Document:

Document

Exhibit 4.1
Wisconsin Power and Light Company
OFFICERS’ CERTIFICATE
Dated as of August 15, 2022

			
	

Setting Forth Terms of a Series of Debt Securities
3.950% Debentures due 2032
			
	

Pursuant to the Indenture
Dated as of June 20, 1997

OFFICERS’ CERTIFICATE
August 15, 2022
The undersigned, the Executive Vice President and Chief Financial Officer and the Treasurer of Wisconsin Power and Light Company, a Wisconsin corporation (the “Company”), hereby certify as provided below pursuant to Section 2.01 of the Indenture, dated as of June 20, 1997 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as successor trustee to Wells Fargo Bank, National Association (the “Trustee”).  This Officers’ Certificate, dated August 15, 2022, is delivered, pursuant to authority granted to the undersigned by resolutions adopted on February 11, 2022 by the Board of Directors of the Company, for the purpose of creating and setting forth the terms of a series of Securities to be issued pursuant to the Indenture. Capitalized terms not otherwise defined herein are used as defined in the Indenture.
1.The Board of Directors of the Company has authorized the creation by the Company of one or more series of Securities under the Indenture through one or more Officers’ Certificates, and pursuant to such authorization and in accordance with the Indenture this Officers’ Certificate is being delivered to the Trustee to establish the terms of a series of Securities as set forth therein and herein.
2.The title of the Securities shall be “3.950% Debentures due 2032” (herein called the “Debentures”).
3.The aggregate principal amount of the Debentures which may be authenticated and delivered under the Indenture shall be $600,000,000, except for Debentures authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debentures as provided in Sections 2.07, 2.08, 2.13 or 9.06 of the Indenture and except for Debentures which, pursuant to Section 2.02 of the Indenture, are deemed never to have been authenticated and delivered thereunder.  Notwithstanding the foregoing limit on the aggregate principal amount of the Debentures, the Debentures may be reopened in accordance with Section 2.01 of the Indenture.
4.Subject to earlier redemption, the principal of the Debentures shall be payable in U.S. dollars on September 1, 2032.
5.The Debentures shall bear interest at the rate of 3.950% per annum; such interest shall accrue from August 15, 2022 (or from the most recent interest payment date to which interest on the Debentures has been paid or provided for); the interest payment dates on which such interest shall be payable shall be March 1 and September 1 in each year, commencing March 1, 2023; the regular record dates for the determination of Holders to whom interest is payable shall be the fifteenth calendar day (whether or not a Business Day) before each interest payment date. Interest on the Debentures shall be payable in U.S. dollars.
6.Pursuant to the Indenture, the Trustee has been appointed as the Registrar for the Debentures.  The Trustee is hereby further appointed as the initial Paying Agent and Transfer Agent of the Debentures.  The principal of and interest on the Debentures shall be payable at the office of the Paying Agent, which shall initially be located in Saint Paul, Minnesota.  The transferor of any Debenture shall provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.
7.The Debentures shall not be subject to any sinking fund and shall not be repurchasable or redeemable at the option of a Holder.  The Debentures shall be issuable as Registered Securities and shall not be exchangeable for Bearer Securities.
8.At any time or from time to time prior to June 1, 2032 (three months prior to maturity) (the “Par Call Date”), the Debentures shall be redeemable as a whole or in part, at the option of the Company, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (i) 100% of the principal amount of such Debentures and (ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Debentures matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest accrued to the redemption date, plus, in either case, accrued and unpaid interest, if any, to, but excluding, the date of redemption; provided, however, that installments of interest on Debentures due on an interest payment date which occurs on or before any redemption date shall be payable to the 
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Holders of such Debentures who were registered Holders as of the close of business on the record date immediately preceding such interest payment date. 
9.At any time on or after the Par Call Date, the Debentures will be redeemable as a whole or in part, at the Company’s option, at a redemption price equal to 100% of the principal amount of the Debentures to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that installments of interest on Debentures due on an interest payment date which occurs on or before any redemption date shall be payable to the Holders of such Debentures who were registered Holders as of the close of business on the record date immediately preceding such interest payment date.
10.The terms defined below shall, for all purposes of the Debentures under the Indenture and this Officers’ Certificate, have the meanings specified, unless the context clearly otherwise requires or unless otherwise indicated:
“Treasury Rate” means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs. 
The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.
If on the third business day preceding the redemption date H.15 or any successor designation or publication is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 
The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. 
11.Section 4.07 of the Indenture shall apply to the Debentures.
12.Defeasance and covenant defeasance under Article 8 of the Indenture shall be applicable to the Debentures.
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13.The Debentures shall initially be issued in whole in the form of one or more global Securities.  The Depository Trust Company (“DTC”), a clearing agency registered under the Securities Exchange Act of 1934, as amended, shall initially serve as the depositary for such global Security or Securities.  For so long as DTC shall be the depositary, all Debentures shall be registered in its name or in the name of a nominee thereof.  While the Debentures are evidenced by one or more global Securities, the depositary or its nominee, as the case may be, shall be the sole Holder thereof for all purposes under the Indenture.  Neither the Company nor the Trustee shall have any responsibility or the obligation to the depositary’s participants or the beneficial owners for whom they act with respect to their receipt from the depositary of payments on the Debentures or notices given under the Indenture.  The global Security or Securities provided for hereunder shall bear such legend or legends as may be required from time to time by the depositary.  The Debentures shall not have the Company’s seal reproduced on them.
14.Except as hereinafter described, Debentures in definitive form will not be issued.  Notwithstanding the foregoing, in the event the Company decides to discontinue the use of global Securities, any Event of Default has occurred and is continuing or DTC is at any time unwilling, unable or ineligible to continue as depositary, and a successor depositary is not appointed by the Company within 90 days, the Company shall issue individual Debentures in certificated form to owners of “book-entry” ownership interests in exchange for the Debentures held by DTC or its nominee, as the case may be.  In such instance, an owner of a “book-entry” ownership interest will be entitled to physical delivery of certificates equal in principal amount to such “book-entry” ownership interest and to have such certificates registered in its name.  Individual certificates so issued will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  In connection with any proposed exchange of a certificated Debenture for a global Security, the Company or DTC shall be required to provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045.  The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.
15.Additional terms regarding the Debentures are as set forth in the forms of the Debentures set forth below.
16.The forms of the Debentures shall be substantially as follows on Exhibits A-1 and A-2:

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EXHIBIT A-1

This Debenture 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 Debenture is exchangeable for Debentures registered in the name of a person other than the depositary or its nominee only in the limited circumstances described in the Indenture and/or the Officers’ Certificate establishing the Debentures and may not be transferred except as a whole by the depositary to a nominee of the depositary or by a nominee of the depositary to the depositary or another nominee of the depositary.
Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

						
	No. R-1	$500,000,000

WISCONSIN POWER AND LIGHT COMPANY
3.950% Debentures due 2032
CUSIP 976826 BQ9; ISIN: US976826BQ93
WISCONSIN POWER AND LIGHT COMPANY
promises to pay to Cede & Co. 
or registered assigns
the principal sum of FIVE HUNDRED MILLION DOLLARS on September 1, 2032
Interest Payment Dates: March 1 and September 1
Dated: August 15, 2022
															
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION		WISCONSIN POWER AND LIGHT COMPANY
	Trustee, Transfer Agent and Paying Agent			
			By:	
	Date Authenticated:
			Name: Robert J. Durian
Title: Executive Vice President and Chief Financial Officer

					
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
Registrar
			
			By:	
	By:				Name:  Melissa Kehoe
Title:  Treasurer

		Authorized Signatory			

Exhibit A-1-1

WISCONSIN POWER AND LIGHT COMPANY 
3.950% Debentures due 2032

Interest.  Wisconsin Power and Light Company (the “Company”), a Wisconsin corporation, promises to pay interest on the principal amount of this Security (as defined herein) at the rate per annum shown above.  The Company will pay interest semi-annually in arrears, on March 1 and September 1 of each year, commencing March 1, 2023.  Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from August 15, 2022.  Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
Record Date.  The interest payable, and punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture, be paid to the Person in whose name this Debenture is registered at the close of business, on the regular record date for such interest, which shall be on the fifteenth calendar day (whether or not a Business Day) before each interest payment date. 
Method of Payment.  The Company will pay interest on the Securities to the persons who are registered holders of Securities at the close of business on the record date for the next interest payment date, except as otherwise provided in the Indenture.  Holders must surrender Securities to a Paying Agent to collect principal payments.  The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts.  The Company may pay principal and interest by check payable in such money.  It may mail an interest check to a holder’s registered address. 
Securities Agents.  Initially, U.S. Bank Trust Company, National Association will act as Paying Agent, Transfer Agent and Registrar.  The Company may change any Paying Agent or Transfer Agent without notice.  The Company or any Affiliate may act in any such capacity.  Subject to certain conditions, the Company may change the Trustee. 
Indenture.  The Company issued the securities of this series (individually a “Security” and collectively the “Securities”) under an Indenture, dated as of June 20, 1997 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as Trustee (the “Trustee”).  The terms of the Securities include those stated in the Indenture and in the Officers’ Certificate establishing the Securities and those made part of the Indenture by the Trust Indenture Act of 1939, as amended.  Securityholders are referred to the Indenture, the above-referenced Officers’ Certificate and such Act for a statement of such terms. 
Maturity; Redemption.  The principal on the Securities shall be payable on September 1, 2032.  At any time or from time to time prior to June 1, 2032 (three months prior to their maturity) (the “Par Call Date”), the Securities shall be redeemable as a whole or in part, at the option of the Company, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (i) 100% of the principal amount of such Securities and (ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Debentures matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest accrued to the redemption date, plus, in either case, accrued and unpaid interest, if any, to, but excluding the   redemption date. At any time on or after the Par Call Date, the Securities shall be redeemable as a whole or in part, at the Company’s option, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
Notice of Redemption.  Notice of redemption will be mailed or sent at least 30 days but not more than 60 days before the redemption date to each holder of Securities to be redeemed at his registered address.
Denominations, Transfer, Exchange.  The Securities are in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.  The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture.  The Transfer Agent may require a holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or the Indenture. 
Persons Deemed Owners.  The registered holder of a Security may be treated as its owner for all purposes. 
Exhibit A-1-2

Amendments and Waivers.  Subject to certain exceptions, the Indenture or the Securities may be amended with the consent of the holders of not less than a majority in aggregate principal amount of the securities of all series affected by the amendment.  Subject to certain exceptions, a default on a series may be waived with the consent of the holders of a majority in principal amount of the series. 
Without the consent of any Securityholder, the Indenture or the Securities may be amended, among other things, to cure any ambiguity, defect or inconsistency that does not adversely affect the rights of any Securityholder in any material respect; to provide for assumption of Company obligations to Securityholders; or to make any change that does not adversely affect the rights of any Securityholder in any material respect. 
Restrictive Covenants.  The Securities are unsecured general obligations of the Company limited to $600,000,000 principal amount; provided, however, that the Securities may be reopened for issuance of additional Securities in accordance with Section 2.01 of the Indenture.  The Indenture does not limit other unsecured debt.  Section 4.07 of the Indenture, which limits certain mortgages and other liens, will apply with respect to the Securities.  The limitations are subject to a number of important qualifications and exceptions. 
Successors.  When a successor assumes all the obligations of the Company under the Securities and the Indenture, the Company will be released from those obligations. 
Defeasance Prior to Maturity.  Subject to certain conditions, the Company at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of and interest on the Securities to maturity.  U.S. Government Obligations are securities backed by the full faith and credit of the United States of America or certificates representing an ownership interest in such Obligations. 
Defaults and Remedies.  An Event of Default includes: default for 60 days in payment of interest on the Securities; default in payment of principal on the Securities; default by the Company for a specified period after notice to it in the performance of any of its other agreements applicable to the Securities; and certain events of bankruptcy or insolvency.  If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the Securities may declare the principal of all the Securities to be due and payable immediately. 
Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture.  The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities.  Subject to certain limitations, holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Securityholders notice of any continuing default (except a default in payment of principal or interest) if it determines that withholding notice is in their interests.  The Company must furnish an annual compliance certificate to the Trustee. 
Trustee Dealings with Company.  The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with those persons, as if it were not Trustee. 
No Recourse Against Others.  A director, officer, employee or shareholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Securityholder by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities. 
Authentication.  This Security shall not be valid until authenticated by a manual signature of the Registrar. 
Exhibit A-1-3

Abbreviations.  Customary abbreviations may be used in the name of a Securityholder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), U/G/M/A (=Uniform Gifts to Minors Act), and U/T/M/A (=Uniform Transfers to Minors Act). 
The Company will furnish to any Securityholder upon written request and without charge a copy of the Indenture and the Officers’ Certificate, which contains the text of this Security.  Requests may be made to: Corporate Secretary, Wisconsin Power and Light Company, 4902 North Biltmore Lane, Madison, Wisconsin 53718. 
All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

Exhibit A-1-4

ASSIGNMENT FORM 
To assign this Security, fill in the form below: 
						
	I or we assign and transfer this Security to	
		
		
		
		

(Print or type assignee’s name, address and zip code)
(Insert assignee’s soc. sec. or tax I.D. no.)
and irrevocably appoint                                                                      agent to transfer this Security on the books of the Company.  The agent may substitute another to act for him. 
									
	Date:                           ,          
	Your signature:	
			

(Sign exactly as your name appears on the face of this Security)

Signature Guaranteed: 

			
	

Exhibit A-1-5

EXHIBIT A-2

This Debenture 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 Debenture is exchangeable for Debentures registered in the name of a person other than the depositary or its nominee only in the limited circumstances described in the Indenture and/or the Officers’ Certificate establishing the Debentures and may not be transferred except as a whole by the depositary to a nominee of the depositary or by a nominee of the depositary to the depositary or another nominee of the depositary.
Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

						
	No. R-2	$100,000,000

WISCONSIN POWER AND LIGHT COMPANY
3.950% Debentures due 2032
CUSIP 976826 BQ9; ISIN: US976826BQ93
WISCONSIN POWER AND LIGHT COMPANY
promises to pay to Cede & Co. 
or registered assigns
the principal sum of ONE HUNDRED MILLION DOLLARS on September 1, 2032
Interest Payment Dates: March 1 and September 1
Dated: August 15, 2022
															
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION		WISCONSIN POWER AND LIGHT COMPANY
	Trustee, Transfer Agent and Paying Agent			
			By:	
	Date Authenticated:
			Name: Robert J. Durian
Title: Executive Vice President and Chief Financial Officer

					
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
Registrar
			
			By:	
	By:				Name:  Melissa Kehoe
Title:  Treasurer

		Authorized Signatory			

[Signature Page to WPL Officers’ Certificate Pursuant to the Indenture]

WISCONSIN POWER AND LIGHT COMPANY 
3.950% Debentures due 2032

Interest.  Wisconsin Power and Light Company (the “Company”), a Wisconsin corporation, promises to pay interest on the principal amount of this Security (as defined herein) at the rate per annum shown above.  The Company will pay interest semi-annually in arrears, on March 1 and September 1 of each year, commencing March 1, 2023.  Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from August 15, 2022.  Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
Record Date.  The interest payable, and punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture, be paid to the Person in whose name this Debenture is registered at the close of business, on the regular record date for such interest, which shall be on the fifteenth calendar day (whether or not a Business Day) before each interest payment date. 
Method of Payment.  The Company will pay interest on the Securities to the persons who are registered holders of Securities at the close of business on the record date for the next interest payment date, except as otherwise provided in the Indenture.  Holders must surrender Securities to a Paying Agent to collect principal payments.  The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts.  The Company may pay principal and interest by check payable in such money.  It may mail an interest check to a holder’s registered address. 
Securities Agents.  Initially, U.S. Bank Trust Company, National Association will act as Paying Agent, Transfer Agent and Registrar.  The Company may change any Paying Agent or Transfer Agent without notice.  The Company or any Affiliate may act in any such capacity.  Subject to certain conditions, the Company may change the Trustee. 
Indenture.  The Company issued the securities of this series (individually a “Security” and collectively the “Securities”) under an Indenture, dated as of June 20, 1997 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as Trustee (the “Trustee”).  The terms of the Securities include those stated in the Indenture and in the Officers’ Certificate establishing the Securities and those made part of the Indenture by the Trust Indenture Act of 1939, as amended.  Securityholders are referred to the Indenture, the above-referenced Officers’ Certificate and such Act for a statement of such terms. 
Maturity; Redemption.  The principal on the Securities shall be payable on September 1, 2032.  At any time or from time to time prior to June 1, 2032 (three months prior to their maturity) (the “Par Call Date”), the Securities shall be redeemable as a whole or in part, at the option of the Company, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (i) 100% of the principal amount of such Securities and (ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Debentures matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b) interest accrued to the redemption date, plus, in either case, accrued and unpaid interest, if any, to, but excluding the   redemption date. At any time on or after the Par Call Date, the Securities shall be redeemable as a whole or in part, at the Company’s option, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
Notice of Redemption.  Notice of redemption will be mailed or sent at least 30 days but not more than 60 days before the redemption date to each holder of Securities to be redeemed at his registered address.
Denominations, Transfer, Exchange.  The Securities are in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.  The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture.  The Transfer Agent may require a holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or the Indenture. 
Exhibit A-2-2

Persons Deemed Owners.  The registered holder of a Security may be treated as its owner for all purposes. 
Amendments and Waivers.  Subject to certain exceptions, the Indenture or the Securities may be amended with the consent of the holders of not less than a majority in aggregate principal amount of the securities of all series affected by the amendment.  Subject to certain exceptions, a default on a series may be waived with the consent of the holders of a majority in principal amount of the series. 
Without the consent of any Securityholder, the Indenture or the Securities may be amended, among other things, to cure any ambiguity, defect or inconsistency that does not adversely affect the rights of any Securityholder in any material respect; to provide for assumption of Company obligations to Securityholders; or to make any change that does not adversely affect the rights of any Securityholder in any material respect. 
Restrictive Covenants.  The Securities are unsecured general obligations of the Company limited to $600,000,000 principal amount; provided, however, that the Securities may be reopened for issuance of additional Securities in accordance with Section 2.01 of the Indenture.  The Indenture does not limit other unsecured debt.  Section 4.07 of the Indenture, which limits certain mortgages and other liens, will apply with respect to the Securities.  The limitations are subject to a number of important qualifications and exceptions. 
Successors.  When a successor assumes all the obligations of the Company under the Securities and the Indenture, the Company will be released from those obligations. 
Defeasance Prior to Maturity.  Subject to certain conditions, the Company at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of and interest on the Securities to maturity.  U.S. Government Obligations are securities backed by the full faith and credit of the United States of America or certificates representing an ownership interest in such Obligations. 
Defaults and Remedies.  An Event of Default includes: default for 60 days in payment of interest on the Securities; default in payment of principal on the Securities; default by the Company for a specified period after notice to it in the performance of any of its other agreements applicable to the Securities; and certain events of bankruptcy or insolvency.  If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the Securities may declare the principal of all the Securities to be due and payable immediately. 
Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture.  The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities.  Subject to certain limitations, holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Securityholders notice of any continuing default (except a default in payment of principal or interest) if it determines that withholding notice is in their interests.  The Company must furnish an annual compliance certificate to the Trustee. 
Trustee Dealings with Company.  The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with those persons, as if it were not Trustee. 
No Recourse Against Others.  A director, officer, employee or shareholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Securityholder by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities. 
Authentication.  This Security shall not be valid until authenticated by a manual signature of the Registrar. 
Exhibit A-2-3

Abbreviations.  Customary abbreviations may be used in the name of a Securityholder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), U/G/M/A (=Uniform Gifts to Minors Act), and U/T/M/A (=Uniform Transfers to Minors Act). 
The Company will furnish to any Securityholder upon written request and without charge a copy of the Indenture and the Officers’ Certificate, which contains the text of this Security.  Requests may be made to: Corporate Secretary, Wisconsin Power and Light Company, 4902 North Biltmore Lane, Madison, Wisconsin 53718. 
All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

Exhibit A-2-4

ASSIGNMENT FORM 
To assign this Security, fill in the form below: 
						
	I or we assign and transfer this Security to	
		
		
		
		

(Print or type assignee’s name, address and zip code)
(Insert assignee’s soc. sec. or tax I.D. no.)
and irrevocably appoint                                                                      agent to transfer this Security on the books of the Company.  The agent may substitute another to act for him. 

									
	Date:                           ,          
	Your signature:	
			

(Sign exactly as your name appears on the face of this Security)

Signature Guaranteed: 

			
	

Exhibit A-2-5

IN WITNESS WHEREOF, we have set our hands as of the day and year first above written.
/s/ Robert J. Durian    
Name:  Robert J. Durian
Title:  Executive Vice President and Chief Financial Officer
/s/ Melissa Kehoe    
Name:  Melissa Kehoe
Title:  Treasurer

[Signature Page to WPL Officers’ Certificate Pursuant to the Indenture]HTML Editor

 

Exhibit 10.1

MOBILE INFRASTRUCTURE CORPORATION AND 

MOBILE INFRA OPERATING PARTNERSHIP, L.P.

FORM OF PERFORMANCE UNIT AGREEMENT

 

In consideration of the mutual agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mobile Infra Operating Partnership, L.P., a Maryland limited partnership (the “Partnership”), hereby issues to [______] (the “Participant”), as of [__________], an award (the “Award”) of Performance Units pursuant to the terms of this Performance Unit Agreement (this “Agreement”). The Performance Units constitute Profits Interest Units as defined below.

 

	
			ARTICLE I.

			DEFINITIONS

			

 

The capitalized terms below shall have the following meanings for purposes of this Agreement. Additional defined terms are set forth on Appendix I. Capitalized terms that are used but not defined herein or in Appendix I shall have the meanings given to them in the Partnership Agreement.

 

	 	
			1.1. “Administrator” All Performance Unit Awards made hereunder shall be administered by the Compensation Committee of the Board.  The Administrator may from time to time adopt any rules or procedures it deems necessary or desirable for the proper and efficient administration of Awards, consistent with the terms hereof.  The Administrator’s determinations and interpretations with respect to an Award hereunder and this Agreement shall be final and binding on all parties.

				 

 

	 	
			1.2. “Board” shall mean the Board of Directors of the Company.

				 

 

	 	
			1.3. “Cause” shall have the meaning assigned such term in the employment or similar agreement, if any, between such Participant and the Company or an Affiliate, provided, however that if there is no such agreement in which such term is defined, “Cause” shall mean any of the following acts by the Participant, as determined by the Administrator: gross neglect of duty, intentionally engaging in activity that is in conflict with or adverse to the business or other interests of the Company or Affiliate, prolonged absence from duty without the consent of the Company, material breach by the Participant of any published Company or Partnership code of conduct or code of ethics; intentionally engaging in activity that is in conflict with or adverse to the business or other interests of the Company or an Affiliate; or willful misconduct, misfeasance or malfeasance of duty which is reasonably determined to be detrimental to the Company or an Affiliate. The determination of the Administrator as to the existence of “Cause” shall be conclusive on the Participant and the Company.

				 

 

	 	
			1.4. “Company” shall mean Mobile Infrastructure Corporation, a Maryland corporation.

				 

 

	 	
			1.5. “Disability” shall mean that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident or health plan covering employees of the Participant’s employer.  In the event of a dispute, the determination of whether a Participant has incurred a Disability will be made by the Board and may be supported by the advice of a physician competent in the area to which such Disability relates.

				 

 

	 	
			1.6. “Distribution Equivalent Units” means a number of Performance Units equal to the quotient obtained by dividing (x) the excess of (A) the value of all Company dividends with an ex-dividend date that occurs during the Performance Period in respect of that number of REIT Shares  equal to the number of Performance Units that become Vested Performance Units as of the Vesting Date, over (B) the amount any distributions paid or payable by the Partnership pursuant to Section 19.4(A) of the Partnership Agreement to the Participant in respect of Unvested Performance Units, adjusted as follows: (i) plus (or minus) the amount of gain (or loss) on such excess dividend amounts had they been reinvested in REIT Shares on the ex-dividend date (at a price equal to the closing price of the REIT Shares on the applicable ex-dividend date) and (ii) plus the value of any dividends on the notional shares resulting from the hypothetical reinvestment of distributions with an ex-dividend date on or after the hypothetical issuance of such notional shares and, by (y) the REIT Share value as of the Vesting Date. For the avoidance of doubt, Performance Units issued, if any, to the Participant as Distribution Equivalent Units shall be fully vested at issuance and shall be issued as soon as practicable following the Vesting Date.

				 

 

	 	
			1.7. “Employee” shall mean any officer or other employee (within the meaning of Section 3401(c) of the Code) of the Company or any Affiliate.

				 

 

	 	
			1.8. “Grant Date” has the meaning set forth in Section 2.1(a).

				 

 

	 	
			1.9. “Partnership Agreement” means the Third Amended and Restated Agreement of Limited Partnership of the Partnership, as amended from time to time.

				 

 

	 	
			1.10. “Profits Interest Unit” means, to the extent authorized by the Partnership Agreement, a unit of the Partnership that is granted pursuant to this Agreement and is intended to constitute a “profits interest” within the meaning of Revenue Procedure 93-27, 1993-2 C.B. 343 and Revenue Procedure 2001-43, 2001-2 C.B. 191.

				 

 

	 	
			1.11. “Qualifying Termination” means a termination of the Participant’s services with the Company, the Partnership and any Affiliate without Cause and due to the Participant’s death or Disability.

				 

 

	 	
			1.12. “Termination of Service” means the time at which a Participant ceases to provide services to the Company, the Partnership or any Affiliate for any reason, but excluding a Qualifying Termination.

				 

 

	
			ARTICLE II.

			TERMS OF AWARD

			

 

This Award represents the rights to: (i) receive and vest in a number of Performance Units determined in accordance with this Agreement and Appendix I hereto, and (ii) receive Distribution Equivalent Units, in each case, subject to the vesting, payment, forfeiture, and other terms and conditions set forth in this Agreement and the Partnership Agreement.

 

	 	
			2.1. Issuance of Performance Units.

				 

	 	
			a.

				
			Issuance of Award. The Partnership hereby issues to the Participant [_____] Performance Units, effective as of [____________] (the “Grant Date”) subject to the vesting and other terms and conditions of this Agreement and the Partnership Agreement. This Award is issued pursuant to the Partnership Agreement and in consideration of the Participant’s agreement to provide services to or for the benefit of the Partnership. If not already a Partner, the Partnership hereby admits the Participant as a Partner of the Partnership on the terms and conditions set forth herein and in the Partnership Agreement. The Partnership and the Participant acknowledge and agree that the Performance Units are hereby issued to the Participant for the performance of services to or for the benefit of the Partnership in his or her capacity as a Partner or in anticipation of the Participant becoming a Partner. Upon receipt of the Award, the Participant shall, automatically and without further action on his or her part, be deemed to be a party to, signatory of and bound by the Partnership Agreement. At the request of the Partnership, the Participant shall execute the Partnership Agreement or a joinder or counterpart signature page thereto. The Participant acknowledges that the Partnership may from time-to-time issue or cancel (or otherwise modify) Performance Units and/or other equity interests in accordance with the terms of the Partnership Agreement. The Award shall have the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the Partnership Agreement.

				 

 

The Administrator shall determine the number of Distribution Equivalent Units to be granted pursuant to this Agreement, if any.

 

	 	
			2.2. Vesting of Award.

				 

	 	
			a.

				
			General. Subject to Section 2.2(b) hereof, the Performance Units shall vest as set forth in Appendix I attached hereto, subject to the Participant’s continued performance of services for the Company, the Partnership or an Affiliate on the Vesting Date.

				 

 

	 	
			b.

				
			Qualifying Termination. Notwithstanding the foregoing or anything contained herein or in any employment or similar agreement to the contrary, in the event of a Qualifying Termination during the Performance Period, the Participant or the Participant’s estate, heirs, or decedents, as the case may be, shall continue to hold the Performance Units and rights to Distribution Equivalent Units, which Performance Units and Distribution Equivalent Unit rights, if any, shall otherwise vest or not vest and be forfeited and canceled all in accordance with this Agreement.

				 

 

	 	
			2.3. Distributions. Performance Units shall be treated as “Performance Units” under the Partnership Agreement. As of the Grant Date and in accordance with Section 19.4A of the Partnership Agreement, the Unvested Performance Units shall be entitled to receive the Performance Unit Sharing Percentage (i.e., ten percent (10%)) of the distributions payable on Common Units, which may be made from time to time (if applicable, assuming the Unvested Performance Units were held for the entire period to which such distributions relate). For the avoidance of doubt, Vested Performance Units shall be entitled to receive the same distributions payable to Common Units. All distributions paid with respect to Performance Units shall be fully vested and non-forfeitable when paid, whether the underlying Performance Units are vested or unvested. At the Administrator’s discretion, distributions may be paid in the form of additional Performance Units.

				 

 

	 	
			2.4. Forfeiture.  At the end of the Performance Period or, if earlier, upon Termination of Service other than in a Qualifying Termination, the Participant shall forfeit all rights and interest under this Agreement without further action on the part of the Company, the Partnership or the Participant and without payment of consideration therefor, which forfeiture shall include, without limitation, any rights or interest in Unvested Performance Units and associated Distribution Equivalent Unit rights (other than any distributions previously made pursuant to Section 19.4A of the Partnership Agreement and Section 2.3 hereof).

				 

 

	
			ARTICLE III.

			PERFORMANCE UNITS AND PARTNERSHIP AGREEMENT

			

	 	 	 
	 	
			3.1. Performance Units Subject to Partnership Agreement; Transfer Restrictions.

				 

	 	
			a.

				
			The Award and the Performance Units are subject to the terms of the Partnership Agreement, including, without limitation, the restrictions on Transfer of Partnership Interests (including, without limitation, Performance Units) set forth in Articles 11 and 19 of the Partnership Agreement. Any permitted transferee of the Award or the Performance Units shall take such Award or Performance Units subject to the terms of this Agreement and the Partnership Agreement.  Any such permitted transferee must, upon the request of the Partnership, agree to be bound by the Partnership Agreement and this Agreement, and shall execute the same and such other documents and perform such further acts in connection with the same at the Partnership’s or the Company’s request, and must agree to such other waivers, limitations, and restrictions as the Partnership or the Company may reasonably require.  Any Transfer of the Award or Performance Units which is not made in compliance with the terms of the Partnership Agreement and this Agreement shall be null and void and of no further force or effect.

				 

 

	 	
			b.

				
			Without the consent of the Administrator (which it may give or withhold in its sole discretion), the Participant shall not Transfer any Unvested Performance Units or any portion of the Award attributable to such Unvested Performance Units (or any securities into which such Unvested Performance Units are converted or exchanged), other than by will or pursuant to applicable laws of descent and distribution (the “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to any Transfer of Unvested Performance Units or of the Award to the Partnership or the Company.

				 

 

	 	
			c.

				
			Notwithstanding anything to the contrary contained herein, the Participant shall not, without the consent of the Administrator (which shall not be unreasonably withheld), Transfer any Vested Share Price Performance Units or convert the Share Price Performance Units or any Distribution Equivalent Units related to Vested Share Price Performance Units into Partnership Common Units prior to the first anniversary of the Vesting Date (the “Post-Vesting Transfer Restrictions”); provided, however, that the Post-Vesting Transfer Restrictions shall not apply to any Transfer following the Participant’s Termination of Service, including without limitation by will or pursuant to the laws of descent and distribution.

				 

 

	 	
			3.2. Covenants, Representations and Warranties. The Participant hereby represents, warrants, covenants, acknowledges, and agrees on behalf of the Participant and his or her spouse, if applicable, that:

				 

	 	
			a.

				
			Investment.  The Participant is holding the Award and the Performance Units for the Participant’s own account, and not for the account of any other Person.  The Participant is holding the Award and the Performance Units for investment purposes and not with a view to distribution or resale thereof except in compliance with applicable laws regulating securities.

				 

 

	 	
			b.

				
			Relation to the Partnership. The Participant is presently an Employee or is otherwise providing services to or for the benefit of the Company, the Partnership or an Affiliate, and in such capacity has become personally familiar with the business of the Partnership.

				 

 

	 	
			c.

				
			Access to Information. The Participant has had the opportunity to ask questions of, and to receive answers from, the Partnership with respect to the terms and conditions of the transactions contemplated hereby and with respect to the business, affairs, financial conditions, and results of operations of the Partnership.

				 

 

	 	
			d.

				
			Registration. The Participant understands that the Performance Units have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and the Performance Units cannot be transferred by the Participant unless such transfer is in compliance with this Agreement, registered under the Securities Act, or an exemption from such registration is available. The Partnership has made no agreements, covenants or undertakings whatsoever to register the transfer of the Performance Units under the Securities Act. The Partnership has made no representations, warranties, or covenants whatsoever as to whether any exemption from the Securities Act, including, without limitation, any exemption for limited sales in routine brokers’ transactions pursuant to Rule 144 of the Securities Act, will be available. If an exemption under Rule 144 is available at all, it will not be available until at least six months from issuance of the Award, and then, not unless the terms and conditions of Rule 144 have been satisfied in full to the satisfaction of the Partnership in its sole and absolute discretion.

				 

 

	 	
			e.

				
			Public Trading. None of the Partnership’s securities are presently publicly traded, and the Partnership has made no representations, covenants or agreements as to whether there will be a public market for any of its securities.

				 

 

	 	
			f.

				
			Tax Advice. The Partnership has made no warranties or representations to the Participant with respect to the income tax consequences of the transactions contemplated by this Agreement (including, without limitation, with respect to the decision of whether to make an election under Section 83(b) of the Code), and the Participant is in no manner relying on the Partnership or its representatives for an assessment of such tax consequences. Participant hereby recognizes that the Internal Revenue Service has proposed regulations under Sections 83 and 704 of the Code that may affect the proper treatment of the Performance Units for federal income tax purposes.  In the event that those proposed regulations are finalized, the Participant hereby agrees to cooperate with the Partnership in amending this Agreement and the Partnership Agreement, and to take such other action as may be required to conform to such regulations. Participant hereby further recognizes that the U.S. Congress is considering legislation that would change the federal tax consequences of owning and disposing of Performance Units.  The Participant is advised to consult with his or her own tax advisor with respect to such tax consequences and his or her ownership of the Performance Units.

				 

 

	 	
			3.3. Capital Account. The Participant shall make no contribution of capital to the Partnership in connection with the Award and, as a result, the Participant’s Capital Account balance in the Partnership immediately after his or her receipt of the Performance Units shall be equal to zero, unless the Participant was a Partner in the Partnership prior to such issuance, in which case the Participant’s Capital Account balance shall not be increased as a result of his or her receipt of the Performance Units.

				 

 

	 	
			3.4. Redemption Rights. Notwithstanding the contrary terms in the Partnership Agreement, Partnership Units which are acquired upon the conversion of the Share Price Performance Units shall not, without the consent of the Partnership (which may be given or withheld in its sole discretion), be redeemed pursuant to Section 15.1 of the Partnership Agreement within one year of the date of vesting of such Share Price Performance Units.

				 

 

	 	
			3.5. Section 83(b) Election. The Participant covenants that the Participant shall make a timely election under Section 83(b) of the Code (and any comparable election in the state of the Participant’s residence) with respect to the Performance Units covered by the Award, and the Partnership hereby consents to the making of such election(s).  In connection with such election, the Participant shall promptly provide a copy of such election to the Partnership.  Instructions for completing an election under Section 83(b) of the Code and a form of election under Section 83(b) of the Code are attached hereto as Exhibit A.  The Participant represents that the Participant has consulted any tax advisor(s) that the Participant deems advisable in connection with the filing of an election under Section 83(b) of the Code and similar state tax provisions.  The Participant acknowledges that it is the Participant’s sole responsibility, and not the Company’s or the Partnership’s, to timely file an election under Section 83(b) of the Code (and any comparable state election), even if the Participant requests that the Company or the Partnership, or any representative of the Company or the Partnership, make such filing on the Participant’s behalf. The Participant should consult his or her tax advisor to determine if there is a comparable election to file in the state of his or her residence.

				 

 

	 	
			3.6. Ownership Information. The Participant hereby covenants that so long as the Participant holds any Performance Units, at the request of the Partnership, the Participant shall disclose to the Partnership in writing such information relating to the Participant’s ownership of the Performance Units as the Partnership reasonably believes to be necessary or desirable to ascertain in order to comply with the Code or the requirements of any other appropriate taxing authority.

				 

 

	 	
			3.7. Execution and Return of Documents and Certificates. At the Company’s or the Partnership’s request, the Participant hereby agrees to promptly execute, deliver and return to the Partnership any and all documents or certificates that the Company or the Partnership deems necessary or desirable to effectuate the cancellation and forfeiture of the Unvested Performance Units and the portion of the Award attributable to the Unvested Performance Units, and/or to effectuate the transfer or surrender of such Unvested Performance Units and portion of the Award to the Partnership.

				 

 

	 	
			3.8. Taxes.  The Partnership and the Participant intend that (a) the Performance Units be treated as a “profits interest” as defined in Internal Revenue Service Revenue Procedure 93-27, as clarified by Revenue Procedure 2001-43, (b) the issuance of such units not be a taxable event to the Partnership or the Participant as provided in such revenue procedure, and (c) the Partnership Agreement and this Agreement be interpreted consistently with such intent.  In furtherance of such intent, effective immediately prior to the issuance of the Performance Units, the Partnership may revalue all Partnership assets to their respective gross fair market values, and make the resulting adjustments to the Capital Accounts of the Partners, in each case as set forth in the Partnership Agreement.  The Company, the Partnership or any Affiliate may withhold from the Participant’s wages, or require the Participant to pay to such entity, any applicable withholding or employment taxes resulting from the issuance of the Award hereunder, from the vesting or lapse of any restrictions imposed on, or payment with respect to, the Award, or from the ownership or disposition of the Performance Units.

				 

 

	 	
			3.9. Remedies.  The Participant shall be liable to the Partnership for all costs and damages, including incidental and consequential damages, resulting from a disposition of the Award or the Performance Units in violation of the provisions of this Agreement or the Partnership Agreement.  Without limiting the generality of the foregoing, the Participant agrees that the Partnership shall be entitled to obtain specific performance of the obligations of the Participant under this Agreement and the Partnership Agreement and immediate injunctive relief in the event any action or proceeding is brought in equity to enforce the same. The Participant hereby waives any claim or defense that there is an adequate remedy at law available to the Partnership in connection with the same.

				 

 

	 	
			3.10. Restrictive Legends.  Certificates evidencing the Performance Units, to the extent such certificates are issued, may bear such restrictive legends as the Partnership and/or the Partnership’s counsel may deem necessary or advisable under applicable law or pursuant to this Agreement, including, without limitation, the following legends or any legends similar thereto:

				 

 

“The securities represented hereby have not been registered under the Securities Act of 1933, as amended (the “Securities Act”).  Any transfer of such securities will be invalid unless a Registration Statement under the Securities Act is in effect as to such transfer or in the opinion of counsel for Mobile Infra Operating Partnership, L.P. (the “Partnership”) such registration is unnecessary in order for such transfer to comply with the Securities Act.”

 

“The securities represented hereby are subject to forfeiture, transferability and other restrictions as set forth in (i) a written agreement with the Partnership and (ii) the Third Amended and Restated Agreement of Limited Partnership of the Partnership, in each case, as has been and as may in the future be amended (or amended and restated) from time to time, and such securities may not be sold or otherwise transferred except pursuant to the provisions of such documents.”

 

	 	
			3.11. Restrictions on Public Sale by the Participant.  To the extent not inconsistent with applicable law, the Participant agrees not to effect any sale or distribution of the Performance Units or any similar security of the Company or the Partnership, or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act, during the 14 days prior to, and for a period of up to 90 days beginning on, the date of the pricing of any public or private debt or equity securities offering by the Company or the Partnership (except as part of such offering), if and to the extent requested in writing by the Partnership or the Company in the case of a non-underwritten public or private offering or if and to the extent requested in writing by the managing underwriter or underwriters (or initial purchaser or initial purchasers, as the case may be) and consented to by the Partnership or the Company, which consent may be given or withheld in the Partnership’s or the Company’s sole and absolute discretion, in the case of an underwritten public or private offering (such agreement to be in the form of a lock-up agreement provided by the Company, the Partnership, the managing underwriter or underwriters, or the initial purchaser or initial purchasers, as the case may be).

				 

 

	
			ARTICLE IV.

			MISCELLANEOUS

			

	 	 	 
	 	
			4.1. Adjustments. In the event that the Administrator determines that any acquisition or disposition of any portfolio property by the Company and/or its Affiliates, any dividend or other distribution (whether in the form of cash, common stock, other securities, or other property), the change or exchange of REIT Shares for a different number or kind of shares or other securities of the Company by reason of any recapitalization, reclassification, share split, share dividend, combination, or division, merger, consolidation, or similar transaction, any unusual or nonrecurring transactions or events affecting the Company or the financial statements of the Company, or changes in applicable laws, or changes in generally accepted accounting principles applicable to, or the accounting policies used by, the Company occur, such that an adjustment, including a substitution of other awards or otherwise, is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available with respect to the Awards, then the Administrator may in good faith and in such manner as it may deem equitable, adjust the Award to reflect the effect or projected effect of such transaction(s) or event(s).

				 

 

	 	
			4.2. Section 409A.

				 

	 	
			a.

				
			To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the effective date of this Agreement. Notwithstanding any provision of this Agreement to the contrary, in the event that following the effective date of this Agreement, the Company or the Partnership determines that the Award may be subject to Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the effective date of this Agreement), the Company or the Partnership may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company or the Partnership determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance; provided, however, that this Section 4.2 shall not create any obligation on the part of the Company, the Partnership or any Affiliate to adopt any such amendment, policy or procedure or take any such other action, and none of the Company, the Partnership or any Affiliate shall have any obligation to indemnify any person for any taxes imposed under or by operation of Section 409A of the Code.

				 

 

	 	
			4.3. Not a Contract of Employment.  Nothing in this Agreement shall confer upon the Participant any right to continue to serve as an Employee or other service provider of the Company, the Partnership or any of their Affiliates or shall interfere with or restrict in any way the rights of the Company, the Partnership or their Affiliates, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided to the contrary in a written agreement between the Company, the Partnership or an Affiliate, on the one hand, and the Participant on the other.

				 

 

	 	
			4.4. Governing Law.  The laws of the State of Maryland shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

				 

 

	 	
			4.5. Authority of Administrator. The Administrator shall make all determinations under this Agreement in its sole and absolute discretion and all interested parties shall be bound by such determinations.

				 

 

	 	
			4.6. Conformity to Securities Laws.  The Participant acknowledges that this Agreement is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, as well as all applicable state securities laws and regulations. Notwithstanding anything herein to the contrary, the Award of Performance Units and any Distribution Equivalent Units is made, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

				 

 

	 	
			4.7. Amendment, Suspension and Termination.  To the extent permitted by the Partnership Agreement, this Agreement may be wholly or partially amended or otherwise modified, suspended, or terminated at any time or from time to time by the Administrator, provided, however, that, except as may otherwise be provided by the Partnership Agreement, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of the Participant.

				 

 

	 	
			4.8. Notices. Notices required or permitted hereunder shall be given and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail, with postage and fees prepaid, addressed to the Participant to his or her address shown in the Company records, and to the Company and the Partnership at their principal executive office(s).

				 

 

	 	
			4.9. Successors and Assigns.  The Company and the Partnership may assign any of their respective rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company and the Partnership.  Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.

				 

 

	 	
			4.10. Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the Partnership Agreement or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, then the Partnership Agreement, the Award and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

				 

 

	 	
			4.11. Entire Agreement.  The Partnership Agreement and this Agreement (including all exhibits and appendices hereto or thereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company, the Partnership and the Participant with respect to the subject matter hereof.  Without limiting the generality of the foregoing, the parties acknowledge and agree that this Agreement embodies their final intent and understanding with respect to the grant of the Award, and supersedes all previous descriptions, discussions, agreements or other materials relating to this Award.

				 

 

	 	
			4.12. Clawback.  This Award shall be subject to any clawback or recoupment policy currently in effect or as may be adopted by the Company or the Partnership, in each case, as may be amended from time to time.

				 

 

	 	
			4.13. Fractional Units. For purposes of this Agreement, any fractional Performance Units that vest or become entitled to distributions pursuant to the Partnership Agreement shall be rounded up or down to whole Performance Units as determined by the Administrator in its sole and absolute discretion.

				 

 

	 	
			4.14. Survival of Representations and Warranties. The representations, warranties and covenants contained in Section 3.2 hereof shall survive the later of the date of execution and delivery of this Agreement and the issuance of the Award.

				 

 

	 	
			4.15. Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including .pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, for example, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

				 

 

By his or her signature and the Partnership’s and the Company’s signature below, the Participant agrees to be bound by the terms and conditions of this Agreement.  The Participant has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement.  The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under this Agreement.  In addition, by signing below, the Participant acknowledges that the Administrator, in its sole discretion, may satisfy any withholding obligations arising under this Agreement (if any) by any method.

 

[Signature Page Follows]

 

 

 

 

	MOBILE INFRASTRUCTURE CORPORATION:	PARTICIPANT:	 	 
	 	________________________________	 	 
	 	 	 	 
	By:_______________________________________	Name:___________________________	 	 
	 	 	 	 
	Name: ____________________________________	Address: _________________________	 	 
	 	 	 	 
	Title: _____________________________________	 	 	 

 

 

MOBILE INFRA OPERATING PARTNERSHIP, L.P.:

By:  Mobile Infrastructure Corporation, its

 

General Partner                                    

 

By:  _____________________________

 

Name:  ______________________

 

Title:  ___________________________

 

 

 

 

 

EXHIBIT A

 

FORM OF SECTION 83(b) ELECTION AND INSTRUCTIONS

 

These instructions are provided to assist you if you choose to make an election under Section 83(b) of the Internal Revenue Code, as amended, with respect to the Performance Units of Mobile Infra Operating Partnership, L.P. transferred to you.  Please consult with your personal tax advisor as to whether an election of this nature will be in your best interests in light of your personal tax situation.

 

The executed original of the Section 83(b) election must be filed with the Internal Revenue Service not later than 30 days after the grant date. PLEASE NOTE:  There is no remedy for failure to file on time. Follow the steps outlined below to ensure that the election is mailed and filed correctly and in a timely manner. PLEASE ALSO NOTE:  If you make the Section 83(b) election, the election is irrevocable.

 

Complete all of the Section 83(b) election steps below:

 

	 	
			1.

				
			Complete the Section 83(b) election form (sample form follows) and make three copies of the signed election form.

			

 

	 	
			2.

				
			Prepare a cover letter to the Internal Revenue Service (sample letter included, following election form).

			

 

	 	
			3.

				
			Send the cover letter with the originally executed Section 83(b) election form and one copy via certified mail, return receipt requested to the Internal Revenue Service at the address of the Internal Revenue Service where you file your personal tax returns.

			

	 	
			■

				
			It is advisable that you have the package date-stamped at the post office. Enclose a self-addressed, stamped envelope so that the Internal Revenue Service may return a date-stamped copy to you. However, your postmarked receipt is your proof of having timely filed the Section 83(b) election if you do not receive confirmation from the Internal Revenue Service.

			

 

	 	
			4.

				
			One copy must be sent to Mobile Infra Operating Partnership, L.P. for its records.

			

 

	 	
			5.

				
			Keep one copy for your files and, if required by applicable law, attach to your federal income tax return for the applicable calendar year.

			

 

	 	
			6.

				
			Retain the Internal Revenue Service file stamped copy (when returned) for your records.

			

 

Please consult your personal tax advisor for the address of the office of the Internal Revenue Service to which you should mail your election form.

 

 

 

 

 

 

ELECTION PURSUANT TO SECTION 83(b) OF THE INTERNAL REVENUE CODE TO INCLUDE IN GROSS INCOME THE EXCESS OVER THE 

PURCHASE PRICE, IF ANY, OF THE VALUE OF PROPERTY 

TRANSFERRED IN CONNECTION WITH SERVICES

 

The undersigned hereby elects pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in the undersigned’s gross income for the taxable year in which the property was transferred the excess (if any) of the fair market value of the property described below, over the amount the undersigned paid for such property, if any, and supplies herewith the following information in accordance with the Treasury regulations promulgated under Section 83(b):

 

	 	
			1.

				
			The name, address and taxpayer identification (social security) number of the undersigned, and the taxable year in which this election is being made, are:

				 

 

TAXPAYER’S NAME:                                                         

TAXPAYER’S SOCIAL SECURITY NUMBER: _____________________

ADDRESS:  _____________________________________

TAXABLE YEAR:  _______________________________

 

	 	
			2.

				
			The property with respect to which the election is made consists of [______] Performance Units (the “Units”) of Mobile Infra Operating Partnership, L.P. (the “Company”), representing an interest in the future profits, losses and distributions of the Company.

				 

 

	 	
			3.

				
			The date on which the above property was transferred to the undersigned was [______].

				 

 

	 	
			4.

				
			The above property is subject to the following restrictions:  The Units are subject to forfeiture to the extent unvested upon a termination of service with the Company under certain circumstances or in the event that certain performance objectives are not satisfied.  These restrictions lapse upon the satisfaction of certain conditions as set forth in an agreement between the taxpayer and the Company. In addition, the Units are subject to certain transfer restrictions pursuant to such agreement and the Third Amended and Restated Agreement of Limited Partnership of Mobile Infra Operating Partnership, L.P., as amended (or amended and restated) from time to time, should the taxpayer wish to transfer the Units.

				 

 

	 	
			5.

				
			The fair market value of the above property at the time of transfer (determined without regard to any restrictions other than those which by their terms will never lapse) was $[_____].

				 

 

	 	
			6.

				
			The amount paid for the above property by the undersigned was $[____].

				 

 

	 	
			7.

				
			The undersigned taxpayer will file this election with the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the property. A copy of this election will be furnished to the person for whom the services were performed, and, if required by applicable law, a copy will be filed with the income tax return of the undersigned to which this election relates.  The undersigned is the person performing the services in connection with which the property was transferred.

				 

 

Date:  ______________________                     Name:  ____________________________

 

 

 

 

 

 

VIA CERTIFIED MAIL

RETURN RECEIPT REQUESTED

Internal Revenue Service

 

______________________________________

[Address where taxpayer files returns]

 

Re:  Election under Section 83(b) of the Internal Revenue Code of 1986

 

Taxpayer: _______________________________

 

Taxpayer’s Social Security Number: ___________________________

 

Ladies and Gentlemen:

 

Enclosed please find an original and one copy of an Election under Section 83(b) of the Internal Revenue Code of 1986, as amended, being made by the taxpayer referenced above.  Please acknowledge receipt of the enclosed materials by stamping the enclosed copy of the Election and returning it to me in the self-addressed stamped envelope provided herewith.

 

Very truly yours,

__________________________

 

Enclosures

cc: Mobile Infra Operating Partnership, L.P.

 

 

 

 

 

APPENDIX I

 

Vesting of Share Price Performance Units

 

Fifty percent (50%) of the Performance Units granted under this Agreement (“Share Price Performance Units”) shall vest and become “Vested Share Price Performance Units” based on the achievement of the Share Price Performance Goal by the Company at any time during the Share Price Performance Period. The “Share Price Performance Goal” shall be achieving a $25.00 price per REIT Share based on 90-day volume weighted average price at any time during the Share Price Performance Period.

 

Vesting of AFFO Performance Units

 

Fifty percent (50%) of the Performance Units granted under the Agreement (the “AFFO Performance Units”) shall vest and become “Vested AFFO Performance Units” based on the achievement of the AFFO Performance Goal by the Company at any point during the AFFO Performance Period. The “AFFO Performance Goal” shall be met if, at any time during the AFFO Performance Period, the Company achieves $1.25 AFFO per REIT Share for 4 consecutive quarters prior to the fourth quarter of 2025 (the “First AFFO Achievement”) and then, subsequent to the First AFFO Achievement, the Company achieves $1.25 AFFO per REIT Share for an additional 4 consecutive quarters after the fourth quarter of 2025 and before the end of the AFFO Performance Period (the “Second AFFO Achievement”). For the avoidance of doubt, the Second AFFO Achievement shall not be met based on any quarters prior to 2026.

 

“AFFO” means adjusted funds from operations, as determined by the Administrator.

 

“AFFO Performance Period” means the period beginning on [_______] and ending on December 31, 2027, unless terminated earlier in connection with a Qualifying Termination, as provided herein.

 

“Share Price Performance Period” means the period beginning on [_______] and ending on December 31, 2025, unless terminated earlier in connection with a Qualifying Termination, as provided herein.

 

“Performance Goals” means the AFFO Performance Goal or the Share Price Performance Goal, separately or collectively.

 

“Performance Period(s)” means either the AFFO Performance Period or the Share Price Performance Period, separately or collectively.

 

“Vested Performance Units” means the Performance Units that vest in accordance with this Appendix I.

 

“Unvested Performance Units” means the Performance Units that have not vested in accordance with this Appendix I.

 

“Vesting Date” means any date on which vesting occurs with respect to the Performance Units as set forth herein.

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