Document:

WELLS FARGO & COMPANY 8-K

Exhibit 4.2

 

[Face of Note]

 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company 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 requested by an authorized representative of DTC (and any payment is made to Cede & Co. or 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.

 

	
CUSIP NO. 95001HHM6

	
FACE AMOUNT:  $_________

REGISTERED NO. ___

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

 

Fully and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal at Risk Securities Linked to the S&P 500® Index

 

WELLS FARGO FINANCE LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Cash Settlement Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date.  The “Stated Maturity Date” shall be September 29, 2021.  If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to the second Business Day (as defined below) after the Determination Date as postponed.  This Security shall not bear any interest. 

 

Any payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

 

“Face Amount“ shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its “Face Amount.”

 

Determination of Cash Settlement Amount and Certain Definitions

 

The “Cash
Settlement Amount” of this Security will equal:

 

	
 

	
●

	
if the Final Underlier Level is greater than or equal to the Cap Level, the Maximum Settlement Amount;

 

 

	
 

	
●

	
if the Final Underlier Level is greater than the Initial Underlier Level but less than the Cap Level, the sum of (i) the Face Amount plus (ii) the product of (a) the Face Amount times (b) the Upside Participation Rate times (c) the Underlier Return;

 

	
 

	
●

	
if the Final Underlier Level is equal to or less than the Initial Underlier Level, the sum of (i) the Face Amount plus (ii) the product of (a) the Underlier Return times (b) the Face Amount.

 

All calculations with respect to the Cash Settlement Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Cash Settlement Amount will be rounded to the nearest cent, with one-half cent rounded upward.

 

The
“Underlier” shall mean the S&P 500® Index.

 

The
“Trade Date” shall mean March 25, 2020.

 

The “Initial Underlier Level” is 2,475.56, the Closing Level of the Underlier on the Trade Date.

 

The “Closing Level“ of the Underlier on any Trading Day means the official closing level of the Underlier reported by the Underlier Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth below under “Adjustments to the Underlier,” “Discontinuance of the Underlier” and “Market Disruption Events.”

 

The “Final Underlier Level” will be the Closing Level of the Underlier on the Determination Date.

 

The “Underlier Return” will be the quotient of (i) the Final Underlier Level minus the Initial Underlier Level divided by (ii) the Initial Underlier Level, expressed as a percentage.

 

The “Cap Level” is 2,607.754904, which is 105.34% of the Initial Underlier Level.

 

The “Maximum Settlement Amount” is 126.70% of the Face Amount of this Security.

 

The
“Upside Participation Rate” is 5.0.

 

“Underlier Sponsor” shall mean S&P Dow Jones Indices LLC.

 

“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York.

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A “Trading Day” means a day, as determined by the Calculation Agent, on which (i) the Relevant Stock Exchanges with respect to each security underlying the Underlier are scheduled to be open for trading for their respective regular trading sessions and (ii) each Related Futures or Options Exchange is scheduled to be open for trading for its regular trading session.

 

The “Related Futures or Options Exchange” for the Underlier means an exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Underlier.

 

The “Relevant Stock Exchange” for any security underlying the Underlier means the primary exchange or quotation system on which such security is traded, as determined by the Calculation Agent.

 

The “Determination Date” shall be September 27, 2021. If the originally scheduled Determination Date is not a Trading Day, the Determination Date will be postponed to the next succeeding Trading Day.  The Determination Date is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below).  See “–Market Disruption Events.”

 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 between the Company and the Calculation Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of the Final Underlier Level and the Cash Settlement Amount, which term shall, unless the context
otherwise requires, include its successors under such Calculation Agent Agreement.  The initial Calculation Agent shall be
Wells Fargo Securities, LLC.  Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation
Agent from time to time after the initial issuance of this Security without the consent of the Holder of this Security and without
notifying the Holder of this Security.

 

Adjustments to the Underlier

 

If at any time the method of calculating the Underlier or a Successor Underlier, or the closing level thereof, is changed in a material respect, or if the Underlier or a Successor Underlier is in any other way modified so that such underlier does not, in the opinion of the Calculation Agent, fairly represent the level of such underlier had those changes or modifications not been made, then the Calculation Agent will, at the close of business in New York, New York, on each date that the closing level of such underlier is to be calculated, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a level of an underlier comparable to the Underlier or Successor Underlier as if those changes or modifications had not been made, and the Calculation Agent will calculate the closing level of the Underlier or Successor Underlier with reference to such underlier, as so adjusted.  Accordingly, if the method of calculating the Underlier or Successor Underlier is modified so that the level of such underlier is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or reverse split in such equity underlier), then the Calculation Agent

3

 

 

will adjust the Underlier or Successor Underlier in order to arrive at a level of such underlier as if it had not been modified (e.g., as if the split or reverse split had not occurred).

 

Discontinuance of the Underlier

 

If the Underlier Sponsor discontinues publication of the Underlier, and the Underlier Sponsor or another entity publishes a successor or substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Underlier (a “Successor Underlier”), then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company, the Calculation Agent will substitute the Successor Underlier as calculated by the relevant Underlier Sponsor or any other entity and calculate the Final Underlier Level as described above. Upon any selection by the Calculation Agent of a Successor Underlier, the Company will cause notice to be given to the Holder of this Security.

 

In the event that the Underlier Sponsor discontinues publication of the Underlier prior to, and the discontinuance is continuing on, the Determination Date and the Calculation Agent determines that no Successor Underlier is available at such time, the Calculation Agent will calculate a substitute Closing Level for the Underlier in accordance with the formula for and method of calculating the Underlier last in effect prior to the discontinuance, but using only those securities that comprised the Underlier immediately prior to that discontinuance.  If a Successor Underlier is selected or the Calculation Agent calculates a level as a substitute for the Underlier, the Successor Underlier or level will be used as a substitute for the Underlier for all purposes, including the purpose of determining whether a Market Disruption Event exists.

 

If on the Determination Date the Underlier Sponsor fails to calculate and announce the level of the Underlier, the Calculation Agent will calculate a substitute Closing Level of the Underlier in accordance with the formula for and method of calculating the Underlier last in effect prior to the failure, but using only those securities that comprised the Underlier immediately prior to that failure; provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth below under “Market Disruption Events” shall apply in lieu of the foregoing.

 

Market Disruption Events 

 

A “Market Disruption Event” means any of the following events as determined by the Calculation Agent in its sole discretion:

 

	
 

	
(A)

	
The occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Stock Exchanges or otherwise relating to securities which then comprise 20% or more of the level of the Underlier or any Successor Underlier at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in price exceeding limits permitted by those Relevant Stock Exchanges or otherwise.

 

	
 

	
(B)

	
The occurrence or existence of a material suspension of or limitation imposed on trading by any Related Futures or Options Exchange or otherwise in futures or options contracts relating to the Underlier or any Successor Underlier on any 

4

 

 

Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise.

 

	
 

	
(C)

	
The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market values for, securities that then comprise 20% or more of the level of the Underlier or any Successor Underlier on their Relevant Stock Exchanges at any time during the one-hour period that ends at the Close of Trading on that day.

 

	
 

	
(D)

	
The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market values for, futures or options contracts relating to the Underlier or any Successor Underlier on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of Trading on that day.

 

	
 

	
(E)

	
The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that then comprise 20% or more of the level of the Underlier or any Successor Underlier are traded or any Related Futures or Options Exchange prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution at such actual closing time on that day.

 

	
 

	
(F)

	
The Relevant Stock Exchange for any security underlying the Underlier or Successor Underlier or any Related Futures or Options Exchange fails to open for trading during its regular trading session.

 

For purposes of determining whether a Market Disruption Event has occurred:

 

	
 

	
(1)

	
the relevant percentage contribution of a security to the level of the Underlier or any Successor Underlier will be based on a comparison of (x) the portion of the level of such underlier attributable to that security and (y) the overall level of the Underlier or Successor Underlier, in each case immediately before the occurrence of the Market Disruption Event;

 

	
 

	
(2)

	
the “Close of Trading” on any Trading Day for the Underlier or any Successor Underlier means the Scheduled Closing Time of the Relevant Stock Exchanges with respect to the securities underlying the Underlier or Successor Underlier on such Trading Day; provided that, if the actual closing time of the regular trading session of any such Relevant Stock Exchange is earlier than its Scheduled Closing 

 

5

 

 

 

Time on such Trading Day, then (x) for purposes of clauses (A) and (C) of the definition of “Market Disruption Event” above, with respect to any security underlying the Underlier or Successor Underlier for which such Relevant Stock Exchange is its Relevant Stock Exchange, the “Close of Trading” means such actual closing time and (y) for purposes of clauses (B) and (D) of the definition of “Market Disruption Event” above, with respect to any futures or options contract relating to the Underlier or Successor Underlier, the “close of trading” means the latest actual closing time of the regular trading session of any of the Relevant Stock Exchanges, but in no event later than the Scheduled Closing Time of the Relevant Stock Exchanges;

 

	
 

	
(3)

	
the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options Exchange on any Trading Day for the Underlier or any Successor Underlier means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading session hours; and

 

	
 

	
(4)

	
an “Exchange Business Day” means any Trading Day for the Underlier or any Successor Underlier on which each Relevant Stock Exchange for the securities underlying the Underlier or any Successor Underlier and each Related Futures or Options Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Relevant Stock Exchange or Related Futures or Options Exchange closing prior to its Scheduled Closing Time.

 

If a Market Disruption Event occurs or is continuing on the Determination Date, then the Determination Date will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day after the originally scheduled Determination Date, that eighth Trading Day shall be deemed to be the Determination Date. If the Determination Date has been postponed eight Trading Days after the originally scheduled Determination Date and a Market Disruption Event occurs or is continuing on such eighth Trading Day, the Calculation Agent will determine the Closing Level of the Underlier on such eighth Trading Day in accordance with the formula for and method of calculating the Closing Level of the Underlier last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of the value of such security at the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange) on such date of each security included in the Underlier. As used herein, “closing price” means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security as of the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange.  

 

6

 

Calculation Agent

 

The Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level.  In addition, the Calculation Agent will (i) determine if adjustments are required to the Closing Level of the Underlier under the circumstances described in this Security, (ii) if publication of the Underlier is discontinued, select a Successor Underlier or, if no Successor Underlier is available, determine the Closing Level of the Underlier under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event or non-Trading Day has occurred. 

 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security.

 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

 

Tax Considerations

 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

 

Redemption and Repayment

 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to September 27, 2021.  This Security is not entitled to any sinking fund.

 

Acceleration

 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Cash Settlement Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture.  The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Cash Settlement Amount hereof calculated as provided herein as though the date of acceleration was the Determination Date. 

 

__________________

 

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place. 

 

7

 

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

 

[The remainder of this page has been left intentionally blank]

 

8

 

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

 

DATED: 

 

	
 

	
WELLS FARGO FINANCE LLC

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

 

	
 

	
 

	
 

	
 

	
 

	
 

	
Attest:

	
 

	
 

	
 

	
 

	
 

	
 

	
Its:

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION
This is one of the Securities of the 
series designated therein described
in the within-mentioned Indenture.

 

CITIBANK, N.A.,
      as Trustee

 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

	
 

	
 

	
 

	
 

	
OR

	
 

 

WELLS FARGO BANK, N.A., 
   as Authenticating Agent for the Trustee

 

	
By:

	
 

	
 

	
 

	
Authorized Signature

	
 

 

9

 

[Reverse of Note]

 

WELLS FARGO FINANCE LLC

 

MEDIUM-TERM NOTE, SERIES A

 

Fully and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal at Risk Securities Linked to the S&P 500® Index

 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of April 25, 2018, as amended or supplemented from time to time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor (the “Guarantor”) and Citibank, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of the series of the Securities designated as Medium-Term Notes, Series A, of the Company.  The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate.  The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees.

 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security.

 

Guarantee

 

The Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

 

Modification and Waivers 

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the

10

 

 

Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected, acting together as a class.  The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company or the Guarantor with those provisions of the Indenture.  Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series.  Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

Defeasance

 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon compliance by the Company or the Guarantor with certain conditions set forth therein, shall not apply to this Security.  The remaining provisions of Section 401 of the Indenture shall apply to this Security.

 

Authorized Denominations

 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an integral multiple of $1,000.

 

Registration of Transfer

 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith.

 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities

11

 

 

represented hereby has occurred and is continuing.  If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor.  Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture.

 

Prior to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Obligation of the Company Absolute

 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Cash Settlement Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security.

 

No Personal Recourse

 

No recourse shall be had for the payment of the Cash Settlement Amount, 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 incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation or of the Guarantor or any successor corporation, 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 part of the consideration for the issuance hereof, expressly waived and released.

 

Defined Terms

 

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

 

Governing Law

 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of laws.

 

12

 

ABBREVIATIONS

 

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

 

	
TEN COM

	
--

	
as tenants in common

	
 

	
 

	
 

	
TEN ENT

	
--

	
as tenants by the entireties

	
 

	
 

	
 

	
JT TEN

	
--

	
as joint tenants with right
of survivorship and not
as tenants in common

 

	
UNIF GIFT MIN ACT  --

	
 

	
Custodian

	
 

	
 

	
(Cust)

	
 

	
(Minor)

 

Under Uniform Gifts to Minors Act

 

_____________________________ 

                     (State)

 

Additional abbreviations may also be used though not in the above list.

 

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

 

Please Insert Social Security or
Other Identifying Number of Assignee

 

_____________________________

 

	
 

	
 

 

	
 

 

(Please
print or type name and address including postal zip code of Assignee)

 

13

 

the within Security of WELLS FARGO FINANCE LLC and does hereby irrevocably constitute and appoint __________________ attorney to transfer the said Security 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.

 

14EX-4.01

 Exhibit 4.01 

SUPPLEMENTAL INDENTURE NO. 13 

FROM 
 XCEL ENERGY INC.

 (a Minnesota corporation) 

TO 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION 
 Trustee 
  

 
 DATED AS OF

 APRIL 1, 2020 

SUPPLEMENTAL TO INDENTURE 

DATED AS OF DECEMBER 1, 2000 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Parties
	  	 	1	 
	 Recitals
	  	 	1	 
		
	 ARTICLE ONE

RELATION TO INDENTURE; DEFINITIONS
	  			
	 SECTION 1.01 Integral Part of Indenture
	  	 	1	 
	 SECTION 1.02
	  			
	         (a) Definitions
	  	 	1	 
	         (b) References to Articles and
Sections
	  	 	2	 
	         (c) Terms Referring to this Supplemental
Indenture
	  	 	2	 
		
	 ARTICLE TWO

3.40% SENIOR NOTES, SERIES DUE JUNE 1, 2030
	  			
	 SECTION 2.01 Designation and Principal Amount
	  	 	2	 
	 SECTION 2.02 Stated Maturity Date
	  	 	2	 
	 SECTION 2.03 Interest Payment Dates
	  	 	2	 
	 SECTION 2.04 Office for Payment
	  	 	2	 
	 SECTION 2.05 Redemption Provisions
	  	 	2	 
	 SECTION 2.06 Authorized Denominations
	  	 	3	 
	 SECTION 2.07 Form of 3.40% Senior Notes, Series due June 1, 2030
	  	 	3	 
	 SECTION 2.08 Reopening of Notes due 2030
	  	 	3	 
		
	 ARTICLE THREE

MISCELLANEOUS
	  			
	 SECTION 3.01 Recitals of fact, except as stated, are statements of the Company
	  	 	4	 
	 SECTION 3.02 Supplemental Indenture to be construed as a part of the Indenture
	  	 	4	 
	 SECTION 3.03 Amendments to Indenture
	  	 	4	 
	 SECTION 3.04
	  			
	         (a) Trust Indenture Act to control
	  	 	4	 
	         (b) Severability of provisions contained in
Supplemental Indenture and Notes
	  	 	4	 
	 SECTION 3.05 Reference to either party in Supplemental Indenture include successors or
assigns
	  	 	4	 
	 SECTION 3.06
	  			
	         (a) Provision for execution in
counterparts
	  	 	4	 
	         (b) Table of Contents and descriptive headings
of Articles not to affect meaning
	  	 	5	 

  
 -i- 

 TABLE OF CONTENTS 

 

					
	 Exhibit A - Form of 3.40% Senior Notes, Series due June 1, 2030
	  	 	A-1	 

  
 -ii- 

 SUPPLEMENTAL INDENTURE No. 13, made as of the 1st day of April, 2020, by and between XCEL ENERGY INC., a corporation duly organized and existing under the laws of the State of Minnesota (the “Company”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association organized and existing under the laws of the United States, as trustee (the “Trustee”): 

WITNESSETH: 

WHEREAS, the Company has heretofore executed and delivered its Indenture (hereinafter referred to as the “Indenture”), made
as of December 1, 2000; and 
 WHEREAS, Section 2.5 of the Indenture provides that Securities shall be issued in series and
that a Company Order shall specify the terms of each series; and 
 WHEREAS, the Company has this day delivered a Company Order
setting forth the terms of a series of Securities designated “3.40% Senior Notes, Series due June 1, 2030” (hereinafter referred to as the “Notes due 2030”); and 

WHEREAS, Section 12.1 of the Indenture provides that the Company and the Trustee may enter into indentures supplemental thereto
for the purposes, among others, of (1) establishing the form of Securities or establishing or reflecting any terms of any Security and adding to the covenants of the Company and (2) changing any of the provisions of the Indenture, provided
that such change is applicable only to Securities issued after the effective date of such change; and 
 WHEREAS, the execution and
delivery of this Supplemental Indenture No. 13 (herein, this “Supplemental Indenture”) have been duly authorized by a resolution or written consent adopted by the Board of Directors of the Company; 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That in order to set forth the terms and conditions upon which the Notes due 2030 are, and are to be, authenticated, issued and delivered, and
in consideration of the premises of the purchase and acceptance of the Notes due 2030 by the Holders thereof and the sum of one dollar duly paid to it by the Trustee at the execution of this Supplemental Indenture, the receipt whereof is hereby
acknowledged, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes due 2030, as follows: 

ARTICLE ONE 
 RELATION TO
INDENTURE; DEFINITIONS 
 SECTION 1.01. This Supplemental Indenture constitutes an integral part of the Indenture. 

SECTION 1.02. For all purposes of this Supplemental Indenture: 
  

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

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

  

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

 ARTICLE TWO 

3.40% SENIOR NOTES, SERIES DUE JUNE 1, 2030 

SECTION 2.01. There shall be a series of Securities designated the “3.40% Senior Notes, Series due June 1, 2030.” The Notes due 2030
shall be limited to $600,000,000 aggregate principal amount except as provided in Section 2.08 hereof. 
 SECTION 2.02. Except as otherwise
provided in Section 2.05 hereof, the principal amount of the Notes due 2030 shall be payable on the stated maturity date of June 1, 2030. 

SECTION 2.03. The Notes due 2030 shall be dated their date of authentication as provided in the Indenture and shall bear interest from their date at
the rate of 3.40% per annum, payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2020. The Regular Record Dates with respect to such June 1 and December 1 interest payment dates shall be
May 15 and November 15, respectively, immediately preceding such interest payment dates. Principal and interest shall be payable to the persons and in the manner provided in Sections 2.4 and 2.12 of the Indenture. 

SECTION 2.04. The Notes due 2030 shall be payable at the corporate trust office of the Trustee and at the offices of such paying agents as the Company
may appoint by Company Order in the future. 
 SECTION 2.05. At any time prior to December 1, 2029 (six months prior to the maturity date of the
Notes due 2030 (the “Par Call Date”)), the Company may redeem, in whole or in part, the Notes due 2030, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of such Notes due 2030 being
redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes due 2030 being redeemed that would be due if the Notes due 2030 matured on the Par Call Date (excluding the portion of
any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate (as defined below) plus 45 basis points plus, in each case, accrued and unpaid interest thereon to but excluding the date fixed for redemption. At any time on or
after the Par Call Date, the Company may redeem, in whole or in part, the Notes due 2030, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the date fixed for redemption. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes due 2030 being redeemed (assuming, for this purpose, that the Notes due 2030 matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes due 2030 being redeemed. 

  
 -2- 

 “Comparable Treasury Price” means with respect to any redemption date of the Notes
due 2030 (i) the average of the Reference Treasury Dealer Quotations for the date fixed for redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the
Independent Investment Banker obtains fewer than four of such Reference Treasury Dealer Quotations for the date fixed for redemption, the average of all such Reference Treasury Dealer Quotations for the date fixed for redemption. 

“Independent Investment Banker” means one of the Reference Treasury Dealers or their respective successors or, if such firms or
their respective successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States. 

“Reference Treasury Dealer” means (i) each of Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and RBC
Capital Markets, LLC, and any other Primary Treasury Dealer designated by, and not affiliated with, Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC and their respective affiliates or successors,
provided, however, that if any of the foregoing, or any of their respective designees, ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute and (ii) any other Primary Treasury Dealer
selected by the Company after consultation with the Independent Investment Banker. 
 “Reference Treasury Dealer Quotations”
means, for any Reference Treasury Dealer and any date fixed for redemption, the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to an Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., Eastern time, on the third business day preceding the date fixed for redemption. 

“Treasury Rate” means, with respect to any date fixed for redemption, the rate per annum equal to the semi-annual equivalent yield
to maturity of such Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to such Comparable Treasury Price for such date fixed for redemption. The Treasury
Rate will be calculated on the third business day preceding the date fixed for redemption. 
 The Notes due 2030 shall not be subject to any
sinking fund. 
 SECTION 2.06. The Notes due 2030 shall be issued in fully registered form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. 
 SECTION 2.07. The Notes due 2030 shall initially be in the form attached as Exhibit A hereto. 

SECTION 2.08. The Notes due 2030 may be reopened and additional notes of the Notes due 2030 may be issued in excess of the limitation set
forth in Section 2.01, provided that such additional notes will contain the same terms (including the maturity date and interest payment terms) as the 

  
 -3- 

 
other Notes due 2030, except for the price to the public, the issue date and, if applicable, the first interest accrual and payment dates. Any such additional Notes due 2030, together with the
other Notes due 2030, shall constitute a single series for purposes of the Indenture and shall have the same CUSIP provided they are fungible for U.S. federal income tax purposes. 

ARTICLE THREE 

MISCELLANEOUS 
 SECTION 3.01. The
recitals of fact herein and in the Notes due 2030 (except the Trustee’s Certificate of Authentication) shall be taken as statements of the Company and shall not be construed as made by the Trustee. 

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

SECTION 3.03. Section 3.2(b) of the Indenture is hereby amended as to Securities, including the Notes due 2030, issued after the effective date of
this Supplemental Indenture, to replace the words “no less than 30 or more than 60 days” with “no less than 10 or more than 60 days,” in the first sentence of such section. 

SECTION 3.04. 
  

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

  

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

 SECTION 3.05. Whenever in this Supplemental Indenture either of the parties hereto is named or referred to, this shall be deemed
to include the successors or assigns of such party, and all the covenants and agreements in this Supplemental Indenture contained by or on behalf of the Company or by or on behalf of the Trustee shall bind and inure to the benefit of the respective
successors and assigns of such parties, whether so expressed or not. 
 SECTION 3.06. 

 

	(a)	 This Supplemental Indenture may be simultaneously executed in several counterparts, and all said counterparts
executed and delivered, each as an original, shall constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. 

  
 -4- 

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

  
 -5- 

 IN WITNESS WHEREOF, XCEL ENERGY INC. has caused this Supplemental Indenture to be signed by
its President or a Vice President, and attested by its Secretary or an Assistant Secretary and WELLS FARGO BANK, NATIONAL ASSOCIATION, has caused this Supplemental Indenture to be signed by its Vice President as of this 1st day of April, 2020. 
  

			
	XCEL ENERGY INC.
		
	By:	 	/s/ Robert C. Frenzel
	Name:	 	Robert C. Frenzel
	Title:	 	President and Chief Operating Officer

  

			
	ATTEST:
		
	By:	 	/s/ Kristin Westlund
	Name:	 	Kristin Westlund
	Title:	 	Assistant Secretary

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Gregory S. Clarke
	Name:	 	Gregory S. Clarke
	Title:	 	Vice President

 [Signature Page to the Supplemental Indenture No. 13] 

 EXHIBIT A 

FORM OF 
 3.40% SENIOR
NOTES, SERIES DUE JUNE 1, 2030 
 REGISTERED 

THIS NOTE IS A GLOBAL SECURITY REGISTERED IN THE NAME OF THE DEPOSITORY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 XCEL ENERGY INC. 

(Incorporated under the laws of the State of Minnesota) 

3.40% SENIOR NOTE, SERIES DUE JUNE 1, 2030 
  

			
	CUSIP: 98389B AY6	  	NUMBER:
		
	ORIGINAL ISSUE DATE(S): April 1, 2020	  	PRINCIPAL AMOUNT(S): $
		
	INTEREST RATE: 3.40%	  	MATURITY DATE: June 1, 2030

 XCEL ENERGY INC., a corporation of the State of Minnesota (the “Company”), for value received hereby
promises to pay to Cede & Co. or registered assigns, the principal sum of                      DOLLARS on the Maturity Date set forth
above, and to pay interest thereon from the Original Issue Date (or if this Global Security has two or more Original Issue Dates, interest shall, beginning on each such Original Issue Date, begin to accrue for that part of the principal amount to
which that Original Issue Date is applicable) set forth above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on June 1 and December 1 in each year, commencing
December 1, 2020, at the per annum Interest Rate set forth above, until the principal hereof is paid or made available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Global Security is paid
on the Maturity Date. The interest so payable and punctually paid or duly provided for on any such Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the
Regular Record Date for such interest, 

  
 A-1 

 
which shall be the May 15 and November 15, as the case may be, next preceding such Interest Payment Date; provided, that the first Interest Payment Date for any part of this Note, the
Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date following the next succeeding Regular Record Date; and provided, that interest payable on the Maturity
Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall be payable. Except as otherwise provided in the Indenture (as defined below), any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted
interest to be fixed by the Trustee, notice whereof shall be given to Securityholders not more than fifteen days or fewer than ten days prior to such Special Record Date. On or before Noon, New York City time, or such other time as shall be agreed
upon between the Trustee and the Depository, of the day on which such payment of interest is due on this Global Security (other than maturity), the Trustee shall pay to the Depository such interest in same day funds. On or before 11:30 a.m., New
York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which principal, interest payable at maturity and premium, if any, is due on this Global Security and following receipt of the necessary
funds from the Company, the Trustee shall deposit with the Depository the amount equal to the principal, interest payable at maturity and premium, if any, by wire transfer into the account specified by the Depository. As a condition to the payment,
on the Maturity Date or upon redemption or acceleration, of any part of the principal and applicable premium of this Global Security, the Depository shall surrender, or cause to be surrendered, this Global Security to the Trustee, whereupon a new
Global Security shall be issued to the Depository. 
 This Global Security is a global security in respect of a duly authorized issue of
Senior Notes, Series due June 1, 2030 (the “Notes of this Series,” which term includes any Global Securities representing such Notes) of the Company issued and to be issued under an Indenture dated as of December 1, 2000 between
the Company and Wells Fargo Bank, National Association, as trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “Indenture”).
Under the Indenture, one or more series of Securities may be issued and, as used herein, the term “Securities” refers to the Notes of this Series and any other outstanding series of Securities. Reference is hereby made to the Indenture for
a more complete statement of the respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Securityholders and of the terms upon which the Securities are and are to be authenticated and
delivered. This Global Security has been issued in respect of the series designated on the first page hereof. 
 Each Note of this Series
shall be dated and issued as of the date of its authentication by the Trustee and shall bear an Original Issue Date or Dates. Each Security or Global Security issued upon transfer, exchange or substitution of such Security or Global Security shall
bear the Original Issue Date or Dates of such transferred, exchanged or substituted Security or Global Security, as the case may be. 
 At
any time prior to December 1, 2029 (six months prior to the maturity date of the Notes of this Series (the “Par Call Date”)), the Company may redeem, in whole or in part, the Notes of this Series, at a “make-whole”
redemption price equal to the greater of (i) 100% of the principal amount of such Notes of this Series being redeemed and (ii) the sum of the present values of the 

  
 A-2 

 
remaining scheduled payments of principal and interest on the Notes of this Series being redeemed that would be due if the Notes of this Series matured on the Par Call Date (excluding the portion
of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate (as defined below) plus 45 basis points plus, in each case, accrued and unpaid interest thereon to but excluding the date fixed for redemption. At any time on or
after the Par Call Date, the Company may redeem, in whole or in part, the Notes of this Series, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the date fixed for redemption. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes of this Series being redeemed (assuming, for this purpose, that the Notes of this Series matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes of this Series being redeemed. 

“Comparable Treasury Price” means with respect to any redemption date of the Notes of this Series (i) the average of the
Reference Treasury Dealer Quotations for the date fixed for redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the Independent Investment Banker obtains
fewer than four of such Reference Treasury Dealer Quotations for the date fixed for redemption, the average of all such Reference Treasury Dealer Quotations for the date fixed for redemption. 

“Independent Investment Banker” means one of the Reference Treasury Dealers or their respective successors or, if such firms or
their respective successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States. 

“Reference Treasury Dealer” means (i) each of Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and RBC
Capital Markets, LLC, and any other Primary Treasury Dealer designated by, and not affiliated with, Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC and their respective affiliates or successors,
provided, however, that if any of the foregoing, or any of their respective designees, ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute and (ii) any other Primary Treasury Dealer
selected by the Company after consultation with the Independent Investment Banker. 
 “Reference Treasury Dealer Quotations”
means, for any Reference Treasury Dealer and any date fixed for redemption, the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to an Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., Eastern time, on the third business day preceding the date fixed for redemption. 

  
 A-3 

 “Treasury Rate” means, with respect to any date fixed for redemption, the rate per
annum equal to the semi-annual equivalent yield to maturity of such Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to such Comparable Treasury Price for
such date fixed for redemption. The Treasury Rate will be calculated on the third business day preceding the date fixed for redemption. 

Notice of redemption will be given by mail to Holders of Notes of this Series not less than 10 or more than 60 days prior to the date fixed
for redemption, all as provided in the Indenture. In the event of redemption of this Global Security in part only, a new Global Security or Securities of like tenor and series for the unredeemed portion hereof will be issued in the name of the
Securityholder hereof upon the surrender hereof. 
 Interest payments for this Global Security shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In any case where any Interest Payment Date or date on which the principal of this Global Security is required to be paid is not a
Business Day, then payment of principal, premium or interest need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or date on which the principal of
this Global Security is required to be paid and, in the case of timely payment thereof, no interest shall accrue for the period from and after such Interest Payment Date or the date on which the principal of this Global Security is required to be
paid. 
 The Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all
obligations in respect of the Securities (except for certain obligations including obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold monies for payment in
trust, all as set forth in the Indenture) if the Company deposits with the Trustee money, U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, or a
combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Securities on the dates such payments are due in accordance with the
terms of the Securities. 
 If an Event of Default shall occur and be continuing, the principal of the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Securityholders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority
in principal amount of the outstanding Securities. Any such consent or waiver by the Holder of this Global Security shall be conclusive and binding upon such Holder and upon all future Holders of this Global Security and of any Note issued upon the
registration of transfer hereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon the Note. 

As set forth in and subject to the provisions of the Indenture, no Holder of any Securities will have any right to institute any proceeding
with respect to the Indenture or for any remedy 

  
 A-4 

 
thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Securities, the Holders of not less than a majority
in principal amount of the outstanding Securities affected by such Event of Default shall have made written request and offered to the Trustee such reasonable indemnity as it may require to institute such proceeding as Trustee and the Trustee shall
have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and any premium or interest on this Note on
or after the respective due dates expressed herein. 
 No reference herein to the Indenture and to provisions of this Global Security or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Global Security at the times, places and rates and the coin or currency prescribed
in the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set forth, this Global Security may be
transferred only as permitted by the legend hereto. 
 If at any time the Depository for this Global Security notifies the Company that it
is unwilling or unable to continue as Depository for this Global Security or if at any time the Depository for this Global Security shall no longer be eligible or in good standing under the Securities Exchange Act of 1934, as amended, or other
applicable statute or regulation, the Company shall appoint a successor Depository with respect to this Global Security. If a successor Depository for this Global Security is not appointed by the Company within 90 days after the Company receives
such notice or becomes aware of such ineligibility, the Company’s election to issue this Note in global form shall no longer be effective with respect to this Global Security and the Company will execute, and the Trustee, upon receipt of a
Company Order for the authentication and delivery of individual Notes of this Series in exchange for this Global Security, will authenticate and deliver individual Notes of this Series of like tenor and terms in definitive form in an aggregate
principal amount equal to the principal amount of this Global Security. 
 The Company may at any time and in its sole discretion determine
that all Notes of this Series (but not less than all) issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event, the Company shall execute, and the Trustee,
upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in exchange for such Global Security, shall authenticate and deliver, individual Notes of this Series of like tenor and terms in definitive form
in an aggregate principal amount equal to the principal amount of such Global Security or Securities in exchange for such Global Security or Securities. 

Under certain circumstances specified in the Indenture, the Depository may be required to surrender any two or more Global Securities which
have identical terms (but which may have differing Original Issue Dates) to the Trustee, and the Company shall execute and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Notes of this Series in
exchange for such Global Securities, shall authenticate and deliver to, or at the direction of, the Depository a Global Security in principal amount equal to the aggregate principal amount of, and with all terms identical to, the Global Securities
surrendered thereto and that shall indicate all Original Issue Dates and the principal amount applicable to each such Original Issue Date. 

  
 A-5 

 The Indenture and the Securities shall be governed by, and construed in accordance with, the
laws of the State of Minnesota. 
 Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an
Authenticating Agent by manual signature of an authorized officer, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

  
 A-6 

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

Dated:                         

  

			
	XCEL ENERGY INC.
		
	By:	 	    
	Name:	 	    
	Title:	 	President and Chief Operating Officer

  

			
	ATTEST
		
	By:	 	    
	Name:	 	    
	Title:	 	Assistant Secretary

 TRUSTEE’S CERTIFICATE 

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

			
	 WELLS FARGO BANK,
 NATIONAL
ASSOCIATION, as Trustee

		
	By:	 	    
		 	            Authorized Officer

  
 A-7 

 ABBREVIATIONS 

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

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

                        (Cust) 
                       (Minor)

		
	TEN ENT--as tenants by the entireties	  	Under Uniform Gifts to Minors
		
	JT TEN--as joint tenants with right of survivorship and not as tenants in common	  	  
 State

 Additional abbreviations may also be 

used though not in the above list. 
  

 
 FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 
  
  

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

 
 the within security and all rights thereunder, hereby
irrevocably constituting and appointing
                                        
attorney to transfer said security 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. 

  
 A-8

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