Document:

Prepared by R.R. Donnelley Financial -- AMENDED AND RESTATED TRUST AGREEMENT

  
 Exhibit 4.3 
  
 AMENDED AND RESTATED TRUST AGREEMENT 
  
 OF
VIRGINIA POWER CAPITAL TRUST II 
  
 Dated as of August 23, 2002 
  
 By and Among 
  
 VIRGINIA ELECTRIC AND POWER COMPANY, 
 as Sponsor, 
  
 JPMORGAN CHASE BANK, 
 as Property Trustee, 
  

CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, 
 as Delaware Trustee,

  
 and 
  
 THE ADMINISTRATIVE TRUSTEES NAMED HEREIN 

  
 CROSS REFERENCE TABLE* 
  
 
	 Section of Trust
 Indenture Act of
 1939, as Amended
 
	  	 Section of
 Agreement
 

	 310(a)
 	  	 6.3
 
	 310(b)
 	  	 6.3(c); 6.3(d)
 
	 310(c)
 	  	 Inapplicable
 
	 311(a)
 	  	 2.2(b)
 
	 311(b)
 	  	 2.2(b)
 
	 311(c)
 	  	 Inapplicable
 
	 312(a)
 	  	 2.2(a)
 
	 312(b)
 	  	 2.2(b)
 
	 312(c)
 	  	 Inapplicable
 
	 313(a)
 	  	 2.3
 
	 313(b)
 	  	 2.3
 
	 313(c)
 	  	 2.3
 
	 313(d)
 	  	 2.3
 
	 314(a)
 	  	 2.4
 
	 314(b)
 	  	 Inapplicable
 
	 314(c)
 	  	 2.5
 
	 314(d)
 	  	 Inapplicable
 
	 314(e)
 	  	 2.5
 
	 314(f)
 	  	 Inapplicable
 
	 315(a)
 	  	 3.9(b); 3.10(a)
 
	 315(b)
 	  	 2.7(a)
 
	 315(c)
 	  	 3.9(a)
 
	 315(d)
 	  	 3.9(b)
 
	 316(a)
 	  	 2.6; 7.5(b); 7.6(c)
 
	 316(b)
 	  	 Inapplicable
 
	 316(c)
 	  	 Inapplicable
 
	 317(a)
 	  	 3.16
 
	 317(b)
 	  	 Inapplicable
 
	 318(a)
 	  	 2.1(c)
 

 
 

	*
	 
	THIS CROSS-REFERENCE TABLE DOES NOT CONSTITUTE PART OF THE AGREEMENT AND SHALL NOT HAVE ANY BEARING UPON THE INTERPRETATION OF ANY OF ITS TERMS OR PROVISIONSs.

 

 

 i 

  
 TABLE OF CONTENTS 
  
 
	  	  	  	  	 Page
 

	 ARTICLE 1—INTERPRETATION AND DEFINITIONS
 	  	 1
 
	  	  	 SECTION 1.1 Interpretation and Definitions
 	  	 1
 
	 
	 ARTICLE 2—TRUST INDENTURE ACT
 	  	 9
 
	  	  	 SECTION 2.1      Trust Indenture Act; Application
 	  	 9
 
	  	  	 SECTION 2.2      Lists of Holders of Securities
 	  	 9
 
	  	  	 SECTION 2.3      Reports by the Property Trustee
 	  	 10
 
	  	  	 SECTION 2.4      Periodic Reports to the Property Trustee
 	  	 10
 
	  	  	 SECTION 2.5      Evidence of Compliance with Conditions Precedent
 	  	 10
 
	  	  	 SECTION 2.6      Trust Enforcement Events; Waiver
 	  	 10
 
	  	  	 SECTION 2.7      Trust Enforcement Event; Notice
 	  	 12
 
	 
	 ARTICLE 3—ORGANIZATION
 	  	 12
 
	  	  	 SECTION 3.1      Name and Organization
 	  	 12
 
	  	  	 SECTION 3.2      Office
 	  	 13
 
	  	  	 SECTION 3.3      Purpose
 	  	 13
 
	  	  	 SECTION 3.4      Authority
 	  	 13
 
	  	  	 SECTION 3.5      Title to Property of the Trust
 	  	 14
 
	  	  	 SECTION 3.6      Powers and Duties of the Administrative Trustees
 	  	 14
 
	  	  	 SECTION 3.7      Prohibition of Actions by the Trust and the Trustees

	  	 16
 
	  	  	 SECTION 3.8      Powers and Duties of the Property Trustee
 	  	 17
 
	  	  	 SECTION 3.9      Certain Duties and Responsibilities of the Property
Trustee
 	  	 19
 
	  	  	 SECTION 3.10    Certain Rights of Property Trustee
 	  	 21
 
	  	  	 SECTION 3.11    Delaware Trustee
 	  	 23
 
	  	  	 SECTION 3.12    Execution of Documents
 	  	 23
 
	  	  	 SECTION 3.13    Not Responsible for Recitals or Issuance of Securities
 	  	 24
 
	  	  	 SECTION 3.14    Duration of Trust
 	  	 24
 
	  	  	 SECTION 3.15    Mergers
 	  	 24
 
	  	  	 SECTION 3.16    Property Trustee May File Proofs of Claim
 	  	 26
 
	 
	 ARTICLE 4—SPONSOR
 	  	 26
 
	  	  	 SECTION 4.1    Responsibilities of the Sponsor
 	  	 26
 
	  	  	 SECTION 4.2    Indemnification and Fees and Expenses of the Trustees
 	  	 27
 
	 
	 ARTICLE 5—TRUST COMMON SECURITIES HOLDER
 	  	 27
 
	  	  	 SECTION 5.1    Junior Subordinated Note Issuer's Purchase of Common Securities
 	  	 27
 
	  	  	 SECTION 5.2    Covenants of the Common Securities Holder
 	  	 28
 

 
 

 ii 

 
	 ARTICLE 6—TRUSTEES
 	  	 28
 
	  	  	 SECTION 6.1      Number of Trustees
 	  	 28
 
	  	  	 SECTION 6.2      Delaware Trustee; Eligibility
 	  	 28
 
	  	  	 SECTION 6.3      Property Trustee; Eligibility
 	  	 29
 
	  	  	 SECTION 6.4      Qualifications of Administrative Trustees and Delaware Trustee
Generally
 	  	 29
 
	  	  	 SECTION 6.5      Initial Administrative Trustees
 	  	 30
 
	  	  	 SECTION 6.6      Appointment, Removal and Resignation of Trustees.
 	  	 30
 
	  	  	 SECTION 6.7      Vacancies among Trustees
 	  	 31
 
	  	  	 SECTION 6.8      Effect of Vacancies
 	  	 31
 
	  	  	 SECTION 6.9      Meetings
 	  	 32
 
	  	  	 SECTION 6.10    Delegation of Power
 	  	 32
 
	  	  	 SECTION 6.11    Merger, Conversion, Consolidation or Succession to Business
 	  	 32
 
	 
	 ARTICLE 7—TERMS OF SECURITIES
 	  	 33
 
	  	  	 SECTION 7.1      General Provisions Regarding Securities
 	  	 33
 
	  	  	 SECTION 7.2      Distributions
 	  	 35
 
	  	  	 SECTION 7.3      Redemption of Securities
 	  	 36
 
	  	  	 SECTION 7.4      Redemption Procedures
 	  	 37
 
	  	  	 SECTION 7.5      Voting Rights of Trust Preferred Securities
 	  	 38
 
	  	  	 SECTION 7.6      Voting Rights of Common Securities
 	  	 41
 
	  	  	 SECTION 7.7      Paying Agent
 	  	 42
 
	  	  	 SECTION 7.8      Listing
 	  	 42
 
	  	  	 SECTION 7.9      Transfer of Securities
 	  	 43
 
	  	  	 SECTION 7.10    Mutilated, Destroyed, Lost or Stolen Certificates
 	  	 44
 
	  	  	 SECTION 7.11    Deemed Security Holders
 	  	 44
 
	  	  	 SECTION 7.12    Global Securities
 	  	 45
 
	  	  	 SECTION 7.13    Option
 	  	 47
 
	  	  	 SECTION 7.14    Cancellation
 	  	 48
 
	 
	 ARTICLE 8—DISSOLUTION AND TERMINATION OF TRUST
 	  	 48
 
	  	  	 SECTION 8.1      Dissolution and Termination of Trust
 	  	 48
 
	  	  	 SECTION 8.2      Liquidation Distribution Upon Dissolution of the Trust

	  	 49
 
	 
	 ARTICLE 9 l—IMITATION OF LIABILITY OF HOLDERS OF SECURITIES, DELAWARE TRUSTEES OR OTHERS

	  	 49
 
	  	  	 SECTION 9.1      Liability
 	  	 49
 
	  	  	 SECTION 9.2      Exculpation
 	  	 50
 
	  	  	 SECTION 9.3      Fiduciary Duty
 	  	 50
 
	  	  	 SECTION 9.4      Indemnification
 	  	 51
 
	  	  	 SECTION 9.5      Outside Businesses
 	  	 54
 

 
 

 iii 

 
	 ARTICLE 10 ACCOUNTING
 	  	 54
 
	  	  	 SECTION 10.1    Fiscal Year
 	  	 54
 
	  	  	 SECTION 10.2    Certain Accounting Matters
 	  	 54
 
	  	  	 SECTION 10.3    Banking
 	  	 55
 
	  	  	 SECTION 10.4    Withholding
 	  	 55
 
	 
	 ARTICLE 11—AMENDMENTS AND MEETINGS
 	  	 56
 
	  	  	 SECTION 11.1    Amendments
 	  	 56
 
	  	  	 SECTION 11.2    Meetings of the Holders of Securities; Action by Written Consent

	  	 57
 
	 
	 ARTICLE 12—REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE
 	  	 59
 
	  	  	 SECTION 12.1    Representations and Warranties of the Property Trustee
 	  	 59
 
	  	  	 SECTION 12.2    Representations and Warranties of the Delaware Trustee
 	  	 60
 
	 
	 ARTICLE 13—MISCELLANEOUS
 	  	 60
 
	  	  	 SECTION 13.1    Notices
 	  	 60
 
	  	  	 SECTION 13.2    Governing Law
 	  	 61
 
	  	  	 SECTION 13.3    Intention of the Parties
 	  	 61
 
	  	  	 SECTION 13.4    Headings
 	  	 61
 
	  	  	 SECTION 13.5    Successors and Assigns
 	  	 62
 
	  	  	 SECTION 13.6    Partial Enforceability
 	  	 62
 
	  	  	 SECTION 13.7    Counterparts
 	  	 62
 

 
  
 
	 Exhibits
 
	  	  
	 
	 EXHIBIT A
 	  	 FORM OF TRUST PREFERRED SECURITY CERTIFICATE
 
	 EXHIBIT B
 	  	 FORM OF COMMON SECURITY CERTIFICATE
 

 
 

 iv 

  
 AMENDED AND RESTATED TRUST AGREEMENT 
  
 This AMENDED AND RESTATED TRUST AGREEMENT (the “Trust Agreement”), dated as of August 23, 2002 is entered into by and among (i)
Virginia Electric and Power Company, a Virginia corporation, as sponsor (the “Sponsor”), (ii)(a) JPMorgan Chase Bank, a New York banking corporation, as Property Trustee, (b) Chase Manhattan Bank USA, National Association, a national
association, as Delaware Trustee, and (c) G. Scott Hetzer, an individual, and James P. Carney, an individual, each of whose address is 120 Tredegar Street, Richmond, Virginia 23219 (each an “Administrative Trustee” and, collectively, the
“Administrative Trustees” and, together with the Property Trustee and the Delaware Trustee, the “Trustees”, all not in their individual capacities, but solely as Trustees) and (iii) the several Holders as hereinafter defined.

  
 RECITALS 
  
 WHEREAS, the Delaware Trustee and the Sponsor established Virginia Power Capital Trust II (the “Trust”), a business trust under the Business Trust Act (as defined, together with other
capitalized terms, herein) pursuant to a Trust Agreement dated as of May 26, 2000 (the “Original Trust Agreement”) and a Certificate of Trust (the “Certificate of Trust”) filed with the Secretary of State of the State of Delaware
on May 26, 2000; 
  
 WHEREAS, the sole purpose of the Trust shall be to issue and sell certain securities
representing undivided beneficial ownership interests in the assets of the Trust, to invest the proceeds from such sales in the Junior Subordinated Notes issued by the Junior Subordinated Note Issuer and to engage in only those activities necessary
or incidental thereto; and 
  
 WHEREAS, the parties hereto, by this Trust Agreement, amend and restate each and every
term and provision of the Original Trust Agreement; 
  
 NOW, THEREFORE, it being the intention of the parties hereto
to continue the Trust as a business trust under the Business Trust Act and that this Trust Agreement constitute the governing instrument of such business trust, the Trustees hereby declare that all assets contributed to the Trust be held in trust
for the benefit of the Holders, from time to time, of the Securities representing undivided beneficial ownership interests in the assets of the Trust issued hereunder, subject to the provisions of this Trust Agreement. 
  
 ARTICLE 1 
  
 INTERPRETATION AND DEFINITIONS 
  
 SECTION 1.1  Interpretation and
Definitions.    Unless the context otherwise requires: 
  
 (a)  capitalized terms
used in this Trust Agreement but not defined in the preamble above have the meanings assigned to them in this Section 1.1; 

  
 (b)  a term defined anywhere in this Trust Agreement has the same
meaning throughout; 
  
 (c)  all references to “the Trust Agreement” or “this Trust
Agreement” are to this Trust Agreement as modified, supplemented or amended from time to time; 
  
 (d)  all references in this Trust Agreement to Articles, Sections, Recitals and Exhibits are to Articles and Sections of, or Recitals and Exhibits to, this Trust Agreement unless otherwise specified; 

 
 (e)  unless otherwise defined in this Trust Agreement, a term defined in the Trust Indenture Act has the same meaning
when used in this Trust Agreement; and 
  
 (f)  a reference to the singular includes the plural and vice
versa and a reference to any masculine form of a term shall include the feminine form of a term, as applicable. 
  
 (g)  the following terms have the following meanings: 
  
 “ADDITIONAL
TAX SUMS” has the meaning specified in Section 7.1 of the Second Supplemental Indenture to the Indenture. 
  
 “ADMINISTRATIVE TRUSTEE” means any Trustee other than the Property Trustee and the Delaware Trustee. 
  
 “AFFILIATE” of any specified Person shall mean any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, such specified Person.
For the purposes of this definition, “control” when used with respect to any specified Person shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. 
  
 “AUTHORIZED OFFICER” of a Person means any Person that is authorized to bind such Person. 
  

“BANKRUPTCY EVENT” means, with respect to any Person: 
  
 (a)  the entry of a decree or order by a court having jurisdiction in the premises judging such Person a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjudication or composition of or in respect of such Person under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or appointing a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or of any substantial part of its property or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and
in effect for a period of 60 consecutive days; or 
  
 (b)  the institution by such Person
of proceedings to be adjudicated bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any

 

 2 

 applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or the consent by it to the
filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or of any substantial part of its property, or the making by it of an assignment for the benefit
of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due and its willingness to be adjudicated a bankrupt, or the taking of corporate action by such Person in furtherance of any such action.

  
 “BENEFICIAL OWNER” means, for Trust Preferred Securities represented by a Global
Security, the Person who acquires an interest in the Trust Preferred Securities which is reflected on the records of the Depositary through the Depositary Participants. 
  
 “BUSINESS DAY” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions in the Borough of Manhattan, The
City of New York or Richmond, Virginia are authorized or required by law, regulation or executive order to close, or a day on which the Corporate Trust Office or the Indenture Trustee’s principal corporate office is closed for business.

  
 “BUSINESS TRUST ACT” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
Section 3801 et seq., as it may be amended from time to time, or any successor legislation. 
  
 “CERTIFICATE” means a Common Security Certificate or a Trust Preferred Security Certificate. 
  
 “CERTIFICATE OF TRUST” has the meaning specified in the Recitals hereto. 
  
 “CLOSING DATE” means the date or dates on which the Trust Preferred Securities are issued and sold. 
  
 “CODE” means the Internal Revenue Code of 1986, as amended from time to time, or any successor legislation. A reference to a specific section of the Code refers not only to such specific
section but also to any corresponding provision of any federal tax statute enacted after the date of this Trust Agreement, as such specific section or corresponding provision is in effect on the date of application of the provisions of this Trust
Agreement containing such reference. 
  
 “COMMISSION” means the Securities and Exchange
Commission or any successor thereto. 
  
 “COMMON SECURITY” has the meaning specified in
Section 7.1. 
  
 “COMMON SECURITY CERTIFICATE” means a definitive certificate in fully
registered form representing one or more Common Securities, substantially in the form of Exhibit B hereto. 
  
 “COMMON SECURITIES HOLDER” means Virginia Electric and Power Company, in its capacity as purchaser and holder of all of the Common Securities issued by the Trust. 
 

 3 

  
 “CORPORATE TRUST OFFICE” means the office of the
Property Trustee at which at any particular time its corporate trust business shall be principally administered, which office at the date of execution of this Trust Agreement is located at 450 West 33rd Street, 15th Floor, New York, NY 10001. 
  
 “COVERED PERSON” means (a) any officer, director, shareholder, partner, member, representative, employee or agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b) any Holder.

  
 “DELAWARE TRUSTEE” means the Trustee meeting the eligibility requirements set forth in
Section 6.2. 
  
 “DEPOSITARY” means, with respect to Securities issuable in whole or in
part in the form of one or more Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities. 
  
 “DEPOSITARY PARTICIPANT” means a member of, or participant in, the Depositary. 
  
 “DIRECT ACTION” has the meaning specified in Section 3.8(e). 
  
 “DISTRIBUTION” means a distribution payable to Holders of Securities in accordance with Section 7.2. 
  
 “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended from time to time, or any successor
legislation. 
  
 “FIDUCIARY INDEMNIFIED PERSON” has the meaning set forth in Section
9.4(b). 
  
 “FISCAL YEAR” has the meaning specified in Section 10.1. 

 
 “GLOBAL SECURITY” means a fully registered, global Trust Preferred Security Certificate.

  
 “GUARANTEE” means the Guarantee Agreement, to be dated as of August 23, 2002, of the
Sponsor in respect of the Securities. 
  
 “HOLDER” means any holder of Securities, as
registered on the books and records of the Trust; provided, however, that in determining whether the Holders of the requisite Liquidation Amount of Trust Preferred Securities have voted on any matter provided for in this Trust Agreement, then for
the purpose of such determination only (and not for any other purpose hereunder), if the Trust Preferred Securities remain in the form of one or more Global Securities and if the Depositary which is the holder of such Global Securities has sent an
omnibus proxy to the Trust assigning voting rights to Depositary Participants to whose accounts the Trust Preferred Securities are credited on the record date, the term “Holders” shall mean such Depositary Participants acting at the
direction of the Beneficial Owners. 
  
 “INDEMNIFIED PERSON” means a Junior Subordinated
Note Issuer Indemnified Person or a Fiduciary Indemnified Person. 
 

 4 

  
 “INDENTURE” means the Subordinated Note Indenture,
dated as of August 1, 1995, between the Junior Subordinated Note Issuer and JPMorgan Chase Bank (formerly known as Chemical Bank), as Trustee, as supplemented and amended by a Second Supplemental Indenture, to be dated as of August 1, 2002 and as
further amended or supplemented by any other indenture supplemental thereto pursuant to which the Junior Subordinated Notes are to be issued to the Property Trustee. 
  
 “INDENTURE EVENT OF DEFAULT” has the meaning given to the term “Event of Default” in the Indenture. 
  
 “INDENTURE TRUSTEE” means JPMorgan Chase Bank, in its capacity as trustee under the Indenture until a successor
is appointed thereunder, and thereafter means such successor trustee. 
  
 “INVESTMENT
COMPANY” means an investment company as defined in the Investment Company Act and the regulations promulgated thereunder. 
  
 “INVESTMENT COMPANY ACT” means the Investment Company Act of 1940, as amended from time to time, or any successor legislation. 
  
 “INVESTMENT COMPANY EVENT” means the receipt by the Trust of an opinion of a nationally recognized independent counsel (an “Investment
Company Act Opinion”), to the effect that, as a result of the occurrence of a change in law or regulation or a written change in interpretation or application of law or regulation by any legislative body, court, governmental agency or
regulatory authority (a “Change in 1940 Act Law”), there is more than an insubstantial risk that the Trust is or will be considered an “investment company” that is required to be registered under the Investment Company Act, which
Change in 1940 Act Law becomes effective on or after the initial Closing Date. 
  
 “JUNIOR
SUBORDINATED NOTES” shall mean the 7.375% Junior Subordinated Notes due July 30, 2042 to be issued by the Junior Subordinated Note Issuer under the Indenture and to be purchased by the Trust and held by the Property Trustee. 

 
 “JUNIOR SUBORDINATED NOTE ISSUER” shall mean Virginia Electric and Power Company, a Virginia
corporation, in its capacity as issuer of the Junior Subordinated Notes under the Indenture. 
  
 “JUNIOR SUBORDINATED NOTE ISSUER INDEMNIFIED PERSON” shall mean (A) any Administrative Trustee, (B) any Affiliate of any Administrative Trustee, (C) any officers, directors, shareholders, members, partners, employees,
representatives or agents of any Administrative Trustee or any Affiliate thereof or (D) any officer, employee or agent of the Trust or its Affiliates. 
  
 “LEGAL ACTION” has the meaning specified in Section 3.6(g). 
  
 “LIQUIDATION AMOUNT” means the stated amount of $25 per Security. 
  
 “LIST OF HOLDERS” has the meaning specified in Section 2.2(a). 
 

 5 

  
 “MAJORITY IN LIQUIDATION AMOUNT” means, except as
provided in the terms of the Trust Preferred Securities or by the Trust Indenture Act, Holder(s) of outstanding Securities, voting together as a single class, or, as the context may require, Holders of outstanding Trust Preferred Securities or
Holders of outstanding Common Securities, voting separately as a class, who are the record owners of more than 50% of the aggregate Liquidation Amount (including the stated amount that would be paid on redemption, liquidation or otherwise, plus
accumulated and unpaid Distributions to the date upon which the voting percentages are determined) of all outstanding Securities of the relevant class. 
  
 “NEW YORK STOCK EXCHANGE” means the New York Stock Exchange, Inc. or any successor thereto. 
  

“OFFICERS’ CERTIFICATE” means, with respect to any Person, a certificate signed on behalf of such Person by two Authorized Officers of
such Person. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Trust Agreement (other than pursuant to Section 2.4) shall include: 
  
 (a)  a statement that each officer signing the Officers’ Certificate has read the covenant or condition
and the definitions relating thereto; 
  
 (b)  a brief statement of the nature and scope
of the examination or investigation undertaken by each officer on behalf of such Person in rendering the Officers’ Certificate; 
  
 (c)  a statement that each such officer has made such examination or investigation as, in such officer’s opinion, is necessary to enable such officer on behalf of such Person to express
an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d)  a statement as to whether, in the opinion of each such officer acting on behalf of such Person, such condition or covenant has been complied with; provided, that the term “Officers’ Certificate”, when
used with reference to Administrative Trustees who are natural persons shall mean a certificate signed by two or more of the Administrative Trustees which otherwise satisfies the foregoing requirements. 
  
 “OPTION” has the meaning specified in Section 7.13(a). 
  

“PAYING AGENT” has the meaning specified in Section 7.7. 
  
 “PAYMENT AMOUNT” has the meaning specified in Section 7.2(c). 
  
 “PERSON” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company,
limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
  
 “PROPERTY ACCOUNT” has the meaning specified in Section 3.8(c). 
 

 6 

  
 “PROPERTY TRUSTEE” means the Trustee meeting the
eligibility requirements set forth in Section 6.3. 
  
 “PRO RATA” means pro rata to each
Holder of Securities according to the aggregate Liquidation Amount of the Securities held by the relevant Holder in relation to the aggregate Liquidation Amount of all Securities outstanding. 
  

“QUORUM” means a majority of the Administrative Trustees or, if there are only two Administrative Trustees, both of them. 

 
 “REDEMPTION/DISTRIBUTION NOTICE” has the meaning specified in Section 7.4(a) hereto. 

 
 “REDEMPTION PRICE” means the Liquidation Amount of the Securities to be redeemed, which amount will
equal (i) the redemption price paid by the Junior Subordinated Note Issuer to repay or redeem, in whole or in part, the Junior Subordinated Notes held by the Trust plus an amount equal to accumulated and unpaid Distributions on such Securities
through the date of their redemption or (ii) such lesser amount as will be received by the Trust in respect of the Junior Subordinated Notes so repaid or redeemed. 
  
 “RELATED PARTY” means, with respect to the Sponsor, any direct or wholly owned subsidiary of the Sponsor or any Person that owns, directly or
indirectly, 100% of the outstanding voting securities of the Sponsor. 
  
 “RESPONSIBLE
OFFICER” means, with respect to the Property Trustee, any officer with direct responsibility for the administration of this Trust Agreement and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 
  
 “SECURITIES” means the Common Securities and the Trust Preferred Securities. 
  
 “SECURITIES ACT” means the Securities Act of 1933, as amended from time to time, or any successor legislation. 
  
 “SPECIAL EVENT” means a Tax Event or an Investment Company Event. 
  
 “SPONSOR” means Virginia Electric and Power Company, a Virginia corporation, or any successor entity in a transaction involving the Sponsor that is permitted by Article Eight of the Indenture
and pursuant to which the successor agrees in writing to perform the Sponsor’s obligations hereunder. 
  
 “SUCCESSOR DELAWARE TRUSTEE” has the meaning specified in Section 6.6(b). 
  
 “SUCCESSOR ENTITY” has the meaning specified in Section 3.15(b)(i). 
  
 “SUCCESSOR PROPERTY TRUSTEE” has the meaning specified in Section 6.6(b). 
  
 “SUCCESSOR SECURITY” has the meaning specified in Section 3.15(b)(i)b. 
 

 7 

  
 “SUPER MAJORITY” has the meaning specified in Section
2.6(a)(ii). 
  
 “TAX EVENT” means the receipt by the Trust of an opinion of independent tax
counsel experienced in such matters (“Tax Event Opinion”), to the effect that, as a result of (a) any amendment to, change in or announced prospective change in the laws (or any regulations thereunder) of the United States or any political
subdivision or taxing authority thereof or therein, or (b) any official administrative written decision, action, pronouncement, or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which
proposed change, pronouncement, decision or action is announced on or after the initial Closing Date, there is more than an insubstantial risk that (i) the Trust is, or will be within 90 days of the date of such opinion, subject to the United States
federal income tax with respect to income received or accrued on the Junior Subordinated Notes, (ii) interest payable to the Trust by the Junior Subordinated Note Issuer on the Junior Subordinated Notes is not, or within 90 days of the date of such
opinion will not be, deductible, in whole or in part, by the Junior Subordinated Note Issuer for United States federal income tax purposes, or (iii) the Trust is, or will be within 90 days of the date of such opinion, subject to a material amount of
other taxes, duties or other governmental charges. 
  
 “10% IN LIQUIDATION AMOUNT” means,
except as provided in the terms of the Trust Preferred Securities or by the Trust Indenture Act, Holder(s) of outstanding Securities, voting together as a single class, or, as the context may require, Holders of outstanding Trust Preferred
Securities or Holders of outstanding Common Securities, voting separately as a class, who are the record owners of 10% or more of the aggregate Liquidation Amount (including the stated amount that would be paid on redemption, liquidation or
otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are determined) of all outstanding Securities of the relevant class. 
  
 “TRANCHE” means Securities issued after the initial Closing Date, which are of the same series as the Securities and have identical terms as the
Securities, except for aggregate amount, the price at which Securities are sold to the public and the date of issuance. 
  
 “TREASURY REGULATIONS” means the income tax regulations, including temporary and proposed regulations, promulgated under the Code by the United States Treasury, as such regulations may be amended from time to time
(including corresponding provisions of succeeding regulations). 
  
 “TRUST ENFORCEMENT
EVENT” in respect of the Securities means (i) an Indenture Event of Default has occurred and is continuing in respect of the Junior Subordinated Notes or (ii) the voluntary or involuntary dissolution, winding up or termination of the Trust,
except in connection with (A) the distribution of the Junior Subordinated Notes to the holders of the Securities, (B) the redemption of all of the Securities and (C) mergers, consolidations or amalgamations of the Trust permitted by this Trust
Agreement. 
  
 “TRUST INDENTURE ACT” means the Trust Indenture Act of 1939, as amended from
time to time, or any successor legislation. 
  
 “TRUST PREFERRED SECURITY” has the meaning
specified in Section 7.1. 
 

 8 

  
 “TRUST PREFERRED SECURITY CERTIFICATE” means a
definitive certificate in fully registered form representing one or more Trust Preferred Securities, substantially in the form of Exhibit A. 
  
 “TRUSTEE” or “TRUSTEES” means each Person who has signed this Trust Agreement as a trustee, so long as such Person shall continue as a trustee in accordance with the terms hereof,
and all other Persons who may from time to time be duly appointed, qualified and serving as Trustees in accordance with the provisions hereof, and references herein to a Trustee or the Trustees shall refer to such Person or Persons solely in their
capacity as trustees hereunder. 
  
 “TRUST PROPERTY” means (i) the Junior Subordinated
Notes, (ii) any cash on deposit in, or owing to the Property Account (as defined in Section 3.8(c)(i) herein) and (iii) all proceeds and rights in respect of the foregoing and any other property and assets for the time being held or deemed to be
held by the Property Trustee pursuant to this Trust Agreement. 
  
 ARTICLE 2 
  
 TRUST INDENTURE ACT 
  
 SECTION 2.1  Trust Indenture Act; Application. 
  
 (a)  This Trust Agreement is subject to the provisions of the Trust Indenture Act that are required to be part of this Trust Agreement and shall, to the extent applicable, be governed by such provisions. 

 
 (b)  The Property Trustee shall be the only Trustee which is a Trustee for the purposes of the Trust Indenture Act.

  
 (c)  If and to the extent that any provision of this Trust Agreement conflicts with the duties imposed
by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
  
 (d)  The application of the Trust Indenture Act to this Trust Agreement shall not affect the Trust’s classification as a grantor trust for United States federal income tax purposes and shall not affect the nature of
the Securities as equity securities representing undivided beneficial ownership interests in the assets of the Trust. 
  
 SECTION 2.2  Lists of Holders of Securities. 
  
 (a)  Each
of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide the Property Trustee at any time when the Property Trustee is not also acting as Security Registrar for the Securities (i) except while the Trust Preferred
Securities are represented by one or more Global Securities, at least five Business Days prior to the date for payment of Distributions, a list, in such form as the Property Trustee may reasonably require, of the names and addresses of the Holders
of the Securities (“List of Holders”) as of the record date relating to the payment of such Distributions, and (ii) at any other time, within 30 days of receipt by the Trust of a written request from the Property Trustee for a List of
Holders, as of a date no more than 15 days before such List of Holders is given to the Property Trustee; provided that neither 
 

 9 

 the Sponsor nor the Administrative Trustees on behalf of the Trust shall be obligated to provide such List of Holders at any time the List of
Holders does not differ from the most recent List of Holders given to the Property Trustee by the Sponsor and the Administrative Trustees on behalf of the Trust. The Property Trustee shall preserve, in as current a form as is reasonably practicable,
all information contained in Lists of Holders given to it or which it receives in the capacity as Paying Agent (if acting in such capacity), provided that the Property Trustee may destroy any List of Holders previously given to it on receipt of a
new List of Holders. 
  
 (b)  The Property Trustee shall comply with its obligations under, and shall be
entitled to the benefits of, Sections 311(a), 311(b) and 312(b) of the Trust Indenture Act. 
  
 SECTION 2.3  Reports by the Property Trustee. 
  
 Within 60 days
after May 15 of each year (commencing with the year of the first anniversary of the initial issuance of the Trust Preferred Securities), the Property Trustee shall provide to the Holders of the Trust Preferred Securities such reports as are required
by Section 313(a) of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Property Trustee shall also comply with the other requirements of Section 313 of the Trust Indenture Act. The
Sponsor shall promptly notify the Property Trustee when the Trust Preferred Securities are listed on any stock exchange. 
  
 SECTION 2.4  Periodic Reports to the Property Trustee. 
  
 Each of
the Sponsor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such documents, reports and information as required by Section 314 of the Trust Indenture Act (if any) and the compliance certificate required
by Section 314(a)(4) of the Trust Indenture Act in the form, in the manner and at the times required by Section 314 of the Trust Indenture Act, provided that such compliance certificate shall be delivered on or before 120 days after the end of each
calendar year of the Sponsor. 
  
 SECTION 2.5  Evidence of Compliance with Conditions
Precedent. 
  
 Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide to the
Property Trustee such evidence of compliance with any conditions precedent, if any, provided for in this Trust Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to
be given by an officer pursuant to Section 314(c)(1) may be given in the form of an Officers’ Certificate. 
  
 SECTION 2.6  Trust Enforcement Events; Waiver. 
  
 (a)  The
Holders of a Majority in Liquidation Amount of the Trust Preferred Securities may, by vote or written consent, on behalf of the Holders of all of the Trust Preferred Securities, waive any past Trust Enforcement Event in respect of the Trust
Preferred Securities and its consequences, provided that, if the underlying Indenture Event of Default: 
  
 (i)  is not waivable under the Indenture, the Trust Enforcement Event under the Trust Agreement shall also not be waivable; or 
 

 10 

  
 (ii)  requires the consent or vote of the Holders of
greater than a majority in principal amount of the Junior Subordinated Notes (a “Super Majority”) to be waived under the Indenture, the related Trust Enforcement Event under the Trust Agreement may only be waived by the vote or written
consent of the Holders of at least the proportion in Liquidation Amount of the Trust Preferred Securities that the relevant Super Majority represents of the aggregate principal amount of the Junior Subordinated Notes outstanding. 

 
 The foregoing provisions of this Section 2.6(a) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such
Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such default shall cease to exist, and any Trust Enforcement
Event with respect to the Trust Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement and the Trust Preferred Securities, but no such waiver shall extend to any subsequent or other Trust
Enforcement Event with respect to the Trust Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Trust Preferred Securities of a Trust Enforcement Event with respect to the Trust Preferred Securities shall
also be deemed to constitute a waiver by the Holders of the Common Securities of any such Trust Enforcement Event with respect to the Common Securities for all purposes of this Trust Agreement without any further act, vote, or consent of the Holders
of the Common Securities. 
  
 (b)  The Holders of a Majority in Liquidation Amount of the Common Securities
may, by vote or written consent, on behalf of the Holders of all of the Common Securities, waive any past Trust Enforcement Event in respect of the Common Securities and its consequences, provided that, if the underlying Indenture Event of Default:

  
 (i)  is not waivable under the Indenture, except where the Holders of the Common
Securities are deemed to have waived such Trust Enforcement Event under the Trust Agreement as provided below in this Section 2.6(b), the Trust Enforcement Event under the Trust Agreement shall also not be waivable; or 
  
 (ii)  requires the consent or vote of a Super Majority to be waived under the Indenture, except where the
Holders of the Common Securities are deemed to have waived such Trust Enforcement Event under the Trust Agreement as provided below in this Section 2.6(b), the Trust Enforcement Event under the Trust Agreement may only be waived by the vote or
written consent of the Holders of at least the proportion in Liquidation Amount of the Common Securities that the relevant Super Majority represents of the aggregate principal amount of the Junior Subordinated Notes outstanding; provided further,
each Holder of Common Securities will be deemed to have waived any Trust Enforcement Event and all Trust Enforcement Events with respect to the Common Securities and the consequences thereof until all Trust Enforcement Events with respect to the
Trust Preferred Securities have been cured, waived or otherwise eliminated, and until such Trust Enforcement Events with respect to the Trust Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee will be
deemed to be acting solely on behalf of the Holders of the Trust Preferred Securities and only the Holders of the Trust Preferred Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The
foregoing provisions of this Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such 
 

 11 

 Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Trust Agreement
and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such cure, waiver or other elimination, any such default shall cease to exist and any Trust Enforcement Event with respect
to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Trust Enforcement Event with respect to the Common Securities or
impair any right consequent thereon. 
  
 (c)  A waiver of an Indenture Event of Default by the Property
Trustee at the direction of the Holders of the Trust Preferred Securities constitutes a waiver of the corresponding Trust Enforcement Event with respect to the Trust Preferred Securities under this Trust Agreement. The foregoing provisions of this
Section 2.6(c) shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Trust Agreement and the Securities, as permitted by the Trust
Indenture Act. 
  
 SECTION 2.7  Trust Enforcement Event; Notice. 

 
 (a)  The Property Trustee shall, within 90 days after the occurrence of a Trust Enforcement Event actually known to a
Responsible Officer of the Property Trustee, transmit by mail, first class postage prepaid, to the Holders of the Securities, notices of all such defaults with respect to the Securities, unless such defaults have been cured before the giving of such
notice (the term “defaults” for the purposes of this Section 2.7(a) and (b) being hereby defined to be an Indenture Event of Default, not including any periods of grace provided for therein and irrespective of the giving of any notice
provided therein); provided that, except for a default in the payment of principal of (or premium, if any) or interest on any of the Junior Subordinated Notes, the Property Trustee shall be protected in withholding such notice if and so long as a
Responsible Officer of the Property Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Securities. 
  
 (b)  The Property Trustee shall not be deemed to have knowledge of any default except: 
  
 (i)  a default under Sections 501(1) and (3) of the Indenture; or 
  
 (ii)  any default as to which the Property Trustee shall have received written notice pursuant to Section 3.10(a)(xiv) or of which a Responsible Officer of the Property Trustee charged with
the administration of this Trust Agreement shall have actual knowledge. 
  
 ARTICLE 3 
  
 ORGANIZATION 
  
 SECTION 3.1  Name and Organization. 
  
 The Trust hereby continued is
named “Virginia Power Capital Trust II” as such name may be modified from time to time by the Administrative Trustees following written notice to the Holders of Securities, the Property Trustee and the Delaware Trustee. The Trust’s
activities 
 

 12 

 may be conducted under the name of the Trust or any other name deemed advisable by the Administrative Trustees. 
  
 SECTION 3.2  Office. 
  
 The address of the principal office of the Trust is c/o Virginia Electric and Power Company, 120 Tredegar Street, Richmond, Virginia 23219. On ten (10) Business Days’
written notice to the Holders of Securities, the Property Trustee and the Delaware Trustee, the Administrative Trustees may designate another principal office. 
  
 SECTION 3.3  Purpose. 
  
 The
exclusive purposes and functions of the Trust are (a) to issue and sell Securities, including, from time to time, Tranches thereof, and use the gross proceeds from such sale to acquire the Junior Subordinated Notes, and (b) except as otherwise
limited herein, to engage in only those other activities necessary or incidental thereto. The Trust shall not borrow money, issue debt or reinvest proceeds derived from investments, pledge any of its assets or otherwise undertake (or permit to be
undertaken) any activity that would cause the Trust not to be classified as a grantor trust for United States federal income tax purposes. 
  
 By the acceptance of this Trust, none of the Trustees, the Sponsor, the Holders of the Trust Preferred Securities or Common Securities or the Beneficial Owners will take any position for United States federal income tax
purposes which is contrary to the classification of the Trust as a grantor trust. 
  
 SECTION
3.4  Authority. 
  
 Subject to the limitations provided in this Trust Agreement and to the specific
duties of the Property Trustee, the Administrative Trustees shall have exclusive authority to carry out the purposes of the Trust. An action taken by the Administrative Trustees in accordance with their powers shall constitute the act of and serve
to bind the Trust and an action taken by the Property Trustee on behalf of the Trust in accordance with its powers shall constitute the act of and serve to bind the Trust. In dealing with the Trustees acting on behalf of the Trust, no Person shall
be required to inquire into the authority of the Trustees to bind the Trust. Persons dealing with the Trust are entitled to rely conclusively on the power and authority of the Trustees as set forth in this Trust Agreement. 
  
 (a)  Except as expressly set forth in this Trust Agreement and except if a meeting of the Administrative Trustees is called with
respect to any matter over which the Administrative Trustees have power to act, any power of the Administrative Trustees may be exercised by, or with the consent of, any one such Administrative Trustee. 
  
 (b)  Unless otherwise determined by the Administrative Trustees, and except as otherwise required by the Business Trust Act or
applicable law, any Administrative Trustee is authorized to execute on behalf of the Trust any documents which the Administrative Trustees have the power and authority to cause the Trust to execute pursuant to Section 3.6(b), provided, that the
registration statements referred to in Section 3.6(b)(ii), including any amendments thereto, shall be signed by or on behalf of a majority of the Administrative Trustees; and 
 

 13 

  
 (c)  Any Administrative Trustee may, by power of attorney consistent
with applicable law, delegate to any other natural person over the age of 21 his or her power for the purposes of signing any documents which the Administrative Trustees have power and authority to cause the Trust to execute pursuant to Section 3.6.

  
 SECTION 3.5  Title to Property of the Trust. 
  
 Except as provided in Section 3.8 with respect to the Junior Subordinated Notes and the Property Account or as otherwise provided in this
Trust Agreement, legal title to all assets of the Trust shall be vested in the Trust. The Holders shall not have legal title to any part of the assets of the Trust, but shall have an undivided beneficial ownership interest in the assets of the
Trust. 
  
 SECTION 3.6  Powers and Duties of the Administrative Trustees.

  
 The Administrative Trustees shall have the exclusive power, duty and authority to cause the Trust to engage in
the following activities: 
  
 (a)  issue and sell the Trust Preferred Securities
(including, from time to time, Tranches thereof) and the Common Securities (including, from time to time, Tranches thereof) in accordance with this Trust Agreement; provided, however, that the Trust may issue no more than one series of Trust
Preferred Securities and no more than one series of Common Securities, and, provided further, that there shall be no interests in the Trust other than the Securities, and the issuance of Securities (including Tranches) shall be limited to
simultaneous issuance of both Preferred Securities and Common Securities on each Closing Date; 
  
 (b)  in connection with each issue and sale of the Trust Preferred Securities, at the direction of the Sponsor, to: 
  
 (i)  execute and file an application (including any amendments thereto), prepared by the Sponsor, to the New York Stock Exchange or any other national stock exchange or automated quotation
system for listing of any Trust Preferred Securities, the Guarantee and the Junior Subordinated Notes; provided, however, that the Sponsor shall also have the authority to execute and file any such application or amendments; 
  
 (ii)  execute and file with the Commission one or more registration statements on the applicable forms prepared
by the Sponsor, including any amendments thereto, pertaining to the Trust Preferred Securities, the Guarantee and the Junior Subordinated Notes; provided, however, that the Sponsor shall also have the authority to execute and file any such
registration statement or amendments; 
  
 (iii)  execute and file any documents prepared by
the Sponsor, or take any acts as determined by the Sponsor to be necessary, in order to qualify or register all or part of the Trust Preferred Securities in any State in which the Sponsor has determined to qualify or register such Trust Preferred
Securities for sale; provided, however, that the Sponsor shall also have the authority to execute and file any such documents or take such acts; and 
  
 (iv)  negotiate the terms of and execute and enter into an underwriting agreement and other related agreements providing for the sale of the Trust
Preferred Securities; 
 

 14 

 provided, however, that the Sponsor shall also have the authority to execute and file any such documents or take such
acts; 
  
 (c)  to acquire the Junior Subordinated Notes with the proceeds of each sale of
the Trust Preferred Securities and the Common Securities; provided, however, that the Administrative Trustees shall cause legal title to the Junior Subordinated Notes to be held of record in the name of the Property Trustee for the benefit of the
Holders of the Trust Preferred Securities and the Holders of the Common Securities; 
  
 (d)  to give the Sponsor and the Property Trustee prompt written notice of the occurrence of a Special Event; provided that the Administrative Trustees shall consult with the Sponsor before taking or refraining from taking
any action in relation to any such Special Event; 
  
 (e)  to establish a record date with
respect to all actions to be taken hereunder that require a record date be established, including and with respect to, for the purposes of Section 316(c) of the Trust Indenture Act, Distributions, voting rights, redemptions and exchanges, and to
issue relevant notices to the Holders of Trust Preferred Securities and Holders of Common Securities as to such actions and applicable record dates; 
  
 (f)  to take all actions and perform such duties as may be required of the Administrative Trustees pursuant to the terms of this Trust Agreement
and the Securities; 
  
 (g)  to bring or defend, pay, collect, compromise, arbitrate,
resort to legal action or otherwise adjust claims or demands of or against the Trust (“Legal Action”), unless pursuant to Section 3.8(e), the Property Trustee has the exclusive power to bring such Legal Action; 
  
 (h)  to employ or otherwise engage employees and agents (who may be designated as officers with titles) and
managers, contractors, advisors and consultants to conduct only those services that the Administrative Trustees have authority to conduct directly, and to and pay reasonable compensation for such services; 
  
 (i)  to cause the Trust to comply with the Trust’s obligations under the Trust Indenture Act; 

 
 (j)  to give the certificate required by Section 314(a)(4) of the Trust Indenture Act to the Property
Trustee, which certificate may be executed by any Administrative Trustee; 
  
 (k)  to incur
expenses that are necessary or incidental to carry out any of the purposes of the Trust; 
  
 (l)  to act as, or appoint another Person to act as, registrar and transfer agent for the Securities; 
  
 (m)  to give prompt written notice to the Holders of the Securities of any notice received from the Junior Subordinated Note Issuer of its election to defer payments of interest on the Junior
Subordinated Notes by extending the interest payment period under the Junior Subordinated Notes as authorized by the Indenture; 
 

 15 

  
 (n)  to take all action that may be necessary or
appropriate for the preservation and the continuation of the Trust’s valid existence, rights, franchises and privileges as a statutory business trust under the laws of the State of Delaware and of each other jurisdiction in which such existence
is necessary to protect the limited liability of the Holders of the Trust Preferred Securities and the Holders of the Common Securities or to enable the Trust to effect the purposes for which the Trust was created; 
  
 (o)  to take any action, not inconsistent with applicable law, that the Administrative Trustees determine in
their discretion to be necessary or desirable in carrying out the purposes and functions of the Trust as set out in Section 3.3 or the activities of the Trust as set out in this Section 3.6, including, but not limited to: 
  
 (i)  causing the Trust not to be deemed to be an Investment Company required to be registered under the
Investment Company Act; 
  
 (ii)  causing the Trust to be classified as a grantor trust for
United States federal income tax purposes; and 
  
 (iii)  cooperating with the Junior
Subordinated Note Issuer to ensure that the Junior Subordinated Notes will be treated as indebtedness of the Junior Subordinated Note Issuer for United States federal income tax purposes. 
  
 (p)  to take all action necessary to cause all applicable tax returns and tax information reports that are required to be filed with respect to
the Trust to be duly prepared and filed by the Administrative Trustees, on behalf of the Trust; 
  
 (q)  to execute and deliver all documents or instruments, perform all duties and powers, and do all things for and on behalf of the Trust in all matters necessary or incidental to the foregoing; and 
  
 (r)  to cause to be delivered to the Property Trustee an Officer’s Certificate with respect to each
issuance of a Tranche of Securities. 
  
 The Administrative Trustees shall exercise the powers set forth in this
Section 3.6 in a manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Administrative Trustees shall have no power to, and shall not, take any action that is inconsistent with the purposes and
functions of the Trust set forth in Section 3.3. 
  
 Subject to this Section 3.6, the Administrative Trustees shall
have none of the powers or the authority of the Property Trustee set forth in Section 3.8. 
  
 Any expenses incurred
by the Administrative Trustees pursuant to this Section 3.6 shall be reimbursed by the Junior Subordinated Note Issuer. 
  
 SECTION 3.7  Prohibition of Actions by the Trust and the Trustees. 
  
 (a)  The Trust shall not, and none of the Trustees (including the Property Trustee) shall cause the Trust to, engage in any activity other than as required or authorized by this Trust 
 

 16 

 Agreement. In particular, the Trust shall not and none of the Trustees (including the Property Trustee) shall cause the Trust to: 

 
 (i)  invest any proceeds received by the Trust from holding the Junior Subordinated Notes, but shall
distribute all such proceeds to Holders of Securities pursuant to the terms of this Trust Agreement and of the Securities; 
  
 (ii)  acquire any assets other than as expressly provided herein; 
  
 (iii)  possess Trust Property for other than a Trust purpose; 
  
 (iv)  make any loans other than loans represented by the Junior Subordinated Notes or incur any indebtedness; 
  
 (v)  possess any power or otherwise act in such a way as to vary the Trust assets; 
  
 (vi)  possess any power or otherwise act in such a way as to vary the terms of the Securities in any way whatsoever (except to the extent expressly authorized in this Trust Agreement or by
the terms of the Securities); 
  
 (vii)  issue any securities or other evidences of
beneficial ownership of, or beneficial interest in, the Trust other than the Securities; 
  
 (viii)  other than as provided in this Trust Agreement or by the terms of the Securities, (A) direct the time, method and place of exercising any trust or power conferred upon the Indenture Trustee with respect to the
Junior Subordinated Notes, (B) waive any past default that is waivable under the Indenture, (C) exercise any right to rescind or annul any declaration that the principal of all the Junior Subordinated Notes shall be due and payable, or (D) consent
to any amendment, modification or termination of the Indenture or the Junior Subordinated Notes where such consent shall be required unless the Trust shall have received an opinion of counsel to the effect that such amendment or modification will
not cause more than an insubstantial risk that the Trust will be deemed an Investment Company required to be registered under the Investment Company Act, or the Trust will not be classified as a grantor trust for United States federal income tax
purposes; 
  
 (ix)  take any action inconsistent with the status of the Trust as a grantor
trust for United States federal income tax purposes; or 
  
 (x)  revoke any action
previously authorized or approved by vote of the Holders of the Trust Preferred Securities except pursuant to a subsequent vote of the Holders of the Trust Preferred Securities. 
  
 SECTION 3.8  Powers and Duties of the Property Trustee. 
  
 (a)  The legal title to the Junior Subordinated Notes shall be owned by and held of record in the name of the Property Trustee for the benefit of the Trust and
the Holders of the Securities. The right, title and interest of the Property Trustee to the Junior Subordinated Notes 
 

 17 

 shall vest automatically in each Person who may hereafter be appointed as Property Trustee in accordance with Section 6.6. Such vesting and
cessation of title shall be effective whether or not conveyancing documents with regard to the Junior Subordinated Notes have been executed and delivered. 
  
 (b)  The Property Trustee shall not transfer its right, title and interest in the Junior Subordinated Notes to the Administrative Trustees or to the Delaware Trustee (if the Property Trustee
does not also act as Delaware Trustee). 
  
 (c)  The Property Trustee shall: 
  
 (i)  establish and maintain a segregated non-interest bearing trust account (the “Property Account”)
in the name of and under the exclusive control of the Property Trustee on behalf of the Holders of the Securities and, upon the receipt of payments of funds made in respect of the Junior Subordinated Notes held by the Property Trustee, deposit such
funds into the Property Account and make payments to the Holders of the Trust Preferred Securities and Holders of the Common Securities from the Property Account in accordance with Section 7.2. Funds in the Property Account shall be held uninvested
until disbursed in accordance with this Trust Agreement. The Property Account shall be an account that is maintained with a banking institution the rating on whose long-term unsecured indebtedness is at least equal to the rating assigned to the
Trust Preferred Securities by a “nationally recognized statistical rating organization”, within the meaning of Rule 436(g)(2) under the Securities Act; 
  
 (ii)  engage in such ministerial activities as shall be necessary or appropriate to effect the redemption of the Trust Preferred Securities and
the Common Securities to the extent the Junior Subordinated Notes are redeemed or mature; and 
  
 (iii)  upon written notice of distribution issued by the Administrative Trustees in accordance with the terms of the Securities, engage in such ministerial activities as so directed and as shall be necessary or appropriate
to effect the distribution of the Junior Subordinated Notes to Holders of Securities upon the occurrence of a Special Event. 
  
 (d)  The Property Trustee shall take all actions and perform such duties as may be specifically required of the Property Trustee pursuant to the terms of this Trust Agreement and the Securities. 
  
 (e)  Subject to Section 3.9(a), the Property Trustee may take any Legal Action which arises out of or in connection with a Trust
Enforcement Event of which a Responsible Officer of the Property Trustee has actual knowledge or the Property Trustee’s duties and obligations under this Trust Agreement or the Trust Indenture Act; PROVIDED, HOWEVER, that if a Trust Enforcement
Event has occurred and is continuing and such event is attributable to the failure of the Junior Subordinated Note Issuer to pay interest, principal or other required payments on the Junior Subordinated Notes on the date such interest, principal or
other required payments are otherwise payable (or in the case of redemption, on the redemption date), then, any holder of the corresponding series of Trust Preferred Securities issued by the Trust shall have the right, upon the occurrence of a Trust
Enforcement Event described above, to institute a suit directly against the Junior Subordinated Note Issuer (a “Direct Action”) for enforcement of payment to such 
 

 18 

 holder of principal of (including premium, if any) and interest (including any Additional Interest, as defined in Section 2.5 of the Second
Supplemental Indenture to the Indenture) on the Junior Subordinated Notes having a principal amount equal to the aggregate Liquidation Amount of such Trust Preferred Securities of the corresponding series held by such holder. Notwithstanding
anything to the contrary in this Trust Agreement or the Indenture, the Junior Subordinated Note Issuer shall have the right to set-off any payment it is otherwise required to make under the Indenture in respect of any Trust Preferred Security to the
extent the Junior Subordinated Note Issuer has heretofore made, or is currently on the date of such payment making, a payment under the Guarantee relating to such Trust Preferred Security. 
  
 (f)  The Property Trustee shall continue to serve as a Trustee until either: 
  
 (i)  the Trust has been completely liquidated and the proceeds of the liquidation distributed to the Holders of Securities pursuant to the terms
of the Securities; or 
  
 (ii)  a Successor Property Trustee has been appointed and has
accepted that appointment in accordance with Section 6.6. 
  
 (g)  The Property Trustee shall have the
legal power to exercise all of the rights, powers and privileges of a holder of Junior Subordinated Notes under the Indenture and, if a Trust Enforcement Event actually known to a Responsible Officer of the Property Trustee occurs and is continuing,
the Property Trustee may, for the benefit of Holders of the Securities, enforce its rights as holder of the Junior Subordinated Notes subject to the rights of the Holders pursuant to this Trust Agreement and the terms of the Securities.

  
 (h)  Subject to this Section 3.8, the Property Trustee shall have none of the duties, liabilities,
powers or the authority of the Administrative Trustees set forth in Section 3.6. 
  
 The Property Trustee shall
exercise the powers set forth in this Section 3.8 in a manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Property Trustee shall have no power to, and shall not, take any action that is
inconsistent with the purposes and functions of the Trust set out in Section 3.3. 
  
 SECTION
3.9  Certain Duties and Responsibilities of the Property Trustee. 
  
 (a)  The Property
Trustee, before the occurrence of any Trust Enforcement Event and after the curing of all Trust Enforcement Events that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Trust Agreement and no
implied covenants shall be read into this Trust Agreement against the Property Trustee. In case a Trust Enforcement Event has occurred (that has not been cured or waived pursuant to Section 2.6) of which a Responsible Officer of the Property Trustee
has actual knowledge, the Property Trustee shall exercise such of the rights and powers vested in it by this Trust Agreement, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. 
  
 (b)  No provision of this Trust Agreement shall
be construed to relieve the Property Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 

 19 

  
 (i)  prior to the occurrence of a Trust Enforcement
Event and after the curing or waiving of all such Trust Enforcement Events that may have occurred: 
  
 a.  the duties and obligations of the Property Trustee shall be determined solely by the express provisions of this Trust Agreement and the Property Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Trust Agreement, and no implied covenants or obligations shall be read into this Trust Agreement against the Property Trustee; and 
  
 b.  in the absence of bad faith on the part of the Property Trustee, the Property Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Property Trustee and conforming to the requirements of this Trust Agreement; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Property Trustee, the Property Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Trust Agreement; 

 
 (ii)  the Property Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer of the Property Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent facts; 
  
 (iii)  the Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of not less than a Majority in Liquidation Amount of the Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust or power
conferred upon the Property Trustee under this Trust Agreement; 
  
 (iv)  no provision of
this Trust Agreement shall require the Property Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Trust Agreement or indemnity reasonably satisfactory to the Property Trustee against such risk or liability is not
reasonably assured to it; 
  
 (v)  the Property Trustee’s sole duty with respect to
the custody, safe-keeping and physical preservation of the Junior Subordinated Notes and the Property Account shall be to deal with such property in a similar manner as the Property Trustee deals with similar property for its own account, subject to
the protections and limitations on liability afforded to the Property Trustee under this Trust Agreement and the Trust Indenture Act; 
  
 (vi)  the Property Trustee shall have no duty or liability for or with respect to the value, genuineness, existence or sufficiency of the Junior Subordinated Notes or the payment of any taxes
or assessments levied thereon or in connection therewith; 
  
 (vii)  the Property Trustee
shall not be liable for any interest on any money received by it except as it may otherwise agree with the Sponsor. Money held by the Property 
 

 20 

 Trustee need not be segregated from other funds held by it except in relation to the Property Account maintained by the
Property Trustee pursuant to Section 3.8(c)(i) and except to the extent otherwise required by law; and 
  
 (viii)  the Property Trustee shall not be responsible for monitoring the compliance by the Administrative Trustees or the Sponsor with their respective duties under this Trust Agreement, nor shall the Property Trustee be
liable for any default or misconduct of the Administrative Trustees or the Sponsor. 
  
 SECTION
3.10  Certain Rights of Property Trustee. 
  
 (a)  Subject to the provisions of Section
3.9: 
  
 (i)  the Property Trustee may conclusively rely and shall be fully protected in
acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to
be genuine and to have been signed, sent or presented by the proper party or parties; 
  
 (ii)  any direction or act of the Sponsor or the Administrative Trustees contemplated by this Trust Agreement shall be sufficiently evidenced by an Officers’ Certificate; 
  
 (iii)  whenever in the administration of this Trust Agreement, the Property Trustee shall deem it desirable that
a matter be proved or established before taking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively rely
upon an Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the Sponsor or the Administrative Trustees; 
  
 (iv)  the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or
continuation statement or any filing under tax or securities laws) or any re-recording, re-filing or registration thereof; 
  
 (v)  the Property Trustee may consult with counsel of its choice or other experts and the advice or opinion of such counsel and experts with respect to legal matters or advice within the scope of such experts’
area of expertise shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or opinion, such counsel may be counsel to the Property
Trustee or the Sponsor or any of its Affiliates, and may include any of its employees. The Property Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Agreement from any court of competent
jurisdiction; 
  
 (vi)  the Property Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Trust Agreement at the request or direction of any Holder, unless such Holder shall have provided to the Property Trustee security and indemnity, reasonably satisfactory to the Property Trustee, against
the costs, expenses (including attorneys’ fees and expenses and the expenses of the Property Trustee’s agents, nominees or custodians) and liabilities that might be incurred by it in complying with such request or direction, including such

 

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 reasonable advances as may be requested by the Property Trustee; provided that, nothing contained in this Section 3.10(a)
shall be taken to relieve the Property Trustee, upon the occurrence of a Trust Enforcement Event, of its obligation to exercise the rights and powers vested in it by this Trust Agreement in the manner provided by Section 3.9(a); 

 
 (vii)  the Property Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Property Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit; 
  
 (viii)  the Property Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Property Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
  
 (ix)  any action taken by the Property Trustee or its agents hereunder shall bind the Trust and the Holders of the Securities, and the signature of the Property Trustee or its agents alone shall be sufficient and
effective to perform any such action and no third party shall be required to inquire as to the authority of the Property Trustee to so act or as to its compliance with any of the terms and provisions of this Trust Agreement, both of which shall be
conclusively evidenced by the Property Trustee’s or its agent’s taking such action; 
  
 (x)  whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the
Property Trustee (i) may request instructions from the Holders of the Securities which instructions may only be given by the Holders of the same proportion in Liquidation Amount of the Securities as would been entitled to direct the Property Trustee
under the terms of the Securities in respect of such remedy, right or action, (ii) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (iii) shall be protected in conclusively relying
on or acting in or accordance with such instructions; 
  
 (xi)  except as otherwise
expressly provided by this Trust Agreement, the Property Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this Trust Agreement; 
  
 (xii)  the Property Trustee shall not be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the
breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Trust Agreement, except if such breach or failure is due to any gross negligence or willful misconduct of the Property Trustee.;

  
 (xiii)  without prejudice to any other rights available to the Property Trustee under
applicable law, when the Property Trustee incurs expenses or renders services in connection with a bankruptcy, such expenses (including the fees and expenses of its counsel) and 
 

 22 

 the compensation for such services are intended to constitute expenses of administration under any bankruptcy law or law
relating to creditors rights generally; 
  
 (xiv)  the Property Trustee shall not be
charged with knowledge of a Trust Enforcement Event unless a Responsible Officer of the Property Trustee obtains actual knowledge of such event or the Property Trustee receives written notice of such event from Holders holding more than a Majority
in Liquidation Amount of the Trust Preferred Securities; and 
  
 (b)  No provision of this Trust Agreement
shall be deemed to impose any duty or obligation on the Property Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the
Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Property Trustee
shall be construed to be a duty. 
  
 SECTION 3.11  Delaware Trustee. 

 
 Notwithstanding any other provision of this Trust Agreement other than Section 6.2, the Delaware Trustee shall not be entitled
to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities of the Administrative Trustees or the Property Trustee described in this Trust Agreement. Except as set forth in Section 6.2, the Delaware Trustee
shall be a Trustee for the sole and limited purpose of fulfilling the requirements of Section 3807(a) of the Business Trust Act. In the event the Delaware Trustee shall at any time be required to take any action or perform any duty hereunder with
respect to the Trust, the Delaware Trustee shall be entitled to all of the same rights as the Property Trustee listed in Section 3.9(b) and Section 3.10. No implied covenants or obligations shall be read into this Trust Agreement against the
Delaware Trustee. It is expressly understood and agreed by the parties hereto that in fulfilling its obligations as Delaware Trustee hereunder on behalf of the Trust (i) any agreements or instruments executed and delivered by Chase Manhattan Bank
USA, National Association are executed and delivered not in its individual capacity but solely as Delaware Trustee under this Trust Agreement in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations,
undertakings and agreements herein made on the part of the Trust is made and intended not as representations, warranties, covenants, undertakings and agreements by Chase Manhattan Bank USA, National Association in its individual capacity but is made
and intended for the purpose of binding only the Trust, and (iii) under no circumstances shall Chase Manhattan Bank USA, National Association in its individual capacity be personally liable for the payment of any indebtedness or expenses of the
Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Trust Agreement, except if such breach or failure is due to any gross negligence or willful misconduct of
the Delaware Trustee. 
  
 SECTION 3.12  Execution of Documents. 

 
 Unless otherwise determined by the Administrative Trustees, and except as otherwise required by the Business Trust Act or
applicable law, any Administrative Trustee is authorized to execute on behalf of the Trust any documents that the Administrative Trustees have the power 
 

 23 

 and authority to execute pursuant to Section 3.6; provided that, the registration statements referred to in Section 3.6(b)(ii), including any
amendments thereto, shall be signed by or on behalf of a majority of the Administrative Trustees. 
  
 SECTION 3.13  Not Responsible for Recitals or Issuance of Securities. 
  
 The recitals contained in this Trust Agreement and the Securities shall be taken as the statements of the Sponsor, and the Trustees do not assume any responsibility for their correctness. The Trustees make no representations as to
the value or condition of the property of the Trust or any part thereof. The Trustees make no representations as to the validity or sufficiency of this Trust Agreement, the Securities, the Junior Subordinated Notes or the Indenture. 

 
 SECTION 3.14  Duration of Trust. 
  
 The Trust shall exist until terminated pursuant to the provisions of Article 8 hereof. 
  
 SECTION 3.15  Mergers. 
  
 (a)  The Trust may not consolidate, amalgamate, merge with or into, or be replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to any Person, except as described in
Section 3.15(b) and (c) or Section 8.2. 
  
 (b)  The Trust may, at the request of the Sponsor and with the
consent of the Administrative Trustees or, if there are more than two, a majority of the Administrative Trustees and without the consent of the Holders of the Securities, the Delaware Trustee or the Property Trustee, consolidate, amalgamate, merge
with or into, or be replaced by or convey, transfer or lease its properties substantially as an entirety to a trust organized as such under the laws of any State; provided, that: 
  
 (i)  if the Trust is not the successor, such successor entity (the “Successor Entity”) either: 
  
 a.  expressly assumes all of the obligations of the Trust with respect to the Securities; or 

 
 b.  substitutes for the Trust Preferred Securities other securities having substantially the same
terms as the Trust Preferred Securities (the “Successor Securities”) so long as the Successor Securities rank the same as the Trust Preferred Securities rank in priority with respect to Distributions and payments upon liquidation,
redemption and otherwise; 
  
 (ii)  if the Trust is not the successor Entity, the Sponsor
expressly appoints a trustee of such Successor Entity that possesses the same powers and duties as the Property Trustee as the holder of the Junior Subordinated Notes; 
  
 (iii)  the Trust Preferred Securities or any Successor Securities are listed, or any Successor Securities will be listed upon notification of
issuance, on any national securities 
 

 24 

 exchange or with any other or organization on which the Trust Preferred Securities are then listed or quoted;

  
 (iv)  such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease does not cause the Trust Preferred Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization; 
  
 (v)  such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and
privileges of the Holders of the Trust Preferred Securities (including any Successor Securities) in any material respect, other than with respect to any dilution of the Holders’ interest in the new entity; 
  
 (vi)  such Successor Entity has a purpose substantially identical to that of the Trust; 
  
 (vii)  prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease the Sponsor
has received an opinion of independent counsel to the Trust experienced in such matters to the effect that: 
  
 a.  such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Trust Preferred Securities (including any
Successor Securities) in any material respect, other than with respect to any dilution of the Holders’ interest in the new entity; 
  
 b.  following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease neither the Trust nor the Successor Entity will be required to register as an Investment
Company; and 
  
 c.  following such merger, consolidation, amalgamation or replacement, the
Trust (or the Successor Entity) will continue to be classified as a grantor trust for United States federal income tax purposes; 
  
 (viii)  the Sponsor or any permitted successor or assignee owns all of the common securities and guarantees the obligations of such Successor Entity under the Successor Securities at least to
the extent provided by the Guarantee; and 
  
 (ix)  such Successor Entity expressly assumes
all of the obligations of the Trust with respect to the Trustees. 
  
 (c)  Notwithstanding Section 3.15(b),
the Trust shall not, except with the consent of Holders of 100% in aggregate Liquidation Amount of the Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and assets substantially as
an entirety to, any other entity or permit any other entity to consolidate, amalgamate, merge with or into, or replace it, if in the opinion of a nationally recognized tax counsel experienced in such matters, such consolidation, amalgamation,
merger, replacement, conveyance, transfer or lease would cause the Trust or Successor Entity to be classified as other 
 

 25 

 than a grantor trust for United States federal income tax purposes and each Holder of the Securities not to be treated as owning an undivided
interest in the Junior Subordinated Notes. 
  
 SECTION 3.16  Property Trustee May File
Proofs of Claim. 
  
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other similar judicial proceeding relative to the Trust or any other obligor upon the Securities or the property of the Trust or of such other obligor or their creditors, the Property Trustee
(irrespective of whether any Distributions on the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Property Trustee shall have made any demand on the Trust for the payment
of any past due Distributions) shall be entitled and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 
  
 (a)  to file and prove a claim for the whole amount of any Distributions owing and unpaid in respect of the Securities (or, if the Securities are
original issue discount Securities, such portion of the Liquidation Amount as may be specified in the terms of such Securities) and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Property
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
  
 (b)  to collect and receive any moneys or other property payable or deliverable on any such claims and to
distribute the same; 
  
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Property Trustee and, in the event the Property Trustee shall consent to the making of such payments directly to the Holders, to pay to the Property Trustee any
amount due it for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel, and any other amounts due the Property Trustee. 
  
 Nothing herein contained shall be deemed to authorize the Property Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement adjustment or compensation affecting the Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 ARTICLE 4 
  
 SPONSOR 
  
 SECTION 4.1  Responsibilities of the Sponsor.

  
 In connection with the issue and sale of the Trust Preferred Securities (including, from time to time, Tranches
thereof), the Sponsor shall have the exclusive right and responsibility to engage in the following activities: 
 

 26 

  
 (a)  to prepare for filing by the Trust with the
Commission under the Securities Act or the Exchange Act one or more registration statements on the applicable forms, including any amendments thereto, pertaining to the Trust Preferred Securities, the Guarantee and the Junior Subordinated Notes;

  
 (b)  to determine the States in which to take appropriate action to qualify or register
for sale all or part of the Trust Preferred Securities and to do any and all such acts, other than actions which must be taken by the Trust, and advise the Trust of actions it must take, and prepare for execution and filing any documents to be
executed and filed by the Trust, as the Sponsor deems necessary or advisable in order to comply with the applicable laws of any such States; 
  
 (c)  to prepare for filing by the Trust an application to the New York Stock Exchange, Inc. or any other national stock exchange or the NASDAQ Stock Market for listing upon notice of issuance
of any Trust Preferred Securities, the Guarantee and the Junior Subordinated Notes; and 
  
 (d)  to negotiate the terms of and to execute on behalf of the Trust an underwriting agreement and other related agreements providing for each sale of the Trust Preferred Securities. 
  
 SECTION 4.2  Indemnification and Fees and Expenses of the Trustees.    The Sponsor, in
its capacity as Junior Subordinated Note Issuer, agrees 
  
 (a)  to pay to the Property
Trustee and the Delaware Trustee from time to time such compensation as shall be agreed in writing with the Sponsor for all services rendered by them hereunder (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust); and 
  
 (b)  to reimburse the Property
Trustee and the Delaware Trustee upon request for all reasonable expenses, disbursements and advances incurred or made by such Trustee in accordance with any provision of this Trust Agreement (including the reasonable compensation and the reasonable
expenses and disbursements of their duly authorized agents and counsel), except any such expense, disbursement or advance as may be attributable to their gross negligence or bad faith. 
  
 The provisions of this Section 4.2 shall survive the resignation or removal of the Delaware Trustee or the Property Trustee or the termination of this Trust Agreement.

  
 ARTICLE 5 
  
 TRUST COMMON SECURITIES HOLDER 
  
 SECTION 5.1  Junior
Subordinated Note Issuer’s Purchase of Common Securities. 
  
 On each applicable Closing Date, the Junior
Subordinated Note Issuer will purchase all of the Common Securities issued by the Trust on such Closing Date, for an amount at least equal to 3% of the capital of the Trust at such time, at the same time as Trust Preferred Securities issued on such
Closing Date are sold. 
 

 27 

  
 The aggregate stated Liquidation Amount of Common Securities outstanding at any
time shall not be less than 3% of the capital of the Trust. 
  
 SECTION 5.2  Covenants of
the Common Securities Holder. 
  
 For so long as the Trust Preferred Securities remain outstanding, the Common
Securities Holder will covenant (i) to maintain, directly or indirectly, 100% ownership of the Common Securities, (ii) to cause the Trust to remain a statutory business trust and not to voluntarily dissolve, wind up, liquidate or be terminated,
except as permitted by this Trust Agreement, (iii) to use its commercially reasonable efforts to ensure that the Trust will not be an investment company for purposes of the Investment Company Act, and (iv) to take no action which would be reasonably
likely to cause the Trust to be classified as an association or a publicly traded partnership taxable as a corporation for United States federal income tax purposes. 
  
 ARTICLE 6 
  
 TRUSTEES 
  
 SECTION 6.1  Number of Trustees. 
  
 The number of Trustees initially shall be four, and: 
  
 (a)  at any time before the initial issuance of any Securities, the Sponsor may, by written instrument, increase or decrease the number of Trustees; and 
  
 (b)  after the initial issuance of Securities, the number of Trustees may be increased or decreased by vote of
the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such meeting; provided that the number of Trustees shall be at least
three; and provided further that (i) the Delaware Trustee, in the case of a natural person, shall be a person who is a resident of the State of Delaware or that, if not a natural person, is an entity which has its principal place of business in the
State of Delaware and otherwise meets the requirements of applicable law; (ii) at least one Administrative Trustee is an employee or officer of, or is affiliated with, the Sponsor; and (iii) one Trustee shall be the Property Trustee for so long as
this Trust Agreement is required to qualify as an indenture under the Trust Indenture Act, and such Trustee may also serve as Delaware Trustee if it meets the applicable requirements. 
  
 SECTION 6.2  Delaware Trustee; Eligibility 
  
 If required by the Business Trust Act, one Trustee (which may be the Property Trustee) shall be: 
  
 (a)  a natural person who is a resident of the State of Delaware; or 
  
 (b)  if not a natural person, an entity which has its principal place of business in the State of Delaware, and otherwise meets the requirements of applicable law, provided that, if the
Property Trustee has its principal place of business in the State of Delaware and otherwise meets 
 

 28 

 the requirements of applicable law, then the Property Trustee shall also be the Delaware Trustee and Section 3.11 shall
have no application. 
  
 SECTION 6.3  Property Trustee; Eligibility. 

 
 (a)  There shall at all times be one Trustee (which may be the Delaware Trustee) which shall act as Property Trustee
which shall: 
  
 (i)  not be an Affiliate of the Sponsor; and 
  
 (ii)  be a corporation organized and doing business under the laws of the United States of America or any State
or Territory thereof or of the District of Columbia, or a corporation or other Person permitted by the Commission to act as an institutional trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust owners, having
a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, State, Territorial or District of Columbia authority. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of the supervising or examining authority referred to above, then for the purposes of this Section 6.3(a)(ii), the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. 
  
 (b)  If at any
time the Property Trustee shall cease to be eligible to so act under Section 6.3(a), the Property Trustee shall immediately resign in the manner and with the effect set forth in Section 6.6(c). 
  

(c)  If the Property Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the
Property Trustee and the Holder of the Common Securities (as if it were the obligor referred to in Section 310(b) of the Trust Indenture Act) shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to
the penultimate paragraph thereof. 
  
 (d)  The Guarantee, the Amended and Restated Trust Agreement of
Virginia Power Capital Trust I dated as of August 31, 1995 among the Sponsor, JPMorgan Chase Bank (formerly known as Chemical Bank), as Property Trustee, Chase Manhattan Bank USA, National Association (successor to Chemical Bank Delaware), as
Delaware Trustee and the Administrative Trustees named therein, and the Guarantee Agreement relating to Virginia Power Capital Trust I dated as of August 31, 1995 between the Sponsor, as Guarantor, and JPMorgan Chase Bank (formerly known as Chemical
Bank), as Trustee, shall be deemed to be specifically described in this Trust Agreement for purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 
  

SECTION 6.4  Qualifications of Administrative Trustees and Delaware Trustee Generally. 
  
 Each Administrative Trustee and the Delaware Trustee (unless the Property Trustee also acts as Delaware Trustee) shall be either a natural
person who is at least 21 years of age or a legal entity that shall act through one or more Authorized Officers. 
 

 29 

  
 SECTION 6.5  Initial Administrative Trustees.

  
 The initial Administrative Trustees shall be: G. Scott Hetzer and James P. Carney, the business address of
each of whom is c/o Virginia Electric and Power Company, 120 Tredegar Street, Richmond, Virginia 23219. 
  
  
 SECTION 6.6  Appointment, Removal and Resignation of Trustees. 
  
 (a)  Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time: 
  
 (i)  until the initial issuance of any Securities, by written instrument executed by the Sponsor; 
  
 (ii)  after the initial issuance of any Securities (but prior to the occurrence of an Indenture Event of
Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such meeting; and 
  
 (iii)  after the initial issuance of the Trust Preferred Securities and the occurrence of an Indenture Event of
Default, by vote of the Holders of a Majority in Liquidation Amount of the Trust Preferred Securities; provided, however, that the Administrative Trustees may still be appointed or removed without cause in such circumstance, by vote of the Holders
of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such meeting. 
  
 (b)  The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to
act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative
Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a
“Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor. 
  
 (c)  A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or
its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which
resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that: 
  
 (i)  No such resignation of the Trustee that acts as the Property Trustee shall be effective: 
 

 30 

  
 a.  until a Successor Property Trustee has been
appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or 
  
 b.  until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and

  
 (ii)  no such resignation of the Trustee that acts as the Delaware Trustee shall be
effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee. 

 
 (d)  The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware
Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6. 
  
 (e)  If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this
Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction for
appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as
the case may be. 
  
 (f)  No Property Trustee or Delaware Trustee shall be liable for the acts or omissions
to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be. 
  
 SECTION 6.7  Vacancies Among Trustees. 
  
 If a Trustee ceases to
hold office for any reason and the number of Trustees is not reduced pursuant to Section 6.1, or if the number of Trustees is increased pursuant to Section 6.1, a vacancy shall occur. A resolution certifying the existence of such vacancy by the
Administrative Trustees or, if there are more than two, a majority of the Administrative Trustees shall be conclusive evidence of the existence of such vacancy. The vacancy shall be filled with a Trustee appointed in accordance with Section 6.6.

  
 SECTION 6.8  Effect of Vacancies. 
  
 The death, resignation, retirement, removal, bankruptcy, dissolution, liquidation, incompetence or incapacity to perform the duties of a
Trustee shall not operate to annul, dissolve or terminate the Trust. Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative Trustee in accordance with Section
6.6, the Administrative Trustees in office, regardless of their number, shall have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this Trust Agreement.

 

 31 

  
 SECTION 6.9  Meetings. 
  
 If there is more than one Administrative Trustee, meetings of the Administrative Trustees shall be held from time to time upon the call of
any Administrative Trustee. Regular meetings of the Administrative Trustees may be held at a time and place fixed by resolution of the Administrative Trustees. Notice of any in-person meetings of the Administrative Trustees shall be hand delivered
or otherwise delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than 48 hours before such meeting. Notice of any telephonic meetings of the Administrative Trustees shall be hand delivered or otherwise
delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than 24 hours before a meeting. Notices shall contain a brief statement of the time, place and anticipated purposes of the meeting. The presence (whether
in person or by telephone) of an Administrative Trustee at a meeting shall constitute a waiver of notice of such meeting except where an Administrative Trustee attends a meeting for the express purpose of objecting to the transaction of any activity
on the ground that the meeting has not been lawfully called or convened. Unless provided otherwise in this Trust Agreement, any action of the Administrative Trustees may be taken at a meeting by vote of a majority of the Administrative Trustees
present (whether in person or by telephone) and eligible to vote with respect to such matter, provided that a Quorum is present, or without a meeting by the unanimous written consent of the Administrative Trustees. In the event there is only one
Administrative Trustee, any and all action of such Administrative Trustee shall be evidenced by a written consent of such Administrative Trustee. 
  
 SECTION 6.10  Delegation of Power. 
  
 (a)  Any Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any natural person over the age of 21 his, her or its power for the purpose of executing any documents contemplated in
Section 3.6, including any registration statement or amendment thereto filed with the Commission, or making any other governmental filing. 
  
 (b)  The Administrative Trustees shall have power to delegate from time to time to such of their number or to officers of the Trust the doing of such things and the execution of such instruments either in the name
of the Trust or the names of the Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or contrary to the provisions of the Trust, as set forth
herein. 
  
 SECTION 6.11  Merger, Conversion, Consolidation or Succession to Business.

  
 Any corporation into which the Property Trustee, the Delaware Trustee or any Administrative Trustee that is
not a natural person may be merged or converted or with such Trustee may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of such Trustee shall be the successor of such Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or
any further act on the part of any of the parties hereto. 
 

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 ARTICLE 7 
  
 TERMS OF SECURITIES 
  
 SECTION 7.1  General Provisions Regarding Securities. 
  
 (a)  The Administrative Trustees shall on behalf of the Trust issue one class of trust preferred securities representing undivided beneficial ownership interests in the assets of the Trust and one class of common securities
representing undivided beneficial ownership interests in the assets of the Trust. 
  
 (i)  Trust Preferred Securities.    On the initial Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute and deliver to the underwriters named in the underwriting
agreement relating to such Trust Preferred Securities, a Trust Preferred Securities Certificate or Certificates, registered in the name of the initial Depositary or its nominee, in an initial aggregate amount of 15,400,000 Trust Preferred
Securities. Pursuant to the procedures established in an Officer’s Certificate, the Trust may subsequently issue from time to time Tranches of Trust Preferred Securities. The Trust Preferred Securities issued on the initial Closing Date shall
have an aggregate Liquidation Amount with respect to the assets of the Trust of Three Hundred Eighty-Five Million dollars ($385,000,000) with respect to the initial closing of the sale of Trust Preferred Securities. The Trust Preferred Securities
and any subsequent Tranches thereof are hereby designated for identification purposes only as “Virginia Power Capital Trust II 7.375% Trust Preferred Securities” (the “Trust Preferred Securities”). The Trust Preferred Security
Certificates evidencing the Trust Preferred Securities shall be substantially in the form of Exhibit A to this Trust Agreement, with such changes and additions thereto or deletions therefrom as may be required by ordinary usage, custom or practice
or to conform to the rules of any stock exchange on which the Trust Preferred Securities are listed or quoted. 
  
 (ii)  Common Securities.    On the initial Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute and deliver to the Sponsor, Common Securities Certificates registered in
the name of the Sponsor, in an initial aggregate amount of 476,289 Common Securities. Pursuant to the procedures established in an Officer’s Certificate, the Trust may subsequently issue from time to time Tranches of Common Securities. The
Common Securities of the Trust issued on the initial Closing Date shall have an aggregate Liquidation Amount with respect to the assets of the Trust of Eleven Million Nine Hundred Seven Thousand Two Hundred Twenty-Five dollars ($11,907,225). The
Common Securities and any subsequent Tranches thereof are hereby designated for identification purposes only as “Virginia Power Capital Trust II 7.375% Common Securities” (the “Common Securities” and, together with the Trust
Preferred Securities, the “Securities”). The Common Security Certificates evidencing the Common Securities shall be substantially in the form of Exhibit B to this Trust Agreement, with such changes and additions thereto or deletions
therefrom as may be required by ordinary usage, custom or practice. 
  
 (iii)  On the
initial Closing Date, an Administrative Trustee, on behalf of the Trust, shall subscribe to and purchase from the Sponsor, Junior Subordinated Notes registered in the name of the Property Trustee, on behalf of the Trust and the Holders and having an
initial aggregate principal amount equal to Three Hundred Ninety-Six Million Nine Hundred Seven 
 

 33 

 Thousand Two Hundred Twenty-Five dollars ($396,907,225). To the extent subsequent Tranches of Securities are issued, an
Administrative Trustee, on behalf of the Trust, shall subscribe to and purchase from the Sponsor on subsequent Closing Dates additional Junior Subordinated Notes registered in the name of the Property Trustee, on behalf of the Trust and the Holders
having an aggregate principal amount equal to the aggregate Liquidation Amount of such Tranches of Securities. 
  
 (b)  Payment of Distributions on, and payment of the Redemption Price upon a redemption of, the Trust Preferred Securities and the Common Securities, as applicable, shall be made Pro Rata based on the Liquidation Amount of
such Trust Preferred Securities and Common Securities; provided, however, that if on any date on which amounts payable on distribution or redemption, an Indenture Event of Default shall have occurred and be continuing, no payment of any Distribution
on, or Redemption Price of, any of the Common Securities, and no other payment on account of the redemption, liquidation or other acquisition of such Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid
Distributions on all of the outstanding Trust Preferred Securities for all Distribution periods terminating on or prior thereto, or, in the case of amounts payable on redemption, the full amount of the Redemption Price for all of the outstanding
Trust Preferred Securities then called for redemption, shall have been made or provided for, and all funds available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions on, or the Redemption Price of,
the Trust Preferred Securities then due and payable. The Trust shall issue no securities or other interests in the assets of the Trust other than the Trust Preferred Securities and the Common Securities. 
  
 (c)  The Certificates shall be signed on behalf of the Trust by an Administrative Trustee. Such signature shall be the manual or
facsimile signature of any present or any future Administrative Trustee. In case an Administrative Trustee of the Trust who shall have signed any of the Certificates shall cease to be such an Administrative Trustee before the Certificates so signed
shall be delivered by the Trust, such Certificates nevertheless may be delivered as though the person who signed such Certificates had not ceased to be such an Administrative Trustee; and any Certificate may be signed on behalf of the Trust by any
person who, at the actual date of execution of such Certificate, shall be an Administrative Trustee of the Trust, although at the date of the execution and delivery of the Trust Agreement such person was not such an Administrative Trustee.
Certificates shall be printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Administrative Trustees, as evidenced by their execution thereof, and may have such letters, numbers or other marks of
identification or designation and such legends or endorsements as the Administrative Trustees may deem appropriate, or as may be required to comply with any law or with any rule or regulation of any stock exchange on which Securities may be listed,
or to conform to usage. 
  
 A Certificate representing Trust Preferred Securities shall not be valid until
authenticated by the manual signature of an authorized officer of the Property Trustee. Such signature shall be conclusive evidence that such Certificate has been authenticated under this Trust Agreement. 
  
 The Trust Preferred Security Certificates shall be dated their date of authentication. 
 

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 Upon a written order of the Trust signed by one Administrative Trustee, the
Property Trustee shall (i) concurrently with the initial issuance of the Securities, authenticate the Certificates representing Trust Preferred Securities for original issue to be issued at that time and (ii) concurrently with each periodic issuance
of Tranches, evidence the current number of outstanding Securities by endorsing Schedule A to each Certificate. 
  
 The Property Trustee may appoint an authenticating agent acceptable to the Trust to authenticate Certificates. An authenticating agent may authenticate Certificates whenever the Property Trustee may do so. Each reference in this
Trust Agreement to authentication by the Property Trustee includes authentication by such agent. An authenticating agent has the same rights as the Property Trustee to deal with the Sponsor or an Affiliate of the Sponsor. 
  
 (d)  The consideration received by the Trust for each issuance of the Securities shall constitute a contribution to the capital
of the Trust and shall not constitute a loan to the Trust. 
  
 (e)  Except to the extent set forth in
Section 9.1(b), upon each issuance of the Securities as provided in this Trust Agreement, the Securities so issued shall be deemed to be validly issued, fully paid and non-assessable undivided beneficial ownership interests in the assets of the
Trust. 
  
 (f)  Every Person, by virtue of having become a Holder or a Trust Preferred Security Beneficial
Owner in accordance with the terms of this Trust Agreement, shall be deemed to have expressly assented and agreed to the terms of, and shall be bound by, this Trust Agreement and the terms of the Securities, the Guarantee, the Indenture and the
Junior Subordinated Notes. 
  
 (g)  The holders of the Securities shall have no preemptive or similar
rights. 
  
 (h)  To the extent the Trust issues additional Tranches, the Property Trustee shall (i)
increase the number of Securities evidenced by each Certificate by appropriate endorsement on Schedule A to each Certificate and (ii) instruct the Depositary to credit the account of the purchaser of the Tranche of Trust Preferred Securities. The
Sponsor agrees to make its Common Security Certificate available to the Property Trustee for purposes of the foregoing endorsement. 
  
 SECTION 7.2  Distributions. 
  
 (a)  Holders of
Securities shall be entitled to receive cumulative cash Distributions at the rate per annum of 7.375% of the stated liquidation amount of $25 per Security. The amount of Distributions payable for any period shall be computed on the basis of a
360-day year of twelve 30-day months. The amount of Distributions payable for any period shorter than a full quarterly distribution period shall be computed on the basis of a 30-day month and for periods of less than a month, the actual number of
days elapsed per 30-day month. Subject to Section 7.1(b), Distributions shall be made on the Trust Preferred Securities and the Common Securities on a Pro Rata basis. Distributions on the Securities shall, from the date of original issue, accrue and
be cumulative and shall be payable quarterly, in arrears, on each January 30, April 30, July 30 and October 30, commencing October 30, 2002, when, as and if available for payment, by the Property Trustee, except as otherwise described below.
Distributions are payable only to the extent that payments are made in respect of the Junior Subordinated Notes held by the Property 
 

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 Trustee and to the extent that the Trust has funds available for the payment of such Distributions in the Property Account. 

 
 (b)  Distributions not paid on the scheduled payment date will accumulate and compound quarterly at the rate of
7.375% per annum (“Compounded Distributions”). “Distributions” shall mean ordinary cumulative distributions together with any Compounded Distributions or any payment of Additional Tax Sums. 
  
 (c)  If and to the extent that the Junior Subordinated Note Issuer makes a payment of interest, premium and/or principal on the
Junior Subordinated Notes held by the Property Trustee or any payment of Additional Tax Sums (the amount of any such payment being a “Payment Amount”), the Property Trustee shall and is directed, to the extent funds are available for that
purpose, to make a Pro Rata distribution of the Payment Amount to Holders, subject to Section 7.1(b). 
  
 (d)  Distributions on the Securities shall be payable to the Holders thereof as they appear on the register of the Trust as of the close of business on the relevant record dates. While the Trust Preferred Securities are
represented by one or more Global Securities, the relevant record dates shall be the close of business on the Business Day next preceding such Distribution payment date, unless a different regular record date is established or provided for the
corresponding interest payment date on the Junior Subordinated Notes. The relevant record dates for the Common Securities shall be the same as for the Trust Preferred Securities. If the Trust Preferred Securities shall not continue to remain
represented by one or more Global Securities, the relevant record dates for the Trust Preferred Securities will conform to rules of any securities exchange on which the Trust Preferred Securities are listed and if none, shall be selected by the
Administrative Trustees and shall be more than 14 days but less than 60 days prior to the relevant payment dates. At all times, the Distribution payment dates shall correspond to the interest payment dates on the Junior Subordinated Notes.
Distributions payable on any Securities that are not punctually paid on any Distribution payment date, as a result of the Junior Subordinated Note Issuer having failed to make a payment under the Junior Subordinated Notes, shall cease to be payable
to the Person in whose name such Securities are registered on the relevant record date, and such defaulted Distribution will instead be payable to the Person in whose name such Securities are registered on the special record date or other specified
date determined with respect to the related interest payment date pursuant to the Indenture. If any date on which Distributions are payable on the Securities is not a Business Day, then payment of the Distribution 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), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately
preceding day which is a Business Day, with the same force and effect as if made on such payment date. 
  
 (e)  In the event that there is any money or other property held by or for the Trust that is not accounted for hereunder, such property shall be distributed Pro Rata among the Holders of the Securities. 

 
 SECTION 7.3  Redemption of Securities. 
 

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 (a)  Upon the repayment or redemption, in whole or in part, of the
Junior Subordinated Notes held by the Trust, whether at the stated maturity of the Junior Subordinated Notes or upon earlier redemption as provided in the Indenture, the proceeds from such repayment or redemption shall be simultaneously applied Pro
Rata (subject to Section 7.1(b)) to redeem Securities having an aggregate Liquidation Amount equal to the aggregate principal amount of the Junior Subordinated Notes so repaid or redeemed at the Redemption Price. Holders shall be given not less than
30 nor more than 60 days notice of such redemption in accordance with Section 7.4. 
  
 (b)  On the date
fixed for any distribution of Junior Subordinated Notes, upon dissolution of the Trust, (i) the Securities will no longer be deemed to be outstanding and (ii) certificates representing Securities will be deemed to represent the Junior Subordinated
Notes having an aggregate principal amount equal to the stated Liquidation Amount of, and bearing accrued and unpaid interest equal to accrued and unpaid distributions on, such Securities until such certificates are presented to the Sponsor or its
agent for transfer or reissuance. 
  
 (c)  Certificates called for redemption in whole must be surrendered
to the Paying Agent in order to receive payment of the Redemption Price. 
  
 SECTION
7.4  Redemption Procedures. 
  
 (a)  Notice of any redemption of, or notice of
distribution of Junior Subordinated Notes in exchange for, the Securities (a “Redemption/Distribution Notice”), which notice shall be irrevocable, will be given by the Trust by mail to each Holder of Securities to be redeemed or exchanged
not fewer than 30 nor more than 60 days before the date fixed for redemption or exchange thereof which, in the case of a redemption, will be the date fixed for redemption of or the date of final maturity of the Junior Subordinated Notes. For
purposes of the calculation of the date of redemption or exchange and the dates on which notices are given pursuant to this Section 7.4(a), a Redemption/Distribution Notice shall be deemed to be given on the day such notice is first mailed by
first-class mail, postage prepaid, to Holders of Securities. Each Redemption/Distribution Notice shall be addressed to the Holders of Securities at the address of each such Holder appearing in the register of the Trust. No defect in the
Redemption/Distribution Notice or in the mailing of either thereof with respect to any Holder shall affect the validity of the redemption or exchange proceedings with respect to any other Holder. 
  

(b)  If fewer than all the outstanding Securities are to be so redeemed, the Common Securities and the Trust Preferred Securities will be redeemed Pro Rata
(subject to Section 7.1(b)) and the Trust Preferred Securities to be redeemed will be redeemed as described in Section 7.4(c) below. The Trust may not redeem the Securities in part unless all accumulated and unpaid Distributions to the date of
redemption have been paid in full on all Securities then outstanding. For all purposes of this Trust Agreement, unless the context otherwise requires, all provisions relating to the redemption of Trust Preferred Securities shall relate, in the case
of any Trust Preferred Security redeemed or to be redeemed only in part, to the portion of the aggregate Liquidation Amount of Trust Preferred Securities which has been or is to be redeemed. 
  
 (c)  Subject to the Trust’s fulfillment of the notice requirements set forth in Section 7.4(a) above, if Securities are to be redeemed, then (i) with respect
to Trust Preferred Securities 
 

 37 

 represented by one or more Global Securities, by 2:00 p.m., New York City time, on the redemption date (provided that the Junior Subordinated
Note Issuer has paid the Property Trustee a sufficient amount of immediately available funds in connection with the related redemption or maturity of the Junior Subordinated Notes), the Property Trustee will deposit irrevocably with the Depositary
or its nominee (or successor Clearing Agency or its nominee) funds sufficient to pay the applicable Redemption Price with respect to the Trust Preferred Securities and will give the Depositary irrevocable instructions and authority to pay the
Redemption Price to the Holders of the Trust Preferred Securities and (ii) with respect to Securities not represented by one or more Global Securities (provided that the Junior Subordinated Note Issuer has paid the Property Trustee a sufficient
amount of immediately available funds in connection with the related redemption or maturity of the Junior Subordinated Notes), the Paying Agent will pay the relevant Redemption Price to the Holders of such Securities by check mailed to the address
of the relevant Holder appearing on the register of the Trust on the redemption date. If any date fixed for redemption of Securities is not a Business Day, then payment of the Redemption Price 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) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the next preceding day which is a Business
Day. If payment of the Redemption Price in respect of any Securities is improperly withheld or refused and not paid either by the Property Trustee or by the Sponsor as guarantor pursuant to the Guarantee, Distributions on such Securities will
continue to accrue at the then applicable rate from the original redemption date to the actual date of payment, in which case the actual payment date will be considered the date fixed for redemption for purposes of calculating the Redemption Price.
For these purposes, the applicable Redemption Price shall not include Distributions which are being paid to Holders who were Holders on a relevant record date. If a Redemption/Distribution Notice shall have been given and funds deposited or paid as
required, then immediately prior to the close of business on the date of such deposit or payment, Distributions will cease to accrue on the Securities called for redemption and all rights of Holders of such Securities so called for redemption will
cease, except the right of the Holders to receive the Redemption Price, but without interest on such Redemption Price, and from and after the date fixed for redemption, such Securities will cease to be outstanding. 
  
 Neither the Administrative Trustees nor the Trust shall be required to register or cause to be registered the transfer of any Securities
that have been called for redemption, except in the case of any Securities being redeemed in part, any portion thereof not to be redeemed. 
  
 (d)  Subject to the foregoing and applicable law (including, without limitation, United States federal securities laws), the Junior Subordinated Note Issuer or its subsidiaries may at any time and from time to time
purchase outstanding Trust Preferred Securities by tender, in the open market or by private agreement. 
  
 SECTION 7.5  Voting Rights of Trust Preferred Securities. 
  
 (a)  Except as provided under Section 11.1 and this Article 7 and as otherwise required by the Business Trust Act, the Trust Indenture Act and other applicable law, the Holders of the Trust Preferred Securities shall have
no voting rights. 
 

 38 

  
 (b)  Subject to the requirement of the Property Trustee obtaining a tax
opinion in certain circumstances set forth in Section 7.5(d) below, the Holders of a Majority in Liquidation Amount of the Trust Preferred Securities voting separately as a class have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Property Trustee, or to direct the exercise of any trust or power conferred upon the Property Trustee under the Trust Agreement, including the right to direct the Property Trustee, as Holder of the Junior
Subordinated Notes, to (i) exercise the remedies available to it under the Indenture as a Holder of the Junior Subordinated Notes; (ii) consent to any amendment or modification of the Indenture or the Junior Subordinated Notes where such consent
shall be required; (iii) waive any past default and its consequences that is waivable under Section 513 of the Indenture; or (iv) cancel an acceleration of the principal of the Junior Subordinated Notes; provided, however, that if an Indenture Event
of Default has occurred and is continuing, then the Holders of 25% of the aggregate Liquidation Amount of the Trust Preferred Securities may direct the Property Trustee to declare the principal of and interest on the Junior Subordinated Notes due
and payable; provided, further, that where a consent or action under the Indenture would require the consent or act of the Holders of more than a majority of the aggregate principal amount of Junior Subordinated Notes affected thereby, only the
Holders of the percentage of the aggregate stated Liquidation Amount of the Trust Preferred Securities which is at least equal to the percentage required under the Indenture may direct the Property Trustee to give such consent to take such action
provided, further, that (subject to the provisions of Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to
the Holders of Trust Preferred Securities not taking part in such direction or if the Property Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good
faith, by its board of directors or trustees, executive committee, or a trust committee of directors or trustees, and/or Responsible Officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal
liability. 
  
 (c)  If the Property Trustee fails to enforce its rights under the Junior Subordinated Notes
after a Holder of Trust Preferred Securities has made a written request, such Holder of Trust Preferred Securities may, to the extent permitted by applicable law, institute a legal proceeding directly against the Junior Subordinated Note Issuer to
enforce the Property Trustee’s rights under the Indenture without first instituting any legal proceeding against the Property Trustee or any other Person. In addition, if a Trust Enforcement Event has occurred and is continuing and such event
is attributable to the failure of the Junior Subordinated Note Issuer to make any interest, principal or other required payments when due under the Indenture, then a Holder of Trust Preferred Securities may directly institute a Direct Action against
the Junior Subordinated Note Issuer on or after the respective due date specified in the Junior Subordinated Notes. 
  
 (d)  Subject to section 2.7 the Property Trustee shall notify all Holders of the Trust Preferred Securities of any notice of any Indenture Event of Default received from the Junior Subordinated Note Issuer or the Indenture
Trustee with respect to the Junior Subordinated Notes. Such notice shall state that such Indenture Event of Default also constitutes a Trust Enforcement Event. Except with respect to directing the time, method, and place of conducting a proceeding
for a remedy, the Property Trustee shall be under no obligation to take any of the actions described in clauses 7.5(b)(i) and (ii) above unless the Property Trustee has obtained an opinion 
 

 39 

 of independent tax counsel to the effect that the Trust will not fail to be classified as a grantor trust for United States federal income tax
purposes as a result of such action. 
  
 (e)  In the event the consent of the Property Trustee, as the
Holder of the Junior Subordinated Notes, is required under the Indenture with respect to any amendment or modification of the Indenture, the Property Trustee shall request the direction of the Holders of the Securities with respect to such amendment
or modification and shall vote with respect to such amendment or modification as directed by not less than a majority in Liquidation Amount of the Securities voting together as a single class; provided, however, that where a consent under the
Indenture would require the consent of the Holders of more than a majority of the aggregate principal amount of the Junior Subordinated Notes, the Property Trustee may only give such consent at the direction of the Holders of at least the same
proportion in aggregate stated Liquidation Amount of the Securities. The Property Trustee shall not take any such action in accordance with the directions of the Holders of the Securities unless the Property Trustee has obtained an opinion of
independent tax counsel to the effect that the Trust will not be classified as other than a grantor trust for United States federal income tax purposes as a result of such action. 
  
 (f)  A waiver of an Indenture Event of Default with respect to the Junior Subordinated Notes will constitute a waiver of the corresponding Trust Enforcement
Event. 
  
 (g)  Any required approval or direction of Holders of Trust Preferred Securities may be given at
a separate meeting of Holders of Trust Preferred Securities convened for such purpose, at a meeting of all of the Holders of Securities or pursuant to written consent. The Administrative Trustees will cause a notice of any meeting at which Holders
of Trust Preferred Securities are entitled to vote to be mailed to each Holder of record of Trust Preferred Securities. Each such notice will include a statement setting forth (i) the date of such meeting, (ii) a description of any resolution
proposed for adoption at such meeting on which such Holders are entitled to vote and (iii) instructions for the delivery of proxies. 
  
 (h)  No vote or consent of the Holders of Trust Preferred Securities shall be required for the Trust to redeem and cancel Trust Preferred Securities or distribute Junior Subordinated Notes in accordance with this
Trust Agreement and the terms of the Securities. 
  
 (i)  Notwithstanding that Holders of Trust Preferred
Securities are entitled to vote or consent under any of the circumstances described above, any of the Securities that are owned at such time by the Junior Subordinated Note Issuer, any Administrative Trustee or any entity directly or indirectly
controlled by, or under direct or indirect common control with, the Junior Subordinated Note Issuer or any Administrative Trustee, shall not be entitled to vote or consent and shall, for purposes of such vote or consent, be treated as if such
Securities were not outstanding; PROVIDED, HOWEVER, that persons otherwise eligible to vote to whom the Junior Subordinated Note Issuer or any of its subsidiaries have pledged Trust Preferred Securities may vote or consent with respect to such
pledged Trust Preferred Securities under any of the circumstances described herein. 
 

 40 

  
 (j)  Subject to Sections 6.6(a) and 7.5(k), Holders of the Trust
Preferred Securities shall have no rights to appoint or remove the Trustees, who may be appointed, removed or replaced solely by the Common Securities Holder. 
  
 (k)  Subject to the rights of the Holders of a Majority in Liquidated Amount of the Common Securities to appoint or remove Administrative Trustees as provided in Section 6.6(a)(iii), if an
Indenture Event of Default has occurred and is continuing, the Trustees may be removed at such time only by a Majority in Liquidation Amount of the Trust Preferred Securities. 
  
 SECTION 7.6  Voting Rights of Common Securities. 
  
 (a)  Except as provided under Section 6.1(b), this Section 7.6 or Section 11.1 or as otherwise required by the Business Trust Act, the Trust Indenture Act or other applicable law or provided
by the Trust Agreement, the Holders of the Common Securities will have no voting rights. 
  
 (b)  Subject
to Sections 6.6(a) and 7.5(k), the Holders of the Common Securities shall be entitled, in accordance with Article 6 of this Trust Agreement, to vote to appoint, remove or replace any Trustee or to increase or decrease the number of Trustees.

  
 (c)  Subject to Section 2.6 and only after all Trust Enforcement Events with respect to the Trust
Preferred Securities have been cured, waived, or otherwise eliminated and subject to the requirement of the Property Trustee obtaining a tax opinion in certain circumstances set forth in this paragraph (c), the Holders of a Majority in Liquidation
Amount of the Common Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee, or direct the exercise of any trust or power conferred upon the Property Trustee under
this Trust Agreement, including the right to direct the Property Trustee, as Holder of the Junior Subordinated Notes, to (i) exercise the remedies available to it under the Indenture as a Holder of the Junior Subordinated Notes, (ii) consent to any
amendment or modification of the Indenture or the Junior Subordinated Notes where such consent shall be required or (iii) waive any past default and its consequences that is waivable under Section 6.6 of the Indenture; provided, however, that where
a consent or action under the Indenture would require the consent or act of the Holders of more than a majority of the aggregate principal amount of Junior Subordinated Notes affected thereby, only the Holders of the percentage of the aggregate
stated Liquidation Amount of the Common Securities which is at least equal to the percentage required under the Indenture may direct the Property Trustee to have such consent or take such action, provided, further, that (subject to the provisions of
Section 3.9) the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee shall determine that the action so directed would be unjustly prejudicial to the Holders of Common Securities not taking part in
such direction or if the Property Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Property Trustee, in good faith, by its board of directors or trustees, executive
committee, or a trust committee of directors or trustees, and/or Responsible officers, shall determine that the action or proceeding so directed would involve the Property Trustee in personal liability Except with respect to directing the time,
method, and place of conducting a proceeding for a remedy, the Property Trustee shall be under no obligation to take any of the actions described in clauses 
 

 41 

 7.6(c)(i) and (ii) above unless the Property Trustee has obtained an opinion of independent tax counsel to the effect that, as a result of such
action, for United States federal income tax purposes the Trust will not fail to be classified as a grantor trust and each Holder will be treated as owning an undivided beneficial ownership interest in the Junior Subordinated Notes. 

 
 (d)  If the Property Trustee fails to enforce its rights under the Junior Subordinated Notes after a Holder of Common
Securities has made a written request, such Holder of Common Securities may, to the extent permitted by applicable law, directly institute a legal proceeding directly against the Junior Subordinated Note Issuer to enforce the Property Trustee’s
rights under the Junior Subordinated Notes without first instituting any legal proceeding against the Property Trustee or any other Person. 
  
 (e)  A waiver of an Indenture Event of Default with respect to the Junior Subordinated Notes will constitute a waiver of the corresponding Trust Enforcement Event. 
  
 (f)  Any required approval or direction of Holders of Common Securities may be given at a separate meeting of Holders of Common
Securities convened for such purpose, at a meeting of all of the Holders of Securities or pursuant to written consent. The Administrative Trustees will cause a notice of any meeting at which Holders of Common Securities are entitled to vote to be
mailed to each Holder of record of Common Securities. Each such notice will include a statement setting forth (i) the date of such meeting, (ii) a description of any resolution proposed for adoption at such meeting on which such Holders are entitled
to vote and (iii) instructions for the delivery of proxies. 
  
 (g)  No vote or consent of the Holders of
the Common Securities will be required for the Trust to redeem and cancel Common Securities or to distribute Junior Subordinated Notes in accordance with the Trust Agreement and the terms of the Securities. 
  
 SECTION 7.7  Paying Agent. 
  
 The Trust shall maintain in the Borough of Manhattan, City of New York, State of New York, an office or agency where the Trust Preferred Securities may be presented for
payment (“Paying Agent”). The Trust may appoint the Paying Agent and may appoint one or more additional paying agents in such other locations as it shall determine. The term “Paying Agent” includes any additional paying agent.
The Trust may change any Paying Agent without prior notice to the Holders. The Trust shall notify the Property Trustee of the name and address of any Paying Agent not a party to this Trust Agreement. If the Trust fails to appoint or maintain another
entity as Paying Agent, the Property Trustee shall act as such. The Trust or any of its Affiliates may act as Paying Agent. The Property Trustee shall initially act as Paying Agent for the Securities. In the event the Property Trustee shall no
longer be the Paying Agent, the Administrative Trustees shall appoint a successor (which shall be a bank or trust company acceptable to the Junior Subordinated Note Issuer) to act as Paying Agent. The Paying Agent shall be permitted to resign as
Paying Agent upon 30 days’ written notice to the Property Trustee and the Junior Subordinated Note Issuer. 
  
 SECTION 7.8  Listing. 
 

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 The Sponsor shall use its best efforts to cause the Trust Preferred Securities to be listed for quotation on the New York
Stock Exchange. 
  
 SECTION 7.9  Transfer of Securities. 
  
 (a)  Securities may only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this
Trust Agreement and in the terms of the Securities. To the fullest extent permitted by law, any transfer or purported transfer of any Security not made in accordance with this Trust Agreement shall be null and void. 
  
 (b)  (i)  Subject to this Article 7, the Trust Preferred Securities shall be freely transferable. 

 
 (ii)  The Holder of the Common Securities may not transfer the Common Securities except (A) in
compliance with a consolidation, merger, sale, conveyance or lease of the Sponsor in compliance with Article Eight of the Indenture or (B) to the Sponsor or an Affiliate thereof in compliance with applicable law, including the Securities Act and
applicable state securities and blue sky laws. To the fullest extent permitted by law, any attempted transfer of the Common Securities other than as set forth in the immediately preceding sentence shall be null and void. 
  
 (c)  The Trust shall cause to be kept at the Corporate Trust Office of the Property Trustee a register (the register maintained
in such office being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Trust shall provide for the registration of Trust Preferred Securities and of transfers
of Trust Preferred Securities. The Property Trustee is hereby appointed “Security Registrar” for the purpose of registering Trust Preferred Securities and transfers of Trust Preferred Securities as herein provided. 
  
 (d)  Upon surrender for registration of transfer of any Security at an office or agency of the Trust designated for such
purpose, the Trust shall execute, and in the case of Trust Preferred Securities the Property Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of any authorized denominations
and of a like aggregate principal amount. 
  
 (e)  At the option of the Holder, Securities may be exchanged
for other Securities of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Trust shall
execute, and in the case of Trust Preferred Securities the Property Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
  
 (f)  Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Trust or the Property Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Trust and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 

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 (g)  No service charge shall be made for any registration of transfer
or exchange of Securities, but the Trust may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities. 
  
 (h)  If the Securities are to be redeemed in part, the Trust shall not be required (A) to issue, register the transfer of or
exchange any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 7.4 and ending at the close of business on the
day of such mailing, or (B) to register the transfer or exchange of any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
  
 SECTION 7.10  Mutilated, Destroyed, Lost or Stolen Certificates. 
  
 If: 
  
 (a)  any mutilated Certificates should be surrendered to the Administrative Trustees or the Property Trustee, or if the Administrative Trustees and the Property Trustee shall receive evidence to their satisfaction
of the destruction, loss or theft of any Certificate; and 
  
 (b)  there shall be delivered
to the Administrative Trustees and the Property Trustee such security or indemnity as may be required by them to keep each of the Trustees, the Sponsor and the Trust harmless, then, in the absence of notice that such Certificate shall have been
acquired by a bona fide purchaser, any Administrative Trustee on behalf of the Trust shall execute and deliver and, with respect to Trust Preferred Securities Certificates, the Property Trustee shall authenticate, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like denomination. In connection with the issuance of any new Certificate under this Section 7.10, the Administrative Trustees may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in the relevant Securities, as if
originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement of mutilated, destroyed, lost or stolen Certificates. 
  
 SECTION
7.11  Deemed Security Holders. 
  
 The Trustees may treat the Person in whose name any Certificate
shall be registered on the register of the Trust as the sole holder of such Certificate and of the Securities represented by such Certificate for purposes of receiving Distributions (subject to Section 7.2(d)) and for all other purposes whatsoever
and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Certificate or in the Securities represented by such Certificate on the part of any Person, whether or not the Trust shall have actual or other
notice thereof. 
 

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 SECTION 7.12  Global Securities. 

 
 The Trust Preferred Securities may be issued in the form of one or more Global Securities. If the Trust Preferred Securities
are to be issued in the form of one or more Global Securities, then an Administrative Trustee on behalf of the Trust shall execute and the Property Trustee shall authenticate and deliver one or more Global Securities that (i) shall represent and
shall be denominated in an amount equal to the aggregate Liquidation Amount of all of the Trust Preferred Securities to be issued in the form of Global Securities and not yet cancelled, (ii) shall be registered in the name of the Depositary for such
Global Security or the nominee of such Depositary, and (iii) shall be delivered by the Property Trustee to such Depositary or pursuant to such Depositary’s instructions. Global Securities shall bear a legend substantially to the following
effect: 
  
 This Trust Preferred Security is a Global Security within the meaning of the Trust Agreement hereinafter
referred to and is registered in the name of The Depository Trust Company, a New York corporation (the “Depositary”), or a nominee of the Depositary. This Trust Preferred Security is exchangeable for Trust Preferred Securities registered
in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Trust Agreement and no transfer of this Trust Preferred Security (other than a transfer of this Trust Preferred Security as a whole
by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary) may be registered except in limited circumstances. 
  
 Unless this Trust Preferred Security Certificate is presented by an authorized representative of the Depositary to Virginia Power Capital Trust II or its agent for
registration of transfer, exchange or payment, and any Trust Preferred Security Certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of the Depositary (and any payment hereon
is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depositary), 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.” 
  
 Trust Preferred Securities not represented by a Global
Security issued in exchange for all or a part of a Global Security pursuant to this Section 7.12 shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Property Trustee. Upon execution and authentication, the Property Trustee shall deliver such Trust Preferred Securities not represented by a Global Security to the Persons in whose names such definitive
Trust Preferred Securities are so registered. 
  
 At such time as all interests in Global Securities have been
redeemed, repurchased or cancelled, such Global Securities shall be, upon receipt thereof, cancelled by the Property Trustee in accordance with standing procedures of the Depositary. At any time prior to such cancellation, if any interest in Global
Securities is exchanged for Trust Preferred Securities not represented by a Global Security, redeemed, cancelled or transferred to a transferee who receives Trust Preferred Securities not represented by a Global Security therefor or any Trust
Preferred Security not represented by a Global Security is exchanged or transferred for part of Global 
 

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 Securities, the principal amount of such Global Securities shall, in accordance with the standing procedures of the Depositary, be reduced or
increased, as the case may be, and an endorsement shall be made on such Global Securities by the Property Trustee to reflect such reduction or increase. 
  
 The Trust and the Property Trustee may for all purposes, including the making of payments due on the Trust Preferred Securities, deal with the Depositary as the authorized representative of the Holders
for the purposes of exercising the rights of Holders hereunder. The rights of the owner of any beneficial interest in a Global Security shall be limited to those established by law and agreements between such owners and depository participants
provided, that no such agreement shall give any rights to any Person against the Trust or the Property Trustee without the written consent of the parties so affected. Multiple requests and directions from and votes of the Depositary as holder of
Trust Preferred Securities in global form with respect to any particular matter shall not be deemed inconsistent to the extent they do not represent an amount of Trust Preferred Securities in excess of those held in the name of the Depositary or its
nominee. 
  
 If at any time the Depositary for any Trust Preferred Securities represented by one or more Global
Securities notifies the Trust that it is unwilling or unable to continue as Depositary for such Trust Preferred Securities or if at any time the Depositary for such Trust Preferred Securities shall no longer be eligible to act as such under the
Exchange Act, the Trust shall appoint a successor Depositary with respect to such Trust Preferred Securities. If a successor Depositary for such Trust Preferred Securities is not appointed by the Trust within 90 days after the Trust receives such
notice or becomes aware of such ineligibility, the Trust’s election that such Trust Preferred Securities be represented by one or more Global Securities shall no longer be effective and the Trust shall execute, and the Property Trustee will
authenticate and deliver, Trust Preferred Securities in definitive registered form, in any authorized denominations, in an aggregate Liquidation Amount equal to the principal amount of the Global Security representing such Trust Preferred Securities
in exchange for such Global Security. 
  
 The Trust may at any time and in its sole discretion determine that the
Trust Preferred Securities issued in the form of one or more Global Securities shall no longer be represented by a Global Security. In such event the Trust shall execute, and the Property Trustee, shall authenticate and deliver, Trust Preferred
Securities in definitive registered form, in any authorized denominations, in an aggregate Liquidation Amount equal to the principal amount of the Global Security representing such Trust Preferred Securities, in exchange for such Global Security.

  
 Notwithstanding any other provisions of this Trust Agreement (other than the provisions set forth in Section
7.9), Global Securities may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. 
  
 Subject to the second and third preceding
paragraphs, interests of beneficial owners in a Global Security may be transferred or exchanged for Trust Preferred Securities not represented by a Global Security and Trust Preferred Securities not represented by a Global Security may be

 

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 transferred or exchange for Global Securities in accordance with rules of the Depositary and the provisions of Section 7.9. 

 
 SECTION 7.13  Option. 
  
 (a)  The Administrative Trustees, on behalf of the Trust, and the Sponsor may grant to the underwriters who are underwriting any series of Trust Preferred
Securities, an option (the “Option”) to purchase an additional liquidation amount of such series of Trust Preferred Securities on the terms and conditions specified in the underwriting agreement relating to such Trust Preferred Securities;
PROVIDED, HOWEVER, the Option may only be granted if the following conditions are satisfied: 
  
 (i)  the Option, if exercised, may not result in the issue and sale of an aggregate liquidation amount of Trust Preferred Securities greater than that registered by the Sponsor and the Trust on the applicable registration
statement or registration statements (including by a registration statement filed under Rule 462(b) under the Securities Act, if any), as the case may be, with the Commission under the Securities Act; 
  
 (ii)  the Option must result, if exercised, in the issuance and sale of Trust Preferred Securities to such
underwriters and the issuance and sale of Common Securities to the Sponsor on a Pro Rata basis and not in contravention of any other provision of this Agreement or the Business Trust Act, consistent with Section 5.1; and 
  
 (iii)  the Trust Preferred Securities and the Common Securities issued and sold subject to the exercise of the
Option, if any, must be of the same series and must bear the same CUSIP numbers as the series of Trust Preferred Securities and the Common Securities, respectively, which were initially issued and sold by the Trust and the Sponsor, respectively.

  
 (b)  With respect to any issuance of Trust Preferred Securities and Common Securities following the
exercise of the Option, 
  
 (i)  the designation the “7.375% Trust Preferred
Securities” and, for all purposes under this Trust Agreement, the defined term the “Trust Preferred Securities” shall mean both the Trust Preferred Securities issued initially hereunder and any Trust Preferred Securities issued
pursuant to the exercise of the Option; and 
  
 (ii)  the designation the “7.375%
Common Securities” and, for all purposes under this Trust Agreement, the defined term the “Common Securities” shall mean both the Common Securities issued initially hereunder and any Common Securities issued pursuant to the
requirement of Section 7.13(a)(ii) regarding the additional issuance of Common Securities on a Pro Rata basis if the Option is exercised. 
  
 (c)  If the Option set forth in Section 7.13(a) is exercised on a date other than the initial Closing Date, then the parties to the Trust Agreement shall cause there to occur a second closing for the consummation
of the sale of the Trust Preferred Securities and Common Securities under substantially the same conditions that applied to the initial closing of the sale of such securities, including the following: 
 

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 (i)  the execution and delivery of a second Trust
Preferred Security Certificate, or such additional Trust Preferred Security Certificates, as appropriate, which is, or are, as the case may be, substantially identical in all respects to the Trust Preferred Security Certificate issued initially; and

  
 (ii)  the execution and delivery of a second Common Security Certificate, or such
additional Common Security Certificates, as appropriate, which is, or are, as the case may be, substantially identical in all relevant respects to the Common Security Certificate issued initially. 
  
 SECTION 7.14  Cancellation. 
  
 All Certificates surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than the Property Trustee, be delivered
to the Property Trustee and shall be promptly cancelled by it. No Certificates shall be executed or authenticated in lieu of or in exchange for any Certificates cancelled as provided in this Section, except as permitted by this Trust Agreement. All
cancelled Certificates held by the Property Trustee shall be disposed of by it in accordance with its customary procedures. 
  
 ARTICLE 8 
  
 DISSOLUTION AND TERMINATION OF TRUST 
  
 SECTION 8.1  Dissolution and Termination of Trust. 
  

(a)  The Trust shall dissolve upon the earliest of: 
  
 (i)  a Bankruptcy Event with respect to the Holder of the Common Securities or the Sponsor; 
  
 (ii)  the filing of a certificate of dissolution or its equivalent with respect to the Sponsor; the dissolution of the Trust after obtaining the
consent of the Holders of at least a Majority in Liquidation Amount of the Securities to dissolve the Trust; or the revocation of the Sponsor’s charter and the expiration of 90 days after the date of revocation without a reinstatement thereof;

  
 (iii)  the entry of a decree of judicial dissolution of the Sponsor or the Trust;

  
 (iv)  the time when all of the Securities shall have been called for redemption and the
amounts then due shall have been paid to the Holders in accordance with the terms of the Securities; 
  
 (v)  at the Sponsor’s election by notice and direction to the Property Trustee to distribute the Junior Subordinated Notes to the Holders of the Securities in exchange for all of the Securities; PROVIDED that the
Sponsor will be required to obtain an opinion of an independent counsel that the distribution of the Junior Subordinated Notes will not be taxable to the Holders of the Trust Preferred Securities for United States federal income tax purposes; or

 

 48 

  
 (vi)  the time when all of the Administrative Trustees
and the Sponsor shall have consented to dissolution of the Trust provided such action is taken before the issuance of any Securities. 
  
 (b)  as soon as is practicable after the occurrence of an event referred to in Section 8.1(a) and upon completion of the winding up and liquidation of the Trust, the Trustees shall terminate the Trust by filing a
certificate of cancellation with the Secretary of State of the State of Delaware. 
  
 (c)  The provisions
of Section 4.2 and Article 9 shall survive the termination of the Trust. 
  
 SECTION
8.2  Liquidation Distribution Upon Dissolution of the Trust. 
  
 (a)  In the event of any
voluntary or involuntary liquidation, dissolution, or winding-up of the Trust (each a “Liquidation”), the Holders of the Securities on the date of the Liquidation will be entitled to receive, out of the assets of the Trust available for
distribution to Holders of Securities after satisfaction of the Trusts’ liabilities to creditors, if any, distributions in cash or other immediately available funds in an amount equal to the aggregate of the stated liquidation amount of $25 per
Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”), unless, in connection with such Liquidation, Junior Subordinated Notes in an aggregate stated principal
amount equal to the aggregate stated Liquidation Amount of, with an interest rate identical to the distribution rate of, and accrued and unpaid interest equal to accumulated and unpaid Distributions on, such Securities shall be distributed on a Pro
Rata basis to the Holders of the Securities in exchange for such Securities. 
  
 (b)  If, upon any such
Liquidation, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then the amounts payable directly by the Trust on the Securities shall be
paid on a Pro Rata basis. The Holders of the Common Securities will be entitled to receive distributions upon any such Liquidation Pro Rata with the Holders of the Trust Preferred Securities except that if an Indenture Event of Default has occurred
and is continuing, the Trust Preferred Securities shall have a preference over the Common Securities with regard to such distributions. 
  
 ARTICLE 9 
  
 LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, DELAWARE 
 TRUSTEES OR OTHERS 
  
 SECTION 9.1  Liability. 
  
 (a)  Except as expressly set
forth in this Trust Agreement, the Guarantee and the terms of the Securities, the Sponsor: 
  
 (i)  shall not be personally liable for the return of any portion of the capital contributions (or any return thereon) of the Holders of the Securities which shall be made solely from assets of the Trust; and 

 49 

 (ii)  shall not be required to pay to the Trust or to any Holder of Securities any deficit upon
dissolution of the Trust or otherwise. 
  
 (b)  Pursuant to Section 3803(a) of the Business Trust Act, the
Holder of the Common Securities shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware; provided, however, the
Holders of the Common Securities shall be liable for all of the debts and obligations of the Trust (other than with respect to the Securities) to the extent not satisfied out of the Trust’s assets. 
  
 (c)  Pursuant to Section 3803(a) of the Business Trust Act, the Holders of the Trust Preferred Securities shall be entitled to
the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
  
 SECTION 9.2  Exculpation. 
  
 (a)  No Indemnified Person shall be liable, responsible or accountable in damages or otherwise to the Trust or any Covered Person for any loss, damage or claim incurred by reason of any act or omission performed or
omitted by such Indemnified Person in good faith on behalf of the Trust and in a manner such Indemnified Person reasonably believed to be within the scope of the authority conferred on such Indemnified Person by this Trust Agreement or by law,
except that, subject to section 3.11, an Indemnified Person shall be liable for any such loss, damage or claim incurred by reason of such Indemnified Person’s negligence or willful misconduct with respect to such acts or omissions.

  
 (b)  An Indemnified Person shall be fully protected in relying in good faith upon the records of the
Trust and upon such information, opinions, reports or statements presented to the Trust by any Person as to matters the Indemnified Person reasonably believes are within such other Person’s professional or expert competence and who has if
selected by such Indemnified Person, been selected by such Indemnified Person with reasonable care on behalf of the Trust, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses
or any other facts pertinent to the existence and amount of assets from which Distributions to Holders of Securities might properly be paid. 
  
 SECTION 9.3  Fiduciary Duty. 
  
 (a)  To the extent that, at law or in equity, an Indemnified Person has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to any other Covered Person, an Indemnified Person acting under
this Trust Agreement shall not be liable to the Trust or to another Covered Person for its good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and
liabilities of an Indemnified Person otherwise existing at law or in equity (other than the duties imposed on the Property Trustee under the Trust Indenture Act), are agreed by the parties hereto to replace such other duties and liabilities of such
Indemnified Person. 
  
 (b)  Unless otherwise expressly provided herein: 
 

 50 

 (i)  whenever a conflict of interest exists or arises between any Covered Person and any
Indemnified Person; or 
  
 (ii)  whenever this Trust Agreement or any other agreement
contemplated herein or therein provides that an Indemnified Person shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust or any Holder of Securities, 
  

the Indemnified Person shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own
interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices and any applicable generally accepted accounting practices or principles. In the
absence of bad faith by the Indemnified Person, the resolution, action or term so made, taken or provided by the Indemnified Person shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or
obligation of the Indemnified Person at law or in equity or otherwise. 
  
 (c)  Whenever in this Trust
Agreement an Indemnified Person is permitted or required to make a decision: 
  
 (i)  in
its “discretion” or under a grant of similar authority, the Indemnified Person shall be entitled to consider such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any
consideration to any interest of or factors affecting the Trust or any other Person; or 
  
 (ii)  in its “good faith” or under another express standard, the Indemnified Person shall act under such express standard and shall not be subject to any other or different standard imposed by this Trust Agreement
or by applicable law. 
  
 SECTION 9.4  Indemnification. 
  
 (a)  (i) The Junior Subordinated Note Issuer shall indemnify, to the full extent permitted by law, any Junior Subordinated Note
Issuer Indemnified Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right
of the Trust) by reason of the fact that he is or was a Junior Subordinated Notes Issuer Indemnified Person against expenses (including attorney fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in
connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had no reasonable
cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Junior
Subordinated Notes Issuer Indemnified Person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had reasonable
cause to believe that his conduct was unlawful. 
 

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 (ii)  The Junior Subordinated Note Issuer shall indemnify, to the full extent permitted by law,
any Junior Subordinated Notes Issuer Indemnified Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Trust to procure a judgment in its favor by reason of
the fact that he is or was a Junior Subordinated Notes Issuer Indemnified Person against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he
acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Trust and except that no such indemnification shall be made in respect of any claim, issue or matter as to which such Junior Subordinated
Notes Issuer Indemnified Person shall have been adjudged to be liable to the Trust unless and only to the extent that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such Court of Chancery or such other court shall deem proper. 

 
 (iii)  Any indemnification under paragraphs (i) and (ii) of this Section 9.4(a) (unless ordered by a
court) shall be made by the Junior Subordinated Note Issuer only as authorized in the specific case upon a determination that indemnification of the Junior Subordinated Notes Issuer Indemnified Person is proper in the circumstances because he has
met the applicable standard of conduct set forth in paragraphs (i) and (ii). Such determination shall be made (1) by the Administrative Trustees by a majority vote of a quorum consisting of such Administrative Trustees who were not parties to such
action, suit or proceeding, (2) if such a quorum is not obtainable, or, even if obtainable, if a quorum of disinterested Administrative Trustees so directs, by independent legal counsel in a written opinion, or (3) by the Holders of the Common
Securities of the Trust. 
  
 (iv)  Expenses (including attorneys’ fees) incurred by a
Junior Subordinated Notes Issuer Indemnified Person in defending a civil, criminal, administrative or investigative action, suit or proceeding referred to in paragraphs (i) and (ii) of this Section 9.4(a) shall be paid by the Junior Subordinated
Note Issuer in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Junior Subordinated Debt- Securities Issuer Indemnified Person to repay such amount if it shall ultimately be
determined that he is not entitled to be indemnified by the Junior Subordinated Note Issuer as authorized in this Section 9.4(a). Notwithstanding the foregoing, no advance shall be made by the Junior Subordinated Note Issuer if a determination is
reasonably and promptly made (i) by the Administrative Trustees by a majority vote of a quorum of disinterested Administrative Trustees, (ii) if such a quorum is not obtainable, or, even if obtainable, if a quorum of disinterested Administrative
Trustees so directs, by independent legal counsel in a written opinion or (iii) the Common Security Holder of the Trust, that, based upon the facts known to the Administrative Trustees, counsel or the Common Security Holder at the time such
determination is made, such Junior Subordinated Notes Issuer Indemnified Person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the Trust, or, with respect to any criminal
proceeding, that such Junior Subordinated Notes Issuer Indemnified Person believed or had reasonable cause to believe his conduct was unlawful. In no event shall any advance be made in instances where the Administrative Trustees, independent legal
counsel or 
 

 52 

 Common Security Holder reasonably determine that such person deliberately breached his duty to the Trust or its Common or
Trust Preferred Security Holders. 
  
 (v)  The indemnification and advancement of expenses
provided by, or granted pursuant to, the other paragraphs of this Section 9.4(a) shall not be deemed exclusive of any other rights to which those seeking indemnification and advancement of expenses may be entitled under any agreement, vote of
stockholders or disinterested directors of the Junior Subordinated Note Issuer or Trust Preferred Security Holders of the Trust or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office.
All rights to indemnification under this Section 9.4(a) shall be deemed to be provided by a contract between the Junior Subordinated Note Issuer and each Junior Subordinated Notes Issuer Indemnified Person who serves in such capacity at any time
while this Section 9.4(a) is in effect. Any repeal or modification of this Section 9.4(a) shall not affect any rights or obligations then existing. 
  
 (vi)  The Junior Subordinated Note Issuer or the Trust may purchase and maintain insurance on behalf of any person who is or was a Junior
Subordinated Notes Issuer Indemnified Person against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Junior Subordinated Note Issuer would have the power to
indemnify him against such liability under the provisions of this Section 9.4(a). 
  
 (vii)  For purposes of this Section 9.4(a), references to “the Trust” shall include, in addition to the resulting or surviving entity, any constituent entity (including any constituent of a constituent) absorbed
in a consolidation or merger, so that any person who is or was a director, trustee, officer or employee of such constituent entity, or is or was serving at the request of such constituent entity as a director, trustee, officer, employee or agent of
another entity, shall stand in the same position under the provisions of this Section 9.4(a) with respect to the resulting or surviving entity as he would have with respect to such constituent entity if its separate existence had continued.

  
 (viii)  The indemnification and advancement of expenses provided by, or granted
pursuant to, this Section 9.4(a) shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a Junior Subordinated Notes Issuer Indemnified Person and shall inure to the benefit of the heirs, executors
and administrators of such a person. The obligation to indemnify as set forth in this Section 9.4(a) shall survive the resignation or removal of the Delaware Trustee or the Property Trustee or the termination of this Trust Agreement. 

 
 (b)  The Junior Subordinated Note Issuer agrees to indemnify the (i) Property Trustee, (ii) the Delaware Trustee,
(iii) any Affiliate of the Property Trustee or the Delaware Trustee, and (iv) any officers, directors, shareholders, members, partners, employees, representatives, custodians, nominees or agents of the Property Trustee or the Delaware Trustee (each
of the Persons in (i) through (iv) being referred to as a “Fiduciary Indemnified Person”) for, and to hold each Fiduciary Indemnified Person harmless against, any loss, liability or expense incurred without gross negligence or willful
misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses 
 

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 (including reasonable legal fees and expenses) of defending itself against or investigating any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder. The obligation to indemnify as set forth in this Section 9.4(b) shall survive the resignation and removal of the Delaware Trustee or the Property Trustee and the dissolution of the
Trust and the termination of this Trust Agreement. In addition, the Junior Subordinated Note Issuer has agreed in the Indenture to pay the fees and expenses of the Delaware Trustee and the Property Trustee. 
  
 SECTION 9.5  Outside Businesses 
  
 Subject to the provisions of Section 6.3, any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee may engage in or possess an interest in other
business ventures of any nature or description, independently or with others, similar or dissimilar to the activities of the Trust, and the Trust and the Holders of Securities shall have no rights by virtue of this Trust Agreement in and to such
independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. No Covered Person, the Sponsor, the Delaware
Trustee or the Property Trustee shall be obligated to present any particular investment or other opportunity to the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and any Covered
Person, the Sponsor, the Delaware Trustee and the Property Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any
Covered Person, the Delaware Trustee and the Property Trustee may engage or be interested in any financial or other transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or act on any
committee or body of holders of, securities or other obligations of the Sponsor or its Affiliates. 
  
 ARTICLE 10

  
 ACCOUNTING 
  
 SECTION 10.1  Fiscal Year. 
  
 The
fiscal year (“Fiscal Year”) of the Trust shall be the calendar year, or such other year as is required by the Code. 
  
 SECTION 10.2  Certain Accounting Matters. 
  
 (a)  At all
times during the existence of the Trust, the Administrative Trustees shall keep, or cause to be kept, full books of account, records and supporting documents, which shall reflect in reasonable detail, each transaction of the Trust. The books of
account shall be maintained on the accrual method of accounting, in accordance with generally accepted accounting principles, consistently applied. The Trust shall use the accrual method of accounting for United States federal income tax purposes.
The books of account and the records of the Trust shall be examined by and reported upon as of the end of each Fiscal Year of the Trust by a firm of independent certified public accountants selected by the Administrative Trustees. 

 54 

 (b)  The Administrative Trustees shall cause to be prepared and delivered to each of the Holders of Securities,
within 90 days after the end of each Fiscal Year of the Trust, annual financial statements of the Trust, including a balance sheet of the Trust as of the end of such Fiscal Year, and the related statements of income or loss. 
  
 (c)  The Administrative Trustees shall cause to be duly prepared and delivered to each of the Holders of Securities, an annual
United States federal income tax information statement, required by the Code, containing such information with regard to the Securities held by each Holder as is required by the Code and the Treasury Regulations. Notwithstanding any right under the
Code to deliver any such statement at a later date, the Administrative Trustees shall endeavor to deliver all such statements within 30 days after the end of each Fiscal Year of the Trust. 
  
 (d)  The Administrative Trustees shall cause to be duly prepared and filed with the appropriate taxing authority, an annual United States federal income tax
return, on a Form 1041 or such other form required by United States federal income tax law, and any other annual income tax returns required to be filed by the Administrative Trustees on behalf of the Trust with any state or local taxing authority.

  
 SECTION 10.3  Banking. 
  
 The Trust shall maintain one or more bank accounts in the name and for the sole benefit of the Trust; provided, however, that all payments of funds in respect of the Junior
Subordinated Notes held by the Property Trustee shall be made directly to the Property Account and no other funds of the Trust shall be deposited in the Property Account. The sole signatories for such accounts shall be designated by the
Administrative Trustees; provided, however, that the Property Trustee shall designate the signatories for the Property Account. 
  
 SECTION 10.4  Withholding. 
  
 The Trust and the Administrative
Trustees shall comply with all withholding requirements under United States federal, state and local law. The Trust shall request, and the Holders shall provide to the Trust, such forms or certificates as are necessary to establish an exemption from
withholding with respect to each Holder, and any representations and forms as shall reasonably be requested by the Trust to assist it in determining the extent of, and in fulfilling, its withholding obligations. The Administrative Trustees shall
file required forms with applicable jurisdictions and, unless an exemption from withholding is properly established by a Holder, shall remit amounts withheld with respect to the Holder to applicable jurisdictions. To the extent that the Trust is
required to withhold and pay over any amounts to any authority with respect to distributions or allocations to any Holder, the amount withheld shall be deemed to be a distribution in the amount of the withholding to the Holder. In the event of any
claimed over withholding, Holders shall be limited to an action against the applicable jurisdiction. If the amount required to be withheld was not withheld from actual Distributions made, the Trust may reduce subsequent Distributions by the amount
of such withholding. 
 

 55 

  
 ARTICLE 11 
  
 AMENDMENTS AND MEETINGS 
  
 SECTION 11.1  Amendments. 
  
 (a)  Except as otherwise
provided in this Trust Agreement or by any applicable terms of the Securities, this Trust Agreement may only be amended by a written instrument approved and executed by the Sponsor and (i) the Administrative Trustees (or, if there are more than two
Administrative Trustees, a majority of the Administrative Trustees), (ii) the Property Trustee; and (iii) the Delaware Trustee if the amendment affects the rights, powers, duties, obligations or immunities of the Delaware Trustee. 

 
 (b)  No amendment shall be made, and any such purported amendment shall be void and ineffective: 

 
 (i)  unless, the Property Trustee shall have first received: 
  
 a.  an Officers’ Certificate from each of the Trust and the Sponsor that such amendment is permitted by,
and conforms to, the terms of this Trust Agreement (including the terms of the Securities) and that all conditions precedent to the execution and delivery of such amendment have been satisfied; and 
  
 b.  an opinion of counsel (who may be counsel to the Sponsor or the Trust) that such amendment is permitted by,
and conforms to, the terms of this Trust Agreement (including the terms of the Securities) and that all conditions precedent to the execution and delivery of such amendment have been satisfied; and 
  
 (ii)  to the extent the result of such amendment would be to: 
  
 a.  cause the Trust to be classified other than as a grantor trust for United States federal income tax
purposes; 
  
 b.  reduce or otherwise adversely affect the powers of the Property Trustee
in contravention of the Trust Indenture Act; or 
  
 c.  cause the Trust to be deemed to be
an Investment Company required to be registered under the Investment Company Act. 
  
 (c)  If the Trust has
issued any Securities that remain outstanding: 
  
 (i)  Any amendment that would (a) change
the amount or timing of any distribution of the Securities or otherwise adversely affect the amount of any distribution required to be made in respect of the Securities as of a specified date or (b) restrict the right of a Holder of Securities to
institute suit for the enforcement of any such payment on or after such date, will entitle the Holders of such Securities, voting together as a single class, to vote on such amendment or proposal and such amendment or proposal shall not be effective
except with the approval of each of the Holders of the Securities affected thereby; and 
 

 56 

 (ii)  any amendment that would (a) adversely affect the powers, preferences or special rights
of the Securities, whether by way of amendment to this Trust Agreement or otherwise or (b) result in the dissolution, winding-up or termination of the Trust other than pursuant to the terms of this Trust Agreement, will entitle the holders of the
Securities voting together as a single class to vote on such amendment or proposal and such amendment or proposal shall not be effective except with the approval of 66 2/3% in Liquidation Amount of the Securities affected thereby; provided that, if
any amendment or proposal referred to in clause (a) above would adversely affect only the Trust Preferred Securities or the Common Securities, then only the affected class will be entitled to vote on such amendment or proposal and such amendment or
proposal. 
  
 (d)  This Section 11.1 shall not be amended without the consent of all of the Holders of the
Securities. 
  
 (e)  Article 4 shall not be amended without the consent of the Holders of a Majority in
Liquidation Amount of the Common Securities. 
  
 (f)  The rights of the Holders of the Common Securities
under Article 6 to increase or decrease the number of, and appoint and remove Trustees shall not be amended without the consent of the Holders of a Majority in Liquidation Amount of the Common Securities. 
  
 (g)  Notwithstanding Section 11.1(c), this Trust Agreement may be amended without the consent of the Holders of the Securities,
if such amendment does not adversely affect in any material respect the rights of the holders of the Securities, to: 
  
 (i)  cure any ambiguity; 
  
 (ii)  correct or supplement
any provision in this Trust Agreement that may be defective or inconsistent with any other provision of this Trust Agreement or to make any other provisions with respect to matters or questions arising under this Trust Agreement that shall not be
inconsistent with the other provisions of this Trust Agreement; 
  
 (iii)  add to the
covenants, restrictions or obligations of the Sponsor; 
  
 (iv)  to conform to any change
in Rule 3a-5 of the Investment Company Act or written change in interpretation or application of Rule 3a-5 of the Investment Company Act by any legislative body, court, government agency or regulatory authority; or 
  
 (v)  to modify, eliminate and add to any provision of this Trust Agreement to ensure that the Trust will be
classified as a grantor trust for United States federal income tax purposes at all times that any Securities are outstanding or to ensure that the Trust will not be required to register as an Investment Company under the Investment Company Act.

  
 (h)  Neither the Property Trustee nor the Delaware Trustee shall be required to sign any amendment that
affects its rights, duties, obligations or immunities under this Trust Agreement or otherwise. 
  
 SECTION 11.2  Meetings of the Holders of Securities; Action by Written Consent 
 . 
 

 57 

  
 (a)  Meetings of the Holders of any class of Securities may be called
at any time by the Administrative Trustees (or as provided in the terms of the Securities) to consider and act on any matter on which Holders of such class of Securities are entitled to act under the terms of this Trust Agreement, the terms of the
Securities or the rules of any stock exchange on which the Trust Preferred Securities are listed or admitted for trading. The Administrative Trustees shall call a meeting of the Holders of such class if directed to do so by the Holders of at least
10% in Liquidation Amount of such class of Securities. Such direction shall be given by delivering to the Administrative Trustees one or more calls in a writing stating that the signing Holders of Securities wish to call a meeting and indicating the
general or specific purpose for which the meeting is to be called. Any Holders of Securities calling a meeting shall specify in writing the Certificates held by the Holders of Securities exercising the right to call a meeting and only those
Securities specified shall be counted for purposes of determining whether the required percentage set forth in the second sentence of this paragraph has been met. 
  
 (b)  Except to the extent otherwise provided in the terms of the Securities, the following provisions shall apply to meetings of Holders of Securities:

  
 (i)  notice of any such meeting shall be given to all the Holders of Securities having
a right to vote thereat at least 7 days and not more than 60 days before the date of such meeting. Whenever a vote, consent or approval of the Holders of Securities is permitted or required under this Trust Agreement or the rules of any stock
exchange on which the Trust Preferred Securities are listed or admitted for trading, such vote, consent or approval may be given at a meeting of the Holders of Securities. Any action that may be taken at a meeting of the Holders of Securities may be
taken without a meeting and without prior notice if a consent in writing setting forth the action so taken is signed by the Holders of Securities owning not less than the minimum amount of Securities in Liquidation Amount that would be necessary to
authorize or take such action at a meeting at which all Holders of Securities having a right to vote thereon were present and voting. Prompt notice of the taking of action without a meeting shall be given to the Holders of Securities entitled to
vote who have not consented in writing. The Administrative Trustees may specify that any written ballot submitted to the Security Holders for the purpose of taking any action without a meeting shall be returned to the Trust within the time specified
by the Administrative Trustees; 
  
 (ii)  each Holder of a Security may authorize any
Person to act for it by proxy on all matters in which a Holder of Securities is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. No proxy shall be valid after the expiration of 11 months from
the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Holder of Securities executing such proxy. Except as otherwise provided herein, all matters relating to the giving, voting or validity of
proxies shall be governed by the General Corporation Law of the State of Delaware relating to proxies, and judicial interpretations thereunder, as if the Trust were a Delaware corporation and the Holders of the Securities were stockholders of a
Delaware corporation; 
  
 (iii)  each meeting of the Holders of the Securities shall be
conducted by the Administrative Trustees or by such other Person that the Administrative Trustees may designate; and 
 

 58 

 (iv)  unless the Business Trust Act, this Trust Agreement, the terms of the Securities, the
Trust Indenture Act or the listing rules of any stock exchange on which the Trust Preferred Securities are then listed for trading, otherwise provides, the Administrative Trustees, in their sole discretion, shall establish all other provisions
relating to meetings of Holders of Securities, including notice of the time, place or purpose of any meeting at which any matter is to be voted on by any Holders of Securities, waiver of any such notice, action by consent without a meeting, the
establishment of a record date, quorum requirements, voting in person or by proxy or any other matter with respect to the exercise of any such right to vote. 
  
 ARTICLE 12 
  
 REPRESENTATIONS OF PRO3PERTY TRUSTEE

 AND DELAWARE TRUSTEE 
  
 SECTION 12.1  Representations and Warranties of the Property Trustee. 
  
 The Trustee that acts as initial Property Trustee represents and warrants to the Trust and to the Sponsor at the date of this Trust Agreement, and each Successor Property Trustee represents and warrants to the Trust and the Sponsor
at the time of the Successor Property Trustee’s acceptance of its appointment as Property Trustee that: 
  
 (a)  the Property Trustee is a banking corporation, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with trust power and authority to execute and deliver, and
to carry out and perform its obligations under the terms of, this Trust Agreement; 
  
 (b)  the Property Trustee satisfies the requirements set forth in Section 6.3(a); 
  
 (c)  the execution, delivery and performance by the Property Trustee of this Trust Agreement has been duly authorized by all necessary corporate action on the part of the Property Trustee. This Trust Agreement has been duly
executed and delivered by the Property Trustee, and it constitutes a legal, valid and binding obligation of the Property Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium,
insolvency and other similar laws affecting creditors’ rights generally and to general principles of equity and the discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at
law); 
  
 (d)  the execution, delivery and performance of this Trust Agreement by the
Property Trustee does not conflict with or constitute a breach of the articles of association or incorporation, as the case may be, or the by-laws (or other similar organizational documents) of the Property Trustee; and 
  
 (e)  no consent, approval or authorization of, or registration with or notice to, any State (which term, in the
case of the initial Property Trustee, shall mean the State of New York) or federal banking authority having jurisdiction over the trust powers of the Property Trustee is required for the execution, delivery or performance by the Property Trustee of
this Trust Agreement. 
 

 59 

 SECTION 12.2  Representations and Warranties of the Delaware Trustee. 

 
 The Trustee that acts as initial Delaware Trustee represents and warrants to the Trust and to the Sponsor at the date of this
Trust Agreement, and each Successor Delaware Trustee represents and warrants to the Trust and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of its appointment as Delaware Trustee that: 
  
 (a)  the Delaware Trustee satisfies the requirements set forth in Section 6.2, satisfies Trust Section 3807 of
the Business Trust Act and has the power and authority to execute and deliver, and to carry out and perform its obligations under the terms of, this Trust Agreement and, if it is not a natural person, is duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation or organization; 
  
 (b)  the
Delaware Trustee has been authorized to perform its obligations under the Certificate of Trust and this Trust Agreement. This Trust Agreement under Delaware law constitutes a legal, valid and binding obligation of the Delaware Trustee, enforceable
against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency and other similar laws affecting creditors’ rights generally and to general principles of equity and the discretion of the court
(regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law); and 
  
 (c)  no consent, approval or authorization of, or registration with or notice to, the State of Delaware or federal banking authority is required for the execution, delivery or performance by the Delaware Trustee of this
Trust Agreement 
  
 ARTICLE 13 
  
 MISCELLANEOUS 
  
 SECTION
13.1  Notices. 
  
 All notices provided for in this Trust Agreement shall be in writing, duly signed
by the party giving such notice, and shall be delivered, telecopied or mailed by registered or certified mail, as follows: 
  
 (a)  if given to the Trust, in care of the Administrative Trustees at the Trust’s mailing address set forth below (or such other address as the Trust may give notice of to the Property Trustee, the Delaware
Trustee and the Holders of the Securities): 
  
 c/o Virginia Electric and Power Company 

120 Tredegar Street 
 Richmond, Virginia
23219 
  
 (b)  if given to the Delaware Trustee, at the mailing address set forth below (or
such other address as the Delaware Trustee may give notice of to the Administrative Trustees, the Property Trustee and the Holders of the Securities): 
  
 Chase Manhattan Bank USA, National Association 
 

 60 

 c/o JP Morgan Chase 
 500 Stanton Christiana Road 
 Building 4—3rd Floor 
 Newark, Delaware 19713 
 Attention:
Institutional Trust Services 
  
 (c)  if given to the Property Trustee, at its Corporate
Trust Office (or such other address as the Property Trustee may give notice of to the Administrative Trustees, the Delaware Trustee and the Holders of the Securities). 
  
 (d)  if given to the Sponsor or the Holder of the Common Securities, at the mailing address set forth below (or such other address as the Sponsor
or Holder of the Common Securities may give notice of to the Property Trustee, the Delaware Trustee and the Trust): 
  
 Virginia Electric and Power Company 
 One James River Plaza 
 701 East Cary Street 
 Richmond, Virginia
23219 
  
 (e)  if given to any other Holder, at the address set forth on the Security
Register. 
  
 All such notices shall be deemed to have been given when received in person, telecopied with receipt confirmed or mailed by
first class mail, postage prepaid except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on
the date of such refusal or inability to deliver. 
  
 SECTION 13.2  Governing Law.

  
 This Trust Agreement and the rights of the parties hereunder shall be governed by and interpreted in accordance
with the laws of the State of Delaware, provided that the immunities and standard of care of the Property Trustee in connection with the administration of its trusts hereunder shall be governed by and interpreted in accordance with the laws of the
jurisdiction of its incorporation. 
  
 SECTION 13.3  Intention of the Parties.

  
 It is the intention of the parties hereto that the Trust be classified for United States federal income tax
purposes as a grantor trust. The provisions of this Trust Agreement shall be interpreted in a manner consistent with such classification. 
  
 SECTION 13.4  Headings. 
  
 Headings contained in this Trust
Agreement are inserted for convenience of reference only and do not affect the interpretation of this Trust Agreement or any provision hereof. 
 

 61 

 SECTION 13.5  Successors and Assigns. 
  
 Whenever in this Trust Agreement any of the parties hereto is named or referred to, the successors and assigns of such party shall be
deemed to be included, and all covenants and agreements in this Trust Agreement by the Sponsor and the Trustees shall bind and inure to the benefit of their respective successors and assigns, whether so expressed. 
  
 SECTION 13.6   Partial Enforceability 
  
 If any provision of this Trust Agreement, or the application of such provision to any Person or circumstance, shall be held invalid, the remainder of this Trust Agreement,
or the application of such provision to persons or circumstances other than those to which it is held invalid, shall not be affected thereby. 
  
 SECTION 13.7  Counterparts. 
  
 This
Trust Agreement may contain more than one counterpart of the signature page and this Trust Agreement may be executed by the affixing of the signature of each of the Trustees and the Sponsor to one of such counterpart signature pages. All of such
counterpart signature pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature page. 
  
 [THE REST OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY; THE SIGNATURE PAGE FOLLOWS.] 
  
 

 62 

  
 IN WITNESS WHEREOF, the undersigned have caused these presents to be executed as
of the day and year first above written. 
  
 
	 VIRGINIA ELECTRIC AND POWER.
COMPANY,
 as Sponsor, as Common Securities Holder
 and as Junior Subordinated Note Issuer
 
	 
	 By:
 	 	 

	  	 	 Name:
 Title:
 

 
  
 
	 JPMORGAN CHASE BANK,
 as Property Trustee
 
	 
	 By:
 	 	 

	  	 	 Name:
 Title:
 

 
  
 
	 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION 
 as Delaware Trustee
 
	 
	 By:
 	 	 

	  	 	 Name:
 Title:
 

 
  
 
	 
	 

	 G. Scott Hetzer, as Administrative Trustee
 

 
  
 
	 
	 

	 James P. Carney, as Administrative Trustee
 

 
 

 63 

  
 EXHIBIT A 
  
 [IF THE TRUST PREFERRED SECURITY IS TO BE A GLOBAL SECURITY, INSERT THE FOLLOWING: THIS TRUST PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST
AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE “DEPOSITARY”), OR A NOMINEE OF THE DEPOSITARY. THIS TRUST PREFERRED SECURITY IS EXCHANGEABLE FOR TRUST PREFERRED
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS TRUST PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. UNLESS THIS TRUST PREFERRED SECURITY CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO VIRGINIA POWER CAPITAL TRUST II OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY TRUST PREFERRED SECURITY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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.] 
  
 CERTIFICATE NO.                 
 NUMBER OF TRUST PREFERRED SECURITIES: As set forth on Schedule A hereto 
 CUSIP NO.                             

 
 CERTIFICATE EVIDENCING 7.375% TRUST PREFERRED SECURITIES 
 OF 
 VIRGINIA POWERCAPITAL TRUST II 
  
 7.375% TRUST PREFERRED SECURITIES 
 (LIQUIDATION AMOUNT $25 PER TRUST PREFERRED SECURITY)

 FULLY AND UNCONDITIONALLY 
 GUARANTEED BY VIRGINIA ELECTRIC
AND POWER COMPANY. 
  
 VIRGINIA POWER CAPITAL TRUST II, a statutory business trust created under the laws of the
State of Delaware (the “Trust”), hereby certifies that                        (the “Holder”) is the
registered owner of the number of Trust Preferred Securities of the Trust set forth on Schedule A hereto representing undivided beneficial ownership interests in the assets of the 

  
 Trust designated the “7.375% Trust Preferred Security” (liquidation amount $25 per Trust
Preferred Security) (the “Trust Preferred Securities”). The Trust Preferred Securities are transferable on the register of the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in
proper form for transfer as provided in the Trust Agreement (as defined below). The designation, rights, privileges, restrictions, preferences and other terms and provisions of the Trust Preferred Securities represented hereby are issued and shall
in all respects be subject to the provisions of the Amended and Restated Trust Agreement of the Trust, dated as of August 23, 2002, as the same may be amended from time to time (the “Trust Agreement”), by and among VIRGINIA ELECTRIC AND
POWER COMPANY, G. Scott Hetzer and James P. Carney, as Administrative Trustees, JPMorgan Chase Bank, as Property Trustee, Chase Manhattan Bank USA, National Association, as Delaware Trustee and the Holders. Capitalized terms used herein but not
defined shall have the meaning given them in the Trust Agreement. The Holder is entitled to the benefits of the Guarantee to the extent described therein. The Sponsor will provide a copy of the Trust Agreement, the Guarantee and the Indenture to a
Holder without charge upon written request to the Sponsor at its principal place of business. Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. By acceptance, the Holder agrees
to treat, for United States federal income tax purposes, the Junior Subordinated Notes as indebtedness and the Trust Preferred Securities as evidence of undivided indirect beneficial ownership interests in the Junior Subordinated Notes.

  
 IN WITNESS WHEREOF, the Trust has executed this certificate this
                     day of August, 2002. 
  
 
	 VIRGINIA POWER CAPITAL TRUST II
 
	 
	 By:
 	 	 

	  	 	 Name:
 Title: Administrative Trustee
 

 
  
 CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Trust Preferred Securities referred to in the within-mentioned Trust Agreement. 
  
 
	 JPMORGAN CHASE BANK, as
 Property Trustee
 
	 
	 By:
 	 	 

	  	 	 Authorized Officer
 

 

  
 SCHEDULE A 
  
 SCHEDULE OF ADJUSTMENTS 
  
 The initial
number of Trust Preferred Securities evidenced by the Certificate to which this Schedule is attached is                     . The notations on the
following table evidence increases in the number of Trust Preferred Securities evidenced by such Certificate. 
  
 
	 Closing Date
 
	    	 Increase in Number of Trust Preferred Securities
 
	    	 Total Number of Trust Preferred Securities Outstanding After Increase
 
	    	 Notation by Property Trustee
 

	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  

 

  
 EXHIBIT B 
  
 TRANSFER OF THIS CERTIFICATE IS SUBJECT TO THE 
 CONDITIONS SET FORTH IN THE TRUST
AGREEMENT 
 REFERRED TO BELOW. 
  
 CERTIFICATE NO.                     
 NUMBER OF COMMON SECURITIES: As set forth on Schedule A hereto 
  
 CERTIFICATE EVIDENCING
7.375%COMMON SECURITIES 
 OF 
 VIRGINIA POWER CAPITAL TRUST II

  
 7.375% COMMON SECURITIES 
 (LIQUIDATION AMOUNT $25 PER COMMON SECURITY) 
  
 VIRGINIA POWER CAPITAL TRUST II, a statutory
business trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that VIRGINIA ELECTRIC AND POWER COMPANY (the “Holder”) is the registered owner of the number of common securities of the Trust set
forth on Schedule A hereto representing an undivided beneficial ownership interest in the assets of the Trust designated the “7.375% Common Securities” (liquidation amount $25 per Common Security) (the “Common Securities”). The
Common Securities are not transferable and any attempted transfer thereof shall be void except as permitted by applicable law and by Section 7.9(b)(ii) of the Trust Agreement (as defined below). The designation, rights, privileges, restrictions,
preferences and other terms and provisions of the Common Securities represented hereby are issued and shall in all respects be subject to the provisions of the Amended and Restated Trust Agreement of the Trust, dated as of August 23, 2002 (as the
same may be amended from time to time, the “Trust Agreement”), by and among VIRGINIA ELECTRIC AND POWER COMPANY, as Sponsor, G. Scott Hetzer and James P. Carney, as Administrative Trustees, and, JPMorgan Chase Bank, as Property Trustee,
Chase Manhattan Bank USA, National Association, as Delaware Trustee, and the Holders. The Holder is entitled to the benefits of the Guarantee to the extent described therein. Capitalized terms used herein but not defined shall have the meaning given
them in the Trust Agreement. The Sponsor will provide a copy of the Trust Agreement, the Guarantee and the Indenture to the Holder without charge upon written request to the Sponsor at its principal place of business. Upon receipt of this
certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. By acceptance, the Holder agrees to treat, for United States federal income tax purposes, the Junior Subordinated Notes as indebtedness and the
Common Securities as evidence of an undivided indirect beneficial ownership interest in the Junior Subordinated Notes. 
  
 IN WITNESS WHEREOF, the Trust has executed this certificate this                     day of August, 2002. 
  
 
	 VIRGINIA POWER CAPITAL TRUST II 
 
	 
	 By:
 	 	 

	  	 	 Name:
 Title: Administrative Trustee
 

 

  
 SCHEDULE A 
  
 SCHEDULE OF ADJUSTMENTS 
  
 The initial
number of Common Securities evidenced by the Certificate to which this Schedule is attached is                 . The notations on the following table evidence increases
in the number of Common Securities evidenced by such Certificate. 
  
 
	 Closing Date
 
	  	 Increase in Number of Common Securities
 
	  	 Total Number of
 Common
Securities Outstanding After Increase
 
	  	 Notation by Property
 TrusteePrepared by R.R. Donnelley Financial -- SECOND SUPPLEMENTAL INDENTURE

  
 Exhibit 4.6 
  
 SECOND SUPPLEMENTAL INDENTURE 
  
  
 BETWEEN 
  
  
 VIRGINIA ELECTRIC AND POWER COMPANY

  
  
 AND 
  
  
 JPMORGAN CHASE BANK 
  
  
 DATED AS OF AUGUST 1, 2002 
  
  
 7.375% JUNIOR SUBORDINATED NOTES 
 DUE JULY 30, 2042 

  
 TABLE OF CONTENTS 
  
 
	 
	 ARTICLE I—DEFINITIONS
 	  	 2
 
	         1.1
 	 	 Definition of Terms
 	  	 2
 
	  	 	  	  	  
	 ARTICLE II—GENERAL TERMS AND CONDITIONS OF THE JUNIOR SUBORDINATED NOTES
 	  	 4
 
	         2.1
 	 	 Designation and Principal Amount
 	  	 4
 
	         2.2
 	 	 Stated Maturity
 	  	 5
 
	         2.3
 	 	 Form and Payment; Minimum Transfer Restriction.
 	  	 5
 
	         2.4
 	 	 Exchange and Registration of Transfer of Junior Subordinated Notes; Restrictions on Transfers;
Depositary
 	  	 5
 
	         2.5
 	 	 Interest.
 	  	 7
 
	         2.6
 	 	 Direct Action by Holders of Trust Preferred Securities
 	  	 7
 
	  	 	  	  	  
	 ARTICLE III—REDEMPTION OF THE JUNIOR SUBORDINATED NOTES
 	  	 8
 
	         3.1
 	 	 Tax Event or Investment Company Event Redemption
 	  	 8
 
	         3.2
 	 	 Optional Redemption by Company
 	  	 8
 
	         3.3
 	 	 Notice of Redemption
 	  	 8
 
	  	 	  	  	  
	 ARTICLE IV—EXTENSION OF INTEREST PAYMENT PERIOD
 	  	 8
 
	         4.1
 	 	 Extension of Interest Payment Period
 	  	 8
 
	         4.2
 	 	 Notice of Extension.
 	  	 9
 
	  	 	  	  	  
	 ARTICLE V—REMEDIES; DIRECT ACTION
 	  	 10
 
	         5.1
 	 	 Events of Default
 	  	 10
 
	         5.2
 	 	 Direct Action
 	  	 10
 
	  	 	  	  	  
	 ARTICLE VI—SATISFACTION AND DISCHARGE
 	  	 11
 
	         6.1
 	 	 Satisfaction and Discharge, Unclaimed Moneys
 	  	 11
 
	  	 	  	  	  
	 ARTICLE VII—ADDITIONAL COVENANT
 	  	 12
 
	         7.1
 	 	 Additional Tax Sums
 	  	 12
 
	         7.2
 	 	 Subordination
 	  	 13
 
	  	 	  	  	  
	 ARTICLE VIII—EXPENSES
 	  	 13
 
	         8.1
 	 	 Payment of Expenses
 	  	 13
 
	         8.2
 	 	 Payment Upon Resignation or Removal
 	  	 14
 

 

 
	 ARTICLE IX—FORM OF JUNIOR SUBORDINATED NOTE
 	  	 14
 
	           9.1
 	 	 Form of Junior Subordinated Note
 	  	 14
 
	  	 	  	  	  
	 ARTICLE X—ORIGINAL ISSUE OF JUNIOR SUBORDINATED NOTES
 	  	 14
 
	         10.1
 	 	 Original Issue of Junior Subordinated Notes
 	  	 14
 
	  	 	  	  	  
	 ARTICLE XI—MISCELLANEOUS
 	  	 15
 
	         11.1
 	 	 Ratification of Indenture; Second Supplemental Indenture Controls
 	  	 15
 
	         11.2
 	 	 Trustee Not Responsible for Recitals
 	  	 15
 
	         11.3
 	 	 Governing Law
 	  	 15
 
	         11.4
 	 	 Separability
 	  	 15
 
	         11.5
 	 	 Counterparts
 	  	 15
 
	  	 	  	  	  
	 
	 Exhibit A—Form of Junior Subordinated Note
 

 
 

  
 SECOND SUPPLEMENTAL INDENTURE 
  
 SECOND SUPPLEMENTAL INDENTURE, dated as of August 1, 2002 (the “Second Supplemental Indenture”), between VIRGINIA
ELECTRIC AND POWER COMPANY, a Virginia corporation (the “Company”), and JPMORGAN CHASE BANK (formerly known as Chemical Bank), as trustee (the “Trustee”), under the Indenture dated as of August 1, 1995 between the Company and the
Trustee (the “Base Indenture” and, together with the First Supplemental Indenture dated as of August 1, 1995 and this Second Supplemental Indenture, the “Indenture”). 
  
 WHEREAS, the Company executed and delivered the Base Indenture to the Trustee to provide for the future issuance of the Company’s unsecured junior subordinated
notes (the “Securities,” which term as used herein has the same meaning as the term “Junior Subordinated Notes” in the Base Indenture) to be issued from time to time in one or more series as might be determined by the Company
under the Indenture, in an unlimited aggregate principal amount which may be authenticated and delivered as provided in the Base Indenture; 
  
 WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of its Securities, to be known as its 7.375% Junior Subordinated Notes due
July 30, 2042 (the “Junior Subordinated Notes”), the form and substance of such Junior Subordinated Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Second Supplemental
Indenture; 
  
 WHEREAS, the Company desires that this series of Securities be originally issued on August 23,
2002 pursuant to the Indenture and the Underwriting Agreement (as defined below); 
  
 WHEREAS, Virginia Power
Capital Trust II, a Delaware statutory business trust (the “Trust”), has offered to the purchasers (the “Underwriters”) named in Schedule I to the Underwriting Agreement (the “Underwriting Agreement”) dated August 16,
2002 among the Underwriters, the Trust and the Company, $385,000,000 aggregate liquidation amount of its 7.375% Trust Preferred Securities (the “Trust Preferred Securities”), representing undivided beneficial interests in the assets of the
Trust and proposes to invest the proceeds from the sale of the Trust Preferred Securities, together with the proceeds of the sale by the Trust to the Company of $11,907,225 aggregate liquidation amount of its Common Securities, in $396,907,225
aggregate principal amount of the Junior Subordinated Notes; and 
  
 WHEREAS, the Company has requested that
the Trustee execute and deliver this Second Supplemental Indenture and all requirements necessary to make this Second Supplemental Indenture a valid instrument in accordance with its terms, and to make the Junior Subordinated Notes, when executed by
the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Second Supplemental Indenture has been duly authorized in all respects; 

 
 NOW, THEREFORE, in consideration of the purchase and acceptance of the Junior Subordinated Notes by the Underwriters,
and for the purpose of setting forth, as provided in the Base Indenture, the form and substance of the Junior Subordinated Notes and the terms, 
 

 1 

 provisions and conditions thereof, the Company covenants and agrees with the Trustee as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 1.1  Definition of Terms.    For all
purposes of this Second Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (a)  the terms which are defined in the Base Indenture have the same meanings when used in this Second Supplemental Indenture unless otherwise defined herein; 
  
 (b)  the terms defined in this Article have the meanings assigned to them in this Article and include the plural
as well as the singular; 
  
 (c)  all other terms used herein which are defined in the
Trust Indenture Act of 1939, as amended, whether directly or by reference therein, have the meanings assigned to them therein; 
  
 (d)  all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States of America, and,
except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the
United States of America at the date of such computation; provided, that when two or more principles are so generally accepted, it shall mean that set of principles consistent with those in use by the Company; 
  
 (e)  a reference to a Section or Article is to a Section or Article of this Second Supplemental Indenture unless
otherwise stated; 
  
 (f)  the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Second Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 
  
 (g)  headings are for convenience of reference only and do not affect interpretation; and 
  

(h)  the following terms have the meanings given to them in the Trust Agreement: (i) Administrative Trustee, (ii) Business Day (iii) Delaware
Trustee, (iv) Distributions, (v) Property Trustee, (vi) Tax Event and (vii) Investment Company Event. 
  
 “Additional Interest” 
  
 (i)  means, notwithstanding the
definition set forth in the Base Indenture and with respect to any Securities issued under the Indenture on or after the date hereof, the interest, if any, that shall accrue on any interest on the Securities of any series the payment of which has
not been made on the applicable 
 

 2 

 interest payment date and which shall accrue at the rate per annum specified or determined as specified in such Security
and 
  
 (ii)  with respect to the Junior Subordinated Notes has the meaning specified in
Section 2.5. 
  
 “Additional Tax Sums” has the meaning specified in Section 7.1.

  
 “Coupon Rate” has the meaning specified in Section 2.5(a). 
  
 “Definitive Junior Subordinated Note Certificates” means Junior Subordinated Notes issued in definitive, fully
registered form. 
  
 “Extension Period” has the meaning specified in Section 4.1.

  
 “Global Security” has the meaning specified in Section 2.4(a). 
  
 “Interest Payment Date” has the meaning specified in Section 2.5(a). 
  
 “Junior Subordinated Notes” has the meaning specified in the second recital to this Second Supplemental
Indenture. 
  
 “Optional Redemption Price” has the meaning specified in Section 3.2.

  
 “Record Date” has the meaning specified in Section 2.5(a). 
  
 “Senior Indebtedness” means with respect to the Company, notwithstanding the definition set forth in the Base
Indenture and with respect to any Securities issued under the Indenture on or after the date hereof, (i) any indebtedness of the Company for borrowed or purchased money, whether or not evidenced by bonds, debentures, notes or other written
instruments, (ii) obligations of the Company for reimbursement under letters of credit, banker’s acceptances, security purchase facilities or similar facilities issued for the account of the Company, (iii) any indebtedness or other obligations
of the Company with respect to commodity contracts (including but not limited to contracts in the spot, forward and futures markets, options, and contracts for differences), interest rate commodity and currency swap agreements, cap, floor and collar
agreements, currency spot and forward contracts, and other similar agreements or arrangements designed to protect against fluctuations in commodity prices, currency exchange or interest rates, (iv) all obligations of the Company as lessee which are
capitalized in accordance with generally accepted accounting principles, and (v) any guarantees, endorsements (other than by endorsement of negotiable instruments for collection in the ordinary course of business) or other similar contingent
obligations in respect of obligations of others of a type described in (i), (ii) or (iii) above, whether or not such obligation is classified as a liability on a balance sheet prepared in accordance with generally accepted accounting principles, in
each case listed in (i), (ii), (iii), (iv) and (v) above whether outstanding on the date of execution of this Indenture or thereafter incurred, other than obligations ranking on a parity with the Securities or ranking junior to the Securities;
provided, however, that “Senior Indebtedness” does not include (a) obligations to trade creditors or (b) any indebtedness of the Company to any of its Subsidiaries. 
 

 3 

  
 “Special Event” has the meaning specified in Section
3.1. 
  
 “Special Event Redemption Price” has the meaning specified in Section 3.1.

  
 “Stated Maturity” has the meaning specified in Section 2.2. 
  
 “Subsidiary” means with respect to any Securities issued under the Indenture on or after the date hereof any
corporation (or the equivalent type of entity in other jurisdictions) more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more
other Subsidiaries. For the purposes of this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by
reason of any contingency. 
  
 “Trust Preferred Securities” has the meaning specified in
the fourth recital to this Second Supplemental Indenture. 
  
 “Trust” has the meaning
specified in the fourth recital to this Second Supplemental Indenture. 
  
 “Trust
Agreement” means the Amended and Restated Trust Agreement dated as of August 23, 2002 among the Company, as Sponsor, JPMorgan Chase Bank, as Property Trustee, Chase Manhattan Bank USA, National Association, as Delaware Trustee, the
Administrative Trustees named therein and the holders, from time to time, of undivided beneficial interests in the assets of the Trust. 
  
 “Underwriters” has the meaning specified in the fourth recital to this Second Supplemental Indenture. 
  
 “Underwriting Agreement” has the meaning specified in the fourth recital to this Second Supplemental Indenture. 
  
 ARTICLE II 
  
 GENERAL TERMS AND CONDITIONS OF THE 
 JUNIOR SUBORDINATED NOTES 
  
 2.1  Designation and Principal Amount.    There is hereby authorized one series of Junior Subordinated Notes, to be designated the
“7.375% Junior Subordinated Notes due July 30, 2042,” in the initial aggregate principal amount of $396,907,225, which amount shall be as set forth in any written orders of the Company for the authentication and delivery of Junior
Subordinated Notes pursuant to Section 302 of the Base Indenture and Section 10.1 hereof. Additional Junior Subordinated Notes without limitation as to amount, and without the consent of the holders of the then Outstanding Junior Subordinated Notes,
may also be authenticated and delivered in the manner provided in Section 302 of the Base Indenture. Any such additional Junior Subordinated Notes will have the same Stated Maturity and other terms as those initially issued. 
 

 4 

  
 2.2  Stated Maturity.    The stated maturity
of the Junior Subordinated Notes is July 30, 2042, which may not be shortened or extended (the “Stated Maturity”). 
  
 2.3  Form and Payment; Minimum Transfer Restriction. 
  
 (a)  The Junior Subordinated Notes shall be issued to the Property Trustee in fully registered definitive form without coupons in minimum denominations of $25 and integral multiples of $25 in excess thereof. Principal and
interest on the Junior Subordinated Notes issued in definitive form will be payable, the transfer of such Junior Subordinated Notes will be registrable and such Junior Subordinated Notes will be exchangeable for Junior Subordinated Notes bearing
identical terms and provisions at the Corporate Trust Office of the Trustee; provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered holder at such address as shall appear in the
Security Register. Notwithstanding the foregoing, so long as the registered holder of any Junior Subordinated Notes is the Property Trustee, the payment of the principal of and interest (including Additional Interest and Additional Tax Sums, if any)
on such Junior Subordinated Notes held by the Property Trustee will be made at such place, or by wire transfer of immediately available funds to such account, as may be designated by the Property Trustee. The Security Register for the Junior
Subordinated Notes shall be kept at the Corporate Trust Office of the Trustee and the Trustee is hereby appointed Security Registrar for the Junior Subordinated Notes. 
  
 (b)  The Junior Subordinated Notes may be transferred or exchanged only in minimum denominations of $25 and integral multiples of $25 in excess
thereof, and any attempted transfer, sale or other disposition of Junior Subordinated Notes in a denomination other than an authorized denomination shall be deemed to be void and of no legal effect whatsoever. Any such transferee shall be deemed not
to be the holder of such Junior Subordinated Notes for any purpose, including but not limited to the receipt of payments in respect of such Junior Subordinated Notes and such transferee shall be deemed to have no interest whatsoever in such Junior
Subordinated Notes. 
  
 2.4  Exchange and Registration of Transfer of Junior Subordinated Notes;
Restrictions on Transfers; Depositary.    If distributed to holders of Trust Preferred Securities pursuant to Section 8.2 of the Trust Agreement, the Junior Subordinated Notes will be issued to such holders in the same form
as the Trust Preferred Securities that such Junior Subordinated Notes replace in accordance with the following procedures: 
  
 (a)  So long as Junior Subordinated Notes are eligible for book-entry settlement with the Depositary, or unless required by law, all Junior Subordinated Notes that are so eligible will be represented by one or more
Junior Subordinated Notes in global form (a “Global Security”) registered in the name of the Depositary or the nominee of the Depositary. Except as provided in Section 2.4(c) below, beneficial owners of a Global Security shall not be
entitled to have Definitive Certificates registered in their names, will not receive or be entitled to receive physical delivery of Definitive Junior Subordinated Note Certificates and will not be registered holders of such Global Security.

  
 (b)  The transfer and exchange of beneficial interests in a Global Security shall be
effected through the Depositary in accordance with the Indenture and the procedures and 
 

 5 

 standing instructions of the Depositary and the Trustee shall make appropriate endorsements to reflect increases or
decreases in principal amounts of such Global Security. 
  
 (c)  Notwithstanding any other
provisions of the Indenture (other than the provisions set forth in this Section 2.4(c)), a Global Security may not be exchanged in whole or in part for Junior Subordinated Notes registered, and no transfer of a Global Security may be registered, in
the name of any person other than the Depositary or a nominee thereof unless (i) such Depositary (A) has notified the Company that it is unwilling or unable to continue as Depositary for such Global Security or (B) has ceased to be a clearing agency
registered as such under the Exchange Act and no successor Depositary has been appointed by the Company within 90 days after its receipt of such notice or its becoming aware of such ineligibility, (ii) there shall have occurred and be continuing an
Event of Default, or any event which after notice or lapse of time or both would be an Event of Default under the Indenture, with respect to such Junior Subordinated Note, or (iii) the Company, in its sole discretion, instructs the Trustee to
exchange such Global Security for a Junior Subordinated Note that is not a Global Security (in which case such exchange shall be effected by the Trustee). 
  
 The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Global Securities.
Initially, any Global Securities shall be registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co. 
  
 Definitive Junior Subordinated Notes issued in exchange for all or a part of a Global Security pursuant to this Section 2.4(c) shall be registered in such names and in such
authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such definitive Junior Subordinated
Notes to the Person in whose names such definitive Junior Subordinated Notes are so registered. 
  
 So long as Junior
Subordinated Notes are represented by one or more Global Securities, (i) the registrar for the Junior Subordinated Notes and the Trustee shall be entitled to deal with the clearing agency for all purposes of the Indenture relating to such Global
Securities as the sole holder of the Junior Subordinated Notes evidenced by such Global Securities and shall have no obligations to the holders of beneficial interests in such Global Securities; and (ii) the rights of the holders of beneficial
interests in such Global Securities shall be exercised only through the clearing agency and shall be limited to those established by law and agreements between such holders and the clearing agency and/or the participants in the clearing agency.

  
 At such time as all interests in a Global Security have been paid, redeemed, exchanged, repurchased or canceled,
such Global Security shall be, upon receipt thereof, canceled by the Trustee in accordance with standing procedures and instructions of the Depositary. At any time prior to such cancellation, if any interest in a Global Security is exchanged for
definitive Junior Subordinated Notes, redeemed by the Company pursuant to Article 3 or canceled, or transferred for part of a Global Security, the principal amount of such Global Security shall, in accordance with the standing procedures and
instructions of the Depositary be reduced or increased, as the 
 

 6 

 case may be, and an endorsement shall be made on such Global Security by, or at the direction of, the Trustee to reflect such reduction or
increase. 
  
 (d)  If the Junior Subordinated Notes are distributed to holders of the Trust
Preferred Securities pursuant to the terms of the Trust Agreement, the Company will use its reasonable best efforts to list the Junior Subordinated Notes on the New York Stock Exchange or such other stock exchange or other organization, if any, on
which the Trust Securities are then listed. 
  
 2.5  Interest. 
  
 (a)  Each Junior Subordinated Note will bear interest at the rate of 7.375% per annum (the “Coupon
Rate”) from August 23, 2002 until the principal thereof has been paid or duly provided for, and will bear interest (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the
Coupon Rate (“Additional Interest”), compounded quarterly, payable (subject to the provisions of Article 4) quarterly in arrears on each January 30, April 30, July 30 and October 30 of each year (each, an “Interest Payment
Date”), commencing on October 30, 2002 to the Person in whose name such Junior Subordinated Note is registered, subject to certain exceptions, at the close of business on the Record Date next preceding such Interest Payment Date. The
“Record Date” for payment of interest will be the Business Day next preceding the Interest Payment Date, unless such Junior Subordinated Note is registered to a holder other than the Property Trustee or a nominee of the Depositary, in
which case the Record Date for payment of interest will be the fifteenth calendar day preceding the applicable Interest Payment Date whether or not a Business Day. Until liquidation, if any, of the Trust, each Junior Subordinated Note will be held
in the name of the Property Trustee in trust for the benefit of the holders of the Trust Preferred Securities. 
  
 (b)  The amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the Junior Subordinated 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), except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the next preceding day which is a Business Day, with the same force and effect as if made on the date that such payment was originally payable. 
  
 (c)  The Company will also pay any Additional Tax Sums as additional distributions on the Junior Subordinated
Notes if the Trust is required to pay any additional taxes, duties or other governmental charges as a result of a Tax Event. 
  
 2.6  Direct Action by Holders of Trust Preferred Securities.    In addition to any right of Direct Action granted under Section 3.8(e) of the Trust Agreement to the holders of Trust Preferred
Securities, if the Property Trustee fails to enforce its rights under the Trust Agreement or the Indenture to the fullest extent permitted by law and subject to the terms of the Trust Agreement and the Indenture, then a holder of Trust Preferred
Securities may directly institute a proceeding against the Company to enforce the Property Trustee’s rights under the 
 

 7 

 Trust Agreement or the Indenture without first instituting a legal proceeding against the Property Trustee or any other Person. 

 
 ARTICLE III 
  
 REDEMPTION OF THE JUNIOR SUBORDINATED NOTES 
  
 3.1  Tax Event or Investment
Company Event Redemption.    If a Tax Event or Investment Company Event (either, a “Special Event”) shall occur and be continuing, the Company may, at its option, redeem the Junior Subordinated Notes in whole (but
not in part) within 90 days of the occurrence of such Special Event at a redemption price (the “Special Event Redemption Price”) equal to 100% of the principal amount of the Junior Subordinated Notes plus accrued and unpaid interest
thereon to but excluding the redemption date. The Special Event Redemption Price shall be paid prior to 2:00 p.m., New York City time, on the date of such redemption, provided that the Company shall deposit with the Trustee an amount sufficient to
pay the Special Event Redemption Price by 11:00 a.m., New York City time, on the date such Special Event Redemption Price is to be paid. 
  
 3.2  Optional Redemption by Company.    The Company shall have the option to redeem the Junior Subordinated Notes at any time on or after August 23, 2007, in whole or in part, at a
redemption price (the “Optional Redemption Price”) equal to 100% of the principal amount of the Junior Subordinated Notes plus accrued and unpaid interest thereon to but excluding the redemption date; provided, however, that if a
redemption in part would result in the delisting of the Trust Preferred Securities, the Company may redeem the Junior Subordinated Notes only in whole. The Optional Redemption Price shall be paid prior to 2:00 p.m., New York City time, on the date
of such redemption, provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Redemption Price by 11:00 a.m., New York City time, on the date such Optional Redemption Price is to be paid. 

 
 3.3  Notice of Redemption.    Subject to Article Eleven of the Base Indenture, notice of
any redemption pursuant to this Article Eleven will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of Junior Subordinated Notes to be redeemed at such holder’s registered address. Unless the
Company defaults in payment of the Special Event Redemption Price or the Optional Redemption Price, as the case may be, on and after the redemption date interest shall cease to accrue on such Junior Subordinated Notes called for redemption.

  
 ARTICLE IV 
  
 EXTENSION OF INTEREST PAYMENT PERIOD 
  
 4.1  Extension of Interest
Payment Period.    So long as no Event of Default under Section 501 of the Base Indenture has occurred and is continuing, the Company shall have the right, at any time during the term of the Junior Subordinated Notes, from
time to time to defer the payment of interest by extending the interest payment period of such Junior Subordinated Notes for a period up to 20 consecutive quarters (an “Extension Period”), during which Extension Period the Company shall
have the right to make partial payments of interest on any 
 

 8 

 Interest Payment Date. No Extension Period shall end on a date other than an Interest Payment Date or extend beyond the Stated Maturity of the
Junior Subordinated Notes. To the extent permitted by applicable law, interest, the payment of which has been deferred because of an Extension Period imposed pursuant to this Section 4.1, will bear Additional Interest compounded quarterly. At the
end of the Extension Period, the Company shall pay all interest then accrued and unpaid on the Junior Subordinated Notes, including any Additional Interest and Additional Tax Sums, if applicable, to the holders of the Junior Subordinated Notes in
whose names the Junior Subordinated Notes are registered in the Security Register on the first Record Date preceding the end of the Extension Period. Before the termination of any Extension Period, the Company may further extend such Extension
Period, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Stated Maturity. At any time following the termination of any Extension Period and upon the payment of
any accrued and unpaid Additional Interest and Additional Tax Sums, if applicable, then due, the Company may elect to begin a new Extension Period, subject to the foregoing requirements. No interest shall be due and payable during an Extension
Period, except at the end thereof. 
  
 During any such Extension Period, the Company shall not (i) declare or pay any
dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s Capital Stock or (ii) make any payment of principal of or interest on or repay, repurchase or redeem any debt
securities of the Company that rank on a parity with or junior to this Junior Subordinated Note or make any guarantee payments with respect to any Guarantee or other guarantee by the Company of the debt securities of any Subsidiary of the Company
that by its terms ranks on a parity with or junior to this Junior Subordinated Note (other than (a) dividends or distributions in Common Stock, (b) any declaration of a dividend in connection with the implementation of a Rights Plan, the issuance of
any Capital Stock or any class or series of preferred stock of the Company under any Rights Plan or the redemption or repurchase of any rights distributed pursuant to a Rights Plan, (c) payments under any Guarantee relating to the Trust Preferred
Securities issued by the Trust and (d) purchases of Common Stock related to the issuance of Common Stock or rights under any of the Company’s benefit plans for its directors, officers, employees, consultants or advisors). 

 
 4.2  Notice of Extension. 
  
 (a)  If the Property Trustee is the only registered holder of the Junior Subordinated Notes at the time the Company elects to begin or extend an
Extension Period, the Company shall give written notice to the Property Trustee, the Administrative Trustees and theTrustee of its election to begin or extend any Extension Period at least five Business Days prior to the earlier of (i) the next
succeeding date on which Distributions on the Trust Preferred Securities issued by the Trust would have been payable but for the election to begin or extend such Extension Period or (ii) subject to applicable principles of federal securities law,
the date the Administrative Trustees are required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Trust Preferred Securities of the record date or the date such Distributions are
payable, but in any event not less than five Business Days prior to such record date. An Administrative Trustee shall give notice of the Company’s election to begin or extend an Extension Period to the holders of such Trust Preferred
Securities. 
 

 9 

  
 (b)  If the Property Trustee is not the only holder of
the Junior Subordinated Notes at the time the Company elects to begin or extend an Extension Period, the Company shall give the holders of the Junior Subordinated Notes, the Administrative Trustees and the Trustee written notice of its election to
begin or extend such Extension Period at least 10 Business Days prior to the earlier of (i) the next succeeding Interest Payment Date or (ii) subject to applicable principles of federal securities law, the date the Company is required to give notice
of the record or payment date of such interest payment to any applicable self-regulatory organization or to holders of the Junior Subordinated Notes. 
  
 (c)  The quarter in which any notice is given pursuant to paragraphs (a) or (b) of this Section 4.2 shall be counted as one of the 20 consecutive
quarters permitted in the maximum Extension Period permitted under Section 4.1. 
  
 ARTICLE V 
  
 REMEDIES; DIRECT ACTION 
  
 5.1  Events of Default.    Section 501(5) of the Base Indenture is amended and supplemented with respect to Securities issued under the Indenture on or after the date hereof by deleting
the word “or” at the end of Section 501(5) and adding the following: 
  
 “unless the Trustee, or the
Trustee and the Holders of a principal amount of Junior Subordinated Notes not less than the principal amount of Junior Subordinated Notes the Holders of which gave such notice, as the case may be, shall agree in writing to an extension of such
period prior to its expiration; provided, however, that the Trustee or the Trustee and the Holders of such principal amount of Junior Subordinated Notes, as the case may be, shall be deemed to have agreed to an extension of such period if corrective
action is initiated by the Company within such period and is being diligently pursued; or” 
  
 5.2  Direct Action.    Article Five of the Base Indenture is amended and supplemented, with respect to Securities issued under the Indenture on or after the date hereof, to add a new Section 516,
which reads in its entirety as follows: 
  
 Section 516.  Direct
Action. 
  
 In the case of Junior Subordinated Notes of a series issued to a
Securities Trust, any holder of preferred securities that are part of the corresponding series of Trust Securities issued by such Securities Trust shall have the right, upon the occurrence of an Event of Default described in Sections 501 (1)-(3) of
the Base Indenture with respect to such Junior Subordinated Notes, to institute a suit directly against the Company (a “Direct Action”) for enforcement of payment to such holder of principal of (including premium, if any) and interest
(including any Additional Interest) on such Junior Subordinated Notes having a principal amount equal to the aggregate liquidation amount of such preferred securities of the corresponding series held by such holder. Notwithstanding any payments made
to a holder of such preferred securities by the Company pursuant to a Direct Action initiated by such holder, the Company shall remain obligated to pay the principal of or interest due on such Junior Subordinated Notes, and 
 

 10 

 the Company shall be subrogated to the rights of the holder of such preferred securities with respect to payments on the
preferred securities to the extent of any payments made by the Company to such holder in any Direct Action. 
  
 ARTICLE VI

  
 SATISFACTION AND DISCHARGE 
  
 6.1  Satisfaction and Discharge, Unclaimed Moneys.    Article Four of the Base Indenture is amended and supplemented with respect to
Securities issued under the Indenture on or after the date hereof by deleting Article Four of the Base Indenture in its entirety, and substituting the following in lieu thereof: 
  
 ARTICLE FOUR 
  
 SATISFACTION AND DISCHARGE OF

 INDENTURE, UNCLAIMED MONEYS 
  
 Section 401.  Satisfaction and Discharge of Indenture. 
  
 If (a) the Company shall deliver to the Trustee for cancellation all Junior Subordinated Notes of any series theretofore authenticated (other than any (i) Junior Subordinated Notes of such series which shall have been destroyed, lost
or stolen and which shall have been replaced or paid as provided in Section 304 and (ii) Junior Subordinated Notes of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) and not theretofore canceled, or (b) all the Junior Subordinated Notes of such series not theretofore canceled or delivered to the Trustee for cancellation
shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the
Company shall deposit with the Trustee as trust funds the entire amount sufficient to pay at Maturity or upon redemption all of such Junior Subordinated Notes not theretofore canceled or delivered to the Trustee for cancellation, including principal
and any interest due or to become due to such date of Maturity or redemption date, as the case may be, and if in either case the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to Junior
Subordinated Notes of such series, then this Indenture shall cease to be of further effect with respect to Junior Subordinated Notes of such series, (except as to (i) remaining rights of registration of transfer, conversion, substitution and
exchange and the Company’s right of optional redemption of Junior Subordinated Notes of such series, (ii) rights hereunder of holders to receive payments of principal of, and any interest on, the Junior Subordinated Notes of such series, and
other rights, duties and obligations of the holders of Junior Subordinated Notes of such series as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee, and (iii) the rights, obligations and immunities of the
Trustee hereunder), and the Trustee, on demand of the Company, and at the cost and expense of the Company, shall execute proper instruments acknowledging 
 

 11 

 satisfaction of and discharging this Indenture with respect to the Junior Subordinated Notes of such series. The Company
hereby agrees to compensate the Trustee for any services thereafter reasonably and properly rendered and to reimburse the Trustee for any costs or expenses theretofore and thereafter reasonably and properly incurred by the Trustee in connection with
this Indenture or the Junior Subordinated Notes of such series. Notwithstanding the satisfaction and discharge of this Indenture with respect to the Junior Subordinated Notes of any or all series, the obligations of the Company to the Trustee under
Section 607, the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with the Trustee pursuant to clause (b) of this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive. 
  
 If, subsequent to the date a discharge is effected
pursuant to this Section 401, Additional Interest or Additional Tax Sums (in excess of that established as of the date such discharge is effected) become payable in respect of the series of Junior Subordinated Notes discharged, in order to preserve
the benefits of the discharge established hereunder, the Company shall irrevocably deposit or cause to be irrevocably deposited in accordance with the provisions of this Section 401, within ten Business Days prior to the date the first payment in
respect of any portion of such excess Additional Interest or Additional Tax Sums become due, such additional funds as are necessary to satisfy the provisions of this Section 401 as if a discharge were being effected as of the date of such subsequent
deposit. Failure to comply with the requirements of this paragraph shall result in the termination of the benefits of the discharge established by this Section 401. 
  
 Section 402.  Application by Trustee of Funds Deposited for Payment of Securities. 
  
 Subject to the provisions of the last paragraph of Section 1003, all moneys deposited with the Trustee pursuant to Section 401 shall be held in trust and
applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the holders of the particular Junior Subordinated Notes of such series, for the payment or redemption of which such
moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest. 
  
 ARTICLE VII 
  
 ADDITIONAL COVENANT 
  
 7.1  Additional Tax Sums.    Article Ten of the Base Indenture is amended and supplemented with respect to Securities issued under the
Indenture on or after the date hereof by adding the following Section 1009: 
  
 Section
1009.  Additional Tax Sums. 
  
 In the case of the Junior
Subordinated Notes of a series issued to a Securities Trust, so long as no Event of Default has occurred and is continuing and except as otherwise specified as contemplated by Article Two or Section 301, in the event that (i) a Securities Trust is
the holder of all of the Outstanding Junior Subordinated Notes of such 
 

 12 

 series, (ii) a Tax Event in respect of such Securities Trust shall have occurred and be continuing and (iii) the Company
shall not have (a) redeemed the Junior Subordinated Notes of such series or (b) terminated such Securities Trust pursuant to the termination provisions of the related Trust Agreement, the Company shall pay to such Securities Trust (and any permitted
successor or assign under the related Trust Agreement) for so long as such Securities Trust (or its permitted successor or assignee) is the registered holder of any Junior Subordinated Notes of such series, such additional amounts as may be
necessary in order that the amount of distributions then due and payable by such Securities Trust on the related Trust Securities that at any time remain outstanding in accordance with the terms thereof shall not be reduced as a result of any
additional taxes, duties and other governmental charges to which such Securities Trust has become subject as a result of such Tax Event (but not including withholding taxes imposed on holders of such Trust Securities) (the “Additional Tax
Sums”). Whenever in this Indenture or the Junior Subordinated Notes there is a reference in any context to the payment of principal of or interest on the Junior Subordinated Notes, such reference shall be deemed to include payment of the
Additional Tax Sums provided for in this paragraph to the extent that, in such context, Additional Tax Sums are, were or would be payable in respect thereof pursuant to the provisions of this Section and express reference to the payment of
Additional Tax Sums (if applicable) in any provisions hereof shall not be construed as excluding Additional Tax Sums in those provisions hereof where such express reference is not made; provided, however, that the deferral of the payment of interest
pursuant to the terms of any series of Junior Subordinated Notes shall not defer the payment of any Additional Tax Sums that may be then due and payable with respect to such series. 
  
 7.2  Subordination.    All references to Senior Indebtedness in the Base Indenture, to the extent relating to any Securities issued
under the Indenture on or after the date hereof, shall have the meaning assigned to that term in Section 1.1 hereof. 
  
 ARTICLE VIII 
  
 EXPENSES 
  
 8.1  Payment of Expenses.    In connection with the offering, sale and issuance of the Junior Subordinated Notes to the Property
Trustee and in connection with the offering, sale and issuance of the Trust Preferred Securities by the Trust, the Company, in its capacity as borrower with respect to the Junior Subordinated Notes, shall: 
  
 (a)  pay all costs and expenses relating to the offering, sale and issuance of the Junior Subordinated Notes,
including commissions to the Underwriters payable pursuant to the Underwriting Agreement and compensation of the Trustee under the Indenture in accordance with the provisions of Section 607 of the Base Indenture; 
  
 (b)  pay all costs and expenses of the Trust (including, but not limited to, costs and expenses relating to the
organization of the Trust, the fees and expenses of the Property Trustee and the Delaware Trustee, the costs and expenses relating to the operation of the Trust, including without limitation, costs and expenses of accountants, attorneys, statistical
or bookkeeping services, expenses for printing and engraving and computing or accounting 
 

 13 

 equipment, paying agent(s), registrar(s), transfer agent(s), duplicating, travel and telephone and other
telecommunications expenses and costs and expenses incurred in connection with the acquisition, financing, and disposition of Trust assets); 
  
 (c)  pay all costs and expenses related to the enforcement by the Property Trustee of the rights of the registered holders of the Trust Preferred Securities; 
  
 (d)  be primarily liable for any indemnification obligations arising with respect to the Trust Agreement and the
Underwriting Agreement; and 
  
 (e)  pay any and all taxes and all liabilities, costs and
expenses with respect to such taxes of the Trust (but not including withholding taxes imposed on holders of Trust Preferred Securities or Common Securities of the Trust). 
  
 8.2  Payment Upon Resignation or Removal.    Upon termination of this Second Supplemental Indenture or the Base Indenture or the
removal or resignation of the Trustee pursuant to Section 610 of the Base Indenture, the Company shall pay to the Trustee all amounts owed to it under Section 607 of the Base Indenture accrued to the date of such termination, removal or resignation.
Upon termination of the Trust Agreement or the removal or resignation of the Delaware Trustee or the Property Trustee, as the case may be, pursuant to Section 6.6 of the Trust Agreement, the Company shall pay to the Delaware Trustee or the Property
Trustee, and their respective counsel, as the case may be, all amounts owed to them under Sections 4.2 and 9.4(b) of the Trust Agreement accrued to the date of such termination, removal or resignation. 
  
 ARTICLE IX 
  
 FORM OF JUNIOR SUBORDINATED NOTE 
  
 9.1  Form of Junior Subordinated
Notes.    The Junior Subordinated Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the form attached hereto as Exhibit A. 
  
 ARTICLE X 
  
 ORIGINAL ISSUE OF JUNIOR SUBORDINATED NOTES 
  
 10.1  Original Issue of Junior
Subordinated Notes.    Junior Subordinated Notes in the initial aggregate principal amount of up to $396,907,225 may be executed by the Company and delivered to the Trustee for authentication by it in accordance with a
Company Order, and the Trustee shall thereupon authenticate and deliver said Junior Subordinated Notes without any further corporate action by the Company. Additional Junior Subordinated Notes without limitation as to amount, and without the consent
of the holders of the then Outstanding Junior Subordinated Notes, may also be authenticated and delivered in the manner provided in Section 302 of the Base Indenture. Any such additional Junior Subordinated Notes will have the same Stated Maturity
and other terms as those initially issued. 
 

 14 

  
 ARTICLE XI 
  
 MISCELLANEOUS 
  
 11.1  Ratification of Indenture; Second Supplemental Indenture Controls.    The Indenture, as supplemented by this Second Supplemental Indenture, is in all respects ratified and confirmed, and
this Second Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. The provisions of this Second Supplemental Indenture shall supersede the provisions of the Indenture to the extent
the Indenture is inconsistent herewith. 
  
 11.2  Trustee Not Responsible for
Recitals.    The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or
sufficiency of this Second Supplemental Indenture. 
  
 11.3  Governing
Law.    This Second Supplemental Indenture and each Junior Subordinated Note shall be governed by and construed in accordance with the internal laws of the State of New York. 
  
 11.4  Separability.    In case any one or more of the provisions contained in this Second
Supplemental Indenture or in the Junior Subordinated Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Second
Supplemental Indenture or of the Junior Subordinated Notes, but this Second Supplemental Indenture and the Junior Subordinated Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or
therein. 
  
 11.5  Counterparts.    This Second Supplemental Indenture may be
executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 
  
 

 15 

  
 IN WITNESS WHEREOF, the parties hereto have caused this Second
Supplemental Indenture to be duly executed as of the date first above written. 
  
 
	 VIRGINIA ELECTRIC AND POWER COMPANY

	 
	 By:
 	 	 

	  	 	 Name:
 
	  	 	 Title:
 

 
  
 
	 JPMORGAN CHASE BANK, as Trustee
 
	 
	 By:
 	 	 

	  	 	 Name:
 
	  	 	 Title:
 

 
 

 16 

  
 EXHIBIT A 
  
 (FORM OF FACE OF JUNIOR SUBORDINATED NOTE) 
  
 [THIS JUNIOR SUBORDINATED NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS JUNIOR SUBORDINATED NOTE IS EXCHANGEABLE
FOR JUNIOR SUBORDINATED NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS JUNIOR SUBORDINATED NOTE (OTHER THAN A TRANSFER OF THIS
JUNIOR SUBORDINATED NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

 
 UNLESS THIS JUNIOR SUBORDINATED NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY JUNIOR SUBORDINATED NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]* 
  
 THE JUNIOR SUBORDINATED NOTES EVIDENCED HEREBY WILL BE ISSUED, AND MAY BE TRANSFERRED, ONLY IN
BLOCKS HAVING A PRINCIPAL AMOUNT OF $25 OR ANY INTEGRAL MULTIPLE THEREOF. ANY TRANSFER, SALE OR OTHER DISPOSITION OF SUCH JUNIOR SUBORDINATED NOTES IN A BLOCK IN A DENOMINATION OTHER THAN AN AUTHORIZED DENOMINATION SHALL BE DEEMED TO BE VOID AND OF
NO LEGAL EFFECT WHATSOEVER. ANY SUCH TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH JUNIOR SUBORDINATED NOTES FOR ANY PURPOSE, INCLUDING BUT NOT LIMITED TO THE RECEIPT OF PAYMENTS IN RESPECT OF SUCH JUNIOR SUBORDINATED NOTES, AND SUCH
TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH JUNIOR SUBORDINATED NOTES. 
 

	*
	 
	Insert in Global Junior Subordinated Notes. 
 

 

 17 

  
 VIRGINIA ELECTRIC AND POWER COMPANY 
  
 7.375% JUNIOR SUBORDINATED NOTE 
 DUE JULY 30,
2042 
  
 
	 NUMBER
 	 	 [up to] 1 $                        
 
	  	 	  
	 Dated:
 	 	 CUSIP
NO:                                        
    ]
 
	  	 	  

 
  
 Registered Holder: 
  
 VIRGINIA ELECTRIC AND POWER COMPANY, a corporation duly organized and existing under the laws of the Commonwealth of Virginia (herein
referred to as the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to the Registered Holder named above, the principal sum [of
                                        
     Dollars($                ))]2 [specified in the Schedule annexed hereto]3 on July 30, 2042, in such coin or
currency of the United States of America as at the time of payment is legal tender for the payment of public and private debt. The Company further promises to pay to the registered Holder hereof as hereinafter provided (a) interest on said principal
sum (subject to deferral as set forth herein) at the rate per annum specified in the title of this junior subordinated note (the “Junior Subordinated Note”), in like coin or currency, quarterly in arrears on each January 30, April 30, July
30 and October 30 (each an “Interest Payment Date”) commencing October 30, 2002, from the Interest Payment Date next preceding the date hereof to which interest has been paid or duly provided for (unless (i) no interest has yet been paid
or duly provided for on this Junior Subordinated Note, in which case from August 23, 2002, or (ii) the date hereof is before an Interest Payment Date but after the related Record Date (as defined below), in which case from such following Interest
Payment Date; provided, however, that if the Company shall default in payment of the interest due on such following Interest Payment Date, then from the next preceding Interest Payment Date to which interest has been paid or duly provided for),
until the principal hereof is paid or duly provided for, plus (b) Additional Interest, as defined in the Indenture, to the extent permitted by applicable law, on any interest payment that is not made on the applicable Interest Payment Date, which
shall accrue at the rate per annum specified in the title of this Junior Subordinated Note, compounded quarterly. 
  
 The interest so payable will, subject to certain exceptions provided in the Indenture hereinafter referred to, be paid to the person in whose name this Junior Subordinated Note is registered at the close of business on the Record
Date next preceding such Interest Payment Date. The Record Date shall be the Business Day next preceding the Interest Payment Date, unless this Junior Subordinated Note is registered to a holder other than the Property Trustee or a nominee of The
Depository Trust Company, in which case the Record Date will be the fifteenth 
 

	1
	 
	Insert in Global Junior Subordinated Notes. 
 

	2
	 
	Insert in all Junior Subordinated Notes other than Global Junior Subordinated Notes. 
 

	3
	 
	Insert in Global Junior Subordinated Notes. 
 

 

 18 

 
calendar day preceding such Interest Payment Date whether or not a Business Day. This Junior Subordinated Note may be presented for payment of principal and interest at the principal corporate
trust office of JPMorgan Chase Bank, as paying agent for the Company, maintained for that purpose in the Borough of Manhattan, The City of New York; provided, however, that payment of interest may be made at the option of the Company (i) by check
mailed to such address of the person entitled thereto as the address shall appear on the Security Register of the Junior Subordinated Notes or (ii) by transfer to an account maintained by the Person entitled thereto as specified in the Security
Register, provided that proper transfer instructions have been received by the Record Date. Interest on the Junior Subordinated Note will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 So long as no Event of Default has occurred and is continuing, the Company shall have the right at any time during the term of this Junior
Subordinated Note from time to time to defer payment of interest on this Junior Subordinated Note, for up to 20 consecutive quarterly interest payment periods with respect to each deferral period (each an “Extension Period”), during which
Extension Periods the Company shall have the right to make partial payments of interest on any Interest Payment Date; provided, however, that no Extension Period shall end on a date other than an Interest Payment Date or extend beyond July 30, 2042.
At the end of each Extension Period, the Company shall pay all interest then accrued and unpaid (together with any Additional Interest, if applicable, thereon to the extent permitted by applicable law, and Additional Tax Sums, if applicable). During
any such Extension Period, the Company shall not, and shall cause any Subsidiary of the Company not to, (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the
Company’s Capital Stock (which includes Common Stock and preferred stock) or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank on a parity with
or junior to this Junior Subordinated Note or make any guarantee payments with respect to any Guarantee or other guarantee by the Company of the debt securities of any Subsidiary of the Company that by its terms ranks on a parity with or junior to
this Junior Subordinated Note (other than (a) dividends or distributions in Common Stock, (b) any declaration of a dividend in connection with the implementation of a Rights Plan, the issuance of any Capital Stock or any class or series of preferred
stock of the Company under any Rights Plan or the redemption or repurchase of any rights distributed pursuant to a Rights Plan, (c) payments under any Guarantee relating to the Trust Preferred Securities issued by the Trust and (d) purchases of
Common Stock related to the issuance of Common Stock or rights under any of the Company’s benefit plans for its directors, officers, employees, consultants or advisors). Prior to the termination of any such Extension Period, the Company may
further extend such Extension Period; provided, however, that no Extension Period shall exceed 20 consecutive quarterly periods or extend beyond July 30, 2042. At any time following the termination of any Extension Period and the payment of all
accrued and unpaid interest (together with any Additional Interest and Additional Tax Sums, if applicable) then due, the Company may elect to begin a new Extension Period, subject to the above requirements. No interest shall be due and payable
during an Extension Period except at the end thereof. If the Property Trustee is the only registered holder of the Junior Subordinated Notes of this series, the Company shall give written notice to the Property Trustee and the Trustee of its
election to begin or extend any Extension Period at least five Business Days prior to the earlier of (i) the next succeeding date on which Distributions on the Trust Preferred Securities issued by the relevant Securities Trust would have been
payable but for the election to begin or extend such Extension Period or (ii) the 
 

 19 

 
date the Administrative Trustees are required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Trust Preferred Securities of the
record date or the date such Distributions are payable, but in any event not less than five Business Days prior to such record date. An Administrative Trustee shall give notice of the Company’s election to begin or extend an Extension Period to
the holders of such Trust Preferred Securities. If the Property Trustee is not the only holder of the Junior Subordinated Notes of this series at the time the Company elects to begin or extend an Extension Period, the Company shall give the holders
of the Junior Subordinated Notes of this series and the Trustee written notice of its election to begin or extend such Extension Period at least 10 Business Days prior to the earlier of (i) the next succeeding Interest Payment Date or (ii) the date
the Company is required to give notice of the record or payment date of such interest payment to any applicable self-regulatory organization or to holders of the Junior Subordinated Notes of this series. 
  
 The quarter in which any notice is given pursuant to the preceding paragraph shall be counted as one of the 20 consecutive quarters
permitted in the maximum Extension Period. 
  
 This Junior Subordinated Note is issued pursuant to an
Indenture, dated as of August 1, 1995 between the Company, as issuer, and JPMorgan Chase Bank (formerly known as Chemical Bank), a New York banking corporation, as trustee, as supplemented by a First Supplemental Indenture dated as of August 1, 1995
and a Second Supplemental Indenture dated as of August 1, 2002 (as supplemented or amended from time to time, the “Indenture”). Reference is made to the Indenture for a description of the respective rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company and the Holders (the word “Holder” or “Holders” meaning the registered holder or registered holders) of the Junior Subordinated Note. Capitalized terms
used herein but not defined herein shall have the respective meanings assigned thereto in the Indenture. By acceptance of this Junior Subordinated Notes, the Holder hereof agrees to be bound by the provisions of the Indenture. 

 
 The Junior Subordinated Notes of this series shall have an initial aggregate principal amount of Three Hundred Ninety-Six
Million Nine Hundred Seven Thousand Two Hundred Twenty-Five Dollars ($396,907,225). 
  
 The Junior Subordinated Notes
evidenced by this Certificate may be transferred or exchanged only in minimum denominations of $25 and integral multiples of $25 in excess thereof, and any attempted transfer, sale or other disposition of Junior Subordinated Notes in a denomination
other than an authorized denomination shall be deemed to be void and of no legal effect whatsoever. 
  
 The
indebtedness of the Company evidenced by this Junior Subordinated Note, including the principal hereof and interest hereon, is, to the extent and in the manner set forth in the Indenture, subordinate and junior in right of payment to the
Company’s obligations to Holders of Senior Indebtedness of the Company and each Holder of this Junior Subordinated Note, by acceptance hereof, agrees to and shall be bound by such provisions of the Indenture and all other provisions of the
Indenture. 
 

 20 

  
 This Junior Subordinated Note shall not be valid or become obligatory for any
purpose until the certificate of authentication hereon shall have been signed by or on behalf of the Trustee under the Indenture. 
  
 IN WITNESS WHEREOF, VIRGINIA ELECTRIC AND POWER COMPANY has caused this instrument to be signed, manually or in facsimile, by its Chairman of the Board, or its President, or any Vice President under the corporate seal of Virginia
Electric and Power Company attested by its Corporate Secretary or an Assistant Corporate Secretary 
  
  
 
	  	 	  	 	 VIRGINIA ELECTRIC AND POWER
COMPANY
 
	 
	 [SEAL]
 	 	  	 	 By:
 	 	 

	  	 	  	 	  	 	 Name:
 Title:
 
	 Attest:
 	 	  	 	  	 	  

 
  
  
 
	 
	 By:
 	 	 

	  	 	 Name:
 Title: [Assistant] Corporate Secretary
 

 
  
  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
  
 This is one of the Securities, of the series designated herein, referred to in the
within-mentioned Indenture. 
  
 
	 JPMORGAN CHASE BANK, as Trustee
 
	 
	 By:
 	 	 

	  	 	 Authorized Officer
 

 
 

 21 

  
 REVERSE OF JUNIOR SUBORDINATED NOTE 
  
 As provided in and subject to the provisions in the Indenture, the Company shall have the right to redeem this Junior Subordinated Note,
in whole or in part, at any time on or after August 23, 2007 at the Optional Redemption Price. In addition, upon the occurrence and during the continuation of a Special Event, the Company may, at its option, within 90 days of the occurrence of such
Special Event, redeem this Junior Subordinated Note in whole (but not in part) at the Special Event Redemption Price. 
  
 In the case an Event of Default, as defined in the Indenture, with respect to the Junior Subordinated Notes of this series shall have occurred and be continuing, the principal of all of the Junior Subordinated Notes of this series
may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 
  
 Any consent or waiver by the Holder of this Junior Subordinated Note given as provided in the Indenture shall be conclusive and binding upon such Holder and upon all future Holders of this Junior
Subordinated Note and of any Junior Subordinated Note issued in exchange, registration of transfer, or otherwise in lieu hereof irrespective of whether any notation of such consent or waiver is made upon this Junior Subordinated Note or such other
Junior Subordinated Notes. No reference herein to the Indenture and no provision of this Junior Subordinated 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 Junior Subordinated Note, at the places, at the respective times, at the rate and in the coin or currency herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Junior Subordinated Note may be registered on the Security Register of the Junior Subordinated
Notes of this series upon surrender of this Junior Subordinated Note for registration of transfer at the offices maintained by the Company or its agent for such purpose, duly endorsed by the Holder hereof or his attorney duly authorized in writing,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, but without payment of any charge other than a sum
sufficient to reimburse the Company for any tax or other governmental charge incident thereto. Upon any such registration of transfer, a new Junior Subordinated Note or Junior Subordinated Notes of this series of authorized denomination or
denominations for the same aggregate principal amount will be issued to the transferee in exchange herefor. 
  
 Prior
to due presentment for registration of transfer of this Junior Subordinated Note, the Company, the Trustee, and any agent of the Company or the Trustee may deem and treat the person in whose name this Junior Subordinated Note shall be registered
upon the Security Register of the Junior Subordinated Notes of this series as the absolute owner of this Junior Subordinated Note (whether or not this Junior Subordinated Note shall be overdue and notwithstanding any notation of ownership or other
writing hereon) for the purpose of receiving payment of or on account of the principal hereof and, subject to the provisions on the face 
 

 22 

 
hereof, interest due hereon and for all other purposes; and neither the Company nor the Trustee nor any such agent shall be affected by any notice to the contrary. 
  
 No recourse shall be had for the payment of the principal of or interest on this Junior Subordinated Note, or for any claim based hereon
or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any stockholder, officer, director or employee, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as a part of
the consideration for the issue hereof, expressly waived and released. 
  
 The Company and, by acceptance of this
Junior Subordinated Note or a beneficial interest in this Junior Subordinated Note, each holder hereof and any person acquiring a beneficial interest herein, agree that for United States federal, state and local tax purposes it is intended that this
Junior Subordinated Note constitute indebtedness. 
  
 This Junior Subordinated Note shall be governed by, and
construed in accordance with, the internal laws of the State of New York. 
 

 23 

  
 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 Junior Subordinated Note and all rights thereunder,
hereby irrevocably constituting and appointing 
  
                                      
                                        
                                        
                                        
                                        
                     
  
                                      
                                        
                                        
                                        
                                        
                     
  
                                      
                                        
                                        
                                        
                                        
                     
  
  
                                      
                                        
                                        
                                        
                                        
                     
  
                                      
                                        
                                        
                                        
                                        
                     
  
                                      
                                        
                                        
                                        
                                        
                     
  
  
 agent to transfer said Junior Subordinated 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.

 

 24 

  
 [FORM OF SCHEDULE FOR ENDORSEMENTS ON GLOBAL NOTES AND 
 NOTES ISSUED TO THE PROPERTY TRUSTEE TO REFLECT 
 CHANGES IN PRINCIPAL AMOUNT]*

  
 The initial principal amount of this Note is:
$                     
  
 Changes to Principal Amount of Global Note and Note issued to the Property Trustee 
  
 
	 Date
 
	    	 Principal Amount by which this
 Note is to be Decreased or
 Increased and the Reason for
 the Decrease or Increase
 
	    	 Remaining
 Principal Amount
 of this Note
 
	    	 Signature of
 Authorized
 Officer of Trustee
 

	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  
	  	    	  	    	  	    	  

 
 

	*
	 
	Insert Schedule in Global Notes and Notes issued to the Property Trustee. 
 

 

 25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]