Document:

ex_230521.htm

Exhibit 4.1

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT

TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

As of March 11, 2021 Reviva Pharmaceuticals Holdings, Inc. (“us,” “our,” “we” or the “Company”), has two class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: (i) our common stock, par value $0.0001 per share (the “Common Stock”) and (ii) warrants (the “Warrants”) to purchase Common Stock which are exercisable for one share of Common Stock for an exercise price of $11.50.

 

The following is a summary of information concerning our Common Stock and Warrants and certain provisions of our amended and restated certificate of incorporation (“Certificate of Incorporation”) and amended and restated bylaws (“Bylaws”) currently in effect. This summary does not purport to be complete and is qualified in its entirety by the provisions of our Certificate of Incorporation and Bylaws, each previously filed with the Securities and Exchange Commission (“SEC”) and incorporated by reference as an exhibit to the Annual Report on Form 10-K, as well as to the applicable provisions of the Delaware General Corporation Law (the “DGCL”). We encourage you to read our Certificate of Incorporation, Bylaws and the applicable portions of the DGCL carefully.

 

Authorized and Outstanding Stock

 

 Our authorized capital stock consists of:

 

	 	
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			115,000,000 shares of common stock, par value $0.0001 per share; and

			

	 	
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			10,000,000 shares of preferred stock, par value $0.0001 per share.

			

 

As of March 11, 2021 there were 9,231,737 shares of our Common Stock outstanding, and no shares of preferred stock outstanding.

 

Common Stock

 

Voting.   The holders of our Common Stock are entitled to one vote for each share held of record on all matters on which the holders are entitled to vote (or consent pursuant to written consent). Directors are elected by a plurality of the votes present in person or represented by proxy and entitled to vote.

 

Dividends.   The holders of Common Stock are entitled to receive, ratably, dividends only if, when and as declared by our board of directors out of funds legally available therefor and after provision is made for each class of capital stock having preference over the Common Stock.

 

Liquidation Rights.   In the event of the Company’s liquidation, dissolution or winding-up, the holders of Common Stock will be entitled to share, ratably, in all assets remaining available for distribution after payment of all liabilities and after provision is made for each class of capital stock having preference over the Common Stock.

 

Conversion Right.   The holders of Common Stock have no conversion rights.

 

Preemptive and Similar Rights.   The holders of Common Stock have no preemptive or similar rights.

 

Redemption/Put Rights.   There are no redemption or sinking fund provisions applicable to the Common Stock. All of the outstanding shares of Common Stock will be fully-paid and nonassessable.

 

 

 

 

Preferred Stock

 

Our board of directors has the authority to issue shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock into one or more series and to fix the designations, preferences, privileges, and restrictions of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms, and the number of shares constituting any series or the designation of any series to the fullest extent permitted by the DGCL.

 

Warrants

 

We have outstanding Warrants consisting of: (i) warrants (the “Public Warrants”) issued in connection with Tenzing Acquisition Corp’s (“Tenzing”) initial public offering (the “IPO”) and (ii) warrants issued (a) in a private placement in connection the IPO and (b) in connection with the conversation of certain loans (together, the “Private Warrants”).

  

Each Warrant entitles the holder thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment as described in this prospectus. No Public Warrants will be exercisable for cash unless we have an effective and current registration statement covering the issuance of the shares of Common Stock issuable upon exercise of the Public Warrants and a current prospectus relating to such shares of Common Stock. Notwithstanding the foregoing, the holders of the Public Warrants may, during any period when we shall have failed to maintain an effective registration statement covering the issuance of the shares of Common Stock issuable upon exercise of the Public Warrants, exercise the Public Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act of 1933, as amended. If an exemption from registration is not available, holders will not be able to exercise their Warrants on a cashless basis. The Warrants will expire on December 14, 2025 at 5:00 p.m., New York City time or earlier redemption.

 

The Private Warrants are identical to the Public Warrants except that such Private Warrants will be exercisable for cash (even if a registration statement covering the issuance of the shares of Common Stock issuable upon exercise of such warrants is not effective) or on a cashless basis, at the holder’s option, and will not be redeemable by us, in each case so long as they are still held by the initial purchasers or their affiliates. In addition, for as long as the Private Warrants are held by Maxim Group LLC (or its designees or affiliates), they may not be exercised after five years from the effective date of the registration statement relating to the IPO.

 

We may call the Public Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:

 

	 	
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			at any time while the Public Warrants are exercisable;

			

	 	
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			upon not less than 30 days’ prior written notice of redemption to each warrant holder;

			

	 	
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			if, and only if, the reported last sale price of the Common Stock equals or exceeds $21.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period ending on the third trading business day prior to the notice of redemption to holders of the Public Warrants, and

			

	 	
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			if, and only if, there is a current registration statement in effect with respect to the issuance of the shares of Common Stock underlying such Public Warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.

			

 

The right to exercise will be forfeited unless the Public Warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder of a Public Warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such warrant.

 

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The redemption criteria for the Public Warrants has been established at a price which is intended to provide the holders thereof a reasonable premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants.

 

If we call the Public Warrants for redemption as described above, our management will have the option to require all holders that wish to exercise Public Warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the Public Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the warrants, multiplied by the difference between the exercise price of the Public Warrants and the fair market value by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the shares of Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Public Warrants. For example, if a holder held 150 Public Warrants to purchase 150 shares of Common Stock and the fair market value on the trading date prior to exercise was $15.00, that holder would receive 35 shares without the payment of any additional cash consideration. Whether we will exercise its option to require all holders to exercise their Public Warrants on a “cashless basis” will depend on a variety of factors including the price of our Common Stock at the time the Public Warrants are called for redemption, our cash needs at such time and concerns regarding dilutive share issuances.

 

The Warrants are issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval, by written consent or vote, of the holders of a majority of the then outstanding Warrants in order to make any change that adversely affects the interests of the registered holders.

 

The exercise price and number of shares of Common Stock issuable on exercise of the Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or a recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for issuances of Common Stock at a price below their respective exercise prices.

 

The Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of Warrants being exercised. The holders of the Warrants do not have the rights or privileges of holders of Common Stock and any voting rights until they exercise their Warrants and receive shares of Common Stock. After the issuance of shares of Common Stock upon exercise of the Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by our shareholders.

 

Except as described above, no Public Warrants will be exercisable and we will not be obligated to issue shares of Common Stock unless at the time a holder seeks to exercise such Public Warrant, a prospectus relating to the shares of Common Stock issuable upon exercise of the Public Warrants is current and the shares of Common Stock have been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the Private Warrants. Under the terms of the warrant agreement, we have agreed to use its best efforts to meet these conditions and to maintain a current prospectus relating to the shares of Common Stock issuable upon exercise of the Public Warrants until the expiration of the Public Warrants. However, we cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating to the shares of Common Stock issuable upon exercise of the Public Warrants, holders will be unable to exercise their Public Warrants and we will not be required to settle any such warrant exercise. If the prospectus relating to the shares of Common Stock issuable upon the exercise of the Public Warrants is not current or if the shares of Common Stock are not qualified or exempt from qualification in the jurisdictions in which the holders of the Public Warrants reside, we will not be required to net cash settle or cash settle the warrant exercise, the Public Warrants may have no value, the market for the Public Warrants may be limited and the warrants may expire worthless.

 

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Warrant holders may elect to be subject to a restriction on the exercise of their Warrants such that an electing Warrant holder would not be able to exercise their Warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the shares of Common Stock outstanding.

 

No fractional shares will be issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to the Warrant holder.

 

Anti-Takeover Effects of our Certificate of Incorporation, our Bylaws and Certain Provisions of Delaware Law

 

Our, Certificate of Incorporation, our Bylaws and the DGCL each contain provisions, which are summarized in the following paragraphs, which are intended to enhance the likelihood of continuity and stability in the composition of our board of directors and to discourage certain types of transactions that may involve an actual or threatened acquisition of the Company. These provisions are intended to avoid costly takeover battles, reduce the Company’s vulnerability to a hostile change of control or other unsolicited acquisition proposal, and enhance the ability of our board of directors to maximize stockholder value in connection with any unsolicited offer to acquire the Company. However, these provisions may have the effect of delaying, deterring or preventing a merger or acquisition of the Company by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best interest, including attempts that might result in a premium over the prevailing market price for the shares of Common Stock. Our Certificate of Incorporation, provides that any action required or permitted to be taken by the Company’s stockholders must be effected at a duly called annual meeting of such stockholders and may not be effected by any consent in writing by such holders unless such action is recommended by all directors of our board of directors then in office, except that holders of one or more series of preferred stock, if such series are expressly permitted to do so by the certificate of designation relating to such series, may take any action by written consent if such action permitted to be taken by such holders and the written consent is signed by the holders of outstanding shares of the relevant class or series having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting.

 

Authorized but Unissued Capital Stock

 

Delaware law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of Nasdaq, which apply so long as the Common Stock remains listed on Nasdaq, require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power or then outstanding number of shares of Common Stock. Additional shares that may be issued in the future may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.

 

One of the effects of the existence of unissued and unreserved Common Stock may be to enable our board of directors to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise and thereby protect the continuity of management and possibly deprive stockholders of opportunities to sell their shares of Common Stock at prices higher than prevailing market prices.

 

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Election of Directors and Vacancies

 

Our Certificate of Incorporation provides that our board of directors will determine the number of directors who will serve on our board of directors, subject to the rights of the holders of any series of preferred stock to elect additional directors. The exact number of directors will be fixed solely and exclusively by resolution duly adopted from time to time by our board of directors.

 

Our Certificate of Incorporation provides that any vacancy on our board of directors, including a vacancy that results from an increase in the number of directors or a vacancy that results from the death, resignation, disqualification or removal of a director, may be filled only by a majority of the directors then in office, even if less than a quorum, subject to the rights, if any, of the holders of preferred stock.

 

Notwithstanding the foregoing provisions of this section, each director will serve until his successor is duly elected and qualified or until his earlier death, resignation or removal. No decrease in the number of directors constituting our board of directors will shorten the term of any incumbent director.

 

Business Combinations

 

We are subject to the provisions of Section 203 of the DGCL. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the business combination is approved in the following prescribed manner:

 

	 	
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			prior to the time of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

			

	 	
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			upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (1) shares owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; and

			

	 	
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			on or subsequent to the time of the transaction, the business combination is approved by the board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

			

 

Generally, for purposes of Section 203, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An “interested stockholder” is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, owned 15% or more of a corporation’s outstanding voting securities.

 

Such provisions may encourage companies interested in acquiring us to negotiate in advance with our board of directors because the stockholder approval requirement would be avoided if our board of directors approves either the business combination or the transaction that results in the stockholder becoming an interested stockholder. However, such provisions also could discourage attempts that might result in a premium over the market price for the shares held by stockholders. These provisions also may make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

 

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Quorum

 

Our Bylaws provide that at any meeting of our board of directors, a majority of the directors then in office constitutes a quorum for all purposes.

 

No Cumulative Voting

 

Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation expressly authorizes cumulative voting. Our Certificate of Incorporation does not authorize cumulative voting.

 

General Stockholder Meetings

 

Our Certificate of Incorporation provides that special meetings of stockholders may be called only by our board of directors acting pursuant to a resolution approved by the affirmative vote of a majority of our board of directors, subject to the rights, if any, of the holders of any series of preferred stock.

 

Requirements for Advance Notification of Stockholder Meetings, Nominations and Proposals

 

Our Bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors. For any matter to be “properly brought” before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a stockholder’s notice must be received by the Secretary at our principal executive offices not less than 90 days nor more than 120 days prior to the one-year anniversary of the date of the preceding annual meeting of stockholders (for the purposes of the first annual meeting of our stockholders following the adoption of our Bylaws, a stockholder’s notice must be received by the Secretary at the Company’s principal executive offices not later than (i) 90 days prior to the date of the first annual meeting or (ii) less than 10 days following the date the first annual meeting is publicly announced). Our Bylaws also specify requirements as to the form and content of a stockholder’s notice. Our Bylaws allow our board of directors or a committee of our board of directors to determine whether a nomination or any business proposed to be brought before a special meeting of the stockholders was made in accordance with our Bylaws. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to influence or obtain control of us.

 

Amendment Provisions

 

Our Certificate of Incorporation and our Bylaws provide that our board of directors, by the affirmative vote of a majority of our board of directors, is expressly authorized to make, alter, amend, change, add to, rescind or repeal, in whole or in part, our Bylaws without a stockholder vote in any matter not inconsistent with the laws of the State of Delaware. Any amendment, alteration, rescission or repeal of our Bylaws by our stockholders requires the affirmative vote of the holders of at least a majority in voting power of all the then outstanding shares of stock entitled to vote thereon, voting together as a single class.

 

Our Certificate of Incorporation provides that it may be amended, altered, changed or repealed in accordance with the DGCL.

 

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Exclusive Forum

 

Our Certificate of Incorporation provides that, unless the we consent to the selection of an alternative forum, any (i) derivative action or proceeding brought on our behalf, (ii) action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to us or our stockholders, creditors or other constituents, (iii) action asserting a claim against the Company or any of our directors or officers arising pursuant to, or a claim against the Company or any director or officer of the Company with respect to the interpretation or application of any provision of, the DGCL, our Certificate of Incorporation or our Bylaws or (iv) action asserting a claim against the Company or any director or officer of the Company governed by the internal affairs doctrine will, to the fullest extent permitted by law, be solely and exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court located in the State of Delaware with subject matter jurisdiction. To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Company will be deemed to have notice of and consented to the forum provisions in our Certificate of Incorporation. However, it is possible that a court could find our forum selection provisions to be inapplicable or unenforceable. Although we believes this provision benefits it by providing increased consistency in the application of Delaware law in believe types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers.

 

Our Certificate of Incorporation provides that, unless we consent to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended; provided, however, that this provision will not apply to suits brought to enforce any liability or duty created by the Securities Exchange Act of 1934, as amended, or any other claim for which the federal courts have exclusive jurisdiction.

  

Transfer Agent and Registrar

 

The transfer agent for our Common Stock and warrant agent for the Warrants is Continental Stock Transfer & Trust Company.

 

Listing

 

Our Common Stock and Warrants are listed on Nasdaq under the symbol “RVPH” and RVPHW”, respectively.

 

-7-Exhibit 4.2

   

   Execution Version

    

   

    

  

  SECOND SUPPLEMENTAL INDENTURE

   

  BETWEEN

   

  SOUTH JERSEY INDUSTRIES, INC.

   

  AND

   

  U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE

   

  DATED AS OF MARCH 22, 2021

   

  2021 SERIES B 1.65% REMARKETABLE JUNIOR SUBORDINATED NOTES DUE 2029

   

  
      

    
      
 

  

  
   

  TABLE OF CONTENTS

   

  

  	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	2
	 	 
	1.1	Definition of Terms	2
	 	 	 
	ARTICLE II GENERAL TERMS AND CONDITIONS OF THE SERIES B NOTES	4
	 	 
	2.1	Designation and Principal Amount	4
	2.2	Stated Maturity	5
	2.3	Form and Payment; Minimum Transfer Restriction	5
	2.4	Exchange and Registration of Transfer of Series B Notes; Restrictions on Transfers; Depositary	6
	2.5	Interest	6
	2.6	Events of Default	7
	2.7	No Defeasance; No Discharge	8

        
	2.8	No Sinking Fund or Repayment at Option of the Holder	8
	2.9	Increase and Decrease in Pledged Notes	8
	2.10	No Additional Amounts	8
	2.11	Acceleration; Rescission	8
	2.12	Waiver of Defaults	9
	2.13	Waiver of Covenants	10
	2.14	Conveyance by Lease	10
	2.15	Ranking; Subordination	10
	 	 	 
	ARTICLE III REDEMPTION OF THE SERIES B NOTES	10
	 	 
	3.1	Optional Redemption by Company in Event of Failed Final Remarketing	10
	3.2	Effect of Redemption	11
	3.3	Notice of Redemption	11
	3.4	Amendments to Article III of Base Indenture	11
	 	 	 
	ARTICLE IV OPTION TO DEFER INTEREST PAYMENTS	11
	 	 
	4.1	Option to Defer Interest Payments	11
	 	 	 
	ARTICLE V FORM OF SERIES B NOTE	14
	 	 
	5.1	Form of Series B Note	14
	 	 	 
	ARTICLE VI ORIGINAL ISSUE OF SERIES B NOTES	14
	 	 
	6.1	Original Issue of Series B Notes	14

  

  

   

  

  
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  	ARTICLE VII [RESERVED]	14
	 	 
	ARTICLE VIII MODIFICATION OF INDENTURE	15
	 	 
	8.1	Modification of Indenture without Consent of Holders of Series B Notes	15
	8.2	Modification of Indenture with Consent of Holders of Series B Notes	15
	 	 	 
	ARTICLEIX REMARKETING	16
	 	 
	9.1	Remarketing Procedures	16
	9.2	Remarketing	17
	9.3	Reset Rate	18
	9.4	Modification of Terms in Connection with a Successful Remarketing	19
	9.5	Put Right	19
	 	 	 
	ARTICLE X TAX TREATMENT	20
	 	 
	10.1	Tax Treatment	20
	 	 	 
	ARTICLE XI THE TRUSTEE	20
	 	 
	11.1	Security Registrar and Paying Agent	20
	11.2	Concerning the Trustee	20
	11.3	Patriot Act Requirements of Trustee	20
	11.4	Notice upon Trustee	21
	 	 	 
	ARTICLE XII MISCELLANEOUS	21
	 	 
	12.1	Ratification of Indenture; Second Supplemental Indenture Controls	21
	12.2	Recitals	21
	12.3	Governing Law	21
	12.4	Separability	21
	12.5	Counterparts	22

  

   

  Exhibit A: Form of Series B Note and the Trustee’s Certificate of Authentication

   

  Exhibit B: Form of Put Notice

   

  
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  SECOND SUPPLEMENTAL INDENTURE

   

  THIS SECOND SUPPLEMENTAL INDENTURE, dated as of March 22, 2021
      (the “Second Supplemental Indenture”), is between SOUTH JERSEY INDUSTRIES, INC., a New Jersey corporation, having its principal office at 1 South Jersey Plaza, Folsom, New Jersey 08037 (the “Company”), and U.S. BANK NATIONAL
      ASSOCIATION, a national banking association, as trustee under the Base Indenture (as defined below), having a corporate trust office at CityPlace I, 185 Asylum Street, 27th
      Floor, Hartford, CT 06103, Attention: Global Corporate Turst (herein called the “Trustee”).

   

  WHEREAS, the Company has heretofore entered into a Junior
      Subordinated Indenture, dated as of April 23, 2018, between the Company and the Trustee (the “Base Indenture”);

   

  WHEREAS, the Base Indenture is incorporated herein by this
      reference and the Base Indenture, as supplemented and amended by this Second Supplemental Indenture, and as may be hereafter supplemented or amended from time to time in accordance herewith and therewith, is herein called the “Indenture”;

   

  WHEREAS, under the Base Indenture, a new series of Securities may
      at any time be established in accordance with the provisions of the Base Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee;

   

  WHEREAS, the Company proposes to create under the Base Indenture
      a new series of Securities;

   

  WHEREAS, the Company has requested that the Trustee execute and
      deliver this Second Supplemental Indenture and all requirements necessary to make this Second Supplemental Indenture a valid instrument in accordance with its terms, and to make the Series B Notes (as defined herein), when executed by the Company and
      authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Second Supplemental Indenture has been duly authorized in all respects;

   

  NOW, THEREFORE, in consideration of the purchase and acceptance
      of the Series B Notes by the Holders (as defined herein), and for the purpose of setting forth, as provided in the Base Indenture, the form and substance of the Series B Notes and the terms, provisions and conditions thereof, the Company covenants
      and agrees with the Trustee as follows:

   

  

  
    1 

    
      
 

  

   

  Article I

      DEFINITIONS

   

  1.1          Definition of Terms. For all purposes of this Second Supplemental Indenture, except as otherwise expressly
      provided or unless the context otherwise requires:

   

  (a)            the capitalized terms not otherwise defined herein shall have the meanings set forth in the Base Indenture or, if not defined in the Base Indenture, in the Purchase Contract and Pledge Agreement (as defined
      below);

   

  (b)            the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

   

  (c)            all other terms used herein which are defined in the Trust Indenture Act of 1939, as amended, whether directly or by reference therein, have the meanings assigned to them therein;

   

  (d)            a reference to a Section or Article is to a Section or Article of this Second Supplemental Indenture unless otherwise stated;

   

  (e)            the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Second Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision;

   

  (f)             headings are for convenience of reference only and do not affect interpretation;

   

  “Business Day” shall have the meaning set forth in the Base
      Indenture except that, solely with respect to the Series B Notes, the words “or the Property Trustee” shall be deemed deleted.

   

  “Coupon Rate” has the meaning set forth in Section ‎‎2.5(b).

   

  “Corporate Trust Office of the Trustee” means the office of the
      Trustee at which at any particular time its corporate trust business with respect to the series of Securities herein described shall be principally administered, which office at the date of original execution of this Second Supplemental Indenture is
      located at CityPlace I, 185 Asylum Street, 27th Floor, Hartford, CT 06103, Attention: Corporate Trust Services, and for purposes of Agent services and Section 4.2 of the
      Base Indenture such office shall also include the office or agency of the Trustee located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Corporate Trust Services.

   

  “Deferral Period” means the period beginning on the Interest
      Payment Date for which the Company has elected to defer the Interest Payment in accordance with Section ‎4.1 and ending on the earlier of (a) the next Interest Payment Date on which all Deferred Interest (including compounded interest
      thereon) has been paid in full and (b)(i) the Purchase Contract Settlement Date, in the case of a Deferral Period that begins prior to the Purchase Contract Settlement Date, or (ii) the Stated Maturity, in the case of a Deferral Period that begins
      after the Purchase Contract Settlement Date.

   

  

  
    2 

    
      
 

  

   

  “Deferred Interest” shall have the meaning set forth in Section ‎‎4.1(a).

   

  “Equity Unit” shall have the meaning set forth in the
      Underwriting Agreement.

   

  “Global Note” shall have the meaning set forth in Section ‎2.4.

   

  “Holder” means (i) with respect to the Corporate Units or the
      Treasury Units, such term as defined in the Purchase Contract and Pledge Agreement and (ii) with respect to the Series B Notes, the Person in whose name at the time a particular Series B Note is registered on the books of the Trustee kept for that
      purpose.

   

  “Increased Principal Amount” shall have the meaning set forth in
      Section ‎2.9.

   

  “Interest Payment” means, with respect to any Interest Payment
      Date, the interest payment on the Series B Notes due on such Interest Payment Date.

   

  “Interest Payment Date” shall have the meaning set forth in Section

        ‎2.5(a).

   

  “Interest Period” means, with respect to any Interest Payment
      Date, the period from and including the immediately preceding Interest Payment Date (or if none, March 22, 2021) to, but excluding, such Interest Payment Date.

   

  “Original Issue Date” means March 22, 2021 or, in the case of
      Series B Notes issued in connection with any exercise by the Underwriters of their over-allotment option, the date on which such Series B Notes are issued.

   

  “Pledged Notes” shall have the meaning set forth in Section 2.9.

   

  “Purchase Contract and Pledge Agreement” means the Purchase
      Contract and Pledge Agreement, dated as of March 22, 2021, between the Company and U.S. Bank National Association, as Purchase Contract Agent, Collateral Agent, Custodial Agent and Securities Intermediary, as amended from time to time.

   

  “Put Price” shall have the meaning specified in Section ‎‎‎9.5(a).

   

  “Put Right” shall have the meaning set forth in Section ‎9.5(a).

   

  “Put Right Default” shall have the meaning set forth in Section 2.6.

   

  “Redemption” means the redemption of the Series B Notes pursuant
      to the terms of ‎Article III.

   

  “Redemption Date” shall have the meaning set forth in Section ‎3.1.

   

  “Redemption Price” means, for any Series B Note, the principal
      amount of such Series B Note, plus accrued and unpaid interest (including Deferred Interest and compounded interest thereon), if any, to but excluding the Redemption Date.

   

  “Reduced Principal Amount” shall have the meaning set forth in Section ‎2.9.

   

  

  
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  “Regular Record Date” means, with respect to any Interest Payment
      Date for the Series B Notes, the 15th day of the calendar month immediately preceding the month in which the applicable Interest Payment Date falls (whether or not a Business Day).

   

  “Released Note” shall have the meaning set forth in Section ‎2.9.

   

  “Remarketed Notes” means, with respect to all Remarketings during
      any Applicable Remarketing Period, the aggregate principal amount of Series B Notes underlying the Pledged Applicable Ownership Interests in Notes and the Separate Notes, if any, subject to Remarketing as identified to the Remarketing Agent(s) by the
      Purchase Contract Agent and the Custodial Agent, respectively, in each case, pursuant to the terms of the Purchase Contract and Pledge Agreement.

   

  “Remarketing Agent(s)” means the Remarketing Agent(s) appointed
      by the Company, pursuant to the Remarketing Agreement.

   

  “Reset Rate” shall have the meaning specified in Section ‎9.3(a).

   

  “Series A Notes” means the Company’s 2018 Series A 3.70%
      Remarketable Junior Subordinated Notes due 2031 issued under the Base Indenture, as supplemented and amended by the First Supplemental Indenture, dated as of April 23, 2018, between the Company and U.S. Bank National Association, as trustee (the “First

        Supplemental Indenture”).

   

  “Series B Notes” shall have the meaning specified in Section ‎2.1.

   

  “Stated Maturity” shall have the meaning specified in Section ‎2.2.

   

  “Subjected Note” shall have the meaning set forth in Section 2.9.

   

  “Underwriters” means BofA Securities, Inc., Guggenheim
      Securities, LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Wells Fargo Securities, LLC, Citizens Capital Markets, Inc. and TD Securities (USA) LLC.

   

  “Underwriting Agreement” means the Underwriting Agreement, dated
      as of March 17, 2021, by and among the Company and the Underwriters, for the sale of up to 6,900,000 of the Company’s Corporate Units.

   

  The terms “Company,” “Trustee,” “Base Indenture,” and “Indenture” shall
      have the respective meanings set forth in the recitals to this Second Supplemental Indenture.

   

  Article II

      GENERAL TERMS AND CONDITIONS OF THE SERIES B NOTES

   

  2.1          Designation and Principal Amount. There is hereby authorized a new series of Securities, to be designated the
      “2021 Series B 1.65% Remarketable Junior Subordinated Notes due 2029” (the “Series B Notes”), in the initial aggregate principal amount of $300,000,000 (as increased by an aggregate principal amount equal to the aggregate Stated Amount (as
      defined in the Purchase Contract and Pledge Agreement) of Corporate Units with respect to which the Underwriters exercise their over-allotment option), which amount shall be set forth in any written orders of the Company for the authentication and
      delivery of Series B Notes pursuant to Section 2.1 of the Base Indenture and Section ‎6.1 hereof. Any such additional Series B Notes issued on account of any exercise by the Underwriters of their over-allotment option will have the same
      Stated Maturity and other terms as those initially issued and shall be consolidated with and part of the same series of Securities as the Series B Notes initially issued under this Second Supplemental Indenture. For the avoidance of doubt, no
      additional Series B Notes may be issued following the Original Issue Date, except as expressly set forth in the first sentence of this Section ‎2.1.

   

  

  
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  2.2          Stated Maturity. The “Stated Maturity” of the Series B Notes is April 1, 2029, which may not be shortened
      or extended. For the avoidance of doubt, with respect to the Series B Notes, the term “Stated Maturity” refers only to the date on which principal is due and payable as set forth in this Section ‎2.2.

   

  2.3          Form and Payment; Minimum Transfer Restriction.

   

  (a)             Except as provided in Section ‎2.4, the Series B Notes shall be issued in fully registered definitive form without coupons. All Series B Notes shall have identical terms. Series B Notes
      corresponding to Applicable Ownership Interests in Notes that are components of Corporate Units shall be registered in the name of the Purchase Contract Agent or its nominee. Principal of the Series B Notes will be payable (subject to the last
      sentence of this Section ‎2.3(a)), the transfer of such Series B Notes will be registrable, and such Series B Notes will be exchangeable for Series B Notes of a like aggregate principal amount bearing identical terms and provisions, at
      the Corporate Trust Office of the Trustee; provided, however, that, except as otherwise provided in the form of Series B Note attached hereto as Exhibit A, payment of interest will be made by check mailed to the address of the Person
      entitled thereto as such address shall appear in the Security Register or, if such Person so requests and designates an account in writing to the Trustee at least five Business Days prior to the relevant Interest Payment Date, by wire transfer to
      such account; and provided, further, that the Company, in its discretion may remove the Paying Agent and may appoint one or more additional Paying Agents (including the Company or any of its affiliates). Payments with respect to any Global
      Note or any Series B Note corresponding to Applicable Ownership Interests in Notes that are components of Corporate Units will be made by wire transfer to the Depositary or in accordance with any other applicable procedures of the Depositary.

   

  (b)            The Series B Notes shall be issuable in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof; provided, however, that upon the release by the Collateral Agent of Series B
      Notes underlying the Pledged Applicable Ownership Interests in Notes in accordance with Section 3.15 of the Purchase Contract and Pledge Agreement, if any Holder or beneficial owner shall be entitled to receive Series B Notes in an aggregate
      principal amount that is not an integral multiple of $1,000, upon request of the Purchase Contract Agent, on behalf of such Holder or beneficial owner, the Company shall issue Series B Notes in minimum denominations of $50, or integral multiples
      thereof, in exchange for Series B Notes in minimum denominations of $1,000 or integral multiples thereof. The first paragraph of Section 2.3 of the Base Indenture shall not apply with respect to the Series B Notes, and any reference in the Base
      Indenture to such provision shall, for purposes of the Series B Notes, be deemed to refer instead to this Section ‎2.3(b).

   

  

  
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  2.4          Exchange and Registration of Transfer of Series B Notes; Restrictions on Transfers; Depositary. Series B Notes
      that corresponded to Applicable Ownership Interests in Notes but are no longer a component of the Corporate Units and are released from the Collateral Account will be initially issued in permanent global form (a “Global Note”), and if issued
      as one or more Global Notes, the Depositary shall be The Depository Trust Company or such other depository that is a clearing agency registered under Section 17A of the Exchange Act as any officer of the Company may from time to time designate. On
      the date on which the Series B Notes registered in the name of the Purchase Contract Agent pursuant to Section ‎2.3 are issued, the Company shall also issue one or more Global Notes representing Series B Notes, registered in the name of the
      Depositary or its nominee, each having a zero principal balance. Upon the creation of Treasury Units, or the re-creation of Corporate Units or in any other case where the Collateral Agent releases Series B Notes underlying the Pledged Applicable
      Ownership Interests in Notes, an appropriate annotation by the Collateral Agent shall be made on the Schedule of Increases or Decreases in Series B Note on the Global Notes held by the Depositary and on the Pledged Note held by the Collateral Agent.
      Except upon recreation of Corporate Units, Series B Notes represented by the Global Notes will be exchangeable for Series B Notes in certificated form only (x) if the Depositary (A) has notified the Company that it is unwilling or unable to continue
      as depository for the Global Notes or (B) has ceased to be a “clearing agency” registered under the Exchange Act when the Depositary is required to be so registered and the Company receives notice of such cessation and, in either case, a successor
      depository that is a clearing agency registered under Section 17A of the Exchange Act is not appointed by the Company within 90 days after such notice (or the Company becoming aware of such cessation), or (y) upon the occurrence and during the
      continuance of any Event of Default or any other event that, after notice or lapse of time, would constitute an Event of Default with respect to the Series B Notes and any beneficial owner of a Global Note requests that its beneficial interest be
      exchanged for a Series B Note in certificated form; provided, subject to Section ‎2.3, that the Series B Notes in certificated form so issued in exchange for the Global Notes shall be in denominations of $1,000 or any whole multiple
      of $1,000 above that amount and shall be of like aggregate principal amount and tenor as the portion of the Global Note to be exchanged. Except as provided above, owners of beneficial interests in a Global Note will not be entitled to receive
      physical delivery of Series B Notes in certificated form and will not be considered the Holders thereof for any purpose under the Indenture. Any Global Note that is exchangeable pursuant to clause (x) of the fourth sentence of this Section ‎2.4
      shall be exchangeable for Series B Notes in certificated form registered in such names as the Depositary shall direct. The third sentence of the last paragraph of Section 2.5 of the Base Indenture shall not apply with respect to the Series B Notes,
      and any reference in the Base Indenture to such provision shall, for purposes of the Series B Notes, be deemed to refer instead to the fourth sentence of this Section ‎2.4.

   

  2.5          Interest.

   

  (a)             Subject to ‎Article IV, interest on the Series B Notes shall be payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year (each, subject to adjustment in
      accordance with Section ‎2.5(b), an “Interest Payment Date”), commencing July 1, 2021, and at Stated Maturity to the Person in whose name the relevant Series B Notes are registered at the close of business on the Regular Record
      Date for such Interest Payment Date except that interest payable at the Stated Maturity shall be paid to the Person to whom principal is payable. Interest shall be calculated on the basis of a 360-day year of twelve 30-day months, and with respect to
      any period less than a full calendar month, on the basis of the actual number of days elapsed during a 30-day month. If any Interest Payment Date, Redemption Date, the Stated Maturity or the date (if any) on which the Company is required to purchase
      the Series B Notes pursuant to Section ‎9.5 is not a Business Day, then the applicable payment shall be made on the next succeeding day that is a Business Day and no interest shall accrue or be paid in respect of such delay.
      Section 15.5 of the Base Indenture is hereby superseded in its entirety, with respect to the Series B Notes, by the immediately preceding sentence.

   

  

  
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  (b)            The Series B Notes will bear interest initially at the rate of 1.65% per year (the “Coupon Rate”) from and including March 22, 2021 to, but excluding, the date the principal amount thereof is paid or
      made available for payment, or in the event of a Successful Remarketing, the Remarketing Settlement Date. In the event of a Successful Remarketing of the Series B Notes, the interest rate applicable to the Series B Notes may be reset by the
      Remarketing Agent(s) to the applicable Reset Rate with effect from the Remarketing Settlement Date, as set forth in Section ‎9.3. If the interest rate is so reset, the Series B Notes will bear interest at the applicable Reset Rate
      from, and including, the Remarketing Settlement Date to, but excluding, the date the principal amount thereof is paid or made available for payment. In the event of a Successful Remarketing, following the applicable Remarketing Settlement Date,
      interest on Series B Notes will be payable semi-annually on April 1 and October 1. If there is no Successful Remarketing, the interest rate applicable to the Series B Notes will not be reset, the Interest Payment Dates shall remain the same and the
      Series B Notes shall continue to bear interest at the Coupon Rate. The Series B Notes shall bear interest, to the extent permitted by law, on any overdue principal and interest at the Coupon Rate, unless a Successful Remarketing shall have occurred,
      in which case on and after the Remarketing Settlement Date the Series B Notes shall bear interest, to the extent permitted by law, on any overdue principal and interest at the Reset Rate. The second paragraph of Section 2.3 of the Base Indenture
      (except for the last sentence thereof, which sentence shall be deemed to apply to the term “Regular Record Date” as defined herein) shall not apply with respect to the Series B Notes, and any reference in the Base Indenture to such provision shall,
      for purposes of the Series B Notes, be deemed to refer instead to this Section ‎2.5.

   

  2.6           Events of Default. An Event of Default as defined in the Base Indenture shall be an Event of Default with respect
      to the Series B Notes; provided that the nonpayment of interest for so long as and to the extent that interest is permitted to be deferred pursuant to ‎Article IV herein shall not be deemed to be a default in the payment of interest
      for the purposes of Article VI of the Base Indenture and shall not otherwise be deemed an Event of Default with respect to the Series B Notes. In addition, an Event of Default with respect to the Series B Notes will occur if the Company fails to pay
      the Put Price of any Series B Note on the Purchase Contract Settlement Date after a Holder’s Put Right has been exercised pursuant to Section ‎9.5 (a “Put Right Default”).

   

  

  
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  2.7           No Defeasance; No Discharge.

   

  (a)             Prior to the Purchase Contract Settlement Date, the provisions of Section 12.5 of the Base Indenture shall not apply to the Series B Notes.

   

  (b)            Prior to the Purchase Contract Settlement Date, the provisions of Section 12.1 of the Base Indenture shall not apply to the Series B Notes.

   

  2.8           No Sinking Fund or Repayment at Option of the Holder. The Series B Notes shall not be subject to any sinking fund
      or analogous provision and, except in the case of the Put Right, shall not be repayable at the option of a Holder thereof prior to the Stated Maturity.

   

  2.9           Increase and Decrease in Pledged Notes. In the event that any Series B Notes underlying Pledged Applicable
      Ownership Interests in Notes with respect to any Corporate Units evidenced by a Global Certificate are to be released from the Pledge following a Termination Event, Collateral Substitution, Cash Settlement, Successful Remarketing, Early Settlement or
      Fundamental Change Early Settlement pursuant to the Purchase Contract and Pledge Agreement (a “Released Note”), such release and delivery shall be evidenced by an endorsement by the Collateral Agent on the Series B Note held by the Collateral
      Agent (the “Pledged Note”) reflecting a reduction in the principal amount of such Pledged Note equal in amount (the “Reduced Principal Amount”) to the principal amount of the Released Note. The Collateral Agent shall confirm any such
      Reduced Principal Amount by telecopying or otherwise delivering a photocopy of such endorsement made on the Pledged Note evidencing such Reduced Principal Amount to the Trustee at the telecopier number, e-mail address or other address of the Trustee
      provided for notices to the Trustee in Section ‎11.4 (or at such other telecopier number, e-mail address or other address as the Trustee shall provide to the Collateral Agent). Upon receipt of such confirmation, the Trustee shall increase
      the principal amount of a Global Note held by the Trustee in an amount equal to the Reduced Principal Amount by an endorsement made by the Trustee on such Global Note to reflect such increase. In the event that a Series B Note is transferred to the
      Collateral Agent pursuant to Section 3.14 of the Purchase Contract and Pledge Agreement (a “Subjected Note”) in connection with the re-creation of Corporate Units, such transfer shall be evidenced by an endorsement by the Collateral Agent on
      the Pledged Note held by the Collateral Agent reflecting an increase in the principal amount of such Pledged Note equal in amount (the “Increased Principal Amount”) to the principal amount of such Subjected Note. The Collateral Agent shall
      confirm any such Increased Principal Amount by telecopying or otherwise delivering a photocopy of such endorsement made on the Pledged Note evidencing such Increased Principal Amount to the Trustee at the telecopier number, e-mail address or other
      address of the Trustee provided for notices to the Trustee in Section ‎11.4 (or at such other telecopier number, e-mail address or other address as the Trustee shall provide to the Collateral Agent). Upon receipt of such confirmation, the
      Trustee shall decrease the principal amount of the Global Note held by the Trustee in an amount equal to the Increased Principal Amount by an endorsement made by the Trustee on such Global Note to reflect such decrease.

   

  2.10         No Additional Amounts. The Company will not pay any additional amounts to any Holder in respect of any tax,
      assessment or governmental charge.

   

  2.11         Acceleration; Rescission. If an Event of Default for the Series B Notes shall have occurred and be continuing,
      unless the principal of the Series B Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Series B Notes then outstanding (determined as provided in Section 8.4 of the
      Base Indenture) may declare the entire principal amount of the Series B Notes to be due and payable immediately, and upon such declaration the same shall become due and payable.

   

  

  
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  The foregoing provisions, however, are subject to the condition that if,
      at any time after the principal amount of the Series B Notes shall have been so declared due and payable, and before any judgment or decree for the payment of moneys due shall have been obtained or entered as hereinafter provided, the Company shall
      pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest upon all the Series B Notes and the principal of all Series B Notes which shall have become due otherwise than by declaration (with interest on overdue
      installments of interest to the extent permitted by law and on such principal at the rate or rates of interest borne by, or prescribed therefor in, the Series B Notes to the date of such payment or deposit) and the amounts payable to the Trustee
      under Section 7.6 of the Base Indenture, and any and all defaults under the Indenture with respect to Series B Notes, other than the nonpayment of principal of and any accrued interest on Series B Notes which shall have become due by declaration,
      shall have been cured, remedied or waived as provided in Section 2.12 below, then and in every such case the holders of a majority in principal amount of the Series B Notes then outstanding (determined as provided in Section 8.4 of the Base
      Indenture) and as to which such Event of Default has occurred by written notice to the Company and to the Trustee, may rescind and annul such declaration and its consequences.

   

  The two paragraphs immediately following clause (e) of Section 6.1 of
      the Base Indenture shall not apply to the Series B Notes, and any reference in the Base Indenture to such provision shall, for purposes of the Series B Notes, be deemed to refer instead to the applicable provision of this Section ‎2.11.

   

  2.12         Waiver of Defaults. The Holders of at least a majority in principal amount of the Series B Notes at the time
      outstanding (determined as provided in Section 8.4 of the Base Indenture) shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on
      the Trustee under the Indenture with respect to the Series B Notes; provided, however, that, subject to Section 7.1 of the Base Indenture, the Trustee shall have the right to decline to follow any such direction if the Trustee being advised
      by counsel determines that the action so directed may not lawfully be taken, or would conflict with the Indenture, or if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceedings so directed
      would be illegal or involve it in personal liability or be unduly prejudicial to the rights of Holders of the Series B Notes not parties to such direction (it being understood that the Trustee does not have an affirmative duty to ascertain whether or
      not any such directions are unduly prejudicial to such Holders); and provided, further, that nothing in the Indenture shall impair the right of the Trustee to take any action deemed proper by the Trustee and which is not inconsistent with
      such direction by the Holders of the Series B Notes. The Holders of at least a majority in principal amount of the Series B Notes at the time outstanding (determined as provided in Section 8.4 of the Base Indenture), may waive any past default or
      Event of Default under the Indenture with respect to the Series B Notes, except a default or Event of Default in the payment of the principal of or interest on any of the Series B Notes (including the Redemption Price or the Put Price, if applicable)
      or in respect of a covenant or provision of the Indenture which under Article X of the Base Indenture (as amended hereby) cannot be modified or amended without the consent of the Holder of each Series B Note so affected. Upon any such waiver, such
      default shall cease to exist and any default or Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture, but no such waiver shall extend to any subsequent or other default or Event of Default or impair
      any right consequent thereon. Any such waiver shall be deemed to be on behalf of the Holders of all the Series B Notes.

   

  

  
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  Section 6.6 of the Base Indenture shall not apply to the Series B Notes,
      and any reference in the Base Indenture to such provision shall, for purposes of the Series B Notes, be deemed to refer instead to the applicable provision in this Section ‎2.12.

   

  2.13         Waiver of Covenants. The Company may omit in any particular instance to comply with any covenant or condition
      specifically contained in the Indenture for the benefit of the Series B Notes (other than the covenant to pay principal of or interest on any of the Series B Notes in the manner and on the dates provided herein or any covenant or provision of the
      Indenture which under Article X of the Base Indenture (as amended hereby) cannot be modified or amended without the consent of the Holder of each Series B Note so affected), if before the time for such compliance the Holders of a majority in
      principal amount of the Series B Notes at the time outstanding (determined as provided in Section 8.4 of the Base Indenture) shall waive such compliance in such instance, but no such waiver shall extend to or affect such covenant or condition except
      to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect.

   

  Section 4.7 of the Base Indenture shall not apply to the Series B Notes,
      and any reference in the Base Indenture to such provision shall, for purposes of the Series B Notes, be deemed to refer instead to the applicable provision in this Section ‎2.13.

   

  2.14         Conveyance by Lease. Notwithstanding anything to the contrary in Section 11.2 of the Base Indenture, the Company
      shall not be discharged from its obligations and covenants (with respect to the Series B Notes) under the Indenture or the Series B Notes, and may not be dissolved or liquidated, in connection with any conveyance by the Company of all or
      substantially all of its assets to any other Person by way of a lease.

   

  2.15         Ranking; Subordination. For the avoidance of doubt, the Series B Notes shall rank on a parity with all Securities
      of other series issued under the Base Indenture.

   

  Article III

      REDEMPTION OF THE SERIES B NOTES

   

  3.1            Optional Redemption by Company in Event of Failed Final Remarketing. The Company may redeem the Series B Notes at
      its option only if there has been a Failed Final Remarketing. In the event of a Failed Final Remarketing, any Series B Notes that remain outstanding after the Purchase Contract Settlement Date will be redeemable on or after April 1, 2026 at the
      Company’s option, in whole or in part, at any time and from time to time, at a price per Series B Note equal to the Redemption Price, payable on the date of redemption (such date, the “Redemption Date”). If the Company redeems fewer than all
      of the outstanding Series B Notes, and the Series B Notes are Global Notes, they will be selected for redemption in accordance with Applicable Procedures. If the Series B Notes are not Global Notes, the Trustee will select the Series B Notes to be
      redeemed pursuant to Section 3.2 of the Base Indenture. The Company may at any time irrevocably waive the right to redeem the Series B Notes for any specified period (including the remaining term of the Series B Notes). The Company shall not redeem
      the Series B Notes if the Series B Notes have been accelerated and such acceleration has not been rescinded or unless all accrued and unpaid interest has been paid in full on all outstanding Series B Notes for all Interest Periods terminating on or
      prior to the Redemption Date. The Company may block the transfer or exchange of (i) all Series B Notes during a period of 15 days prior to the date on which notice of selection of the Series B Notes for redemption is given, or (ii) any Series B Note
      being redeemed, except with respect to the unredeemed portion of any Series B Note being redeemed solely in part. Following a Successful Remarketing of the Series B Notes, the Series B Notes will cease to be redeemable at the Company’s option. The
      third to last paragraph of Section 2.5 of the Base Indenture shall not apply with respect to the Series B Notes.

   

  

  
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  3.2           Effect of Redemption. Unless the Company defaults in the payment of the Redemption Price, on and after the
      Redemption Date, once notice of Redemption is given and funds are irrevocably deposited, in each case, in accordance with Sections 3.2 and 3.3 of the Base Indenture, (i) interest shall cease to accrue on the Series B Notes to be redeemed on and after
      the Redemption Date (unless there is a default in payment of the Redemption Price), (ii) the Series B Notes to be redeemed shall no longer be outstanding and (iii) all rights of the Holders in respect of the Series B Notes to be redeemed shall
      terminate and lapse (other than the right to receive any amount owed in connection with a Redemption but without interest on such amount).

   

  3.3           Notice of Redemption. Subject to Article III of the Base Indenture, notice of any Redemption pursuant to this ‎Article III
      will be sent not less than 20 days and not more than 60 days prior to the Redemption Date to each Holder of Series B Notes to be redeemed at such Holder’s registered address.

   

  3.4           Amendments to Article III of Base Indenture. Solely for purposes of the Series B Notes, (i) Sections 3.2 and 3.3
      of the Base Indenture are hereby deemed amended by removing any reference therein to accrued and unpaid interest to the date fixed for redemption being payable on any Series B Notes upon Redemption (in addition to the applicable redemption price) and
      (ii) for the avoidance of doubt, the “applicable redemption price” referred to therein shall be the Redemption Price.

   

  Article IV

      OPTION TO DEFER INTEREST PAYMENTS

   

  4.1           Option to Defer Interest Payments.

   

  (a)             The Company may elect at one or more times to defer payment of interest on the Series B Notes (such unpaid interest, the “Deferred Interest”) for one or more consecutive Interest Periods; provided
      that the interest payable on the Purchase Contract Settlement Date or the Stated Maturity may not be deferred, and no Interest Payment may be deferred beyond the Purchase Contract Settlement Date, in the case of a Deferral Period that begins prior to
      the Purchase Contract Settlement Date, or the Stated Maturity, in the case of a Deferral Period that begins after the Purchase Contract Settlement Date. Furthermore, in the event of a Successful Remarketing, following the applicable Remarketing
      Settlement Date, the Company shall have no right to defer the payment of interest on the Series B Notes. If all Deferred Interest has been paid (including compounded interest thereon) and the Company still has the right to defer the payment of
      interest, the Company may again defer Interest Payments subject to and in accordance with the terms of this Section ‎4.1.

   

  

  
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  (b)           Deferred Interest on the Series B Notes will bear interest at the interest rate applicable to the Series B Notes, and subject to applicable law, such interest will be compounded on each Interest Payment Date
      to, but excluding, the Interest Payment Date on which such Deferred Interest is paid.

   

  (c)           If a Deferral Period is continuing with respect to the Series B Notes or the Company has given notice of a Deferral Period but such Deferral Period has not yet commenced, then until all Deferred Interest
      (including compounded interest thereon) has been paid, the Company shall not:

   

  (i)            declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares of its Capital Stock; or

   

  (ii)           make any payment of principal of, or interest or premium, if any, on, or repay, repurchase or redeem any of its debt securities ranking on a parity with, or ranking junior to, the Series B Notes
      (including debt securities of other series issued under the Base Indenture); or

   

  (iii)          make any guarantee payments on any guarantee of debt securities if the guarantee ranks on a parity with or junior to the Series B Notes.

   

  (d)           However, the foregoing provisions of Section ‎4.1(c) shall not prevent or restrict the Company from making:

   

  (i)              purchases, redemptions or other acquisitions of its Capital Stock in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of
      employees, officers, directors, agents, consultants or independent contractors or a stock purchase or dividend reinvestment plan, or the satisfaction of its obligations pursuant to any contract or security outstanding on the date that the payment of
      interest is deferred requiring it to purchase, redeem or acquire its Capital Stock;

   

  (ii)            any payment, repayment, redemption, purchase, acquisition or declaration of dividends described in clause (c)(i) above as a result of a reclassification of its Capital Stock, or the
      exchange or conversion of all or a portion of one class or series of its Capital Stock for another class or series of its Capital Stock;

   

  

  
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  (iii)          the purchase of fractional interests in shares of its Capital Stock pursuant to the conversion or exchange provisions of its Capital Stock or the security being converted or exchanged, or in connection
      with the settlement of stock purchase contracts outstanding on the date that the payment of interest is deferred;

   

  (iv)          dividends or distributions paid or made in its Capital Stock (or rights to acquire its Capital Stock), or repurchases, redemptions or acquisitions of its Capital Stock in connection with the issuance or
      exchange of its Capital Stock (or of securities convertible into or exchangeable for shares of its Capital Stock) and distributions in connection with the settlement of stock purchase contracts outstanding on the date that the payment of interest is
      deferred;

   

  (v)           redemptions, exchanges or repurchases of, or with respect to, any rights outstanding under a shareholder rights plan outstanding on the date that the payment of interest is deferred or the declaration
      or payment thereunder of a dividend or distribution of or with respect to rights in the future;

   

  (vi)          payments on the Series A Notes, the Series B Notes, any trust preferred securities, subordinated debentures, junior subordinated debentures or junior subordinated notes, or any guarantees of any of the
      foregoing, in each case ranking on a parity with the Series B Notes, so long as the amount of payments made on account of such securities or guarantees is paid on all such securities and guarantees then outstanding on a pro rata basis in proportion
      to the full payment to which each series of such securities and guarantees is then entitled if paid in full; provided that, for the avoidance of doubt, the Company shall not make interest payments on the Series B Notes in part;

   

  (vii)        purchases of any Series B Notes upon exercise of the Put Right in the event of a Failed Final Remarketing or purchase of any Series A Notes upon exercise of the “Put Right” in the event of a “Failed
      Final Remarketing” (each as defined in the First Supplemental Indenture); or

   

  (viii)        any payment of deferred interest or principal on, or repayment, redemption or repurchase of, securities ranking on a parity with or ranking junior to the Series B Notes that, if not made, would cause
      the Company to breach the terms of the instrument governing such parity or junior securities.

   

  (e)             In the event that the Company elects to defer any Interest Payment, the Company shall notify the Trustee and the Holders in writing of such election at least one Business Day prior to the Regular Record Date
      for the Interest Payment Date on which the Company intends to begin a Deferral Period; provided, however, that the Company’s failure to pay the interest owed on a particular Interest Payment Date shall also constitute the commencement of a
      Deferral Period, unless the Company pays such interest within five Business Days after such Interest Payment Date, whether or not the Company provides a notice of deferral.

   

  

  
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  (f)             The Company may pay Deferred Interest (including compounded interest thereon) in cash on any scheduled Interest Payment Date occurring on or prior to (i) the Purchase Contract Settlement Date, in the case of
      a Deferral Period that begins prior to the Purchase Contract Settlement Date, or (ii) the Stated Maturity, in the case of a Deferral Period that begins after the Purchase Contract Settlement Date; provided that in order to end a Deferral
      Period on any scheduled Interest Payment Date other than the Purchase Contract Settlement Date or the Stated Maturity, the Company must deliver written notice thereof to Holders of the Series B Notes and the Trustee on or before the relevant Regular
      Record Date. Deferred Interest paid on any Interest Payment Date shall be payable to the Person in whose name the Series B Notes are registered at the close of business on the Regular Record Date next preceding such Interest Payment Date.

   

  (g)            In the event there is any Deferred Interest outstanding, the Company may not elect to conduct an Optional Remarketing.

   

  (h)            Notwithstanding anything to the contrary herein, in connection with any Successful Final Remarketing of the Series B Notes, all accrued and unpaid Deferred Interest (including compounded interest thereon),
      calculated to, but excluding, the Purchase Contract Settlement Date at the Coupon Rate, shall be paid to the Holders of Series B Notes (whether or not such Series B Notes were remarketed in such Remarketing), as of the applicable Regular Record Date,
      on the Purchase Contract Settlement Date in cash.

   

  (i)              The provisions of Section 4.9 of the Base Indenture shall not apply to the Series B Notes.

   

  Article V

      FORM OF SERIES B NOTE

   

  5.1           Form of Series B Note. The Series B Notes and the Trustee’s Certificate of Authentication to be endorsed thereon
      are to be substantially in the form attached hereto as Exhibit A.

   

  Article VI

      ORIGINAL ISSUE OF SERIES B NOTES

   

  6.1           Original Issue of Series B Notes. Series B Notes in the initial aggregate principal amount of up to $300,000,000
      (as increased by an aggregate principal amount equal to the aggregate Stated Amount (as defined in the Purchase Contract and Pledge Agreement) of Corporate Units with respect to which the Underwriters exercise their over-allotment option) may be
      executed by the Company and delivered to the Trustee for authentication by it, and the Trustee shall thereupon authenticate and deliver said Series B Notes to the Company or upon the written order of the Company, signed by any Officer of the Company,
      without any further corporate action by the Company.

   

  Article VII

      [RESERVED]

   

  

  
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  Article VIII

      MODIFICATION OF INDENTURE

   

  8.1           Modification of Indenture without Consent of Holders of Series B Notes. In addition to subsections (a) through (j)
      of Section 10.1 of the Base Indenture, without the consent of any Holder of a Series B Note, the Company and the Trustee may (1) modify the form and terms of the Series B Notes in connection with a Successful Remarketing solely to set forth the
      modifications to the terms of the Series B Notes pursuant to Section ‎9.4 and (2) amend the Series B Notes, the Base Indenture (insofar as it relates to the Series B Notes) and this Second Supplemental Indenture to conform the provisions
      thereof or hereof to the descriptions thereof or hereof contained in the preliminary prospectus supplement dated March 16, 2021 for the Series B Notes, as supplemented by the related pricing term sheet used in connection with the offering of the
      Equity Units, under the sections entitled “Description of the Equity Units,” “Description of the Purchase Contracts,” “Certain Provisions of the Purchase Contract and Pledge Agreement” and “Description of the Remarketable Junior Subordinated Notes.”
      Notwithstanding anything to the contrary in the Base Indenture, Section 10.1(j) of the Base Indenture will only apply with respect to the Series B Notes following the Purchase Contract Settlement Date.

   

  8.2           Modification of Indenture with Consent of Holders of Series B Notes. With the consent of the Holders of not less
      than a majority in the principal amount of Series B Notes then outstanding (except as otherwise provided in the first proviso of Section 10.2 of the Base Indenture), the Company and the Trustee may from time to time and at any time enter into an
      indenture or indentures supplemental hereto or to the Base Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or this Second Supplemental Indenture or of
      modifying in any manner the rights of the Holders of the Series B Notes; provided, however, that, in addition to the restrictions set forth in the first proviso contained in Section 10.2 of the Base Indenture (which shall apply to this Section ‎8.2,
      mutatis mutandis), no supplemental indenture may without the consent of the Holders of each outstanding Series B Note directly affected thereby: (i) modify the Put Right of Holders of the Series B Notes upon a Failed Remarketing in a manner
      materially adverse to the Holders, (ii) modify the Remarketing provisions of the Series B Notes in a manner materially adverse to the Holders or (iii) modify Section ‎2.15 hereof in a manner adverse to Holders, it being understood that any
      modification of the terms of the Series B Notes permitted pursuant to Section ‎9.4 in connection with a Remarketing that is made in accordance with the terms of the Indenture may be made without the consent of any Holders of the Series B
      Notes. The first paragraph of Section 10.2 of the Base Indenture shall not apply with respect to the Series B Notes (other than the first proviso therein, which shall apply as set forth in the immediately preceding sentence), and any reference in the
      Base Indenture to the provisions therein shall, for purposes of the Series B Notes, be deemed to refer instead to the applicable provision in this Section ‎8.2.

   

  

  
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  Article IX

      REMARKETING

   

  9.1           Remarketing Procedures.

   

  (a)           In the case of an Optional Remarketing, unless a Termination Event has occurred prior to the Optional Remarketing Period, or in the case of a Final Remarketing, unless a Successful Optional Remarketing or
      Termination Event has occurred prior to the Final Remarketing Period, the Company shall engage the Remarketing Agent(s) pursuant to the Remarketing Agreement for the Remarketing of the Series B Notes as set forth under Section ‎9.2.
      The Company shall, no later than (a) in the case of an Optional Remarketing, five Business Days prior to the first day of the Optional Remarketing Period or (b) in the case of a Final Remarketing, seven days prior to the first day of the Final
      Remarketing Period, request that the Depositary or its nominee notify the beneficial owners or Depositary Participants holding Separate Notes, Corporate Units and Treasury Units, and shall provide a copy of such request to the Collateral Agent and
      the Purchase Contract Agent, in the case of an Optional Remarketing, of the Company’s intent to attempt an Optional Remarketing in the Applicable Remarketing Period, and in all cases, of the proposed Remarketing Dates and the procedures to be
      followed in each Remarketing, including the procedures to be followed by Holders of Separate Notes to participate in a Remarketing, the applicable procedures for Holders of Corporate Units to create Treasury Units or Holders of Treasury Units to
      recreate Corporate Units, as the case may be, the applicable procedures for Holders of Corporate Units to effect an Early Settlement and, in the case of a Final Remarketing, applicable procedures to effect a Cash Settlement and the applicable
      procedures that must be followed by a Holder of Separate Notes if such Holder wishes to exercise its Put Right or by a Holder of Corporate Units if such Holder elects not to exercise its Put Right.

   

  (b)           At any time after notice is given by the Company in accordance with Section ‎9.1(a) and prior to 4:00 p.m., New York City time, on the second Business Day immediately preceding the first day of
      the Applicable Remarketing Period, other than during a Blackout Period, each Holder of Separate Notes may elect to have Separate Notes held by such Holder remarketed in the applicable Remarketing for which notice was given. A Holder making such an
      election must notify the Custodial Agent and deliver such Separate Notes to the Custodial Agent in accordance with the provisions set forth in the Purchase Contract and Pledge Agreement. Any such notice and delivery may not be conditioned upon the
      level at which the Reset Rate is established in the Remarketing. Any such notice and delivery may be withdrawn, other than during a Blackout Period, by notifying the Custodial Agent on or prior to 4:00 p.m., New York City time, on the second Business
      Day immediately preceding the first day of the Applicable Remarketing Period in accordance with the Purchase Contract and Pledge Agreement. Any such notice and delivery not withdrawn in accordance with the immediately preceding sentence will be
      irrevocable with respect to each Remarketing to occur during the Applicable Remarketing Period. Pursuant to Section 5.02 of the Purchase Contract and Pledge Agreement, by (or, in the case of a Final Remarketing, promptly after) 4:00 p.m., New York
      City time on the Business Day immediately preceding the first day of the Applicable Remarketing Period, the Custodial Agent, based on the notices and deliveries received by it prior to such time, shall notify the Remarketing Agent(s) of the aggregate
      principal amount of Separate Notes surrendered for Remarketing. Pursuant and subject to Section 5.02 of the Purchase Contract and Pledge Agreement, Series B Notes that underlie Applicable Ownership Interests in Notes included in Corporate Units will
      be deemed surrendered for Remarketing (unless in the case of a Final Remarketing, the Holder thereof has duly notified the Purchase Contract Agent of its intent to effect a Cash Settlement and timely paid the Purchase Price) and will be remarketed in
      accordance with the terms of the Remarketing Agreement and the Purchase Contract and Pledge Agreement.

   

  

  
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  (c)           The right of each Holder of Remarketed Notes to have such Series B Notes remarketed on any Remarketing Date and sold on any Optional Remarketing Date or Final Remarketing Date, as the case may be, shall be
      subject to the conditions that (i)(A) the Remarketing Agent(s) conducts any Optional Remarketing or (i)(B) in the case of a Final Remarketing, that no Successful Optional Remarketing has occurred pursuant to the terms of the Remarketing Agreement and
      the Purchase Contract and Pledge Agreement, (ii) a Termination Event has not occurred prior to the Optional Remarketing Date or Final Remarketing Date, as the case may be, (iii) the Remarketing Agent(s) is able to find a purchaser or purchasers for
      Remarketed Notes at the Remarketing Price based on the Reset Rate and (iv) each condition precedent to settlement of the Remarketed Notes set forth in the Remarketing Agreement is satisfied or waived.

   

  (d)           Neither the Trustee, the Company, nor the Remarketing Agent(s) shall be obligated in any case to provide funds to make payment upon surrender of Series B Notes for remarketing.

   

  9.2          Remarketing.

   

  (a)           Unless a Termination Event has occurred prior to such date, if the Company elects to conduct an Optional Remarketing during an Optional Remarketing Period selected by the Company pursuant to the Purchase
      Contract and Pledge Agreement, the Remarketing Agent(s) shall use its commercially reasonable efforts to remarket the Remarketed Notes at the applicable Remarketing Price as provided in the Remarketing Agreement.

   

  (b)           In the case there is no Successful Optional Remarketing during the Optional Remarketing Period, either because the Remarketing Agent(s) is unable to remarket the Series B Notes at the applicable Remarketing
      Price or because a condition precedent to the Remarketing has not been satisfied, and unless a Termination Event has occurred prior to such date, during the Final Remarketing Period, the Remarketing Agent(s) shall use its commercially reasonable
      efforts to remarket the Remarketed Notes at the applicable Remarketing Price as provided in the Remarketing Agreement.

   

  (c)           The Remarketing on any Remarketing Date will be considered successful if the resulting proceeds are at least equal to the applicable Remarketing Price. The Company has the right to postpone any Optional
      Remarketing for any reason in its sole and absolute discretion.

   

  (d)           The Company has the right to postpone the Final Remarketing in its sole and absolute discretion on any day prior to the last three Business Days of the Final Remarketing Period.

   

  

  
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  9.3          Reset Rate.

   

  (a)           In connection with each Remarketing, in order to remarket the Series B Notes, the Remarketing Agent(s), in consultation with the Company, may reset the interest rate on the Series B Notes either upward or
      downward, as provided in the Remarketing Agreement, the new interest rate being referred to herein as the “Reset Rate.”

   

  (b)           Anything herein to the contrary notwithstanding, no Reset Rate shall in any event exceed the maximum rate permitted by applicable law.

   

  (c)           In the event of a Successful Remarketing, the interest rate for the Series B Notes shall be reset on the Remarketing Settlement Date to the applicable Reset Rate as determined by the Remarketing Agent(s), in
      consultation with the Company, under the Remarketing Agreement, and the Company shall (1) notify the Trustee by an Officer’s Certificate delivered to the Trustee, (2) notify the Depositary (with a copy to the Trustee) of any reset of the interest
      rate on the Series B Notes at least two days prior to the effective date of such reset and (3) request the Depositary to notify its Depositary Participants holding Series B Notes, in each case, of the Reset Rate no later than 9:00 a.m. New York City
      time on the Business Day following the date of the Successful Remarketing. Upon a Successful Remarketing, the Reset Rate shall apply to all outstanding Series B Notes, whether or not the Holders of all outstanding Series B Notes participated in such
      Remarketing.

   

  (d)           If a reset of the interest rate on the Series B Notes occurs pursuant to a Successful Optional Remarketing, the Reset Rate shall be the interest rate determined by the Remarketing Agent(s), in consultation
      with the Company, pursuant to the Remarketing Agreement, as the interest rate the Series B Notes should bear in order for the Remarketing proceeds to equal at least 100% of the sum of the Treasury Portfolio Purchase Price and the Separate Notes
      Purchase Price (if any).

   

  (e)           If a reset of the interest rate on the Series B Notes occurs pursuant to a Successful Final Remarketing, the Reset Rate shall be the interest rate determined by the Remarketing Agent(s), in consultation with
      the Company, pursuant to the Remarketing Agreement, as the interest rate the Series B Notes should bear in order for the Remarketing proceeds to equal at least 100% of the aggregate principal amount of Series B Notes to be remarketed.

   

  (f)            In the event of a Failed Remarketing, or if no Applicable Ownership Interests in Notes are included in Corporate Units (or the Holder of each such Corporate Unit has duly notified the Purchase Contract Agent
      of its intent to effect a Cash Settlement and timely paid the Purchase Price) and none of the Holders of the Separate Notes elect to have their Series B Notes remarketed in any Remarketing, the applicable interest rate on the Series B Notes will not
      be reset and will continue to be the Coupon Rate.

   

  (g)           If there is a Failed Remarketing, the Company shall cause a notice of the unsuccessful Remarketing to be published not later than 9:00 a.m., New York City time on the Business Day following the Applicable
      Remarketing Period. This notice shall be validly published by filing a Form 8-K or by making a timely release to any appropriate news agency, including Bloomberg Business News and the Dow Jones News Service.

   

  

  
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  9.4           Modification of Terms in Connection with a Successful Remarketing.

   

  Following any Successful Remarketing of the Series B Notes:

   

  (a)           the interest rate on the Series B Notes may be reset, pursuant to Section ‎9.3;

   

  (b)           interest will be payable on the Series B Notes semi-annually, on April 1 and October 1 of each year;

   

  (c)           the Series B Notes will cease to be redeemable at the Company’s option, and the provisions under ‎Article III and Article III of the Base Indenture will no longer apply to the Series B
      Notes; and

   

  (d)           the Company will cease to have the ability to defer interest payments on the Series B Notes, and the provisions under ‎Article IV will no longer apply to the Series B Notes.

   

  All such modifications shall take effect on the Optional Remarketing
      Settlement Date or the Purchase Contract Settlement Date, as the case may be, and shall apply to all outstanding Series B Notes, whether or not included in such Successful Remarketing.

   

  9.5           Put Right.

   

  (a)            If there has not been a Successful Remarketing on or prior to the last day of the Final Remarketing Period, Holders of Series B Notes will, subject to this Section ‎9.5, have the right (the “Put

        Right”) to require the Company to purchase such Series B Notes for cash on the Purchase Contract Settlement Date, at a price per Series B Note to be purchased equal to the principal amount of the applicable Series B Note (the “Put Price”).

   

  (b)           The Put Right of a Holder of a Separate Note shall only be exercisable upon delivery of a notice substantially in the form attached as Exhibit B hereto (or, in the case of Global Notes, in accordance
      with applicable procedures of the Depositary), together with such Holder’s Separate Notes, to the Trustee by such Holder at or prior to 5:00 p.m., New York City time, on the second Business Day immediately preceding the Purchase Contract Settlement
      Date. Such Put Right for a Holder of a Separate Note may be exercised with respect to all or a portion of such Holder’s Separate Notes (so long as such portion is an integral multiple of $1,000 principal amount). Prior to 11:00 a.m., New York City
      time, on the Purchase Contract Settlement Date, the Company shall deposit with the Trustee immediately available funds in an amount sufficient to pay, on the Purchase Contract Settlement Date, the aggregate Put Price of all Separate Notes with
      respect to which a Holder has exercised a Put Right. In exchange for any Separate Notes surrendered pursuant to the Put Right, the Trustee shall then distribute such amount to the Holders of such Separate Notes.

   

  

  
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  (c)           If there has not been a Successful Remarketing on or prior to the last day of the Final Remarketing Period, the Put Right of Holders with respect to Series B Notes relating to Applicable Ownership Interests
      in Notes included in Corporate Units will be deemed to be automatically exercised in accordance with Section 5.02(b) of the Purchase Contract and Pledge Agreement (unless any such Holder has duly notified the Purchase Contract Agent of its intent to
      effect a Cash Settlement and timely paid the Purchase Price).

   

  (d)           Series B Notes purchased pursuant to the Put Right shall be cancelled by the Trustee.

   

  Article X

      TAX TREATMENT

   

  10.1         Tax Treatment. The Company agrees, and by acceptance of a Corporate Unit or a Separate Note, each Holder (or
      beneficial owner) will be deemed to have agreed, for U.S. federal, state and local income tax purposes (unless otherwise required by any taxing authority or required by a change in law occurring after the Original Issue Date), (a) to treat each
      beneficial owner of a Corporate Unit as the owner of each of the applicable stock purchase contract and the applicable interests in the Collateral, including the Series B Notes underlying the Applicable Ownership Interest in Notes constituting a part
      of such Corporate Unit, (b) to treat the Series B Notes as indebtedness, (c) with respect to Holders (or beneficial owners) who purchase Corporate Units upon issuance, to allocate, as of the Original Issue Date, 100% of a Holder’s (or beneficial
      owner’s) purchase price for a Corporate Unit to the Applicable Ownership Interests in Notes and 0% to each Purchase Contract, which will establish each Holder’s (or beneficial owner’s) initial tax basis in each Purchase Contract as $0 and each
      Holder’s (or beneficial owner’s) initial tax basis in each Applicable Ownership Interest in Notes as $50, and (d) in all events, not to take any position for U.S. federal, state or local income tax purposes that is inconsistent with or contrary to
      the above covenants.

   

  Article XI

      THE TRUSTEE

   

  11.1         Security Registrar and Paying Agent. Pursuant to the Base Indenture, the Company hereby appoints the Trustee as
      registrar and “Paying Agent” with respect to the Series B Notes.

   

  11.2         Concerning the Trustee. The Trustee in each of its capacities hereunder assumes no duties, responsibilities or
      liabilities by reason of this Second Supplemental Indenture other than as set forth in the Base Indenture or as expressly set forth herein and, in carrying out its responsibilities hereunder, shall have all of the rights, powers, privileges,
      protections, duties and immunities which it possesses in such capacities under the Base Indenture.

   

  11.3         Patriot Act Requirements of Trustee. The parties hereto acknowledge that in order to help the United States
      government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act) all financial institutions are required to obtain, verify, record
      and update information that identifies each person establishing a relationship or opening an account. The parties to this Second Supplemental Indenture agree that they will provide to the Trustee such information as it may request, from time to time,
      in order for the Trustee to satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing
      the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided.

   

  

  
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  11.4         Notice upon Trustee. Any notice, direction, request, demand, consent or waiver by the Company or any Holder to or
      upon the Trustee, registrar or Paying Agent for the Series B Notes shall be deemed to have been sufficiently given, made or filed, for all purposes, if given, made or filed in writing and received by a Responsible Officer of the Trustee at the
      Corporate Trust Office of the Trustee.

   

  Article XII

      MISCELLANEOUS

   

  12.1         Ratification of Indenture; Second Supplemental Indenture Controls. The Base Indenture, as supplemented and (solely
      for purposes of the Series B Notes) amended by this Second Supplemental Indenture, is in all respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and
      therein provided. The provisions of this Second Supplemental Indenture shall supersede the provisions of the Base Indenture to the extent the Base Indenture is inconsistent herewith. For all purposes under the Base Indenture, the Series B Notes shall
      constitute a single series of Securities, and with regard to any matter requiring the consent under the Base Indenture of holders of multiple series of Securities voting together as a single class, the consent of Holders of the Series B Notes voting
      as a separate class shall also be required and the same threshold shall apply.

   

  12.2         Recitals. The recitals herein contained are made by the Company only and not by the Trustee, and the Trustee
      assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Second Supplemental Indenture or the Series B Notes. The Trustee shall have no responsibility or liability with
      respect to any information, statement or recital in any prospectus, prospectus supplement or other disclosure material prepared or distributed with respect to the issuance of the Series B Notes. The Trustee shall have no responsibility or liability
      with respect to the interest rate on the Series B Notes and whether at any time it complies with applicable law. All of the provisions contained in the Base Indenture in respect of the rights, powers, privileges, protections, duties and immunities of
      the Trustee shall be applicable as fully and with like effect as if set forth herein in full.

   

  12.3         Governing Law. This Second Supplemental Indenture and each Series B Note shall be governed by the laws of the
      State of New York, and for all purposes shall be construed in accordance with the laws of said State (without regard to the conflicts of law principles thereof).

   

  12.4         Separability. In case any one or more of the provisions contained in this Second Supplemental Indenture or in the
      Series B Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Second Supplemental Indenture or of the Series B Notes,
      but this Second Supplemental Indenture and the Series B Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

   

  

  
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  12.5         Counterparts. This Second Supplemental Indenture may be executed in any number of counterparts each of which shall
      be an original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
      and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be
      their original signatures for all purposes. For the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder or with respect to this Second Supplemental Indenture must be in writing (provided that any
      communication sent to the Trustee hereunder must be in the form of a document that is signed by hand, by facsimile, or by way of a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to
      the Trustee by the authorized representative), in English). The Company agrees to assume all risks arising out of the use of digital signatures and electronic methods to submit communications to the Trustee, including, without limitation, the risk of
      the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

   

  12.6         Jury Trial Waiver. EACH OF THE COMPANY AND THE
      TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECOND SUPPLEMENTAL INDENTURE, THE SERIES B NOTES OR THE
      TRANSACTIONS CONTEMPLATED HEREBY.

   

  
    22 

    
      
 

  

   

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

   

  

  	 	SOUTH JERSEY INDUSTRIES, INC.
	 	 	 
	 	By:	/s/ Steven R. Cocchi
	 	 	Name: Steven R. Cocchi
	 	 	Title: Senior Vice President and Chief Financial Officer

  

  

  

  	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ Laurel Casasanta
	 	 	Name: Laurel Casasanta
	 	 	Title:   Vice President

  

   

  
      

    
      
 

  

  
   

  EXHIBIT A

   

  FORM OF

      2021 SERIES B 1.65% REMARKETABLE JUNIOR SUBORDINATED NOTE

      DUE 2029

   

  [THIS NOTE IS A GLOBAL NOTE 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 NOTE IS EXCHANGEABLE FOR SERIES B NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
      CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
      DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.]

   

  [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
      THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF [CEDE & CO.] OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO [CEDE & CO.], ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, [CEDE & CO.], HAS AN INTEREST HEREIN.]

   

  THE NOTES EVIDENCED HEREBY WILL BE ISSUED, AND MAY BE TRANSFERRED, ONLY
      IN DENOMINATIONS OF $1,000 AND ANY GREATER INTEGRAL MULTIPLE OF $1,000, EXCEPT AS PROVIDED IN THE SECOND SUPPLEMENTAL INDENTURE. ANY ATTEMPTED TRANSFER, SALE OR OTHER DISPOSITION OF NOTES IN A DENOMINATION OF LESS THAN $1,000 SHALL BE DEEMED TO BE
      VOID AND OF NO LEGAL EFFECT WHATSOEVER EXCEPT AS PROVIDED IN THE SECOND SUPPLEMENTAL INDENTURE. ANY SUCH TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH NOTES FOR ANY PURPOSE, INCLUDING BUT NOT LIMITED TO THE RECEIPT OF PAYMENTS IN RESPECT OF
      SUCH NOTES, AND SUCH TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH NOTES.

   

  
    A-1 

    
      
 

  

   

  

  
  
     

  

  
   

  SOUTH JERSEY INDUSTRIES, INC.

   

  

  
  
     

  

  
   

  [Up to] $[ ]

   

  2021 SERIES B 1.65% REMARKETABLE JUNIOR SUBORDINATED NOTE DUE 2029

   

  Dated: [ ] [ ], 20[ ]

   

  	NUMBER R-[ ]	CUSIP NO: [_______]
	 	 
	Registered Holder:	ISIN NO: [_______]

   

  SOUTH JERSEY INDUSTRIES, INC., a New Jersey corporation (herein referred
      to as the “Company,” which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to the Registered Holder named above, the principal sum [of _______ Dollars] [specified in the
      Schedule of Increases or Decreases in this Note annexed hereto] on April 1, 2029 (the “Stated Maturity”), and to pay (subject to deferral as set forth herein) interest thereon at the rate of 1.65% per annum, such interest to accrue from March
      22, 2021, subject to any reset of such interest rate in connection with a Successful Remarketing, as described below. Subject to the Company’s right to defer interest payments as set forth in the Second Supplemental Indenture (as defined on the
      reverse hereof) and to changes in the interest payment dates as set forth in the Second Supplemental Indenture in connection with a Successful Remarketing, interest is payable quarterly in arrears on each January 1, April 1, July 1 and October 1,
      commencing on July 1, 2021 (the “Interest Payment Dates”), until the principal thereof is paid or made available for payment. On and after the Purchase Contract Settlement Date or, if earlier, the Optional Remarketing Settlement Date, interest
      on this Note will be payable at the relevant Reset Rate or, if the interest rate has not been reset, at the Coupon Rate of 1.65% per annum. The Reset Rate, if any, shall be established pursuant to the terms of the Indenture (as defined on the reverse
      hereof) and the Remarketing Agreement. If Interest Payments are deferred or otherwise not paid, they will accrue and compound on each Interest Payment Date until paid at the annual rate of 1.65% per annum, to the extent permitted by applicable law,
      unless a Successful Remarketing shall have occurred, in which case on and after the Remarketing Settlement Date the Series B Notes shall bear interest, to the extent permitted by law, on any overdue principal and interest at the Reset Rate.

   

  The amount of interest payable for any period will be computed on the
      basis of a 360-day year of twelve 30-day months, and with respect to any period less than a full calendar month, on the basis of the actual number of days elapsed during a 30-day month. The interest so payable on an Interest Payment Date will be paid
      to the Person in whose name this Note is registered, at the close of business on the Regular Record Date next preceding such Interest Payment Date; provided that interest payable at Stated Maturity will be paid to the Person to whom principal
      is payable. Any such interest that is not so punctually paid or duly provided for, and that is not deferred as described below, will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid (i) to the Person in
      whose name this Note (or any Series B Note issued upon registration of transfer or exchange thereof) is registered at the close of business on the record date for the payment of such defaulted interest established in accordance with Section 2.3 of
      the Base Indenture or (ii) at any time in any other lawful manner not inconsistent with the requirements of the securities exchange, if any, on which the Series B Notes may be listed, and upon such notice as may be required by such exchange. The “Regular

        Record Date” with respect to any Interest Payment Date for the Series B Notes will be the 15th day of the calendar month immediately preceding the month in which the applicable Interest Payment Date falls (whether or not a Business Day).

   

  

  
    A-2 

    
      
 

  

   

  If an Interest Payment Date, Redemption Date or the Stated Maturity of
      the Series B Notes or the date (if any) on which the Company is required to purchase the Series B Notes falls on a day that is not a Business Day, the applicable payment will be made on the next succeeding Business Day, and no interest shall accrue
      or be paid in respect of such delay.

   

  This Note may be presented for payment of principal and interest at the
      office of the Paying Agent, in the continental United States; provided, however, that payment of interest will be made by the Company (i) by check mailed to such address of the person entitled thereto as the address shall appear on the
      Register of the Series B Notes or (ii) if such Person so requests and designates an account in writing to the Trustee at least five Business Days prior to the relevant Interest Payment Date, by wire transfer to such account. Payments with respect to
      any Global Note or any Series B Note corresponding to Applicable Ownership Interests in Notes that are components of Corporate Units will be made by wire transfer to the Depositary or in accordance with any other applicable procedures of the
      Depositary. Payment of the principal and interest on this Note shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

   

  The indebtedness of the Company evidenced by this Note, including the
      principal hereof and interest hereon, is, to the extent and in the manner set forth in the Indenture, subordinate and junior in right of payment to the Company’s obligations to holders of Priority Indebtedness of the Company and each Holder of this
      Note, by acceptance hereof, agrees to and shall be bound by such provisions of the Indenture and all other provisions of the Indenture.

   

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

   

  In the case of any conflict between this Note and the Indenture, the
      provisions of the Indenture shall control and govern.

   

  This Note shall not be entitled to any benefit under the Indenture, or
      be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by or on behalf of the Trustee under the Indenture.

   

  
    A-3 

    
      
 

  

   

  IN WITNESS WHEREOF, South Jersey Industries, Inc. has caused this
      instrument to be duly executed.

   

  Dated:

   

  

  	 	SOUTH JERSEY INDUSTRIES, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

  

   

  
    A-4 

    
      
 

  

   

  TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

   

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

   

  

  	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

   

  
    A-5 

    
      
 

  

  REVERSE OF NOTE

   

  This Note 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 pursuant to the Junior Subordinated Indenture, dated as of April 23, 2018, between the Company and U.S. Bank National Association (herein called the “Trustee”)

      (the “Base Indenture”), as supplemented and amended by a Second Supplemental Indenture dated as of March 22, 2021 by and between the Company and the Trustee (the “Second Supplemental Indenture” and together with the Base Indenture, as
      it may be hereafter supplemented or amended from time to time, the “Indenture”). Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
      Trustee and the Holders (the word “Holder” or “Holders” meaning the registered holder or registered holders) of the Notes. This Note is one of the series designated on the face hereof (the “Series B Notes”) which is limited in
      aggregate principal amount to $300,000,000 (as increased by an aggregate principal amount equal to the aggregate Stated Amount (as defined in the Purchase Contract and Pledge Agreement) of Corporate Units with respect to which the Underwriters
      exercise their over-allotment option).

   

  Capitalized terms used herein but not defined herein shall have the
      respective meanings assigned thereto in the Indenture.

   

  As provided in and subject to the provisions in the Indenture, if there
      has been a Failed Final Remarketing, the Company may, at its option, redeem the Series B Notes, in whole or in part, from time to time on or after April 1, 2026, at a price equal to the Redemption Price, in accordance with Article III of the Base
      Indenture and ‎Article III of the Second Supplemental Indenture.

   

  The Series B Notes shall be remarketed as provided in the Second
      Supplemental Indenture and the Purchase Contract and Pledge Agreement. In connection with a Successful Remarketing, the Remarketing Agent(s), in consultation with the Company, may reset the interest rate. As provided in the Second Supplemental
      Indenture, following any Successful Remarketing of the Series B Notes, the interest will be payable semi-annually, on April 1 and October 1 of each year, the Series B Notes will cease to be redeemable at the Company’s option and the Company will
      cease to have the ability to defer interest payments on the Series B Notes.

   

  Pursuant to the Second Supplemental Indenture, if there has not been a
      Successful Remarketing prior to the end of the Final Remarketing Period, Holders of the Series B Notes will have the right to require the Company to purchase such Series B Notes for cash on the Purchase Contract Settlement Date at a price per Series
      B Note to be purchased equal to the principal amount of the applicable Series B Note.

   

  The Series B Notes are not subject to the operation of any sinking fund
      and, except as set forth in the Second Supplemental Indenture, are not repayable at the option of a Holder thereof prior to the Stated Maturity.

   

  In the case an Event of Default, as defined in the Indenture, shall have
      occurred and be continuing, the principal of all of the Series B Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

   

  

  
    A-6 

    
      
 

  

   

  Prior to the Purchase Contract Settlement Date, the provisions of
      Section 12.1 and Section 12.5 of the Base Indenture shall not apply to the Series B Notes.

   

  The Company will not pay any additional amounts to any Holder in respect
      of any tax, assessment or governmental charge.

   

  The Indenture permits, with certain exceptions as therein provided, the
      amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Series B Notes by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of
      the Series B Notes outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Series B Notes at the time outstanding, on behalf of the Holders of all outstanding Series B Notes, to
      waive compliance by the Company with certain provisions of the Indenture, and contains provisions permitting the Holders of specified percentages in principal amount in certain instances of the outstanding Series B Notes, to waive on behalf of all of
      the Holders of Series B Notes, certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of
      any Series B Note 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 Note.

   

  As provided in and subject to the provisions of the Indenture, no Holder
      of Series B Notes shall have any right by virtue or by availing of any provision of the Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture or for the appointment of a receiver or
      trustee, or for any other remedy hereunder, unless such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as provided in the Indenture, and unless also the Holders of the requisite
      principal amount of all the Securities at the time outstanding, determined pursuant to Section 6.4 of the Base Indenture and Section 12.1 of the Second Supplemental Indenture, shall have made written request upon the Trustee to institute such action,
      suit or proceeding in its own name as Trustee under the Indenture and shall have offered to the Trustee such security and/or indemnity satisfactory to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby,
      and the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity, shall have declined to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the
      Trustee pursuant to Section 2.12 of the Second Supplemental Indenture; it being understood and intended, and being expressly covenanted by the taker and Holder of every Series B Note with every other taker and Holder and the Trustee, that no one or
      more Holders of Series B Notes shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the Holders of any other of such Securities, or to obtain or seek to
      obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture, except in the manner therein provided and for the equal, ratable and common benefit of all Holders of Securities. For the protection and
      enforcement of the provisions of Section 6.4 of the Base Indenture, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

   

  

  
    A-7 

    
      
 

  

   

  Nothing contained in the Indenture is intended to or shall impair, as
      between the Company and the Holders of the Series B Notes, the obligation of the Company, which is absolute and unconditional, to pay to such Holders the principal of and interest on such Series B Notes when, where and as the same shall become due
      and payable, all in accordance with the terms of the Series B Notes, or is intended to or shall affect the relative rights of such Holders and creditors of the Company other than the holders of the Priority Indebtedness of the Company, nor shall
      anything herein or therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under the Indenture, subject to the rights, if any, under Article XIV of the Base Indenture
      of the holders of Priority Indebtedness of the Company in respect of cash, property, or securities of the Company received upon the exercise of any such remedy.

   

  As provided in the Indenture and subject to certain limitations therein
      set forth, the transfer of this Note may be registered on the Register of the Series B Notes upon surrender of this Note for registration of transfer at the offices maintained by the Company or its agent for such purpose, duly endorsed by the Holder
      hereof or its attorney duly authorized in writing, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities registrar duly executed by the Holder hereof or its attorney duly authorized in writing, but
      without payment of any charge other than a sum sufficient to reimburse the Company for any tax or other governmental charge incident thereto. Upon any such registration of transfer, a new Series B Note or Notes of authorized denomination or
      denominations for the same aggregate principal amount will be issued to the transferee in exchange herefor.

   

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

   

  Pursuant to the Second Supplemental Indenture, Series B Notes that
      corresponded to Applicable Ownership Interests in Series B Notes but are no longer a component of the Corporate Units and are released from the Collateral Account will be initially issued as Global Notes. Except upon recreation of Corporate Units and
      except as otherwise provided in the Indenture, Series B Notes represented by Global Notes will not be exchangeable for, and will not otherwise be issuable as, Series B Notes in certificated form. Unless and until such Global Notes are exchanged for
      Series B Notes in certificated form, Global Notes may be transferred, in whole but not in part, and any payments on the Series B Notes shall be made, only to the Depositary or a nominee of the Depositary, or to a successor Depositary selected or
      approved by the Company or to a nominee of such successor Depositary.

   

  By acceptance of this Note or a beneficial interest in this Note, each
      Holder hereof and any Person acquiring a beneficial interest herein, for United States federal, state and local tax purposes, agrees to treat this Note as indebtedness and to take other positions for such tax purposes as set forth in the Second
      Supplemental Indenture.

   

  

  
    A-8 

    
      
 

  

   

  Prior to due presentment for registration of transfer of this Note, the
      Company, the Trustee, and any agent of the Company or the Trustee may deem and treat the person in whose name this Note shall be registered upon the Register of the Securities of this series as the absolute owner of this Note (whether or not this
      Note shall be overdue and notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal hereof and, subject to the provisions on the face hereof, interest due hereon and for
      all other purposes; and neither the Company nor the Trustee nor any such agent shall be affected by any notice to the contrary.

   

  No recourse shall be had for the payment of the principal of or interest
      on this Note, or for any claim based hereon or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer, director or employee, as such, past, present or future, of the Company or of any
      successor, either directly or through the Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as a part of the
      consideration for the issue hereof, expressly waived and released.

   

  This Note shall be governed by the laws of the State of New York, and
      for all purposes shall be construed in accordance with the laws of said State (without regard to the conflicts of law principles thereof).

   

  
    A-9 

    
      
 

  

   

  ASSIGNMENT

   

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

   

  		.

   

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

   

  
    		.

  

  

  		.

  

  

  		.

   

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

   

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

  
    		.

  

    		.

  

    		.

  

  		.

  

  		.

  

  		.

   

  agent to transfer said Note on the books of the Company, with full power of substitution in the premises.

   

  Dated: __________ __, ___

   

  		_______________________________	

   

  NOTICE: The signature to this assignment must correspond with the name as written upon the
      face of the within instrument in every particular without alteration or enlargement, or any change whatever.

   

  
    A-10 

    
      
 

  

   

  SCHEDULE OF INCREASES OR DECREASES IN THIS NOTE

   

  The initial principal amount of this Note is: $

   

  Changes to Principal Amount of [Global] Note

   

  	 	 	Principal Amount by which this	 	 	 	 	 
	 	 	Note is to be Decreased or	 	Remaining	 	 	 
	 	 	Increased and the Reason for the	 	Principal Amount	 	Signature of	 
	Date	 	Decrease or Increase	 	Of this Note	 	Trustee	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

   

  
    A-11 

    
      
 

  

  
   

  EXHIBIT B

      FORM OF PUT NOTICE

   

  		TO:	South Jersey Industries, Inc.

            U.S. Bank National Association

   

  Please refer to the Junior Subordinated Indenture, dated as of April 23, 2018, among South
      Jersey Industries, Inc. (the “Company”) and U.S. Bank National Association (herein called the “Trustee”) (the “Base Indenture”), as supplemented and amended by a Second Supplemental Indenture dated as of March 22, 2021, by and
      between the Company and the Trustee (the “Second Supplemental Indenture” and together with the Base Indenture, as it may be hereafter supplemented or amended from time to time, the “Indenture”). Capitalized terms used herein but not
      defined shall have the meanings ascribed to such terms in the Indenture.

   

  The undersigned registered Holder of the Series B Note designated below,
      which is being delivered to the Trustee herewith, hereby requests and instructs the Company to purchase such Series B Note or the portion thereof specified below (so long as such portion is in a principal amount of $1,000 or an integral multiple
      thereof), in accordance with the terms of the Indenture, at the price of 100% of the principal amount of such Series B Note (or portion thereof). The Series B Note (or portion thereof) shall be purchased by the Company as of the Purchase Contract
      Settlement Date pursuant to the terms and conditions specified in the Indenture.

   

  Dated: ___________________________

   

  Signature: ________________________

   

  NOTICE: The above signature of the Holder hereof must correspond with the name as written
      upon the face of the Series B Note in every particular without alteration or enlargement or any change whatever.

   

  Signature Guarantee: ________________________

   

  Note Certificate Number (if applicable): ________________________

   

  Principal Amount: __________________________

   

  Portion to be purchased if other than the Principal Amount set forth above:
      _________________

   

  Social Security or Other Taxpayer Identification Number: _____________________________

   

  DTC Account Number (if applicable): _________________________

   

  Name of Account Party (if applicable): ________________________

   

  PAYMENT INSTRUCTIONS: The purchase price of the Series B Note should be paid by check in the
      name of the person(s) set forth below and mailed to the address set forth below.

   

  

  
    B-1 

    
      
 

  

   

  Name(s): ________________________

      (Please Print)

   

  Address: ________________________

      (Please Print)

   

  ________________________________

      (Zip Code)

   

  __________________________________________

   (Tax Identification or Social Security Number)

   

  B-2

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