Document:

Exhibit 10.3

STOCK
OPTION AGREEMENT

THIS
STOCK OPTION AGREEMENT (together with the above grant notice (the “Grant Notice”), the “Agreement”)
is made and entered into as of the date set forth on the Grant Notice by and between Netcapital Inc., a Utah corporation (the “Company”),
and the individual (the “Optionee”) set forth on the Grant Notice.

A.Pursuant
to the Netcapital Inc. 2023 Omnibus Equity Incentive Plan (the “Plan”), the Administrator has determined that it is
to the advantage and best interest of the Company to grant to the Optionee an option to purchase the number of Shares (the “Shares”)
set forth on the Grant Notice, at the exercise price per Share set forth on the Grant Notice, and in all respects subject to the terms,
definitions and provisions of the Plan, which is incorporated herein by reference, and this Agreement (the “Option”).

B.Unless
otherwise defined herein, capitalized terms used in this Agreement shall have the meanings set forth in the Plan. For purposes of this
Agreement, the following definitions shall apply:

(i)“Termination”
shall mean the termination of the employment or service of the Optionee with the Company and all Affiliates thereof (including because
of the Optionee’s employer ceasing to be an affiliate of the Company). For purposes of this Agreement, Termination will not occur
when Optionee goes on a military leave, a sick leave or another bona fide leave of absence that was approved by the Company in writing
if the terms of the leave provide for continued service crediting, or when continued service crediting is required by Applicable Laws.
Notwithstanding the foregoing, an approved leave of absence for six months or less, which does not in fact exceed six months, will not
result in Termination for purposes of this Agreement. However, Termination will occur when an approved leave described in this Section
B ends, unless Optionee immediately returns to active work.

(ii)“Termination
Date” shall mean the date of the Optionee’s Termination.

NOW,
THEREFORE, in consideration of the mutual agreements contained herein, the Optionee and the Company hereby agree as follows:

1.                 
Acceptance of Agreement. Optionee has reviewed all of the provisions of the Plan and this Agreement. Optionee hereby agrees to
accept as binding, conclusive and final all decisions or interpretations of the Administrator on questions relating to the Plan and this
Agreement, and, solely as they relate to this Option, the applicable provisions (if any) contained in a written employment agreement
between the Company or an Affiliate and the Optionee. The Optionee’s electronic signature of this Agreement shall have the same
validity and effect as a signature affixed by hand.

2.                 
Grant and Terms of Stock Option.

2.1             
Grant of Option. Pursuant to this Agreement, the Company has granted to the Optionee the right and option to purchase, subject
to the terms and conditions set forth in the Plan and this Agreement, all or any part of the number of Shares set forth on the Grant
Notice at a purchase price per Share equal to the exercise price per Share set forth on the Grant Notice. An Option
granted pursuant to the Grant Notice and this Agreement shall be a Nonqualified Stock Option.

    	 

    	 

    

2.2             
Vesting and Term of Option. This Section 2.2 is subject to the provisions of the Plan and the other provisions of this Agreement.

2.2.1       
This Option shall vest and become exercisable as described in the Grant Notice.

2.2.2       
The “Term” of this Option shall begin on the Date of Grant set forth in the Grant Notice and end on the Expiration
Date specified in the Grant Notice. No portion of this Option may be exercised after the expiration of the Term.

2.2.3       
In the event of Optionee’s Termination for any reason other than death, Disability, or Cause:

2.2.3.1 
the portion of this Option that is not vested and exercisable as of the Termination Date shall not continue to vest and shall be immediately
cancelled and terminated; and

2.2.3.2 
the portion of this Option that is vested and exercisable as of the Termination Date shall terminate and be cancelled on the earlier
of:

(a)              
the expiration of the Term and

(b)              
ninety (90) days after such Termination Date.

2.2.4       
In the event of Termination due to death or Disability:

2.2.4.1 
the portion of this Option that is not vested and exercisable as of the Termination Date shall not continue to vest and shall be immediately
cancelled and terminated; and

2.2.4.2 
the portion of this Option that is vested and exercisable as of the Termination Date shall terminate and be cancelled on the earlier
of (a) the expiration of the Term and (b) the date that is twelve (12) months after the Termination Date.

2.2.5       
In the event of Optionee’s Termination for Cause, or if, after the Termination, the Administrator determines that Cause existed
before such Termination, this entire Option shall not continue to vest, shall be cancelled and terminated as of the Termination Date,
and shall no longer be exercisable as to any Shares, whether or not previously vested.

2.2.6       
Notwithstanding the foregoing, if the shareholders of the Company do not approve the Plan at the Company’s 2023 shareholders’
meeting (and, therefore, the Approval does not occur at such meeting), this Option shall immediately become forfeited on the date of
such meeting.

    	 

    	 

    

3.                 
 Method of Exercise.

3.1             
Method of Exercise. Each election to exercise the Option shall be subject to the terms and conditions of the Plan and shall be
in writing, signed by the Optionee or by his or her executor, administrator, or permitted transferee (subject to any restrictions provided
under the Plan), made pursuant to and in accordance with the terms and conditions set forth in the Plan and received by the Company at
its principal offices, accompanied by payment in full as provided in the Plan or in this Agreement. Notwithstanding any of the foregoing,
the Administrator shall have the right to specify all conditions of the manner of exercise. Upon the Company’s determination that
the Option has been validly exercised as to any of the Shares, the Company may issue certificates in the Optionee’s name for such
Shares. However, the Company shall not be liable to the Optionee for damages relating to any reasonable delays in issuing the certificates
to the Optionee, any loss of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves
which it promptly undertakes to correct.

3.2             
Restrictions on Exercise. No Shares will be issued pursuant to the exercise of this Option unless and until there shall have been
full compliance with all applicable requirements of the Securities Act of 1933 (“Securities Act”), as amended (whether
by registration or satisfaction of exemption conditions), all applicable listing requirements of any national securities exchange or
other market system on which the Common Stock is then listed and all applicable requirements of any Applicable Laws and of any regulatory
bodies having jurisdiction over such issuance. As a condition to the exercise of this Option, the Company may require the Optionee to
make any representation and warranty to the Company as may be necessary or appropriate, in the judgment of the Administrator, to comply
with any Applicable Law. In addition, Optionee shall not sell any Shares acquired upon exercise of this Option at a time when Applicable
Laws, regulations or Company’s or underwriter trading policies prohibit such sale. Any other provision of this Agreement notwithstanding,
the Company shall have the right to designate one or more periods of time, each of which shall not exceed 180 days in length, during
which this Option shall not be exercisable if the Administrator determines (in its sole discretion) that such limitation on exercise
could in any way facilitate a lessening of any restriction on transfer pursuant to the Securities Act or any state securities laws with
respect to any issuance of securities by the Company, facilitate the registration or qualification of any securities by the Company under
the Securities Act or any state securities laws, or facilitate the perfection of any exemption from the registration or qualification
requirements of the Securities Act or any applicable state securities laws for the issuance or transfer of any securities. Such limitation
on exercise shall not alter the vesting schedule set forth in this Agreement other than to limit the periods during which this Option
shall be exercisable.

3.3             
Method of Payment. Payment of the exercise price shall be made in full at the time of exercise (a) by the delivery of cash or
check acceptable to the Administrator, including an amount to cover the withholding taxes (as provided in Section 7.11) with respect
to such exercise, or (b) any other method, if any, approved by the Administrator, including (i) by means of consideration received
under any cashless exercise procedure, if any, approved by the Administrator (including the withholding of Shares otherwise issuable
upon exercise) or (ii) any other form of consideration approved by the Administrator and permitted by Applicable Laws.

    	 

    	 

    

3.4             
 No Rights as a Shareholder. Until the Shares are issued to the Optionee (as evidenced by the appropriate entry on the books of
the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder
will exist with respect to the Shares, notwithstanding the exercise of the Option.

4.                 
Non-Transferability of Option. Except as provided below, this Option may not be sold, assigned or transferred in any manner, pledged
or otherwise encumbered other than by will or by the laws of descent or distribution or to a beneficiary designated pursuant to the Plan,
and may be exercised during the lifetime of Optionee only by Optionee or the Optionee’s guardian or legal representative. Subject
to all of the other terms and conditions of this Agreement, following the death of Optionee, this Option may, to the extent it is vested
and exercisable by Optionee in accordance with its terms on the Termination Date, be exercised by Optionee’s executor or administrator,
or the person or persons to whom the Optionee’s rights under this Agreement shall pass by will or by the laws of descent and distribution
as the case may be. Any heir or legatee of the Optionee shall take rights herein granted subject to the terms and conditions hereof.

5.                 
Restrictions; Restrictive Legends. Ownership and transfer of Shares issued pursuant to the exercise of this Option will be subject
to the provisions of, including ownership and transfer restrictions contained in, the Company’s Certificate of Incorporation or
Bylaws, as amended from time to time, restrictions imposed by Applicable Laws and restrictions set forth or referenced in legends imprinted
on certificates representing such Shares.

6.                 
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, to the extent that this Option
had not been previously exercised, it will terminate immediately prior to the consummation of such proposed dissolution or liquidation.
In such instance, the Administrator may, in the exercise of its sole discretion, declare that this Option will terminate as of a date
fixed by the Administrator and give the Optionee the right to exercise this Option prior to such date as to all or any part of the optioned
stock, including Shares as to which this Option would not otherwise be exercisable.

7.                 
General.

7.1             
Governing Law. This Agreement shall be governed by and construed under the laws of the State of Utah applicable to agreements
made and to be performed entirely in Utah, without regard to the conflicts of law provisions of Massachusetts or any other jurisdiction.

7.2             
Community Property. Without prejudice to the actual rights of the spouses as between each other, for all purposes of this Agreement,
the Optionee shall be treated as agent and attorney-in-fact for that interest held or claimed by his or her spouse with respect to this
Option and the parties hereto shall act in all matters as if the Optionee was the sole owner of this Option. This appointment is coupled
with an interest and is irrevocable.

7.3              No
Employment Rights. Nothing herein contained shall be construed as an agreement by the Company or any of its Subsidiaries,
express or implied, to employ the Optionee or contract for the Optionee’s services, to restrict the Company’s or such
Subsidiary’s right
to discharge the Optionee or cease contracting for the Optionee’s services or to modify, extend or otherwise affect in any manner
whatsoever the terms of any employment agreement or contract for services which may exist between the Optionee and the Company or any
Affiliate.

    	 

    	 

    

7.4             
Application to Other Stock. In the event any capital stock of the Company or any other corporation shall be distributed on, with
respect to, or in exchange for Shares as a stock dividend, stock split, reclassification or recapitalization in connection with any merger
or reorganization or otherwise, all restrictions, rights and obligations set forth in this Agreement shall apply with respect to such
other capital stock to the same extent as they are, or would have been applicable, to the Shares on or with respect to which such other
capital stock was distributed, and references to “Company” in respect of such distributed stock shall be deemed to refer
to the company to which such distributed stock relates.

7.5             
No Third-Party Benefits. Except as otherwise expressly provided in this Agreement, none of the provisions of this Agreement shall
be for the benefit of, or enforceable by, any third-party beneficiary.

7.6             
Successors and Assigns. Except as provided herein to the contrary, this Agreement shall be binding upon and inure to the benefit
of the parties, their respective successors and permitted assigns.

7.7             
No Assignment. Except as otherwise provided in this Agreement, the Optionee may not assign any of his or her rights under this
Agreement without the prior written consent of the Company, which consent may be withheld in its sole discretion. The Company shall be
permitted to assign its rights or obligations under this Agreement so long as such assignee agrees to perform all of the Company’s
obligations hereunder.

7.8             
Severability. The validity, legality or enforceability of the remainder of this Agreement shall not be affected even if one or
more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable in any respect.

7.9             
Equitable Relief. The Optionee acknowledges that, in the event of a threatened or actual breach of any of the provisions of this
Agreement, damages alone will be an inadequate remedy, and such breach will cause the Company great, immediate and irreparable injury
and damage. Accordingly, the Optionee agrees that the Company shall be entitled to injunctive and other equitable relief, and that such
relief shall be in addition to, and not in lieu of, any remedies it may have at law or under this Agreement.

7.10         
Jurisdiction. Any suit, action or proceeding with respect to this Agreement, or any judgment entered by any court in respect of
any thereof, shall be brought in any court of competent jurisdiction in the State of Massachusetts (located in Boston), and the Company
and the Optionee hereby submit to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment.
The Optionee and the Company hereby irrevocably waive (i) any objections which it may now or hereafter have to the laying of the venue
of any suit, action or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the
State of Massachusetts, (ii) any claim that any such suit,
action or proceeding brought in any such court has been brought in any inconvenient forum and (iii) any right to a jury trial.

    	 

    	 

    

7.11         
Taxes. By agreeing to this Agreement, the Optionee represents that he or she has reviewed with his or her own tax advisors the
federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and that he or she is relying solely
on such advisors and not on any statements or representations of the Company or any of its agents. The Company shall be entitled to require
a cash payment by or on behalf of the Optionee and/or to deduct from the Shares or cash otherwise issuable hereunder or other compensation
payable to the Optionee the minimum amount of any sums required by federal, state or local tax law to be withheld (or other such sums
that will not cause adverse accounting consequences for the Company and is permitted under applicable withholding rules promulgated by
the Internal Revenue Service or another applicable governmental entity) in respect of the Option, its exercise or any payment or transfer
under or with respect to the Option.

7.12         
Headings. The section headings in this Agreement are inserted only as a matter of convenience, and in no way define, limit, extend
or interpret the scope of this Agreement or of any particular section.

7.13         
Number and Gender. Throughout this Agreement, as the context may require, (a) the masculine gender includes the feminine and the
neuter gender includes the masculine and the feminine; (b) the singular tense and number includes the plural, and the plural tense and
number includes the singular; (c) the past tense includes the present, and the present tense includes the past; (d) references to parties,
sections, paragraphs and exhibits mean the parties, sections, paragraphs and exhibits of and to this Agreement; and (e) periods of days,
weeks or months mean calendar days, weeks or months.

7.14         
Data Privacy. Optionee agrees that all of Optionee’s information that is described or referenced in this Agreement and the
Plan may be used by the Company, its affiliates and the designated broker and its affiliates to administer and manage Optionee’s
participation in the Plan.

7.15         
Acknowledgments of Optionee. Optionee has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing this Agreement, fully understands all provisions of the Plan and this Agreement and, by accepting
the Grant Notice, acknowledges and agrees to all of the provisions of the Grant Notice, the Plan and this Agreement.

7.16         
Complete Agreement. The Grant Notice, this Stock Option Agreement, the Plan, and the applicable provisions (if any) contained
in a written employment agreement between the Company or an Affiliate and the Optionee constitute the parties’ entire agreement
with respect to the subject matter hereof and supersede all agreements, representations, warranties, statements, promises and understandings,
whether oral or written, with respect to the subject matter hereof. In the event of any inconsistency between the Plan and this Agreement,
the terms of the Plan shall control.

    	 

    	 

    

7.17         
 Waiver. The Optionee acknowledges that a waiver by the Company of a breach of any provision of this Agreement shall not operate
or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Optionee.

7.18         
Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument.

7.19         
Amendments and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended, altered or
terminated at any time or from time to time by the Administrator or the Board, but no amendment, alteration or termination shall be made
that would materially impair the rights of an Optionee under the Option without such Optionee’s consent. If it is determined that
the terms of this Agreement have been structured in a manner that would result in adverse tax treatment under Section 409A of the Code,
the parties agree to cooperate in taking all reasonable measures to restructure the arrangement to minimize or avoid such adverse tax
treatment without materially impairing Optionee’s economic rights.

7.20         
Waiver of Jury Trial. TO THE EXTENT EITHER PARTY INITIATES LITIGATION INVOLVING THIS AGREEMENT OR ANY ASPECT OF THE RELATIONSHIP
BETWEEN US (EVEN IF OTHER PARTIES OR OTHER CLAIMS ARE INCLUDED IN SUCH LITIGATION), ALL OF THE PARTIES WAIVE THEIR RIGHT TO A TRIAL BY
JURY. THIS WAIVER WILL APPLY TO ALL CAUSES OF ACTION THAT ARE OR MIGHT BE INCLUDED IN SUCH ACTION, INCLUDING CLAIMS RELATED TO THE ENFORCEMENT
OR INTERPRETATION OF THIS AGREEMENT, ALLEGATIONS OF STATE OR FEDERAL STATUTORY VIOLATIONS, FRAUD, MISREPRESENTATION, OR SIMILAR CAUSES
OF ACTION, AND IN CONNECTION WITH ANY LEGAL ACTION INITIATED FOR THE RECOVERY OF DAMAGES BETWEEN OR AMONG US OR BETWEEN OR AMONG ANY
OF OUR OWNERS, AFFILIATES, OFFICERS, EMPLOYEES OR AGENTS.

7.21         
Electronic Delivery and Disclosure. The Company may, in its sole discretion, decide to deliver or disclose, as applicable, any
documents related to this Award granted under the Plan, future awards that may be granted under the Plan, the prospectus related to the
Plan, the Company’s annual reports or proxy statements by electronic means or to request Optionee’s consent to participate
in the Plan by electronic means, including, but not limited to, the Securities and Exchange Commission’s Electronic Data Gathering,
Analysis, and Retrieval system or any successor system (“EDGAR”). Optionee hereby consents to receive such documents
delivered electronically or to retrieve such documents furnished electronically (including on EDGAR), as applicable, and agrees to participate
in the Plan through any online or electronic system established and maintained by the Company or another third party designated by the
Company.

7.22         
Section 409A. The parties intend for the Option to be exempt from Section 409A of the Code or, if not so exempt, to be treated
in a manner which complies with the requirements of such section, and intend that this Agreement be construed and administered in accordance
with such intention. In the event that the parties determine that the terms of this Agreement or the Option needs to be modified in order
to comply with Section 409A of the Code,
the parties shall cooperate reasonably to do so in a manner intended to best preserve the economic benefits of this Agreement. Any payments
that qualify for the “short-term deferral” exception or another exception under Section 409A of the Code shall be paid under
the applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each
payment of compensation under this Agreement shall be treated as a separate payment of compensation. Notwithstanding anything contained
herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the
Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month
period immediately following the Participant’s separation from service shall instead be paid on the first business day after the
date that is six months following the Participant’s termination date (or death, if earlier).EX-4.01

  Exhibit 4.01

   

  						
	 
	 
	 
	 
	 
	 

   

   

        SUPPLEMENTAL INDENTURE NO. 23

   

   

  FROM

   

   

  OKLAHOMA GAS AND ELECTRIC COMPANY

   

   

  TO

   

   

  BOKF, NA

   

   

  TRUSTEE

   

  			
	 
	 
	 

   

  DATED AS OF 

  JANUARY 5, 2023

   

   

   

  SUPPLEMENTAL TO INDENTURE DATED

   AS OF OCTOBER 1, 1995

  						
	 
	 
	 
	 
	 
	 

   

   

   

   

   

  

   

  			
	 
	TABLE OF CONTENTS
	 

	Parties
	 
	1

	Recitals
	 
	1

	 
	ARTICLE ONE
RELATION TO INDENTURE; DEFINITIONS
	 

	Section 1.01.
	Integral Part of Indenture
	3

	Section 1.02.
	(a) Definitions
	3

	 
	(b) References to Articles and Sections
	3

	 
	(c) Terms Referring to this Supplemental Indenture
	3

	 
	ARTICLE TWO
   5.40% SENIOR NOTES, SERIES DUE JANUARY 15, 2033  
	 

	Section 2.01.
	Designation and Principal Amount
	3

	Section 2.02.
	Stated Maturity Date
	3

	Section 2.03.
	Interest Payment Dates
	4

	Section 2.04.
	Office for Payment
	4

	Section 2.05.
	Redemption Provisions
	4

	Section 2.06.
	Authorized Denominations
	5

	Section 2.07.
	Occurrence of Release Date
	5

	Section 2.08.
	Reopening of Notes
	6

	Section 2.09.
	Form of 5.40% Senior Notes, Series Due January 15, 2033
	6

	 
	ARTICLE THREE
 MISCELLANEOUS
	 

	Section 3.01.
	Recitals of fact, except as stated, are statements of the Company
	6

	Section 3.02.
	Supplemental Indenture to be construed as a part of the Indenture
	6

	Section 3.03.
	(a) Trust Indenture Act to control
	6

	 
	(b) Severability of provisions contained in Supplemental Indenture and Notes
	6

	Section 3.04.
	References to either party in Supplemental Indenture include successors or assigns
	6

	Section 3.05.
	(a) Provision for execution in counterparts
	6

	 
	(b) Table of Contents and descriptive headings of Articles not to affect meaning
	6

	Exhibit A
	Form of 5.40% Senior Notes, Series Due January 15, 2033
	 

   

   

   

   

  

  SUPPLEMENTAL INDENTURE No. 23, made as of January 5, 2023 by and between OKLAHOMA GAS AND ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the State of Oklahoma (the “Company”), and BOKF, NA, a national banking association duly organized and existing under the laws of the United States, as successor trustee, registrar and paying agent (the “Trustee”):

   

  WITNESSETH:

   

  WHEREAS, the Company has heretofore executed and delivered its Indenture (hereinafter referred to as the “Indenture”), made as of October 1, 1995; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 1 dated as of October 16, 1995, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating two series of Notes designated “7.30% Senior Notes, Series due October 15, 2025” and “6.250% Senior Notes, Series due October 15, 2000”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 2 dated as of July 1, 1997, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating two series of Notes designated “6.65% Senior Notes, Series due July 15, 2027” and “6.50% Senior Notes, Series due July 15, 2017”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 3 dated as of April 1, 1998, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “6.5000% Senior Notes, Series due April 15, 2028”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 4 dated as of October 15, 2000, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “7.125% Senior Notes, Series due October 15, 2005”; and

   

  WHEREAS, the Company, UMB Bank, N.A. (“UMB”) and The Bank of New York (“BONY”) have heretofore executed and delivered Supplemental Indenture No. 5 dated as of October 24, 2001, providing for the resignation of BONY and the acceptance, by UMB, of its appointment as trustee and the assumption of all duties and responsibilities of the trustee under the Indenture; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 6 dated as of August 1, 2004, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “6.50% Senior Notes, Series due August 1, 2034”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 7 dated as of January 1, 2006, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating two series of Notes designated “5.15% Senior Notes, Series due January 15, 2016” and “5.75% Senior Notes, Series due January 15, 2036”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 8 dated as of January 15, 2008, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “6.45% Senior Notes, Series due February 1, 2038”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 9 dated as of September 1, 2008, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “6.350% Senior Notes, Series due September 1, 2018”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 10 dated as of December 1, 2008, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “8.25% Senior Notes, Series due January 15, 2019”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 11 dated as of June 1, 

   

   

  

  2010, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “5.85% Senior Notes, Series due June 1, 2040”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 12 dated as of May 15, 2011, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “5.25% Senior Notes, Series due May 15, 2041”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 13 dated as of May 1, 2013, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “3.900% Senior Notes, Series due May 1, 2043”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 14 dated as of March 15, 2014, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “4.55% Senior Notes, Series due March 15, 2044”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 15 dated as of December 1, 2014, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “4.000% Senior Notes, Series due December 15, 2044”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 16 dated as of March 15, 2017, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “4.150% Senior Notes, Series due April 1, 2047”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 17 dated as of August 1, 2017, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “3.85% Senior Notes, Series due August 15, 2047”; and

   

  WHEREAS, the Company, the Trustee and UMB, as predecessor trustee, registrar and paying agent, have heretofore executed and delivered Supplemental Indenture No. 18, dated as of April 26, 2018, providing for the resignation of UMB and the acceptance, by the Trustee, of its appointment as trustee, registrar and paying agent and the assumption of all duties and responsibilities of the trustee, registrar and paying agent under the Indenture; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 19 dated as of August 15, 2018, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “3.80% Senior Notes, Series due August 15, 2028”; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 20 dated as of June 1, 2019, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “3.30% Senior Notes, Series due March 15, 2030”; and 

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 21 dated as of April 1, 2020, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “3.250% Senior Notes, Series due April 1, 2030; and

   

  WHEREAS, the Company has heretofore executed and delivered its Supplemental Indenture No. 22 dated as of May 27, 2021, adding to the covenants, conditions and agreements of the Indenture certain additional covenants, conditions and agreements to be observed by the Company, and creating a series of Notes designated “0.553% Senior Notes, Series due May 26, 2023”; and

   

  WHEREAS, Section 2.05 of the Indenture provides that Notes shall be issued in series and that a Company Order shall specify the terms of each series; and

   

  WHEREAS, Boatmen’s First National Bank of Oklahoma was formerly the trustee under the Indenture and NationsBank, N.A. succeeded Boatmen’s First National Bank of Oklahoma as trustee pursuant to Section 9.13 of the Indenture, BONY subsequently succeeded NationsBank, N.A. as trustee pursuant to Section 9.13 of the Indenture, UMB subsequently succeeded 

   

   

  

  BONY as trustee pursuant to Section 9.11 of the Indenture, and BOKF, NA has subsequently succeeded UMB as Trustee pursuant to Section 9.11 of the Indenture; and

   

  WHEREAS, the Company has this day delivered a Company Order setting forth the terms of a series of Notes designated “5.40% Senior Notes, Series due January 15, 2033” (hereinafter sometimes referred to as the “Senior Notes due 2033”); and

   

  WHEREAS, Section 13.01 of the Indenture provides that the Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of establishing the form of Notes or establishing or reflecting any terms of any Note and adding to the covenants of the Company; and

   

  WHEREAS, the execution and delivery of this Supplemental Indenture No. 23 (herein, “this Supplemental Indenture”) have been duly authorized by a resolution adopted by the Board of Directors of the Company;

   

  NOW, THEREFORE, THIS INDENTURE WITNESSETH:

   

  That in order to set forth the terms and conditions upon which the Senior Notes due 2033 are, and are to be, authenticated, issued and delivered, and in consideration of the premises of the purchase and acceptance of the Senior Notes due 2033 by the Holders thereof and the sum of one dollar duly paid to it by the Trustee at the execution of this Supplemental Indenture, the receipt whereof is hereby acknowledged, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Senior Notes due 2033, as follows:

   

  ARTICLE ONE.

  RELATION TO INDENTURE; DEFINITIONS

   

  Section 1.01.	This Supplemental Indenture constitutes an integral part of the Indenture. 

   

  Section 1.02.	For all purposes of this Supplemental Indenture:

   

  (a)Capitalized terms used herein without definition shall have the meanings specified in the Indenture;

   

  (b)All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture; and

   

  (c)The terms “hereof,” “herein,” “hereby,” “hereto,” “hereunder” and “herewith” refer to this Supplemental Indenture.

   

  ARTICLE TWO.

    5.40% SENIOR NOTES, SERIES DUE JANUARY 15, 2033  

   

  Section 2.01.	There shall be a series of Notes designated the “5.40% Senior Notes, Series due January 15, 2033” (the “Senior Notes due 2033”). The Senior Notes due 2033 shall be limited to $450,000,000 aggregate principal amount, except as provided in Section 2.08 hereof.

   

  Section 2.02.	Except as otherwise provided in Section 2.05 hereof, the principal amount of the Senior Notes due 2033 shall be payable on the stated maturity date of January 15, 2033.

   

  Section 2.03.	The Senior Notes due 2033 shall be dated their date of authentication as provided in the Indenture and shall bear interest from their date at the rate of 5.40% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing July 15, 2023. The Regular Record Dates with respect to such January 15 and July 15 interest payment dates shall be January 1 and July 1, respectively. Principal and interest shall be payable to the persons and in the manner provided in Sections 2.04 and 2.12 of the Indenture.

   

  Section 2.04.	The Senior Notes due 2033 shall be payable at the corporate trust office of the Trustee and at the offices of such paying agents as the Company may appoint by Company Order in the future.

   

  Section 2.05.	At any time prior to July 15, 2032 (the date that is six months prior to the maturity date of the Senior Notes (the “Par Call Date”)), the Company, at its option, may redeem the Senior Notes due 2033, in whole or from time to time in part, upon notice as provided in the Indenture, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of the Senior Notes due 2033 being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes due 2033 being redeemed that would be due if the Senior Notes due 2033 matured 

   

   

  

  on the Par Call Date (not including any portion of such payments of interest accrued to the date fixed for redemption) discounted to the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 25 basis points, plus, in each case, accrued and unpaid interest thereon to the date fixed for redemption. At any time on or after the Par Call Date, the Company, at its option, may redeem the Senior Notes due 2033, in whole or from time to time in part, upon notice as provided in the Indenture, at a redemption price equal to 100% of the principal amount of the Senior Notes due 2033 being redeemed, plus accrued and unpaid interest thereon to the date fixed for redemption. 

   

  "Treasury rate" means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs.

   

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

   

  (1)the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "Remaining Life"); or

   

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

   

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

   

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

   

  The Company's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no responsibility to calculate the redemption price.

   

  The Senior Notes due 2033 shall not be subject to any sinking fund.

   

  Section 2.06.	The Senior Notes due 2033 shall be issued in fully registered form without coupons in a minimum denomination of $2,000 and multiples of $1,000 in excess thereof.

   

  Section 2.07.	The Release Date (as defined in the Indenture) occurred on April 6, 1998. Accordingly, the Senior Notes due 2033 shall be issued as unsecured general obligations of the Company. The Senior Notes due 2033, and all other Notes issued or to be issued under the Indenture, will not be secured by First Mortgage Bonds of the Company and will not be entitled to the lien of or the benefits provided by the First Mortgage, which has been extinguished.

   

   

   

  

  Section 2.08.	The Senior Notes due 2033 may be reopened and additional notes of the Senior Notes due 2033 may be issued in excess of the limitation set forth in Section 2.01 hereof, provided that such additional notes will contain the same terms (including the maturity date and interest payment terms) as the other Senior Notes due 2033, except for the issue date, price to public and, if applicable, first date from which interest will accrue and the initial interest payment date. Any such additional Senior Notes due 2033, together with the other Senior Notes due 2033, shall constitute a single series for purposes of the Indenture.

   

  Section 2.09.	The Senior Notes due 2033 shall initially be in the form attached as Exhibit A hereto.

   

  ARTICLE THREE.

  MISCELLANEOUS

   

  Section 3.01.	The recitals of fact herein and in the Senior Notes due 2033 (except the Trustee’s Certificate)  shall be taken as statements of the Company and shall not be construed as made by the Trustee.

   

  Section 3.02.	This Supplemental Indenture shall be construed in connection with and as a part of the Indenture.

   

  Section 3.03.

   

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

   

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

   

  Section 3.04.	Whenever in this Supplemental Indenture either of the parties hereto is named or referred to, this shall be deemed to include the successors or assigns of such party, and all the covenants and agreements in this Supplemental Indenture contained by or on behalf of the Company or by or on behalf of the Trustee shall bind and inure to the benefit of the respective successors and assigns of such parties, whether so expressed or not.

   

  Section 3.05.

   

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

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

   

  [Signature page follows]

   

   

   

  

   

  IN WITNESS WHEREOF, OKLAHOMA GAS AND ELECTRIC COMPANY has caused this Supplemental Indenture to be signed by its Treasurer, and attested by its Secretary or an Assistant Secretary, and BOKF, NA, as Trustee, has caused this Supplemental Indenture to be signed by its President, a Senior Vice President, a Vice President or an Assistant Vice President, and attested by its Secretary, an Assistant Secretary, a Vice President or an Assistant Vice President, all as of the date first above written.

   

  OKLAHOMA GAS AND ELECTRIC COMPANY

   

  By	/s/ Charles B. Walworth

  Name: Charles B. Walworth

  Title: Treasurer

   

  ATTEST:

  /s/ William H. Sultemeier

  Name: William H. Sultemeier

  Title: General Counsel, Corporate

           Secretary and Chief Compliance Officer

   

   

  BOKF, NA, as Trustee

   

  By:    /s/ Rachel Redd-Singleton 

  Name: Rachel Redd-Singleton

   Title: Senior Vice President

   

  ATTEST:

   

  /s/ Mark McCoy

  Name: Mark McCoy

  Title: Senior Vice President

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  [Signature page to Supplemental Indenture No. 23]

   

   

  

  EXHIBIT A

   

  Form of 5.40% Senior Note, Series due January 15, 2033  

   

  		
	REGISTERED
	REGISTERED

   

  THIS NOTE IS A GLOBAL NOTE REGISTERED IN THE NAME OF THE DEPOSITARY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

   

  OKLAHOMA GAS AND ELECTRIC COMPANY

   

  5.40% SENIOR NOTE, SERIES DUE JANUARY 15, 2033

   

  		
	CUSIP / ISIN: 678858 BX8 / US678858BX89
	NUMBER: R-1

	ORIGINAL ISSUE DATE(S):
January 5, 2023
	PRINCIPAL AMOUNT(S):
$450,000,000

	INTEREST RATE: 5.40%
	MATURITY DATE: January 15, 2033

  	 

  Oklahoma Gas and Electric Company, a corporation of the State of Oklahoma (the “Company”), for value received hereby promises to pay to Cede & Co. or registered assigns, the principal sum of

   

  FOUR HUNDRED FIFTY MILLION DOLLARS                         

   

  on the Maturity Date set forth above, and to pay interest thereon from the Original Issue Date (or if this Global Note has two or more Original Issue Dates, interest shall, beginning on each such Original Issue Date, begin to accrue for that part of the principal amount to which that Original Issue Date is applicable) set forth above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2023, at the per annum Interest Rate set forth above, until the principal hereof is paid or made available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Global Note is paid on the Maturity Date. The interest so payable and punctually paid or duly provided for on any such Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Global Note is registered at the close of business on the Regular Record Date for such interest, which shall be the January 1 and July 1, as the case may be, next preceding such Interest Payment Date, provided that the first Interest Payment Date for any part of this Global Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date following the next succeeding Regular Record Date; and provided that interest payable on the Maturity Date set forth above or, if applicable, upon redemption, repayment or acceleration, shall be payable to the Person to whom principal shall be payable. Except as otherwise provided in the Indenture (as defined below), any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this Global 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 Noteholders not more than fifteen days or fewer than ten days prior to such Special Record Date. On or before 10:00 a.m., New York City time, or such other time as shall be agreed upon between the Trustee and the Depositary, of the day on which such payment of interest is due on this Global Note (other than maturity), the Trustee shall pay to the Depositary such interest in same day funds. On or before 10:00 a.m., New York City time, or such other time as shall be agreed upon between the Trustee and the Depositary, of the day on which principal, interest payable at maturity and premium, if any, is due on this Global Note, the Trustee shall deposit with the Depositary the amount equal to the principal, interest payable at maturity and premium, if any, by wire transfer into the account specified by the Depositary. As a condition to the payment, on the Maturity Date or upon redemption, repayment or acceleration, of any part of the principal and applicable premium of this Global Note, the Depositary shall surrender, or cause to be surrendered, this Global Note to the Trustee, whereupon a new Global Note shall be issued to the Depositary.

   

  This Global Note is a global security in respect of a duly authorized issue of 5.40% Senior Notes, Series due January 15, 

   

   

  

  2033 (the “Notes of this Series,” which term includes any Global Notes representing such Notes) of the Company issued and to be issued under an Indenture dated as of October 1, 1995 between the Company and BOKF, NA as successor trustee (the “Trustee,” which term includes any subsequent successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “Indenture”). Under the Indenture, one or more series of notes may be issued and, as used herein, the term “Notes” refers to the Notes of this Series and any other outstanding series of Notes. Reference is hereby made to the Indenture for a more complete statement of the respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Noteholders and of the terms upon which the Notes are and are to be authenticated and delivered. This Global Note has been issued in respect of the series designated on the first page hereof.

   

  Each Note of this Series shall be dated and issued as of the date of its authentication by the Trustee and shall bear an Original Issue Date or Dates. Each Note or Global Note issued upon transfer, exchange or substitution of such Note or Global Note shall bear the Original Issue Date or Dates of such transferred, exchanged or substituted Note or Global Note, as the case may be.

   

  At any time prior to July 15, 2032 (the date that is six months prior to the maturity date of the Senior Notes (the “Par Call Date”)), the Company, at its option, may redeem this Global Note, in whole or from time to time in part, at a “make-whole” redemption price equal to the greater of: (i) 100% of the principal amount of this Global Note being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on this Global Note being redeemed that would be due if the Global Note matured on the Par Call Date (not including any portion of such payments of interest accrued to the date fixed for redemption) discounted to the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of twelve

  30-day months) at the Treasury Rate (as defined below) plus 25 basis points, plus, in each case, accrued and unpaid interest thereon to the date fixed for redemption. At any time on or after the Par Call Date, the Company, at its option, may redeem this Global Note, in whole or from time to time in part, at a redemption price equal to 100% of the principal amount of this Global Note being redeemed, plus accrued and unpaid interest thereon to the date fixed for redemption.

   

  "Treasury rate" means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs.

   

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

   

  (1)the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "Remaining Life"); or

   

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

   

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

   

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

   

   

  

  semi­ annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

   

  The Company's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no responsibility to calculate the redemption price.

   

  Notice of redemption will be given by mail or by electronic communication (including e-mail) to Holders of Notes of this Series not less than 30 or more than 60 days prior to the date fixed for redemption, all as provided in the Indenture. In the event of redemption of this Global Note in part only, a new Global Note or Notes of like tenor and series for the unredeemed interest hereof will be issued in the name of the Noteholder hereof upon the surrender hereof.

   

  Interest payments for this Global Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or date on which the principal of this Global Note is required to be paid is not a Business Day, then payment of principal, premium or interest need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or date on which the principal of this Global Note is required to be paid and, in the case of timely payment thereof, no interest shall accrue for the period from and after such Interest Payment Date or the date on which the principal of this Global Note is required to be paid.

   

  The Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all obligations in respect of the Notes (except for certain obligations including obligations to register the transfer or exchange of Notes, replace stolen, lost or mutilated Notes, maintain paying agencies and hold monies for payment in trust, all as set forth in the Indenture) if the Company deposits with the Trustee money,

  U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, or a combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Notes on the dates such payments are due in accordance with the terms of the Notes.

   

  If an Event of Default shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

   

  The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Noteholders 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 Notes. Any such consent or waiver by the Holder of this Global Note shall be conclusive and binding upon such Holder and upon all future Holders of this Global Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon the Note.

   

  As set forth in and subject to the provisions of the Indenture, no Holder of any Notes will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Notes, the Holders of not less than a majority in principal amount of the outstanding Notes affected by such Event of Default shall have made written request and offered reasonable indemnity to the Trustee to institute such proceeding as Trustee and the Trustee shall have failed to institute such proceeding within 60 days; provided that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and any premium or interest on this Global Note on or after the respective due dates expressed here.

   

  No reference herein to the Indenture and to provisions of this Global 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 any premium and interest on this Global Note at the times, places and rates and the coin or currency prescribed in the Indenture.

   

  As provided in the Indenture and subject to certain limitations therein set forth, this Global Note may be transferred only as permitted by the legend hereto.

   

  If at any time the Depositary for this Global Note notifies the Company that it is unwilling or unable to continue as Depositary for this Global Note or if at any time the Depositary for this Global Note shall no longer be eligible or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depositary with respect to this Global Note. If a successor Depositary for this Global Note is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election to issue this Note in global form shall no longer be effective with respect to this Global Note and the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in 

   

   

  

  exchange for this Global Note, will authenticate and deliver individual Notes of this Series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of this Global Note.

   

  The Company may at any time and in its sole discretion determine that all Notes of this Series (but not less than all) issued or issuable in the form of one or more Global Notes shall no longer be represented by such Global Note or Notes. In such event, the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for such Global Note, shall authenticate and deliver, individual Notes of this Series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Note or Notes in exchange for such Global Note or Notes.

   

  Under certain circumstances specified in the Indenture, the Depositary may be required to surrender any two or more Global Notes which have identical terms (but which may have differing Original Issue Dates) to the Trustee, and the Company shall execute and the Trustee shall authenticate and deliver to, or at the direction of, the Depositary a Global Note in principal amount equal to the aggregate principal amount of, and with all terms identical to, the Global Notes surrendered thereto and that shall indicate all Original Issue Dates and the principal amount applicable to each such Original Issue Date.

   

  The Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of Oklahoma.

   

  Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent by manual signature of an authorized signatory, this Global Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

   

  All terms used in this Global Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise indicated herein.

   

  [Signature page follows.]

   

   

   

  

  IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

   

  OKLAHOMA GAS AND ELECTRIC COMPANY

   

  		
	 
	By:

	Dated:
	Attest:

   

  TRUSTEE’S CERTIFICATE OF AUTHENTICATION

   

  This Global Note is one of the Notes of the series herein designated, described or provided for in the within-mentioned Indenture.

   

  BOKF, NA, as Trustee

   

  By:                                               		 

  Authorized Officer

   

   

   

  

  ABBREVIATIONS

   

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

   

  		
	TEN COM - as tenants in common
	UNIF GIFT
MIN ACT - _______Custodian_________

	 
	                     (Cust)                        (Minor)

	TEN ENT - as tenants by the entireties
	Under Uniform Gifts to Minors

	JT TEN - as joint tenants with right of survivor-ship and not as tenants in common
	 

	 
	State

   

  Additional abbreviations may also be used

  though not in the above list.

  			
	 
	 
	 

   

  FOR VALUE RECEIVED the undersigned hereby sell(s), 

  assign(s) and transfer(s) unto

   

  PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

  	
	 

	 

   

  Please print or typewrite name and address 

  including postal zip code of assignee

   

  the within note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said note on the books of the Company, with full power of substitution in the premises.

   

  Dated

   

  		
	 
	 

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

   

  Signature Guaranteed By:

   

  		
	 
	 

  (Name of Eligible Guarantor Institution as defined by SEC Rule 17 Ad-15 (17 CFR 240.17 Ad-15))

   

   

  		
	By:
	 

  Name:

     Title:

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