Document:

Exhibit 10.2

         
         

           

       
       

      

      SECOND AMENDMENT TO 2024 REVOLVING CREDIT AGREEMENT

       
      

         

       
      This SECOND AMENDMENT TO 2024 REVOLVING CREDIT AGREEMENT (this “Amendment”), dated as of May 15, 2020, is entered into by and among (a) THE TJX COMPANIES, INC., a Delaware corporation (the “Borrower”), (b) U.S. BANK NATIONAL ASSOCIATION, as
        administrative agent (the “Administrative Agent”), and (c) each of the Lenders party hereto.

       
      

         

       
      WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to that certain
          2024 Revolving Credit Agreement, dated as of March 11, 2016 (as amended by the First Amendment to 2024 Revolving Credit Agreement dated as of May 10, 2019 and as otherwise modified from time to time (the “Credit Agreement”)), pursuant to
          which the Lenders, upon the terms and conditions set forth therein, have agreed to make Revolving Loans (as defined therein) to the Borrower;

       
      

         

       
      WHEREAS, the Borrower has requested and the Required Lenders and the Administrative Agent
          are willing to amend the Credit Agreement as more fully provided herein; and

       
      

         

       
      NOW, THEREFORE, in consideration of the mutual agreements contained herein and in the Credit
          Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

       
      

         

       
      Section 1.     Defined Terms.  Capitalized terms used but not defined herein shall have the same meanings herein as in the Credit Agreement, as
          amended hereby.

       
      

         

       
      Section 2.     Amendments to the Credit Agreement. Subject to the satisfaction of the conditions set forth in Section 5 of this Amendment, the
          Credit Agreement is hereby amended as follows:

       
      

         

       
      (a)     Amendments to Defined Terms.  (i)  Section 1.01 of the Credit Agreement is hereby amended by amending and restating the following defined terms as set forth below:

       
       

       
      “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial
        Institution.

       
       

       
      “Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the
        European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom
        Banking Act 2009 (as amended from time to time) any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other
        than through liquidation, administration or other insolvency proceedings).

       
       

       
      “Consolidated Total Assets” means, as of the date of any determination thereof, the total assets of the Borrower and its Subsidiaries on a consolidated basis determined in
        accordance with GAAP, but excluding the amount of Operating Lease “right-of-use assets” under GAAP, in each case, as set forth on the balance sheet included in the financial statements most recently delivered pursuant to Section 6.01(a) or 6.01(b).

       
       

       
      
        
          

      

       
       

         

       
      “Eurodollar Base Rate” means, for any Interest Period, the rate per annum equal to LIBOR as administered by ICE Benchmark Administration (or any other Person that takes over
        the administration of such rate) appearing on the applicable Reuters Screen (or on any successor or substitute page on such screen) at approximately 11:00 a.m., London time, two London Banking Days prior to the commencement of such Interest Period,
        for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period.  If such rate is not available at such time for any reason, then the “Eurodollar Base Rate” for such Interest Period shall
        be the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made,
        continued or converted by the Administrative Agent and with a term equivalent to such Interest Period would be offered by the Administrative Agent’s London branch to major banks in the London interbank eurodollar market at their request at
        approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such Interest Period; provided that, if the Eurodollar Base Rate shall be less than 0.75%, such rate shall be deemed to be 0.75% for the purposes of
        this Agreement.

       
       

       
      “Leverage Ratio” means, with respect to the last day of any fiscal quarter, the ratio of:

       
       

       
      (i)            Funded Debt
          of the Borrower and its Subsidiaries on a consolidated basis on such day,

       
       

       
      to

       
       

       
      (ii)            EBITDAR of
          the Borrower and its Subsidiaries on a consolidated basis for the Test Period ending on such day;

       
       

       
      provided, that (a) solely for the purposes of calculating the Leverage Ratio for the Test Period ending on May 1, 2021, EBITDAR of the Borrower and its
        Subsidiaries on a consolidated basis for such Test Period shall be multiplied by two; and (b) solely for the purposes of calculating the Leverage Ratio for the Test Period ending on July 31, 2021, EBITDAR of the Borrower and its Subsidiaries on a
        consolidated basis for such Test Period shall be multiplied by 4/3.

       
       

       
      “Test Period” means at any time, the most recent period of four consecutive fiscal quarters of the Borrower ended on or prior to such time, except that (a) solely for the
        purposes of calculating EBITDAR for the Test Period ending on May 1, 2021, Test Period shall mean the two consecutive fiscal quarter period then ended, and (b) solely for the purposes of calculating EBITDAR for the Test Period ending on July 31,
        2021, Test Period shall mean the three consecutive fiscal quarter period then ended.

       
       

       
      
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      “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time
        to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable
        Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability
        into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any
        of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

       
       

       
       (ii)            Section 1.01 of the Credit
          Agreement is hereby amended by adding the following definitions in alphabetical order:

       
       

       
      “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

       
       

       
      “Benchmark Replacement” means the sum of: (a) an alternate benchmark rate that has been selected by the Administrative Agent in consultation with the Borrower  giving due
        consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body and (ii) any evolving or then-prevailing market convention for determining a rate of interest
        as a replacement to LIBOR for U.S. syndicated credit facilities denominated in Dollars that are substantially similar to the credit facilities under this Agreement and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark
        Replacement as so determined would be less than 0.75%, the Benchmark Replacement will be deemed to be 0.75% for the purposes of this Agreement.

       
       

       
               “Benchmark Replacement Adjustment” means, with respect to any replacement under this Agreement of LIBOR with an alternative benchmark rate, for each applicable Interest Period,  the
        spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent in consultation with the Borrower  giving due consideration
        to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with an alternative benchmark rate by the Relevant Governmental Body and (b) any evolving
        or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR with an alternative benchmark rate at such time for U.S. syndicated credit
        facilities denominated in Dollars that are substantially similar to the credit facilities under this Agreement.

       
       

       
      “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the
        definition of “Base Rate,”  the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides may be appropriate to reflect the
        adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with then-prevailing market practice (or, if the Administrative Agent decides that
        adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as
        the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

       
       

       
      
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      “Benchmark Replacement Date” means the earliest to occur of the following events with respect to LIBOR:

       
       

       
      (a)            in the case of clauses (ii), (iii)
          or (iv) of Section 3.03(b), the later of:

       
       

       
      (i)            the date of the public statement or
          publication of information referenced therein and

       
       

       
      (ii)            the date on which the
          administrator of LIBOR permanently or indefinitely ceases to provide LIBOR;

       
       

       
      (b)            in the case of clause (i) of
          Section 3.03(b), the earlier of

       
       

       
      (i)            the date of the public statement or
          publication of information referenced therein; and

       
       

       
      (ii)            the date specified by the
          Administrative Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such determination and notice by the Required Lenders) and the Lenders; or

       
       

       
      (c)            in the case of clause (v) of
          Section 3.03(b), the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such determination and notice by the Required Lenders) and the Lenders.

       
       

       
      “Benchmark Transition Event” is defined in Section 3.03(b).

       
       

       
      “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR and solely to the
        extent that LIBOR has not been replaced hereunder with a Benchmark Replacement, the period (y) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for all purposes
        under this Agreement and the other Loan Documents in accordance with Section 3.03(b) and (z) ending at the time that a Benchmark Replacement has replaced LIBOR for all purposes under this Agreement and the other Loan Documents pursuant to Section
        3.03(b).

       
       

       
      “Cash Equivalents” means cash equivalents determined in a manner consistent with the reporting thereof by the Borrower in the Borrower’s Annual Report on Form 10-K for the
        fiscal year ended February 1, 2020.

       
       

       
      “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

       
       

       
      “LIBOR” means the London interbank offered rate.

       
       

       
      
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      “Liquidity” means, as of any date of determination, the sum of (a) the unused Aggregate Commitments hereunder and under and as defined in the 2022 Revolving Credit
        Agreement, plus (b) the aggregate amount of cash and Cash Equivalents of the Borrower and its Subsidiaries at such date that is not designated as restricted on the consolidated balance sheet of the Borrower and its Subsidiaries in
        accordance with GAAP.

       
       

       
      “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal
        Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

       
       

       
      “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

       
       

       
       “Second Amendment Effective Date” means May 15, 2020, the effective date of the Second Amendment to this Agreement.

       
       

       
      “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
        Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment
        firms, and certain affiliates of such credit institutions or investment firms.

       
       

       
      “UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

       
       

       
      “Usage Fee” means (a) for each day on which the sum of Total Outstandings under this Agreement plus Total Outstandings (as defined in the 2022 Revolving Credit
        Agreement) under the 2022 Revolving Credit Agreement exceeds $333,333,333.00, but is less than $666,666,666.00, a fee at a rate of 12.5 basis points per annum, to be paid on the Total Outstandings, and (b) for each day on which the sum of Total
        Outstandings under this Agreement plus Total Outstandings (as defined in the 2022 Revolving Credit Agreement) under the 2022 Revolving Credit Agreement equals or exceeds $666,666,666.00, a fee at a rate of 25.0 basis points per annum, to be
        paid on the Total Outstandings.

       
      

         

       
      (iii) Section 1.01 of the Credit Agreement is hereby amended by deleting the defined term “LIBOR Successor Rate”.

       
      

         

       
      (b)  Article 1 of the Credit Agreement is hereby amended by inserting the following new Section 1.08:

       
      

         

       
      1.08.  LIBOR Notification. The interest rate on Eurodollar Rate Loans is determined by
          reference to the Eurodollar Base Rate which is derived from LIBOR. Section 3.03(b) provides a mechanism for (a) determining an alternative rate of interest if LIBOR is no longer available or in the other circumstances set forth in Section 3.03(b)
          and (b) modifying this Agreement to give effect to such alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or
          any other matter related to LIBOR or other rates in the definition of Eurodollar Base Rate  or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether any such alternative,
          successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 3.03(b), will have the same value as, or be economically equivalent to, the Eurodollar Base Rate.

       
      

         

       
      
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      (c) Section 2.10 of the Credit Agreement is hereby amended by inserting the following new subsection 2.10(c):

       
      

         

       
      (c)  Usage Fee. The Borrower agrees to pay to the Administrative Agent for the accounts of the Lenders, pro rata based on the Applicable Percentages, the applicable Usage
        Fee on the Total Outstandings, for each day on which the sum of Total Outstandings plus Total Outstandings (as defined in the 2022 Revolving Credit Agreement) under the 2022 Revolving Credit Agreement, exceeds $333,333,333. The Usage Fee
        shall accrue commencing on the Second Amendment Effective Date and shall be due and payable in arrears on the last Business Day of each March, June, September and December (and the Maturity Date) for the immediately preceding calendar quarter (or
        portion thereof) (each such calendar quarter or portion thereof for which the Usage Fee is payable hereunder being herein referred to as a “Usage Fee Calculation Period”), beginning with the first of such dates to occur after the Closing
        Date.  The Usage Fee shall be calculated for actual days elapsed on the basis of a 360-day year.

       
      

         

       
      (d)  Section 3.03 of the Credit Agreement is hereby amended and restated as set forth below:

       
      

         

       
      3.03.  Availability of Types of Borrowings; Adequacy of Interest Rate.

       
      

         

       
      (a)            Notwithstanding anything to the
          contrary in this Agreement or any other Loan Document, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent that the Required Lenders have
          determined, that:

       
      

         

       
      (i)     deposits of a type
          and maturity appropriate to match fund Eurodollar Rate Loans are not available to such Lenders in the relevant market, or

       
      (ii)    the interest rate
          applicable to Eurodollar Rate Loans for any requested Interest Period is not ascertainable or available (including, without limitation, because the applicable Reuters Screen (or on any successor or substitute page on such screen) is unavailable)
          or does not adequately and fairly reflect the cost of making or maintaining Eurodollar Rate Loans,

       
      then the Administrative Agent shall suspend the availability of Eurodollar Rate Loans and require any affected Eurodollar Rate Loans to be repaid or converted to Base Rate Loans, 
        subject to the payment of any funding indemnification amounts required by Section 3.04.

       
      

         

       
      (b)     Notwithstanding the foregoing or anything
          to the contrary in this Agreement or any other Loan Document, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Required Lenders notify the Administrative Agent (with a copy to the
          Borrower) that the Required Lenders have determined, that any one or more of the following (each, a “Benchmark Transition Event”) has occurred:

       
      
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      (i)     the circumstances
          set forth in Section 3.03(a)(ii) have arisen (including, without limitation, a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR described in clause (ii) of this Section 3.03(b) announcing
          that LIBOR is no longer representative) and such circumstances are unlikely to be temporary,

       
      (ii)     ICE Benchmark
          Administration (or any Person that has taken over the administration of LIBOR for deposits in Dollars that is acceptable to the Administrative Agent) discontinues its administration and publication of LIBOR for deposits in Dollars,

       
      (iii)     a public statement
          or publication of information by or on behalf of the administrator of LIBOR described in clause (ii) of this Section 3.03(b) announcing that such administrator has ceased or will cease as of a specific date to provide LIBOR (permanently or
          indefinitely); provided that, at the time of such statement, there is no successor administrator that is acceptable to the Administrative Agent that will continue to provide LIBOR after such specified date,

       
      (iv)     a public statement
          by the supervisor for the administrator of LIBOR described in clause (ii) of this Section 3.03(b), the U.S. Federal Reserve System, an insolvency official with jurisdiction over such administrator for LIBOR, a resolution authority with
          jurisdiction over such administrator for LIBOR or a court or an entity with similar insolvency or resolution authority over such administrator for LIBOR, which states that such administrator of LIBOR has ceased or will cease as of a specific date
          to provide LIBOR (permanently or indefinitely); provided that, at the time of such statement or publication, there is no successor administrator that is acceptable to the Administrative Agent that will continue to provide LIBOR after such
          specified date; or

       
      (v)     syndicated credit
          facilities substantially similar to the credit facilities under this Agreement being executed at such time, or that include language substantially similar to that contained in this Section 3.03(b), are being executed or amended, as the case may
          be, to incorporate or adopt a new benchmark interest rate to replace LIBOR for deposits in Dollars, then the Administrative Agent and the Borrower may amend this Agreement to replace the Eurodollar Base Rate with a Benchmark Replacement.
          Notwithstanding anything to the contrary in Section 10.01, any such amendment with respect to a Benchmark Transition Event (A) pursuant to any of clauses (i) through (iv) of this Section 3.03(b) will become effective without any further action or
          consent of any other party to this Agreement at 5:00 p.m. (New York City time) on the fifth Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not
          received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders  or (B) pursuant to clause (v) of this Section 3.03(b), will become effective without any further action or consent of any other
          party to this Agreement on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment.  No replacement of LIBOR with a Benchmark Replacement
          pursuant to this Section 3.03(b) will occur prior to the date set forth in the applicable amendment.

       
      
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      In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time
        and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this
        Agreement.

       
      

         

       
      The Administrative Agent will promptly notify the Borrower and the Lenders of (1) any occurrence of a Benchmark Transition Event (other than pursuant to clause (v) of this Section
        3.03(b)), (2) the implementation of any Benchmark Replacement, (3) the effectiveness of any Benchmark Replacement Conforming Changes and (4) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or
        election that may be made by the Administrative Agent or Lenders pursuant to this Section 3.03(b), including, if applicable, any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
        circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each
        case, as expressly required pursuant to this Section 3.03(b).

       
      

         

       
      Upon notice to the Borrower by the Administrative Agent in accordance with Section 10.02 of the commencement of a Benchmark Unavailability Period and until a Benchmark Replacement
        is determined in accordance with this Section 3.03(b), (A) any request pursuant to Section 2.02 that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Borrowing of a Eurodollar Rate Loan may be revoked by the
        Borrower and if not revoked shall be ineffective and any such Borrowing shall be continued as or converted to, as the case may be, a Borrowing of a Base Rate Loan, and (B) if any request pursuant to Section 2.02 requests a Borrowing of a Eurodollar
        Rate Loan, such request may be revoked by the Borrower and if not revoked such Borrowing shall be made as a Borrowing of a Base Rate Loan.  During any Benchmark Unavailability Period, the component of the Base Rate based upon the Eurodollar Rate
        will not be used in any determination of the Base Rate.

       
      

         

       
      (e)     Section 6.01 is hereby amended by adding
          a new clause (k) after clause (j) therein as follows:

       
      

         

       
      (k)     For each of the fiscal
          quarters ending August 1, 2020, October 31, 2020 and January 30, 2021, together with the compliance certificate required pursuant to Section 6.01(c), a report signed by a Responsible Officer as to the Liquidity of the Borrower and its
          Subsidiaries as of the last day of such fiscal quarter.

       
      

         

       
      
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      (f)  Section 7.02 is hereby amended by restating clause 7.02(i) as set forth below:

       
      

         

       
      (i)  other Liens securing Indebtedness or other obligations outstanding at any time not exceeding an amount equal to 7.5% of Consolidated Total Assets; provided, that
        during the period from the Second Amendment Effective Date through April 30, 2021, the aggregate amount of Indebtedness and other obligations outstanding at any time secured by Liens permitted under this clause (i) shall not exceed $100,000,000;

       
      

         

       
      (g)  Section 7.04 of the Credit Agreement is hereby amended by restating such section as set forth below:

       
      

         

       
      7.04.  Maximum Leverage Ratio.  The Borrower shall
          not permit its Leverage Ratio to be greater than 3.25 to 1.00 as of the last day of any Test Period ending on or before February 1, 2020, and shall not permit its Leverage Ratio to exceed  (a) 5.00 to 1.00 for the Test Period ending May 1, 2021,
          (b) 4.50 to 1.00 for the Test Period ending July 31, 2021, (c) 4.00 to 1.00 for the Test Period ending October 30, 2021, and (d) 3.50 to 1.00 for each Test Period ending thereafter, provided that, the Leverage Ratio shall be calculated on
          a Pro Forma Basis, so long as the Borrower has notified the Administrative Agent in writing of the inclusion or exclusion, as applicable, of the financial results of the Subsidiary, Person, business or assets acquired or disposed of in such
          acquisition or disposition, as applicable, on a Pro Forma Basis and provided any applicable financial information (including pro forma calculations) to the Administrative Agent. For the avoidance of doubt, the Leverage Ratio shall not apply for
          any Test Period ending on May 2, 2020, August 1, 2020, October 31, 2020 or January 30, 2021.

       
       

       
      (h)  Article 7 of the Credit Agreement is hereby amended by inserting the following new Sections 7.05 and 7.06:

       
       

       
      7.05.  Minimum EBITDAR.  The Borrower shall not permit EBITDAR for the fiscal quarter ending
          January 30, 2021 to be less than $650,000,000 for such fiscal quarter, tested as of the last day of such fiscal quarter.

       
       

       
      7.06.  Minimum Liquidity.  The Borrower shall not permit Liquidity at any time from the
          Second Amendment Effective Date through April 30, 2021, to be less than $1,500,000,000.

       
       

       
      (i)  Section 10.19 of the Credit Agreement is hereby amended and restated as set forth below:

       
       

       
       

         

       
      
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      10.19.  Acknowledgement and Consent to Bail-In of Affected Financial Institutions. 
          Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an Affected Financial
          Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be
          bound by:

       
       

       
      (a)     the application of any Write-Down and
          Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; and

       
       

       
      (b)     the effects of any Bail-In Action on any
          such liability, including, if applicable:

       
       

       
      (i)     a reduction in full or in part or
          cancellation of any such liability;

       
       

       
      (ii)   a conversion of all, or a portion of, such
          liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of
          ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

       
       

       
      (iii)   the variation of the terms of such
          liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

       
       

       
      Section 3.    Affirmation and Ratification by the Borrower.  The Borrower hereby ratifies and confirms all of its Obligations to the Lenders and the Administrative Agent,
          including, without limitation, the  Revolving Loans, and the Borrower hereby affirms its absolute and unconditional promise to pay to the Lenders and the Administrative Agent the Revolving Loans and all other amounts due under the Credit
          Agreement as amended hereby.  Except as expressly amended hereby, the Credit Agreement, the other Loan Documents and all documents, instruments and agreements related thereto, are hereby ratified and confirmed in all respects and shall continue
          in full force and effect.  The Credit Agreement, together with this Amendment, shall be read and construed as a single agreement.  All references in the Loan Documents to the Credit Agreement or any other Loan Document shall hereafter refer to
          the Credit Agreement or any other Loan Document as amended hereby.

       
      

         

       
      Section 4.     Representations and Warranties.  The Borrower hereby represents and warrants to the Lenders and Administrative Agent as follows:

       
      

         

       
      (a)     the representations and warranties of the
          Borrower contained in Article V of the Credit Agreement are (i) with respect to representations and warranties that contain a qualification as to materiality, true and correct in all respects (after giving effect to any such qualification
          therein), and (ii) with respect to representations and warranties that do not contain a qualification as to materiality, true and correct in all material respects, in each case as of the date hereof  except to the extent any such representation
          or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall be (i) with respect to representations and warranties that contain a qualification as to materiality, true and correct in all respects
          (after giving effect to any such qualification therein), and (ii) with respect to representations and warranties that do not contain a qualification as to materiality, true and correct in all material respects, in each case on and as of such
          earlier date, except that for purposes of this clause (a), the representations and warranties contained in Section 5.04 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Section 6.01(a) of the
          Credit Agreement;

       
      
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      (b)      the Borrower has the requisite corporate
          or other organizational power and authority to execute, deliver and perform this Amendment;

       
       

       
      (c)      neither the execution and delivery by
          the Borrower of this Amendment, nor the consummation of the transactions herein contemplated, nor compliance with the provisions thereof will (i) violate, in any material respect, any law, rule, regulation, order, writ, judgment, injunction,
          decree or arbitral award binding on the Borrower, (ii) violate the Borrower’s Organization Documents, (iii) violate the provisions of any material indenture, instrument or agreement to which the Borrower or any of its Subsidiaries is a party or
          is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder;

       
       

       
      (d)      this Amendment, the Credit Agreement as
          amended hereby and each other Loan Document to which the Borrower is a party constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms (except as enforceability may be limited by bankruptcy,
          insolvency or similar laws affecting the enforcement of creditor’s rights generally) and is in full force and effect; and

       
       

       
      (e)       as of the date hereof, no Default or
          Event of Default has occurred and is continuing.

       
       

       
                 Section 5.     Conditions to Effectiveness. This Amendment shall become effective as of the date first written above (the “Second Amendment
            Effective Date”) upon the satisfaction of the following conditions:

       
      

         

       
      (a)       The Administrative Agent shall have
          received executed counterparts of this Amendment, from each of the Borrower and the Required Lenders;

       
       

       
      (b)     The Administrative Agent shall have
          received a copy of the certificate of incorporation (or comparable constitutive document) of the Borrower, together with all amendments thereto, certified by the Secretary, Assistant Secretary, or other appropriate officer of the Borrower, and a
          certificate of good standing, certified by the appropriate governmental officer of its jurisdiction of organization, together with  a copy, certified by a Responsible Officer of the Borrower, as applicable, of its by-laws (or any comparable
          constitutive laws, rules or regulations) and of the resolutions of the finance committee of the board of directors of the Borrower authorizing the execution of this Amendment, and an incumbency certificate, executed by a Responsible Officer the
          Borrower, which shall identify by name and title and bear the signature of the officers of the Borrower authorized to sign this Amendment;

       
       

       
      (c)       The Administrative Agent shall have
          received a fully executed copy of the Second Amendment to the 2022 Revolving Credit Agreement, which shall be in full force and effect; and

       
       

       
      (d)     The Administrative Agent shall have
          received the payment of all fees and expenses required to be paid to Lenders and the Administrative Agent in connection with this Amendment (including, without limitation, fees, charges and disbursements of counsel to the Administrative Agent).

       
       

       
      
        11

        
          

      

       
      Section 6.     Miscellaneous Provisions.

       
      

         

       
      (a)       THIS AMENDMENT SHALL BE GOVERNED BY,
          AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

       
      

         

       
      (b)      This Amendment shall constitute a Loan
          Document under the Credit Agreement and all obligations included in this Amendment (including, without limitation, all obligations for the payment of fees and expenses and other amounts) shall constitute Obligations under the Credit Agreement.

       
      

         

       
      (c)      This Amendment may be executed in
          counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature
          page of this Amendment by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “signed,” “signature,” and words of like import in this Amendment
          shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based record keeping
          system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
          state laws based on the Uniform Electronic Transactions Act.

       
      

         

       
      

         

       
      (d)      In the manner provided, and subject to
          the limitations, in Section 10.04 of the Credit Agreement, the Borrower hereby agrees to pay to all reasonable out of pocket fees and expenses incurred by the Administrative Agent (including the reasonable fees, charges and disbursements of
          counsel for the Administrative Agent) in connection with the preparation, negotiation, execution and delivery of this Amendment (whether or not the transactions contemplated hereby are consummated).

       
      

         

       
      (e)      This Amendment shall be binding upon and
          inure to the benefit of the Borrower, the Administrative Agent and the Lenders and their respective successors and permitted assigns in accordance with the terms of the Credit Agreement.

       
      

         

       
      (f)       This Amendment constitutes the entire
          agreement of the parties with respect to the subject matter hereof and supersedes any prior understandings or agreements which may have existed with respect thereto.  Except as expressly provided herein, this Amendment shall not, by implication
          or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or remedies of the Administrative Agent or any Lender under the Credit Agreement or the other Loan Documents, nor alter, modify, amend or in any way affect any of
          the obligations or covenants contained in the Credit Agreement or any of the other Loan Documents, all of which are ratified and confirmed in all respects and shall continue in full force and effect.  To the extent there is any inconsistency
          between the terms and provisions of any Loan Document and the terms and provisions of this Amendment, the terms and provisions of this Amendment shall govern.

       
       
        12

        
          

      

      

      

      

      

      

      

      

      

      [Remainder of page intentionally left blank]

       

      

      
        13

        
          

      

       

        

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

      

      

      

      

      
        	
                 

              	THE TJX COMPANIES, INC., AS
	
                 

              	BORROWER
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                
                  By:  /s/ Scott Goldenberg

                

                 
	 	Name: Scott Goldenberg
	 	Title: Senior Executive Vice President, Chief Financial Officer

        

        

      

      

      

      

      

      
        [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

      

      
        
          

      

       

      
        	
                 

              	U.S. BANK NATIONAL ASSOCIATION, AS
	
                 

              	
                ADMINISTRATIVE AGENT

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	By: /s/ Frances W. Josephic
	
                 

              	Name: Frances W. Josephic
	
                 

              	
                Title: Senior Vice President 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                U.S. BANK NATIONAL ASSOCIATION, AS 

                

              
	
                 

              	A LENDER
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	 	By: /s/ Frances W. Josephic
	 	Name: Frances W. Josephic
	 	Title: Senior Vice President

      

       

      

    

    

      
        [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

      

       
      
        
          

      

       

      
        	

              	HSBC BANK USA, NATIONAL
	
                 

              	ASSOCIATION, AS A LENDER
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                
                  By: /s/ Jaime Mariano

                

              
	 	Name: Jaime Mariano
	 	Title: Senior Vice President #21440

      

      

        

        [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

      
        
          

      

       

      
        
          	

                	JPMORGAN CHASE BANK, N.A., AS A
	
                   

                	LENDER
	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                  
                    By: /s/ Alicia Schreibstein

                  

                
	 	Name: Alicia Schreibstein
	 	Title: Executive Director

        

        

        

      

      

      [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

       
      
        
          

      

       

      

      
        
          
            	

                  	BANK OF AMERICA, N.A., AS A LENDER
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                    
                      By: /s/ Alexandra Korchmar

                    

                  
	 	Name: Alexandra Korchmar
	 	Title: Associate

          

          

          

        

        

        

        

        

        

        [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

      

       

        

      

      
        
          

      

       

      
        
          
            	
                     

                  	DEUTSCHE BANK AG NEW YORK
	
                     

                  	
                    BRANCH, AS A LENDER

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	By: /s/ Ming K. Chu
	
                     

                  	Name: Ming K. Chu
	
                     

                  	
                    Title: Director 

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	 	By: /s/ Annie Chung
	 	Name: Annie Chung
	 	Title: Director

          

           

          

           

          

        

        

          
            [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

          

        

      

         

      
        
          

      

       

      
        
          
            	

                  	WELLS FARGO BANK, NATIONAL
	
                     

                  	ASSOCIATION, AS A LENDER
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                    
                      By: /s/ Carl Hinrichs

                    

                  
	 	Name: Carl Hinrichs
	 	Title: Director

          

          

          

        

        

        

        

        

        

        [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

      

       

      
        
          

      

       

      
        
          
            
              	

                    	THE BANK OF NEW YORK MELLON, AS A
	
                       

                    	LENDER
	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                      
                        By: /s/ Rachael Dolinish

                      

                    
	 	Name: Rachael Dolinish 

                    
	 	Title: Vice President

            

            

            

          

          

          

          

          

          

          

          

          [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

        

      

       
      
        
          

      

       

      
        
          
            
              
                	

                      	
                        THE BANK OF NOVA SCOTIA, AS A

                      
	
                         

                      	LENDER
	
                         

                      	
                         

                      	
                         

                      
	
                         

                      	
                         

                      	
                         

                      
	
                         

                      	
                        
                          By: /s/ Catherine Jones

                        

                      
	 	Name: Catherine Jones
	 	Title: Managing Director

              

              

              

            

            

            

            

            

            

            [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

          

        

      

         

      
        
          

      

       

      
        
          
            
              
                
                  	

                        	KEYBANK NATIONAL ASSOCIATION, AS
	
                           

                        	A LENDER
	
                           

                        	
                           

                        	
                           

                        
	
                           

                        	
                           

                        	
                           

                        
	
                           

                        	
                          
                            By: /s/ Marianne T. Meil

                          

                        
	 	Name: Marianne T. Meil
	 	Title: Sr. Vice President

                

                

                

              

              

              

              

              

              

              [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

            

          

        

         

         

      
        
          

      

       
        
          
            	

                  	NATIONAL WESTMINSTER BANK PLC,
	
                     

                  	AS A LENDER
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                    
                      By: /s/ Jonathan Eady

                    

                  
	 	Name: Jonathan Eady
	 	Title: Director

          

          

          

        

        

        

        

        

        

        [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

      

      

      
        
          

      

       

      
        
          	

                	TRUIST BANK (SUCCESSOR IN MERGER
	
                   

                	WITH SUNTRUST BANK), AS A LENDER
	
                   

                	
                   

                	
                   

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                  
                    By: /s/ Matthew J. Davis

                  

                
	 	Name: Matthew J. Davis
	 	Title: Senior Vice President

        

        

        

      

       

      

      

      

      [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

       

      

      
        
          

      

       
        
          
            	

                  	
                    TD BANK, N.A., AS A LENDER

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                    
                      By: /s/ Craig Welch

                    

                  
	 	Name: Craig Welch
	 	Title: Senior Vice President

          

          

          

        

         

        

        

        

        [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

        

      

      
        
          

      

       

      
        
              
            	

                  	
                    
                      BARCLAYS BANK PLC, AS A LENDER

                    

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                    
                      By: /s/ Ritam Bhalla

                    

                  
	 	Name: Ritam Bhalla
	 	Title: Director

             

           
          

          

        

         

        

        

        

        [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

      

      

      
        
          

      

       

      
        
          
            
              	

                    	
                      
                        
                          CITIZENS BANK, N.A., AS A LENDER

                        

                      

                    
	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                      
                        By: /s/ Patrick Keffer

                      

                    
	 	Name: Patrick Keffer
	 	Title: Senior Vice President

            

            

            

          

           

          

          

          

          [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

        

      

      

      
        
          

      

       
        
          
            
              	
                       

                    	COMMERZBANK AG, NEW YORK
	
                       

                    	
                      BRANCH, AS A LENDER

                    
	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	By: /s/ Pedro Bell
	
                       

                    	Name: Pedro Bell
	
                       

                    	
                      Title: Managing Director 

                    
	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    
	 	By: /s/ Bianca Notari
	 	Name: Bianca Notari
	 	Title: Vice President

            

             

            

             

            

             

            

          

          

            
              [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

            

          

        

         

      

      
        
          

      

      
        
          
            
              	

                    	
                      
                        
                          FIFTH THIRD BANK, AS A LENDER

                        

                      

                    
	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                       

                    	
                       

                    
	
                       

                    	
                      
                        By: /s/ Todd S. Robinson

                      

                    
	 	Name: Todd S. Robinson 

                    
	 	Title: VP

            

            

            

          

           

          

          

          

          [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

        

          

      

      
        
          

      

      
        
          
            
              
                
                  	

                        	PNC BANK, NATIONAL ASSOCIATION, AS
	
                           

                        	A LENDER
	
                           

                        	
                           

                        	
                           

                        
	
                           

                        	
                           

                        	
                           

                        
	
                           

                        	
                          
                            By: /s/ Eileen P. Murphy

                          

                        
	 	Name: Eileen P. Murphy
	 	Title: Vice President

                

                

                

              

              

              

              

              

              

              

              

              [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]

            

          

        

      

       
      
        
          

      

      
        
              
            	
                     

                  	
                    SANTANDER BANK, N.A., AS A LENDER

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	By: /s/ Carolina Gutierrez
	
                     

                  	Name: Carolina Gutierrez

                  
	
                     

                  	
                    Title: Vice President 

                  
	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  
	 	By: /s/ Zara Kamal
	 	Name: Zara Kamal
	 	Title: Vice President

             

           
           

          

           

          

           

          

        

        

          
            [Signature Page to Second Amendment to 2024 Revolving Credit Agreement]Exhibit 4.1 

 

 

PIEDMONT
NATURAL GAS COMPANY, INC.

 

AND

 

THE
BANK OF NEW YORK MELLON

 

TRUST
COMPANY, N.A., AS TRUSTEE

 

 

tenth
SUPPLEMENTAL INDENTURE

 

DATED
AS OF May 21, 2020

 

SUPPLEMENT
TO INDENTURE DATED AS OF APRIL 1, 1993

 

 

3.35%
SENIOR NOTES DUE 2050

 

 

 

     

     

    

 

TABLE OF CONTENTS1

 

	 	Page
	ARTICLE 1 3.35% Senior Notes Due 2050	2
	 	 
	SECTION 101. Establishment	2
	 	 
	SECTION 102. Definitions	3
	 	 
	SECTION 103. Payment of Principal and Interest	4
	 	 
	SECTION 104. Denominations	4
	 	 
	SECTION 105. Book-Entry Debt Securities	4
	 	 
	SECTION 106. Transfer	5
	 	 
	SECTION 107. Redemption at the Company’s Option	5
	 	 
	ARTICLE 2 Miscellaneous Provisions	6
	 	 
	SECTION 201. Concerning the Trustee	6
	 	 
	SECTION 202. Defeasance; Satisfaction and Discharge	6
	 	 
	SECTION 203. Sinking Fund	6
	 	 
	SECTION 204. Notices	6
	 	 
	SECTION 205. Miscellaneous	7
	 	 
	EXHIBIT A FORM OF NOTE	 
	 	 
	EXHIBIT B CERTIFICATE OF AUTHENTICATION	 

 

 

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

 

    	 	i	 

     

    

 

THIS TENTH SUPPLEMENTAL INDENTURE
(this “Tenth Supplemental Indenture”), dated as of May 21, 2020, between PIEDMONT NATURAL GAS COMPANY, INC.,
a corporation organized and existing under the laws of the State of North Carolina (the “Company”), and THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association duly organized and existing under the laws of the
United States, as successor to Citibank, N.A. (the “Trustee”).

 

WITNESSETH:

 

WHEREAS,
a predecessor to the Company has heretofore executed and delivered to the Trustee an Indenture dated as of April 1, 1993 (the “Base
Indenture”, as amended by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental
Indenture and the Fourth Supplemental Indenture (each as defined below), the “Original Indenture”);

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee a First Supplemental Indenture dated as of February 25, 1994 (the
 “First Supplemental Indenture”) pursuant to which the Company assumed all of the obligations of its predecessor
company under the Base Indenture;

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Second Supplemental Indenture dated as of June 15, 2003 (the
 “Second Supplemental Indenture”) pursuant to which Section 4.07 (“Limitation on Liens”) of
the Base Indenture was amended, applicable to all Series of Debt Securities issued after June 15, 2003;

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Third Supplemental Indenture dated as of June 20, 2006 (the
 “Third Supplemental Indenture”) pursuant to which (i) the Company issued $200,000,000 in aggregate principal
amount of its 6.25% Insured Quarterly Notes Series 2006 due 2036 and (ii) the Limitation on Liens and related definitions in Section
1.01 of the Base Indenture were amended, applicable to all series of Debt Securities issued on or after June 20, 2006;

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Fourth Supplemental Indenture dated as of May 6, 2011 (the “Fourth
Supplemental Indenture”) pursuant to which Section 5.03 of the Base Indenture was amended, applicable to all series of
Debt Securities issued on or after May 6, 2011;

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Fifth Supplemental Indenture dated as of August 1, 2013 pursuant
to which the Company issued $300,000,000 in aggregate principal amount of its 4.65% Senior Notes due 2043;

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Sixth Supplemental Indenture dated as of September 18, 2014
pursuant to which the Company issued $250,000,000 in aggregate principal amount of its 4.10% Senior Notes due 2034;

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Seventh Supplemental Indenture dated as of September 14, 2015
pursuant to which the Company issued $150,000,000 in aggregate principal amount of its 3.60% Senior Notes due 2025;

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee an Eighth Supplemental Indenture dated as of July 28, 2016 pursuant
to which the Company issued $300,000,000 in aggregate principal amount of its 3.64% Senior Notes due 2046;

 

     

     

    

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Ninth Supplemental Indenture dated as of May 24, 2019 pursuant
to which the Company issued $600,000,000 in aggregate principal amount of its 3.50% Senior Notes due 2029;

 

WHEREAS,
the Original Indenture is incorporated herein by this reference and the Original Indenture, as heretofore supplemented and as further
supplemented by this Tenth Supplemental Indenture, is herein called the “Indenture”;

 

WHEREAS,
the Original Indenture provides that the Company and the Trustee may from time to time enter into indentures supplemental thereto
to issue and establish the form or terms of a new series of Debt Securities;

 

WHEREAS,
the Company proposes to issue under the Indenture a new series of Debt Securities; and

 

WHEREAS,
the Company represents that all acts and things necessary to constitute this Tenth Supplemental Indenture and the Notes (as defined
below), when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations
of the Company have been done and performed, and the execution of this Tenth Supplemental Indenture has in all respects been duly
authorized, and the Company, in the exercise of legal right and power in it vested, is executing this Tenth Supplemental Indenture.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants herein contained and for other valuable consideration,
the receipt whereof is hereby acknowledged, the parties have executed and delivered this Tenth Supplemental Indenture and the Company
covenants and agrees with the Trustee as follows:

 

Article
1

 

3.35% Senior Notes Due 2050

 

Section
101.           Establishment. There is hereby established
a new series of Debt Securities to be issued under the Indenture, to be designated as the Company’s 3.35% Senior Notes Due
2050 (the “Notes”).

 

There are to be initially authenticated
and delivered $400,000,000 aggregate principal amount of Notes; provided, however, that the authorized aggregate principal amount
of the Notes may be increased above such amount without the consent of the Holders of any then outstanding Notes by a Board Resolution
authorizing such increase; provided, however, that such additional Notes issued pursuant to such increase will be fungible with
the initially issued Notes for U.S. Federal income tax purposes, and any such additional Notes issued in this manner will be consolidated
with, and will form a single series with, the initially issued Notes. The Notes shall be issued in definitive fully registered
form.

 

The Notes shall be issued in the form of
a Book-Entry Debt Security in substantially the form set out in Exhibit A hereto. The Depository with respect to the Notes shall
be The Depository Trust Company.

 

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

 

    	 	2	 

     

    

 

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.

 

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

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated 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 utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) 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 (2) if the Quotation Agent obtains fewer
than four of such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations as determined
by the Company.

 

“Interest Payment Dates”
means June 1 and December 1 of each year, commencing December 1, 2020.

 

“Original Issue Date”
means May 21, 2020.

 

“Par Call Date” means
December 1, 2049.

 

“Quotation Agent” means
one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury Dealer”
means each of (1) Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC, each of which is a primary
U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) and (2) a Primary Treasury Dealer
selected by each of PNC Capital Markets LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc., or their respective
affiliates or successors; 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 Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent,
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 Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business
Day preceding such redemption date.

 

“Stated Maturity” means
June 1, 2050.

 

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

 

    	 	3	 

     

    

 

Section
103.           Payment of Principal and Interest. The
principal of the Notes shall be due at the Stated Maturity (unless earlier redeemed). The unpaid principal amount of the Notes
shall bear interest at the rate of 3.35% per annum until paid or duly provided for. Interest shall be paid semi-annually in arrears
on each Interest Payment Date to the Persons in whose name each Note is registered at the close of business on the Record Date
for the applicable Interest Payment Date, which will be the close of business on (i) the Business Day immediately preceding such
Interest Payment Date so long as all of the Notes remain in the form of a Book-Entry Debt Security or (ii) the fifteenth calendar
day next preceding such Interest Payment Date (whether or not such day is a Business Day) if any of the Notes do not remain in
the form of a Book-Entry Debt Security, 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 Record Date and will be paid to the Person in whose
name the Notes are registered on a subsequent Record Date established for the payment of such defaulted interest by notice given
by mail or on behalf of the Company to the Holders no less than fifteen (15) days preceding such subsequent Record Date, such Record
Date to be not less than five (5) days preceding the date of payment of such defaulted interest or in any other lawful manner acceptable
to the Trustee.

 

Payments of interest on the Notes will include
interest accrued to but excluding the respective Interest Payment Date. Interest payments for the Notes shall be computed and paid
on the basis of a 360-day year of twelve 30-day months (and for any partial periods shall be calculated on the basis of the number
of days elapsed in a 360-day year 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), with the same force and effect as if made on the
date the payment was originally payable.

 

Payment of the principal and interest due
at the Stated Maturity or earlier redemption of the Notes shall be made upon surrender of the Notes at the Corporate Trust Office
of the Trustee. 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 the principal and 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 wire transfer to the Holders entitled thereto who have provided appropriate wire transfer instructions to the Trustee, or
by check mailed to the Holders of the Notes entitled thereto at their last addresses as they appear on the Debt Security Register
or (ii) if the Notes are Book-Entry Debt Securities, the Depository, as Holder of the Notes, shall be entitled to receive payment
of interest by wire transfer of immediately available funds.

 

Section
104.           Denominations. The Notes may be issued
in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

Section
105.           Book-Entry Debt Securities. The Notes
will be issued in the form of a Book-Entry Debt Security registered in the name of the Depository or its nominee. Except under
the limited circumstances described below, Notes represented by the Book-Entry Debt Security will not be exchangeable for, and
will not otherwise be issuable as, Notes in definitive, non-global form. The Book-Entry Debt Securities described above may not
be transferred except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another
nominee of the Depository or to a successor Depository or its nominee.

 

    	 	4	 

     

    

 

Owners of beneficial interests in such a
Book-Entry Debt Security will not be considered the Holders thereof for any purpose under the Indenture, and no Book-Entry Debt
Security representing a Note shall be exchangeable, except for another Book-Entry Debt Security of like denomination and tenor
to be registered in the name of the Depository or its nominee or to a successor Depository or its nominee. The rights of Holders
of such Book-Entry Debt Security shall be exercised only through the Depository.

 

Subject to the procedures of the Depository,
a Book-Entry Debt Security shall be exchangeable for Notes registered in the names of persons other than the Depository or its
nominee only if (i) the Depository notifies the Company that it is unwilling or unable to continue as a Depository for such Book-Entry
Debt Security and no successor Depository shall have been appointed by the Company, or if at any time the Depository ceases to
be a clearing agency registered under the Securities Exchange Act of 1934, as amended, at a time when the Depository is required
to be so registered to act as such Depository and no successor Depository shall have been appointed by the Company, in each case
within 60 days after the Company receives such notice or becomes aware of such cessation, (ii) the Company in its sole discretion
determines that such Book-Entry Debt Security shall be so exchangeable, or (iii) there shall have occurred an Event of Default
with respect to the Notes. Any Book-Entry Debt Security that is exchangeable pursuant to the preceding sentence shall be exchangeable
for Notes registered in such names as the Depository shall direct.

 

Section
106.           Transfer. No service charge will be made
for the exchange or to register a transfer of Notes, but payment will be required 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 to exchange
or register a transfer of (a) Notes for a period of fifteen (15) days next preceding the mailing of the notice of any redemption
of Notes to be redeemed, or (b) Notes selected, called or being called for redemption, except, in the case of Notes to be redeemed
in part, the portion thereof not to be so redeemed.

 

Section
107.           Redemption at the Company’s Option.
Prior to the Par Call Date, the Company shall have the right to redeem the Notes, at its option, at any time in whole or in part
and from time to time, at a redemption price calculated by the Company equal to the greater of:

 

(i)         100%
of the principal amount of the Notes to be redeemed; and

 

(ii)        the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed that would
be due if the Notes matured on the Par Call Date (exclusive of interest accrued as of the date of redemption), discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus
30 basis points;

 

plus, in each case, accrued and unpaid interest on the principal
amount being redeemed to, but excluding, such redemption date.

 

On or after the Par Call Date, the Company
shall have the right to redeem the Notes, at its option, at any time in whole or in part and from time to time, at a redemption
price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest on the principal amount
of the Notes being redeemed to, but excluding, such redemption date.

 

Notwithstanding the foregoing, installments
of interest on the Notes that are due and payable on an Interest Payment Date falling on or prior to a redemption date shall be
payable on such Interest Payment Date to the Holders as of the close of business on the relevant Record Date.

 

    	 	5	 

     

    

 

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

 

Notice of redemption to each Holder of the
Notes shall be given by the Company, or, at the Company’s request, by the Trustee, in the manner provided in Section 3.02
of the Original Indenture, at least ten (10) and not more than sixty (60) days prior to the date fixed for redemption.

 

Article
2

Miscellaneous Provisions

 

Section
201.           Concerning the Trustee. The Trustee
accepts the trusts of the Indenture and agrees to perform the same, but only upon the terms and conditions set forth in the Indenture,
to which the parties hereto and the Holders from time to time agree. Without limiting the generality of the foregoing, the Trustee
assumes no responsibility for the correctness of the recitals herein contained, which shall be taken as the statements of the Company.
The Trustee makes no representation or warranty as to, and assumes no responsibility for, the validity or adequacy of this Tenth
Supplemental Indenture or the Notes, it shall not be accountable for the Company’s use of proceeds from the Notes, and it
shall not be responsible for any statement of the Company in this Tenth Supplemental Indenture or in any document issued in connection
with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication.

 

Section
202.           Defeasance; Satisfaction and Discharge.
The provisions of Article Thirteen of the Base Indenture shall apply to the Notes.

 

Section
203.           Sinking Fund. The Notes are not entitled
to the benefits of any sinking fund.

 

Section
204.           Notices. The address for any notice or
demand under this Tenth Supplemental Indenture for each of the parties shall be as follows:

 

If to the Company:

Piedmont Natural Gas Company, Inc.

4720 Piedmont Row Drive

Charlotte, North Carolina 28210

Attention: Treasurer

 

With a copy to:

Duke Energy Corporation

550 South Tryon Street

Charlotte, North Carolina 28202

Attention: General Counsel

 

If to the Trustee:

The Bank of New York Mellon Trust Company, N.A.

10161 Centurion Parkway

Jacksonville, Florida 32256

Attention: Corporate Trust Administration

 

    	 	6	 

     

    

 

Section
205.           Miscellaneous.

 

(a)        Except
as expressly amended hereby with respect to the Notes, the Original Indenture is in all respects ratified and confirmed and all
the terms, provisions and conditions thereof shall be and remain in full force and effect.

 

(b)        All
the covenants, stipulations, promises and agreements in this Tenth Supplemental Indenture contained by or on behalf of the Company
shall bind its successors and assigns, whether so expressed or not.

 

(c)        This
Tenth Supplemental Indenture and each Note shall be deemed to be a contract made under the laws of the State of New York and for
all purposes shall be governed by and construed in accordance with the laws of said State. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING
OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

(d)        If any provision of the Indenture limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required
under such Act to be a part of or govern the Indenture, such latter provision shall control. If any provision of the Indenture
modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be
deemed to apply to the Indenture as so modified or to be excluded, as the case may be.

 

(e)        The
titles and headings of the sections of this Tenth Supplemental Indenture have been inserted for convenience of reference only,
are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof.

 

(f)         This Tenth Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed an original,
and such counterparts shall together constitute one and the same instrument. The words “execution,”
signed,” signature,” and words of like import in the Indenture shall include images of manually executed signatures
transmitted by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif”
or “jpg”) and other electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic
signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated,
received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other
applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial
Code. Without limitation to the foregoing, and anything in the Original Indenture to the contrary notwithstanding, (a) any Officers’
Certificate, Company Order, Opinion of Counsel, Debt Security, the Trustee’s certificate of authentication appearing on or
attached to any Debt Security, supplemental indenture or other certificate, opinion of counsel, instrument, agreement or other
document delivered pursuant to the Indenture may be executed, attested and transmitted by any of the foregoing electronic means
and formats, (b) all references in Section 2.06 or elsewhere in the Original Indenture to the execution, attestation or authentication
of any Debt Security or any certificate of authentication appearing on or attached to any Debt Security by means of a manual or
facsimile signature shall be deemed to include signatures that are made or transmitted by any of the foregoing electronic means
or formats, and (c) any requirement in Section 2.06 or elsewhere in the Original Indenture that any signature be made under a corporate
seal (or facsimile thereof) shall not be applicable to the Debt Securities of such series.

 

    	 	7	 

     

    

 

(g)        In
case any provision in this Tenth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions hereof or of the Indenture shall not in any way be affected or impaired thereby.

 

[Signature page to follow.]

 

    	 	8	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Tenth Supplemental Indenture to be duly executed, and attested, all as of the date first above written.

 

 

	ATTEST:	 	 
	 	 	PIEDMONT NATURAL GAS COMPANY, INC.
	 	 	 	 	 
	By:	/s/
    Robert T. Lucas III		By:	/s/ Karl W.
    Newlin
	 	Name:	Robert T. Lucas III	 	 	Name:	Karl W. Newlin
	 	Title:	Assistant Corporate Secretary	 	 	Title:	Senior Vice President,
	 	 	 	 	 	 	Corporate Development and Treasurer
	 	 	 	 	 	 	 
	 	 	 	 	THE BANK
                    OF NEW YORK MELLON TRUST

	 	 	 	 	COMPANY, N.A., as Trustee
	 	 	 	 	 	 	 
	 	 	 	 	By:	/s/ Julie
    Hoffman-Ramos
	 	 	 	 	 	Name:	Julie Hoffman-Ramos
	 	 	 	 	 	Title:	Vice President

 

     

     

    

 

Exhibit
A

FORM OF NOTE

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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.

 

THIS DEBT SECURITY IS A BOOK-ENTRY DEBT SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR
A SUCCESSOR DEPOSITORY. THIS DEBT SECURITY IS EXCHANGEABLE FOR DEBT SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS DEBT SECURITY (OTHER
THAN A TRANSFER OF THIS DEBT SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY
TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

PIEDMONT
NATURAL GAS COMPANY, INC.

3.35% SENIOR NOTES DUE 2050

	No. R-	$

 

CUSIP No. 720186 AM7

 

PIEDMONT NATURAL GAS COMPANY, INC., a corporation
validly existing under the laws of the State of North Carolina (herein called the “Company”, which term includes
any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of                 DOLLARS ($                    ) on June 1, 2050 and to pay interest thereon from May 21, 2020 or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on June
1 and December 1 (each an “Interest Payment Date”) in each year, commencing December 1, 2020 at the rate of
3.35% per annum, until the principal hereof is paid or made available for payment, and (to the extent that the payment of such
interest shall be legally enforceable) at the rate of 3.35% per annum on any overdue principal and on any overdue installment of
interest. The amount of interest payable on any Interest Payment Date will, as provided in such Indenture, be paid to the Person
in whose name this Note is registered at the close of business on the regular Record Date for the applicable Interest Payment Date,
which will be the close of business on (i) the Business Day immediately preceding such Interest Payment Date so long this Note
remains in the form of a Book-Entry Debt Security or (ii) the fifteenth calendar day next preceding such interest payment date
(whether or not such day is a Business Day) if this Note does not remain in the form of a Book-Entry Debt Security, provided that
interest payable at the Stated Maturity of principal or on a redemption date as provided in the Indenture will be paid to the Person
to whom principal is payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable
to the Holder on such regular Record Date and will be paid to the Person in whose name the Notes are registered at the close of
business on a subsequent Record Date established for the payment of such defaulted interest by notice given by mail or on behalf
of the Company to the Holders no less than fifteen (15) days preceding such subsequent Record Date, such Record Date to be not
less than five (5) days preceding the date of payment of such defaulted interest or in any other lawful manner acceptable to the
Trustee.

 

    	 	A-1	 

     

    

 

Payments of interest on this Note will include
interest accrued to but excluding the respective Interest Payment Date. Interest payments for this Note shall be computed and paid
on the basis of a 360-day year of twelve 30-day months (and for any partial periods shall be calculated on the basis of the number
of days elapsed in a 360-day year of twelve 30-day months). In the event that any Interest Payment Date would otherwise be a day
that 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), with the same force and effect as if made
on the date the payment was originally payable.

 

Payment of the principal of and interest
on this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. Payment of interest on this Note (other than interest payable at maturity) will be made, at
the option of the Company, by wire transfer to the Holders entitled thereto who have provided appropriate wire transfer instructions
to the Trustee or by check mailed to the address of the Holder as such address shall appear in the Debt Security Register; provided,
however, that if this Note is a Book-Entry Debt Security the Depository, as Holder of this Note, shall be entitled to receive payment
of interest by wire transfer of immediately available funds. Notices regarding changes of address shall be effective upon recordation
in the Debt Securities Register. Payment of the principal of and interest on this Note payable at maturity will be made in immediately
available funds upon surrender of this Note at the corporate trust office of the Trustee in the Borough of Manhattan, The City
of New York, or such other office or agency of the Company maintained for such purpose in the Borough of Manhattan, The City of
New York, provided, however, that if this Note is a Book-Entry Debt Security the Depository, as Holder of this Note, shall be entitled
to receive payment of interest by wire transfer of immediately available funds in accordance with the arrangements with the Depository.

 

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.

 

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

 

    	 	A-2	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed under its corporate seal.

 

Dated: May 21, 2020

 

 

	ATTEST:	 	 	 
	 	 	 	PIEDMONT NATURAL GAS COMPANY, INC.
	 	 	 	 
	By:	 	 	By:	 
	 	(Signature)	 	 	(Authorized
        Signature)
	 	 	 	 	 
	 	[Seal]	 	 	 

 

    	 	A-3	 

     

    

 

(Reverse Side of Note)

 

This Note is one of a duly authorized issue
of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under
an Indenture, dated as of April 1, 1993, as amended (as amended and supplemented the “Indenture”), between Piedmont
Natural Gas Company, Inc., a New York corporation and the predecessor to the Company and The Bank of New York Mellon Trust Company,
N.A. (as successor to Citibank N.A.), as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes
and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is a global Book-Entry Debt Security
and is limited initially in the aggregate principal amount of $                  ; provided however that the authorized aggregate principal amount
of this Note may be increased above such amount by a Board Resolution authorizing such increase.

 

Prior to December 1, 2049 (the “Par
Call Date”), the Company shall have the right to redeem this Note, at its option, at any time in whole or in part and
from time to time, at a redemption price calculated by the Company equal to the greater of (i) 100% of the principal amount to
be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on this Note to
be redeemed that would be due if the Notes matured on the Par Call Date (exclusive of interest accrued as of the date of redemption),
discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 30 basis points; plus, in each case, accrued and unpaid interest on the principal amount of this Note being redeemed
to, but excluding, such redemption date.

 

On or after the Par Call Date, the Company
shall have the right to redeem this Note, at its option, at any time in whole or in part and from time to time, at a redemption
price equal to 100% of the principal amount of this Note to be redeemed, plus accrued and unpaid interest on the principal amount
being redeemed to, but excluding, such redemption date.

 

For purposes of determining the redemption
price:

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated 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 utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes.

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) 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 (2) if the Quotation Agent obtains fewer
than four of such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations determined
by the Company.

 

“Quotation
Agent” means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference
Treasury Dealer” means each of (a) Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and RBC Capital Markets,
LLC, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”)
and (b) a Primary Treasury Dealer selected by each of PNC Capital Markets LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp
Investments, Inc., or their respective affiliates or successors; 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 Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer at 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 annum equal to the semi-annual equivalent yield
to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

This Note will not have a sinking fund.

 

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

 

The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness of this Note and (b) certain restrictive covenants, in each case upon compliance by
the Company with certain conditions set forth therein, which provisions apply to this Note.

 

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 Debt Securities of each series to be affected under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of at least a 66 2/3% in aggregate principal amount of such Debt Securities. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Debt Securities of each series at
the time outstanding, on behalf of the Holders of all Debt Securities 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 transfers hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Note.

 

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 herein and therein set forth, the transfer of this Note is registrable in the Debt Security Register, upon
surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of
and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Debt Security Registrar 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 for the same aggregate principal amount, will
be issued to the designated transfers or transferees.

 

     

     

    

 

This global Book-Entry Debt Security is
exchangeable for Notes in definitive, non-global form only under certain limited circumstances set forth in the Indenture. Notes
of this series so issued are issuable only in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof.

 

No service charge shall be made for any
such registration of transferor exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this 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.

 

All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

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 as joint tenants	 	under
    Uniform Gifts to Minors Act
	 	 	 	(State)
	JT TEN-	with right of survivorship

    and not as tenants in

    common	 	

 

Additional abbreviations may also be used

though not on the above list.

 

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s) and transfer(s) unto

 

	(please insert Social Security or other identifying number of
assignee)

 

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

 

	 

 

	 

 

the within Note and all rights thereunder, hereby irrevocably
constituting and appointing

 

	 

 

	 

 

agent 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.

 

     

     

    

 

Exhibit
B

CERTIFICATE OF AUTHENTICATION

 

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

 

Dated: May 21, 2020

 

	THE BANK OF NEW YORK MELLON	 
	TRUST COMPANY, N.A., as Trustee	 
	 	 
	By:	 	 
	 	(Authorized Signature)	 

 

    	 	B-1

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