Document:

THIRTY-SEVENTH
	Document Number	SUPPLEMENTAL INDENTURE
	

		
		
		      Recording Area

		      Name and Return Address
	
 	      Wisconsin Public Service Corporation
		      Attention: Real Estate Department
		      P.O. Box 19001
		      Green Bay, Wisconsin 54307-9001
	
 	 

		See Schedule A hereto

		Parcel Identification Number (PIN)

THIRTY-SEVENTH 

SUPPLEMENTAL INDENTURE 

FROM 

WISCONSIN PUBLIC
SERVICE 
CORPORATION 

TO 

U.S. BANK NATIONAL
ASSOCIATION  
(Successor to Firstar Bank National Association,
Successor to Firstar Trust
Company,  
Formerly Known as First Wisconsin Trust Company)  
TRUSTEE  

     _________________ 

DATED AS OF DECEMBER
1, 2006 

     _________________ 

SUPPLEMENTAL 
To
First
Mortgage and Deed of Trust 
Dated as of January 1, 1941  

WISCONSIN PUBLIC
SERVICE CORPORATION
THIRTY-SEVENTH SUPPLEMENTAL INDENTURE  

Dated as of December 1,
2006 

TABLE OF CONTENTS 

     _________________ 

		PAGE
	Parties	1 
	Recitals	1 
	Form of Bond of Collateral Series E	3 
	Form of Trustee’s Certificate	5 
	Form of Prepayment Record	8 
	Further Recitals	8 

ARTICLE I
                                     
FORM OF EXECUTION OF BONDS OF NEW SERIES 

	Sec. 1.01	Terms of bonds of new series	9 
	Sec. 1.02	Limitation of new series to $125,000,000, subject to right of Company
		to reopen such series for issuances of additional bonds	9 
	Sec. 1.03	Optional redemption of bonds of new series by Company	9 
	Sec. 1.04	Notice of, and selection of bonds of new series for, redemption	10 
	Sec. 1.05	Redemption in event of default under section 6.01 of the Senior
		Indenture	11 
	Sec. 1.06	Partial redemption and payments of redemption price without
		presentation of bonds and new series	11 
	Sec. 1.07	Company not obligated to make any transfer of bonds of new series for
		fifteen days before any interest payment date	11 
	Sec. 1.08	Charges for transfer of bonds of new series	11 
	Sec. 1.09	Bonds of new series may be signed by facsimile signatures of Company
		officers	11 
	Sec. 1.10	Payment dates falling on Saturday, Sunday or legal holiday	12 
	Sec. 1.11	Bonds of new series redeemed or paid not reissuable, but may be basis
		for issuance of bonds of different series, credits or cash withdrawals	12 
	Sec. 1.12	Company right to reopen new series and provisions applicable thereto	12 

i 

ARTICLE II
                                               
CONFIRMATION OF LIEN 

	Sec. 2.01	Granting clauses and habendum	13 

ARTICLE III
                                        
PARTICULAR COVENANTS OF THE COMPANY 

	Sec. 3.01	Duly authorized by law to execute and deliver Supplemental Indenture	 
		and issue bonds	13 
	Sec. 3.02	Covenant of lawful possession, right to mortgage property and to
		maintain lien of Indenture	14 
	Sec. 3.03	Payment of principal and interest	14 
	Sec. 3.04	Nonliability of Trustee	14 

ARTICLE IV
                                                   
MISCELLANEOUS 

	Sec. 4.01	Recitals not made by Trustee. No representations made by Trustee.	 
		Trust accepted subject to terms and conditions of Indenture	14 
	Sec. 4.02	Supplemental Indenture to be construed as part of Indenture	14 
	Sec. 4.03(a)	References to either party to Supplemental Indenture includes
	 	successors or assigns	14 
	         (b)	Table of contents and descriptive headings of articles not to affect
		meaning	14 
	Sec. 4.04(a)	Trust Indenture Act requirements control	15 
	         (b)	Severability of Supplemental Indenture provisions and bond
		provisions	15 
	Sec. 4.05	Provisions for execution in counterparts	15 
	Sec. 4.06	Supplemental Indenture effective on execution and delivery	15 
	Sec. 4.07	Names and addresses of debtor and secured party	15 

ii 

        Thirty-Seventh
Supplemental Indenture, made as of the 1st day of December, 2006 by and between
WISCONSIN PUBLIC SERVICE CORPORATION, a corporation duly organized and existing under and
by virtue of the laws of the State of Wisconsin, having its principal office in the City
of Green Bay in said State (hereinafter sometimes called the “Company”), party
of the first part, and U.S. BANK NATIONAL ASSOCIATION, (successor to Firstar Bank,
National Association, successor to Firstar Trust Company, formerly known as First
Wisconsin Trust Company), a national banking association duly organized and existing under
and by virtue of the laws of the United States, having its Corporate Trust Services Office
in the City of Milwaukee in the State of Wisconsin, as Trustee (hereinafter sometimes
called the “Trustee”), party of the second part. 

        WHEREAS,
the Company has heretofore executed and delivered to the predecessor of the Trustee its
First Mortgage and Deed of Trust made as of January 1, 1941 (hereinafter
referred to as the “1941 Mortgage”) and has heretofore executed and delivered to
the predecessor of the Trustee supplemental indentures dated and hereinafter referred to
as follows: 

	Supplemental Indenture

Dated (as of)
	Hereinafter referred to as

	
November 1, 1947	First Supplemental Indenture*
	August 1, 1948	Second Supplemental Indenture
	September 1, 1949	Third Supplemental Indenture
	November 1, 1950	Fourth Supplemental Indenture*
	May 1, 1953	Fifth Supplemental Indenture*
	January 1, 1954	Sixth Supplemental Indenture
	October 1, 1954	Seventh Supplemental Indenture
	December 1, 1957	Eighth Supplemental Indenture
	November 1, 1959	Ninth Supplemental Indenture
	October 1, 1963	Tenth Supplemental Indenture
	June 1, 1964	Eleventh Supplemental Indenture
	November 1, 1967	Twelfth Supplemental Indenture
	April 1, 1969	Thirteenth Supplemental Indenture
	August 1, 1970	Fourteenth Supplemental Indenture
	May 1, 1971	Fifteenth Supplemental Indenture
	August 1, 1973	Sixteenth Supplemental Indenture*
	September 1, 1973	Seventeenth Supplemental Indenture
	October 1, 1975	Eighteenth Supplemental Indenture
	February 1, 1977	Nineteenth Supplemental Indenture
	July 15, 1980	Twentieth Supplemental Indenture
	December 1, 1980	Twenty-First Supplemental Indenture*
	April 1, 1981	Twenty-Second Supplemental Indenture
	February 1, 1984	Twenty-Third Supplemental Indenture
	March 15, 1984	Twenty-Fourth Supplemental Indenture
	October 1, 1985	Twenty-Fifth Supplemental Indenture
	December 1, 1987	Twenty-Sixth Supplemental Indenture*
	September 1, 1991	Twenty-Seventh Supplemental Indenture

1 

	Supplemental Indenture

Dated (as of)
	Hereinafter referred to as

	
July 1, 1992	Twenty-Eighth Supplemental Indenture
	October 1, 1992	Twenty-Ninth Supplemental Indenture
	February 1, 1993	Thirtieth Supplemental Indenture
	July 1, 1993	Thirty-First Supplemental Indenture
	November 1, 1993	Thirty-Second Supplemental Indenture
	December 1, 1998	Thirty-Third Supplemental Indenture
	August 1, 2001	Thirty-Fourth Supplemental Indenture
	December 1, 2002	Thirty-Fifth Supplemental Indenture
	December 1, 2003	Thirty-Sixth Supplemental Indenture

*Includes amendments to or
modifications of certain provisions of the 1941 Mortgage. 

(said 1941 Mortgage, as supplemented,
amended or modified by the aforesaid Supplemental Indentures, being hereinafter referred
to as the “Indenture”, except as such term is differently defined and used in
and for the purposes of the Form of Bond of Collateral Series E and the Form of
Trustee’s Certificate hereinafter set forth), whereby the Company granted, bargained,
sold, warranted, released, conveyed, assigned, transferred, mortgaged, pledged, set over
and confirmed unto the Trustee, and to its respective successors in trust, upon the terms,
conditions and trusts therein set forth, all the property as therein described, real,
personal and mixed, then owned or thereafter acquired by the Company, with certain
exceptions as in the granting clauses and definitions of the Indenture set forth, to be
held by the Trustee in trust, under the terms and subject to the conditions of the
Indenture, as security for the bonds of the Company issued and to be issued thereunder in
accordance with the provisions of the Indenture; and 

        WHEREAS,
Section 2.01 of the 1941 Mortgage provides that bonds may be issued thereunder in one or
more series, each series to have such distinctive designation as the Board of Directors of
the Company may select for such series; and 

        WHEREAS,
the Company has heretofore issued and there are now outstanding, in accordance with the
provisions of the 1941 Mortgage and said Supplemental Indentures bonds of several series
designated “First Mortgage Bonds, 7-1/8% Series Due July 1, 2023",
“First Mortgage Bonds Due February 1, 2013", “First Mortgage Bonds
Collateral Series A”, “First Mortgage Bonds Collateral Series B”,
“First Mortgage Bonds Collateral Series C”, and “First Mortgage Bonds
Collateral Series D”; and 

        WHEREAS,
the Company has agreed to issue $125,000,000 in aggregate principal amount of Senior Notes
5.55% Series Due December 1, 2036 (the “Related Securities”) pursuant to an
Indenture, dated as of December 1, 1998, between the Company and a predecessor of
U.S. Bank National Association, as trustee (the “Senior Trustee”) as
supplemented, subject to the right of the Company to reopen the Related Securities for
issuances of additional Related Securities of such series on the terms and subject to the
conditions specified in such Indenture; and 

2 

        WHEREAS,
in order to secure the Company’s obligations to pay principal, premium, if any, and
interest on the Related Securities, the Company is desirous of providing for the issuance
under the Indenture of bonds of a new series designated as “First Mortgage Bonds,
Collateral Series E”, in an aggregate principal amount of not more than $125,000,000,
subject to the right of the Company to reopen such series for issuances of additional
bonds of such series, the bonds of said series to be issued as registered bonds without
coupons in any denominations that the Company may from time to time execute and deliver,
the bonds of said series, the Trustee’s Certificate, and the Form of Prepayment
Record to be substantially in the tenor following: 

(Form of Bond of
Collateral Series E) 

	No._____________ .	$

WISCONSIN PUBLIC SERVICE
CORPORATION 

(Incorporated under the
laws of the State of Wisconsin)  
First Mortgage Bond,
Collateral Series E 

THE FIRST MORTGAGE BONDS, COLLATERAL
SERIES E (HEREINAFTER, “COLLATERAL BONDS”), REPRESENTED BY THIS CERTIFICATE ARE
BEING ISSUED AND DELIVERED BY THE COMPANY TO U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
(IN SUCH CAPACITY, THE “SENIOR TRUSTEE”) UNDER AN INDENTURE, DATED AS OF
DECEMBER 1, 1998, BETWEEN THE COMPANY AND A PREDECESSOR OF THE SENIOR TRUSTEE, AS
PREVIOUSLY SUPPLEMENTED AND AS SUPPLEMENTED BY THE FIFTH SUPPLEMENTAL INDENTURE THERETO
DATED AS OF DECEMBER 1, 2006 (AS SO SUPPLEMENTED, THE “SENIOR INDENTURE”). THE
COLLATERAL BONDS ARE TO BE HELD IN TRUST AS COLLATERAL FOR THE BENEFIT OF THE HOLDERS OF
THE SENIOR NOTES, 5.55% SERIES DUE DECEMBER 1, 2036 (THE “RELATED SECURITIES”)
ISSUED PURSUANT TO THE SENIOR INDENTURE. 

THE COLLATERAL BONDS MAY NOT BE SOLD
OR OTHERWISE TRANSFERRED (EXCEPT TO A SUCCESSOR SENIOR TRUSTEE) UNTIL THE EARLIER OF THE
RELEASE DATE (AS DEFINED BELOW) OR THE PRIOR RETIREMENT OF THE RELATED SECURITIES THROUGH
REDEMPTION, REPURCHASE OR OTHERWISE. 

THE COMPANY SHALL MAKE PAYMENTS OF
THE PRINCIPAL OF, AND PREMIUM, IF ANY, AND INTEREST ON, THE COLLATERAL BONDS, TO THE
SENIOR TRUSTEE, WHICH PAYMENTS SHALL BE APPLIED BY THE SENIOR TRUSTEE TO THE SATISFACTION
OF OBLIGATIONS ON THE RELATED SECURITIES. 

THE MATURITY DATE SPECIFIED ABOVE IS
ALSO THE MATURITY DATE OF THE RELATED SECURITIES. 

3 

        WISCONSIN
PUBLIC SERVICE CORPORATION, a corporation organized and existing under the laws of the
State of Wisconsin (hereinafter called the Company), for value received, hereby promises
to pay to U.S. BANK NATIONAL ASSOCIATION, as trustee for the benefit of the holders of the
Related Securities, or registered assigns (in such capacity, the “Senior
Trustee”), at the Corporate Trust Services Office of U.S. Bank National Association,
in Milwaukee, Wisconsin, on the 1st day of December, 2036, the sum of __________________
Dollars ($_________) in lawful money of the United States of America, and to pay interest
thereon from the date hereof at the rate of 5.55% per annum, in like money, until the
principal hereof becomes due and payable, said interest being payable on the
1st day of June and on the 1st day of December in each year
commencing June 1, 2007. The principal and interest so payable on any June 1 or December 1
will be paid to the person or entity in whose name this bond is registered, at the address
thereof as it appears on the Company’s books for registration and registration of
transfer. 

        The
provisions of this bond are continued on the reverse hereof or attached pages and such
continued provisions shall for all purposes have the same effect as though fully set forth
at this place. 

        This
bond shall not be valid or become obligatory for any purpose unless and until U.S. Bank
National Association, (successor to First Wisconsin Trust Company), as Trustee under the
Indenture, or its successors thereunder, shall have signed the certificate of
authentication endorsed hereon. 

        IN
WITNESS WHEREOF, WISCONSIN PUBLIC SERVICE CORPORATION has caused this bond to be signed in
its name by the manual or facsimile signature of its President or a Vice President and its
corporate seal or a facsimile thereof to be hereto affixed and attested by the manual or
facsimile signature of its Secretary or an Assistant Secretary. 

Dated as of: 

		WISCONSIN PUBLIC SERVICE CORPORATION,
	

 	By:__________________________________
		            ______President

Attest: 

_________________________________

____________ Secretary  

4 

(Form of Trustee’s
Certificate) 

        This
bond is one of the bonds of the series designated therein, described in the within
mentioned Indenture and Supplemental Indenture. 

		U.S. BANK NATIONAL ASSOCIATION,
		    As Trustee
	

 	By:__________________________________
		            Authorized Signature

(Text appearing on
reverse side of bond or attached pages) 

        This
bond is one of a duly authorized issue of bonds of the Company, known as its First
Mortgage Bonds, of the series and designation indicated on the face hereof, which issue of
bonds consists, or may consist, of several series of varying denominations, dates and
tenors, all issued and to be issued under and equally secured (except in so far as a
sinking fund, or similar fund, established in accordance with the provisions of the
Indenture, may afford additional security for the bonds of any specific series) by a First
Mortgage and Deed of Trust (herein called the “Indenture”) dated as of
January 1, 1941, executed by the Company to First Wisconsin Trust Company
(subsequently succeeded by U.S. Bank National Association, herein called the Trustee), as
Trustee, to which Indenture and all instruments supplemental thereto reference is hereby
made for a description of the property mortgaged and pledged, the nature and extent of the
security, the rights of the holders of the bonds as to such security, and the terms and
conditions upon which the bonds may be issued under the Indenture and any instruments
supplemental thereto and are secured. The principal hereof may be declared or may become
due on the conditions, in the manner and at the time set forth in the Indenture, upon the
happening of a completed default as in the Indenture provided. This bond is one of a
series created by a Supplemental Indenture (herein called the “Supplemental
Indenture”) dated as of December 1, 2006, between the Company and the Trustee, which
is supplemental to the Indenture. 

        The
Senior Trustee has agreed pursuant to the Senior Indenture to hold the Bonds of this
Series as collateral for the benefit of the holders of the Related Securities under all
circumstances and not to transfer (except to a successor trustee) such Bonds until the
earlier of the Release Date or the prior retirement of the Related Securities through
redemption, repurchase or otherwise. “Release Date” means the date on which all
First Mortgage Bonds of the Company issued and outstanding under the Indenture, other than
the Bonds of this Series and other Bonds pledged as security for Securities issued under
the Senior Indenture (collectively “Collateral Bonds”), have been retired (at,
before or after the maturity thereof) through payment, redemption or otherwise, provided
that no default or event of default has occurred and is continuing under the Senior
Indenture. On the Release Date, the Senior Trustee shall deliver to the Company for
cancellation all Collateral Bonds, and the Company shall cause the Senior Trustee to
provide notice to all holders of Related Securities of the occurrence of the Release Date.
As a result, on the Release Date, the Bonds of this Series shall cease to secure the
Related Securities. Following the Release Date, the Company shall cause the Indenture to
be discharged, and the Company shall not issue any additional Collateral Bonds thereunder,
and from and after the Release Date, the Company’s obligations in respect of the
Collateral Bonds shall be satisfied and discharged. 

5 

        With
the consent of the Company and to the extent permitted by and as provided in the Indenture
and/or any instruments supplemental thereto, the rights and obligations of the Company
and/or of the holders of the bonds, and/or terms and provisions of the Indenture and/or of
any instruments supplemental thereto may be modified or altered by consent of the holders
of at least seventy percent (70%) in principal amount of the bonds then outstanding under
the Indenture and any instruments supplemental thereto (excluding bonds challenged and
disqualified from voting by reason of the interest of the Company or of certain related
persons therein as provided in the Indenture); provided that no such modification or
alteration shall permit the extension of the maturity of the principal of this bond or the
reduction in the rate of interest hereon or any other modification in the terms of payment
of such principal or interest or the taking of certain other action as more fully set
forth in the Indenture without the consent of the holder hereof. 

        The
Company and the Trustee may deem and treat the person in whose name this bond is
registered as the absolute owner hereof for the purpose of receiving payment of or on
account of the principal hereof and interest hereon and for all other purposes, and shall
not be affected by any notice to the contrary. 

        The
bonds of this Series are subject to redemption, prior to maturity, at the option of the
Company in whole at any time or in part from time to time, upon payment of a redemption
price equal to the greater of (i) 100% of the principal amount of the bonds to be redeemed
or (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon (exclusive of interest accrued to the date of redemption)
discounted to the redemption date on a semi-annual basis (assuming a 360 day year
consisting of twelve 30-day months) at the Treasury Rate (as defined in the Supplemental
Indenture) plus fifteen hundredths of one percent (0.15%), plus in each case
accrued and unpaid interest to the redemption date, all subject to the conditions and as
more fully set forth in the Indenture and the Supplemental Indenture. 

        Notice
of any such redemption shall be hand delivered or mailed not less than thirty (30) days
prior to the redemption date to the registered owner of the bonds so to be redeemed, at
its address as the same shall appear on the Company’s books for registration and
registration of transfer, all subject to the conditions and as more fully set forth in the
Indenture and in the Supplemental Indenture, except that no newspaper publication shall be
required. 

        In
the event that an event of default under Section 6.01 of the Senior Indenture has occurred
and is continuing, and the Senior Trustee has declared the principal of all of the Related
Securities then outstanding immediately due and payable (or such principal has become ipso
facto immediately due and payable) under Section 6.02 of the Senior Indenture, then the
Company shall call for redemption and redeem all of the bonds of this series then
outstanding at a price equal to 100% of the principal amount thereof, together with
accrued and unpaid interest thereon to the redemption date. The redemption date shall be
the accelerated maturity date of the Related Securities, and no prior notice of such
redemption to the Trustee or the Senior Trustee shall be required. 

6 

        This
bond is nontransferable except to the Senior Trustee and successor trustees thereto. To
the extent that it is transferable, it is transferable by the registered owner hereof in
person or by attorney duly authorized in writing, on books of the Company to be kept for
that purpose at the corporate trust services office of the Trustee at Milwaukee,
Wisconsin, upon surrender hereof for cancellation at said office and upon presentation of
a written instrument of transfer duly executed. Thereupon the Company shall issue in the
name of the transferee, and the Trustee shall authenticate and deliver, a new registered
bond or bonds without coupons of the same maturity and interest rate and of equal
aggregate principal amount. Any such transfer shall be subject to the terms and conditions
specified in the Indenture and the Supplemental Indenture. 

        No
recourse shall be had for the payment of principal of, premium, if any, or interest on
this bond, or any part thereof, or of any claim based hereon or in respect hereof or of
the Indenture or any instrument supplemental thereto, against any incorporator, or any
past, present or future stockholder, officer or director of the Company or of any
predecessor or successor corporation, either directly or through the Company, or through
any such predecessor or successor corporation, or through any receiver or a trustee in
bankruptcy, whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the
acceptance hereof and as a part of the consideration for the issue hereof, expressly
waived and released, as more fully provided in the Indenture. 

(End of text of bond) 

7 

(Form of Prepayment
Record) 

PREPAYMENT RECORD 

PRINCIPAL AMOUNT OF BOND
$__________ 

DATE OF MATURITY:
DECEMBER 1, 2036 

	Prepayments on Principal
	
	Amount
	Date
	Balance Outstanding
	Signature of Authorized 
Officer
and Title

	 	 	 	 

and 

        WHEREAS,
the 1941 Mortgage provides that the Company and the Trustee may enter into indentures
supplemental thereto for the purposes, among others, of providing the terms and conditions
of the issue of the bonds of any new series; and 

        WHEREAS,
the Company is presently engaged within the States of Wisconsin and Michigan in conveying,
distributing, supplying and serving electricity and gas and intends that this Supplemental
Indenture shall be received for record and for filing in the appropriate public offices of
said States or of any other jurisdiction in which there may be located from time to time
properties intended to be subject to the lien of the Indenture in the manner and with the
effect provided by their respective laws in respect to mortgages by, and security
interests in existing and hereafter acquired properties of, a corporation so engaged; and 

        WHEREAS,
the execution and delivery of this Supplemental Indenture and the issue of bonds as in
this Supplemental Indenture and the Indenture provided have been duly authorized by a
resolution adopted by the Board of Directors of the Company; and 

        WHEREAS,
all things necessary to make the bonds of Collateral Series E, when duly issued and
executed by the Company, and authenticated and delivered by the Trustee, valid, binding
and legal obligations of the Company, and to make the Indenture and this Supplemental
Indenture valid, binding and legal instruments for the security thereof, have been done
and performed and the issue of said bonds, as in this Supplemental Indenture and the
Indenture provided, has been in all respects duly authorized; 

        NOW,
THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: Wisconsin Public Service Corporation,
in consideration of the premises and of one dollar to it duly paid by the Trustee at or
before the ensealing and delivery of these presents, the receipt whereof is hereby
acknowledged, does hereby covenant and agree to and with U.S. Bank National Association,
as Trustee, as follows: 

8 

ARTICLE I.  

FORM AND EXECUTION OF
BONDS OF NEW SERIES 

        SECTION
1.01.     There is hereby created, for issuance under the Indenture
on the date or dates of authentication and delivery of the Related Securities, a series
of bonds designated as Collateral Series E (herein sometimes referred to as the bonds of
Collateral Series E), each of which shall bear the descriptive title “First
Mortgage Bond, Collateral Series E”. The bonds of said series shall be issued only
in the form of registered bonds without coupons and shall be substantially of the tenor
and purport, and in the form, hereinbefore recited. The bonds of said series shall mature
on December 1, 2036, and shall be issued in any denominations that the Company may
execute and deliver. The bonds of said series shall bear interest at the rate of five and
fifty-five hundredths percent (5.55%) per annum, payable semi-annually on June 1 and
December 1 of each year commencing June 1, 2007. Bonds of said series issued prior to
June 1, 2007 shall be dated as of December 1, 2006 and bonds of said series issued on and
after June 1, 2007 shall be dated as provided in Section 2.09 of the 1941 Mortgage.
Principal and interest will be payable to the registered owner of the bonds of said
series, and at the address thereof, appearing on the Company’s books for
registration and registration of transfer. Said bonds will be nontransferable except to
the Senior Trustee and successors thereto, if any.  

        SECTION
1.02.     The aggregate principal amount of all bonds of Collateral
Series E which may at any time be certified, issued and outstanding shall be limited to
$125,000,000, subject to the right of the Company to reopen such series for issuances of
additional bonds of such series, and bonds of said series may be executed, authenticated,
delivered and issued hereunder from time to time subject to the restrictions and
provisions contained in this Supplemental Indenture and in the 1941 Mortgage.  

        SECTION
1.03.     The bonds of Collateral Series E are subject to redemption
prior to maturity at the option of the Company, in whole at any time or in part from time
to time, at a redemption price equal to the greater of (i) 100% of their principal amount
or (ii) the sum of the present values of the remaining scheduled payments of principal
and interest thereon (exclusive of interest accrued to the date of redemption) discounted
to the date of redemption on a semi-annual basis (assuming a 360 day year consisting of
twelve 30-day months) at the Treasury Rate (as hereinafter defined) plus fifteen
hundredths of one percent (0.15%), plus in each case accrued and unpaid interest to the
date of redemption. The redemption price shall be set forth in an Officers’ Certificate
delivered to the Trustee on or before the redemption date.  

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

        “Comparable
Treasury Issue” means the United States Treasury security or securities selected by
an Independent Investment Banker as having an actual or interpolated maturity comparable
to the remaining term of the bonds of Collateral Series E that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the
bonds of Collateral Series E. 

9 

        “Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the
Trustee after consultation with the Company. 

        “Comparable
Treasury Price” means, with respect to any redemption date, (i) the average of the
Reference Treasury Dealer Quotations for the redemption date, after excluding the highest
and lowest Reference Treasury Dealer Quotations for the redemption date, or (ii) if the
Trustee obtains fewer than four Reference Treasury Dealer Quotations, the average of all
the quotations which the Trustee obtains. 

        “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any redemption date, the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at
3:30 p.m., New York Time, on the third business day preceding such redemption date. 

        “Reference
Treasury Dealer” means any primary U.S. Government securities dealer in the United
States (a “Primary Treasury Dealer”) selected by the Company. 

        SECTION
1.04.     In the event that the Company shall desire to exercise its
right to redeem and pay all or any part of the bonds of Collateral Series E pursuant to
Section 1.03, it shall, except as modified herein, comply with the terms and conditions
of Article XI of the Indenture with regard to the redemption of bonds of any series
secured thereby, and such redemption shall be made under and subject to the terms and
provisions of said Article XI and in the manner and with the effect stated therein;
provided, however, (a) the Company shall specify, in accordance with the provisions of
this Supplemental Indenture, those bonds of Collateral Series E which are to be redeemed
if only a part thereof are to be redeemed, and payments in redemption of bonds of
Collateral Series E shall be made directly by the Company to the registered owners of the
bonds entitled thereto; and (b) the provisions of Section 11.03(b) of the 1941 Mortgage
shall not be applicable to any such redemption. The Company shall not exercise any option
to redeem on any date all or any part of the bonds of Collateral Series E unless it shall
give a valid direction under the Senior Indenture for the redemption on such date of an
equal amount of Related Securities. Notice of each such redemption shall be hand
delivered or mailed, by certified mail, with return receipt requested, at least thirty
(30) days prior to the redemption date, to the registered owner of the bonds which are to
be redeemed at its address appearing on the Company’s books for registration and
registration of transfer. Such delivery or mailing (but not the receipt thereof or the
return of the receipt so requested) shall be a condition to the redemption of the bonds.
All bonds so redeemed shall forthwith be delivered to the Trustee and cancelled, but only
when the principal, premium, if any, and accrued and unpaid interest thereon is paid in
full. The Trustee, when required to select bonds of Collateral Series E for redemption,
shall promptly notify the Company, and the Company, when selecting bonds of Collateral
Series E for redemption, shall promptly notify the Trustee, in writing of the distinctive
numbers of the bonds selected for redemption in whole or in part. For the purpose only of
complying with the Indenture (particularly Section 11.02 thereof) in connection with the
redemption of bonds of Collateral Series E, for each $1,000 principal amount of bonds
authenticated and delivered hereunder there shall be assigned a number in such manner and
at such time as the Trustee or the Company shall deem appropriate.  

10 

        SECTION
1.05.     The Company shall call for redemption all of the bonds of
the Collateral Series E then outstanding, and shall on the redemption date therefor
redeem the same at a price equal to 100% of the principal amount thereof, together with
accrued and unpaid interest to the redemption date, in the event that an event of default
has occurred and is continuing under Section 6.01 of the Senior Indenture, and the Senior
Trustee has declared the principal of all Related Securities then outstanding immediately
due and payable (or such principal has become ipso facto immediately due and payable)
pursuant to Section 6.02 of the Senior Indenture. The redemption date shall be the
accelerated maturity date of the Related Securities; provided, however, that such
requirement of redemption shall be deemed to be waived if prior to the date fixed for
such redemption of the bonds of Collateral Series E, the acceleration of the Related
Securities is waived or annulled. Any provision of Article XI of the Indenture
notwithstanding, no prior notice of such redemption of the bonds of Collateral Series E
to the Trustee or the Senior Trustee shall be required.  

        SECTION
1.06.     Subject to the provisions of Section 1.04, Bonds of
Collateral Series E may be redeemed in part, but the portion of any such bond so redeemed
in part shall be One Thousand Dollars ($1,000) or an integral multiple thereof. In case
any bond shall be redeemed in part only, payment of the redemption price of such portion
of the bond of Collateral Series E shall be made by the Company (or Trustee, as the case
may be) to the registered owner thereof, at its address appearing on the Company’s
books for registration and registration of transfer of bonds of Collateral Series E
without presentation or surrender thereof, provided there is on file with the Company and
Trustee (and not theretofore rescinded by written notice from such registered owner to
the Company and Trustee) a written commitment from such registered owner to the effect
that (1) payments will be so made, and (2) such registered owner will make notations on
such bond or a paper attached thereto of the portion thereof so redeemed. Prior to any
transfer by the registered owner of any bond of Collateral Series E, the same shall be
surrendered to the Company or Trustee for appropriate notation thereon of, or in exchange
for a new bond or bonds for, the unredeemed balance of the principal amount thereof. The
Trustee shall not be under any duty to determine that any of the notations mentioned
herein have been made or be liable in any manner with respect thereto.  

        SECTION
1.07.     The Company shall not be obligated to make any transfer of
bonds of Collateral Series E for a period of fifteen (15) calendar days next preceding
any interest payment date, or next preceding any selection by lot of bonds to be
redeemed. The Company shall not be obligated to make transfers of any bonds called or
being called for redemption.  

        SECTION
1.08.     No charge shall be made to any registered owner of any bond
of Collateral Series E for any transfer of bonds of said series except for any tax or
other governmental charge required to be paid in connection therewith.  

        SECTION
1.09.     The signatures of the President or a Vice President and of
the Secretary or an Assistant Secretary upon the bonds of Collateral Series E may be
facsimile signatures imprinted or otherwise reproduced on such bonds. Any such facsimile
signature shall have the same effect and shall be subject to the same provisions set
forth in Section 2.13 of the 1941 Mortgage as to signatures upon bonds generally.  

11 

        SECTION
1.10.     In the event that an interest payment or maturity date or a
date fixed for redemption of any bond of Collateral Series E shall be a Saturday, Sunday
or a legal holiday or a day on which banking institutions in the city of location of the
registered address of the owner are authorized by law to close, then payment of interest
or principal (and premium, if any) need not be made on such date, but may be made on the
next succeeding business day not a Saturday, Sunday or a legal holiday or a day upon
which banking institutions in the city of location of the registered address of the owner
are authorized by law to close, with the same force and effect as if made on the date of
maturity, interest date, or the date fixed for redemption, and no interest shall accrue
for the period after such date.  

        SECTION
1.11.     Bonds of Collateral Series E which have been redeemed or
have been paid at maturity shall not be reissued as bonds of said series, but may be made
the basis for the issuance of additional bonds of any series hereafter created, or
credits may be taken or cash withdrawn on the basis thereof under any applicable
provisions of the 1941 Mortgage or any future supplemental indenture.  

        SECTION
1.12.     The Company shall have the right to reopen the bonds of
Collateral Series E, for issuances of additional bonds of such series (“Additional
Bonds”), by written application pursuant to Section 4.01(a) of the 1941 Mortgage for
the authentication and delivery of such Additional Bonds. Additional Bonds may be
executed, authenticated, delivered, and issued upon and subject to the provisions of the
Indenture (including but not limited to those of Articles IV, V, VI, VII, and/or VIII
thereof, if and as applicable); and upon (but only upon) such execution, authentication,
delivery, and issuance, the following additional provisions shall be deemed to apply:  

        The
bonds of Collateral Series E are hereby reopened for the issuance of Additional Bonds in
the aggregate principal amount specified in the written application of the Company, which
shall constitute a further issuance of, and will be consolidated with, the bonds of
Collateral Series E so as to form a single series with the bonds of Collateral Series E,
and shall have the same terms as the bonds of such series, except that the Additional
Bonds shall be dated (and shall bear interest) as provided in Section 1.01 of this
Supplemental Indenture. The Additional Bonds shall be substantially in the form
hereinbefore recited but may contain such changes as may be appropriate to reflect their
date or dates of issuance. 

        All
references to the bonds of Collateral Series E in this Supplemental Indenture, in the form
of such bonds hereinbefore recited, and in such bonds shall be deemed to include the
Additional Bonds issued hereunder, and the Additional Bonds shall be subject to, and be
entitled to the benefits of, this Supplemental Indenture; except that the dates of
issuance of, and the dates from which interest will begin to accrue on, the Additional
Bonds shall be as set forth in this Section 1.12. 

12 

ARTICLE II.  

CONFIRMATION OF LIEN 

        SECTION
2.01.     The Company, in order to record the description of, and
confirm unto the Trustee, certain property acquired after the execution and delivery of
the 1941 Mortgage and now subject to the lien thereof by virtue of the provisions of the
1941 Mortgage conveying to the Trustee property acquired after its execution and
delivery, by these presents does grant, bargain, sell, warrant, release, convey, assign,
transfer, mortgage, pledge, set over and confirm unto U.S. Bank National Association, as
Trustee, and to its respective successors in said trust forever, subject to the rights
reserved by the Company in and by other provisions of the Indenture and this Supplemental
Indenture, all of the property described and mentioned or enumerated or referred to in a
schedule hereto annexed and marked Schedule A, reference to said schedule for a
description and enumeration of the property therein described and enumerated being hereby
made with the same force and effect as if the same were incorporated herein at length;  

        Together
with all and singular the tenements, hereditaments and appurtenances belonging or in any
wise appertaining to the aforesaid property or any part thereof with the reversion and
reversions, remainder and remainders, tolls, rents and revenues, issues, income, product
and profits thereof, and all the estate, right, title and interest and claim whatsoever,
at law as well as in equity, which the Company now has or may hereafter acquire in and to
the aforesaid property and every part and parcel thereof; 

        To
have and to hold all said properties, mortgaged, pledged or conveyed by the Company as
aforesaid, or intended so to be, unto the Trustee and its successors and assigns forever,
subject, however, to permissible encumbrances as defined in the 1941 Mortgage; but in
trust, nevertheless, for the same purposes and upon the same conditions as are fully set
forth in the Indenture, which is hereby referred to. 

ARTICLE III.  

PARTICULAR COVENANTS OF
THE COMPANY 

        In
addition to the covenants contained in the Indenture, the Company hereby covenants as
follows: 

        SECTION
3.01.     That it is duly authorized under the laws of the State of
Wisconsin and under all other applicable provisions of law to create and issue the bonds
of Collateral Series E, and to execute and deliver this Supplemental Indenture, and that
all corporate action on its part for the creation and issue of said bonds and the
execution of this Supplemental Indenture has been duly and effectually taken, and that
said bonds when issued and delivered to the owners thereof are and will be valid and
enforceable obligations of the Company, and that the Indenture is and always will be a
valid mortgage and deed of trust to secure the payment of said bonds.  

13 

        SECTION
3.02.     That it is lawfully possessed of all the property mortgaged
and pledged by the Indenture; that it will maintain and preserve the lien of the
Indenture on the property mortgaged and pledged thereby in accordance with the terms
thereof and hereof so long as any of the bonds issued thereunder are outstanding; and
that it has good right and lawful authority to mortgage and pledge the property mortgaged
and pledged thereby as provided in and by the Indenture; and that the same is free and
clear of all liens and encumbrances, except permissible encumbrances as defined in the
Indenture.  

        SECTION
3.03.     That the Company will duly and punctually pay to the
registered owner of bonds of Collateral Series E issued under and secured by the
Indenture and this Supplemental Indenture the principal and interest of said bonds at the
dates and place and in the manner mentioned in such bonds.  

        SECTION
3.04.     That the Trustee shall not incur any liability by reason of
any default, failure or delay on the part of the Company to observe or perform its
covenants contained in this Article III.  

ARTICLE IV.  

MISCELLANEOUS 

        SECTION
4.01.     The recitals of fact herein and in the bonds hereby created
contained (except the Trustee’s Certificate) shall be taken as statements of the
Company and shall not be construed as made or warranted by the Trustee. The Trustee makes
no representations as to the validity of this Supplemental Indenture or of the bonds
issued under the Indenture by virtue hereof. Except as herein otherwise provided, no
duties, responsibilities or liabilities are assumed, or shall be construed to be assumed,
by the Trustee by reason of this Supplemental Indenture other than as set forth in the
Indenture; and this Supplemental Indenture is executed and accepted on behalf of the
Trustee, subject to all the terms and conditions set forth in the Indenture, as fully to
all intents as if the same were herein set forth at length.  

        SECTION
4.02.     This Supplemental Indenture shall be construed in
connection with and as a part of the Indenture.  

        SECTION
4.03.     (a) Whenever in this Supplemental Indenture either of the
parties hereto is named or referred to, such reference shall be deemed to include the
successors or assigns of such party, and all the covenants and agreements in this
Supplemental Indenture contained by or on behalf of the Company or by or on behalf of the
Trustee shall bind and inure to the benefit of the respective successors and assigns of
such parties, whether so expressed or not.  

        (b)              The
table of contents and the descriptive headings of the several Articles of           this
Supplemental Indenture were formulated, used and inserted in this           Supplemental
Indenture for convenience only and shall not be deemed to affect           the meaning or
construction of any of the provisions hereof.  

14 

        SECTION
4.04.     (a) If any provision of this Supplemental Indenture limits,
qualifies, or conflicts with another provision of this Supplemental Indenture or of the
Indenture required or deemed to be included in indentures qualified under the Trust
Indenture Act of 1939 (as enacted prior to the date of this Supplemental Indenture) by
any of Sections 310 to 317, inclusive, of the said Act, such required provisions shall
control.  

        (b)              In
case any one or more of the provisions contained in this Supplemental           Indenture
or in the bonds, issued hereunder and under the Indenture should be           invalid,
illegal, or unenforceable in any respect, the validity, legality and
          enforceability of the remaining provisions contained herein and therein shall
          not in any way be affected, impaired, prejudiced or disturbed thereby.  

        SECTION
4.05.     This Supplemental Indenture may be executed in several
counterparts, and all said counterparts executed and delivered, each as an original,
shall constitute but one and the same instrument.  

        SECTION
4.06.     This Supplemental Indenture shall be effective and binding
from and after the time of actual execution and delivery thereof, notwithstanding the
fact that such execution and delivery may occur prior or subsequent to December 1, 2006.  

        SECTION
4.07.     The debtor and its mailing address is WISCONSIN PUBLIC
SERVICE CORPORATION, 700 North Adams Street, P.O. Box 19001, Green Bay, WI 54307. The
secured party and its address, from which information concerning the security interest
hereunder may be obtained, is U.S. BANK NATIONAL ASSOCIATION, Corporate Trust Services,
1555 RiverCenter Drive, Suite 301, Milwaukee, WI 53212.  

15 

        IN
WITNESS WHEREOF, the party of the first part has caused its corporate name and seal to be
hereunto affixed and this Supplemental Indenture to be signed by its President or Vice
President, and attested by its Secretary or an Assistant Secretary, for and in its behalf,
and the party of the second part has caused its corporate name to be hereunto affixed, and
this Supplemental Indenture to be signed by its Assistant Vice President for and in its
behalf, all done as of the first day of December, 2006. 

		WISCONSIN PUBLIC SERVICE CORPORATION,
	

 	By: /s/ Joseph P. O'Leary
	(SEAL)	       Joseph P. O'Leary
		       Senior Vice President and Chief
		       Financial Officer

Attest: 

/s/ Barth J. Wolf

Barth J. Wolf
Secretary  

Executed by Wisconsin Public Service

Corporation, in presence of: 

/s/ Mark Van De Laarschot

Mark Van De Laarschot  

/s/ Christine Wiesner
Christine
Wiesner  

		U.S. Bank National Association,
		      As Trustee,
	

 	By: /s/ Peter M. Brennan
		       Peter M. Brennan
		       Vice President

Executed by U.S. Bank National
Association 
in presence of: 

/s/ Mark Van De Laarschot

Mark Van De Laarschot  

/s/ Christine
Wiesner
Christine
Wiesner  

16 

	STATE OF WISCONSIN	}	 
		}	ss.
	BROWN COUNTY	}

        Personally
came before me this 27th day of November, A.D. 2006, Joseph P. O’Leary, to me
known to be the Senior Vice President and Chief Financial Officer, and Barth J. Wolf,
to me known to be the Secretary of the above-named WISCONSIN PUBLIC SERVICE CORPORATION,
the corporation described in and which executed the foregoing instrument, and to me known
to be the persons who as such officers executed the foregoing instrument in the name and
behalf of said corporation, and acknowledged the same, and acknowledged that the seal
affixed to said instrument is the corporate seal of said corporation, and that they
signed, sealed and delivered said instrument in the name and behalf of said corporation by
authority of its Board of Directors and said Joseph P. O’Leary and Barth J. Wolf
then and there acknowledged said instrument to be the free act and deed of said
corporation by each of them voluntarily executed. 

        Given
under my hand and notarial seal this 27th day of November, A.D. 2006. 

		/s/ Kim M. Michiels
		Kim M. Michiels
		Notary Public, Brown County, Wisconsin
		My commission expires: May 11, 2008
	(NOTARIAL SEAL)

17 

	STATE OF WISCONSIN	}	 
		}	ss.
	BROWN COUNTY	}

        Personally
came before me this 27th day of November, A.D. 2006, Peter M. Brennan, to
me known to be a Vice President of the above-named U.S. BANK NATIONAL ASSOCIATION,
the corporation described in and which executed the foregoing instrument, and to me known
to be the person who as such officer executed the foregoing instrument in the name and
behalf of said corporation, and acknowledged the same, and that he signed and delivered
said instrument in the name and behalf of said corporation by authority of its Board of
Directors and said Peter M. Brennan then and there acknowledged said instrument to be
the free act and deed of said corporation by him voluntarily executed. 

        Given
under my hand and notarial seal this 27th day of November, A.D. 2006. 

		/s/ Kim M. Michiels
		Kim M. Michiels
		Notary Public, Brown County, Wisconsin
		My commission expires: May 11, 2008
	(NOTARIAL SEAL)

This instrument was drafted by
Attorney Larry J. Bonney of the law firm of Foley & Lardner LLP, Milwaukee, Wisconsin. 

18 

SCHEDULE A 

        The
property referred to in Article II of the foregoing Supplemental Indenture from Wisconsin
Public Service Corporation to U.S. Bank National Association (successor to Firstar Bank,
National Association, successor to Firstar Trust Company, formerly known as First
Wisconsin Trust Company), Trustee, dated as of December 1, 2006, is that herein
specifically described and enumerated or referred to in this Schedule A. 

BROWN COUNTY 

Account No. 010 8104 0150003039 300 

Parcel I: 

Lots 100, 101 and 102 and the
Easterly 6 feet of vacated alley lying Westerly of and continuous to the Westerly lines of
said Lots 100, 101 and 102, Plat of Navarino, in the City of Green Bay, East side of Fox
River, Brown County, Wisconsin. 

Parcel II: 

That part of Private Claim 2, East
side of Fox River, in the City of Green Bay, Brown County, Wisconsin, described as
follows: 

Commencing at the Southwest corner of
Lot 102, Plat of Navarino, thence North 63 degrees 39(Degree) 49” West along the
South line of said Lot 102, extended, 6 feet to the center of alley lying along the West
line of Lots 100, 101 and 102, Plat of Navarino, which is the point of beginning; thence
North 26 degrees 21’ 11” East along the center of said alley, 198 feet to the
North line of said Lot 100 extended North 63 degrees 39’ 49” West; thence North
63 degrees 39’ 49” West along the North line of said Lot 100 extended in a
straight line, 245 feet to the West line of North Adams Street extended North 26(Degree)
21’ 11” East; thence South 26 degrees 21’ 11" West along the West line
of North Adams Street so extended, 198 feet to the North line of Elm Street extended in a
straight line North 63 degrees 39’ 49” West; thence South 63 degrees 39’
49” East along the North line of Elm Street so extended, 245 feet to the point of
beginning; the land above described being vacated Lots 123, 124 and 125 in the Plat of
Navarino and the land lying between the South line of said vacated Lot 123 and the North
line of said vacated Lot 125 extended in a straight line and East of the West line of
North Adams Street extended in a straight line. 

And 

Beginning at the Northeast corner of
Lot 100, Plat of Navarino; thence North 26 degrees 21’ 11” East along the West
line of North Jefferson Street, 132 feet to the South line of Willow Street; thence North
63 degrees 39’ 49" West along the South line of Willow Street extended in a
straight line, 410 feet to the West line of North Adams Street extended in a straight line
North 26 degrees 21’ 11” East; thence South 26 degrees 21’ 11” West
along the West line of North Adams Street so extended, 132 feet to the North line of said
Lot 100, Plat of Navarino, extended in a straight line North 63 degrees 39’ 49”
West; thence South 63 degrees 39’ 49” East along the North line of said Lot 100,
so extended 410 feet to the point of beginning; the land above described being vacated
Lots 98 and 99, Plat of Navarino and the land lying between the South line of said vacated
Lot 99 and the North line of said vacated Lot 98 extended in a straight line and East of
the West line of North Adams Street extended in a straight line. 

A-1 

And 

Beginning at the intersection of the
West line of North Jefferson Street and the South line of Willow Street; thence North 26
degrees 21’ 11” East on the West line of North Jefferson Street extended, 32.91
feet to the South line of Parcel A, Volume 2 Certified Survey Maps, Page 643; thence North
63 degrees 37’ 56” West along said south line extended to the Fox River; thence
Southwest along the Fox River to the South line of Willow Street extended in a straight
line; North 63 degrees 39’ 49” West; thence South 63 degrees 39’ 49”
East on the South line of Willow Street so extended to the point of beginning. 

EXCEPTING THEREFROM Volume 2
Certified Survey Maps, Page 643, Map Number 671. 

Tax Parcel Number:         11-15 

COMBINED DESCRIPTION OF PARCELS I AND
II: 

All of Lots 98 and 99 (now vacated)
and Lots 100 thru 102 and part of Lots 123 thru 125, Plat of Navarino, and part of the
vacated alley described in Volume 872 Records 414 and part of vacated Willow Street and
part of Private Claim 2 East, in the City of Green Bay, East side of Fox River, Brown
County, Wisconsin, described as: 

Beginning at the Southeast corner of
Lot 102, said plat of Navarino; thence North 26(Degree) 23’ 52” East along the
westerly right of way of North Jefferson Street, 362.91 feet to the Southerly line of
Parcel A, Volume 2 Certified Survey Maps, page 643, Brown County Records; thence North
63(Degree) 32’ 15” West along said Southerly line, 361.65 feet; thence South
26(Degree) 28’ 52” West along a Westerly line of said Parcel A and the Easterly
line of Parcel B, Volume 2 Certified Survey Maps, page 643, Brown County Records, a
distance of 363.11 feet to the Northerly right of way of Elm Street; thence South
63(Degree) 34’ 08” East along said Northerly right-of-way, a distance of 362.17
feet to the point of beginning. 

Account No. 950 8104 0150003016 100 

Parcel I: 

Lot 15, Fort Howard Military Reserve,
in the City of Green Bay, West side of Fox River, Brown County, Wisconsin, except Volume
23 Certified Survey Maps, page 214. 

Tax Parcel Number: 6-9
Street

Address: Atkinson Drive 

Parcel II: 

Lot 16, Fort Howard Military Reserve,
in the City of Green Bay, West side of Fox River, Brown County, Wisconsin. 

Tax Parcel Number: 6-10
Street

Address: Atkinson Drive 

A-2 

Parcel III: 

Lot 20, Fort Howard Military Reserve,
in the City of Green Bay, West side of Fox River, Brown County, Wisconsin, except Volume
346 Deeds, page 223. 

Tax Parcel Number: 6-17
Street

Address: Hurlbut Street 

Said premises now being described as: 

Part of Lots 15 and 20 and all of Lot
16, Fort Howard Military Reserve, in the City of Green Bay, West side of Fox River, Brown
County, Wisconsin, more fully described as: 

Beginning at the Northeast Corner of
Lot 20 of the Fort Howard Military Reserve; thence South 26(Degree) 26’ 22"
West, 1278.93 feet along the East line of said Lot 20 to the North right-of-way of Hurlbut
Street; thence North 64(Degree) 03’ 17” West, 1048.53 feet along said North
right-of-way; thence North 61(Degree) 33’ 43” West, 221.20 feet along said North
right-of-way; thence North 56(Degree) 25’ 52” West, 57.70 feet along said North
right-of-way to the West line of said Lot 20; thence North 26(Degree) 24’ 53”
East, 1261.60 feet along said West line; thence North 64(Degree) 03’ 26” West,
79.80 feet along the North line of Lot 21 of said Fort Howard Military Reserve to the East
line of Lot 1, Volume 23, Certified Survey Maps, Page 214, Brown County Records; thence
North 25(Degree) 46’ 29” East, 60.30 feet along said East line; thence North
41(Degree) 00’ 40” West, 244.56 feet along said East line; thence North
57(Degree) 25’ 15” West, 484.98 feet along said East line; thence North
16(Degree) 41’ 36” East, 347.01 feet along said East line; thence North
21(Degree) 37’ 07” East, 453.94 feet along said East line to the Combined
Pierhead/Bulkhead line of Green Bay; thence North 45(Degree) 06’ 12" East,
485.50 feet along said Combined Pierhead/Bulkhead line thence South 44(Degree) 53’
48” East, 2171.64 feet along said Combined Pierhead/Bulkhead line to the East line of
Lot 16 of the Fort Howard Military Reserve; thence South 26(Degree) 26’ 22”
West, 753.11 feet along said East line to the point of beginning. 

Account No. 010 8104
0150003009 200 

Lot One (1), Vol. 48 Certified Survey
Maps, Page 139, Map No. 7122; said Map being part of the Southeast Quarter of the
Southwest Quarter (SE 1⁄4 of SW 1⁄4), Section Twenty-one (21), Township
Twenty-two (22) North, Range Twenty-two (22) East, in the Village of Denmark, Brown
County, Wisconsin. 

Tax Parcel Number:
VD-ND439 (PART OF) 

Account No. 463 8104
0150004030 300 

Parcel I: 

A parcel of land located in part of
Private Claim Two (2), East side of Fox River, in the City of Green Bay, Brown County,
Wisconsin, described as follows: 

Commencing at the southeast corner of
Lot 127, Plat of Navarino; thence North 26 deg. 23 min. 52 sec. East, 390.00 feet along
the westerly right of way line of North Adams street to the centerline of a twelve (12)
foot wide sidewalk easement described in Jacket 12554 Records, Image 4, the point of
beginning; thence North 63 deg. 36 min. 08 sec. West, 275.06 feet along the centerline of
said easement described in Jacket 12554 Records, Image 04 to the west line of land
described in Jacket 15999 Records, Image 33; thence North 51 deg. 10 min. 17 sec. East,
363.53 feet along said west line to the northwest corner of said Jacket 15999 Records,
Image 33; thence South 63 deg. 34 min. 08 sec. East, 122.73 feet along the north line of
said Jacket 15999 Records, Image 33 to the northeast corner thereof; thence South 26 deg.
23 min. 52 sec. West, 330.00 feet along the east line of said Jacket 15999 Records, Image
33 to the point of beginning. 

A-3 

Parcel II: 

Easement for ingress and egress
appurtenant to Parcel I and upon, over and across the following described land: 

A parcel of land located in part of
Private Claim Two (2), East side of Fox River, in the City of Green Bay, Brown County,
Wisconsin, described as follows: 

Commencing at the southeast corner of
Lot 127, Plat of Navarino; thence North 26 deg. 23 min. 52 sec. East, 350.00 feet along
the westerly right of way line of North Adams Street, the point of beginning; thence
continuing North 26 deg. 23 min. 52 sec. East, 40.00 feet along said westerly right of way
line to the centerline of a twelve (12) foot wide sidewalk easement described in Jacket
12554 Records, Image 04; thence North 63 deg. 36 min. 08 sec. West, 57.00 feet along said
centerline; thence South 26 deg. 23 min. 52 sec. West, 40.00 feet; thence South 63 deg. 36
min. 08 sec. East, 57.00 feet to the point of beginning. 

Tax Parcel Number:         12-164
(PART OF) 

Account No. 463 8104
0150005025 300 

A part of Lot Two (2), Vol. 46,
Certified Survey Maps, Page 49, Map No. 6835; said map being all of Lots Three Hundred
Fifty-three (353) thru Three Hundred Eighty-four (384), inclusive, and parts of vacated
allies, vacated Jefferson Street, vacated Madison Street and vacated Utility Court, all
according to the recorded Plat of Navarino, in the City of Green Bay, East side of Fox
River, Brown County, Wisconsin, more particularly described as follows: 

Beginning at the Northwesterly corner
of said Lot 2; thence South 26 deg. 21 min. 32 sec. West, 119.01 feet along the westerly
line of said Lot 2; thence South 63 deg. 42 min. 56 sec. East, 286.42 feet to the easterly
line of said Lot 2; thence North 8 deg. 26 min. 23 sec. West, 144.42 feet along the
easterly line of said Lot 2; thence North 63 deg. 37 min. 46 sec. West, 204.00 feet along
the northerly line of said Lot 2 to the point of beginning. 

Tax Parcel Number: 11-127
(PART OF) 

A-4 

Project 0150006014 

Lot 1 and Outlot 1, Volume 51
Certified Survey Maps, Page 47, Map No. 7455, said map being part of the Southwest
1⁄4 of the Southwest 1⁄4, Section 20, Township 24 North, Range 22 East, in the
City of Green Bay, East side of Fox River, Brown County, Wisconsin. 

Tax Parcel Number:         22-SC512 

Account No. 010 8104
0150005032 200 

Part of Outlot One (1), Vol. 50
Certified Survey Maps, Page 23, Map No. 7327; said Map being part of the Southeast Quarter
of the Southwest Quarter (SE 1⁄4 of SW 1⁄4), Section Twenty-one (21), Township
Twenty-two (22) North, Range Twenty-two (22) East, in the Village of Denmark, Brown
County, Wisconsin, described as follows: 

Commencing at the Southwest corner of
said Section 21; thence North 88 deg. 49 min. 05 sec. East, 1592.10 feet along the South
line of the said SE 1⁄4 of SW 1⁄4; thence North 01 deg. 10 min. 55 sec. West,
165.00 feet to the Northeast corner of Lot 1, Vol. 48 Certified Survey Maps, Page 139, the
point of beginning; thence continuing North 01 deg. 10 min. 55 sec. West, 90.00 feet;
thence South 88 deg. 49 min. 05 sec. West, 197.17 feet to the West line of said Outlot 1;
thence South 00 deg. 21 min. 57 sec. East, 90.00 feet along said West line to the
Southwest corner of said Outlot 1; thence North 88 deg. 49 min. 05 sec. East, 198.45 feet
along the South line of said Outlot 1 to the point of beginning, excepting therefrom that
part described in Doc. No. 2231636. 

Tax Parcel Number:
VD-ND439-3 (PART OF) 

COLUMBIA COUNTY 

Project 0150004018 

A 31.8% interest in and to the
following property: 

A parcel of land in the Southwest
Quarter of the Northeast Quarter of Section 27, Township 12 North, Range 9 East, in the
Township of Pacific, Columbia County, Wisconsin, described as follows: Beginning at a
point in the West margin of U.S. Highway 51 where said highway intersects the North line
of land leased for school purposes, said lease being Document No. 184485 recorded in 8
Misc. at page 23, in the office of the Register of Deeds for Columbia County, Wisconsin;
thence West along the North boundary of the land so leased for school purposes, a distance
of 122 feet; thence North 360 feet; thence 122 feet to the West margin of said U.S.
Highway 51; thence South along the West margin of said highway 360 feet to the point of
beginning. 

Tax Roll Parcel Number:
032-363 

A-5 

DOOR COUNTY 

Project 0150005061 

Part of the Northwest Quarter of the
Southwest Quarter (NW 1⁄4 of the SW 1⁄4) of Section Thirty-one (31), Township
Twenty-seven (27) North, Range Twenty-five (25) East, Town of Nasewaupee, Door County,
Wisconsin, more specifically described as follows: 

Commencing at a point on the West
line of said Section 31, said point being South 1 deg. 54 min. East 413.80 feet from the
West one-quarter corner of said Section 31; thence North 88 deg. 06 min. East, 33.00 feet
to a 1 1⁄4 inch iron pipe, found on the Easterly right-of-way line of School Lane;
thence continuing North 88 deg. 06 min. East, 50.00 feet to the point of beginning; thence
continuing North 88 deg. 06 min. East, 155.00 [feet] to a 1 1⁄4 inch iron pipe,
found; thence North 1 deg. 54 min. West 280.00 feet to a 1 1⁄4 inch iron pipe, found;
thence South 55 deg. 52 min. 21 sec. East, 49.46 feet; thence South 1 deg. 54 min. East,
270.91 feet; thence South 88 deg. 06 min. West, 195.00 feet; thence North 1 deg. 54 min.
West 20.00 feet, returning to the point of beginning. 

Tax Parcel Number:
020-01-31272532A (PART OF) 

FOREST COUNTY 

Account No. 077 8104
0150005004 200 

Lot One (1) of a Certified Survey Map
recorded in Vol. 7 Certified Survey Maps, Pages 98 and 98A as Doc. No. 188561; said Map
being part of the Southwest Quarter of the Southwest Quarter (SW 1⁄4 of SW 1⁄4),
Section Seventeen (17), Township Thirty-six (36) North, Range Thirteen (13) East, in the
Town of Lincoln, Forest County, Wisconsin. 

Tax Parcel Number:
20.17.3613.011.002.00.00 (PART OF) 

Project 0150003002 

All that part of the Northwest
Quarter of the Northwest Quarter (NW 1⁄4 of NW 1⁄4), Section Thirty-one (31),
Township Thirty-six (36) North, Range Thirteen (13) East, Forest County, Wisconsin, lying
West of the right-of-way of State Highway 55, except the following parcel thereof: 

Beginning at the point of
intersection of the North boundary lien of said Section 31 and the centerline of State
Highway 55; thence West along the North boundary line of said Section 31 a distance of 565
feet; thence South at right angles 435 feet; thence East on a line parallel to the North
line of this Section to a point on the center line of State Highway 55; thence Northerly
along the center line of Highway 55 to the point of beginning and also excepting that
parcel described in Vol. 170 Records, Page 273. 

Tax Parcel Number: 211-01595-0000

Alt. No. 30.313613.006.012.00.00 

A-6 

KEWAUNEE COUNTY 

Account No. 035 8104
0150005054 200 

Lot One (1) of Certified Survey Map
No. 1125 recorded in Volume 6 of Certified Survey Maps on Page 213 as Document No. 406339
(said map being part of Lot Two (2) of Certified Survey Map No. 881 recorded in Volume 5
of Certified Survey Maps on Page 93, being located in Lot Nine (9), Luxemburg Industrial
Park Plat, all being part of the Northwest Quarter (NW 1⁄4) of the Northeast Quarter
(NE 1⁄4), part of the Southwest Quarter (SW 1⁄4) of the Northeast Quarter (NE
1⁄4), part of the Southeast Quarter (SE 1⁄4) of the Northwest Quarter (NW
1⁄4), and part of the Northeast Quarter (NE 1⁄4) of the Northwest Quarter (NW
1⁄4), Section Twenty-one (21), Township Twenty-four (24) North, Range Twenty-three
(23) East, Village of Luxemburg, Kewaunee County, Wisconsin. 

Tax Parcel No.: Part of
31 146 LIP 9.1 

MANITOWOC COUNTY 

Account No. 031 8104
0150004036 200 

A tract or lot located in the
Southern part of the Southeast Quarter of the Northeast Quarter (SE 1⁄4 of the NE
1⁄4) of Section Twenty-five (25), Township Nineteen (19) North, Range Twenty-three
(23) East, in the City of Manitowoc, Manitowoc County, Wisconsin, more particularly
described as follows: 

Beginning at a certain point 33 feet
North of the original quarter post on the East side of said Section 25 and at a distance
of 243.10 feet West of said original quarter post to a certain point in the Southern
boundary of the quarter line road, the point of beginning; thence West on the said
Southern boundary line of said highway a distance of 71 1/5 feet to a certain point
therein; thence North 150 feet to a certain post; thence East parallel to the South
boundary of said tract a distance of 71 1/5 feet; thence South to the place of beginning,
a distance of 150 feet. 

Tax Parcel Number:
        52-825-104-050 

MARATHON COUNTY 

Account No. 131 8104
0150003029 100 

Lot Two (2), according to the
recorded Plat of Seidler’s Subdivision, in the Village of Kronenwetter, Marathon
County, Wisconsin. 

PIN No.
37.145.4.2707.033.0002 

Tax Parcel Number:
63.0640.000.002.00.00 

Account No. 061 8104
0150003061 300 

Lot One (1) in Block One (1) of
George Schmidt’s Subdivision in the Town of Stettin (now City of Wausau), Marathon
County, Wisconsin. 

A-7 

PIN No.
37.2914.2907.341.0001 

Tax Parcel Number:
2907.341.0001 

Account No. 061 8104
0150003061 300  

Lot three (3) in Block one (1) of
George Schmidt’s Subdivision, in the Town of Stettin, now City of Wausau, Marathon
County, Wisconsin. 

PIN No.:
37.291.4.2907.341.0003Tax 
Key No.: 2907.341.0003 

Account No. 131 8104
0150004028 100 

Lot Nine (9), according to the
recorded Plat of Seidler’s Subdivision, in the Village of Kronenwetter, Marathon
County, Wisconsin. 

Tax Parcel Number:  PARCEL NO. 63
0640 000 009 00 00  PIN NO. 145 2707 033 0009 

Account No. 131 8104
0150004029 100 

Lot Three (3), according to the
recorded Plat of Seidler’s Subdivision, in the Village of Kronenwetter, Marathon
County, Wisconsin. 

Tax Parcel Number:  63 0640 000 003
00 00 (PARCEL NUMBER) 145 2707 033 0003 (PIN NUMBER) 

Account No. 131 8104
0150004051 100 

Lot One (1) of Certified Survey map
No. 13585 recorded in the Office of the Register of Deeds for Marathon County, Wisconsin,
in Vol. 59 of Certified Survey Maps, Page 142; said Map being part of the Southeast
Quarter of the Southeast Quarter (SE 1⁄4 of SE 1⁄4), Section Three (3) Township
Twenty-seven (17) North, Range Seven (7) East, in the Village of Kronenwetter, Marathon
County, Wisconsin. 

PIN No. 37.145.4.2707.034.0989 (or
37.145.4.2707.034.0967) 

Tax Parcel Number:
        69.032707.016.005.00.00 (or 69.032707.016.18) 

Account No. 131 8104
0150004053 100 

Lot One (1) and Outlot One (1) of
Certified Survey Map No. 11440 recorded in the Office of the Register of Deeds for
Marathon County, Wisconsin, in Vol. 48 of Certified Survey Maps on Page 122, being all of
Lot One (1) of Marathon County Certified Survey Map No. 9116, Vol. 36, Page 119, located
in the Southeast Quarter of the Southeast Quarter (SE 1⁄4 of SE 1⁄4), Section
Three (3), Township Twenty-seven (27) North, Range Seven (7) East, in the Town (now
Village) of Kronenwetter, Marathon County, Wisconsin. 

Pin No.
37.145.4.2707.034.0971 

A-8 

Tax Parcel Number:
63032707.016017 

Account No. 061 8104
0150005058 200 

Lot 2 of Certified Survey Map No.
14084 recorded in the office of the Register of Deeds for Marathon County, Wisconsin, in
Volume 62 of Certified Survey Maps on Page 91, being Lot one (1) of Certified Survey Map
No. 10506, recorded in Volume 43 of Certified Survey Maps, on Page(s) 138, being part of
the South half (1⁄2) of the Southeast quarter (SE 1⁄4) of Section twenty (20),
Township twenty-eight (28) North, Range eight (8) East, in the Village of Weston, Marathon
County, Wisconsin. 

PIN No.:
37.192.4.2808.204.0953 

Tax Key No.:
62.202808.015.010.00.00 

Account No. 061 8105
0190005120 100  

Electric Substation Easement by and
between Wausau Concrete Company, Inc. and Wisconsin Public Service Corporation, a
Wisconsin corporation, recorded as Doc. No. 1431424, and affecting the following described
property: 

Lot One (1), Vol. 60 Certified Survey
Maps, Page 123, as Doc. No. 1401921, Map No. 13746; said map being part of Government Lot
One (1), Section Twenty-four (24), Township Twenty-nine (29) North, Range Seven (7) East,
in the City of Wausau, Marathon County, Wisconsin. 

Parcel No.:  59-242907 OGL 001 33 00 

PIN:  291 4 2907 243 0957 

A-9 

Account No. 061 8104
0150005034 200 

Outlot One (1), Vol. 62 Certified
Survey Maps, Page 145, as Doc. No. 1429656, Map No. 14138; said map being a part of the
Fractional Northwest Quarter of the Northeast Quarter (Frac. NW 1⁄4 of NE 1⁄4),
Section One (1), Township Twenty-nine (29) North, Range Seven (7) East, in the Town of
Texas, Marathon County, Wisconsin. 

Tax Parcel Number: 39 012907 002 000
00 00 (PART OF) PIN: 078 2907 011 0998 

Project 0150003051 

Lots sixty-nine (69) and seventy (70)
of the Plat of Glen Douville and Geo. Clace, in the City of Mosinee, Marathon County,
Wisconsin; together with the South one-half (S 1⁄2) of the vacated alley lying
North of and adjacent to the subject premises. 

PIN:
37.251.4.2707.332.1038 

Project 0150005063 

Outlot One (1), Vol. 63 Certified
Survey Maps, Page 164, as Doc. No. 1444951, Map 14337; said Map being a part of Outlot
Three (3), according to the recorded Plat of Mountain View Addition to the Town of
Stettin, Marathon County, Wisconsin. 

Tax Parcel Number: 38 0360 00L 003
05 00 (PART OF) PIN 076 2907 332 0021 

OCONTO COUNTY 

Project 0150005047 

Part of the Southwest Quarter of the
Southwest Quarter (SW 1⁄4 of SW 1⁄4), Section Fourteen (14), Township
Twenty-nine (29) North, Range Twenty (20) East, in the Town of Lena, Oconto County,
Wisconsin, described as follows: 

Beginning at the Southeast corner of
Outlot 1 of Certified Survey Map No. 3589 as recorded in Vol. 25 Certified Survey Maps,
Page 31; thence South 00 deg. 41 min. 43 sec. West, 40.00 feet; thence North 88 deg. 59
min. 08 sec. West, 141.75 feet to the Easterly right of way line of the frontage road for
U.S. Highway “141", project #1490-01-29; thence North 15 deg. 03 min. 48 sec.
West, along said right of way line, 41.63 feet; thence South 88 deg. 59 min. 08 sec. East,
153.05 feet, returning to the point of beginning. 

Tax Parcel Number:
020-141401233A (PART OF) 

A-10 

PORTAGE COUNTY 

Account No. 212 8104
01500099005 100 

Outlot One (1) of Certified Survey
Map No. 8444-33-124, recorded in the office of the Register of Deeds for Portage County,
Wisconsin on March 4, 2004, in Vol. 33 of Surveys, Page 124, as Doc. No. 652529; said Map
being part of the Northeast Quarter of the Southeast Quarter (NE 1⁄4 of SE 1⁄4),
Section Twenty-one (21), Township Twenty-three (23) North, Range Eight (8) East, in the
Village of Plover, Portage County, Wisconsin, together with that certain ingress and
egress easement recorded as Doc. No. 655452. 

Tax Parcel Number:
173-23-0821-13.01 

SHEBOYGAN COUNTY 

Account No. 0150003067 

An undivided 13.4% interest in and to
the following property in Sheboygan County, Wisconsin: 

Commencing at a point in the south
line of U.S. Government Lot Three (3), Section Two (2), Town Fourteen (14) North, Range
Twenty-three (23) East, Six hundred eighty-three (683.0) feet east of the southwest corner
of said Lot Three (3), thence North Nine hundred thirteen (913.0) feet, to the center of
the Town Road, thence East Eighty (80.0) feet, thence South Nine hundred thirteen (913.0)
feet, to the South line of U.S. Government Lot Three (3), thence West Eighty (80.0) feet
to the point of beginning, being a part of Government Lot 3 in Section Two (2), Town
Fourteen (14) North, Range Twenty-three (23) East. 

Tax Key Number: 59030
451260. 

Project 0150004039 

A 13.4% interest in and to the
following property in Sheboygan County, Wisconsin: 

The North 400 feet of the following
described tract of land: Commencing Eight Hundred Forty-three (843) feet East of the
Southwest corner of Government Lot Number Three (3), Section Two (2), Town Fourteen (14)
North, Range Twenty-three (23) East, thence East Fifty (50) feet, thence North Nine
Hundred Thirteen (913) feet to the center of Town Road, thence West Fifty (50) feet,
thence South Nine Hundred Thirteen (913) feet to the point of beginning, and being a part
of Government Lot Number Three (3), Section Two (2), Town Fourteen (14) North, Range
Twenty-three (23) East. 

And; 

Party of Government Lot 3, Section 2
– Commencing 763 feet East of the Southwest corner of said Lot, thence East 80 feet,
thence North 913 feet to the center of Town Road, thence West 80 feet, thence South 913
feet to beginning. Section 2, Town 14 North, Range 23 East. 

Tax Key Number 59030
451250. 

A-11 

WINNEBAGO COUNTY 

Account No. 196 8104
0150004032 100 

Part of the Northeast Quarter of the
Southeast Quarter (NE 1⁄4 of the SE 1⁄4) of Section Twenty-eight (28), Township
Eighteen (18) North, Range Sixteen (16) East, Thirteenth Ward, City of Oshkosh, Winnebago
County, Wisconsin, being more specifically described as follows: 

Commencing at the Northwest corner of
Lot 478 of the Third Addition to Westhaven in the City of Oshkosh; thence North 1 deg. 09
min. 43 sec. East, 299.99 feet, along the East line of Lots 480, 481, 482 and 483 of said
Third Addition to Westhaven to the Point of Beginning; thence continuing North 1 deg. 09
min. 43 sec. East, 100.01 feet, along the East line of Lots 483 and 484 of said Third
Addition to Westhaven; thence South 89 deg. 36 min. 30 sec. East, 395.54 feet, along the
South line of the Wisconsin Public Service property as recorded in Vol. 1053, Page 512 of
the Winnebago County Records, to the Westerly line of South Washburn Street; thence South
4 deg. 21 min. 21 sec. West, 100.24 feet, along the Westerly line of South Washburn
Street; thence North 89 deg. 36 min. 30 sec. West, 389.95 feet, returning to the point of
beginning. 

Tax Parcel Number: PART
OF 913-1635 

Project 018006003 

Gas Regulator Easement by Robert J.
Potratz and Marilyn K. Potratz, as grantors, and Wisconsin Public Service Corporation, as
grantee, dated July 18, 2006, and recorded July 26, 2006, as Doc. No. 1405731, and
affecting the following described property: 

Part of the Northwest 1⁄4 of the
Northwest 1⁄4 of Section Fourteen (14), Township Seventeen (17) North, Range Fifteen
(15) East, Town of Utica, Winnebago County, Wisconsin, described as follows: 

Commencing at the Northwest corner of
said Section 14, thence North 89 deg. 13 mins. 55 sec. East, 1327.69 feet along the North
line of said Section 14; thence South 1 deg. 14 mins. 58 sec. East, 494.86 feet; thence
South 89 deg. 13 mins. 55 sec. West, to the point of beginning on the West right-of-way
line of C.T.H. “FF”; thence continuing south 89 deg. 13 mins. 55 sec. West,
20.00 feet; thence Southerly and parallel with the West right-of-way line of C.T.H.
“FF”, 20.00 feet; thence North 89 deg. 13 mins. 55 sec. East, 20.00 feet to said
West right-of-way line; thence Northerly along said West right-of-way line, 20.00 feet,
returning to the point of beginning. 

Tax Parcel Number: Part
of 024-0277-04 

Project 018006001 

Gas Regulator Easement by Robert A.
Berndt and Roxanne M. Berndt, as grantors, and Wisconsin Public Service Corporation, as
grantee, dated June 8, 2006, and recorded June 15, 2006, as Doc. No. 1401518, and
affecting the following described property: 

A-12 

Part of the South One-Half of the
Northeast 1⁄4 of the Southeast 1⁄4 of Section Twenty (20), Township Twenty (20)
North, Range Sixteen (16) East, Town of Clayton, Winnebago County, Wisconsin, described as
follows: 

Commencing at a point on the east
line of Section 20, said point being North 1 deg. 37 mins. 05 sec. West, 1335.91 feet from
the Southeast corner of said Section 20; thence South 88 deg. 32 mins. 44 sec. West,
118.70 feet to the point of beginning on the North right-of-way line of C.T.H.
“T”; thence continuing South 88 deg. 32 mins. 44 sec. West, 20.00 feet; thence
North 0 deg. 49 mins. 18 sec. West, 20.00 feet; thence North 88 deg. 32 mins. 44 sec.
East, 20.00 feet; thence South 0 deg. 49 mins. 18 sec. East, 20.00 feet, returning to the
point of beginning. 

Tax Parcel Number: Part
of 006-0551 

MENOMINEE COUNTY,
MICHIGAN 

Account No. 667 8104
0150004072 200 

Lots Eight (8), Nine (9), Ten (10),
and Eleven (11) and that part of the Wisconsin Central Railroad Right of Way (F/K/A
Chicago & Northwestern Railroad) lying adjacent to Lot Eight (8) of Block Five (5) of
Stephenson’s Complete Addition to the City of Menominee, Menominee County, Michigan,
being more particularly described as follows: 

From the Southwest corner of said
Block Five (5), this being the point of beginning, measure N00(Degree)09'26"W, 240.96
feet along the West line of said Block Five (5) and the east line of 15th
Street, to the North line of said Lot Eight (8), as extended west; thence
N88(Degree)58'33";E, 120.98 feet along said North line, as extended, to the Northeast
corner of said Lot Eight (8); thence S00(Degree)03'13"W, 2401.84 feet to the
Southeast corner of Lot Eleven (11) of said Block Five (5); thence
S88(Degree)54'39"W, 120.07 feet along the South line of said Block Five (5) and the
North line of 13th Avenue, to the point of beginning, containing 0.6664 acres. 

A-13<PAGE> 1

                      EXHIBIT 10.1 FORM OF AWARD AGREEMENTS

<PAGE> 2

                          EQUITABLE FINANCIAL CORP.
                           2006 EQUITY INCENTIVE PLAN
                     INCENTIVE STOCK OPTION AWARD AGREEMENT

NAME AND ADDRESS                            ____________________________
OF PARTICIPANT:                             ____________________________
                                            ____________________________

         You have been granted an Incentive Stock Option to purchase shares of
Equitable Financial Corp. common stock ("Common Stock") at a fixed price (the
"Exercise Price") subject to the terms and conditions of this Award Agreement
and the Equitable Financial Corp. 2006 Equity Incentive Plan (the "Plan").

NUMBER OF SHARES
SUBJECT TO THE OPTION AWARD:                __________ shares of Equitable
                                            Financial Corp. common stock

DATE OF GRANT:                              _____________, 200__

EXERCISE PRICE:                             $_______

TERM OF OPTION:                             The term of this  Incentive  Stock
                                            Option shall be 10 years from the
                                            Date of Grant.

VESTING SCHEDULE:                           Subject to the limitations of this
                                            Stock Option Award Agreement, this
                                            Incentive Stock Option Award shall
                                            vest or become exercisable in
                                            installments according to the
                                            following schedule:

                                            Installment            Vesting  Date
                                            -----------            -------------

                                            _____ shares
                                            _____ shares
                                            _____ shares
                                            _____ shares
                                            _____ shares

                                            Except as provided below, an
                                            installment shall not become
                                            exercisable on the otherwise
                                            applicable vesting date if you
                                            terminate employment prior to such
                                            vesting date.
<PAGE> 3

ACCELERATION OF VESTING
IN THE EVENT OF A
CHANGE IN CONTROL:                          All unvested Incentive Stock Options
                                            shall immediately become
                                            exercisable. If your employment is
                                            terminated for reasons other than
                                            Cause within 12 months of a Change
                                            in Control, your options will remain
                                            exercisable until expiration of the
                                            term of the Incentive Stock Option
                                            to exercise such Option. Incentive
                                            Stock Options exercised more than
                                            three (3) months following a
                                            termination of employment in
                                            connection with a Change in Control
                                            will be treated as Non-Statutory
                                            Stock Options for tax purposes.

PAYMENT OF EXERCISE PRICE:                  The Exercise Price may be paid in
                                            cash or Common Stock having a Fair
                                            Market Value on the exercise date
                                            equal to the total Exercise Price,
                                            or any combination of cash or Common
                                            Stock and, if the Committee permits,
                                            you may also conduct a cash-less
                                            exercise with a qualifying
                                            broker-dealer.
EFFECT OF TERMINATION OF
EMPLOYMENT BECAUSE OF:

         (A)   DEATH OR DISABILITY:         In the event you terminate service
                                            due to death or Disability, the
                                            entire unvested portion of your
                                            Incentive Stock Option Award will
                                            immediately vest and the unexercised
                                            portion of your Incentive Stock
                                            Option Award will remain exercisable
                                            for a period of one (1) year
                                            following termination of employment,
                                            or, if sooner, until the expiration
                                            of the term of your Incentive Stock
                                            Option.

         (B)      TERMINATION FOR
                  CAUSE:                    In you are terminated for Cause, all
                                            your rights to this Incentive Stock
                                            Option Award will expire immediately
                                            as of the effective date of your
                                            termination for Cause.

         (C)      RETIREMENT:               As of the  effective  date of your
                                            Retirement, you will forfeit all
                                            rights to your unvested portion of
                                            this Incentive Stock Option Award.
                                            Your vested portion will remain
                                            exercisable for a period of one (1)
                                            year from your Retirement date or,
                                            if sooner, until the expiration of
                                            the term of the Incentive Stock
                                            Option. All Incentive Stock Options
                                            exercised more than three (3) months
                                            following your Retirement date will
                                            be treated as Non-Statutory Stock
                                            Options for tax purposes.

         (D)      OTHER REASONS:            Unless otherwise determined by the
                                            Committee, you may only exercise
                                            those Incentive Stock Options that
                                            are
                                       2
<PAGE> 4

                                            immediately exercisable as of the
                                            date of your termination of service.
                                            You forfeit all rights to any
                                            unvested Incentive Stock Options and
                                            your vested Invested Stock Options
                                            remain exercisable for a period of
                                            three (3) months following your
                                            termination of service, or, if
                                            sooner, until the expiration of the
                                            term of your Incentive Stock Option.

VOTING:                                     You have no rights as a shareholder
                                            with respect to any shares of Common
                                            Stock covered by this Incentive
                                            Stock Option Award until the date of
                                            issuance of a stock certificate for
                                            the Common Stock covered by this
                                            Incentive Stock Option Award
                                            following exercise of the Option.

DISTRIBUTION:                               Shares of Common Stock subject to
                                            this Incentive Stock Option Award
                                            will be distributed as soon as
                                            practicable upon exercise.

TAX WITHHOLDING:

         (A)  EXERCISE OF INCENTIVE
              STOCK OPTION:                 There is no regular federal or state
                                            income or employment tax liability
                                            upon the exercise of an Incentive
                                            Stock Option (SEE INCENTIVE STOCK
                                            OPTION HOLDING PERIOD), although the
                                            excess, if any, of the Fair Market
                                            Value of the shares of Common Stock
                                            on the date of exercise over the
                                            Exercise Price will be treated as
                                            income for alternative minimum tax
                                            ("AMT") purposes and may subject you
                                            to AMT in the year of exercise.
                                            Please check with your tax advisor.

         (B)  DISQUALIFYING DISPOSITION:

                                            In the event of a disqualifying
                                            disposition (described below), you
                                            may be required to pay Equitable
                                            Financial, Corp. or its Affiliates
                                            an amount sufficient to satisfy all
                                            federal, state and local tax
                                            withholding.

         (C)  INCENTIVE STOCK OPTION
              HOLDING PERIOD:               In order to receive Incentive Stock
                                            Option tax treatment under Section
                                            422 of the Code, you may not dispose
                                            of shares acquired under an
                                            Incentive Stock Option Award (i) for
                                            two (2) years from the Date of Grant
                                            and (ii) for one (1) year after the
                                            date you exercise your Incentive
                                            Stock Option. IN ACCORDANCE WITH THE
                                            PLAN YOU MUST NOTIFY THE COMPANY
                                            WITHIN TEN (10) DAYS OF AN EARLY
                                            DISPOSITION OF COMMON STOCK (I.E., A
                                            "DISQUALIFYING DISPOSITION").

                                       3
<PAGE> 5

DESIGNATION OF BENEFICIARY:                 You may designate a beneficiary, on
                                            a form acceptable to the Committee,
                                            to receive rights under this
                                            Incentive Stock Option Award, in the
                                            event of your death. If a
                                            beneficiary is not designated the
                                            Award will become part of your
                                            estate.

NON-TRANSFERABILITY:                        This Incentive Stock Option Award
                                            shall not be transferred, assigned,
                                            hypothecated, or disposed of in any
                                            manner by you other than by will or
                                            the laws of intestate succession.

PLAN GOVERNS:                               Notwithstanding  anything in this
                                            Incentive Stock Option Award
                                            Agreement to the contrary, the terms
                                            of this Incentive Stock Option Award
                                            Agreement shall be subject to the
                                            terms and conditions of the Plan, a
                                            copy of which may be obtained from
                                            the Company. This Incentive Stock
                                            Option Award Agreement is subject to
                                            all interpretations, amendments,
                                            rules and regulations promulgated by
                                            the Committee from time to time
                                            pursuant to the Plan. Any
                                            capitalized terms shall have the
                                            meaning given to such terms in the
                                            Plan.

                                            Neither the Plan nor this Award
                                            Agreement create any right on the
                                            part of any individual to continue
                                            in the employment of Equitable
                                            Financial Corp. or any Affiliate of
                                            Equitable Financial Corp.

MODIFICATION AND WAIVER:                    The Committee may amend or modify
                                            this Incentive Stock Option Award
                                            from time to time, prospectively or
                                            retroactively; PROVIDED, HOWEVER,
                                            that no such amendment or
                                            modification will adversely affect
                                            the rights of the Participant under
                                            this Award Agreement without his or
                                            her written consent.

         All decisions, determinations and interpretations of the Board of
Directors, or the Committee thereof, in regards to the Plan and/or this
Incentive Stock Option Award Agreement are final and conclusive.

                                       4

<PAGE> 6

         IN WITNESS WHEREOF, Equitable Financial Corp., Inc. has caused this
Award Agreement to be executed and said Participant has also executed this Award
Agreement as of the ____day of __________, 200__.

                                        EQUITABLE FINANCIAL CORP.

                                        By:
                                           -------------------------------------

                                        By:
                                           -------------------------------------

                                       5

<PAGE> 7

                          EQUITABLE FINANCIAL CORP.
                           2006 EQUITY INCENTIVE PLAN
                   NON-STATUTORY STOCK OPTION AWARD AGREEMENT
                               (OUTSIDE DIRECTOR)

NAME AND ADDRESS                            ____________________________
OF PARTICIPANT:                             ____________________________
                                            ____________________________

         You have been granted a Non-Statutory Stock Option to purchase shares
of Equitable Financial Corp. common stock ("Common Stock") at a fixed price
(the "Exercise Price") subject to the terms and conditions of this Award
Agreement and the Equitable Financial Corp. 2006 Equity Incentive Plan (the
"Plan").

NUMBER OF SHARES
SUBJECT TO THE OPTION AWARD:                _______ shares of Equitable
                                            Financial Corp. common stock
                                            ("Common Stock")

DATE OF GRANT:                              _______________, 200__

EXERCISE PRICE:                             $____________

TERM OF OPTION:                             The term of this Non-Statutory Stock
                                            Option shall be 10 years from the
                                            Date of Grant.

VESTING SCHEDULE:                           Subject to the limitations of this
                                            Stock Option Award Agreement, this
                                            Non-Statutory Stock Option Award
                                            shall vest or become exercisable in
                                            installments according to the
                                            following schedule:

                                            Installment            Vesting  Date
                                            -----------            -------------

                                            _______ shares
                                            _______ shares
                                            _______ shares
                                            _______ shares
                                            _______ shares

                                            Except as provided below, an
                                            installment shall not become
                                            exercisable on the otherwise
                                            applicable vesting date if you
                                            terminate service prior to such
                                            vesting date.

                                       1

<PAGE> 8

ACCELERATION OF VESTING
IN THE EVENT OF A
CHANGE IN CONTROL:                          All unvested  Non-Statutory  Stock
                                            Options shall immediately become
                                            exercisable and shall remain
                                            exercisable. If your employment or
                                            service is terminated for reasons
                                            other than Cause within 12 months of
                                            a Change in Control, your options
                                            will remain exercisable until the
                                            expiration of the term of the
                                            Non-Statutory Stock Option to
                                            exercise such Option.

PAYMENT OF EXERCISE PRICE:                  The Exercise Price may be paid in
                                            cash or Common Stock having a Fair
                                            Market Value on the exercise date
                                            equal to the total Exercise Price,
                                            or any combination of cash or Common
                                            Stock and, if the Committee permits,
                                            you may also conduct a cash-less
                                            exercise with a qualifying
                                            broker-dealer.

EFFECT OF TERMINATION OF
SERVICE BECAUSE OF:

         (A)  DEATH OR DISABILITY:          In the event you terminate service
                                            due to death or Disability, the
                                            entire unvested portion of your
                                            Non-Statutory Stock Option Award
                                            will immediately vest and the
                                            unexercised portion of your
                                            Non-Statutory Stock Option Award
                                            will remain exercisable for a period
                                            of one (1) year following
                                            termination of service, or, if
                                            sooner, until the expiration of the
                                            term of your Non-Statutory Stock
                                            Option.

         (B)  TERMINATION FOR
              CAUSE:                        In  you are  terminated  for  Cause,
                                            all your rights to this
                                            Non-Statutory Stock Option Award
                                            will expire immediately as of the
                                            effective date of your termination
                                            for Cause.

         (C)  RETIREMENT:                   As of the  effective  date of your
                                            Retirement, you will forfeit all
                                            rights to your unvested portion of
                                            this Non-Statutory Stock Option
                                            Award. Your vested portion will
                                            remain exercisable for a period of
                                            one (1) year from your Retirement
                                            date or, if sooner, until the
                                            expiration of the term of the
                                            Non-Statutory Stock Option. However,
                                            if following your Retirement you are
                                            immediately engaged by the Company
                                            or the Association as a consultant,
                                            advisor or director emeritus, the
                                            Committee may elect, in its sole
                                            discretion, to permit you to
                                            continue to vest in your
                                            Non-
                                       2
<PAGE> 9

                                            Statutory Stock Option in accordance
                                            with the schedule set forth herein.

         (D)  OTHER REASONS:                Unless  otherwise  determined by the
                                            Committee, you may only exercise
                                            those Non-Statutory Stock Options
                                            that are immediately exercisable as
                                            of the date of your termination of
                                            service. You forfeit all rights to
                                            any unvested Non-Statutory Stock
                                            Options and your vested
                                            Non-Statutory Stock Options remain
                                            exercisable for a period of three
                                            (3) months following your
                                            termination of service, or, if
                                            sooner, until the expiration of the
                                            term of your Non-Statutory Stock
                                            Option.

VOTING:                                     You have no rights as a shareholder
                                            with respect to any shares of Common
                                            Stock covered by this Non-Statutory
                                            Stock Option Award until the date of
                                            issuance of a stock certificate for
                                            the Common Stock covered by this
                                            Non-Statutory Stock Option Award
                                            following exercise of the Option.

DISTRIBUTION:                               Shares of Common Stock subject to
                                            this Non-Statutory Stock Option
                                            Award will be distributed as soon as
                                            practicable upon exercise.

DESIGNATION                                 OF BENEFICIARY: You may designate a
                                            beneficiary, on a form acceptable to
                                            the Committee, to receive rights
                                            under this Non-Statutory Stock
                                            Option Award, in the event of your
                                            death. If a beneficiary is not
                                            designated the Award will become
                                            part of your estate.

NON-TRANSFERABILITY:                        This  Non-Statutory  Stock  Option
                                            Award shall not be transferred,
                                            assigned, hypothecated, or disposed
                                            of in any manner by you other than
                                            by will or the laws of intestate
                                            succession. However, you may
                                            petition the Committee to permit
                                            transfer or assignment of this
                                            Non-Statutory Stock Option Award if
                                            such transfer or assignment is, in
                                            the Committee's sole determination,
                                            for valid estate planning purposes
                                            and permitted under the Internal
                                            Revenue Code of 1986, as amended and
                                            the Securities Exchange Act of 1934,
                                            as amended.

                                       3
<PAGE> 10

PLAN GOVERNS:                               Notwithstanding anything in this
                                            Non-Statutory Stock Option Award
                                            Agreement to the contrary, the terms
                                            of this Non-Statutory Stock Option
                                            Award Agreement shall be subject to
                                            the terms and conditions of the
                                            Plan, a copy of which may be
                                            obtained from the Company; and this
                                            Non-Statutory Stock Option Award
                                            Agreement is subject to all
                                            interpretations, amendments, rules
                                            and regulations promulgated by the
                                            Committee from time to time pursuant
                                            to the Plan. Any capitalized terms
                                            shall have the meaning given to such
                                            terms in the Plan.

                                            Neither the Plan nor this Award
                                            Agreement create any right on the
                                            part of any individual to continue
                                            in the service of Equitable
                                            Financial Corp. or any Affiliate of
                                            Equitable Financial Corp.

MODIFICATION AND WAIVER:                    The Committee may amend or modify
                                            this Non-Statutory Stock Option
                                            Award from time to time,
                                            prospectively or retroactively;
                                            PROVIDED, HOWEVER, that no such
                                            amendment or modification will
                                            adversely affect the rights of the
                                            Participant under this Award
                                            Agreement without his or her written
                                            consent.

         All decisions, determinations and interpretations of the Board of
Directors, or the Committee thereof, in regards to the Plan and/or this
Non-Statutory Stock Option Award Agreement are final and conclusive.

         IN WITNESS WHEREOF,  Equitable Financial Corp. has caused this Award
Agreement to be executed and said Participant has also executed this Award
Agreement as of the ____day of __________, 200__.

                                        EQUITABLE FINANCIAL CORP.

                                        By:
                                           -------------------------------------

                                        By:
                                           -------------------------------------

                                       4
<PAGE> 11

                            EQUITABLE FINANCIAL CORP.
                           2006 EQUITY INCENTIVE PLAN
                        RESTRICTED STOCK AWARD AGREEMENT
                                   (EMPLOYEES)

NAME AND ADDRESS                            ____________________________
OF PARTICIPANT:                             ____________________________
                                            ____________________________

         You have been granted an award of shares of Equitable Financial Corp.
common stock ("Common Stock") at no cost to you subject to the terms and
conditions of this Award Agreement and the Equitable Financial Corp. 2006
Equity Incentive Plan (the "Plan").

NUMBER OF SHARES
SUBJECT TO THE STOCK AWARD:                 ____________ shares of Common Stock

DATE OF GRANT:                              _______________, 200_

TERM OF STOCK AWARD
AND VESTING SCHEDULE:                       Subject to the  limitations of this
                                            Stock Award Agreement, this Stock
                                            Award shall vest in installments
                                            according to the following schedule:

                                            Installment             Vesting Date
                                            -----------             ------------

                                            _______ shares
                                            _______ shares
                                            _______ shares
                                            _______ shares
                                            _______ shares

                                            Except as provided below, an
                                            installment shall not vest on the
                                            otherwise applicable vesting date if
                                            you terminate employment prior to
                                            such vesting date.

ACCELERATION OF VESTING
UPON  A CHANGE IN CONTROL:                  All unvested shares of Common Stock
                                            subject to this Stock Award will
                                            immediately vest upon a Change in
                                            Control.

<PAGE> 12

EFFECT OF TERMINATION OF
EMPLOYMENT BECAUSE OF:

     (A)   DEATH OR DISABILITY:            In the event you terminate employment
                                           due to death or Disability, the
                                           entire unvested portion of your Stock
                                           Award will immediately vest as of the
                                           date of such termination.

     (B)   TERMINATION FOR
           CAUSE:                          In the event you are  terminated  for
                                           Cause, all your rights to this Stock
                                           Award will expire immediately as of
                                           the effective date of your
                                           termination for Cause.

     (C)   RETIREMENT:                     As of the  effective  date of your
                                           Retirement, you will forfeit all
                                           rights to any unvested shares of
                                           Common Stock subject to this Stock
                                           Award, PROVIDED HOWEVER, that if upon
                                           your Retirement you are immediately
                                           engaged by the Company or the
                                           Association as a consultant, advisor
                                           or director emeritus, the Committee
                                           may permit you to continue to vest in
                                           your Stock Award in accordance with
                                           the schedule set forth herein.

     (D)   OTHER REASONS:                  Unless otherwise determined by the
                                           Committee, all unvested shares of
                                           Common Stock subject to this Stock
                                           Award are forfeited as of your
                                           termination date and any rights you
                                           have to this Stock Award become null
                                           and void.

DISTRIBUTION:                              Shares of Common Stock subject to
                                           this Stock Award will be distributed
                                           as soon as practicable upon vesting.
                                           Dividends paid on shares of Common
                                           Stock subject to this Stock Award
                                           will be distributed when determined
                                           by the Committee administering the
                                           Plan.

VOTING:                                    You are  entitled  to vote all shares
                                           of Common Stock subject to this Stock
                                           Award, regardless of vesting.

TAX WITHHOLDING:                           Upon  payment of a Stock  Award,  the
                                           Committee is entitled to require as a
                                           condition of delivery (i) that you
                                           remit an amount sufficient to satisfy
                                           all federal, state and local tax
                                           withholding requirements related
                                           thereto, (ii) that the withholding of
                                           such sums come from compensation
                                           otherwise due to you or from shares
                                           of Common Stock due to you under the
                                           Plan, or (iii) any combination of the
                                           foregoing. Any withholding shall
                                           comply with Rule 16b-3 or any
                                           amendments or successive rule.

                                       2

<PAGE> 13

DESIGNATION OF BENEFICIARY:                 You may designate a beneficiary on a
                                            form acceptable to the Committee, to
                                            receive rights under this Stock
                                            Award Agreement, in the event of
                                            your death. If a beneficiary is not
                                            designated, the Award will become
                                            part of your estate.

PLAN GOVERNS:                               Notwithstanding   anything  in  this
                                            Stock Award Agreement to the
                                            contrary, the terms of this Stock
                                            Award shall be subject to the terms
                                            and conditions of the Plan, a copy
                                            of which you may obtain from the
                                            Company. This Stock Award Agreement
                                            is subject to all interpretations,
                                            amendments, rule and regulations
                                            promulgated by the Committee from
                                            time to time pursuant to the Plan.
                                            Any capitalized terms shall have the
                                            meaning given to such terms in the
                                            Plan.

                                            Neither the Plan nor this Stock
                                            Award Agreement create any right on
                                            the part of any individual to
                                            continue in the employ of Equitable
                                            Financial Corp. or any Affiliates of
                                            Equitable Financial Corp.

NON-TRANSFERABILITY:                        You shall not sell, transfer,
                                            assign, pledge or otherwise encumber
                                            shares subject to this Stock Award
                                            until full vesting of such shares
                                            has occurred.

                                            Unless determined otherwise by the
                                            Committee and except in the event of
                                            your death or pursuant to a domestic
                                            relations order, this Stock Award is
                                            not transferable and may only be
                                            earned by you in your lifetime. Upon
                                            your death, this Stock Award is
                                            transferable by will or the laws of
                                            descent and distribution.

MODIFICATION AND AMENDMENT:                 The Committee may amend or modify
                                            this Stock Award from time to time,
                                            prospectively or retroactively;
                                            PROVIDED, HOWEVER, that no such
                                            amendment or modification will
                                            adversely affect your rights under
                                            this Award without your written
                                            consent.

         All decisions, determinations and interpretations of the Board of
Directors, or the Committee thereof, with respect to the Plan and/or this Stock
Award Agreement are final and conclusive.

                                       3

<PAGE> 14

         IN WITNESS  WHEREOF, Equitable Financial Corp. has caused this Award
Agreement to be executed, and said Participant has also executed this Award
Agreement as of the ____ day of ________________, 200_.

                                        EQUITABLE FINANCIAL CORP.

                                        By:
                                           -------------------------------------

                                        By:
                                           -------------------------------------

                                       4

<PAGE> 15

                          EQUITABLE FINANCIAL CORP.
                           2006 EQUITY INCENTIVE PLAN
                        RESTRICTED STOCK AWARD AGREEMENT
                               (OUTSIDE DIRECTORS)

NAME AND ADDRESS                            ____________________________
OF PARTICIPANT:                             ____________________________
                                            ____________________________

         You have been granted an award of shares of Equitable Financial Corp.
common stock ("Common Stock") at no cost to you subject to the terms and
conditions of this Award Agreement and the Equitable Financial Corp. 2006
Equity Incentive Plan (the "Plan").

NUMBER OF SHARES
SUBJECT TO THE STOCK AWARD:                 ____________shares of Common Stock

DATE OF GRANT:                              ____________, 200_

TERM OF STOCK AWARD
AND VESTING SCHEDULE:                       Subject to the  limitations of this
                                            Stock Award Agreement, this Stock
                                            Award shall vest in installments
                                            according to the following schedule:

                                            Installment             Vesting Date
                                            -----------             ------------

                                            _______ shares
                                            _______ shares
                                            _______ shares
                                            _______ shares
                                            _______ shares

                                            Except as provided below, an
                                            installment shall not vest on the
                                            otherwise applicable vesting date if
                                            you terminate service prior to such
                                            vesting date.

ACCELERATION OF VESTING
UPON A CHANGE IN CONTROL:                   All unvested shares of Common Stock
                                            subject to this Stock Award will
                                            immediately vest upon a Change in
                                            Control.
<PAGE> 16

EFFECT OF TERMINATION OF
SERVICE BECAUSE OF:

     (A)   DEATH OR DISABILITY:             In the event you  terminate  service
                                            due to death or Disability, the
                                            entire unvested portion of your
                                            Stock Award will immediately vest as
                                            of the date of such termination.

     (B)   TERMINATION FOR
           CAUSE:                           In the event you are  terminated for
                                            Cause, all your rights to this Stock
                                            Award will expire immediately as of
                                            the effective date of your
                                            termination for Cause.

     (C)   RETIREMENT:                      As of the  effective  date of your
                                            Retirement, you will forfeit all
                                            rights to any unvested shares of
                                            Common Stock subject to this Stock
                                            Award, PROVIDED HOWEVER, that if
                                            upon your Retirement you are
                                            immediately engaged by the Company
                                            or the Association as a consultant,
                                            advisor or director emeritus, the
                                            Committee may elect, in its sole
                                            discretion, to permit you to
                                            continue to vest in your Stock Award
                                            in accordance with the schedule set
                                            forth herein.

     (D)   OTHER REASONS:                   Unless otherwise determined by the
                                            Committee, all unvested shares of
                                            Common Stock subject to this Stock
                                            Award are forfeited as of your
                                            termination date and any rights you
                                            have to this Stock Award become null
                                            and void.

DISTRIBUTION:                               Shares of Common Stock subject to
                                            this Stock Award will be distributed
                                            as soon as practicable upon vesting.
                                            Dividends paid on shares of Common
                                            Stock subject to this Stock Award
                                            will be distributed when the
                                            Committee administering the Plan.

VOTING:                                     You are entitled  to vote all shares
                                            of Common Stock subject to this
                                            Stock Award, regardless of vesting.

DESIGNATION OF BENEFICIARY:                 You may designate a beneficiary on a
                                            form acceptable to the Committee, to
                                            receive rights under this Stock
                                            Award Agreement, in the event of
                                            your death. If a beneficiary is not
                                            designated, the Award will become
                                            part of your estate.

PLAN GOVERNS:                               Notwithstanding   anything  in  this
                                            Stock Award Agreement to the
                                            contrary, the terms of this Stock
                                            Award shall be subject to the terms
                                            and conditions of the Plan, a copy
                                            of which you may obtain from the
                                            Company. This Stock Award Agreement
                                            is

                                       2
<PAGE> 17
                                            subject to all interpretations,
                                            amendments, rule and regulations
                                            promulgated by the Committee from
                                            time to time pursuant to the Plan.
                                            Any capitalized terms shall have the
                                            meaning given to such terms in the
                                            Plan.

                                            Neither the Plan nor this Stock
                                            Award Agreement create any right on
                                            the part of any individual to
                                            continue in the service of Equitable
                                            Financial Corp. or any Affiliates of
                                            Equitable Financial Corp.

NON-TRANSFERABILITY:                        You shall not sell, transfer,
                                            assign, pledge or otherwise encumber
                                            shares subject to this Stock Award
                                            until full vesting of such shares
                                            has occurred.

                                            Unless determined otherwise by the
                                            Committee and except in the event of
                                            your death or pursuant to a domestic
                                            relations order, this Stock Award is
                                            not transferable and may only be
                                            earned by you in your lifetime. Upon
                                            your death, this Stock Award is
                                            transferable by will or the laws of
                                            descent and distribution.

MODIFICATION AND AMENDMENT:                 The Committee may amend or modify
                                            this Stock Award from time to time,
                                            prospectively or retroactively;
                                            PROVIDED, HOWEVER, that no such
                                            amendment or modification will
                                            adversely affect your rights under
                                            this Award without your written
                                            consent.

         All decisions, determinations and interpretations of the Board of
Directors, or the Committee thereof, with respect to the Plan and/or this Stock
Award Agreement are final and conclusive.

                                       3
<PAGE> 18

         IN WITNESS  WHEREOF, Equitable Financial Corp. has caused this Award
Agreement to be executed, and said Participant has also executed this Award
Agreement as of the ____ day of ________________, 200_.

                                        EQUITABLE FINANCIAL CORP.

                                        By:
                                           -------------------------------------

                                        By:
                                           -------------------------------------

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