in the Indenture shall have the meanings assigned to
them in the Indenture. 
  

 5 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	TEN COM -	 	as tenants in common
		
	TEN ENT -	 	as tenants by the entireties
		
	JT TEN -	 	as joint tenants with rights of survivorship and not as tenants in common
		
	UNIF GIFT MIN ACT -	 	                                      
                                        
   Custodian for
		 	(Cust)
		
		 	
                                        
                                       
 
		 	(Minor)
		
		 	Under Uniform Gifts to Minors Act of
		
		 	
                                        
                                       
 
		 	(State)

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

  

 6 

 FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 
                                       
                                        
                                        
                                        
                                        
              . 
 (please insert Social Security or other
identifying number of assignee) 
                                       
                                        
                                        
                                        
                                        
              . 
                                       
                                        
                                        
                                        
                                        
              . 
                                       
                                        
                                        
                                        
                                        
              . 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP
CODE OF ASSIGNEE 
 the within Series A Senior Note and all rights thereunder, hereby irrevocably constituting and appointing 
                                       
                                        
                                        
                                        
                                        
              . 
                                       
                                        
                                        
                                        
                                        
              . 
                                       
                                        
                                        
                                        
                                        
              . 
                                       
                                        
                                        
                                        
                                        
              . 
                                       
                                        
                                        
                                        
                                        
              . 
                                       
                                        
                                        
                                        
                                        
              . 
 agent to transfer said Series A Senior Note on the books of the
Company, with full power of substitution in the premises. 
 Dated:
                         ,          
  

	
	  

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

 7 

 EXHIBIT B 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK

	 (successor to JPMorgan Chase Bank, N.A.
 (formerly known as The Chase Manhattan Bank)),
 as Trustee

		
	 By:
	 	  

		 	Authorized SignatoryAmendment No. 1 to Basin Water, Inc. 2006 Equity Incentive Award Plan

 EXHIBIT 10.22 
 AMENDMENT NO. 1 TO 
 2006 EQUITY INCENTIVE AWARD PLAN OF 
 BASIN WATER, INC. 
 This Amendment
No. 1 (this “Amendment”) to the Basin Water, Inc. 2006 Equity Incentive Award Plan (the “Plan”) is made effective as of this 10th day of May, 2007 by Basin Water, Inc., a Delaware corporation (the
“Corporation”). 
 A. The Corporation established the Plan to provide for grants of equity awards to employees,
directors and consultants of the Corporation and its affiliates; and 
 B. The Corporation’s Board of Directors and stockholders have
approved an amendment to the Plan to alter the definition of the term “Fair Market Value” as used in the Plan. 
 NOW, THEREFORE,
the Plan is amended as follows: 
 1. Section 2.19 of the Plan is hereby amended and restated as follows: 
 “2.19 “Fair Market Value” shall mean, as of any date, the value of Stock determined as follows: 
 (1) If the Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq Global
Market or The Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the date of determination,
as reported in The Wall Street Journal or such other source as the Committee deems reliable; 
 (2) If the Stock is
regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean of the closing bid and asked prices for the Stock on the date of determination as reported in The Wall Street
Journal or such other source as the Committee deems reliable; or 
 (3) In the absence of an established market for the
Stock, the Fair Market Value thereof shall be determined in good faith by the Committee.” 
 2. After the date of this
Amendment, each reference in the Plan to the “Plan” shall mean and refer to the Plan as amended hereby. Except as provided in this Amendment, the Plan and all related documents shall remain in full force and effect and are ratified and
confirmed. 
 IN WITNESS WHEREOF, this Amendment No. 1 to the Plan has been executed as of the date first set forth above. 

 

			
	BASIN WATER, INC.
		
	By:	 	/s/    THOMAS C. TEKULVE
		 	Thomas C. Tekulve, Chief Financial Officer

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