Document:

EX-4.1

 Exhibit 4.1 

PUGET ENERGY, INC., 
 AS
ISSUER 
 AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

AS TRUSTEE 
 SIXTH
SUPPLEMENTAL INDENTURE 
 Dated as of June 14, 2020 

 
  

$500,000,000 
 2.379%
Senior Secured Notes due 2028 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I
	  			
		
	 2.379% SENIOR SECURED NOTES DUE 2028
	  			
		
	 Section 1.01 Establishment
	  	 	1	 
		
	 Section 1.02 Definitions
	  	 	2	 
		
	 Section 1.03 Payment of Principal and Interest
	  	 	3	 
		
	 Section 1.04 Denominations
	  	 	4	 
		
	 Section 1.05 Form of Notes
	  	 	4	 
		
	 Section 1.06 Transfer and Exchange
	  	 	5	 
		
	 Section 1.07 Legends
	  	 	6	 
		
	 Section 1.08 Defeasance
	  	 	6	 
		
	 Section 1.09 Redemption at the Option of the Company
	  	 	6	 
		
	 Section 1.10 Change of Control
	  	 	7	 
		
	 Section 1.11 Rule 144A Reporting Requirement
	  	 	10	 
		
	 ARTICLE II
	  			
		
	 MISCELLANEOUS PROVISIONS
	  			
		
	 Section 2.01 Recitals by the Company
	  	 	11	 
		
	 Section 2.02 Ratification and Incorporation of Original Indenture
	  	 	11	 
		
	 Section 2.03 Executed in Counterparts
	  	 	11	 
		
	 Section 2.04 New York Law to Govern
	  	 	11	 
		
	 Section 2.05 Valid and Binding Obligation
	  	 	12	 
		
	 EXHIBIT A Form of Global Note
	  	 	A-1	 
		
	 EXHIBIT B Form of Certificate of Authentication
	  	 	B-1	 
		
	 EXHIBIT C Form of Rule 144A Note to Regulation S Note Transfer Certificate
	  	 	C-1	 
		
	 EXHIBIT D Form of Regulation S Note to Rule 144A Note Transfer Certificate
	  	 	D-1	 

 THIS SIXTH SUPPLEMENTAL INDENTURE (this “Sixth Supplemental Indenture”) is
made as of the 14th day of June, 2021, by and between PUGET ENERGY, INC., a Washington corporation, as issuer (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the
“Trustee”): 
 WHEREAS, the Company has heretofore entered into an Indenture, dated as of December 6, 2010 (the
“Original Indenture”), with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by this reference and
the Original Indenture, as supplemented, including by this Sixth Supplemental Indenture, is herein called the “Indenture”; 

WHEREAS, under the Original Indenture, a new series of senior secured notes may at any time be established by the Board of Directors in
accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee; 

WHEREAS, the Company proposes to create under the Indenture a new series of senior secured notes which shall contain certain transfer
restrictions as described herein and a new series of senior secured notes which shall not contain such transfer restrictions; 
 WHEREAS,
the Company may (i) propose an exchange offer whereby the holders of such restricted senior secured notes may exchange such securities for non-restricted senior secured notes in accordance with the
procedures described herein or (ii) file a shelf registration statement with the Commission whereby the holders of such restricted senior secured notes may transfer such notes freely upon the effectiveness of such registration statement; and

 WHEREAS, all things necessary to authorize the execution and delivery of this Sixth Supplemental Indenture and make it a valid and
binding agreement of the Company, in accordance with its terms, have been done. 
 NOW THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 2.379% SENIOR
NOTES DUE 2028 
 SECTION 1.01 Establishment. There is hereby established a new series of senior secured notes to be issued under
the Indenture, to be designated as the Company’s 2.379% Senior Secured Notes due June 15, 2028 (the “Initial Notes”), and a new series of senior secured notes to be issued under the Indenture upon an exchange of the
Initial Notes to be designated as the Company’s 2.379% Exchange Senior Secured Notes due June 15, 2028 (the “Exchange Notes”, and, collectively, with the Initial Notes, the “Notes”). 

There are to be authenticated and delivered $500,000,000 principal amount of Initial Notes and $500,000,000 principal amount of Exchange
Notes, and such principal amount of Notes may be increased from time to time pursuant to Section 3.01 of the Original Indenture. All Notes need not be issued at the same time and such series may be reopened at any time, without the consent of
any Holder, for issuances of additional Notes. Any such additional Notes will have the same interest rate, maturity and other terms as those initially issued. No Notes shall be authenticated and delivered in excess of the principal amount as so
increased, except as provided by Sections 2.03, 3.05, 3.06, 4.06 and 11.06 of the Original Indenture and the terms of this Sixth Supplemental Indenture. The Notes shall be issued in definitive fully registered form. 

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

 Each Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from
the most recent Interest Payment Date to which interest has been paid or duly provided for. 

  
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 SECTION 1.02 Definitions. The following defined terms used herein shall, unless the
context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture. 

“Additional Interest” means all interest payable as a consequence of the failure to effectuate in a timely manner the
exchange offer and/or shelf registration procedures set forth in the Registration Rights Agreement. 
 “Bylaws” has the
meaning specified in Section 1.10(j). 
 “Change of Control” has the meaning specified in Section 1.10(j). 

“Change of Control Date” has the meaning specified in Section 1.10(a). 

“Change of Control Offer” has the meaning specified in Section 1.10(a). 

“Change of Control Purchase Notice” has the meaning specified in Section 1.10(c). 

“Change of Control Purchase Price” has the meaning specified in Section 1.10(a). 

“Change of Control Repurchase Event” has the meaning specified in Section 1.10(j). 

“Clearstream” means Clearstream Banking, S.A. 

“Company” has the meaning specified in the Preamble hereof. 

“Comparable Treasury Issue” has the meaning specified in Section 1.09. 

“Comparable Treasury Price” has the meaning specified in Section 1.09. 

“Distribution Compliance Period” means the distribution compliance period provided by Rule 903(b)(3)(ii)(A) as promulgated by
the Commission under the Securities Act. 
 “Euroclear” means Euroclear Bank SA/NV, as operator of the Euroclear System.

 “Exchange Notes” has the meaning specified in Section 1.01. 

“Exchange Offer” means the offer that may be made pursuant to the Registration Rights Agreement by the Company to exchange
the Initial Notes for the Exchange Notes. 
 “Indenture” has the meaning specified in the Recitals hereof. 

“Independent Investment Banker” has the meaning specified in Section 1.09. 

“Initial Notes” has the meaning specified in Section 1.01. 

“Interest Payment Date” means June 15, and December 15 of each year, commencing on December 15, 2021. 

“Investment Grade” has the meaning specified in Section 1.10(j). 

“Investors” has the meaning specified in Section 1.10(j). 

“Non-U.S. Person” mean a Person who fails to qualify as a U.S. Person, as such term
is defined in Rule 902 
 promulgated by the Commission under the Securities Act. 

“Notes” has the meaning specified in Section 1.01. 

“Original Indenture” has the meaning specified in the Recitals hereof. 

“Par Call Date” has the meaning specified in Section 1.09. 

“Permitted Holders” has the meaning specified in Section 1.10(j). 

  
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 “Purchase Date” has the meaning specified in Section 1.10(a). 

“QIB” means Qualified Institutional Buyer as defined in Rule 144A. 

“Rating Agency” has the meaning specified in Section 1.10(j). 

“Ratings Event” has the meaning specified in Section 1.10(j). 

“Reference Treasury Dealer” has the meaning specified in Section 1.09. 

“Reference Treasury Dealer Quotation” has the meaning specified in Section 1.09. 

“Registration Rights Agreement” means the Registration Rights Agreement dated as of June 14, 2021 among the Company and
the Initial Purchasers named therein, or any other Registration Rights Agreement executed in connection with the issuance of Initial Notes after the date hereof, as the case may be. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Notes” has the meaning specified in Section 1.05(b). 

“Regular Record Date” means, with respect to each Interest Payment Date, the close of business on June 1 or
December 1 immediately preceding such Interest Payment Date. 
 “Rule 144A” means Rule 144A promulgated under the
Securities Act. 
 “Rule 144A Global Note” has the meaning specified in Section 1.05(a). 

“Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement. 

“Sixth Supplemental Indenture” has the meaning specified in the Preamble hereof. 

“Stated Maturity” means June 15, 2028. 

“Treasury Rate” has the meaning specified in Section 1.09. 

“Trustee” has the meaning specified in the Preamble hereof. 

“Voting Stock” has the meaning specified in Section 1.10(j). 

SECTION 1.03 Payment of Principal and Interest. 

(a) The principal of the Notes shall be due at Stated Maturity. The unpaid and outstanding principal amount of the Notes, and any overdue
installment of interest thereon to the extent permitted by law, shall bear interest at the rate of 2.379% per year until paid or made available for payment, such interest to accrue from the most recent Interest Payment Date to which interest has
been paid or duly provided for or, if no interest has been paid, from the date hereof. Interest and Additional Interest, if any, shall be paid semi-annually in arrears on each Interest Payment Date, commencing on December 15, 2021, to the
Person in whose name the Notes are registered on the Regular Record Date for such Interest Payment Date; provided that interest payable at the Stated Maturity of principal or on a Redemption Date as provided herein will be paid to the Person
to whom principal is payable. Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date and may be paid as provided in Section 3.07 of the Original
Indenture. 
 (b) Payments of interest on the Notes will include interest, and Additional Interest, if any, accrued to but excluding the
respective Interest Payment Dates. Interest payments for the Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In the
event that any date on which interest is payable on the Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in
respect of any such delay). 

  
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 (c) Payment of the principal, premium, if any, and interest and Additional Interest, if any,
due at the Stated Maturity of, or on a Redemption Date for, the Notes shall be made upon surrender of the Notes at the Corporate Trust Office. The principal of and interest on the Notes shall be paid in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company,
(i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be
designated in writing to the Trustee at least fifteen (15) days prior to the date for payment by the Person entitled thereto. 

SECTION 1.04 Denominations. The Notes will be issued only in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. 
 SECTION 1.05 Form of Notes. 

(a) Notes initially offered and sold to QIBs in reliance on Rule 144A shall be issued in the form of one or more Global Notes in definitive,
fully registered form, without interest coupons, substantially in the form of Exhibit A hereto (referred to collectively as the “Rule 144A Global Note”). The Rule 144A Global Note shall be deposited on the date of the closing of the
sale of the Notes with, or on behalf of, the Depositary and registered in the name of Cede & Co., as nominee of the Depositary. Interests in the Rule 144A Global Note shall be available for purchase only by QIBs. 

(b) Notes offered and sold in offshore transactions to Non-U.S. Persons in reliance on Regulation S
shall initially be issued in the form of one or more Global Notes in definitive, fully registered form, without interest coupons, substantially in the form of Exhibit A hereto (referred to collectively as the “Regulation S Global
Note”). Through and including the 40th day after the later of the commencement of the offering of the Notes and the original issue date of the Notes (such period through and including such 40th day, the “Distribution Compliance
Period”), beneficial interests in the Regulation S Global Notes may be held only through Euroclear and Clearstream (as indirect participants in the Depositary), unless transferred to a person that takes delivery through a Rule 144A Global Note
in accordance with the certification requirements provided by Section 1.06. Beneficial interests in the Rule 144A Global Notes may not be exchanged for beneficial interests in the Regulation S Global Notes at any time except in the limited
circumstances described below. 
 (c) Except as otherwise provided herein, the Rule 144A Global Note and the Regulation S Global Note may be
transferred, in whole and not in part, solely to another nominee of the Depositary or to a successor of the Depositary or its nominee. Owners of beneficial interests in the Global Notes will not be considered the Holders thereof for any purpose
under the Indenture, and beneficial interests in the Global Notes may not be exchanged for notes in physical, certificated form except in the limited circumstances described in Section 1.06. The rights of Holders of such Global Note shall be
exercised only through the Depositary. 
 Any beneficial interest in a Global Note that is transferred to a Person who takes delivery in the
form of an interest in another Global Note will, upon transfer, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions, if any, and other
procedures applicable to beneficial interests in such other Global Note for so long as it remains such an interest. 
 A Global Note shall
be exchangeable for Notes registered in the names of Persons other than the Depositary or its nominee only in accordance with Section 2.03 of the Original Indenture. Any Global Note that is exchangeable pursuant to the preceding sentence shall
be exchangeable for Notes registered in such names as the Depositary shall direct and Notes issued in exchange for Rule 144A Global Notes and Regulation S Global Notes pursuant to the preceding sentence will bear, and be subject to, the legends
relating to restrictions on transfer required by Section 1.07. 

  
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 SECTION 1.06 Transfer and Exchange. 

(a) Transfer Restrictions. The Initial Notes, and those Exchange Notes with respect to which any Person described in Sections
1.07(c)(i), (ii) or (iii) is the beneficial owner, may not be transferred except in compliance with the applicable legends contained in Exhibit A unless otherwise determined by the Company in accordance with applicable law. 

No service charge will be made for any transfer or exchange of Notes, but the Trustee may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection therewith. 
 The Company shall not be required (i) to issue, transfer
or exchange any Notes during a period beginning at the opening of business fifteen (15) days before the day of the mailing of a notice identifying the Notes to be called for redemption, and ending at the close of business on the day of the
mailing, or (ii) to transfer or exchange any Notes theretofore selected for redemption in whole or in part, except the unredeemed portion of any Note redeemed in part. 

(b) Transfers under Regulation S Global Note. 

(i) Prior to the expiration of the Distribution Compliance Period, a transfer of a beneficial interest in the Rule 144A Global
Note to a transferee who takes delivery of such interest through the Regulation S Global Note shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Exhibit C hereto from the proposed
transferee and, if requested by the Company or the Trustee, the delivery of an opinion of counsel, certifications and/or other information satisfactory to each of them. After the expiration of the Distribution Compliance Period, interests in the
Regulation S Global Note may be transferred without requiring the certification set forth in Exhibit C hereto or any additional certification. 

(ii) Prior to or on the expiration of the Distribution Compliance Period, beneficial interests in a Regulation S Global Note
may only be held through Euroclear or Clearstream or another agent member of Euroclear and Clearstream acting for and on behalf of them, unless exchanged for interests in a Rule 144A Global Note in accordance with the certification requirements
hereof. During the Distribution Compliance Period, interests in a Regulation S Global Note, if any, may be exchanged for interests in the Rule 144A Global Note only in accordance with the certification requirements described in this
Section 1.06. 
 (iii) As used in the preceding two paragraphs of this Section 1.06(b), the term
“transfer” encompasses any sale, transfer or other disposition of any Notes referred to herein except for transfers from any Holder to an Affiliate of such Holder; provided that such transferring Holder shall deliver a letter to the
Trustee stating that the transferee is an Affiliate of such Holder. The Trustee shall be entitled to conclusively rely on and be fully protected in its reliance on such letter. 

(c) Transfers of Regulation S Global Note to Rule 144A Global Note. Prior to the expiration of the Distribution Compliance Period, a
transfer of a beneficial interest in the Regulation S Global Note to a transferee who takes delivery of such interest through the Rule 144A Global Note shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form
set forth in Exhibit D hereto from the proposed transferor and, if requested by the Company or the Trustee, the delivery of an opinion of counsel, certifications and/or other information satisfactory to each of them. 

(d) Exchange of Initial Notes for Exchange Notes. The Initial Notes may be exchanged for Exchange Notes pursuant to the terms of the
Exchange Offer. The Trustee shall make the exchange as follows: 
 The Company shall present the Trustee with an Officer’s Certificate
certifying the following: 
 (i) upon issuance of the Exchange Notes, the transactions contemplated by the Exchange Offer have been
consummated; and 

  
 5 

 (ii) the principal amount of Initial Notes properly tendered in the Exchange Offer that are
represented by a Global Note or by Global Notes and the principal amount of Initial Notes properly tendered in the Exchange Offer that are represented by individual Notes, the name of each Holder of such individual Initial Notes, the principal
amount properly tendered in the Exchange Offer by each such Holder and the name and address to which individual Exchange Notes shall be registered and sent for each such Holder. 

The Trustee, upon receipt of (i) such Officer’s Certificate, (ii) an Opinion of Counsel addressed to the Trustee of the Notes
to the effect that the Exchange Notes have been registered under Section 5 of the Securities Act, and the Indenture has been qualified under the Trust Indenture Act and (iii) a Company Order, shall authenticate a Global Note or Global
Notes for Exchange Notes in aggregate principal amount equal to the aggregate principal amount of Initial Notes represented by a Global Note or by Global Notes indicated in such Officer’s Certificate as having been properly tendered. 

If the principal amount of the Global Note or Global Notes for the Exchange Notes is less than the principal amount of the Global Note or
Global Notes for the Initial Notes, the Trustee shall make an endorsement on such Global Note or Global Notes for Initial Notes indicating a reduction in the principal amount represented thereby. 

SECTION 1.07 Legends. 

(a) Except as permitted by Sections 1.07(b) and (c), or as otherwise determined by the Company in accordance with applicable law, each Note
shall bear the applicable legends relating to restrictions on transfer pursuant to the securities laws in substantially the form set forth on Exhibit A hereto. 

(b) After a transfer of any Initial Notes during the period of the effectiveness of a Shelf Registration Statement with respect to such
Initial Notes, all requirements pursuant to Section 1.07(a) pertaining to restrictive legends on such Initial Notes shall cease to apply. 

(c) The Company shall issue, and the Trustee shall authenticate upon a Company Order, Exchange Notes in exchange for Initial Notes accepted
for exchange in the Exchange Offer, which Exchange Notes shall not bear the legends required by Section 1.07(a), in each case unless the Holder of such Initial Notes is either (i) a broker-dealer who purchased such Initial Notes directly
from the Company for resale pursuant to Rule 144A or any other available exemption under the Securities Act, (ii) a Person participating in the distribution of the Initial Notes or (iii) a Person who is an affiliate (as defined in Rule 144
under the Securities Act) of the Company. 
 SECTION 1.08 Defeasance. The provisions of Article Six of the Original Indenture shall
apply to the Notes. 
 SECTION 1.09 Redemption at the Option of the Company. 

(a) At any time prior to April 15, 2028 (which is the date that is two months prior to the Stated Maturity (the “Par Call
Date”)), the Notes shall be redeemable, at the sole 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 the aggregate principal amount of the Notes to be
redeemed that would be due if the Notes matured on the Par Call Date and (ii) an amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest, and Additional Interest, if any, on the Notes to
be redeemed, not including any portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 20 basis points, plus, in the case of each of (i) and (ii), accrued and unpaid interest on the principal amount of the Notes to be redeemed to, but excluding, such
Redemption Date. 
 (b) At any time on or after the Par Call Date, the Notes shall be redeemable, at the sole option of the Company, in
whole at any time or in part from time to time, at 100% of the principal amount being redeemed plus accrued and unpaid interest on the principal amount of the Notes to be redeemed to, but excluding, such Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date), that would be used, 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 Notes. 

  
 6 

 “Comparable Treasury Price” means, with respect to any Redemption Date
(a) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if fewer than four of such Reference Treasury Dealer
Quotations, the average of all such Referenced Treasury Dealer Quotations as determined by the Company. 
 “Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means
each of (a) BofA Securities, Inc., Bank of Nova Scotia, New York Agency, an affiliate of Scotia Capital (USA) Inc., and a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) designated by U.S.
Bancorp Investments, Inc., or their respective affiliates or successors, each of which is a Primary Treasury Dealer, and (b) two other Primary Treasury Dealers selected by the Company; provided, however, that if any of the foregoing or their
affiliates or successors shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at or before 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to
maturity 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. 

(c) The Company shall notify the Trustee in writing of the Redemption Price with respect to the foregoing redemption promptly after the
calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price or confirming the accuracy thereof. Notwithstanding Section 4.04 of the Original Indenture, such notice need not set forth the Redemption Price but
only the manner of calculation thereof. 
 SECTION 1.10 Change of Control. 

(a) In the event of any Change of Control Repurchase Event (the effective date of such Change of Control Repurchase Event being the
“Change of Control Date”) each Holder of the Notes will have the right, at such Holder’s option, subject to the terms and conditions herein, to require the Company to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess thereof) of such Holder’s Notes (a “Change of Control Offer”) on a date selected by the Company that is no earlier than sixty (60) days nor later than ninety (90) days (the “Purchase
Date”) after the sending of written notice by the Company of the occurrence of such Change of Control Repurchase Event, at a repurchase price payable in cash equal to 101% of the principal amount of such Notes plus accrued interest, if any,
and Additional Interest, if any, thereon to the Purchase Date (the “Change of Control Purchase Price”). 
 (b) Within
thirty (30) days after the Change of Control Date, the Company shall send to each Holder of a Note a notice regarding the Change of Control Repurchase Event, which notice shall state: 

(i) that a Change of Control Repurchase Event has occurred and that each such Holder has the right to require the Company to
repurchase all or any part of such Holder’s Notes at the Change of Control Purchase Price; 
 (ii) the Change of Control
Purchase Price; 
 (iii) the Purchase Date; 

(iv) that any Note not tendered will continue to accrue interest; 

  
 7 

 (v) that, unless the Company defaults in the payment of the Change of
Control Purchase Price, all Notes accepted for payment pursuant to the Change of Control Repurchase Event will cease to accrue interest after the Purchase Date; 

(vi) that Holders electing to have any Notes purchased pursuant to a Change of Control Repurchase Event shall be required to
surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day
preceding the Purchase Date; provided Notes held in book entry form shall comply with the Applicable Procedures of DTC. 

(vii) the procedures to withdraw a Holder’s election to have any Notes repurchased pursuant to the Change of Control
Repurchase Event; and 
 (viii) that Holders whose Notes are being purchased only in part will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess of $2,000. 

(c) To exercise its right to have any Notes repurchased pursuant to a Change of Control Repurchase Event, a Holder must deliver a written
notice (the “Change of Control Purchase Notice”) to the Paying Agent at the Corporate Trust Office or any other office of the Paying Agent maintained for such purposes, not later than thirty (30) days prior to the Purchase Date.
Notes held in book entry form shall comply with the Applicable Procedures of DTC. The Change of Control Purchase Notice shall state: 

(i) the portion of the principal amount of any Notes to be repurchased, which shall be a minimum of $2,000 and in integral
multiples of $1,000 in excess thereof; 
 (ii) that such Notes are to be repurchased by the Company pursuant to this
Section 1.10; and 
 (iii) unless the Notes are represented by one or more Global Notes, the certificate numbers of the
Notes to be repurchased. 
 (d) The Paying Agent shall promptly send to each Holder of Notes properly tendered the Change of Control
Purchase Price for such Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any;
provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000. The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Purchase Date. 

(e) Any Change of Control Purchase Notice may be withdrawn by a Holder by a written notice of withdrawal delivered to the Paying Agent not
later than three (3) Business Days prior to the Purchase Date or for book-entry notes, in accordance with the Depositary’s procedures. The notice of withdrawal shall state the principal amount and, if applicable, the certificate numbers of
the Notes as to which the withdrawal notice relates and the principal amount, if any, that remains subject to a Change of Control Purchase Notice. 

(f) If the Paying Agent holds money sufficient to pay the Change of Control Purchase Price of a Note on the Business Day following the
Purchase Date for such Note, then, on and after such date, interest on such Note will cease to accrue, whether or not such Note is delivered to the Paying Agent, and all other rights of the Holder of such Note shall terminate (other than the right
to receive the Change of Control Purchase Price upon delivery of such Note). 
 (g) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change in
Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 1.10, the Company shall comply with the applicable securities laws and regulations and shall not be
deemed to have breached its obligations under this Section 1.10 by virtue of such compliance. 
 (h) Notwithstanding anything to the
contrary in this Section 1.10, the Company shall not be required to make Change of Control Offer upon a Change of Control Repurchase Event if (i) a third party makes a Change of Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth herein applicable to a Change of Control Offer made by the Company and purchases all notes properly tendered and not withdrawn under the Change of Control Offer, or (ii) notice of redemption has been
given pursuant to Section 1.09 unless and until there is a default in payment of the applicable Redemption Price. 

  
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 (i) Notwithstanding anything to the contrary in this Section 1.10, no Note may be
repurchased by the Company as a result of a Change of Control Repurchase Event if there shall have occurred and be continuing an Event of Default (other than a default in the payment of the Change of Control Purchase Price with respect to the
Notes). 
 (j) The following terms shall have the following meanings in this Section 1.10: 

“Change of Control” means the occurrence of any of the following events: 

(i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act or any
successor provisions to either of the foregoing), other than the Permitted Holders, becomes the “beneficial owners” (as used in Rules 13d-3 and 13d-5 under the
Exchange Act, except that a person or group will be deemed to have “beneficial ownership” of all shares that any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of
time), directly or indirectly, of a majority of the total voting power of the Voting Stock of the Company, whether as a result of the issuance of securities of the Company, any merger, consolidation, liquidation or dissolution of the Company or
otherwise; 
 (ii) the sale, transfer, assignment, lease, conveyance or other disposition, directly or indirectly, of all or
substantially all the assets of the Company and its subsidiaries, considered as a whole (other than a disposition of such assets as an entirety or virtually as an entirety to a wholly-owned subsidiary) to any person other than the Permitted Holders
shall have occurred, or the Company merges, consolidates or amalgamates with or into any other person or any other person merges, consolidates or amalgamates with or into the Company, in any such event pursuant to a transaction in which the
outstanding Voting Stock of the Company is reclassified into or exchanged for cash, securities or other property, other than any such transaction where (x) the outstanding Voting Stock of the Company is reclassified into or exchanged for other
Voting Stock of the Company or for Voting Stock of the surviving corporation and (y) the holders of the Voting Stock of the Company immediately prior to such transaction own, directly or indirectly, a majority of the Voting Stock of the Company or
the surviving corporation immediately after such transaction; 
 (iii) during any period, individuals who at the beginning of
such period constituted the Board of Directors (for so long as the Amended and Restated Bylaws of the Company, dated February 6, 2009 (as amended from time to time, the “Bylaws”) are in effect, together with any replacement or
new directors appointed to such Board of Directors in accordance with the terms of the Bylaws, and to the extent the terms of the Bylaws are no longer in effect, together with any new directors whose election or appointment by such Board of
Directors or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for
election was previously so approved) cease for any reason to constitute a majority of the Board of Directors then in office; or 

(iv) the Company’s shareholders shall have approved any plan of liquidation or dissolution of the Company. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Ratings Event. 

“Investment Grade” means BBB- or higher by Standard & Poor’s and Baa3
or higher by Moody’s, or the equivalent of such ratings by Standard & Poor’s or Moody’s or, if either Standard & Poor’s or Moody’s shall not make a rating on the Notes publicly available, another Rating
Agency. 
 “Investors” means (i) the Ontario Municipal Employees Retirement System, (ii) PGGM Vermogensbeheer,
(iii) the Canada Pension Plan Investment Board, (iv) the British Columbia Investment Management Corporation, (v) the Alberta Investment Management Corporation and (vi) each of their respective Affiliates (not including, however,
any portfolio companies of any of the Investors). For purposes of the preceding sentence, the term “portfolio companies” does not include, without limitation, (i) any investment fund or investment vehicle managed or co-managed by any Investor or by any of such investment funds’ or investment vehicles’ Affiliates or (ii) any direct or indirect non-operating subsidiary of any
Investor. 

  
 9 

 “Permitted Holders” means each of the Investors and members of management
of the Company (or its direct or indirect parent) who are holders of Voting Stock of the Company (or any of its direct or indirect parent companies) on the issue date of the Notes and any “group” (as such term is used in Section 13(d)
and 14(d) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that, in the case of such group and without giving effect to the existence of such group or any other group, such Investors and
members of management, collectively, have beneficial ownership of a majority of the total voting power of the Voting Stock of the Company. 

“Rating Agency” means each of Standard & Poor’s and Moody’s or, if Standard & Poor’s or
Moody’s or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating organization or organizations, as the case may be, selected by the Company (as certified by a resolution of the Board of
Directors), which shall be substituted for Standard & Poor’s or Moody’s, or both, as the case may be. 
 “Ratings
Event” means a decrease in the ratings of the Notes by one or more gradations (including gradations within categories as well as between rating categories) by each of the Rating Agencies on any date from the date of the public notice of an
arrangement that could result in a Change of Control until the end of the 30-day period following public notice of the occurrence of the Change of Control (which 30-day
period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies and the other Rating Agency has either downgraded, or publicly announced that it is
considering downgrading, the Notes). Notwithstanding the foregoing, if the rating of the Notes by each of the Rating Agencies is Investment Grade, then “Ratings Event” means a decrease in the ratings of the Notes by one or more
gradations (including gradations within categories as well as between rating categories) by each of the Rating Agencies such that the rating of the Notes by each of the Rating Agencies falls below Investment Grade on any date from the date of the
public notice of an arrangement that could result in a Change of Control until the end of the 30-day period following public notice of the occurrence of the Change of Control (which 30-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies and the other Rating Agency has either downgraded,
or publicly announced that it is considering downgrading, the Notes). 
 “Voting Stock” means securities of any class or
classes the holders of which are ordinarily, in the absence of contingencies, entitled to vote for corporate directors (or persons performing similar functions). 

Section 1.11 Rule 144A Reporting Requirement. Upon request therefor, the Company shall provide to prospective Holders of the
Initial Notes, all information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as any Note that remains Outstanding is a “restricted security” with the meaning of Rule 144(a)(3) under the Securities
Act. Delivery of reports, information and documents to the Trustee is for informational purposes only and its receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including our compliance with any of our covenants under the Original Indenture or the Initial Notes (as to which the Trustee is entitled to rely exclusively on officers’ certificates). The Trustee shall not be obligated to
monitor or confirm, on a continuing basis or otherwise, Company’s compliance with the covenants or with respect to any reports or other documents filed with the SEC or EDGAR or any website under the indenture, or participate in any conference
calls. 
 Section 1.12 Trustee’s Responsibilities. The Trustee assumes no responsibility for the accuracy or completeness
of the information concerning the Company or its affiliates or any other party contained in this document or for any failure by the Company or any other party to disclose events that may have occurred and may affect the significance or accuracy of
such information. Neither the Trustee nor any Paying Agent shall be responsible for determining whether any asset disposition has occurred and whether any asset sale offer with respect to the Notes is required. Neither the Trustee nor any Paying
Agent shall be responsible for determining whether any change of control has occurred and whether any change of control offer with respect to the Notes is required. Neither the Trustee nor any Paying Agent shall be responsible for monitoring our
credit rating status, making any request upon any rating agency or determining whether any rating event with respect to the Notes has occurred. 

  
 10 

 ARTICLE II 

AMENDMENTS TO THE ORIGINAL INDENTURE 

SECTION 2.01 Section 5.03(e) of the Original Indenture is hereby deleted and replaced in its entirety with the following language: 

“Subject to applicable escheatment laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of and premium, if any, or interest, if any, on any Security and remaining unclaimed for two years after such principal and premium, if any, or interest, if any, has become due and payable shall be paid to the
Company on Company Request, or, if then held by the Company, shall be discharged from such trust; and, upon such payment or discharge, the Holder of such Security shall, as an unsecured general creditor and not as the Holder of an Outstanding
Security, look only to the Company for payment of the amount so due and payable and remaining unpaid, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease. 
 SECTION 2.02 Section 1.06(a) of the Original Indenture is hereby deleted and replaced in its entirety with the following
language: 
 “Except as otherwise expressly provided herein, where this Indenture provides for notice to Holders of any event, such
notice shall be sufficiently given, and shall be deemed given, to Holders if in writing and mailed, first-class postage prepaid, or send by electronic mail to each Holder affected by such event, at the address of such Holder as it appears in the
Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. 

SECTION 2.03 Section 4.03(a) of the Original Indenture is hereby deleted and replaced in its entirety with the following language: 

“If less than all the Securities of any series, or any Tranche thereof, are to be redeemed, the particular Securities to be redeemed shall
be selected by the Security Registrar from the Outstanding Securities of such series or Tranche not previously called for redemption, by lot or by such method as the Trustee shall deem fair and appropriate, and in accordance with the
Depositary’s applicable procedures, and which may, in any case, provide for the selection for redemption of portions (in any authorized denomination for Securities of such series or Tranche) of the principal amount of Securities of such series
or Tranche having a denomination larger than the minimum authorized denomination for Securities of such series or Tranche; provided, however, that if, as indicated in an Officer’s Certificate, the Company shall have offered to purchase all or
any principal amount of the Securities then Outstanding of any series, or any Tranche thereof, and less than all of such Securities as to which such offer was made shall have been tendered to the Company for such purchase, the Trustee, if so
directed by Company Order, shall select for redemption all or any principal amount of such Securities which have not been so tendered.” 

SECTION 2.04 Section 4.03(c) of the Original Indenture is hereby modified by adding the following language after the last sentence: 

“The Company shall provide written notice to the Trustee prior to the close of business two Business Days prior to the Redemption Date if
any such redemption has been rescinded or delayed, and promptly following receipt the Trustee shall provide such notice to the Holders in the same manner in which the notice of redemption was given.” 

  
 11 

 SECTION 2.05 Section 5.08(a) of the Original Indenture is hereby deleted and replaced in its
entirety with the following language: 
 “At all times whether or not the Company is subject to the reporting requirements of Sections
13 or 15(d) of the Exchange Act the Company shall furnish to the Trustee and the Holders of the Securities or cause the Trustee to furnish to the Holders of the Securities, so long as any series of Securities is outstanding: 

(i) within ninety (90) days of the end of each fiscal year and within sixty (60) days of the end of each fiscal quarter, all annual
and quarterly reports that would be required to be filed with the Commission on Forms IO-K and IO-Q if the Company were required to file such reports; and 

(ii) within the time periods specified in the Commission’s rules and regulations that would be applicable if the Company were subject to
such rules and regulations, all current reports that would be required to be filed with the Commission on Form 8-K if the Company were required to file such reports.” 

Delivery of reports, information and documents to the Trustee is for informational purposes only and its receipt of such reports shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of the Company’s covenants under the Original Indenture or the Initial
Notes (as to which the Trustee is entitled to rely exclusively on officers’ certificates). 
 SECTION 2.06 11.02(d) of the Original
Indenture is hereby deleted and replaced in its entirety with the following language: 
 “Anything in this Indenture to the contrary
notwithstanding, if the Officer’s Certificate, supplemental indenture or Board Resolution, as the case may be, establishing the Securities of any series or Tranche shall so provide, (i) the Holders of such Securities shall be deemed to
have consented to such supplemental indenture or other document containing the additions, changes or eliminations to or from the Indenture which shall be specified in such Officer’s Certificate, supplemental indenture or Board Resolution
establishing such series or Tranche and (ii) no Act of such Holders shall be required to evidence such consent.” 
 SECTION 2.07
7.07(c) of the Original Indenture is hereby deleted and replaced in its entirety with the following language: 
 “such Holder or Holders
shall have offered to the Trustee indemnity satisfactory to it against the costs, losses expenses and liabilities to be incurred in compliance with such request;” 

ARTICLE III 

MISCELLANEOUS PROVISIONS 

Section 3.01 Recitals by the Company. The recitals in this Sixth Supplemental Indenture are made by the Company only and not by
the Trustee, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Sixth Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the
use or application by the Company of the Notes or the proceeds thereof. All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of
the Notes and of this Sixth Supplemental Indenture as fully and with like effect as if set forth herein in full. 
 Section 3.02
Ratification and Incorporation of Original Indenture. As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Sixth Supplemental Indenture shall be read, taken and
construed as one and the same instrument. 
 Section 3.03 Executed in Counterparts. This Sixth Supplemental Indenture may be
simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall 

  
 12 

 
together constitute but one and the same instrument. This Supplemental Indenture or to any document delivered in connection with this Supplemental Indenture shall be valid, binding, and
enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state
enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the [Uniform Commercial Code/UCC] (collectively, “Signature Law”); (ii) an original manual
signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an
original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no
duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due
to the character or intended character of the writings. 
 Section 3.04 New York Law to Govern. This Sixth Supplemental
Indenture and each Note shall be governed by and construed in accordance with the laws of the State of New York. 
 Section 3.05
Valid and Binding Obligation. This Sixth Supplemental Indenture, upon execution and delivery by the parties hereto, constitutes a valid and binding obligation of the Company or the Trustee, as applicable, enforceable against the Company or
the Trustee, as applicable, in accordance with its terms, except to the extent the enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting enforcement of creditors’ rights
generally and except as enforcement thereof is subject to general principles of equity and except as rights to indemnification may be limited by applicable law. 

[Signature page immediately follows] 

  
 13 

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

			
	PUGET ENERGY, INC.
	As Issuer

 
			
		
	By:	 	 /s/ Cara Peterman

 
			
	Name:	 	Cara Peterman
	Title:	 	Director, Corporate Treasurer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	As Trustee

 
			
		
	By:	 	 /s/ Maddy Hughes

 
			
	Name:	 	Maddy Hughes
	Title:	 	Vice President

  
 [Signature Page to
Sixth Supplemental Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 [INCLUDE IF NOTE IS A
GLOBAL NOTE: UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO PUGET ENERGY, INC. (THE “COMPANY”) OR ITS AGENT FOR 

REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE IN WHOLE SHALL BE LIMITED
TO TRANSFERS TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY AND TRANSFERS OF THIS GLOBAL NOTE IN PART SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS GLOBAL NOTE SHALL BE EXCHANGEABLE
FOR NOTES REGISTERED IN THE NAMES OF PERSONS OTHER THAN DTC OR ITS NOMINEE ONLY IF (I) DTC NOTIFIES THE COMPANY THAT IT IS UNWILLING OR UNABLE TO CONTINUE AS A DEPOSITARY FOR SUCH GLOBAL NOTE, OR IF AT ANY TIME DTC CEASES TO BE A CLEARING
AGENCY REGISTERED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AT A TIME WHEN DTC IS REQUIRED TO BE SO REGISTERED TO ACT AS SUCH DEPOSITARY AND, IN EACH CASE, NO SUCCESSOR DEPOSITARY SHALL HAVE BEEN APPOINTED BY THE COMPANY WITHIN 90 DAYS
OF SUCH NOTICE, (II) THE COMPANY IN ITS SOLE DISCRETION DETERMINES THAT SUCH GLOBAL NOTE SHALL BE SO EXCHANGEABLE, OR (III) THERE SHALL HAVE OCCURRED AN EVENT OF DEFAULT WITH RESPECT TO THE NOTES. ANY GLOBAL NOTE THAT IS EXCHANGEABLE
PURSUANT TO THE PRECEDING SENTENCE SHALL BE EXCHANGEABLE FOR NOTES REGISTERED IN SUCH NAMES AS THE DEPOSITARY SHALL DIRECT AND NOTES ISSUED IN EXCHANGE FOR RULE 144A GLOBAL NOTES AND REGULATION S GLOBAL NOTES PURSUANT TO THE PRECEDING SENTENCE,
SHALL BEAR, AND BE SUBJECT TO, THE LEGENDS RELATING TO RESTRICTIONS ON TRANSFER REQUIRED BY THE INDENTURE RELATING HERETO.] 
 [INCLUDE IF THIS NOTE IS A
REGULATION S GLOBAL NOTE: THE NOTES COVERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED AND SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, U.S. PERSONS (i) AS PART OF THEIR DISTRIBUTION AT ANY TIME OR (ii) OTHERWISE UNTIL 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THE NOTES AND THE ORIGINAL ISSUE DATE, EXCEPT IN EITHER CASE IN
ACCORDANCE WITH REGULATION S (OR RULE 144A IF AVAILABLE) UNDER THE SECURITIES ACT. TERMS USED ABOVE HAVE THE MEANING GIVEN TO THEM BY REGULATION S.] 
 THE
NOTES (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE NOTES EVIDENCED HEREBY MAY
NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE NOTES EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE NOTES EVIDENCED HEREBY AGREES FOR THE BENEFIT OF PUGET ENERGY, INC. (THE “COMPANY”) THAT (A) IT WILL NOT WITHIN SIX MONTHS AFTER THE
ORIGINAL ISSUANCE OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) RESELL OR OTHERWISE TRANSFER THIS SECURITY, EXCEPT TO THE COMPANY OR ANY SUBSIDIARY 

  
 A-1 

 
THEREOF, (B) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE
UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (C) THE HOLDER WILL, AND EACH SUBSEQUENT
HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE NOTE EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (B) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE NOTE
EVIDENCED HEREBY. 
 BECAUSE OF THE FOREGOING RESTRICTIONS, PURCHASERS ARE ADVISED TO CONSULT LEGAL COUNSEL PRIOR TO MAKING ANY RESALE, PLEDGE OR
TRANSFER OF ANY OF THE NOTES. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 

  
 A-2 

 CUSIP:
[                    ] 
 ISIN:
[                    ] 
 PUGET ENERGY,
INC. 
 2.379% Senior Secured Note due 2028 
  

			
	Principal Amount:	  	$[            ] or such other principal sum set forth in the Schedule of Exchanges of Interests attached hereto
		
	Regular Record Date:	  	June 1 or December 1 immediately preceding the applicable Interest
		
	Payment Date Original Issue Date:	  	June 14, 2021
		
	Stated Maturity:	  	June 15, 2028
		
	Interest Payment Dates:	  	June 15 and December 15, beginning on December 15, 2021
		
	Interest Rate:	  	2.379% per annum
		
	Authorized Denominations:	  	$2,000 or any integral multiple of $1,000 in excess thereof

  

			
	No. [                    ]	  	$[            ]

 Puget Energy, Inc., a Washington corporation (the “Company,” which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to [                    
                    ], or registered assigns, the principal sum of
[                    ] DOLLARS ($[            ]) or such other principal sum as shall be
set forth in the Schedule of Exchanges of Interests attached hereto on the Stated Maturity shown above (or upon earlier redemption), and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date as specified above, commencing on the Interest Payment Date next succeeding the Original Issue Date shown above and on the Stated Maturity
(or upon earlier redemption) at the rate per annum shown above until the principal hereof is paid or made available for payment and on any overdue principal and on any overdue installment of interest. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity or on a Redemption Date) will, as provided in such Indenture, be paid to the Person in whose name this Note (this “Note”) is
registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date; provided that any interest payable at Stated Maturity or on any Redemption Date will be paid to the Person to whom
principal is payable. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 15 days prior
to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes of this series shall be listed, and upon such notice as may be required by
any such exchange, all as more fully provided in the Indenture. 
 Payments of interest on this Note will include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for this Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In
the event that any date on which interest is payable on this Note is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in
respect of any such delay). A “Business Day” shall mean any day other than a Saturday or a Sunday or a day on which banks in Minneapolis, Minnesota are authorized or obligated by law or executive order to remain closed or a day on which
the Trustee’s Corporate Trust Office is closed for business. 

  
 A-3 

 Payment of the principal, premium, if any, and interest due at the Stated Maturity or
earlier redemption of this Note shall be made upon surrender of this Note at the Corporate Trust Office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as
such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for
payment by the Person entitled thereto. 
 The unpaid principal amount of this Note shall bear interest at the rate per annum set forth
above. 
 The Company has entered into a Registration Rights Agreement dated as of June 14, 2021 with the 

Initial Purchasers described therein (the “Registration Rights Agreement”). Holders of the Initial 

Notes shall have all the 
 rights set forth in
the Registration Rights Agreement. 
 From and after the date on which a Registration Default (as defined in the Registration Rights
Agreement) occurs, the interest rate payable on this Note shall increase (in addition to the interest rate set forth above) and additional interest reflecting such increase shall accrue with respect to this Note, as described in the Registration
Rights Agreement, until but not including the date on which all such Registration Defaults shall be cured and cease to exist (and provided no other Registration Default with respect to this Note shall then be continuing), at the rate of one quarter
of one percent (0.25%) per annum during the 90-day period immediately following the occurrence of any Registration Default and shall increase by one quarter of one percent (0.25%) per annum at the end of each
subsequent 90-day period, but in no event shall such increase exceed one percent (1.00%) per annum, which additional interest shall be payable hereon at the times, in the manner and subject to the same terms
and conditions set forth herein and in the Indenture, as though the interest rate set forth above had been increased by such applicable percentage per annum. 

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

  
 A-4 

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

			
	PUGET ENERGY, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ATTEST:
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture: 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	
		
	By:	 	  

		 	Authorized Signatory

 Dated: 

  
 A-6 

 (Reverse Side of Note) 

This Note is one of a duly authorized issue of Senior Secured Notes of the Company, issued and issuable in one or more series under an
Indenture, dated as of December 6, 2010, as supplemented, including by the Sixth Supplemental Indenture dated as of June 14, 2021 (collectively, the “Indenture”), between the Company and Wells Fargo Bank, National Association, to
which Indenture reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Secured Notes issued thereunder and of the terms upon
which said Senior Secured Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as 2.379% Senior Secured Notes due June 15, 2028 (the “Senior Secured Notes”) in aggregate
principal amount of up to $500,000,000, subject to increase as provided for in the Indenture. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

The Notes are secured obligations of the Company. The Notes are secured by a pledge of Collateral pursuant to the Security Documents referred
to in the Indenture. 
 The Notes are subject to optional redemption, and may be the subject of a Change of Control Offer, as further
described in the Indenture. 
 If an Event of Default with respect to the Notes of this series shall occur and be continuing, the principal
of the Notes of this series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Senior Secured Notes of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of
the Outstanding Senior Secured Notes of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Outstanding Senior Secured Notes of each series, on behalf of the
Holders of all Senior Secured Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Note. Without notice to or the consent of any Holder, the Company and the Trustee may amend the Indenture or the Notes for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision
thereof or hereof, or in any manner that the Company and the Trustee may determine that is not inconsistent with the Indenture and the Notes and will not adversely affect the interests of any Holder. 

The Indenture contains certain covenants, including without limitation, covenants with respect to liens and mergers, consolidations and
certain transfers of assets. The Company must furnish to the Trustee annual statements as to the Company’s compliance with such limitations in accordance with the terms of the Indenture. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and of like tenor and for the same aggregate principal amount, will be
issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary. 

  
 A-7 

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

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

The Trustee will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to Wells Fargo
Bank, National Association, Attention: Corporate Trust Office. 

  
 A-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The initial outstanding principal amount of this Global Note is
$                . The following exchanges of a part of this Global Note for an interest in another Global Note, or exchanges of a part of another Global Note for an
interest in this Global Note, have been made: 
  

																	
	 Date of Exchange
	  	 Amount of decrease

in Principal Amount of this
Global Note
	 	  	
Amount of increase
in Principal
Amount of this
Global
Note
	 	  	
Principal Amount of
this Global Note
following such
decrease or
increase
	 	  	
Signature of authorized
signatory of Trustee
or
Custodian
	 
		  				  				  				  			

  
 A-9 

 EXHIBIT B 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture: 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	
		
	By:	 	  

		 	Authorized Signatory

 Dated: 

  
 B-1 

 EXHIBIT C 

FORM OF RULE 144A NOTE TO REGULATION S NOTE TRANSFER CERTIFICATE 

Wells Fargo Bank, National Association 
 600 South Fourth Street,
7th Floor 
 Minneapolis, MN 55415 
 Attention:
Bondholdercommunications@wellsfargo.com 
 MAC N9300-070 

Re: Puget Energy, Inc. 2.379% Senior Secured Notes due June 15, 2028 (the “Notes”) 

Reference is hereby made to the Indenture dated as of December 6, 2010 between Puget Energy, Inc. and Wells Fargo Bank, National
Association, as Trustee, as supplemented, including by the Sixth Supplemental Indenture dated as of June 14, 2021 (collectively, the “Indenture”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture. 
 This letter relates to
U.S.$                 principal amount of the Notes which are held in the form of the Rule 144A Global Note (CUSIP
No.                ) with the Depositary in the name or for the account of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer or exchange of such beneficial interest for an interest in the Regulation S Global Note (CINS No.                ) to be held with [Euroclear Bank SA/NV, as
operator of the Euroclear System] [Clearstream Banking, S.A.] (Common Code                     ) through the Depositary. 

In connection with such request and in respect of such Notes, the Transferor does hereby certify that such transfer or exchange has been
effected in accordance with the transfer restrictions set forth in the Indenture and the Notes and pursuant to and in accordance with Regulation S under the Securities Act, and accordingly the Transferor does hereby certify: 

(1) the offer of the Notes was not made to a person in the United States or for the account or benefit of a person in the United States (other
than an initial purchase of the Notes), 
 [(2) at the time the buy order was originated, the transferee was outside the United States or
the Transferor and any person acting on its behalf reasonably believed that the transferee was outside the United States,]* 
 [(2) the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged
with a buyer in the United States,]* 
 (3) no directed selling efforts have been made in contravention of the requirements or Rule 903(b)
or 904(b) of Regulation S, as applicable, and 
 (4) the transaction is not part of a plan or scheme to evade the registration requirements
of the Securities Act. 

  
 C-1 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuer. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

			
	Dated:	 	  

 cc: Puget Energy, Inc. 
 *Insert
one of these two provisions, which come from the definition of “offshore transactions” in Regulation S. 
 Signature Guarantee: 

  
 C-2 

 EXHIBIT D 

FORM OF REGULATION S NOTE TO RULE 144A NOTE TRANSFER CERTIFICATE 

Wells Fargo Bank, National Association 
 600 South Fourth Street,
7th Floor 
 Minneapolis, MN 55415 
 Attention:
Bondholdercommunications@wellsfargo.com 
 MAC N9300-070 

Re: Puget Energy, Inc. 2.379% Senior Secured Notes due 2028 (the “Notes”) 

Reference is hereby made to the Indenture dated as of December 6, 2010 between Puget Energy, Inc. and Wells Fargo Bank, National
Association, as Trustee, as supplemented, including by the Sixth Supplemental Indenture dated as of June 14, 2021 (collectively, the “Indenture”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture. 
 This letter relates to
U.S.$                principal amount of the Notes which are held in the form of the Regulation S Global Note (CINS
No.                 ) with the Depositary in the name or for the account of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer or exchange of such beneficial interest for an interest in the Rule 144A Global Note (CUSIP No.                 ). 

The transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act, and, accordingly, the Transferor hereby
further certifies that the beneficial interest is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest for its own account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such transfer is in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest will be subject to the restrictions on
transfer enumerated in the legend printed on the Rule 144A Global Note and in the Indenture and the Securities Act. 

  
 D-1 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuer. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

			
	Dated:	 	  

 cc: Puget Energy, Inc. 

[                    ] 

 

			
	Signature Guarantee:	 	  

  
 D-2EX-4.7

 Exhibit 4.7 

REGISTRATION RIGHTS AGREEMENT 

by and among 
 Puget Energy,
Inc. 
 and 
 BofA
Securities, Inc., 
 Scotia Capital (USA) Inc., 

U.S. Bancorp Investments, Inc., and 

Other Initial Purchasers 

Dated as of June 14, 2021 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of June 14, 2021, by and among Puget Energy,
Inc., a Washington corporation (the “Company”), BofA Securities, Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc. and the other Initial Purchasers named in Schedule A hereto (collectively, the “Initial
Purchasers”), each of whom has agreed to purchase the Company’s 2.379% Senior Secured Notes due 2028 (the “Initial Securities”). 

This Agreement is made pursuant to the Purchase Agreement, dated June 3, 2021 (the “Purchase Agreement”), among the Company and
the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial Securities, including the Initial Purchasers. In order to induce the Initial Purchasers to
purchase the Initial Securities, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in
Section 5(f) of the Purchase Agreement. 
 The parties hereby agree as follows: 

SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings: 

Additional Interest: As defined in Section 5 hereof. 

Advice: As defined in Section 6 hereof. 

Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust companies
located in New York, New York are authorized or obligated to be closed. 
 Closing Date: The date of this Agreement. 

Commission: The Securities and Exchange Commission. 

Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of
(i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such Exchange Offer Registration
Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture
of Exchange Securities in the same aggregate principal amount as the aggregate principal amount of Initial Securities that were tendered by Holders thereof pursuant to the Exchange Offer. 

Effectiveness Target Date: As defined in Section 5 hereof. 

  
 1 

 Exchange Act: The Securities Exchange Act of 1934, as amended. 

Exchange Offer: The registration by the Company under the Securities Act of the Exchange Securities pursuant to a Registration
Statement pursuant to which the Company offers the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders for Exchange Securities in an aggregate
principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders. 

Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus
included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

Exchange Securities: The 2.379% Senior Secured Notes due 2028, of the same series under the Indenture as the Initial Securities, to be
issued to Holders in exchange for Transfer Restricted Securities pursuant to this Agreement. 
 FINRA: Financial Industry Regulatory
Authority, Inc. 
 Holders: As defined in Section 2(b) hereof. 

Indemnified Holder: As defined in Section 8(a) hereof. 

Indenture: The Indenture, dated as of December 6, 2010, by and between the Company and Wells Fargo Bank, N.A., as trustee (the
“Trustee”), as supplemented, including by the Sixth Supplemental Indenture, dated as of June 14, 2021, pursuant to which the Exchange Securities are to be issued, as such Indenture is further amended or supplemented from time to time
in accordance with the terms thereof. 
 Initial Purchaser: As defined in the preamble hereto. 

Initial Placement: The issuance and sale by the Company of the Initial Securities to the Initial Purchasers pursuant to the Purchase
Agreement. 
 Initial Securities: As defined in the preamble hereto. 

Interest Payment Date: As defined in the Indenture and the Initial Securities. 

Person: An individual, partnership, corporation, trust or unincorporated organization, or a government or agency or political
subdivision thereof. 
 Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by any prospectus
supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

Registration Default: As defined in Section 5 hereof. 

  
 2 

 Registration Statement: Any registration statement of the Company relating to
(a) an offering of Exchange Securities pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this
Agreement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

Securities Act: The Securities Act of 1933, as amended. 

Shelf Filing Deadline: As defined in Section 4(a)(x) hereof. 

Shelf Registration Statement: As defined in Section 4(a)(x) hereof. 

Transfer Restricted Securities: Each Initial Security, until the earliest to occur of (a) the date on which such Initial Security
is exchanged in the Exchange Offer for an Exchange Security entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (b) the date on which such Initial Security
has been effectively registered under the Securities Act and disposed of in accordance with a Shelf Registration Statement and (c) the date on which such Initial Security is distributed to the public by a Broker-Dealer pursuant to the
“Plan of Distribution”, or similarly titled section, contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein). 

Trust Indenture Act: The Trust Indenture Act of 1939, as amended. 

Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for
reoffering to the public. 
 SECTION 2. Securities Subject to this Agreement. 

(a) Transfer Restricted Securities. The securities entitled to the benefits of this Agreement are the Transfer Restricted Securities.

 (b) Holders of Transfer Restricted Securities. A Person is deemed to be a holder of Transfer Restricted Securities (each, a
“Holder”) whenever such Person owns Transfer Restricted Securities. 
 SECTION 3. Registered Exchange Offer. 

(a) Unless the Company shall reasonably determine that it is not permitted to file the Exchange Offer Registration Statement or to Consummate
the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy, subject to the requirements set forth in Section 6(a) hereof, the Company shall (i) cause to be filed with the Commission as soon as
practicable after the Closing Date, but in no event later than 120 days after the Closing Date (or if such 120th day is not a Business Day, the next succeeding Business Day), a Registration
Statement under the Securities Act relating to the Exchange Securities and the Exchange Offer, (ii) use its best efforts to cause such Registration Statement to become effective at the earliest possible time, but in no event later than 180 days
after the Closing Date (or if such 

  
 3 

 
180th day is not a Business Day, the next succeeding Business Day), (iii) in connection with the foregoing, file (A) all pre-effective amendments to such Registration Statement as may be necessary in order to cause such Registration Statement to become effective, (B) if applicable, a post-effective amendment to such Registration
Statement pursuant to Rule 430A under the Securities Act and (C) cause all filings in connection with the registration and qualification of the Exchange Securities to be made under the state securities or blue sky laws of such jurisdictions as
are necessary to permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of such Registration Statement, commence the Exchange Offer. The Exchange Offer shall be on the appropriate form permitting registration of the Exchange
Securities to be offered in exchange for the Transfer Restricted Securities and to permit resales of Initial Securities held by Broker-Dealers as contemplated by Section 3(c) hereof. 

(b) The Company shall cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for
a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days after the date
notice of the Exchange Offer is mailed to the Holders. The Company shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than the Exchange Securities shall be included in the Exchange
Offer Registration Statement. The Company shall use its best efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but in no event later than 30
days after such date (or if such 30th day is not a Business Day, the next succeeding Business Day). 
 (c) The Company shall indicate in a
“Plan of Distribution” or similar section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer, who holds Initial Securities that are Transfer Restricted Securities and that were
acquired for its own account as a result of market-making activities or other trading activities (other than Transfer Restricted Securities acquired directly from the Company), may exchange such Initial Securities pursuant to the Exchange Offer;
provided, however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any
resales of the Exchange Securities received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration
Statement. Such “Plan of Distribution” or similar section shall also contain all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such
“Plan of Distribution”, or similarly titled section, shall not name any such Broker-Dealer or disclose the amount of Initial Securities held by any such Broker-Dealer except to the extent required by the Commission as a result of a change
in policy after the date of this Agreement. 
 The Company shall use its best efforts to keep the Exchange Offer Registration Statement
continuously effective, supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities acquired by Broker-Dealers for their own accounts as
a result of market-making activities or other trading activities, and to ensure that the Exchange Offer Registration Statement conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the

  
 4 

 
Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective and
(ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities. 

The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time
during such 180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales. 

SECTION 4. Shelf Registration. 

(a) Shelf Registration. If (i) the Company reasonably determines that it is not permitted to file an Exchange Offer Registration
Statement or to Consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (subject to the requirements of Section 6(a) hereof), (ii) for any other reason the Exchange Offer is not
Consummated within 210 days after the Closing Date (or if such 210th day is not a Business Day, the next succeeding Business Day), or (iii) with respect to any Holder of Transfer Restricted
Securities (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, or (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without
delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Securities acquired
directly from the Company or one of its affiliates, then the Company shall: 
 (x) use its best efforts to prepare and cause
to be filed with the Commission a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”) on
or prior to the earliest to occur of (1) in the case of clause (i) above, the 45th day after the date on which the Company determines that it is not permitted to file the Exchange Offer
Registration Statement, (2) in the case of clause (ii) above, the 210th day after the Closing Date (or if such 210th day is not a
Business Day, the next succeeding Business Day) and (3) in the case of clause (iii) above, the 45th day after the date on which the Company receives notice from such a Holder of Transfer
Restricted Securities (such earliest date being the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales of all Transfer Restricted Securities the Holders of which shall have provided the information
required pursuant to Section 4(b) hereof; and 
 (y) use its best efforts to cause such Shelf Registration Statement to
be declared effective by the Commission on or before the day after the Shelf Filing Deadline (or if such day is not a Business Day, the next succeeding Business Day). 

The Company shall use its best efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required
by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities by the Holders of Transfer Restricted Securities entitled to the benefit of this Section 4(a), and
to ensure that the Shelf Registration Statement conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from 

  
 5 

 
time to time, for a period of at least two years following the effective date of such Shelf Registration Statement (or shorter period that will terminate when all the Initial Securities covered
by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement). 
 (b) Provision by Holders of
Certain Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and
until such Holder furnishes to the Company in writing, within 20 Business Days after receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or
preliminary Prospectus included therein. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not materially misleading. 
 SECTION 5. Additional Interest. If (i) any of the
Registration Statements required by this Agreement is not filed with the Commission on or prior to the date specified for such filing in this Agreement, (ii) any of such Registration Statements has not been declared effective by the Commission
on or prior to the date specified for such effectiveness in this Agreement (the “Effectiveness Target Date”), (iii) the Exchange Offer has not been Consummated by the Company within the time period set forth in this Agreement, or
(iv) any Registration Statement required by this Agreement is filed and declared effective but thereafter the Commission shall have issued a stop order suspending the effectiveness of the Exchange Offer Registration Statement or the Shelf
Registration Statement, as the case may be, or proceedings have been initiated with respect to the Registration Statement under Section 8(d) or 8(e) of the Securities Act (each such event referred to in clauses (i) through (iv), a
“Registration Default”), the Company hereby agrees that the interest rate borne by the Transfer Restricted Securities shall be increased by 0.25% per annum during the 90-day period immediately
following the occurrence of any Registration Default and shall increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event shall such increase exceed 1.00% per annum (as
applicable, the “Additional Interest”). Following the cure of all Registration Defaults relating to any particular Transfer Restricted Securities, the interest rate borne by the relevant Transfer Restricted Securities will be reduced to
the original interest rate borne by such Transfer Restricted Securities; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer
Restricted Securities shall again be increased pursuant to the foregoing provisions. 
 All obligations of the Company set forth in the
preceding paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security shall
have been satisfied in full. 
 SECTION 6. Registration Procedures. 

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company shall comply with all of the provisions
of Section 6(c) hereof, shall use its best efforts 

  
 6 

 
to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and shall comply with all of the
following provisions: 
 (i) If in the reasonable opinion of counsel to the Company there is a question as to whether the
Exchange Offer is permitted by applicable law, the Company hereby agrees to seek a no-action letter or other favorable decision from the Commission allowing the Company to Consummate an Exchange Offer for such
Initial Securities. The Company hereby agrees to pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. The Company hereby
agrees, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has
concluded that such an Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the Commission staff of such submission. 

(ii) As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer
Restricted Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration
Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange
Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its ordinary course of business. In addition, all such Holders of Transfer Restricted Securities shall otherwise cooperate in the Company’s
preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer
(1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings
Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale
transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Company. 

(b) Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company shall comply with all the provisions
of Section 6(c) hereof and shall use its best efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and pursuant
thereto the Company will as expeditiously as possible prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for the sale of the
Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof. 

  
 7 

 (c) General Provisions. In connection with any Registration Statement and any
Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Securities by
Broker-Dealers), the Company shall: 
 (i) use its best efforts to keep such Registration Statement continuously effective
and provide all requisite financial statements for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to
contain a material misstatement or omission or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company shall file promptly an appropriate amendment to such
Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use its best efforts to cause such amendment to be declared effective and such Registration Statement
and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 
 (ii) prepare
and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof,
as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or
supplement to the Prospectus; 
 (iii) advise the underwriter(s), if any, and selling Holders promptly and, if requested by
such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the
same has become effective, (B) of any request by the Commission for amendments to a Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission
of any stop order suspending the effectiveness of a Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any
jurisdiction, or the initiation of any proceeding for any of the preceding purposes or (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in a Registration Statement, Prospectus, any
amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in a Registration 

  
 8 

 
Statement or Prospectus in order to make the statements therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of a Registration Statement,
or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or blue sky laws, the Company shall use
its best efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 
 (iv) furnish via e-mail or other delivery method as determined by the Company without charge to each of the representatives of the Initial Purchasers set forth in Section 12 of the Purchase Agreement, each selling Holder named
in any Registration Statement and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or
Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review and comment of such Holders and underwriter(s) in connection with such sale, if
any, for a period of at least two Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus to which an Initial Purchaser of Transfer
Restricted Securities covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing within two Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy
transmission within such period). The objection of an Initial Purchaser or underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a
material misstatement or omission; 
 (v) upon request, promptly provide copies of any document that is to be incorporated by
reference into a Registration Statement or Prospectus to the Initial Purchasers, each selling Holder named in any Registration Statement and to the underwriter(s), if any, and make the Company’s representatives available for discussion of such
document and other customary due diligence matters, and include such information in such document prior to the filing thereof as such selling Holders or underwriter(s), if any, reasonably may request; 

(vi) make available at reasonable times, for inspection by the Initial Purchasers, the managing underwriter(s), if any,
participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by such Initial Purchasers or any of the underwriter(s) (each, an “Inspector”), all financial and other records, pertinent
corporate documents and properties of the Company and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such
Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the managing underwriter(s), if any; records that
the Company determines, in good faith, to be confidential and which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors (and the Inspectors shall confirm their agreement in writing in advance to

  
 9 

 
the Company if the Company shall so request) unless (x) the disclosure of such records is necessary, in the Inspector’s judgment based upon the advice of counsel, to avoid or correct a
misstatement or omission in such Registration Statement, (y) the release of such records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction or (z) the information in such records has been made generally
available to the public; and each Initial Purchaser agrees that it shall, upon learning that disclosure of such records is sought in a court of competent jurisdiction, if legally permitted, give notice to the Company and allow the Company, at the
Company’s expense, to undertake appropriate action to prevent disclosure of the records deemed confidential; 
 (vii) if
requested by any selling Holders or the underwriter(s), if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders or
underwriter(s), if any, may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution”, or similarly titled section, of the Transfer Restricted Securities, information
with respect to the principal amount of Transfer Restricted Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such offering;
and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(viii) furnish to each Initial Purchaser, each selling Holder and each of the underwriter(s), if any, without charge, at least
one copy of any Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, all documents incorporated by reference therein and if requested, all exhibits (including
exhibits incorporated therein by reference); 
 (ix) deliver to each selling Holder and each of the underwriter(s), if any,
without charge, as many copies of the Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Company hereby consents to the use of the Prospectus and any amendment or
supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto; 

(x) in the case of any Shelf Registration Statement, enter into such agreements (including an underwriting agreement), and make
such representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Shelf Registration Statement contemplated by this
Agreement, all to such extent as may be requested by any Initial Purchaser or by any Holder of Transfer Restricted Securities or underwriter in connection with any sale or resale pursuant to any Shelf Registration Statement contemplated by this
Agreement; and whether or not an underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, the Company shall: 

  
 10 

 (A) furnish to each Initial Purchaser, each selling Holder and each
underwriter, if any, in such substance and scope as they may request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the effectiveness of the Shelf Registration Statement: 

(1) a certificate, dated the date of effectiveness of the Shelf Registration Statement, signed by (y) the President or
any Vice President and (z) a principal financial or accounting officer of the Company or Treasurer of the Company, confirming, as of the date thereof, the matters set forth in paragraphs (i), (ii) and (iii) of Section 5(e) of the
Purchase Agreement and such other matters as such parties may reasonably request; 
 (2) an opinion, dated the date of
effectiveness of the Shelf Registration Statement, of counsel for the Company, covering the matters set forth in Section 5(c) of and Exhibit A to the Purchase Agreement and such other matter as such parties may reasonably request, and in any
event including a statement to the effect that such counsel has participated in conferences with officers and other representatives of the Company, representatives of the independent public accountants for the Company, representatives of the
underwriter(s), if any, and counsel to the underwriter(s), if any, in connection with the preparation of such Shelf Registration Statement and the related Prospectus and have considered the matters required to be stated therein and the statements
contained therein, although such counsel has not independently verified the accuracy, completeness or fairness of such statements; and that such counsel advises that, on the basis of the foregoing, nothing has come to such counsel’s attention
that caused such counsel to believe that the applicable Shelf Registration Statement, at the time such Shelf Registration Statement or any post-effective amendment thereto became effective contained an untrue statement of a material fact or omitted
to state a material fact required to be stated herein or necessary to make the statements therein not misleading, and, that the Prospectus contained in such Shelf Registration Statement as of its date contained an untrue statement of a material fact
or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. Without limiting the foregoing, such counsel may state further that such counsel assumes no
responsibility for, and has not independently verified, the accuracy, completeness or fairness of the financial statements and financial schedules and other financial information included in any Shelf Registration Statement contemplated by this
Agreement or the related Prospectus; and 
 (3) a customary comfort letter, dated the date of the effectiveness of the Shelf
Registration Statement, from the Company’s independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings,
and covering or affirming the matters set forth in the comfort letters delivered pursuant to Section 5(a) of the Purchase Agreement, without exception; 

  
 11 

 (B) set forth in full or incorporate by reference in the underwriting
agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 

(C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with
Section 6(c)(x)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company pursuant to this Section 6(c)(x), if any. 

If at any time the representations and warranties of the Company contemplated in Section 6(c)(x)(A)(1) hereof cease to be
true and correct, the Company shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing; 

(xi) prior to any public offering of Transfer Restricted Securities, cooperate with the selling Holders, the underwriter(s), if
any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may
request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the Registration Statement; provided, however, that the Company shall not
be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the
Registration Statement, in any jurisdiction where it is not then so subject; 
 (xii) shall issue, upon the request of any
Holder of Initial Securities covered by the Registration Statement, Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of Initial Securities surrendered to the Company by such Holder in exchange therefor
or being sold by such Holder; such Exchange Securities to be registered in the name of such Holder or in the name of the purchaser(s) of such Exchange Securities, as the case may be; in return, the Initial Securities held by such Holder shall be
surrendered to the Company for cancellation; 
 (xiii) cooperate with the selling Holders and the underwriter(s), if any, to
facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered
in such names as the Holders or the underwriter(s), if any, may request at least two Business Days prior to any sale of Transfer Restricted Securities made by such Holders or underwriter(s); 

(xiv) use its best efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be registered
with or approved by such other governmental 

  
 12 

 
agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Transfer Restricted Securities, subject to
the proviso contained in Section 6(c)(xi) hereof; 
 (xv) if any fact or event contemplated by Section 6(c)(iii)(D)
hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading; 

(xvi) provide a CUSIP number for all Transfer Restricted Securities not later than the effective date of the Registration
Statement covering such Transfer Restricted Securities and provide the Trustee under the Indenture with printed certificates for such securities which are in a form eligible for deposit with The Depository Trust Company and take all other action
necessary to ensure that all such Transfer Restricted Securities are eligible for deposit with The Depository Trust Company; 

(xvii) cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence
investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of FINRA; 

(xviii) otherwise use its best efforts to comply with all applicable rules and regulations of the Commission, and make
generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal quarter
in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s first
fiscal quarter commencing after the effective date of the Registration Statement; 
 (xix) to the extent required under the
Securities Act and/or the Trust Indenture Act and the rules and regulations thereunder, cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this
Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Transfer Restricted Securities to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of
the Trust Indenture Act; and to execute, and use its best efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such
Indenture to be so qualified in a timely manner; 
 (xx) provide promptly to each Holder upon request each document filed
with the Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act. 

  
 13 

 Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of
any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration
Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the Prospectus
may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the Company’s expense) all
copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such notice. In the event the Company shall give any such
notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of such
notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by
Section 6(c)(xv) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether Additional Interest is due pursuant to Section 5 hereof or the amount of such
Additional Interest, it being agreed that the Company’s option to suspend use of a Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5 hereof. 

SECTION 7. Registration Expenses. 

(a) All expenses incident to the Company’s performance of or compliance with this Agreement will be borne by the Company, regardless of
whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Initial Purchaser or Holder with FINRA (and, if applicable, the fees and
expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and expenses of compliance with federal securities and state securities or blue sky laws;
(iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of
counsel for the Company and, subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities; (v) all application and filing fees in connection with listing the Exchange Securities on a securities exchange or automated
quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to
such performance). 
 The Company will, in any event, bear its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company. 

(b) In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer Registration
Statement and the Shelf Registration Statement), the Company will reimburse the Initial Purchasers and the Holders of 

  
 14 

 
Transfer Restricted Securities being tendered in the Exchange Offer and/or resold pursuant to the “Plan of Distribution”, or similarly titled section, contained in the Exchange Offer
Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel as may be chosen by the Holders of a majority in principal amount of the
Transfer Restricted Securities for whose benefit such Registration Statement is being prepared. 
 SECTION 8. Indemnification. 

(a) The Company agrees to indemnify and hold harmless (i) each Holder and each Initial Purchaser, (ii) each Person, if any, who
controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder or any Initial Purchaser (any of the Persons referred to in this clause (ii) being hereinafter referred to as a
“Holder controlling person”) and (iii) their respective officers, directors, partners, employees, representatives and agents of any Holder, any Initial Purchaser or any Holder controlling person (any Person referred to in clause (i),
(ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation,
and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, including the reasonable fees and expenses of counsel to any Indemnified Holder), insofar as such losses, claims, damages, liabilities, judgments, actions and expenses arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by (x) an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity
with information relating to any of the Holders, or information relating to any Initial Purchaser, furnished in writing to the Company by any of the Holders or by any of the Initial Purchasers, respectively, expressly for use therein, or
(y) use of a Registration Statement or the related Prospectus during a period when a stop order has been issued in respect of such Registration Statement or any proceedings for that purpose have been initiated; provided, that Holders or
the Initial Purchasers, as applicable, received prior notice of such stop order or initiation of proceedings, and; provided, further, that the Company shall have the burden of proving that the Holders or the Initial Purchasers, as applicable,
actually received such notice before any Holder or any Initial Purchaser loses its right to indemnification hereunder, which burden shall have been satisfied by showing that the Company delivered such notice in accordance with the terms of this
Agreement. This indemnity agreement shall be in addition to any liability which the Company may otherwise have. 
 In case any action or
proceeding (including any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company, such Indemnified Holder (or the
Indemnified Holder controlled by such Holder controlling person) shall promptly notify the Company in writing; provided, however, that the failure to give such notice shall not relieve the Company of its obligations pursuant to this
Agreement. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the fees and expenses of such counsel shall 

  
 15 

 
be paid, as incurred, by the Company (regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to indemnification hereunder); provided, further, that
such counsel shall be reasonably satisfactory to the Company. The Company shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of
the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which firm shall be designated by
the Holders. The Company shall be liable for any settlement of any such action or proceeding effected with the Company’s prior written consent, which consent shall not be withheld unreasonably, and the Company agrees to indemnify and hold
harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by reason of any settlement of any action effected with the written consent of the Company. The Company shall not, without the prior written consent of
each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Holder from all liability arising out of such action, claim,
litigation or proceeding. 
 (b) Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold
harmless (i) the Company and its directors, officers of the Company who sign a Registration Statement, (ii) any Initial Purchaser, (iii) any Person who controls (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) the Company or any Initial Purchaser (any of the Persons referred to in this clause (iii) being hereinafter referred to as a “Company controlling person”) and (iv) their respective officers,
directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company to each of the Indemnified Holders, but only with respect to claims and actions based on information
relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be brought against the Company or its directors or officers or any such Company controlling person in
respect of which indemnity may be sought against a Holder of Transfer Restricted Securities such Holder shall have the rights and duties given the Company, and the Company, its directors and officers and such Company controlling person shall have
the rights and duties given to each Holder by the preceding paragraph. 
 (c) If the indemnification provided for in this Section 8 is
unavailable to an indemnified party under Section 8(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to
therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company shall be deemed to be equal to the total gross
proceeds to the Company from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities, judgments actions or
expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative 

  
 16 

 
fault of the Company, on the one hand, and the Holders, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses,
as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnified Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to
include, subject to the limitations set forth in the second paragraph of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 

The Company and each Holder of Transfer Restricted Securities agree that it would not be just and equitable if contribution pursuant to this
Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, none of the Holders
(and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the Initial Securities exceeds the amount of any damages
which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal
amount of Initial Securities held by each of the Holders hereunder and not joint. 
 SECTION 9. Rule 144A. The Company hereby agrees
with each Holder, for so long as any Transfer Restricted Securities remain outstanding, to make available to any Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such
Transfer Restricted Securities from such Holder or beneficial owner the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities
Act. 
 SECTION 10. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and
executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 

  
 17 

 SECTION 11. Selection of Underwriters. The Holders of Transfer Restricted Securities
covered by the Registration Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such
offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, however, that such investment banker(s) and managing underwriter(s) must be
reasonably satisfactory to the Company. 
 SECTION 12. Miscellaneous. 

(a) Remedies. The Company hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b) No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to
its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The Company has not previously entered into any agreement granting any registration rights with respect
to its securities to any Person, other than any agreement under which the Company has no existing obligations to register any securities. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof. 
 (c) Adjustments
Affecting the Securities. The Company will not take any action, or permit any change to occur, with respect to the terms or provisions of the Transfer Restricted Securities that would materially and adversely affect the ability of the Holders to
Consummate any Exchange Offer. 
 (d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions hereof may not be given, unless the Company has (i) in the case of Section 5 hereof and this Section 12(d)(i), obtained the written consent of Holders of all
outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding any Transfer
Restricted Securities held by the Company or its affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant
to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount
of Transfer Restricted Securities being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly adversely affects the rights of any Initial Purchaser hereunder, the Company shall obtain the
written consent of each such Initial Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective. 

  
 18 

 (e) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 

(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar
under the Indenture; 
 (ii) if to the Initial Purchasers, to the representatives at the respective addresses set forth in
Section 12 of the Purchase Agreement; provided, however, that any documents or information required by Section 6(c)(iv) of this Agreement may be furnished by e-mail; 

(iii) if to the Company: 

Puget Energy, Inc. 
 355 110th Avenue NE 
 Bellevue, Washington 98004 

Fax No.: (425) 462-3300 

Attention: Daniel A. Doyle, Senior Vice President and 

       Chief Financial Officer 

With a copy to: 
 Perkins Coie
LLP 
 1201 Third Avenue, Suite 4900 

Seattle, Washington 98101 
 Fax
No.: (206) 359-9577 
 Attention: Andrew Bor, Esq. 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if faxed; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery.

 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee
at the address specified in the Indenture. 
 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; provided, however, that this Agreement shall not
inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from such Holder. 

(g) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to 

  
 19 

 
be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, facsimile or
other electronic transmission (i.e., a “pdf’ or “tif’) shall be effective as delivery of a manually executed counterpart thereof. 

(h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 
 (j) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein
shall not be affected or impaired thereby. 
 (k) Entire Agreement. This Agreement is intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and understandings between the parties
with respect to such subject matter. 

  
 20 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	PUGET ENERGY, INC.
		
	By:	 	 /s/ Cara Peterman

		 	Name: Cara Peterman
		 	Title: Director, Corporate Treasurer

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above
written: 
  

			
	BOFA SECURITIES, INC.

			
		
	By:	 	 /s/ Shawn Cepeda

	Name:	 	Shawn Cepeda
	Title:	 	Managing Director

			
	
	SCOTIA CAPITAL (USA) INC.

			
		
	By:	 	 /s/ Elsa Wang

	Name:	 	Elsa Wang
	Title:	 	Managing Director & Head

			
	
	U.S. BANCORP INVESTMENTS, INC.

			
		
	By:	 	 /s/ Brent Kreissl

	Name:	 	Brent Kreissl
	Title:	 	Managing Director

  
 [Signature Page to
Registration Rights Agreement] 

 SCHEDULE A 

Name of Initial Purchasers 
 BofA Securities, Inc.. 

Scotia Capital (USA) Inc. 
 U.S. Bancorp Investments, Inc. 

MUFG Securities Americas Inc. 
 CIBC World Markets Corp. 

KeyBanc Capital Markets Inc. 

  
 123098.0000001 EMF_US 85214849v4

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