Document:

Exhibit 10.10

 

EXECUTION VERSION

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT
(the “Agreement”) is dated as of this 5th day of August 2022, by and among Global Clean Energy Holdings,
Inc. a Delaware corporation (the “Company”), and ExxonMobil Renewables LLC, a Delaware limited liability company (the
“Investor” or “EM Renewables”).

 

WHEREAS, ExxonMobil Oil Corporation
entered into that certain Product Off-Take Agreement on April 10, 2019 and that certain Term Purchase Agreement on April 21, 2021 with
Company’s Affiliate;

 

WHEREAS, EM Renewables and the
Company entered into a certain Securities Purchase Agreement, dated as of February 2, 2022 (the “Purchase Agreement”),
whereby EM Renewables agreed to purchase shares of the Company’s Series C Preferred Stock (the “Purchased Securities”)
from the Company and receive warrants to purchase shares of Common Stock of the Company, as set forth in the Purchase Agreement; and

 

WHEREAS, various amendments and
transactions are being entered into on the date hereof by the Company with its lenders and separately by the Company with ExxonMobil Oil
Corporation and EM Renewables, as more fully described in the Transaction Agreement among ExxonMobil Oil Corporation, EM Renewables and
the Company dated as of the date hereof;

 

WHEREAS, the execution of this
Agreement is an inducement and a condition precedent to the willingness of ExxonMobil Oil Corporation and EM Renewables to enter into
such amendments and transactions contemplated by the Transaction Agreement.

 

NOW, THEREFORE, in consideration
of the premises, as an inducement to the Investor to consummate the transactions contemplated by the Transaction Agreement, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto covenant and agree with
each other as follows:

 

1(a).         Certain
Definitions.

 

As used in this Agreement, the following terms shall
have the following respective meanings:

 

“Commission”
shall mean the United States Securities and Exchange Commission, or any other federal agency administering the Securities Act and the
Exchange Act at the time.

 

“Common Stock”
shall mean shares of the Company’s common stock, par value $0.001 per share.

 

“Convertible Securities”
means all then outstanding options, warrants, rights, convertible notes, Preferred Stock or other securities of the Company directly or
indirectly convertible into or exercisable for shares of Common Stock.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and the rules and regulations of
the Commission thereunder, all as the same shall be in effect at the time.

 

“Lender Registrable Securities”
means “Registrable Securities” as defined in the Lender Registration Rights Agreement.

 

     

     

    

 

“Lender Registration
Rights Agreement” means that certain Registration Rights Agreement dated February 23, 2022, by and among the Company and the
persons identified on the signature pages thereto.

 

“Person” shall
mean an individual, a corporation, a partnership, a joint venture, a trust, an unincorporated organization, a limited liability company
or partnership, a government and any agency or political subdivision thereof.

 

“Preferred Stock”
shall mean preferred stock, par value $0.001 per share, designated as “Series C Preferred Shares”, with an initial stated
value of $1,000 per share, and having such terms as set forth in the Certificate of Designations (as defined in the Purchase Agreement).

 

“Registrable Securities”
shall mean (i) the shares of Common Stock issuable or issued upon exercise of the Warrants; and (ii) any shares of Common Stock issued
as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution
with respect to, or in exchange for or in replacement of, such shares of Common Stock (it being understood that for purposes of this Agreement,
a Person will be deemed to be a holder of Registrable Securities whenever such Person has the right to then acquire or obtain from the
Company any Registrable Securities, whether or not such acquisition has actually been effected); provided, however, that a Registrable
Security shall cease to be a Registrable Security when (A) a registration statement covering such Registrable Security has become effective
under the Securities Act and such Registrable Security has been disposed of pursuant to such registration statement, (B) such Registrable
Security has been disposed of under Rule 144 under the Securities Act or any other exemption from the registration requirements of the
Securities Act, or (C) such Registrable Security has been sold or disposed of in a transaction in which the transferor’s rights
under this Agreement are not assigned to the transferee.

 

“Registration Expenses”
shall mean the expenses so described in Section 6 hereof.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended, or any similar successor federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

 

“Transaction Agreement”
means the Transaction Agreement dated as of the date hereof among ExxonMobil Oil Corporation, EM Renewables and the Company.

 

“Warrants”
means warrants issued by the Company to the Investor to purchase Common Stock pursuant to the Purchase Agreement and Section 2.2 of the
Transaction Agreement.

 

All other capitalized terms not
defined herein shall have the meaning set forth in the Purchase Agreement unless otherwise indicated.

 

1.          Shelf
Registration.

 

The Company shall use its
commercially reasonable efforts to file a registration statement with the Commission on Form S-3 or, if Form S-3 is not available
for use by the Company, on Form S-1 (or any successor form or other appropriate form promulgated under the Securities Act) for an
offering to be made on a continuous or delayed basis pursuant to Rule 415 promulgated under the Securities Act (a “Shelf
Registration Statement”), as soon as practicable after the date hereof, but in no event later than September 30, 2022, which
Shelf Registration Statement shall include all or any part of the Investor’s Registrable Securities requested to be included
by such Investor. The Company shall give notice to the Investor of the intended filing date of the Shelf Registration Statement, and
the Investor shall have at least ten (10) Business Days to notify the Company in writing of the number of Registrable Securities the
Investor desires to include in the Shelf Registration Statement. The Company shall use its reasonable best efforts (i) to promptly
obtain effectiveness of the Shelf Registration Statement, (ii) to maintain the effectiveness of such registration statement (or any
successor or replacement registration statement) at all times following the effective date of such registration statement until the
earlier of (x) five years from the date on which the Shelf Registration Statement becomes effective; and (y) the date on which all
shares of Common Stock issuable upon the exercise of the Warrants are sold, and (iii) if the Company is a WKSI at the time any
replacement Shelf Registration Statement is filed, to file an automatic shelf registration statement (as defined in Rule 405 under
the Securities Act) (an “Automatic Shelf Registration Statement”) and promptly file amendments or otherwise
supplement such Automatic Shelf Registration Statement to include any additional Registrable Securities not included in the initial
registration, to the extent requested in writing by the Investor from time to time while such Automatic Shelf Registration Statement
is effective.

 

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2.          Demand
Registration.

 

(a)          At
any time after the Shelf Registration Statement referred to in Section 1 is effective, the Investor may notify the Company that
it intends to offer or cause to be offered in an underwritten public offering all or any portion of its Registrable Securities, provided
that the aggregate proceeds expected to be received from the sale of securities requested to be included in such registration must equal
or exceed $15,000,000. Upon receipt of such request, the Company shall promptly deliver notice of such request to all holders of Registrable
Securities (other than the Investor) who shall then have twenty (20) days to notify the Company in writing of their desire to be included
in such registration. The Company shall state such in the written notice and in such event the right of any Person to participate in such
registration shall be conditioned upon such Person’s participation in such underwritten public offering and the inclusion of such
Person’s Registrable Securities in the underwritten public offering to the extent provided herein. The Company will use its reasonable
best efforts to expeditiously effect the registration of all Registrable Securities whose holders request participation in such registration
under the Securities Act, but only to the extent provided for in this Agreement; provided however, that the Company shall not be
required to effect registration pursuant to a request under this Section 2 more than three times. Notwithstanding anything to the
contrary contained herein, no request may be made under this Section 2 within ninety (90) days after the effective date of a registration
statement filed by the Company covering a firm commitment underwritten public offering in which the holders of Registrable Securities
shall have been entitled to join pursuant to Section 3 and in which there shall have been effectively registered all Registrable
Securities as to which registration shall have been requested. A registration will not count as a requested registration under this Section
2(a) unless and until the registration statement relating to such registration has been declared effective by the Commission; provided
however, that the Investor may request, in writing, that the Company withdraw a registration statement which has been filed under
this Section 2(a) but has not yet been declared effective, and the Investor may thereafter request the Company to reinstate such
registration statement, if permitted under the Securities Act, or the Investor may request that the Company file another registration
statement, in accordance with the procedures set forth herein and without reduction in the number of demand registrations permitted under
this Section 2(a).

 

(b)          If
the managing underwriter of such offering referred to in this Section 2 determines in good faith that the number of securities
sought to be offered should be limited due to market conditions, then the number of securities to be included in such underwritten public
offering shall be reduced to a number deemed satisfactory by such managing underwriter; provided, that the shares to be excluded
shall be determined in the following order of priority: (i) persons not having any contractual or other right to include such securities
in the registration statement, (ii) securities held by any other Persons (other than the holders of Registrable Securities or Lender Registrable
Securities) having a contractual, incidental “piggy back” right to include such securities in the registration statement,
(iii) securities to be registered by the Company pursuant to such registration statement, (iv) Registrable Securities of the Investor
and holders of Lender Registrable Securities who did not make the original request for registration and, if necessary, (v) Registrable
Securities of the Investor who requested such registration pursuant to Section 2(a). If there is a reduction of the number of Registrable
Securities and Lender Registrable Securities pursuant to clause (iv), such reduction shall be made on a pro rata basis (based upon the
aggregate number of Registrable Securities and Lender Registrable Securities held by such holders). If there is a reduction of the number
of Registrable Securities pursuant to clause (v), such reduction shall be made on a pro rata basis (based upon the aggregate number of
Registrable Securities held by such holders).

 

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(c)          With
respect to a request for registration pursuant to Section 2(a), the managing underwriter shall be chosen by the holders of a majority
of the Registrable Securities to be sold in such offering (which approval will not be unreasonably withheld or delayed). The Company may
not cause any other registration of securities for sale for its own account (other than a registration effected solely to implement an
employee benefit plan or a transaction to which Rule 145 of the Securities Act is applicable) to become effective within one hundred twenty
(120) days following the effective date of any registration required pursuant to this Section 2.

 

3.          Piggyback
Registration. If at any time the Company shall determine to (x) prepare and file with the Commission a registration statement
for the sale of Common Stock or other equity securities of the Company (other than a registration statement on Form S-4 or any successor
form, or a registration statement on Form S-8 or any successor form), or (y) sell shares of Common Stock or other equity securities of
the Company in an underwritten offering pursuant to a registration statement filed with the Commission on Form S-3 or, if Form S-3 is
not available for use by the Company, on Form S-1 (or any successor form or other appropriate form promulgated under the Securities Act)
for an offering to be made on a continuous or delayed basis pursuant to Rule 415 promulgated under the Securities Act, in each case, either
for its own account or for the account of other holders of equity securities in the Company (other than pursuant to Section 1 and
Section 2), the Company shall (i) promptly, but no less than ten (10) Business Days prior to the anticipated filing date of the
registration statement (in the case of clause (x) above) or such sale (in the case of clause (y) above), give to each Investor written
notice thereof and (ii) subject to the limits contained in this Section 3, include in such registration statement or sale, as applicable,
all Registrable Securities specified in a written request or requests, made by such Investor; provided, however, that if
the Company is advised in writing in good faith by any managing underwriter of the Company’s securities being offered in a public
offering pursuant to such registration statement that the amount to be sold by persons other than the Company (collectively, “Selling
Stockholders”) is greater than the amount which can be offered without adversely affecting the offering, the Company may reduce
the amount offered for the accounts of Selling Stockholders (including such holders of shares of Registrable Securities) to a number deemed
satisfactory by such managing underwriter; and provided further, that any shares to be excluded shall be determined in the following
order of priority: (i) securities held by any Persons not having any such contractual, incidental registration rights, (ii) securities
held by any Persons having contractual, incidental registration rights pursuant to an agreement which is not this Agreement, other than
the Lender Registration Rights Agreement, and (iii) the Registrable Securities and Lender Registrable Securities sought to be included
by the holders thereof as determined on a pro rata basis (based upon the aggregate number of Registrable Securities and Lender Registrable
Securities held by such holders).

 

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4.          Registration
Procedures. If and whenever the Company is required by the provisions of this Agreement to use its reasonable best efforts (or
such other standard applicable to such provision of this Agreement) to effect the registration of any of its securities under the Securities
Act, the Company will:

 

(a)          use
its reasonable best efforts to prepare and file with the Commission a registration statement on the appropriate form under the Securities
Act with respect to such securities, which form shall comply as to form in all material respects with the requirements of the applicable
form and include all financial statements required by the Commission to be filed therewith, and use its best efforts to cause such registration
statement to become and remain effective until completion of the proposed offering;

 

(b)          use
its reasonable best efforts to prepare and file with the Commission such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such registration statement effective until the distribution described
in such registration statement has been completed and to comply with the provisions of the Securities Act with respect to the sale or
other disposition of all securities covered by such registration statement whenever the seller or sellers of such securities shall desire
to sell or otherwise dispose of the same, but only to the extent provided in this Agreement;

 

(c)          furnish
to each selling holder and the underwriters, if any, such number of copies of such registration statement, any amendments thereto, any
documents incorporated by reference therein, the prospectus, including a preliminary prospectus, in conformity with the requirements of
the Securities Act, and such other documents as such selling holder may reasonably request in order to facilitate the public sale or other
disposition of the securities owned by such selling holder;

 

(d)          use
its reasonable best efforts to register or qualify the securities covered by such registration statement under such other securities or
state blue sky laws of such jurisdictions as each selling holder shall request, and do any and all other acts and things which may be
necessary under such securities or blue sky laws to enable such selling holder to consummate the public sale or other disposition in such
jurisdictions of the securities owned by such selling holder, except that the Company shall not for any such purpose be required to qualify
to do business as a foreign corporation in any jurisdiction wherein it is not so qualified;

 

(e)          within
a reasonable time before each filing of the registration statement or prospectus or amendments or supplements thereto with the Commission,
furnish to counsel selected by the holders of Registrable Securities copies of such documents proposed to be filed, which documents shall
be subject to the approval of such counsel;

 

(f)          promptly
notify each selling holder of Registrable Securities, such selling holder’s counsel and any underwriter and (if requested by any
such Person) confirm such notice in writing, of the happening of any event which makes any statement made in the registration statement
or related prospectus untrue or which requires the making of any changes in such registration statement or prospectus so that they will
not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein in the light of the circumstances under which they were made not misleading; and, as promptly as practicable thereafter,
prepare and file with the Commission and furnish a supplement or amendment to such prospectus so that, as thereafter deliverable to the
purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(g)          use
its reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a registration statement, and if one
is issued use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement
at the earliest possible moment;

 

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(h)          if
requested by the managing underwriter or underwriters (if any), any selling holder, or such selling holder’s counsel, promptly incorporate
in a prospectus supplement or post-effective amendment such information as such Person requests to be included therein, including, without
limitation, with respect to the securities being sold by such selling holder to such underwriter or underwriters, the purchase price being
paid therefor by such underwriter or underwriters and with respect to any other terms of an underwritten offering of the securities to
be sold in such offering, and promptly make all required filings of such prospectus supplement or post-effective amendment;

 

(i)          upon
execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, make available to each selling holder,
any underwriter participating in any disposition pursuant to a registration statement, and any attorney, accountant or other agent or
representative retained by any such selling holder or underwriter (collectively, the “Inspectors”), all financial and
other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall
be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors
and employees to supply all information requested by any such Inspector in connection with such registration statement;

 

(j)          enter
into any reasonable underwriting agreement required by the proposed underwriter(s) for the selling holders, if any, and use its reasonable
best efforts to facilitate the public offering of the securities;

 

(k)          use
reasonable best efforts to furnish to each prospective selling holder a signed counterpart, addressed to the prospective selling holder,
of (A) an opinion of counsel for the Company, dated the effective date of the registration statement, and (B) a “comfort”
letter signed by the independent public accountants who have certified the Company’s financial statements included in the registration
statement, covering substantially the same matters with respect to the registration statement (and the prospectus included therein) and
(in the case of the accountants’ letter) with respect to events subsequent to the date of the financial statements, as are customarily
covered (at the time of such registration) in opinions of the Company’s counsel and in accountants’ letters delivered to the
underwriters in underwritten public offerings of securities;

 

(l)          cause
the securities covered by such registration statement to be listed on the securities exchange or quoted on the quotation system on which
the Common Stock of the Company is then listed or quoted (or if the Common Stock is not yet listed or quoted, then on such exchange or
quotation system as the selling holders of Registrable Securities and the Company shall determine);

 

(m)         otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Commission;

 

(n)          otherwise
cooperate with the underwriter(s), the Commission and other regulatory agencies and take all actions and execute and deliver or cause
to be executed and delivered all documents necessary to effect the registration of any securities under this Agreement;

 

(o)          use
its reasonable best efforts to make available its senior management, employees and personnel for participation in “road shows”
and other marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company’s
businesses and the requirements of the marketing process) in marketing the Registrable Securities in any underwritten offering; and

 

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(p)          during
the period when the prospectus is required to be delivered under the Securities Act, promptly file all documents required to be filed
with the Commission pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act.

 

5.            Deemed
Underwriter. The Company agrees that, the Investor or any of its affiliates (each an “Investor Entity”) could
reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in connection with any
registration of the Company's securities pursuant to this Agreement, and any amendment or supplement thereof or if an Investor conducts
an underwritten offering (any such registration statement or amendment or supplement a “Investor Underwriter Registration Statement”),
then the Company will cooperate with such Investor Entity in allowing such Investor Entity to conduct customary “underwriter's due
diligence” with respect to the Company and satisfy its obligations in respect thereof. In addition, at the Investor’s request,
the Company will furnish to such Investor and any underwriter, on the date of the effectiveness of any Investor Underwriter Registration
Statement and thereafter from time to time on such dates as the Investor may reasonably request (i) a letter, dated such date, from the
Company’s independent certified public accountants in form and substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering, addressed to such Investor, and (ii) an opinion, dated as of such date,
of counsel representing the Company for purposes of such Investor Underwriter Registration Statement, in form, scope and substance as
is customarily given in an underwritten public offering, including, without limitation, a standard “10b-5” statement for such
offering, addressed to such Investor. The Company will also permit legal counsel to the Investor to review and comment upon any such Investor
Underwriter Registration Statement at least five business days prior to its filing with the Commission and all amendments and supplements
to any such Investor Underwriter Registration Statement within a reasonable number of days prior to their filing with the Commission and
not file any Investor Underwriter Registration Statement or amendment or supplement thereto in a form to which such Investor’s legal
counsel reasonably objects.

 

6.            Expenses.
All expenses incurred by the Company or the Investor in effecting the registrations provided for in Sections 2, 3 and 4,
including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company,
fees and disbursements of one counsel for the Investor (up to a maximum of $125,000), underwriting expenses (other than fees, commissions
or discounts), expenses of any audits incident to or required by any such registration and expenses of complying with the securities or
blue sky laws of any jurisdictions (all of such expenses referred to as “Registration Expenses”), shall be paid by
the Company.

 

7.             Indemnification.

 

(a)          The
Company shall indemnify and hold harmless the Investor (including its partners (including partners of partners and shareholders of
such partners)), each underwriter (as defined in the Securities Act), and directors, officers, employees and agents of any of them,
and each other Person who participates in the offering of such securities and each other Person, if any, who controls (within the
meaning of the Securities Act) such seller, underwriter or participating Person (individually and collectively, the
“Indemnified Person”) against any losses, claims, damages or liabilities (collectively, the
“liability”), joint or several, to which such Indemnified Person may become subject under the Securities Act or any
other statute or at common law, insofar as such liability (or action in respect thereof) arises out of or is based upon (i) any
untrue statement or alleged untrue statement of any material fact contained, on the effective date thereof, in any registration
statement under which such securities were registered under the Securities Act, any preliminary prospectus or final prospectus
contained therein, or any amendment or supplement thereto, or any free writing prospectus used in connection with any offering,
including but not limited to, any free writing prospectus used by the Company, the underwriters or the Investor, or (ii) any
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, or (iii) any violation by the Company of the Securities Act, any state securities or “blue sky”
laws or any sale or regulation thereunder in connection with such registration, or (iv) any information provided by the Company or
at the instruction of the Company to any Person participating in the offer at the point of sale containing any untrue statement or
alleged untrue statement of any material fact or omitting or allegedly omitting any material fact required to be included in such
information or necessary to make the statements therein not misleading. Except as otherwise provided in Section 7(d), the
Company shall reimburse each such Indemnified Person in connection with investigating or defending any such liability; provided,
however, that the Company shall not be liable to any Indemnified Person in any such case to the extent that any such liability
arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in such
registration statement, preliminary or final prospectus, or amendment or supplement thereto, free writing prospectus, or other
information, in reliance upon and in conformity with information furnished in writing to the Company by such Person specifically for
use therein; and provided further, that the Company shall not be required to indemnify any Person against any liability arising from
any untrue or misleading statement or omission contained in any preliminary prospectus if such deficiency is corrected in the final
prospectus or for any liability which arises out of the failure of any Person to deliver a prospectus as required by the Securities
Act regardless of any investigation made by or on behalf of such Indemnified Person and shall survive transfer of such securities by
such seller; and provided, further that, the indemnity agreement contained in this Section 7(a) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent
of the Company (which consent shall not be unreasonably withheld).

 

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(b)          The
Investor and each other holder of Registrable Securities included in such registration being effected shall indemnify and hold harmless
each other selling holder of any securities, the Company, its directors and officers, employees and agents, each underwriter and each
other Person, if any, who controls (within the meaning of the Securities Act) the Company or such underwriter (individually and collectively
also the “Indemnified Person”), against any liability, joint or several, to which any such Indemnified Person may become
subject under the Securities Act or any other statute or at common law, insofar as such liability (or actions in respect thereof) arises
out of or is based upon (i) any untrue statement or alleged untrue statement of any material fact contained, on the effective date thereof,
in any registration statement under which securities were registered under the Securities Act at the request of such selling Person, any
preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto, or any free writing prospectus used
in connection with such offering, including but not limited to, any free writing prospectus used by the Company, the underwriters, or
by such selling Person, or (ii) any omission or alleged omission by such selling Person to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, or (iii) any information provided at the instruction of the
Company to any Person participating in the offer at the point of sale containing any untrue statement or alleged untrue statement of any
material fact or omitting or allegedly omitting any material fact required to be included in such information or necessary to make the
statements therein not misleading, in the case of (i), (ii) and (iii) to the extent, but only to the extent, that such untrue statement
or alleged untrue statement or omission or alleged omission was made in such registration statement, preliminary or final prospectus,
amendment or supplement thereto, free writing prospectus, or other information, in reliance upon and in conformity with information furnished
in writing to the Company by such selling Person specifically for use therein. The Investor or holder of Registrable Securities shall
reimburse any Indemnified Person for any legal fees incurred in investigating or defending any such liability; provided, however, that
in no event shall the liability of any Investor for indemnification under this Section 7 in its capacity as a seller of Registrable
Securities exceed the lesser of (i) that proportion of the total of such losses, claims, damages, expenses or liabilities indemnified
against equal to the proportion of the total securities sold under such registration statement which is being held by such selling Person,
or (ii) the amount equal to the proceeds to such selling Person of the securities sold in any such registration; and provided further,
however, that no such selling Person shall be required to indemnify any other Person against any liability arising from any untrue or
misleading statement or omission contained in any preliminary prospectus if such deficiency is corrected in the final prospectus or for
any liability which arises out of the failure of any Person to deliver a prospectus as required by the Securities Act.

 

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(c)          Indemnification
similar to that specified in Sections 7(a) and (b) shall be given by the Company and each selling holder (with such modifications
as may be appropriate) with respect to any required registration or other qualification of their securities under any federal or state
law or regulation of governmental authority other than the Securities Act.

 

(d)          In
the event the Company, any selling holder or other Person receives a complaint, claim or other notice of any liability or action, giving
rise to a claim for indemnification under Sections 7(a), (b) or (c) above, the Person claiming indemnification under
such paragraphs shall promptly notify the Person against whom indemnification is sought of such complaint, notice, claim or action, and
such indemnifying Person shall have the right to investigate and defend any such loss, claim, damage, liability or action.

 

(e)          If
the indemnification provided for in this Section 7 for any reason is held by a court of competent jurisdiction to be unavailable
to an Indemnified Person in respect of any losses, claims, damages expenses or liabilities referred to therein, then each indemnifying
party under this Section 7, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, damages, expenses or liabilities (i) in such proportion as is appropriate
to reflect the relative benefits received by the Company, the Investor or selling holders and the underwriters from the offering of Registrable
Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, the Investor, other
selling holders and the underwriters in connection with the statements or omissions which resulted in such losses, claims, damages expenses
or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company, the Investor, the
other selling holders and the underwriters shall be deemed to be in the same respective proportions that the net proceeds from the offering
(before deducting expenses) received by the Company, the Investor, the other selling holders and the underwriting discount received by
the underwriters, in each case as set forth in the table on the cover page of the applicable prospectus, bear to the aggregate public
offering price of the Registrable Securities. The relative fault of the Company, the Investor, the other selling holders and the underwriters
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information supplied by the Company, the Investor, the other selling holders or
the underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.

 

The Company, the Investor and
the Underwriters agree that it would not be just and equitable if contribution to this Section 7 were determined by pro rata or
per capita allocation or by any other method of allocation which does not take account the equitable considerations referred to in the
immediately preceding paragraph. In no event, however, shall the Investor be required to contribute under this Section 7(e) in
excess of the lesser of (i) that proportion of the total of such losses, claims, damages expenses or liabilities indemnified against equal
to the proportion of the total Registrable Securities sold under such registration statement which are being sold by the Investor or (ii)
the net proceeds received by the Investor from its sale of Registrable Securities under such registration statement. No Person found guilty
of fraudulent representation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not found guilty of such fraudulent misrepresentation.

 

    	 	9	 

     

    

  

(f)          The
amount paid by an indemnifying party or payable to an Indemnified Person as a result of the losses, claims, damages, expenses and liabilities
referred to in this Section 7 shall be deemed to include, subject to limitations set forth above, any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim, payable as the same are incurred.
The indemnification and contribution provided for in this Section 7 will remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified parties or any other officer, director, employee, agent or controlling person of the indemnified
parties. No indemnifying party, in the defense of any such claim or litigation, shall enter into a consent or entry of any judgment or
enter into a settlement without the consent of the Indemnified Person, which consent will not be unreasonably withheld or delayed.

 

8.           Compliance
with Rule 144. For so long as the Company (i) has a class of securities registered under Section 12 of the Exchange Act or (ii)
files reports under Section 13 or 15(d) of the Exchange Act, the Company will use its reasonable best efforts to file with the Commission
such information as is required under the Exchange Act for so long as there are holders of Registrable Securities; and in such event,
the Company shall use its reasonable best efforts to take all action as may be required as a condition to the availability of Rule 144
under the Securities Act (or any comparable successor rules). The Company shall furnish to any holder of Registrable Securities upon request
a written statement executed by the Company as to the steps it has taken to comply with the current public information requirement of
Rule 144 (or such comparable successor rules). Subject to the limitations on transfers imposed by this Agreement, the Company shall use
its reasonable best efforts to facilitate and expedite transfers of Registrable Securities pursuant to Rule 144 under the Securities Act.

 

9.            Rule
144A Information. The Company shall, upon written request of the Investor, provide to such Investor and to any prospective institutional
transferee of the Common Stock designated by such Investor, such financial and other information as is available to the Company or can
be obtained by the Company without material expense and as the Investor may reasonably determine is required to permit such transfer to
comply with the requirements of Rule 144A promulgated under the Securities Act.

 

10.          Amendments.
The provisions of this Agreement may be amended, and the Company may take any action herein prohibited or omit to perform any act herein
required to be performed by it, only if the Company has obtained the written consent of the holders of a majority of the Registrable Securities,
provided that any rights given to any party hereto may be waived by such party hereto on such party’s own behalf, without
the consent of any other party; provided further that notwithstanding the foregoing, any amendment or modification to this Agreement
that is disproportionate and adverse in any material respect to the Investor as compared to the other holders of Registrable Securities
shall require the written consent of the Investor. For the purposes of this Agreement and all agreements executed pursuant hereto, no
course of dealing between or among any of the parties hereto and no delay on the part of any party hereto in exercising any rights hereunder
or thereunder shall operate as a waiver of the rights hereof and thereof.

 

11.         Postponement.
The Company may postpone the filing of any registration statement required hereunder or suspend sales under a Shelf Registration
Statement for a reasonable period of time, not to exceed ninety (90) days in the aggregate during any twelve (12) month period, if
the filing or use of a Shelf Registration statement would require a special audit or the disclosure of a material impending
transaction or other matter and the Company’s Board of Directors determines reasonably and in good faith that such disclosure
would have a material adverse effect on the Company (a “Black Out Period”). Upon notice of the existence of a
Black Out Period from the Company to the Investor and other holders of Registrable Securities with respect to any registration
statement already effective, such Investor or other holder shall refrain from selling its Registrable Securities under such
registration statement until such Black Out Period has ended; provided, however, that the Company shall not impose a
Black Out Period with respect to any registration statement that is already effective more than twice during any period of twelve
(12) consecutive months.

 

    	 	10	 

     

    

 

12.         Market
Stand-Off. The Investor and each other holder of Registrable Securities agrees, that if requested by the Company and an underwriter
of Registrable Securities of the Company in connection with any public offering of the Company, not to directly or indirectly offer, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant
for the sale of or otherwise dispose of or transfer any shares held by it for such period, not to exceed ninety (90) days following the
effective date of the relevant registration statement in connection with any public offering of Registrable Securities, as such underwriter
shall specify reasonably and in good faith, provided, however, that all officers and directors of the Company and all 1% or greater stockholders
of the Company enter into similar agreements. Notwithstanding anything in this Agreement, (i) none of the provisions of this Agreement
shall in any way limit the Investor from engaging in any brokerage, investment advisory, financial advisory, anti-raid advisory, principaling,
merger advisory, financing, asset management, trading, market making, arbitrage, investment activity and other similar activities conducted
in the ordinary course of their business, and (ii) the restrictions contained in this Agreement shall not apply to Registrable Securities
acquired by any Investor Entity following the effective date of the first registration statement of the Company covering Registrable Securities
to be sold on behalf of the Company in an underwritten public offering.

 

13.         Transferability
of Registration Rights. The registration rights set forth in this Agreement are transferable to each transferee of Registrable
Securities. Each subsequent holder of Registrable Securities must consent in writing to be bound by the terms and conditions of this Agreement,
in form and substance reasonably satisfactory to the Company, in order to acquire the rights granted pursuant to this Agreement.

 

14.         Rights
Which May Be Granted to Subsequent Investors. Other than permitted transferees of Registrable Securities under this Section, the
Company shall not, without the prior written consent of the Investor, (a) allow purchasers of the Company’s securities to become
a party to this Agreement or (b) other than with respect to the Lender Registration Rights Agreement, grant any other registration rights
other than any incidental or so called piggyback registration rights to any third parties that are not inconsistent with the terms of
this Agreement.

 

15.         Damages.
The Company recognizes and agrees that each holder of Registrable Securities will not have an adequate remedy if the Company fails to
comply with the terms and provisions of this Agreement and that damages will not be readily ascertainable, and the Company expressly agrees
that, in the event of such failure, it shall not oppose an application by any holder of Registrable Securities or any other Person entitled
to the benefits of this Agreement requiring specific performance of any and all provisions hereof or enjoining the Company from continuing
to commit any such breach of this Agreement.

 

16.         Miscellaneous.

 

(a)          Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to
have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested); (c) on the date sent by e-mail (with confirmation of transmission) if sent during normal
business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (d) on the third
(3rd) day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must
be sent to the respective Parties at the following addresses (or at such other address for a party as shall be specified in a notice given
in accordance with this Section 16):

 

    	 	11	 

     

    

 

if to the Company, to:

 

Global Clean Energy Holdings, Inc.

2790 Skypark Drive, Suite 105

Torrance, CA 90505

Attention:

Fax:

Email:

 

with a copy (which shall not constitute notice) to:

 

King & Spalding LLP

Attention:

1100 Louisiana

Suite 4100

Houston, TX 77002

Email:

 

if to the Investor, to the Persons set forth
under the Investor’s name signature to this Agreement or to such other address as the Investor may designate to the Company in writing
from time to time.

 

(b)          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, excluding any rule of
law that would cause the application of the laws of any jurisdiction other than the laws of the State of Delaware. The parties hereby
irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States
District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this
Agreement.

 

(c)          Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

 

(d)          Counterparts
This Agreement may be executed in one or more counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which together shall be deemed to constitute one and the same instrument. Counterparts may
be delivered via facsimile, electronic mail (including .pdf) or other transmission method and any counterpart so delivered shall be deemed
to have been duly and validly delivered and to be valid and effective for all purposes.

 

    	 	12	 

     

    

 

(e)          Severability.
If any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability
shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provision
of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained
herein.

 

(f)          Integration.
This Agreement, including the exhibits, documents and instruments referred to herein or therein, constitutes the entire agreement among
the parties with respect to the subject matter.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Registration Rights Agreement to be duly executed as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	Global Clean Energy Holdings, Inc.
	 	 	 
	 	By:  	 
	 	 	Name: Richard Palmer
	 	 	Title: Chief Executive Officer

 

[Signature Page to Registration Rights Agreement]

 

     

     

    

 

	 	INVESTOR:
	 	 
	 	ExxonMobil Renewables LLC
	 	 	 
	 	By:  	 
	 	 	Name: Gloria Moncada
	 	 	Title:   President
	 	 	 
	 	Address For Notice: 
	 	 	 
	 	22777 Springwoods Village Parkway
	 	Spring, TX 77389
	 	Attn: 
	 	Email: 

 

[Signature Page to Registration Rights Agreement]Exhibit
4.1

 

 

 

DUKE
ENERGY CORPORATION

 

TO

 

THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 

Trustee

 

 

 

Twenty-eighth
Supplemental Indenture

Dated as of August 11, 2022

 

 

 

$900,000,000
4.300% SENIOR NOTES DUE 2028 

$1,150,000,000
4.500% SENIOR NOTES DUE 2032 

$1,150,000,000
5.000% SENIOR NOTES DUE 2052

 

 

 

     

     

    

 

TABLE
OF CONTENTS1 

 

ARTICLE I

 

4.300%
SENIOR NOTES DUE 2028

 

	Section 1.01.	 	Establishment	1
	Section 1.02.	 	Definitions	2
	Section 1.03.	 	Payment of Principal and Interest	3
	Section 1.04.	 	Denominations	4
	Section 1.05.	 	Global Securities	4
	Section 1.06.	 	Redemption	4
	Section 1.07.	 	Paying Agent and Security Registrar	5
	 	 	 	 
	 	 	ARTICLE II	 
	 	 	 	 
	 	 	4.500% SENIOR NOTES DUE 2032	 
	 	 	 	 
	Section 2.01.	 	Establishment	5
	Section 2.02.	 	Definitions	6
	Section 2.03.	 	Payment of Principal and Interest	7
	Section 2.04.	 	Denominations	8
	Section 2.05.	 	Global Securities	8
	Section 2.06.	 	Redemption	8
	Section 2.07.	 	Paying Agent and Security Registrar	9
	 	 	 	 
	 	 	ARTICLE III	 
	 	 	 	 
	 	 	5.000% SENIOR NOTES DUE 2052	 
	 	 	 	 
	Section 3.01.	 	Establishment	9
	Section 3.02.	 	Definitions	10
	Section 3.03.	 	Payment of Principal and Interest	11
	Section 3.04.	 	Denominations	12
	Section 3.05.	 	Global Securities	12
	Section 3.06.	 	Redemption	12
	Section 3.07.	 	Paying Agent and Security Registrar	13

 

 

1
                                            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.

 

    i

     

    

 

	 	 	ARTICLE IV	 
	 	 	 	 
	 	 	MISCELLANEOUS PROVISIONS	 
	 	 	 	 
	Section 4.01.	 	Recitals by the Corporation	13
	 	 	 	 
	Section 4.02.	 	Ratification and Incorporation of Original
    Indenture	13
	 	 	 	 
	Section 4.03.	 	Instructions to Trustee	14
	 	 	 	 
	Section 4.04.	 	Executed in Counterparts; Electronic
    Signatures	14

 

Exhibit A
 – Form of 4.300% Senior Notes due 2028 

Exhibit B
 – Certificate of Authentication 

Exhibit C–
Form of 4.500% Senior Notes due 2032 

Exhibit D
 – Certificate of Authentication 

Exhibit E
 – Form of 5.000% Senior Notes due 2052 

Exhibit F
 – Certificate of Authentication

 

    ii

     

    

  

THIS
TWENTY-EIGHTH SUPPLEMENTAL INDENTURE is made as of the 11th day of August,
2022, by and among DUKE ENERGY CORPORATION, a Delaware corporation, having its principal office at 526 South Church Street, Charlotte,
North Carolina 28202-1803 (the “Corporation”), and The Bank of New York Mellon Trust Company, N.A. (formerly known as
The Bank of New York Trust Company, N.A.), a national banking association, as Trustee (herein called the “Trustee”).

 

WITNESSETH:

 

WHEREAS,
the Corporation has heretofore entered into an Indenture, dated as of June 3, 2008 (the “Original Indenture”), with
The Bank of New York Mellon Trust Company, N.A., as Trustee;

 

WHEREAS,
the Original Indenture is incorporated herein by this reference and the Original Indenture, as it may be amended and supplemented to
the date hereof, including by this Twenty-eighth Supplemental Indenture, is herein called the “Indenture”;

 

WHEREAS,
under the Indenture, a new series of Securities may at any time be established in accordance with the provisions of the Indenture and
the terms of such series may be described by a supplemental indenture executed by the Corporation and the Trustee;

 

WHEREAS,
the Corporation hereby proposes to create under the Indenture four additional series of Securities;

 

WHEREAS,
additional Securities of other series hereafter established, except as may be limited in the Indenture as at the time supplemented and
modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and

 

WHEREAS,
all conditions necessary to authorize the execution and delivery of this Twenty-eighth Supplemental Indenture and to make it a valid
and binding obligation of the Corporation 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

 

4.300%
SENIOR NOTES DUE 2028

 

Section 1.01.     Establishment.
There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Corporation’s
4.300% Senior Notes due 2028 (the “2028 Notes”).

 

There
are to be authenticated and delivered initially $900,000,000 principal amount of the 2028 Notes, and no further 2028 Notes shall be authenticated
and delivered except as provided by Section 304, 305, 306, 906 or 1106 of the Original Indenture and the last paragraph of Section 301
thereof.  The 2028 Notes shall be issued in fully registered form without coupons.

 

The
2028 Notes shall be in substantially the form set out in Exhibit A hereto, and the form of the Trustee’s Certificate of Authentication
for the 2028 Notes shall be in substantially the form set forth in Exhibit B hereto.

 

     

     

    

 

Each
2028 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 1.02.     Definitions.
The following defined terms used in this Article I shall, unless the context otherwise requires, have the meanings specified below
for purposes of the 2028 Notes.  Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Original Indenture.

 

“Business
Day” means any day other than a Saturday or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New
York, New York are authorized or required by law, regulation or executive order to close, or a day on which the Corporate Trust Office
is closed for business.

 

“Interest
Payment Date” means each March 15 and September 15 of each year, commencing on March 15, 2023.

 

“Legal
Holiday” means any day that is a legal holiday in New York, New York.

 

“Original
Issue Date” means August 11, 2022.

 

“Regular
Record Date” means, with respect to each Interest Payment Date, the close of business on (i) the Business Day immediately
preceding such Interest Payment Date so long as all of the 2028 Notes remain in book-entry only form or (ii) the 15th calendar day
next preceding such Interest Payment Date (whether or not a Business Day) if any of the 2028 Notes do not remain in book-entry only form.

 

“Stated
Maturity” means March 15, 2028.

 

“Treasury
Rate” means, with respect to any Redemption Date, the yield determined
by the Corporation in accordance with the following two paragraphs.

 

The
Treasury Rate shall be determined by the Corporation after 4:15 p.m., New York City time (or after such time as yields on U.S. government
securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption
Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release
published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15”
(or any successor designation or publication) (“H.15”) under the caption “U.S. government securities—Treasury
constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining
the Treasury Rate, the Corporation shall select, as applicable:

 

		· 	the
                                            yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption
                                            Date to the Par Call Date (the “Remaining Life”); or

 

		· 	if
                                            there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life,
                                            the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            longer than the Remaining Life—and shall interpolate to the Par Call Date on a straight-line
                                            basis (using the actual number of days) using such yields and rounding the result to three
                                            decimal places; or

 

		· 	if
                                            there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
                                            Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining
                                            Life. For purposes of this clause, the applicable Treasury constant maturity or maturities
                                            on H.15 shall be deemed to have a maturity date equal to the relevant number of months or
                                            years, as applicable, of such Treasury constant maturity from the Redemption Date.

 

    2

     

    

 

 

If
on the third business day preceding the Redemption Date H.15 TCM is no longer published, the Corporation shall calculate the Treasury
Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second
business day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to,
the Par Call Date. If there is no United States Treasury security maturing on the Par Call Date, but there are two or more United States
Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date
and one with a maturity date following the Par Call Date, the Corporation shall select the United States Treasury security with a maturity
date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date, or two or
more United States Treasury securities meeting the criteria of the preceding sentence, the Corporation shall select from among these
two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average
of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury
Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security
shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City
time, of such United States Treasury security, and rounded to three decimal places.

 

The
Corporation’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes,
absent manifest error.

 

The
Trustee shall have no obligation or duty whatsoever to determine, or to
verify our calculations of, the redemption price.

 

Section 1.03.     Payment
of Principal and Interest. The principal of the 2028 Notes shall be due at Stated Maturity (unless earlier redeemed).  The unpaid
principal amount of the 2028 Notes shall bear interest at the rate of 4.300% per annum until paid or duly provided for, such interest
to accrue from August 11, 2022 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 or Persons in whose name the 2028 Notes are
registered on the applicable Regular Record Date for such Interest Payment Date; provided that interest payable at the Stated Maturity
or on a Redemption Date as provided herein shall be paid to the Person to whom principal is payable.  Any such interest that is
not so punctually paid or duly provided for shall 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 2028 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 (“Special Record Date”), notice whereof shall be given to Holders
of the 2028 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 2028 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.

 

Payments
of interest on the 2028 Notes shall include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments
for the 2028 Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months.  In the event that
any date on which interest is payable on the 2028 Notes is not a Business Day, then payment of the interest payable on such date shall
be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the
same force and effect as if made on the date the payment was originally payable.

 

    3

     

    

 

Payment
of principal of, premium, if any, and interest on the 2028 Notes shall be made 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.  Payments of principal of, premium, if any, and
interest on 2028 Notes represented by a Global Security shall be made by wire transfer of immediately available funds to the Holder of
such Global Security. If any of the 2028 Notes are no longer represented by a Global Security, (i) payments of principal, premium,
if any, and interest due at the Stated Maturity or earlier redemption of such 2028 Notes shall be made at the office of the Paying Agent
upon surrender of such 2028 Notes to the Paying Agent and (ii) payments of interest shall be made, at the option of the Corporation,
subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register or (B) 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.

 

Section 1.04.     Denominations.
The 2028 Notes shall be issued in denominations of $2,000 or any integral multiple of $1,000 in excess thereof.

 

Section 1.05.     Global
Securities. The 2028 Notes shall initially be issued in the form of one or more Global Securities registered in the name of the Depositary
(which initially shall be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below,
2028 Notes represented by such Global Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable
as, 2028 Notes in definitive form.  The Global Securities described in this Article I 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
Global Security representing the 2028 Notes shall be exchangeable for 2028 Notes registered in the names of persons other than the Depositary
or its nominee only if (i) the Depositary notifies the Corporation 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 Corporation within 90 days of receipt by the Corporation
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
Corporation within 90 days after it becomes aware of such cessation, (ii) an
Event of Default has occurred and is continuing with respect to the 2028 Notes and beneficial owners of a majority in aggregate principal
amount of the 2028 Notes represented by Global Securities advise the Depositary to cease acting as Depositary, or (iii) the Corporation
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 2028 Notes registered in such names
as the Depositary shall direct.

 

Section 1.06.     Redemption.
The Corporation may redeem the 2028 Notes prior to February 15, 2028 (the “2028 Par Call Date”), at its option, in whole
or in part, at any time and from time to time, at the option of the Corporation, on any date (a “Redemption Date”), at a
redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (i)(a) the
sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming
the 2028 Notes matured on the 2028 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 25 basis points less (b) interest accrued to the Redemption Date; and (ii) 100% of the principal
amount of the 2028 Notes to be redeemed, plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

    4

     

    

  

On
or after the 2028 Par Call Date, the Corporation may redeem the 2028 Notes at its option, in whole or in part, at any time and from time
to time, at a redemption price equal to 100% of the principal amount of the 2028 Notes to be redeemed, plus accrued and unpaid interest
thereon to, but excluding, the Redemption Date. Notwithstanding the foregoing, installments of interest on the 2028 Notes that are due
and payable on an Interest Payment Date falling on or prior to a Redemption Date shall be payable on such Interest Payment Date to the
Holders as of the close of business on the relevant Record Date.

 

On
or after the date of redemption, interest will cease to accrue on the 2028 Notes or portion of the 2028 Notes redeemed. However, interest
will continue to accrue if the Corporation defaults in the payment of the amount due upon redemption.

 

Notice
of redemption to each Holder of the 2028 Notes shall be mailed (or, as long as the Notes of this series are represented by one or more
Book-Entry Debt Securities, transmitted in accordance with the Depository’s standard procedures therefor) by the Corporation, or,
at the Corporation’s request, by the Trustee, in the manner provided in Section  3.02 of the Original Indenture, at least
ten (10) and not more than sixty (60) days prior to the date fixed for redemption.

 

The
Corporation shall notify the Trustee of the redemption price with respect to any redemption of the 2028 Notes occurring
before the Par Call Date promptly after the calculation thereof. The Trustee shall not be responsible for calculating said redemption
price.

 

If
less than all of the 2028 Notes are to be redeemed, the 2028 Notes or portions of 2028 Notes to be redeemed in amounts of $2,000 or any
integral multiple of $1,000 in excess thereof shall be selected for redemption in accordance with the standard procedures of the
Depositary.

 

The
2028 Notes shall not have a sinking fund.

 

Section 1.07.     Paying
Agent and Security Registrar. The Trustee shall initially serve as Paying Agent with respect to the 2028 Notes, with the Place of
Payment initially being the Corporate Trust Office.

 

ARTICLE II

 

4.500%
SENIOR NOTES DUE 2032

 

Section 2.01.     Establishment.
There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Corporation’s
4.500% Senior Notes due 2032 (the “2032 Notes”).

 

There
are to be authenticated and delivered initially $1,150,000,000 principal amount of the 2032 Notes, and no further 2032 Notes shall be
authenticated and delivered except as provided by Section 304, 305, 306, 906 or 1106 of the Original Indenture and the last paragraph
of Section 301 thereof.  The 2032 Notes shall be issued in fully registered form without coupons.

 

The
2032 Notes shall be in substantially the form set out in Exhibit C hereto, and the form of the Trustee’s Certificate of Authentication
for the 2032 Notes shall be in substantially the form set forth in Exhibit D hereto.

 

    5

     

    

 

Each
2032 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 2.02.     Definitions.
The following defined terms used in this Article II shall, unless the context otherwise requires, have the meanings specified below
for purposes of the 2032 Notes.  Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Original Indenture.

 

“Business
Day” means any day other than a Saturday or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New
York, New York are authorized or required by law, regulation or executive order to close, or a day on which the Corporate Trust Office
is closed for business.

 

“Interest
Payment Date” means each February 15 and August 15 of each year, commencing on February 15, 2023.

 

“Legal
Holiday” means any day that is a legal holiday in New York, New York.

 

“Original
Issue Date” means August 11, 2022.

 

“Regular
Record Date” means, with respect to each Interest Payment Date, the close of business on (i) the Business Day immediately
preceding such Interest Payment Date so long as all of the 2032 Notes remain in book-entry only form or (ii) the 15th calendar day
next preceding such Interest Payment Date (whether or not a Business Day) if any of the 2032 Notes do not remain in book-entry only form.

 

“Stated
Maturity” means August 15, 2032.

 

“Treasury
Rate” means, with respect to any Redemption Date, the yield determined
by the Corporation in accordance with the following two paragraphs.

 

The
Treasury Rate shall be determined by the Corporation after 4:15 p.m., New
York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal
Reserve System), on the third business day preceding the Redemption Date based upon the yield or yields for the most recent day that
appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve
System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication) (“H.15”)
under the caption “U.S. government securities—Treasury constant maturities — Nominal” (or any successor
caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Corporation shall select, as applicable:

 

		· 	the
                                            yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption
                                            Date to the Par Call Date (the “Remaining Life”); or

 

		· 	if
                                            there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life,
                                            the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            longer than the Remaining Life—and shall interpolate to the Par Call Date on a straight-line
                                            basis (using the actual number of days) using such yields and rounding the result to three
                                            decimal places; or

 

		· 	if
                                            there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
                                            Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining
                                            Life. For purposes of this clause, the applicable Treasury constant maturity or maturities
                                            on H.15 shall be deemed to have a maturity date equal to the relevant number of months or
                                            years, as applicable, of such Treasury constant maturity from the Redemption Date.

 

    6

     

    

 

If
on the third business day preceding the Redemption Date H.15 TCM is no longer published, the Corporation shall calculate the Treasury
Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second
business day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to,
the Par Call Date. If there is no United States Treasury security maturing on the Par Call Date, but there are two or more United States
Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date
and one with a maturity date following the Par Call Date, the Corporation shall select the United States Treasury security with a maturity
date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date, or two or
more United States Treasury securities meeting the criteria of the preceding sentence, the Corporation shall select from among these
two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average
of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury
Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security
shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City
time, of such United States Treasury security, and rounded to three decimal places.

 

The
Corporation’s actions and determinations in determining the redemption
price shall be conclusive and binding for all purposes, absent manifest error.

 

The
Trustee shall have no obligation or duty whatsoever to determine, or to
verify our calculations of, the redemption price.

 

Section 2.03.     Payment
of Principal and Interest. The principal of the 2032 Notes shall be due at Stated Maturity (unless earlier redeemed).  The unpaid
principal amount of the 2032 Notes shall bear interest at the rate of 4.500% per annum until paid or duly provided for, such interest
to accrue from August 11, 2022 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 or Persons in whose name the 2032 Notes are
registered on the applicable Regular Record Date for such Interest Payment Date; provided that interest payable at the Stated Maturity
or on a Redemption Date as provided herein shall be paid to the Person to whom principal is payable.  Any such interest that is
not so punctually paid or duly provided for shall 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 2032 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 (“Special Record Date”), notice whereof shall be given to Holders
of the 2032 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 2032 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.

 

Payments
of interest on the 2032 Notes shall include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments
for the 2032 Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months.  In the event that
any date on which interest is payable on the 2032 Notes is not a Business Day, then payment of the interest payable on such date shall
be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the
same force and effect as if made on the date the payment was originally payable.

 

    7

     

    

  

Payment
of principal of, premium, if any, and interest on the 2032 Notes shall be made 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.  Payments of principal of, premium, if any, and
interest on 2032 Notes represented by a Global Security shall be made by wire transfer of immediately available funds to the Holder of
such Global Security. If any of the 2032 Notes are no longer represented by a Global Security, (i) payments of principal, premium,
if any, and interest due at the Stated Maturity or earlier redemption of such 2032 Notes shall be made at the office of the Paying Agent
upon surrender of such 2032 Notes to the Paying Agent and (ii) payments of interest shall be made, at the option of the Corporation,
subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register or (B) 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.

 

Section 2.04.     Denominations.
The 2032 Notes shall be issued in denominations of $2,000 or any integral multiple of $1,000 in excess thereof.

 

Section 2.05.     Global
Securities. The 2032 Notes shall initially be issued in the form of one or more Global Securities registered in the name of the Depositary
(which initially shall be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below,
2032 Notes represented by such Global Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable
as, 2032 Notes in definitive form.  The Global Securities described in this Article II 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
Global Security representing the 2032 Notes shall be exchangeable for 2032 Notes registered in the names of persons other than the Depositary
or its nominee only if (i) the Depositary notifies the Corporation 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 Corporation within 90 days of receipt by the Corporation
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
Corporation within 90 days after it becomes aware of such cessation, (ii) an
Event of Default has occurred and is continuing with respect to the 2032 Notes and beneficial owners of a majority in aggregate principal
amount of the 2032 Notes represented by Global Securities advise the Depositary to cease acting as Depositary, or (iii) the Corporation
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 2032 Notes registered in such names
as the Depositary shall direct.

 

Section 2.06.     Redemption.
The Corporation may redeem the 2032 Notes prior to May 15, 2032 (the “2032 Par Call Date”), at its option, in whole
or in part, at any time and from time to time, at the option of the Corporation, on any date (a “Redemption Date”), at a
redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (i)(a) the
sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming
the 2032 Notes matured on the 2032 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 30 basis points less (b) interest accrued to the Redemption Date; and (ii) 100% of the principal
amount of the 2032 Notes to be redeemed, plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

    8

     

    

 

On
or after the 2032 Par Call Date, the Corporation may redeem the 2032 Notes at its option, in whole or in part, at any time and from time
to time, at a redemption price equal to 100% of the principal amount of the 2032 Notes to be redeemed, plus accrued and unpaid interest
thereon to, but excluding, the Redemption Date. Notwithstanding the foregoing, installments of interest on the 2032 Notes that are due
and payable on an Interest Payment Date falling on or prior to a Redemption Date shall be payable on such Interest Payment Date to the
Holders as of the close of business on the relevant Record Date.

 

On
or after the date of redemption, interest will cease to accrue on the 2032 Notes or portion of the 2032 Notes redeemed. However, interest
will continue to accrue if the Corporation defaults in the payment of the amount due upon redemption.

 

Notice
of redemption to each Holder of the 2032 Notes shall be mailed (or, as long as the Notes of this series are represented by one or more
Book-Entry Debt Securities, transmitted in accordance with the Depository’s standard procedures therefor) by the Corporation, or,
at the Corporation’s request, by the Trustee, in the manner provided in Section  3.02 of the Original Indenture, at least
ten (10) and not more than sixty (60) days prior to the date fixed for redemption.

 

The
Corporation shall notify the Trustee of the redemption price with respect to any redemption of the 2032 Notes occurring before
the Par Call Date promptly after the calculation thereof. The Trustee shall not be responsible for calculating said redemption price.

 

If
less than all of the 2032 Notes are to be redeemed, the 2032 Notes or portions of 2032 Notes to be redeemed in amounts of $2,000 or any
integral multiple of $1,000 in excess thereof shall be selected for redemption in accordance with the standard procedures of the
Depositary.

 

The
2032 Notes shall not have a sinking fund.

 

Section 2.07.     Paying
Agent and Security Registrar. The Trustee shall initially serve as Paying Agent with respect to the 2032 Notes, with the Place of
Payment initially being the Corporate Trust Office.

 

ARTICLE III

 

5.000%
SENIOR NOTES DUE 2052

 

Section 3.01.     Establishment.
There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Corporation’s
5.000% Senior Notes due 2052 (the “2052 Notes”).

 

There
are to be authenticated and delivered initially $1,150,000,000 principal amount of the 2052 Notes, and no further 2052 Notes shall be
authenticated and delivered except as provided by Section 304, 305, 306, 906 or 1106 of the Original Indenture and the last paragraph
of Section 301 thereof.  The 2052 Notes shall be issued in fully registered form without coupons.

 

The
2052 Notes shall be in substantially the form set out in Exhibit E hereto, and the form of the Trustee’s Certificate of Authentication
for the 2052 Notes shall be in substantially the form set forth in Exhibit F hereto.

 

    9

     

    

 

Each
2052 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 3.02.     Definitions.
The following defined terms used in this Article III shall, unless the context otherwise requires, have the meanings specified below
for purposes of the 2052 Notes.  Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Original Indenture.

 

“Business
Day” means any day other than a Saturday or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New
York, New York are authorized or required by law, regulation or executive order to close, or a day on which the Corporate Trust Office
is closed for business.

 

“Interest
Payment Date” means each February 15 and August 15 of each year, commencing on February 15, 2023.

 

“Legal
Holiday” means any day that is a legal holiday in New York, New York.

 

“Original
Issue Date” means August 11, 2022.

 

“Regular
Record Date” means, with respect to each Interest Payment Date, the close of business on (i) the Business Day immediately
preceding such Interest Payment Date so long as all of the 2052 Notes remain in book-entry only form or (ii) the 15th calendar day
next preceding such Interest Payment Date (whether or not a Business Day) if any of the 2052 Notes do not remain in book-entry only form.

 

“Stated
Maturity” means August 15, 2052.

 

“Treasury
Rate” means, with respect to any Redemption Date, the yield determined
by the Corporation in accordance with the following two paragraphs.

 

The
Treasury Rate shall be determined by the Corporation after 4:15 p.m., New York City time (or after such time as yields on U.S. government
securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption
Date based upon the yield or yields for the most recent day that appear after such time
on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected
Interest Rates (Daily)—H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S.
government securities—Treasury constant maturities — Nominal” (or any successor caption or heading) (“H.15
TCM”). In determining the Treasury Rate, the Corporation shall select, as applicable:

 

		·	the
                                            yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption
                                            Date to the Par Call Date (the “Remaining Life”); or

 

		·	if
                                            there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life,
                                            the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            longer than the Remaining Life—and shall interpolate to the Par Call Date on a straight-line
                                            basis (using the actual number of days) using such yields and rounding the result to three
                                            decimal places; or

 

		·	if
                                            there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
                                            Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining
                                            Life. For purposes of this clause, the applicable Treasury constant maturity or maturities
                                            on H.15 shall be deemed to have a maturity date equal to the relevant number of months or
                                            years, as applicable, of such Treasury constant maturity from the Redemption Date.

 

    10

     

    

 

If
on the third business day preceding the Redemption Date H.15 TCM is no longer published, the Corporation shall calculate the Treasury
Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second
business day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to,
the Par Call Date. If there is no United States Treasury security maturing on the Par Call Date, but there are two or more United States
Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date
and one with a maturity date following the Par Call Date, the Corporation shall select the United States Treasury security with a maturity
date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date, or two or
more United States Treasury securities meeting the criteria of the preceding sentence, the Corporation shall select from among these
two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average
of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury
Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security
shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City
time, of such United States Treasury security, and rounded to three decimal places.

 

The
Corporation’s actions and determinations in determining the redemption
price shall be conclusive and binding for all purposes, absent manifest error.

 

The
Trustee shall have no obligation or duty whatsoever to determine, or to
verify our calculations of, the redemption price.

 

Section 3.03.     Payment
of Principal and Interest. The principal of the 2052 Notes shall be due at Stated Maturity (unless earlier redeemed).  The unpaid
principal amount of the 2052 Notes shall bear interest at the rate of 5.000% per annum until paid or duly provided for, such interest
to accrue from August 11, 2022 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 or Persons in whose name the 2052 Notes are
registered on the applicable Regular Record Date for such Interest Payment Date; provided that interest payable at the Stated Maturity
or on a Redemption Date as provided herein shall be paid to the Person to whom principal is payable.  Any such interest that is
not so punctually paid or duly provided for shall 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 2052 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 (“Special Record Date”), notice whereof shall be given to Holders
of the 2052 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 2052 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.

 

Payments
of interest on the 2052 Notes shall include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments
for the 2052 Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months.  In the event that
any date on which interest is payable on the 2052 Notes is not a Business Day, then payment of the interest payable on such date shall
be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the
same force and effect as if made on the date the payment was originally payable.

 

    11

     

    

  

Payment
of principal of, premium, if any, and interest on the 2052 Notes shall be made 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.  Payments of principal of, premium, if any, and
interest on 2052 Notes represented by a Global Security shall be made by wire transfer of immediately available funds to the Holder of
such Global Security. If any of the 2052 Notes are no longer represented by a Global Security, (i) payments of principal, premium,
if any, and interest due at the Stated Maturity or earlier redemption of such 2052 Notes shall be made at the office of the Paying Agent
upon surrender of such 2052 Notes to the Paying Agent and (ii) payments of interest shall be made, at the option of the Corporation,
subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register or (B) 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.

 

Section 3.04.     Denominations.
The 2052 Notes shall be issued in denominations of $2,000 or any integral multiple of $1,000 in excess thereof.

 

Section 3.05.     Global
Securities. The 2052 Notes shall initially be issued in the form of one or more Global Securities registered in the name of the Depositary
(which initially shall be The Depository Trust Company) or its nominee.  Except under the limited circumstances described below,
2052 Notes represented by such Global Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable
as, 2052 Notes in definitive form.  The Global Securities described in this Article III 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
Global Security representing the 2052 Notes shall be exchangeable for 2052 Notes registered in the names of persons other than the Depositary
or its nominee only if (i) the Depositary notifies the Corporation 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 Corporation within 90 days of receipt by the Corporation
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
Corporation within 90 days after it becomes aware of such cessation, (ii) an
Event of Default has occurred and is continuing with respect to the 2052 Notes and beneficial owners of a majority in aggregate principal
amount of the 2052 Notes represented by Global Securities advise the Depositary to cease acting as Depositary, or (iii) the Corporation
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 2052 Notes registered in such names
as the Depositary shall direct.

 

Section 3.06.     Redemption.
The Corporation may redeem the 2052 Notes prior to February 15, 2052 (the “2052 Par Call Date”), at its option, in whole
or in part, at any time and from time to time, at the option of the Corporation, on any date (a “Redemption Date”), at a
redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (i)(a) the
sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming
the 2052 Notes matured on the 2052 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 35 basis points less (b) interest accrued to the Redemption Date; and (ii) 100% of the principal
amount of the 2052 Notes to be redeemed, plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

    12

     

    

  

On
or after the 2052 Par Call Date, the Corporation may redeem the 2052 Notes at its option, in whole or in part, at any time and from time
to time, at a redemption price equal to 100% of the principal amount of the 2052 Notes to be redeemed, plus accrued and unpaid interest
thereon to, but excluding, the Redemption Date. Notwithstanding the foregoing, installments of interest on the 2052 Notes that are due
and payable on an Interest Payment Date falling on or prior to a Redemption Date shall be payable on such Interest Payment Date to the
Holders as of the close of business on the relevant Record Date.

 

On
or after the date of redemption, interest will cease to accrue on the 2052 Notes or portion of the 2052 Notes redeemed. However, interest
will continue to accrue if the Corporation defaults in the payment of the amount due upon redemption.

 

Notice
of redemption to each Holder of the 2052 Notes shall be mailed (or, as long as the Notes of this series are represented by one or more
Book-Entry Debt Securities, transmitted in accordance with the Depository’s standard procedures therefor) by the Corporation, or,
at the Corporation’s request, by the Trustee, in the manner provided in Section  3.02 of the Original Indenture, at least
ten (10) and not more than sixty (60) days prior to the date fixed for redemption.

 

The
Corporation shall notify the Trustee of the redemption price with respect
to any redemption of the 2052 Notes occurring before the Par Call Date promptly after the calculation thereof. The Trustee shall not
be responsible for calculating said redemption price.

 

If
less than all of the 2052 Notes are to be redeemed, the 2052 Notes or portions
of 2052 Notes to be redeemed in amounts of $2,000 or any integral multiple of $1,000 in excess thereof shall be selected for redemption
in accordance with the standard procedures of the Depositary.

 

The
2052 Notes shall not have a sinking fund.

 

Section 3.07.     Paying
Agent and Security Registrar. The Trustee shall initially serve as Paying Agent with respect to the 2052 Notes, with the Place of
Payment initially being the Corporate Trust Office.

 

ARTICLE IV

 

MISCELLANEOUS
PROVISIONS

 

Section 4.01.     Recitals
by the Corporation. The recitals in this Twenty-eighth Supplemental Indenture are made by the Corporation 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 2028 Notes, the 2032 Notes, the 2052 Notes and this Twenty-eighth Supplemental Indenture
as fully and with like effect as if set forth herein in full.

 

Section 4.02.     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 Twenty-eighth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

 

    13

     

    

  

Section 4.03.     Instructions
to Trustee. The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”)
given pursuant to this Twenty-eighth Supplemental Indenture and delivered using Electronic Means; provided, however, that the Corporation
shall provide to the 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
Corporation whenever a person is to be added or deleted from the listing. If the Corporation elects to give the Trustee Instructions
using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such
Instructions shall be deemed controlling. The Corporation understands and agrees that the Trustee cannot determine the identity of the
actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by
an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Corporation
shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Corporate Trustee and that the Corporation
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 Corporation. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee’s good faith reliance upon and compliance with such Instructions notwithstanding
such directions conflict or are inconsistent with a subsequent written instruction. The Corporation agrees: (i) to assume all risks
arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the 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 Trustee and that there may be more
secure methods of transmitting Instructions than the method(s) selected by the Corporation; (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 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 Trustee, or another method or system specified by the Trustee as available for use in connection with
its services hereunder.

 

Section 4.04.     Executed
in Counterparts; Electronic Signatures. This Twenty-eighth 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. The words “execution,”
signed,” signature,” and words of like import in the Indenture 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 Original Indenture to the contrary notwithstanding, (a) any Officers’ Certificate, Company Order, Opinion of Counsel,
Security, certificate of authentication appearing on or attached to any Security, supplemental indenture or other certificate, opinion
of counsel, instrument, agreement or other document delivered pursuant to the Indenture may be executed, attested and transmitted by
any of the foregoing electronic means and formats, (b) all references in Section 303 or elsewhere in the Original Indenture
to the execution, attestation or authentication of any Security or any certificate of authentication appearing on or attached to any
Security 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 Section 303 or elsewhere in the Original Indenture that any
signature be made under a corporate seal (or facsimile thereof) shall not be applicable to the Securities of such series.

 

    14

     

    

 

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.

 

	 	Duke Energy Corporation
	 	 
	 	By:	 /s/
    Chris R. Bauer
	 	Name:	Chris R. Bauer
	 	Title: 	Assistant Treasurer
	 	 
	 	The Bank of New York Mellon Trust Company,
    N.A., as Trustee
	 	 
	 	 
	 	By:	/s/ Ann M. Dolezal
	 	Name:	Ann M. Dolezal
	 	Title:	Vice President 

 

[Signature Page to Twenty-eighth Supplemental
Indenture]

 

     

     

    

  

EXHIBIT A

 

FORM OF 

4.300%
SENIOR NOTE DUE 2028

 

	No.	CUSIP
    No.  26441C BS3  

 

DUKE
ENERGY CORPORATION 

4.300%
SENIOR NOTE DUE 2028

 

Principal
Amount:  $

 

Regular
Record Date:  [Close of business on the business day immediately preceding
such Interest Payment Date so long as all of the Securities (as defined herein) of this series remain in book-entry only form] [Close
of business on the 15th calendar day next preceding such Interest Payment Date (whether or not a Business Day) if any of the
Securities (as defined herein) of this series do not remain in book-entry only form]

 

Original
Issue Date:  August 11, 2022

 

Stated
Maturity: March 15, 2028

 

Interest
Payment Dates:  Semi-annually on March 15 and September 15 of each year, commencing on March 15, 2023

 

Interest
Rate: 4.300% per annum

 

Authorized
Denomination:  $2,000 or any integral multiple of $1,000 in excess thereof

 

Duke
Energy Corporation, a Delaware corporation (the “Corporation”, which term includes any successor corporation under the Indenture
referred to on the reverse hereof), for value received, hereby promises to pay to                               ,
or registered assigns, the principal sum of                                                     
DOLLARS ($                        )
on the Stated Maturity shown above and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date as specified
above, commencing on March 15, 2023 and on the Stated Maturity at the rate per annum shown above until the principal hereof is paid
or made available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated
Maturity or a Redemption Date) will, as provided in the Indenture, be paid to the Person in whose name this 4.300% Senior Note due 2028
(this “Security”) is registered on the applicable Regular Record Date as specified above next preceding such Interest Payment
Date; provided that any interest payable at Stated Maturity or on a Redemption Date will be paid to the Person to whom principal
is payable.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security 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 Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which
the Securities shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

 

    A-1

     

    

 

Payments
of interest on this Security will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments
for this Security shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months and will accrue from August 11,
2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided for.  In the event that any
date on which interest is payable on this Security 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) with the same force
and effect as if made on the date the payment was originally payable.  “Business Day” means any day other than a Saturday
or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New York, New York are authorized or required by
law, regulation or executive order to close, or a day on which the Corporate Trust Office is closed for business.  “Legal
Holiday” means any day that is a legal holiday in New York, New York.

  

Payment
of principal of, premium, if any, and interest on the Securities of this series shall be made 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.  Payments of principal of,
premium, if any, and interest on the Securities of this series represented by a Global Security shall be made by wire transfer of immediately
available funds to the Holder of such Global Security.  If any of the Securities of this series are no longer represented by a Global
Security, (i) payments of principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of such Securities
shall be made at the office of the Paying Agent upon surrender of such Securities to the Paying Agent, and (ii) payments of interest
shall be made, at the option of the Corporation, subject to such surrender where applicable, by (A) check mailed to the address
of the Person entitled thereto as such address shall appear in the Security Register or (B) 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.

 

The
Corporation may redeem this Security prior to February 15, 2028 (the “Par Call Date”), in whole or in part and from
time to time, at the option of the Corporation, on any date (a “Redemption Date”), at a redemption price (expressed as a
percentage of principal amount and rounded to three decimal places) equal to the greater of (i) (a) the sum of the present
values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Securities
matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
plus 25 basis points less (b) interest accrued to the Redemption Date; and (ii) 100% of the principal amount of the Securities
to be redeemed, plus, in either case, accrued and unpaid interest thereon
to, but excluding, the Redemption Date.

 

On
or after the Par Call Date, the Corporation may redeem the Securities of this series, in whole or in part, at any time and from time
to time, at the option of the Corporation, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed
plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

For
purposes of the preceding paragraph, the following terms have the following
meanings:

 

“Treasury
Rate” means, with respect to any Redemption Date for the Securities, the yield determined by the Corporation in accordance with
the following two paragraphs.

 

The
Treasury Rate shall be determined by the Corporation after 4:15 p.m., New York City time (or after such time as yields on U.S. government
securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption
Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release
published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15”
(or any successor designation or publication) (“H.15”) under the caption “U.S. government securities—Treasury
constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining
the Treasury Rate, the Corporation shall select, as applicable:

 

    A-2

     

    

  

		·	the
                                            yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption
                                            Date to the Par Call Date (the “Remaining Life”); or

 

		·	if
                                            there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life,
                                            the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            longer than the Remaining Life—and shall interpolate to the Par Call Date, on a straight-line
                                            basis (using the actual number of days) using such yields and rounding the result to three
                                            decimal places; or

 

		·	if
                                            there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
                                            Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining
                                            Life. For purposes of this clause, the applicable Treasury constant maturity or maturities
                                            on H.15 shall be deemed to have a maturity date equal to the relevant number of months or
                                            years, as applicable, of such Treasury constant maturity from the Redemption Date.

 

If
on the third business day preceding the Redemption Date H.15 TCM is no longer published, the Corporation shall calculate the Treasury
Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second
business day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to,
the Par Call Date. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States
Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date
and one with a maturity date following the Par Call Date, the Corporation shall select the United States Treasury security with a maturity
date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date, or two or
more United States Treasury securities meeting the criteria of the preceding sentence, the Corporation shall select from among these
two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average
of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury
Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security
shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City
time, of such United States Treasury security, and rounded to three decimal places.

 

The
Corporation’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes,
absent manifest error.

 

The
Trustee shall have no obligation or duty whatsoever to determine, or to verify our calculations of, the redemption price.

 

The
Corporation shall notify the Trustee of the redemption price with respect to any redemption of the Securities of this series
occurring before the Par Call Date promptly after the calculation thereof. The Trustee shall not be responsible for calculating said
redemption price.

 

Notice
of any redemption by the Corporation will be mailed (or, as long as the Securities of this series are represented by one or more Global
Securities, transmitted in accordance with the Depositary’s standard procedures therefor) at least 10 days but not more than 60
days before any Redemption Date to each Holder of Securities of this series to be redeemed.  If Notice of a redemption is provided
and funds are deposited as required, interest will cease to accrue on and after the Redemption Date on the Securities of this series
or portions of Securities of this series called for redemption.  In the event that any Redemption Date is not a Business Day, the
Corporation will pay the redemption price on the next Business Day without any interest or other payment in respect of any such delay. 
If less than all the Securities of this series are to be redeemed at the option of the Corporation, the Securities of this series and
portions of the Securities of this series in amounts of $2,000 or any integral multiple of $1,000 in excess thereof shall be selected
for redemption in accordance with the standard procedures of the Depositary.

 

    A-3

     

    

  

In
the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the surrender hereof.

 

The
Securities of this series shall not have a sinking fund.

 

The
Securities of this series shall constitute the direct unsecured and unsubordinated debt obligations of the Corporation and shall rank
equally in priority with the Corporation’s existing and future unsecured and unsubordinated indebtedness.

 

REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

Unless
the certificate of authentication hereon has been executed by the Trustee by manual, facsimile or electronic signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

 

    A-4

     

    

 

IN
WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed as of August 11, 2022.

  

	 	Duke Energy Corporation
	 	 
	 	 
	 	By:	       
	 	Name:
	 	Title:

 

    A-5

     

    

 

CERTIFICATE
OF AUTHENTICATION

  

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	Dated: August 11, 2022	The Bank of New
    York Mellon Trust Company, N.A., as Trustee
	 	 
	 	 
	 	By:	                              
	 	Authorized
    Signatory

 

    A-6

     

    

 

(Reverse
Side of Security)

  

This
4.300% Senior Note due 2028 is one of a duly authorized issue of Securities of the Corporation (the “Securities”), issued
and issuable in one or more series under an Indenture, dated as of June 3, 2008, as supplemented (the “Indenture”),
between the Corporation and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.),
as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder
of the Corporation, the Trustee and the Holders of the Securities issued thereunder and of the terms upon which said Securities are,
and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof as 4.300% Senior Notes
due 2028 initially in the aggregate principal amount of $900,000,000.  Capitalized terms used herein for which no definition is
provided herein shall have the meanings set forth in the Indenture.

 

If
an Event of Default with respect to the Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Corporation and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Corporation
and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all
series affected thereby (voting as one class).  The Indenture contains provisions permitting the Holders of not less than a majority
in principal amount of the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred
and be continuing (voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with certain exceptions,
such default under the Indenture and its consequences.  The Indenture also permits the Holders of not less than a majority 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
compliance by the Corporation with certain provisions of the Indenture affecting such series.  Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

 

No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Corporation,
which is absolute and unconditional, to pay the principal of and interest on this Security 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 Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Corporation for such purpose, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar and
duly executed by, the Holder hereof or his attorney duly authorized in writing and thereupon one or more new Securities of this series,
of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.  No service charge shall be made for any such registration of transfer or exchange, but the Corporation may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

    A-7

     

    

 

The
Indenture contains provisions for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant
defeasance at any time of certain covenants in the Indenture upon compliance with certain conditions set forth in the Indenture.

  

Prior
to due presentment of this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation 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 Security
be overdue, and neither the Corporation, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The
Securities of this series are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of
$1,000 in excess thereof.  As provided in the Indenture and subject to the limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested
by the Holder surrendering the same upon surrender of the Security or Securities to be exchanged at the office or agency of the Corporation.

 

This
Security shall be governed by, and construed in accordance with, the laws of the State of New York.

 

    A-8

     

    

 

 

ABBREVIATIONS

  

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

 

	TEN COM — as tenants
    in common	 	UNIF
                                            GIFT MIN ACT - ______Custodian ______

                                                                                       (Cust)
                                                               
                                            (Minor)

	 	 	 
	TEN ENT — as tenants
    by the entireties	 	 
	 	 	 
	 	 	 
	JT TEN —
    as joint tenants with rights of survivorship and not as tenants in common	 	 	under
                                            Uniform Gifts to

    Minors Act

    ____________________

	 	 	 	                         (State)

 

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

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto (please insert Social Security or other identifying number
of assignee)

 

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

 

the
within Security and all rights thereunder, hereby irrevocably constituting and appointing agent to transfer said Security on the
books of the Corporation, 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.
	 	 	 	 
	 	 	 	 
	 	 	 	Signature
    Guarantee:	 

 

    A-9

     

    

 

SIGNATURE
GUARANTEE

  

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    A-10

     

    

 

EXHIBIT B

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	Dated:
    	The
    Bank of New York Mellon Trust Company,

    N.A., as Trustee
	 	 
	 	 
	 	 	 
	 	By:	 
	 	Authorized
    Signatory

 

    B-1

     

    

  

EXHIBIT C

 

FORM OF

4.500%
SENIOR NOTE DUE 2032

 

	No.	CUSIP
    No.  26441C BT1  

 

DUKE
ENERGY CORPORATION 

4.500%
SENIOR NOTE DUE 2032

 

Principal
Amount:  $

 

Regular
Record Date:  [Close of business on the business day immediately preceding
such Interest Payment Date so long as all of the Securities (as defined herein) of this series remain in book-entry only form] [Close
of business on the 15th calendar day next preceding such Interest Payment Date (whether or not a Business Day) if any of the
Securities (as defined herein) of this series do not remain in book-entry only form]

 

Original
Issue Date:  August 11, 2022

 

Stated
Maturity: August 15, 2032

 

Interest
Payment Dates:  Semi-annually on February 15 and August 15 of each year, commencing on February 15, 2023

 

Interest
Rate: 4.500% per annum

 

Authorized
Denomination:  $2,000 or any integral multiple of $1,000 in excess thereof

 

Duke
Energy Corporation, a Delaware corporation (the “Corporation”, which term includes any successor corporation under the Indenture
referred to on the reverse hereof), for value received, hereby promises to pay to                               ,
or registered assigns, the principal sum of                                                     
DOLLARS ($                        )
on the Stated Maturity shown above and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date as specified
above, commencing on February 15, 2023 and on the Stated Maturity at the rate per annum shown above until the principal hereof is
paid or made available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated
Maturity or a Redemption Date) will, as provided in the Indenture, be paid to the Person in whose name this 4.500% Senior Note due 2032
(this “Security”) is registered on the applicable Regular Record Date as specified above next preceding such Interest Payment
Date; provided that any interest payable at Stated Maturity or on a Redemption Date will be paid to the Person to whom principal
is payable.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security 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 Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which
the Securities shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

 

    C-1

     

    

 

Payments
of interest on this Security will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments
for this Security shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months and will accrue from August 11,
2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided for.  In the event that any
date on which interest is payable on this Security 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) with the same force
and effect as if made on the date the payment was originally payable.  “Business Day” means any day other than a Saturday
or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New York, New York are authorized or required by
law, regulation or executive order to close, or a day on which the Corporate Trust Office is closed for business.  “Legal
Holiday” means any day that is a legal holiday in New York, New York.

  

Payment
of principal of, premium, if any, and interest on the Securities of this series shall be made 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.  Payments of principal of,
premium, if any, and interest on the Securities of this series represented by a Global Security shall be made by wire transfer of immediately
available funds to the Holder of such Global Security.  If any of the Securities of this series are no longer represented by a Global
Security, (i) payments of principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of such Securities
shall be made at the office of the Paying Agent upon surrender of such Securities to the Paying Agent, and (ii) payments of interest
shall be made, at the option of the Corporation, subject to such surrender where applicable, by (A) check mailed to the address
of the Person entitled thereto as such address shall appear in the Security Register or (B) 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.

 

The
Corporation may redeem this Security prior to May 15, 2032 (the “Par Call Date”), in whole or in part and from time
to time, at the option of the Corporation, on any date (a “Redemption Date”), at a redemption price (expressed as a percentage
of principal amount and rounded to three decimal places) equal to the greater of (i) (a) the sum of the present values of the
remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Securities matured on
the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis
points less (b) interest accrued to the Redemption Date; and (ii) 100% of the principal amount of the Securities to be redeemed,
plus, in either case, accrued and unpaid interest thereon to, but excluding,
the Redemption Date.

 

On
or after the Par Call Date, the Corporation may redeem the Securities of this series, in whole or in part, at any time and from time
to time, at the option of the Corporation, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed
plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

For
purposes of the preceding paragraph, the following terms have the following
meanings:

 

“Treasury
Rate” means, with respect to any Redemption Date for the Securities,
the yield determined by the Corporation in accordance with the following two paragraphs.

 

The
Treasury Rate shall be determined by the Corporation after 4:15 p.m., New
York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal
Reserve System), on the third business day preceding the Redemption Date based upon the yield or yields for the most recent day that
appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve
System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication) (“H.15”)
under the caption “U.S. government securities—Treasury constant maturities — Nominal” (or any successor
caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Corporation shall select, as applicable:

 

    C-2

     

    

 

		· 	the
                                            yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption
                                            Date to the Par Call Date (the “Remaining Life”); or

 

		· 	if
                                            there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life,
                                            the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            longer than the Remaining Life—and shall interpolate to the Par Call Date, on a straight-line
                                            basis (using the actual number of days) using such yields and rounding the result to three
                                            decimal places; or

 

		· 	if
                                            there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
                                            Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining
                                            Life. For purposes of this clause, the applicable Treasury constant maturity or maturities
                                            on H.15 shall be deemed to have a maturity date equal to the relevant number of months or
                                            years, as applicable, of such Treasury constant maturity from the Redemption Date.

 

If
on the third business day preceding the Redemption Date H.15 TCM is no longer published, the Corporation shall calculate the Treasury
Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second
business day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to,
the Par Call Date. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States
Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date
and one with a maturity date following the Par Call Date, the Corporation shall select the United States Treasury security with a maturity
date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date, or two or
more United States Treasury securities meeting the criteria of the preceding sentence, the Corporation shall select from among these
two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average
of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury
Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security
shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City
time, of such United States Treasury security, and rounded to three decimal places.

 

The
Corporation’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes,
absent manifest error.

 

The
Trustee shall have no obligation or duty whatsoever to determine, or to verify our calculations of, the redemption price.

 

The
Corporation shall notify the Trustee of the redemption price with respect
to any redemption of the Securities of this series occurring before the Par Call Date promptly after the calculation thereof. The Trustee
shall not be responsible for calculating said redemption price.

 

Notice
of any redemption by the Corporation will be mailed (or, as long as the
Securities of this series are represented by one or more Global Securities, transmitted in accordance with the Depositary’s standard
procedures therefor) at least 10 days but not more than 60 days before any Redemption Date to each Holder of Securities of this series
to be redeemed.  If Notice of a redemption is provided and funds are deposited as required, interest will cease to accrue on and
after the Redemption Date on the Securities of this series or portions of Securities of this series called for redemption.  In the
event that any Redemption Date is not a Business Day, the Corporation will pay the redemption price on the next Business Day without
any interest or other payment in respect of any such delay.  If less than all the Securities of this series are to be redeemed at
the option of the Corporation, the Securities of this series and portions of the Securities of this series in amounts of $2,000 or any
integral multiple of $1,000 in excess thereof shall be selected for redemption in accordance with the standard procedures of the Depositary.

 

    C-3

     

    

  

In
the event of redemption of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the
surrender hereof.

 

The
Securities of this series shall not have a sinking fund.

 

The
Securities of this series shall constitute the direct unsecured and unsubordinated debt obligations of the Corporation
and shall rank equally in priority with the Corporation’s existing and future unsecured and unsubordinated indebtedness.

 

REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

Unless
the certificate of authentication hereon has been executed by the Trustee by manual, facsimile or electronic signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    C-4

     

    

 

IN
WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed as of August 11, 2022.

  

	 	Duke Energy Corporation
	 	 
	 	 
	 	By:	     
	 	Name:
	 	Title:

 

    C-5

     

    

 

CERTIFICATE
OF AUTHENTICATION

  

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	Dated: August 11, 2022	The Bank of New
    York Mellon Trust Company, N.A., as Trustee
	 	 
	 	 
	 	By:	                
	 	Authorized
    Signatory

 

    C-6

     

    

 

(Reverse
Side of Security)

  

This
4.500% Senior Note due 2032 is one of a duly authorized issue of Securities of the Corporation (the “Securities”), issued
and issuable in one or more series under an Indenture, dated as of June 3, 2008, as supplemented (the “Indenture”),
between the Corporation and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.),
as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder
of the Corporation, the Trustee and the Holders of the Securities issued thereunder and of the terms upon which said Securities are,
and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof as 4.500% Senior Notes
due 2032 initially in the aggregate principal amount of $1,150,000,000.  Capitalized terms used herein for which no definition is
provided herein shall have the meanings set forth in the Indenture.

 

If
an Event of Default with respect to the Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Corporation and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Corporation
and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all
series affected thereby (voting as one class).  The Indenture contains provisions permitting the Holders of not less than a majority
in principal amount of the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred
and be continuing (voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with certain exceptions,
such default under the Indenture and its consequences.  The Indenture also permits the Holders of not less than a majority 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
compliance by the Corporation with certain provisions of the Indenture affecting such series.  Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

 

No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Corporation,
which is absolute and unconditional, to pay the principal of and interest on this Security 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 Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Corporation for such purpose, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar and
duly executed by, the Holder hereof or his attorney duly authorized in writing and thereupon one or more new Securities of this series,
of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.  No service charge shall be made for any such registration of transfer or exchange, but the Corporation may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

    C-7

     

    

 

The
Indenture contains provisions for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant
defeasance at any time of certain covenants in the Indenture upon compliance with certain conditions set forth in the Indenture.

  

Prior
to due presentment of this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation 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 Security
be overdue, and neither the Corporation, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The
Securities of this series are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of
$1,000 in excess thereof.  As provided in the Indenture and subject to the limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested
by the Holder surrendering the same upon surrender of the Security or Securities to be exchanged at the office or agency of the Corporation.

 

This
Security shall be governed by, and construed in accordance with, the laws of the State of New York.

 

    C-8

     

    

 

ABBREVIATIONS

  

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

 

	TEN
    COM — as tenants in common	 	UNIF
                                            GIFT MIN ACT - ______Custodian ______

                                                                                       (Cust)
                                                              
                                            (Minor)

	 	 	 
	TEN
    ENT — as tenants by the entireties	 	 
	 	 	 
	 	 	 
	JT
    TEN — as joint tenants with rights of survivorship and not as tenants in common	 	 	under
                                            Uniform Gifts to

    Minors Act

    ____________________

	 	 	 	                          (State)

 

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

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto (please insert Social Security or other identifying number
of assignee)

 

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

 

the
within Security and all rights thereunder, hereby irrevocably constituting and appointing agent to transfer said Security on the
books of the Corporation, 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.
	 	 	 	 
	 	 	 	 
	 	 	 	Signature Guarantee:	 

 

    C-9

     

    

 

SIGNATURE
GUARANTEE

  

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    C-10

     

    

 

EXHIBIT D

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	Dated: 	The Bank of New
    York Mellon Trust Company,

    N.A., as Trustee
	 	 
	 	 
	 	 	 
	 	By:	                      
	 	Authorized
    Signatory

 

    D-1

     

    

  

EXHIBIT E

 

FORM OF 

5.000%
SENIOR NOTE DUE 2052

 

	No.	CUSIP
    No.  26441C BU8  

 

DUKE
ENERGY CORPORATION 

5.000%
SENIOR NOTE DUE 2052

 

Principal
Amount:  $

 

Regular
Record Date:  [Close of business on the business day immediately preceding
such Interest Payment Date so long as all of the Securities (as defined herein) of this series remain in book-entry only form] [Close
of business on the 15th calendar day next preceding such Interest Payment Date (whether or not a Business Day) if any of the
Securities (as defined herein) of this series do not remain in book-entry only form]

 

Original
Issue Date:  August 11, 2022

 

Stated
Maturity: August 15, 2052

 

Interest
Payment Dates:  Semi-annually on February 15 and August 15 of each year, commencing on February 15, 2023

 

Interest
Rate: 5.000% per annum

 

Authorized
Denomination:  $2,000 or any integral multiple of $1,000 in excess thereof

 

Duke
Energy Corporation, a Delaware corporation (the “Corporation”, which term includes any successor corporation under the Indenture
referred to on the reverse hereof), for value received, hereby promises to pay to                               ,
or registered assigns, the principal sum of                                                     
DOLLARS ($                        )
on the Stated Maturity shown above and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date as specified
above, commencing on February 15, 2023 and on the Stated Maturity at the rate per annum shown above until the principal hereof is
paid or made available for payment and at such rate on any overdue principal and on any overdue installment of interest.  The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated
Maturity or a Redemption Date) will, as provided in the Indenture, be paid to the Person in whose name this 5.000% Senior Note due 2052
(this “Security”) is registered on the applicable Regular Record Date as specified above next preceding such Interest Payment
Date; provided that any interest payable at Stated Maturity or on a Redemption Date will be paid to the Person to whom principal
is payable.  Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security 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 Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which
the Securities shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture.

 

    E-1

     

    

 

Payments
of interest on this Security will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments
for this Security shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months and will accrue from August 11,
2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided for.  In the event that any
date on which interest is payable on this Security 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) with the same force
and effect as if made on the date the payment was originally payable.  “Business Day” means any day other than a Saturday
or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New York, New York are authorized or required by
law, regulation or executive order to close, or a day on which the Corporate Trust Office is closed for business.  “Legal
Holiday” means any day that is a legal holiday in New York, New York.

 

Payment
of principal of, premium, if any, and interest on the Securities of this series shall be made 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.  Payments of principal of,
premium, if any, and interest on the Securities of this series represented by a Global Security shall be made by wire transfer of immediately
available funds to the Holder of such Global Security.  If any of the Securities of this series are no longer represented by a Global
Security, (i) payments of principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of such Securities
shall be made at the office of the Paying Agent upon surrender of such Securities to the Paying Agent, and (ii) payments of interest
shall be made, at the option of the Corporation, subject to such surrender where applicable, by (A) check mailed to the address
of the Person entitled thereto as such address shall appear in the Security Register or (B) 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.

 

The
Corporation may redeem this Security prior to February 15, 2052 (the “Par Call Date”), in whole or in part and from
time to time, at the option of the Corporation, on any date (a “Redemption Date”), at a redemption price (expressed as a
percentage of principal amount and rounded to three decimal places) equal to the greater of (i) (a) the sum of the present
values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Securities
matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
plus 35 basis points less (b) interest accrued to the Redemption Date; and (ii) 100% of the principal amount of the Securities
to be redeemed, plus, in either case, accrued and unpaid interest thereon
to, but excluding, the Redemption Date.

 

On
or after the Par Call Date, the Corporation may redeem the Securities of
this series, in whole or in part, at any time and from time to time, at the option of the Corporation, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption
Date.

 

For
purposes of the preceding paragraph, the following terms have the following
meanings:

 

“Treasury
Rate” means, with respect to any Redemption Date for the Securities, the yield determined by the Corporation in accordance with
the following two paragraphs.

 

The
Treasury Rate shall be determined by the Corporation after 4:15 p.m., New York City time (or after such time as yields on U.S. government
securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption
Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release
published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15”
(or any successor designation or publication) (“H.15”) under the caption “U.S. government securities—Treasury
constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining
the Treasury Rate, the Corporation shall select, as applicable:

 

    E-2

     

    

 

		· 	the
                                            yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption
                                            Date to the Par Call Date (the Remaining Life”); or

 

		· 	if
                                            there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life,
                                            the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
                                            longer than the Remaining Life—and shall interpolate to the Par Call Date, on a straight-line
                                            basis (using the actual number of days) using such yields and rounding the result to three
                                            decimal places; or

 

		· 	if
                                            there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
                                            Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining
                                            Life. For purposes of this clause, the applicable Treasury constant maturity or maturities
                                            on H.15 shall be deemed to have a maturity date equal to the relevant number of months or
                                            years, as applicable, of such Treasury constant maturity from the Redemption Date.

 

If
on the third business day preceding the Redemption Date H.15 TCM is no
longer published, the Corporation shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield
to maturity at 11:00 a.m., New York City time, on the second business day preceding such Redemption Date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Par Call Date. If there is no United States Treasury security maturing
on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call
Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Corporation
shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States
Treasury securities maturing on the Par Call Date, or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Corporation shall select from among these two or more United States Treasury securities the United States Treasury security
that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

 

The
Corporation’s actions and determinations in determining the redemption
price shall be conclusive and binding for all purposes, absent manifest error.

 

The
Trustee shall have no obligation or duty whatsoever to determine, or to verify our calculations of, the redemption price.

 

The
Corporation shall notify the Trustee of the redemption price with respect
to any redemption of the Securities of this series occurring before the Par Call Date promptly after the calculation thereof. The Trustee
shall not be responsible for calculating said redemption price.

 

Notice
of any redemption by the Corporation will be mailed (or, as long as the Securities of this series are represented by one or more Global
Securities, transmitted in accordance with the Depositary’s standard procedures therefor) at least 10 days but not more than 60
days before any Redemption Date to each Holder of Securities of this series to be redeemed.  If Notice of a redemption is provided
and funds are deposited as required, interest will cease to accrue on and after the Redemption Date on the Securities of this series
or portions of Securities of this series called for redemption.  In the event that any Redemption Date is not a Business Day, the
Corporation will pay the redemption price on the next Business Day without any interest or other payment in respect of any such delay. 
If less than all the Securities of this series are to be redeemed at the option of the Corporation, the Securities of this series and
portions of the Securities of this series in amounts of $2,000 or any integral multiple of $1,000 in excess thereof shall be selected
for redemption in accordance with the standard procedures of the Depositary.

 

    E-3

     

    

 

In
the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the surrender hereof.

 

The
Securities of this series shall not have a sinking fund.

 

The
Securities of this series shall constitute the direct unsecured and unsubordinated debt obligations of the Corporation and shall rank
equally in priority with the Corporation’s existing and future unsecured and unsubordinated indebtedness.

 

REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

Unless
the certificate of authentication hereon has been executed by the Trustee by manual, facsimile or electronic signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    E-4

     

    

 

IN
WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed as of August 11, 2022.

  

	 	Duke Energy Corporation
	 	 
	 	By:	     
	 	Name:
	 	Title:

 

    E-5

     

    

 

CERTIFICATE
OF AUTHENTICATION

  

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	Dated: August 11, 2022	The Bank of New
    York Mellon Trust Company, N.A., as Trustee
	 	 
	 	By:	                
	 	Authorized
    Signatory

 

    E-6

     

    

 

(Reverse
Side of Security)

  

This
5.000% Senior Note due 2052 is one of a duly authorized issue of Securities of the Corporation (the “Securities”), issued
and issuable in one or more series under an Indenture, dated as of June 3, 2008, as supplemented (the “Indenture”),
between the Corporation and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.),
as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder
of the Corporation, the Trustee and the Holders of the Securities issued thereunder and of the terms upon which said Securities are,
and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof as 5.000% Senior Notes
due 2052 initially in the aggregate principal amount of $1,150,000,000.  Capitalized terms used herein for which no definition is
provided herein shall have the meanings set forth in the Indenture.

 

If
an Event of Default with respect to the Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Corporation and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Corporation
and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all
series affected thereby (voting as one class).  The Indenture contains provisions permitting the Holders of not less than a majority
in principal amount of the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred
and be continuing (voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with certain exceptions,
such default under the Indenture and its consequences.  The Indenture also permits the Holders of not less than a majority 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
compliance by the Corporation with certain provisions of the Indenture affecting such series.  Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

 

No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Corporation,
which is absolute and unconditional, to pay the principal of and interest on this Security 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 Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Corporation for such purpose, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar and
duly executed by, the Holder hereof or his attorney duly authorized in writing and thereupon one or more new Securities of this series,
of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.  No service charge shall be made for any such registration of transfer or exchange, but the Corporation may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

The
Indenture contains provisions for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant
defeasance at any time of certain covenants in the Indenture upon compliance with certain conditions set forth in the Indenture.

 

    E-7

     

    

  

Prior
to due presentment of this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation 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 Security
be overdue, and neither the Corporation, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The
Securities of this series are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of
$1,000 in excess thereof.  As provided in the Indenture and subject to the limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested
by the Holder surrendering the same upon surrender of the Security or Securities to be exchanged at the office or agency of the Corporation.

 

This
Security shall be governed by, and construed in accordance with, the laws of the State of New York.

 

    E-8

     

    

 

ABBREVIATIONS

  

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

 

	TEN COM — as tenants
    in common	 	UNIF
                                            GIFT MIN ACT - ______Custodian ______

                                                                                        (Cust)
                                                               
                                            (Minor)      

	 	 	 
	TEN ENT — as tenants
    by the entireties	 	 
	 	 	 
	 	 	 
	JT TEN —
    as joint tenants with rights of survivorship and not as tenants in common	 	 	under
                                            Uniform Gifts to

    Minors Act

    ____________________

	 	 	 	                          (State)

 

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

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto (please insert Social Security or other identifying number
of assignee)

 

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

 

the
within Security and all rights thereunder, hereby irrevocably constituting and appointing                     
agent to transfer said Security on the books of the Corporation, 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.
	 	 	 	 
	 	 	 	 
	 	 	 	Signature Guarantee:	 

 

    E-9

     

    

 

SIGNATURE
GUARANTEE

  

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    E-10

     

    

  

EXHIBIT F

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	Dated: 	The Bank of New
    York Mellon Trust Company, N.A., as Trustee
	 	 
	 	 
	 	 	 
	 	By:	                   
	 	Authorized
    Signatory

 

    F-1

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