Document:

ck001641601-ex102_7.htm

Exhibit 10.2

River Bank & trust

SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT

 

This River Bank & Trust Supplemental Executive Retirement Agreement (“Agreement”) is made and entered into this 1st day of January, 2022, between River Bank & Trust (“Bank”), a bank located in Prattville, AL, and Jason B. Davis (“Executive”).  

 

Article 1

Benefits Tables

 

The following tables describe the benefits available to the Executive, or the Executive’s Beneficiary, upon the occurrence of certain events.  Capitalized terms have the meanings given them in Article 3.   Each benefit described in this Article 1 is in lieu of any other benefit herein described, and the benefit to which the Executive of Beneficiary is entitled shall be determined by the first event described herein to occur.  Any subsequent event (other than death during an installment payment of benefits) shall not entitle the Executive or Beneficiary to other or additional benefit payments).

 

Table A: Retirement Benefit

Normal Retirement Age (“NRA”) = Sixty-Eight (68)

	
Distribution Event
	
Amount of Benefit
	
Form of Benefit
	
Timing of Benefit Distribution

	
Executive’s Separation from Service from the Bank following attainment of Normal Retirement Age.
	
Amount of annual benefit equal to $50,000 per year (“Annual Benefit”).
	
Annual Benefit shall be distributed through monthly installments representing 1/12th of the Annual Benefit for the lifetime of the Executive with fifteen (15) years certain.
	
Payment shall commence on the first day of the month immediately following the month of Executive’s effective date of Separation from Service from the Bank and shall continue to be paid on the first day of each month thereafter for the lifetime of the Executive.

 

 

River Bank & Trust

Supplemental Executive Retirement Agreement

 

Table B: Benefit Available Prior to Normal Retirement Age

	
Distribution Event
	
Amount of Benefit
	
Form of Benefit
	
Timing of Benefit Distribution

	
Executive’s Separation from Service from the Bank prior to the Executive’s Normal Retirement Age. 
	
Vested Accrued Liability Balance, as of the effective date of Executive’s Separation from Service from the Bank.
	
Vested Accrued Liability Balance shall be annuitized and distributed through equal monthly installments over a period of 180 months.  Notwithstanding the aforementioned monthly benefit distribution form, in the event such Vested Accrued Liability Balance is equal to or less than $100,000, such Vested Accrued Liability Balance shall be distributed in a single lump sum.
	
Distribution of the Vested Accrued Liability Balance shall begin/made within thirty (30) days following the effective date of the Executive’s Separation from Service from the Bank and if made in installments on the same day of each month thereafter for a total of 180 months.

 

	
Change in Control followed within twenty-four (24) months by Executive’s Involuntary Separation from Service from the Bank.
	
Accrued Liability Balance, as of the effective date of Executive’s Separation from Service from the Bank.

 
	
Single lump sum distribution.

 
	
Distribution of the Accrued Liability Balance shall be made within thirty (30) days following the effective date of the Executive’s Separation from Service.

	
Disability 
	
Accrued Liability Balance, as of date of Disability.  Interest of five percent (5%) will be credited to the Accrued Liability Balance benefit amount annually each Plan Year until the payments commence.

 
	
Accrued Liability Balance shall be annuitized and distributed through equal monthly installments over a period of 180 months.  Notwithstanding the aforementioned monthly benefit distribution form, in the event such Accrued Liability Balance is equal to or less than $100,000, such Accrued Liability Balance shall be distributed in a single lump sum.
	
Distribution of the Accrued Liability Balance shall be made/begin on the first business day of the eighteenth (18th) month following the Executive’s Disability and, if paid in installments, shall continue on the 1st day of each month thereafter for a total of 180 months.  

 

 

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Table C: Death Benefit

	
Distribution Event
	
Amount of Benefit
	
Form of Benefit
	
Timing of Benefit Distribution

	
Executive’s death while actively employed by the Bank.
	
Annual Benefit as provided for in Table A above.
	
Annual Benefit shall be annuitized and distributed through equal monthly installments over a period of 180 months.  
	
Payments to Beneficiary shall begin within thirty (30) days following Executive’s death and continue on the same day of each month thereafter over the 180 month period.

 

	
Death during installment payout of benefit under Tables A or B
	
Remaining installment payments, if any, under Table A or B
	
Monthly installments over the remaining period of a fifteen (15) year period certain. 
	
Beneficiary payments shall continue on same schedule as if Executive had lived over the remaining period of a fifteen (15) year period certain.

 

Article 2

Purpose

 

The purpose of this Agreement is to further the growth and development of the Bank by providing Executive with supplemental retirement income, and thereby encourage Executive’s productive efforts on behalf of the Bank.  The Bank promises to make certain payments to the Executive, or the Executive’s Beneficiary, at retirement, death, or upon some other qualifying event pursuant to the terms of this Agreement.

 

Article 3

Definitions and Construction

 

It is intended that this Agreement comply and be construed in accordance with Section 409A of the Internal Revenue Code (the “Code”).  It is also intended that the Agreement be “unfunded” and maintained for a select group of management or highly compensated employees of the Bank, for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and not be construed to provide income to Executive or Beneficiary under the Code prior to actual receipt of benefits.

 

Where the following words and phrases appear in the Agreement, they shall have the respective meanings set forth below, unless their context clearly indicates to the contrary:

 

	
3.1
	
“Accrued Liability Balance” shall mean the amount accrued by the Bank to fund the future benefit expense associated with this Agreement.  The Bank shall account for this benefit using Generally Accepted Accounting Principles, regulatory accounting guidance of the Bank’s primary federal regulator, and other applicable accounting guidance, including, as applicable, FASB ASC Topics 715 and 960.  Accordingly, the Bank shall establish a liability retirement account for the Executive into which appropriate accruals shall be 

 

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made.     

 

	
3.2
	
“Beneficiary” shall mean the person(s) designated by Executive, including the estate of Executive, entitled to a benefit under this Agreement in the event of Executive’s death.

 

	
3.3
	
“Board” shall mean the Board of Directors of the Bank.

 

	
3.4
	
 “Change in Control” shall mean a change in ownership or control of the Bank as defined in Treasury Regulation §1.409A-3(i)(5) or any subsequently applicable published authority or guidance. 

 

	
3.5
	
“Disability” shall mean Executive, while actively employed by the Bank: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Bank.  Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident or health plan covering employees of the Bank, provided that the definition of Disability applied under such Disability insurance program complies with the requirements of Section 409A.  Upon the request of the Plan Administrator, Executive must submit proof to the Plan Administrator of Social Security Administration’s or the provider’s determination.

 

	
3.6
	
“Good Reason” shall mean the occurrence of any of the following conditions without Executive’s consent:

 

(i)a material diminution in the Executive’s annual base compensation;

 

(ii)a material diminution in Executive’s authority, duties or responsibilities; 

 

(iii)a material change in the geographic location at which Executive must perform services, provided, however, that any such relocation request shall not be considered a material change if such relocation is within a thirty five (35) mile radius of the office at which Executive was based on the Effective Date of this Agreement.  

 

(iv)a material diminution in the authority, duties or responsibilities of the supervisor to whom Executive is required to report or requiring Executive to report to a corporate officer instead of reporting directly to the Board;

 

(v)a material diminution in the budget over which Executive retains authority;

 

(vi)any other action or inaction that constitutes a material breach by the Bank of any agreement pursuant to which Executive performs services for the Bank. 

 

Notwithstanding the preceding, however, none of such actions shall constitute “Good 

 

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Reason” unless (1) Executive provides the Bank notice of the existence of such condition within ninety (90) days of the initial existence thereof specifically identifying the acts or omissions constituting the grounds for Good Reason and a period of at least thirty (30) days following such notice within which to remedy such condition, and (2) Executive’s Separation for Service occurs within the two-year period following the initial existence of such condition.  

 

	
3.7
	
“Effective Date” shall mean January 1, 2022.

 

	
3.8
	
 “Involuntary Separation from Service” shall mean that the Bank terminates Executive’s employment at any time before Executive’s Normal retirement Age and such termination is not considered a Termination for Cause.  A Separation from Service for Good Reason, as defined above, will also be treated as an Involuntary Separation from Service.

 

	
3.9
	
“Plan Year” shall mean each a twelve (12) month period commencing on January 1 and ending on December 31 of each year.  The initial Plan Year shall commence on the Effective Date of the Agreement and end on the following December 31.

 

	
3.10
	
“Separation from Service” shall mean that Executive has retired or otherwise has a termination of employment with the Bank and all of its affiliates, within the meaning of Treasury Regulations Section 1.409A-1(b)(3).  For purposes of this Agreement, whether a termination of employment or service has occurred is determined based on whether the facts and circumstances indicate that the Bank and Executive reasonably anticipated that no further services would be performed after a certain date, or that the level of bona fide services Executive would perform after such date (whether as an  employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an  employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank and/or its affiliates if the Executive has been providing services to the Bank and/or its affiliates less than 36 months).  Facts and circumstances to be considered in making this determination include, but are not limited to, whether Executive continues to be treated as an employee for other purposes (such as continuation of salary and participation in employee benefit programs), whether similarly situated service providers have been treated consistently, and whether Executive is permitted, and realistically available, to perform services for other service recipients in the same line of business. A Separation from Service will not be deemed to have occurred while Executive is on military leave, sick leave, or other bona fide leave of absence, provided the period of such leave of absence does not exceed six months or, if longer, so long as Executive has the right to reemployment with the Bank under an applicable statute or by contract, or in the event of a medical or disability leave of absence, pursuant to Treasury Regulation Section 1.409A -1(h)(1)(i), provided such leave of absence does not exceed a period of 29 months.

 

	
3.11
	
“Termination for Cause” shall mean a termination of employment for:

 

	
 
	
(a)
	
Gross negligence or gross neglect of duties to the Bank; or

	
 
	
(b)
	
Conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive’s employment with the Bank; or 

 

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(c)
	
Fraud, disloyalty, dishonesty or willful violation of any law or significant Bank policy committed in connection with the Executive’s employment and resulting in a material adverse effect on the Bank.

 

	
3.12
	
“Vested Accrued Liability Balance” shall mean a percentage of the Accrued Liability Balance earned by Executive in the following manner:

 

	
Total Years of Service
	
 
	
Vested Percentage

	
1
	
 
	
10%

	
2
	
 
	
20%

	
3
	
 
	
30%

	
4
	
 
	
40%

	
5
	
 
	
50%

	
6
	
 
	
60%

	
7
	
 
	
70%

	
8
	
 
	
80%

	
9
	
 
	
90%

	
10
	
 
	
100%

 

Executive’s vested percentage shall be determined as of the Plan Year ending immediately prior to Executive’s Separation from Service.  No vesting credit will be granted for a partial Year of Service. Notwithstanding anything to the contrary contained herein, Executive shall be one hundred percent (100%) vested in their Accrued Liability Balance upon their attainment of their Normal Retirement Age. 

 

	
3.12
	
“Voluntary Separation from Service” shall mean Executive’s Separation from Service prior to Normal Retirement Age for reasons other than death, Disability, Involuntary Separation from Service, or Termination for Cause.

 

	
3.13
	
”Year(s) of Service” shall mean each consecutive twelve (12) month period, commencing on the Effective Date of this Agreement (and continuing until Executive reaches the Normal Retirement Age), during which Executive is actively employed on a full-time basis with the Bank and participating in this Agreement.

 

Article 4

Distributions During Lifetime

 

	
4.1
	
Restriction on Timing of Distributions.  Notwithstanding anything to the contrary contained herein and solely to the extent necessary to avoid penalties under Section 409A of the Code, distributions under this Agreement may not commence earlier than six (6) months after a Separation from Service (as described under the “Separation from Service” provision herein) if, pursuant to Section 409A of the Code, Executive is considered a “specified employee” of a publicly-traded company.  In the event a distribution is delayed pursuant to this Section, the originally scheduled distribution shall be delayed for six (6) months, and shall commence instead on the first day of the seventh month following Separation from Service.  If payments are scheduled to be made in installments, the first six (6) months of installment payments shall be delayed, aggregated, and paid instead on 

 

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the first day of the seventh month, after which all installment payments shall be made on their regular schedule.  If payment is scheduled to be made in a lump sum, the lump sum payment shall be delayed for six (6) months and instead be made on the first day of the seventh month.

 

	
4.2
	
Distributions Upon Income Inclusion Under Section 409A of the Code.  If any amount is required to be included in income by Executive prior to receipt due to a failure of this Agreement to meet the requirements of Section 409A of the Code, Executive may petition the Plan Administrator for a distribution of that portion of the amount the Bank has accrued with respect to the Bank’s obligations hereunder that is required to be included in Executive’s income.  Upon the grant of such petition, which grant shall not be unreasonably withheld, the Bank shall distribute to Executive immediately available funds in an amount equal to the portion of the amount the Bank has accrued with respect to the Bank’s obligations hereunder required to be included in income as a result of the failure of this Agreement to meet the requirements of Section 409A of the Code, within ninety (90) days of the date when Executive’s petition is granted.  Such a distribution shall effect and reduce Executive’s benefits to be paid under this Agreement.

 

	
4.3
	
Executive Election and Other Changes in Form or Timing of Distributions.  Executive may, with approval of the Plan Administrator, and subject to the provisions of this Section, elect to change the time or form of payment of benefits hereunder in accordance with procedures established by the Plan Administrator and by completing such forms, whether in writing or electronically, as may be required by the Plan Administrator.   

 

Any change to the form or timing of distributions hereunder, whether by election of Executive, amendment of this Agreement or otherwise, shall be considered made only when it becomes irrevocable under the terms of the Agreement.  Any change will be considered irrevocable not later than thirty (30) days following acceptance of Executive’s election or other change by the Plan Administrator and must meet each of the following requirements:

 

	
 
	
(1)
	
The Executive’s election or other change may not accelerate the time or schedule of any distribution, except as provided in  Treasury Regulation Section 1.409A-3(j)(4);

	
 
	
(2)
	
The  change may not take effect until at least twelve (12) months after the date on which the change is elected;

	
 
	
(3)
	
The payment (except in the case of death, Disability, or Unforeseeable Emergency)  for which the change is made is deferred for a period of not less than five (5) years from the date such payment would otherwise have been paid; and

	
 
	
(4)
	
In the case of a payment made at a specified time, the change must be made not less than twelve (12) months before the date the payment is scheduled to be paid.

 

Article 5

Beneficiary

 

	
5.1
	
Beneficiary.  Executive shall have the right to name a Beneficiary of the death benefit, if any, described in Article 1 herein.  Executive shall have the right to name such Beneficiary at any time prior to Executive’s death and submit it to the Plan Administrator (or Plan 

 

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Administrator’s representative) on the form provided.  Once received and acknowledged by the Plan Administrator, the form shall be effective.  Executive may change a Beneficiary designation at any time by submitting a new form to the Plan Administrator.  Any such change shall follow the same rules as for the original Beneficiary designation and shall automatically supersede the existing Beneficiary form on file with the Plan Administrator.  

 

	
5.2
	
Failure to Designate a Beneficiary.  If Executive dies without a valid Beneficiary designation on file with the Plan Administrator, Executive’s surviving spouse, if any, shall become the designated Beneficiary.  If Executive has no surviving spouse, death benefits shall be paid to the personal representative of Executive’s estate.  

 

	
5.3
	
Facility of Distribution.  If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person.  The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit.  Any distribution of a benefit shall be a distribution for the account of Executive and/or the Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such distribution amount.

 

Article 6

General Limitations

 

	
6.1
	
Termination for Cause.  Notwithstanding any provision of this Agreement to the contrary, Executive shall forfeit all rights and the Bank shall not distribute any benefit under this Agreement in the event of Executive’s Termination for Cause.

 

	
6.2
	
Removal.  Notwithstanding any provision of this Agreement to the contrary, the Bank shall not distribute any benefit under this Agreement if Executive is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act.

 

	
6.3
	
Suicide or Misstatement.  The Bank shall not pay any benefit under this Agreement if Executive commits suicide within three (3) years after the date of this Agreement.  In addition, the Bank shall not pay any benefit under this Agreement if Executive has made any material misstatement of fact on an employment application or resume provided to the Bank, or on any application for any benefits provided by the Bank to Executive.

 

Article 7

Administration of Agreement

 

	
7.1
	
Plan Administrator Duties.  The Bank shall be the Plan Administrator under this Agreement, unless the Board appoints a committee to be the Plan Administrator. The Board may appoint a Committee (“Committee”) of one or more individuals in the employment of Bank for the purpose of discharging the administrative responsibilities of the Bank under this Agreement. The Board may remove a Committee member for any reason by giving such member ten (10) days’ written notice and may thereafter fill any vacancy thus created. 

 

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The Committee shall represent the Bank in all matters concerning the administration of this Agreement; provided however, the final authority for all administrative and operational decisions relating to the Agreement remains with the Bank.

 

	
7.2
	
Authority of Plan Administrator.  The Plan Administrator shall have full power and authority to adopt rules and regulations for the administration of the Agreement, provided they are not inconsistent with the provisions of this  Agreement, and Section 409A of the Code, to interpret, alter, amend or revoke any rules and regulations so adopted, to enter into contracts on behalf of the Bank with respect to this Agreement, to make discretionary decisions under this Agreement, to demand satisfactory proof of the occurrence of any event that is a condition precedent to the commencement of any payment or discharge of any obligation under the Agreement, and to perform any and all administrative duties under this Agreement.

 

	
7.3
	
Agents.  In the administration of this Agreement, the Plan Administrator may employ agents and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Bank.

 

	
7.4
	
Binding Effect of Decisions.  The decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of the Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Agreement. 

 

	
7.5
	
Indemnity of Plan Administrator The Bank shall indemnify, hold harmless, and defend any individual serving as Plan Administrator and/or any individuals serving as the members of the Committee appointed as Plan Administrator against any and all claims, losses, damages, expenses, including attorney’s fees, incurred by them, and any liability, including any amounts paid in settlement with their approval arising from their action or failure to act, except when the same is judicially determined to be attributable to their gross negligence or willful misconduct.  

 

	
7.6
	
Annual Statement.    The Bank shall provide to Executive an annual statement setting forth the benefits distributable under this Agreement determined as of the end of each calendar year.  Such annual statement shall be provided as soon as possible after the close of each calendar year.

 

Article 8

Claims and Review Procedures

 

8.1Claims Procedure.  If Executive, beneficiary or his or her representative (“Claimant”) is denied all or a portion of an expected Agreement benefit for any reason and Executive, beneficiary or his or her representative desires to dispute the decision of the Plan Administrator, he or she must file a written notification of his or her claim with the Plan Administrator, as follows: 

 

	
 
	
8.1.1
	
Initiation – Written Claim.  Upon receipt of any written claim for benefits, the Plan Administrator shall be notified and shall give due consideration to the claim presented.  If any Claimant claims to be entitled to benefits under the Agreement 

 

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and the Plan Administrator determines that the claim should be denied in whole or in part, the Plan Administrator shall, in writing, notify such Claimant within ninety (90) days  of receipt of the claim that the claim has been denied.  The Plan Administrator may extend the period of time for making a determination with respect to any claim for a period of up to ninety (90) days, provided that the Plan Administrator determines that such an extension is necessary because of special circumstances and notifies the Claimant, prior to the expiration of the initial ninety (90) day period, of the circumstances requiring the extension of time and the date by which the Plan Administrator expects to render a decision.  

 

	
 
	
8.1.2
	
Notice of Decision. If the claim is denied to any extent by the Plan Administrator, the Plan Administrator shall furnish the Claimant with a notice, written in a manner calculated to be understood by the Claimant, setting forth:

 

(a)the specific reason or reasons for denial of the claim;

	
 
	
(b)
	
a specific reference to the Agreement provisions on which the denial is based;

	
 
	
(c)
	
a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary; 

	
 
	
(d)
	
an explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and

	
 
	
(e)
	
a statement of Claimant’s right to bring a civil action under ERISA Section 5.02(a) following an adverse benefit determination on review.

 

Under no circumstances shall any failure by the Plan Administrator to comply with the provisions of this Section 8.1 be considered to constitute an allowance of the Claimant’s claim.

 

	
8.2
	
Review Procedure.  A Claimant who has a claim denied wholly or partially under Section 8.1 may appeal to the Plan Administrator for reconsideration of that claim.  A request for reconsideration under this Section 8.2 must be filed by written notice within sixty (60) days after receipt by the Claimant of the notice of denial under Section 8.1.2.  The Claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

 

	
 
	
8.2.1
	
Considerations on Review. Upon receipt of an appeal the Plan Administrator shall promptly take action to give due consideration to the appeal.  Such consideration may include a hearing of the parties involved, if the Plan Administrator feels such a hearing is necessary.  In preparing for this appeal the Claimant shall be given the right to review pertinent documents and the right to submit in writing a statement of issues and comments.  After consideration of the merits of the appeal the Plan Administrator shall issue a written decision which shall be binding on all parties.  The decision shall specifically state its reasons and pertinent Agreement provisions on which it relies.  

 

	
 
	
8.2.2
	
Timing of Plan Administrator Response. The Plan Administrator’s decision shall be issued within sixty (60) days  after the appeal is filed, except that the Plan 

 

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Administrator may extend the period of time for making a determination with respect to any claim for an additional sixty (60) day period , provided that the Plan Administrator determines that such an extension is necessary because of special circumstances and notifies the Claimant, prior to the expiration of the initial sixty (60) day  period, of the circumstances requiring the extension of time and the date by which the Plan Administrator expects to render a decision.  Under no circumstances shall any failure by the Plan Administrator to comply with the provisions of this Section 8.2. be considered to constitute an allowance of the Claimant’s claim.  

 

	
 
	
8.2.3
	
Notice of Decision.  The Plan Administrator shall notify the Claimant in writing of its decision on review.  The Plan Administrator shall write the notification in a manner calculated to be understood by the Claimant.  The notification shall set forth:

 

	
 
	
(a)
	
The specific reasons for the denial;

	
 
	
(b)
	
A reference to the specific provisions of the Agreement on which the denial is based; and

	
 
	
(c)
	
A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the Claimant’s claim for benefits; and

	
 
	
(d)
	
A statement of Claimant’s right to bring a civil action under ERISA Section 502(a). 

 

	
8.3
	
Designation.  The Plan Administrator may designate any other person of its choosing to make any determination otherwise required under this Article.  Any person so designated shall have the same authority and discretion granted to the Plan Administrator hereunder.

 

Article 9

Amendments and Termination

 

	
9.1
	
Amendments.  This Agreement may be amended only by a written agreement signed by the Bank and Executive.  However, the Bank may unilaterally amend this Agreement to conform to written directives to the Bank from its auditors or bank regulators or to comply with legislative changes or tax law, including without limitation Section 409A of the Code and any and all Treasury regulations and guidance promulgated thereunder. Notwithstanding the preceding, no such amendments shall effect the time or manner of the payment of benefits under this Agreement, except as provided in Section 4.4 hereof.

 

	
9.2
	
Plan Termination – Generally.  This Agreement may be terminated only by a written agreement signed by the Bank and Executive.  Except as provided in Section 9.3, the termination of this Agreement shall not cause a distribution of benefits under this Agreement.  Rather, after such termination, benefit distributions will be made at the earliest distribution event permitted under Article I.

 

	
9.3
	
Plan Terminations Under Section 409A.  Notwithstanding anything to the contrary in Section 9.2, if this Agreement terminates in the following circumstances:

 

 

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(a)
	
Within thirty (30) days before or twelve (12) months after a Change in Control, provided that all distributions are made no later than twelve (12) months following such termination of the Agreement and further provided that all the Bank’s arrangements which are substantially similar to the Agreement and required to be aggregated with this Agreement pursuant to Treasury Regulations Section 1.401A-1(c)(2) are terminated and liquidated as to all participants that experience the Change in Control so  that Executive and all participants in the similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of such terminations;

 

	
 
	
(b)
	
 Within twelve (12 months of the Bank’s dissolution or with the approval of a bankruptcy court provided that the amounts deferred under the Agreement are included in  Executive’s gross income in the latest of (i) the calendar year in which the Agreement terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the distribution is administratively practical; or

 

	
 
	
(c)
	
Upon the Bank’s termination and liquidation of this and all other arrangements that  are required to be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c) if  Executive participated in such arrangements (“Similar Arrangements”), provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank, (ii) all termination distributions are made no earlier than twelve (12) months and no later than twenty-four (24) months following such termination, and (iii) the Bank does not adopt any new arrangements that would be a Similar Arrangement for a minimum of three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Agreement;

 

the Bank may distribute the appropriate benefit as provided for within this Agreement and determined as of the date of the termination of the Agreement, to Executive in a lump sum subject to the above terms.

 

Article 10

Miscellaneous

 

	
10.1
	
Binding Effect.  This Agreement shall bind Executive and the Bank, and their beneficiaries, survivors, executors, administrators and transferees.

 

	
10.2
	
No Guarantee of Employment.  This Agreement is not a contract for employment.  It does not give Executive the right to remain as an employee of the Bank, nor does it interfere with the Bank's right to discharge Executive.  It also does not require Executive to remain an employee nor interfere with Executive's right to terminate employment at any time.

 

	
10.3
	
Non-Transferability.  Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

 

	
10.4
	
Tax Withholding.  The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement.  Executive acknowledges that the Bank’s sole 

 

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liability regarding taxes is to forward any amounts withheld to the appropriate taxing authority (ies). 

 

 

	
10.5
	
Applicable Law.  This Agreement shall be governed by, construed and administered in accordance with the applicable provisions of ERISA, Code Section 409(A), Treasury Regulation § 1.409A and any other applicable federal law, provided, however, that to the extent not preempted by federal law this Agreement shall be governed by the laws of the state where the Bank’s primary corporate headquarters is located, except to the extent preempted by the laws of the United States of America.

 

	
10.6
	
Unfunded Arrangement.  Executive is a general unsecured creditor of the Bank for the distribution of benefits under this Agreement.  The benefits represent the mere promise by the Bank to distribute such benefits.  The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors.  Any insurance on Executive's life or other informal funding asset is a general asset of the Bank to which Executive has no preferred or secured claim.

 

	
10.7
	
Reorganization.  The Bank shall not merge or consolidate into or with another bank, or reorganize, or sell substantially all of its assets to another bank, firm, or person unless such succeeding or continuing bank, firm, or person agrees to assume and discharge the obligations of the Bank under this Agreement.  Upon the occurrence of such event, the term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor bank.

 

	
10.8
	
Entire Agreement.  This Agreement constitutes the entire agreement between the Bank and Executive as to the subject matter hereof.  No rights are granted to Executive by virtue of this Agreement other than those specifically set forth herein.

 

	
10.9
	
Interpretation.  Wherever the fulfillment of the intent and purpose of this Agreement requires, and the context will permit, the use of the masculine gender includes the feminine and use of the singular includes the plural.

 

	
10.10
	
Alternative Action.  In the event it shall become impossible for the Bank or the Plan Administrator to perform any act required by this Agreement, the Bank or Plan Administrator may in its discretion perform such alternative act as most nearly carries out the intent and purpose of this Agreement and is in the best interests of the Bank.

 

	
10.11
	
Headings.  Article and section headings are for convenient reference only and shall not control or affect the meaning or construction of any of its provisions.

 

	
10.12
	
Validity.  If any provision of this Agreement is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provision of this Agreement and this Agreement shall be construed and enforced as if such provision had not been included therein.  

 

	
10.13
	
Notice.  Any notice or filing required or permitted to be given to the Bank or Plan Administrator under this Agreement shall be sufficient if in writing and hand-delivered, or 

 

12

River Bank & Trust

Supplemental Executive Retirement Agreement

		
sent by registered or certified mail, to the address below: 

	
River Bank & Trust 

	
Attn:  Human Resources

	
2611 Legends Drive

	
Prattville, AL 36066

Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.  Any notice or filing required or permitted to be given to Executive under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of Executive.

 

	
10.14
	
Right to Setoff.  The Bank may, to the extent permitted by Treasury Regulation Section 1.409A-3(j)(4)(iii) and other applicable law, deduct from and setoff against any amounts payable to Executive from this Agreement such amounts as may be owed by Executive to the Bank, although Executive shall remain liable for any part of the Executive’s payment obligation not satisfied through such deduction and setoff.  By participating in the Agreement, Executive agrees to any deduction or setoff under this Section 10.14, which is allowed by law.

 

	
10.15
	
Limitation on Actions. Executive or Beneficiary who disagrees with a denial of his appealed claim under Article 9 of this Agreement must file any complaint in a federal District Court to dispute such determination (a) within three (3) years of the earlier of the date on which such claim for benefits first accrued or arose under the terms of the Agreement, or (b) within one (1) year after the such claim was denied upon appeal, or deemed denied under Article 9 hereof.

 

	
10.16
	
No Guarantee of Tax Consequences. While the Agreement is intended to provide tax deferral for Executive, the Agreement is not a guarantee that the intended tax deferral will be achieved.  Executive is solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with this Agreement.  Neither the Bank nor any of its directors, officers or employees shall have any obligation to indemnify or otherwise hold Executive harmless from any such taxes. 

 

	
10.17
	
Opportunity to Consult with Independent Advisors.  Executive acknowledges that he has been afforded the opportunity to consult with independent advisors of his choosing including, without limitation, accountants or tax advisors and counsel regarding both the benefits granted to him under the terms of this Agreement and the (i) terms and conditions which may affect Executive's right to these benefits, and (ii) personal tax effects of such benefits including, without limitation, the effects of any federal or state taxes, Section 280G of the Code, Section 409A of the Code, and any other taxes, costs, expenses or liabilities whatsoever related to such benefits, which in any of the foregoing instances Executive acknowledges and agrees shall be the sole responsibility of Executive notwithstanding any other term or provision of this Agreement.  Executive further acknowledges and agrees that the Bank shall have no liability whatsoever related to any such personal tax effects or other personal costs, expenses, or liabilities applicable to Executive and further specifically waives any right for himself or herself, and his or her heirs, beneficiaries, legal 

 

13

River Bank & Trust

Supplemental Executive Retirement Agreement

		
representatives, agents, successor and assign to claim or assert liability on the part of the Bank related to the matters described above in this Section 10.17.  Executive further acknowledges that he has read, understands and consents to all of the terms and conditions of this Agreement, and that he enters into this Agreement with a full understanding of its terms and conditions.

 

IN WITNESS WHEREOF, Executive and a duly authorized representative of the Bank have signed this Agreement as of the date indicated above.

 

	
EXECUTIVE:
	
 
	
BANK:

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
RIVER BANK & TRUST

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
By
	
 
	
 
	
By
	
 

	
 
	
Jason B. Davis
	
 
	
 
	
Jimmy Stubbs

	
Title
	
EVP & CFO
	
 
	
Title
	
Chief Executive Officer

 

 

14

River Bank & Trust

Supplemental Executive Retirement Agreement

 

BENEFICIARY DESIGNATION FORM

 

(   )New Designation

(   )Change in Designation

 

I, ______________________, designate the following as Beneficiary under the Agreement:

 

		
	
Primary:

_______________________________________________________________

 Name                                                                                                                              Relationship

_______________________________________________________________

 Name                                                                                                                              Relationship

 

 
	
 

_____%

 

_____%

	
Contingent:

_______________________________________________________________

 Name                                                                                                                              Relationship

_______________________________________________________________

 Name                                                                                                                              Relationship

_______________________________________________________________

 Name                                                                                                                              Relationship

 

 
	
 

_____%

 

_____%

 

_____%

 

Notes: 

	
 
	
•
	
Please PRINT CLEARLY or TYPE the names of the beneficiaries.

	
 
	
•
	
To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.

	
 
	
•
	
To name your estate as beneficiary, please write “Estate of [your name]”.

	
 
	
•
	
Be aware that none of the contingent beneficiaries will receive anything unless ALL of the primary beneficiaries predecease you.

 

I understand that I may change these beneficiary designations by delivering a new written designation to the Plan Administrator, which shall be effective only upon receipt and acknowledgment by the Plan Administrator prior to my death.  

 

	
Name:
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
Signature:
	
 
	
 
	
Date:
	
 

 

 

Received by the Plan Administrator this _____ day of __________________, 2017

 

	
By:
	
 

	
 
	
 

	
Title:
	
 

 

 

15Document

Exhibit 4.1
INTERSTATE POWER AND LIGHT COMPANY
OFFICER’S CERTIFICATE
Dated as of November 19, 2021
															
					

Setting Forth Terms of a Series of Debt Securities
3.100% Senior Debentures due 2051
															
					

Pursuant to the Indenture
Dated as of August 20, 2003

OFFICER’S CERTIFICATE
The undersigned, the Vice President and Treasurer of Interstate Power and Light Company, an Iowa corporation (the “Company”), hereby certifies as provided below pursuant to Section 301 of the Indenture, dated as of August 20, 2003 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”).  This Officer’s Certificate, dated November 19, 2021, is delivered, pursuant to authority granted to the undersigned by the resolutions adopted on October 27, 2021 by the Board of Directors of the Company, for the purpose of creating and setting forth the terms of a series of Securities to be issued pursuant to the Indenture, and to establish the form of such Securities in accordance with Section 201 of the Indenture. Capitalized terms not otherwise defined herein are used as defined in the Indenture.
1.The Board of Directors of the Company has authorized the creation by the Company of one or more series of Securities under the Indenture through one or more Officer’s Certificates and pursuant to such authorization and in accordance with the Indenture this Officer’s Certificate is being delivered to the Trustee to establish the terms of a series of Securities as set forth therein and herein.
2.The title of the series of Securities shall be “3.100% Senior Debentures due 2051” (herein called the “Debentures”). 
3.The aggregate principal amount of the Debentures which may be authenticated and delivered under the Indenture shall be U.S. $300,000,000, except for Debentures authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debentures as provided in Sections 304, 305, 306, 406 or 1206 of the Indenture.  Notwithstanding the foregoing limit on the aggregate principal amount of the Debentures, the Debentures may be reopened in accordance with Section 301 of the Indenture.
4.The Debentures shall be issuable in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.
5.Subject to earlier redemption, the principal of the Debentures shall be payable in U.S. dollars on November 30, 2051.
6.The Debentures shall bear interest at the rate of 3.100% per annum; such interest shall accrue from November 19, 2021 (or from and including the most recent Interest Payment Date to which interest on the Debentures has been paid or provided for); the Interest Payment Dates on which such interest shall be payable shall be May 30 and November 30 in each year, commencing May 30, 2022; the Regular Record Dates for the determination of Holders to whom interest is payable shall be the fifteenth calendar day before each Interest Payment Date. Interest on the Debentures shall be payable in U.S. dollars.
7.Pursuant to the Indenture, the Trustee has been appointed as the Security Registrar for the Debentures.  The Trustee is hereby further appointed as the initial Paying Agent and Transfer Agent of the Debentures.  The principal of and interest on the Debentures shall be payable at the office of the Paying Agent, which shall initially be located in the Borough of Manhattan, The City of New York.
8.At any time or from time to time prior to May 30, 2051 (the “Par Call Date”), the Debentures shall be redeemable at the option of the Company in whole or in part at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Debentures and (ii) the sum, as determined by the Independent Investment Banker and delivered to the Trustee, of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the Debentures matured on the Par Call Date (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus in each case accrued and unpaid interest to, but excluding, the Redemption Date; provided, however, that installments of interest on Debentures due on an Interest Payment Date which occurs on or before any Redemption Date shall be payable to the Holders of such Debentures who were registered Holders as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. At any time on or after the Par Call Date, the Debentures shall be redeemable at the option of the Company in whole or in part at a Redemption Price equal to 100% of the principal amount of the Debentures being redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.
2

9.The terms defined below shall, for all purposes of the Debentures under the Indenture and this Officer’s Certificate, have the meanings specified, unless the context clearly otherwise requires or unless otherwise indicated:
“Business Day” means any day other than Saturday, Sunday or a day on which Federal or State banking institutions in the city of the office of the Paying Agent is maintained are authorized or obligated by law, executive order or regulation to close.
“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Debentures (assuming for this purpose that the Debentures matured on the applicable Par Call Date) to be redeemed 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 a comparable maturity to the remaining term of such Debentures.
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.
“Reference Treasury Dealer” means (i) Goldman Sachs & Co. LLC and its successors (or a primary U.S. Government securities dealer located in the United States (a “Primary Treasury Dealer”) selected by Goldman Sachs & Co. LLC or one of its affiliates), (ii) J.P. Morgan Securities LLC and its successors (or a Primary Treasury Dealer selected by J.P. Morgan Securities LLC or one of its affiliates), (iii) MUFG Securities Americas Inc. and its successors (or a Primary Treasury Dealer selected by MUFG Securities Americas Inc. or one of its affiliates), (iv) a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. and its successors, and (v) one Primary Treasury Dealer selected by the Company, and such Primary Treasury Dealers’ respective successors; provided, however, that if any of the foregoing or their affiliates 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 Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by the Reference Treasury Dealers at 3:30 p.m. New York 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 semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
10.The Debentures shall not be subject to any sinking fund and shall not be repurchasable or redeemable at the option of a Holder.  
11.The Debentures shall not be convertible into other securities of the Company or exchangeable for securities of another issuer.
12.Satisfaction and discharge under Section 701 of the Indenture shall be applicable to the Debentures; provided, however, that prior to any such satisfaction and discharge, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from the Internal Revenue Service a letter ruling, or there has been published by the Internal Revenue Service a revenue ruling, or (ii) since the date of execution of this Officer’s Certificate, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such satisfaction and discharge and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such satisfaction and discharge had not occurred.
3

13.The Debentures shall initially be issued in whole in the form of one or more global Securities.  The Depository Trust Company (“DTC”), a clearing agency registered under the Securities Exchange Act of 1934, as amended, shall initially serve as the depositary for such global Security or Securities.  For so long as DTC shall be the depositary, all Debentures shall be registered in its name or in the name of a nominee thereof.  While the Debentures are evidenced by one or more global Securities, the depositary or its nominee, as the case may be, shall be the sole Holder thereof for all purposes under the Indenture.  Neither the Company nor the Trustee shall have any responsibility or obligation to the depositary’s participants or the beneficial owners for whom they act with respect to their receipt from the depositary of payments on the Debentures or notices given under the Indenture.  The global Security or Securities provided for hereunder shall bear such legend or legends as may be required from time to time by the depositary.
14.Except as herein described, Debentures in definitive form will not be issued.  Notwithstanding the foregoing, in the event the Company decides to discontinue the use of global Securities, any Event of Default has occurred and is continuing or DTC is at any time unwilling, unable or ineligible to continue as depositary and a successor depositary is not appointed by the Company within 90 days, the Company shall issue individual Debentures in certificated form to owners of “book-entry” ownership interests in exchange for the Debentures held by DTC or its nominee, as the case may be.  In such instance, an owner of a “book-entry” ownership interest will be entitled to physical delivery of certificates equal in principal amount to such “book-entry” ownership interest and to have such certificates registered in its name.  Individual certificates so issued will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.
15.Additional terms regarding the Debentures are as set forth in the form of the Debentures set forth below.
16.The form of the Debentures shall be substantially as follows:
Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company (as defined below) 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.
INTERSTATE POWER AND LIGHT COMPANY
3.100% SENIOR DEBENTURES DUE 2051
No.  R-1    $300,000,000
CUSIP 461070 AT1
INTERSTATE POWER AND LIGHT COMPANY, a corporation duly organized and existing under the laws of the State of Iowa (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of THREE HUNDRED MILLION DOLLARS ($300,000,000) on November 30, 2051 and to pay interest on said principal sum from November 19, 2021, or from and including the most recent interest payment date to which interest has been paid or duly provided for, semi-annually, in arrears, on May 30 and November 30 of each year (each such date, an “Interest Payment Date”), commencing May 30, 2022 at the rate of 3.100% per annum to, excluding the date on which the principal hereof is paid or made available for payment.  The amount of interest payable for any period will be computed on the basis of twelve 30-day months and a 360-day year.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Debenture (or one or more Predecessor Securities, as defined in the Indenture) is registered at the close of business, on the Regular Record Date for such interest, which shall be the fifteenth calendar day before each Interest Payment Date.  Any such interest installment not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Regular Record Date and may either be paid to the Person in whose name this Debenture (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Debentures not later than 10 days prior to such Special Record Date, or be paid at 
4

any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debenture may be listed, or any book-entry system which may be applicable to this Debenture and upon such notice as may be required by such exchange or system, all as more fully provided in the Indenture.
Payment of the principal of and interest on any Debenture that is not a global Debenture will be made at the office or agency of the Company maintained for that purpose in The City of New York; provided, however, that at the option of the Company payment of interest may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer in immediately available funds at such place and to such account as may be designated by the Person entitled thereto as specified in the Security Register.  Payment of principal of and interest on any global Debenture will be made to DTC or its nominee, as the case may be, as the sole registered owner and the sole Holder of the global Debenture for all purposes under the Indenture.  Payment of the principal of and interest on this Debenture 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.
Additional provisions of this Debenture are continued on the two pages following the execution and authentication of this Debenture and such provisions have the same effect as though fully set forth in this place.
The words “execution,” “signed,” “signature,” and words of like import in this Debenture 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 Indenture to the contrary notwithstanding, (a) any Officer’s Certificate, Company Order, Opinion of Counsel, Security, certificate of authentication appearing on or attached to any Security, supplemental indenture or other certificate, opinion of counsel, instrument, agreement or other document delivered pursuant to the Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats, (b) all references in Section 303 or elsewhere in the Indenture to the execution, attestation or authentication of any Security or any certificate of authentication appearing on or attached to any Security by means of a manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of the foregoing electronic means or formats, and (c) any requirement in Section 303 or elsewhere in the Indenture that any signature be made under a corporate seal (or facsimile thereof) shall not be applicable to the Securities of such series.
5

IN WITNESS WHEREOF, INTERSTATE POWER AND LIGHT COMPANY has caused this instrument to be duly executed.
Dated: November 19, 2021
INTERSTATE POWER AND LIGHT COMPANY
By:            
Name:    Barbara Tormaschy
Title:    Vice President and Treasurer
Attest:
    
Authorized Officer
[Signature Page to Global Debentures]

Trustee’s Certificate of Authentication
This is one of the Debentures of the series designated herein referred to in the within-mentioned Indenture.
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.,
as Trustee
By:            
Name:    
Title:    
[Signature Page to Global Debentures]

INTERSTATE POWER AND LIGHT COMPANY
3.100% Senior Debentures due 2051
This Debenture is one of a duly authorized issue of Debentures of the Company, designated as its “3.100% Senior Debentures due 2051” (herein called the “Debentures”), in aggregate principal amount of $300,000,000, issued under an Indenture, dated as of August 20, 2003 (herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., successor, as Trustee (the “Trustee”), to which Indenture and the Officer’s Certificate, dated November 19, 2021 (herein called the “Officer’s Certificate”), setting forth the terms and conditions of the Debentures, reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of the Debentures, and of the terms upon which the Debentures are, and are to be, authenticated and delivered.
At any time or from time to time prior to May 30, 2051 (the “Par Call Date”), the Debentures shall be redeemable at the option of the Company, in whole or in part, at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Debentures and (ii) the sum, as determined by the Independent Investment Banker and delivered to the trustee, of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the Debentures matured on the Par Call Date (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus in each case accrued and unpaid interest to, but excluding, the Redemption Date.  Notice of redemption will be given as provided in the Indenture to the Holder of the Debentures to be redeemed not less than 30 nor more than 60 days prior to the Redemption Date.  At any time or after the Par Call Date, the Debentures shall be redeemable at the option of the Company, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Debentures being redeemed plus accrued and unpaid interest if any, to, but excluding, the Redemption Date.
If an Event of Default with respect to the Debentures shall occur and be continuing, the principal of the Debentures 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 satisfaction and discharge at any time of the entire indebtedness of this Debenture upon compliance by the Company with certain conditions set forth in the Indenture.
The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected, voting as one class, to modify the Indenture in a manner affecting the rights of the Holders of the Debentures; provided that no such modification may, without the consent of the Holder of each Outstanding Debenture, (i) change the Stated Maturity of, the principal of, or any installment of principal of or interest on (except as provided in Section 312 of the Indenture), any Debenture, or reduce the principal amount thereof or the rate of interest thereon (or the amount of any installment of interest thereon) or change the method of calculating such rate or reduce any premium payable upon the redemption thereof, or change the coin or currency (or other property), in which the Debentures or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity of any Debenture or (ii) reduce the percentage in principal amount of the Outstanding Debentures of any series or any Tranche thereof, the consent of the Holders of which is required for any such modification of the Indenture.  The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Debentures at the time Outstanding, on behalf of the Holders of all Debentures, 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 Debenture shall be conclusive and binding upon such Holder and upon all future Holders of this Debenture and of any Debenture issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debenture.
No reference herein to the Indenture and no provision of this Debenture 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 Debenture at the times, place and rate, and in the coin or currency, herein prescribed.
As provided in the Indenture and subject to certain limitations, including, if this Debenture is a global Debenture, the limitations set forth on the first page hereof, therein set forth, the transfer of this Debenture is registrable in the Security Register, upon surrender of this Debenture for registration of transfer at the office or agency of the Company in The City of New York maintained for such purpose, duly 
8

endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or her attorney duly authorized in writing, and thereupon one or more new Debentures, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.  No service charge shall be made for any such registration of transfer or exchange, but the Company 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 Debenture for registration of transfer, the Company, the Trustee and any agent of the Trustee may treat the Person in whose name this Debenture is registered as the owner hereof for all purposes, whether or not this Debenture be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
The Debentures are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.
All terms used in this Debenture which are defined in the Indenture, as supplemented by the Officer’s Certificate, shall have the meanings set forth therein.
THIS DEBENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.
9

IN WITNESS WHEREOF, the undersigned has set her hand as of the day and year first above written.
INTERSTATE POWER AND LIGHT COMPANY
By:    /s/ Barbara Tormaschy    
Name:    Barbara Tormaschy
Title:    Vice President and Treasurer 

[Signature Page to Officer’s Certificate (Pursuant to the Indenture)]

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