Document:

EX-4.3

 Exhibit 4.3 

VIRGINIA ELECTRIC AND POWER COMPANY 

Issuer 
 AND 

U.S. BANK NATIONAL ASSOCIATION 

Series Trustee 
  

 
 Thirty-Fourth
Supplemental Indenture 
 Dated as of March 1, 2017 
  

 
 $750,000,000

 2017 Series A 3.50% Senior Notes 

Due 2027 
  

 TABLE OF CONTENTS* 

ARTICLE I 
 2017 SERIES A
3.50% SENIOR NOTES DUE 2027 
  

							
		  		  			
	 SECTION 101.
	  	 Establishment
	  	 	2	 
	 SECTION 102.
	  	 Definitions
	  	 	2	 
	 SECTION 103.
	  	 Payment of Principal and Interest
	  	 	5	 
	 SECTION 104.
	  	 Denominations
	  	 	5	 
	 SECTION 105.
	  	 Global Securities
	  	 	6	 
	 SECTION 106.
	  	 Redemption.
	  	 	6	 
	 SECTION 107.
	  	 Sinking Fund
	  	 	7	 
	 SECTION 108.
	  	 Additional Interest
	  	 	7	 
	 SECTION 109.
	  	 Paying Agent
	  	 	7	 
		
	ARTICLE II	  			
	 THE SERIES TRUSTEE

 
	  			
	 SECTION 201.
	  	 Appointment of the Series Trustee
	  	 	7	 
	 SECTION 202.
	  	 Eligibility of Series Trustee
	  	 	8	 
	 SECTION 203.
	  	 Security Registrar and Paying Agent
	  	 	8	 
	 SECTION 204.
	  	 Concerning the Trustees
	  	 	8	 
	 SECTION 205.
	  	 Patriot Act Requirements of Series Trustee
	  	 	8	 
		
	ARTICLE III	  			
	MISCELLANEOUS PROVISIONS	  			
			
	 SECTION 301.
	  	 Recitals by Company
	  	 	9	 
	 SECTION 302.
	  	 Ratification and Incorporation of Base Indenture
	  	 	9	 
	 SECTION 303.
	  	 Executed in Counterparts
	  	 	9	 
	 SECTION 304.
	  	 Assignment
	  	 	9	 

  
  

	*	This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions. 

 THIS THIRTY-FOURTH SUPPLEMENTAL INDENTURE is made as of the 1st day of March, 2017, by and between VIRGINIA ELECTRIC AND POWER COMPANY, a Virginia corporation, having its principal office at 120 Tredegar Street, Richmond, Virginia 23219 (the
“Company”), and U.S. BANK NATIONAL ASSOCIATION, as Trustee of the series of Securities established by this Thirty-Fourth Supplemental Indenture, having a corporate trust office at 1021 East Cary Street, Suite 1850, Richmond, Virginia 23219
(herein called the “Series Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Company has heretofore entered into a Senior Indenture, dated as of June 1, 1998, with The Bank of New York Mellon
(successor to JPMorgan Chase Bank, N. A. (formerly known as The Chase Manhattan Bank)), a New York banking corporation, as Trustee (herein called the “Original Trustee”), as supplemented and amended by the Nineteenth Supplemental and
Amending Indenture, dated as of November 1, 2008 (as so amended, referred to herein as the “Base Indenture”), by and among the Company, the Original Trustee and the Series Trustee; 

WHEREAS, the Base Indenture is incorporated herein by this reference and the Base Indenture, as heretofore supplemented, as further
supplemented by this Thirty-Fourth Supplemental Indenture, and as may be hereafter supplemented or amended from time to time, 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 Series Trustee; 

WHEREAS, the Company proposes to create under the Indenture a new series of Securities and to appoint the Series Trustee as Trustee under the
Base Indenture with respect to such series of Securities; 
 WHEREAS, additional Securities of other series hereafter established, except as
may be limited in the Base Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and the Original Trustee will, unless and until a Person other than
the Original Trustee is appointed to act as Trustee with respect to the Securities of such series, serve as Trustee of such series; 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Thirty-Fourth Supplemental Indenture and to make it a valid
and binding obligation of the Company have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
  

 ARTICLE I 

2017 SERIES A 3.50% SENIOR NOTES DUE 2027 

SECTION 101. Establishment. There is hereby established a new series of Securities to be issued under the Indenture, to be designated
as the Company’s 2017 Series A 3.50% Senior Notes Due 2027 (the “Series A Senior Notes”). 
 There are to be initially
authenticated and delivered $750,000,000 principal amount of Series A Senior Notes, and such principal amount of the Series A Senior Notes may be increased from time to time pursuant to Section 301 of the Base Indenture. All Series A Senior
Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional Series A Senior Notes. Any such additional Series A Senior Notes will have the same interest rate,
maturity and other terms as those initially issued. Further Series A Senior Notes may also be authenticated and delivered as provided by Sections 304, 305, 306, 906 and 1106 of the Base Indenture. 

The Series A Senior Notes shall be issued in definitive fully registered form without coupons, in substantially the form set out in Exhibit
A hereto. The entire initially issued principal amount of the Series A Senior Notes shall initially be evidenced by one or more certificates issued to Cede & Co., as nominee for The Depository Trust Company. 

The form of the Series Trustee’s Certificate of Authentication for the Series A Senior Notes shall be in substantially the form set forth
in Exhibit B hereto. 
 Each Series A Senior Note shall be dated the date of authentication thereof and shall bear interest from the
date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for. 

SECTION 102. Definitions . The following defined terms used herein shall, unless the context otherwise requires, have the meanings
specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Base Indenture. 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Business Day” means a day other than (i) a Saturday or a Sunday, (ii) a day on which banks in New York, New York are
authorized or obligated by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office of the Series Trustee is closed for business. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
remaining term to maturity comparable to the remaining term of the Series A Senior Notes to be redeemed (assuming, for this purpose, that the Series A Senior Notes matured on December 15, 2026) that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life. 

  
 2 

 “Comparable Treasury Price” for any Redemption Date means (i) the average of the
five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Corporate Trust Office of the Series Trustee” means the office of the Series
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 Thirty-Fourth Supplemental
Indenture is located at 1021 East Cary Street, Suite 1850, Richmond, Virginia 23219. 
 “Independent Investment Banker” means any
of Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC and their respective successors or affiliates, as selected by the Company, or if none of such firms is willing or able to serve as such, an independent
investment and banking institution of national standing appointed by the Company. 
 “Interest Payment Dates” means March 15
and September 15 of each year, commencing on September 15, 2017. 
 “Original Issue Date” means March 16, 2017.

 “Outstanding,” when used with respect to the Series A Senior Notes, means, as of the date of determination, all Series A Senior
Notes, theretofore authenticated and delivered under the Indenture, except: 
 (i)    Series A Senior Notes theretofore
canceled by the Series Trustee or delivered to the Series Trustee for cancellation; 
 (ii)    Series A Senior Notes for
whose payment at Maturity the necessary amount of money or money’s worth has been theretofore deposited (other than pursuant to Section 1303 of the Base Indenture) with the Series Trustee or any Paying Agent (other than the Company) in
trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Series A Senior Notes; provided that, if such Series A Senior Notes are to be redeemed, notice of such redemption
has been duly given pursuant to the Base Indenture or provision therefor satisfactory to the Series Trustee has been made; 

(iii)    Series A Senior Notes with respect to which the Company has effected Defeasance pursuant to Section 1302 of
the Base Indenture; and 

  
 3 

 (iv)    Series A Senior Notes that have been paid pursuant to
Section 306 of the Base Indenture or in exchange for or in lieu of which other Series A Senior Notes have been authenticated and delivered pursuant to the Indenture, other than any such Series A Senior Notes in respect of which there shall have
been presented to the Series Trustee proof satisfactory to it that such Series A Senior Notes are held by a bona fide purchaser in whose hands such Series A Senior Notes are valid obligations of the Company; provided, however, that in determining
whether the Holders of the requisite principal amount of Outstanding Series A Senior Notes have given, made or taken any request, demand, authorization, direction, notice, consent or waiver or other action hereunder as of any date, Series A Senior
Notes owned by the Company or any other obligor upon the Series A Senior Notes or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Series Trustee shall
be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action only Series A Senior Notes which the Series Trustee actually knows to be so owned shall be so
disregarded. Series A Senior Notes so owned which shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Series Trustee (A) the pledgee’s right so to act with respect to
such Series A Senior Notes and (B) that the pledgee is not the Company or any other obligor upon the Series A Senior Notes or an Affiliate of the Company or such other obligor. 

“Reference Treasury Dealer” means: (i) Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities,
LLC and their respective successors or affiliates; provided that, if any such firm or its successors or affiliates ceases to be a primary U.S. Government securities dealer in the United States (“Primary Treasury Dealer”), we will
substitute another Primary Treasury Dealer; and (ii) up to two other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 3:30 p.m.,
New York City time, on the third Business Day preceding such Redemption Date. 
 “Regular Record Date” means, with respect to each
Interest Payment Date, the close of business on the Business Day preceding such Interest Payment Date; provided, that with respect to Series A Senior Notes that are not represented by one or more Global Securities, the Regular Record Date
shall be the close of business on the 15th calendar day (whether or not a Business Day) preceding such Interest Payment Date. 

“Remaining Life” means the remaining term of the Series A Senior Notes. 

“Stated Maturity” means March 15, 2027. 

The terms “Company,” “Original Trustee,” “Series Trustee,” “Base Indenture,” and “Indenture”
shall have the respective meanings set forth in the recitals to this Thirty-Fourth Supplemental Indenture and the paragraph preceding such recitals. 

  
 4 

 SECTION 103. Payment of Principal and Interest . The principal of the Series A Senior
Notes shall be due at the Stated Maturity (unless earlier redeemed). The unpaid principal amount of the Series A Senior Notes shall bear interest at the rate of 3.50% per annum until paid or duly provided for, such interest to accrue from the
Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for. Interest shall be paid semi-annually in arrears on each Interest Payment Date to the Person in whose name the Series A Senior
Notes are registered on the Regular Record Date for such Interest Payment Date; provided that interest payable at the Stated Maturity of principal or on a Redemption Date as provided herein will be paid to the Person to whom principal is payable.
Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the Series A Senior Notes are
registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Series Trustee (in accordance with Section 307 of the Base Indenture), notice whereof shall be given to Holders of the
Series A Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Series A Senior Notes
may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Base Indenture. 
 Payments
of interest on the Series A Senior Notes will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for the Series A Senior Notes shall be computed and paid on the basis of a 360-day year of twelve (12) 30-day months. In the event that any date on which interest is payable on the Series A Senior Notes is not a Business Day, then payment of the
interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the same force and effect as if made on the date the payment was
originally payable. 
 Payment of the principal and interest on the Series A Senior Notes shall be made at the office of the Paying Agent in
such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, with any such payment that is due at the Stated Maturity of any Series A Senior Notes or on a Redemption Date being made
upon surrender of such Series A Senior Notes to the Paying Agent. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed
to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the
Series Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto. In the event that any date on which principal and interest is payable on the Series A Senior Notes is not a Business Day, then payment of
the principal and interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the same force and effect as if made on the date the
payment was originally payable. 
 SECTION 104. Denominations. The Series A Senior Notes may be issued in denominations of $2,000, or
any greater integral multiple of $1,000. 

  
 5 

 SECTION 105. Global Securities . The Series A Senior Notes will be issued initially in the
form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee. Except under the limited circumstances described below, Series A Senior Notes represented by such Global
Securities will not be exchangeable for, and will not otherwise be issuable as, Series A Senior Notes in definitive form. The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee. 
 Owners of
beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a Series A Senior Note shall be exchangeable, except for another Global Security of
like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee or except as described below. The rights of Holders of such Global Security shall be exercised only through the
Depositary. 
 A Global Security shall be exchangeable for Series A Senior Notes registered in the names of persons other than the
Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company within 90 days of
receipt by the Company of such notification, or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so registered to act as such Depositary and no successor
Depositary shall have been appointed by the Company within 90 days after it becomes aware of such cessation, or (ii) the Company in its sole discretion and subject to the procedures of the Depositary determines that such Global Security shall
be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Series A Senior Notes registered in such names as the Depositary shall direct. 

SECTION 106. Redemption. Prior to December 15, 2026 (three (3) months prior to the stated maturity date), the Series A Senior
Notes are redeemable, in whole or in part at any time and from time to time and at the option of the Company, at a Redemption Price equal to the greater of: 

(i) 100% of the principal amount of Series A Senior Notes then Outstanding to be so redeemed, or 

(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Series A Senior Notes to be redeemed
that would be due if such Series A Senior Notes matured on December 15, 2026 but for the redemption (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual
basis (assuming a 360-day year consisting of twelve (12) 30-day months) at the Adjusted Treasury Rate, plus fifteen (15) basis points, as calculated by an
Independent Investment Banker, 

  
 6 

 plus, in either of the above cases, accrued and unpaid interest thereon to the Redemption Date.
On or after December 15, 2026, the Series A Senior Notes are redeemable, in whole or in part at any time and from time to time and at the option of the Company, at a Redemption Price equal to 100% of the principal amount of Series A Senior
Notes then Outstanding to be so redeemed, plus accrued and unpaid interest thereon to the Redemption Date. 
 The Adjusted Treasury Rate
shall be calculated on the third Business Day preceding the Redemption Date. 
 Notwithstanding Section 1104 of the Base Indenture,
(x) notice of redemption under this Section 106 shall with respect to the Series A Senior Notes be given by first-class mail, postage prepaid, mailed not less than twenty (20) nor more than sixty (60) days prior to the Redemption
Date, to each Holder of Series A Senior Notes to be redeemed, at his address appearing in the Security Register, and (y) the notice of such redemption need not set forth the Redemption Price but only the manner of calculation thereof. The
Company shall notify the Series Trustee of the Redemption Price promptly after the calculation thereof and the Series Trustee shall have no responsibility for such calculation. 

SECTION 107. Sinking Fund. The Series A Senior Notes shall not have a sinking fund. 

SECTION 108. Additional Interest. Any principal of and installment of interest on the Series A Senior Notes that is overdue shall bear
interest at the rate of 3.50% (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. 

SECTION 109. Paying Agent. The Series Trustee shall initially serve as Paying Agent with respect to the Series A Senior Notes, with the
Place of Payment initially being the Corporate Trust Office of the Series Trustee. 
 ARTICLE II 

THE SERIES TRUSTEE 
 SECTION
201.    Appointment of the Series Trustee. Pursuant to the Base Indenture and pursuant to this Thirty-Fourth Supplemental Indenture, the Company hereby appoints the Series Trustee as Trustee under the Base Indenture with
respect to the Series A Senior Notes, and by execution hereof the Series Trustee accepts such appointment. Pursuant to the Base Indenture, all the rights, powers, trusts and duties of the Original Trustee under the Base Indenture shall be vested in
the Series Trustee with respect to the Series A Senior Notes, there shall continue to be vested in the Original Trustee all of its rights, powers, trusts and duties as Trustee under the Base Indenture with respect to all of the series of Securities
as to which it has served and continues to serve as Trustee, and the Original Trustee shall have no rights, powers, trusts and duties with respect to the Series A Senior Notes. 

  
 7 

 SECTION 202. Eligibility of Series Trustee. The Series Trustee hereby represents that it
is qualified and eligible under the provisions of Section 609 of the Base Indenture and the provisions of the Trust Indenture Act to accept its appointment as Trustee with respect to the Series A Senior Notes under the Base Indenture and hereby
accepts the appointment as such Trustee. 
 SECTION 203. Security Registrar and Paying Agent. Pursuant to the Base Indenture, the
Company hereby appoints U.S. Bank National Association as “Security Registrar” and “Paying Agent” with respect to the Series A Senior Notes. 

SECTION 204. Concerning the Trustees. Neither the Original Trustee nor the Series Trustee assumes any duties, responsibilities or
liabilities by reason of this Thirty-Fourth Supplemental Indenture other than as set forth in the Base Indenture and, in carrying out its responsibilities hereunder, each shall have all of the rights, powers, privileges, protections, duties and
immunities which it possesses under the Base Indenture. The Original Trustee and the Series Trustee shall not constitute co-trustees of the same trust, and each of the Original Trustee and the Series Trustee
shall be trustee of a trust or trusts under the Indenture separate and apart from any trust or trusts under the Indenture administered by the other trustee. The Original Trustee shall have no liability for any acts or omissions of the Series Trustee
and the Series Trustee shall have no liability for any acts or omissions of the Original Trustee. 
 References in this Thirty-Fourth
Supplemental Indenture to sections of the Base Indenture that require or permit actions by the Original Trustee with respect to Securities of the series established hereby shall be deemed to require or permit actions only by the Series Trustee and
the Original Trustee shall have no responsibility therefor. 
 SECTION 205. Patriot Act Requirements of Series Trustee. To help the
government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust, or other legal entity, the Series Trustee will ask for documentation to verify such non-individual
person’s formation and existence as a legal entity. The Series Trustee may also seek to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant
documentation. 

  
 8 

 ARTICLE III 

MISCELLANEOUS PROVISIONS 

SECTION 301. Recitals by Company. The recitals in this Thirty-Fourth Supplemental Indenture are made by the Company only and not by the
Original Trustee or the Series Trustee, and all of the provisions contained in the Base Indenture in respect of the rights, powers, privileges, protections, duties and immunities of the Original Trustee shall be applicable, but only to the Series
Trustee, in respect of the Series A Senior Notes and of this Thirty-Fourth Supplemental Indenture (to the extent relating to the Series A Senior Notes) as fully and with like effect as if set forth herein in full. 

SECTION 302. Ratification and Incorporation of Base Indenture. As supplemented hereby, the Base Indenture is in all respects ratified
and confirmed by the Company and, with respect to the Securities for which the Series Trustee has been appointed as Trustee, including the Series A Senior Notes, by the Series Trustee. The Base Indenture and this Thirty-Fourth Supplemental Indenture
shall be read, taken and construed as one and the same instrument. 
 SECTION 303. Executed in Counterparts. This Thirty-Fourth
Supplemental Indenture may be executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 

SECTION 304. Assignment. The Company shall have the right at all times to assign any of its rights or obligations under the Indenture
with respect to the Series A Senior Notes to a direct or indirect wholly-owned subsidiary of the Company; provided that, in the event of any such assignment, the Company shall remain fully liable for the
performance of all such obligations. The Indenture may also be assigned by the Company in connection with a transaction described in Article Eight of the Base Indenture. 

[Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and
behalf by its duly authorized officer, all as of the day and year first above written. 
  

			
	VIRGINIA ELECTRIC AND POWER COMPANY
		
	By:	 	 /s/ Mark F. McGettrick

	Name:	 	Mark F. McGettrick
	Title:	 	Executive Vice President and
		 	Chief Financial Officer

  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Series Trustee

		
	By:	 	 /s/ Nancy H. Taylor

	Name:	 	Nancy H. Taylor
	Title:	 	Vice President

  
 10 

 EXHIBIT A 

FORM OF 
 2017 SERIES A
3.50% SENIOR NOTE 
 DUE 2027 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [CEDE & CO.] OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
AND ANY PAYMENT IS MADE TO [CEDE & CO.], ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, [CEDE & CO.,] HAS AN INTEREST HEREIN.]** 
 [THIS SERIES A SENIOR NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SERIES A SENIOR NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SERIES A SENIOR NOTE IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]** 
  

 
 VIRGINIA
ELECTRIC 
 AND POWER COMPANY 
  

 

$                     

2017 SERIES A 3.50% SENIOR NOTE 

DUE 2027 
  

			
	 No. R-
	  	CUSIP No. 927804FX7

 Virginia Electric and Power Company, a corporation duly organized and existing under the laws of Virginia
(herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [Cede & Co.] **, or registered assigns (the “Holder”), the principal sum of                     Dollars
($            ) on March 15, 2027 and to pay interest thereon from March 16, 2017 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2017, 
  

 

	** 	 Insert in Global Securities. 

 
at the rate of 3.50% per annum, until the principal hereof is paid or made available for payment, provided that any principal, and any such installment of interest, that is overdue shall bear
interest at the rate of 3.50% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on
demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Series A Senior Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on the Business Day preceding such Interest Payment Date; provided, that with respect to Series A Senior Notes that are not
represented by one or more Global Securities, the Regular Record Date shall be the close of business on the 15th calendar day (whether or not a Business Day) preceding such Interest Payment Date,
provided, that interest payable at the Stated Maturity of principal or on a Redemption Date will be paid to the Person to whom principal is payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Series A Senior Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Series Trustee, notice whereof shall be given to Holders of Series A Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Series A Senior Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in such Indenture. 

Payments of interest on the Series A Senior Notes will include interest accrued to but excluding the respective Interest Payment Dates.
Interest payments for the Series A Senior Notes shall be computed and paid on the basis of a 360-day year of twelve (12) 30-day months. In the event that any date on
which interest is payable on the Series A Senior Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any
such delay), in each case with the same force and effect as if made on the date the payment was originally payable. 
 Payment of the
principal of and premium, if any, and interest on this Series A Senior Note will be made at the office of the Paying Agent, in the City of Richmond, Virginia, 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, with any such payment that is due at the Stated Maturity of any Series A Senior Note or upon redemption being made upon surrender of such Series A Senior Note to such office or agency; provided,
however, that at the option of the Company payment of interest, subject to such surrender where applicable, may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or
(ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Series Trustee at least sixteen (16) days prior to the date for payment by the Person entitled
thereto. 
 Reference is hereby made to the further provisions of this Series A Senior 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. 

  
 2 

 Unless the certificate of authentication hereon has been executed by the Series Trustee referred
to on the reverse hereof by manual signature, this Series A Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

 

					
	Dated:	  	VIRGINIA ELECTRIC AND POWER COMPANY
			
		  	By:	  	  

			
		  	Name:	  	  

			
		  	Title:	  	  

  

	
	(SEAL)
	Attest:
	
	  

	Name:                                     
           
	[Assistant] Corporate Secretary

  
 3 

 [REVERSE OF 2017 SERIES A 3.50% SENIOR NOTE DUE 2027] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under a Senior Indenture, dated as of June 1, 1998, between the Company and The Bank of New York Mellon (successor to JPMorgan Chase Bank, N. A. (formerly known as The Chase Manhattan Bank)), as Trustee (herein
called the “Original Trustee”), as supplemented and amended by the Nineteenth Supplemental and Amending Indenture, dated as of November 1, 2008, by and among the Company, the Original Trustee and U.S. Bank National Association, as
Series Trustee, as heretofore supplemented and amended and as further supplemented by a Thirty-Fourth Supplemental Indenture, dated as of March 1, 2017, by and between the Company and U.S. Bank National Association, as Trustee of the series of
Securities established thereby (herein called the “Series Trustee,” which term includes any successor series trustee for the Series A Senior Notes under the Indenture) (collectively, as amended or supplemented through the date hereof and
from time to time, herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), and 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 Original Trustee, the Series Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof (the “Series A Senior Notes”) which is unlimited in aggregate principal amount. 
 The Series A
Senior Notes are redeemable, in whole or in part, at any time in the manner and with the effect provided in the Indenture. 
 If an Event of
Default with respect to Series A Senior Notes shall occur and be continuing, the principal of the Series A Senior Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee for the series of Securities affected, with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Series A Senior Note shall be conclusive and binding
upon such Holder and upon all future Holders of this Series A Senior Note and of any Series A Senior Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Series A Senior Note. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Series A Senior
Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Series Trustee written
notice of a continuing Event of Default with respect to the Series A Senior Notes, the Holders of not less than a majority in principal amount of the Series A Senior Notes at the time Outstanding shall have made written request to the Series Trustee
to 

  
 4 

 
institute proceedings in respect of such Event of Default as Series Trustee and offered the Series Trustee reasonable indemnity, and the Series Trustee shall not have received from the Holders of
a majority in principal amount of Series A Senior Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding for sixty (60) days after receipt of such notice, request and
offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Series A Senior Note for the enforcement of any payment of principal hereof or premium, if any, or interest hereon on or after the respective due dates
expressed or provided for herein. 
 No reference herein to the Indenture and no provision of this Series A Senior Note or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Series A Senior Note at the times, place and rate, and in the coin or currency, herein
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Series A Senior Note
is registrable in the Security Register, upon surrender of this Series A Senior Note for registration of transfer at the office or agency of the Company in any place where the principal of, premium, if any, and interest on this Series A Senior Note
are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Series A Senior Notes of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Series A Senior Notes are issuable only in registered form without coupons in denominations of $2,000 and any greater integral multiple of
$1,000. As provided in the Indenture and subject to certain limitations therein set forth, Series A Senior Notes are exchangeable for a like aggregate principal amount of Series A Senior Notes having the same Stated Maturity and of like tenor of any
authorized denominations as requested by the Holder upon surrender of the Series A Senior Note or Series A Senior Notes to be exchanged at the office or agency of the Company. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Series A Senior Note for
registration of transfer, the Company, the Series Trustee and any agent of the Company or the Series Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Series A Senior
Note be overdue, and neither the Company, the Series Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms
used in this Series A Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 5 

 ABBREVIATIONS 

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

			
	TEN COM —	  	as tenants in common
		
	TEN ENT —	  	as tenants by the entireties
		
	JT TEN —	  	as joint tenants with rights of survivorship and not as tenants in common
		
	UNIF GIFT MIN ACT —	  	                                      
                                       Custodian
for
		  	(Cust)
		
		  	                                      
                                      
		  	(Minor)
		
		  	Under Uniform Gifts to Minors Act of
		
		  	                                      
                                      
		  	(State)

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

 
  
  

  
 6 

			
	 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 Series A Senior Note and all rights thereunder, hereby irrevocably constituting and appointing	 	
	  
  

 
	 	 .
 .

.

	  
  

 
  
	 	 .
 .

.

	  
 agent to transfer said Series A Senior 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. 

  
 7 

 EXHIBIT B 

CERTIFICATE OF AUTHENTICATION 

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

			
	 U.S. BANK NATIONAL ASSOCIATION, as

Series Trustee

		
	By:	 	  

		 	Authorized SignatoryExhibit

Exhibit 10.26

NINTH LOAN DOCUMENTS MODIFICATION AGREEMENT

THIS NINTH LOAN DOCUMENTS MODIFICATION AGREEMENT (this “Amendment”) is made and entered into as of the 21st day of December, 2016, by and among PRGX GLOBAL, INC., a Georgia corporation (“PRGX”), and PRGX USA, INC., a Georgia corporation (“PRG-USA”) (PRGX and PRG-USA are each individually, a “Borrower”, and collectively, the “Borrowers”), each of the Subsidiaries of PRGX listed as a “Guarantor” on the signature pages hereto (each such Subsidiary individually, a “Guarantor”, and collectively, the “Guarantors”), and SUNTRUST BANK, as Administrative Agent, the sole Lender and Issuing Bank.

BACKGROUND STATEMENT

WHEREAS, Borrowers have entered into that certain Amended and Restated Revolving Credit Agreement, dated as of December 23, 2014 (as may have been and may be subsequently amended, restated, supplemented or otherwise modified from time-to-time, the “Credit Agreement”; all capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement), with the Administrative Agent, the issuing bank thereunder and the lenders from time to time party thereto (the “Lenders”); and

WHEREAS, Guarantors and Administrative Agent have entered into that certain Subsidiary Guaranty Agreement, dated as of January 19, 2010 (as may have been and may be subsequently amended, restated, supplemented or otherwise modified from time-to-time, the “Subsidiary Guaranty Agreement”); and

WHEREAS, Borrowers and Guarantors have entered into various other instruments, agreements, documents and writings in connection with the Credit Agreement and the Subsidiary Guaranty Agreement (as may have been and may be subsequently amended, restated, supplemented or otherwise modified from time-to-time, collectively, the “Loan Documents”); and

WHEREAS, Borrowers have requested that the Credit Agreement be amended in the manner herein provided in order to clarify or modify certain existing provisions contained therein, all as more specifically set forth herein; and

WHEREAS, Administrative Agent, the Issuing Bank and the Lenders are willing to amend the Credit Agreement as aforesaid, provided, however, that Borrowers and Guarantors fully comply with the provisions of this Amendment; and

WHEREAS, Guarantors are willing to reaffirm the covenants, representations and warranties set forth in the Subsidiary Guaranty Agreement.

NOW, THEREFORE, for and in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which hereby is acknowledged by the parties 

10264921v3 

hereto, Borrowers, Guarantors, Administrative Agent, the sole Lender and Issuing Bank agree as follows:

1.    Conditions Precedent.  Notwithstanding any other provision of this Amendment, and without affecting in any manner the rights of Administrative Agent, the sole Lender or the Issuing Bank hereunder, it is understood and agreed that this Amendment shall not become effective, and the Loan Parties shall have no rights under this Amendment, until: (i) Administrative Agent shall have received fully executed counterparts to this Amendment from the Loan Parties; and (ii) reimbursement or payment of all its reasonable out-of-pocket expenses incurred in connection with this Amendment (including, without limitation, reasonable  fees, charges and disbursements of counsel to Administrative Agent).

2.    Modification of Credit Agreement and Loan Documents.  The Credit Agreement is hereby amended, effective as of the date hereof, as follows:

(i)    By amending and restating the following defined terms set forth in Section 1.1 as follows:

“Consolidated Fixed Charges” shall mean, for PRGX and its Subsidiaries for any period, the greater of: (a) the sum (without duplication) of (i) Consolidated Interest Expense paid or payable for such period (but only to the extent comprised of cash interest expense), (ii) scheduled principal payments paid or payable on Consolidated Total Debt during such period, including, but not limited to, Deferred Payments paid or payable during such period, (iii) Restricted Payments paid in cash (other than to a Loan Party) during such period, (iv) Earn-Out Payments paid or payable during such period, plus (v) amortization for rental exposure write-offs paid in cash during such period; and (b) $1.00.

“Consolidated Interest Expense” shall mean, for PRGX and its Subsidiaries for any period determined on a consolidated basis in accordance with GAAP, the sum of (i) net interest expense, including without limitation the interest component of any payments in respect of Capital Lease Obligations capitalized or expensed during such period (whether or not actually paid during such period), plus (ii) the net amount payable (or minus the net amount receivable) with respect to Hedging Transactions during such period (whether or not actually paid or received during such period).

“Fixed Charge Coverage Ratio” shall mean, as of any date of determination, the ratio of: (a) Consolidated Adjusted EBITDA less the actual amount paid by PRGX and its Subsidiaries in cash on account of Capital Expenditures and Cash Taxes (to the extent comprised of income taxes actually paid in cash), in each case measured for the four consecutive Fiscal Quarters ending on or immediately prior to such date; to (b) Consolidated Fixed Charges, measured for the four consecutive Fiscal Quarters ending on or immediately prior to such date (but in any event excluding as a 

 10264921v3
2

Consolidated Fixed Charge any Restricted Payment consisting of the redemption, purchase or repurchase by PRGX of its common stock prior to July 1, 2016).

(ii)    By adding the following new defined term to Section 1.1, to be inserted into its proper alphabetical order:

“Cash-Based Deferred/Incentive Compensation” shall mean any deferred or incentive compensation payment obligation of PRGX or any of its Subsidiaries that mandatorily must be, or optionally may be, settled in cash.

(iii)    By adding the following sentence at the end of the defined term “Indebtedness” in Section 1.1:

“Deferred and incentive compensation payment obligations of PRGX and its Subsidiaries shall not constitute Indebtedness, except to the extent constituting Cash-Based Deferred/Incentive Compensation that in accordance with GAAP must be reflected on the consolidated balance sheet of PRGX and its Subsidiaries.

(iv)    By amending and restating the following defined term set forth in Section 1.1 as follows:

“Consolidated Total Debt” shall mean, as of any date of determination, all Indebtedness of PRGX and its Subsidiaries measured on a consolidated basis as of such date, but excluding (i) Indebtedness of the type described in subsection (xi) of the definition thereto, (ii) obligations in respect of Earn-Out Payments, (iii) Cash-Based Deferred/Incentive Compensation and (iv) Indebtedness comprised of obligations owing or accrued with respect to Dark Leases.

(v)    In Section 7.1, by deleting the word “and” at the end of clause (j) thereof, relettering clause (k) thereof as clause (l) thereof, and inserting the following new clause (k) immediately before relettered clause (l):

(k)    Unsecured Indebtedness consisting of Cash-Based Deferred/Incentive Compensation; and

(vi)    Subsection (a) of Section 7.3 is hereby amended and restated to read in its entirety as follows:

(a)    The Borrowers will not, and will not permit any of their respective Subsidiaries to, merge into or consolidate into any other Person, or permit any other Person to merge into or consolidate with it, or sell, lease, transfer or otherwise dispose of (in a single transaction or a series of transactions) all or substantially all of its assets (in each case, whether now owned or hereafter acquired) or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired) or liquidate or dissolve; provided, that if at the time thereof and 

 10264921v3
3

immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing (i) any Borrower or any Subsidiary may merge with a Person if such Borrower (or such Subsidiary if the Borrower is not a party to such merger) is the surviving Person, (ii) any Subsidiary may merge into another Subsidiary; provided, that if any party to such merger is a Subsidiary Loan Party, the Subsidiary Loan Party shall be the surviving Person (except in the event of a merger among Subsidiary Loan Parties, in which case any single Subsidiary Loan Party shall be the surviving Person), (iii) in connection with a Permitted Acquisition involving a reverse-merger transaction, any Subsidiary (if not also a Borrower) may merge with and into the Target so long as the Target thereby becomes a Domestic Subsidiary and a Subsidiary Loan Party in accordance with the terms and conditions of this Agreement, (iv) any (a) Subsidiary may sell, transfer, lease or otherwise dispose of all or substantially all of its assets to any Borrower or to a Subsidiary Loan Party, (b) Domestic Subsidiary that is not Loan Party may sell, transfer, lease or otherwise dispose of all or substantially all of its assets to any other Domestic Subsidiary that is not a Loan Party and (c) Foreign Subsidiary may sell, transfer, lease or otherwise dispose of all or substantially all of its assets to any other Foreign Subsidiary and (v) any Subsidiary (other than a Subsidiary Loan Party) may liquidate or dissolve if the Borrowers determine in good faith that such liquidation or dissolution is in the best interests of the Borrowers and is not materially disadvantageous to the Lenders; provided, that any such merger involving a Person that is not a wholly-owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 7.4.

(vii)    In Section 7.4, subsection (h) is hereby amended and restated to read in its entirety as follows (to correct an errant cross-reference):

(h)    To the extent permitted by Section 7.5(iv), PRGX’s redemption, purchase or repurchase of its common stock pursuant to open-market purchases, privately negotiated transactions or otherwise;

3.    Consolidated Adjusted EBITDA (Lavante Transaction).  Reference is made to that certain Consent to Merger Transaction, dated as of October 28, 2016, by and among the Borrowers, the Administrative Agent and the sole Lender, relating to the then-pending acquisition of 100% of the Capital Stock of Lavante, Inc. (the “Lavante Consent”).  It is understood and agreed that the Acquired Adjusted EBITDA of the Lavante Acquired Business (as contemplated by the Lavante Consent) for any period (or portion thereof) prior to November 1, 2016 shall be excluded when determining “Consolidated Adjusted EBITDA” for any applicable period (notwithstanding proviso (x) of the definition thereof).

4.    GAAP Adjustment.  Reference is made to FASB Accounting Standards Update No. 2016-02, issued February 2016, and related pronouncements, regarding a change in the treatment under GAAP of operating leases.  In accordance with Section 1.3 of the Credit Agreement, it is understood and agreed that: (a) in no event shall any liability in respect of an operating lease of PRGX or any of its Subsidiaries constitute “Indebtedness” under the Credit Agreement except to 

 10264921v3
4

the extent (if at all) that it would have constituted “Indebtedness” under the pre-existing accounting principles utilized by PRGX and its Subsidiaries; and (b) all such excluded operating leases shall continue to be governed by Section 7.14 of the Credit Agreement.

5.    Ratification and Reaffirmation.  Except as herein expressly modified or amended, all the terms and conditions of the Credit Agreement and the other Loan Documents are hereby ratified, affirmed, and approved.  As of the date hereof and giving effect to the modifications and amendments hereunder, Borrowers hereby reaffirm and restate each and every warranty and representation set forth in any Loan Document, in each case except to the extent such warranty or representation expressly relates to an earlier date.

6.    Reaffirmation of Guaranty.  Guarantors hereby ratify, confirm, reaffirm and covenant that the Subsidiary Guaranty Agreement which they have executed is validly existing and binding against each of them under the terms of such Subsidiary Guaranty Agreement.  Guarantors hereby reaffirm and restate, as of the date hereof and giving effect to the modifications and amendments hereunder, all covenants, representations and warranties set forth in the Subsidiary Guaranty Agreement, and specifically reaffirm that each of their obligations under the Subsidiary Guaranty Agreement extend and apply for all purposes to the Credit Agreement as amended hereby.

7.    No Novation.  The parties hereto hereby acknowledge and agree that this Amendment shall not constitute a novation of the indebtedness evidenced by any of the Loan Documents, and further that the terms and provisions of the Loan Documents shall remain valid and in full force and effect except as be herein modified and amended.

8.    Release.  For purposes of this Paragraph 8, the term “Borrower Parties” shall mean Borrowers and Guarantors collectively and the term “Lender Parties” shall mean Administrative Agent, Lenders and Issuing Bank, and shall include each of their respective predecessors, successors and assigns, and each past and present, direct and indirect, parent, subsidiary and affiliated entity of each of the foregoing, and each past and present employee, agent, attorney in fact, attorney at law, representative, officer, director, shareholder, partner and joint venturer of each of the foregoing, and each heir, executor, administrator, successor and assign of each of the foregoing; references in this paragraph to “any” of such parties shall be deemed to mean “any one or more” of such parties; and references in this sentence to “each of the foregoing” shall mean and refer cumulatively to each party referred to in this sentence up to the point of such reference. Each Borrower and each Guarantor hereby acknowledges, represents and agrees:  that, as of the date hereof, Borrowers and Guarantors have no defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Credit Agreement, the Subsidiary Guaranty Agreement, the other Loan Documents or the Obligations, or with respect to any other documents or instruments now or heretofore evidencing, securing or in any way relating to the Obligations (all of said defenses, setoffs, claims, counterclaims or causes of action being hereinafter referred to as “Loan Related Claims”); that, to the extent that Borrowers or Guarantors may be deemed to have any Loan Related Claims as of the date hereof, Borrowers and Guarantors do hereby expressly waive, release and relinquish any and all such Loan Related Claims, whether or not known to or suspected by Borrowers and Guarantors; that Borrowers and Guarantors shall not institute or cause to be instituted any legal action or proceeding of any kind based upon any Loan Related Claims; and that Borrowers and 

 10264921v3
5

Guarantors shall indemnify, hold harmless and defend all Lender Parties from and against any and all Loan Related Claims and any and all losses, damages, liabilities and related reasonable expenses (including reasonable fees, charges and disbursements of any counsel for any Lender Parties) suffered or incurred by any Lender Parties as a result of any assertion or allegation by any Borrower Parties of any Loan Related Claims or as a result of any legal action related thereto, provided that such indemnity shall not, as to any Lender Parties, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (i) the gross negligence or willful misconduct of such Lender Parties or (ii) a claim brought by any Borrower or Guarantor against any Lender Parties for breach in bad faith of such Lender Parties’ obligations under any Loan Document.  Notwithstanding the foregoing provisions of this Paragraph 8, Borrowers and Guarantors make no such releases, representations, warranties, standstills or agreements with respect to any future Loan Related Claims.

9.    Authority.  Each Borrower and Guarantor hereby represents and warrants that the execution, delivery and performance of this Amendment by it has been duly authorized by all necessary actions of each Borrower and Guarantor, and do not and will not violate any provision of law, or any writ, order or decree of any court or governmental authority or agency or any provision of the organizational documents of any Borrower or Guarantor, and do not and will not, with the passage of time or the giving of notice, result in a breach of, or constitute a default or require any consent under, or result in the creation of any Lien upon any property or assets of any Borrower or Guarantor pursuant to, any law, regulation, instrument or agreement to which any Borrower or Guarantor is a party or by which any Borrower or any Guarantor or any of their respective properties may be subject, bound or affected.

10.    No Waiver or Implication.  Borrowers and Guarantors hereby agree that, except as contemplated by the clarifying amendments to the Credit Agreement effected by this Amendment, nothing herein shall constitute a waiver by Administrative Agent or any Lender of any default, whether known or unknown, which may now exist under the Credit Agreement or any other Loan Document.  Borrowers and Guarantors hereby further agree that no action, inaction or agreement by Administrative Agent or any Lender, including, without limitation, any extension, indulgence, waiver, consent or agreement of modification which may have occurred or have been granted or entered into (or which is now occurring or is being granted or entered into hereunder or otherwise) with respect to nonpayment of the Loans or any portion thereof, or with respect to matters involving security for the Loans, or with respect to any other matter relating to the Loans, shall require or imply any future extension, indulgence, waiver, consent or agreement by Administrative Agent or any Lender.  Borrowers and Guarantors hereby acknowledge and agree that Administrative Agent and Lenders have made no agreement, and are in no way obligated, to grant any future extension, indulgence, waiver or consent with respect to the Loans or any matter relating to the Loans.

11.    No Release of Collateral.  Borrowers and Guarantors further acknowledge and agree that this Amendment shall in no way occasion a release of any collateral held by Administrative Agent as security to or for the Loans, and that all collateral held by Administrative Agent as security to or for the Loans shall continue to secure the Loans.

 10264921v3
6

12.    Strict Compliance.  Except as expressly modified hereby, Borrowers and Guarantors are hereby notified that Administrative Agent, the Issuing Bank and the Lenders demand that Borrowers and Guarantors strictly comply with the terms of this Amendment, the Credit Agreement and the other Loan Documents, in each case, as amended hereby.  This notice evidences the intent of Administrative Agent, the Issuing Bank and the Lenders to rely on the exact terms of this Amendment and the Credit Agreement and the other Loan Documents, in each case, as amended hereby.

13.    Counterparts.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original hereof and submissible into evidence and all of which together shall constitute one instrument.

14.    Headings.  The headings of the paragraphs and other provisions hereof are provided for convenience only and shall not in any way affect the meaning or construction of any provision of this Amendment.

15.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of Borrowers, Guarantors, Administrative Agent, Lenders, Issuing Bank and their respective heirs, successors and assigns, whether voluntary by act of the parties or involuntary by operation of law.

(Signatures on following page)

 10264921v3
7

IN WITNESS WHEREOF, this Amendment has been duly executed by the parties hereto as of the day and year first above written.

Borrowers:

PRGX GLOBAL, INC., a Georgia corporation

By: /s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX USA, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

Guarantors:

PRGDS, LLC, a Georgia limited liability company

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGFS, INC., a Delaware corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

(Signatures continue on following page)

Ninth Loan Documents Modification Agreement

PRG INTERNATIONAL, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGTS, LLC, a Georgia limited liability company

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX ASIA, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX AUSTRALIA, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

(Signatures continue on following page)

Ninth Loan Documents Modification Agreement

PRGX BELGIUM, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX BRASIL, LLC, a Georgia limited liability company

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX CANADA, LLC, a Georgia limited liability company

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX EUROPE, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

(Signatures continue on following page)

Ninth Loan Documents Modification Agreement

PRGX FRANCE, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX GERMANY, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX MEXICO, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX NETHERLANDS, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

(Signatures continue on following page)

Ninth Loan Documents Modification Agreement

PRGX NEW ZEALAND, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX PORTUGAL, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX SCANDINAVIA, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX SPAIN, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

(Signatures continue on following page)

Ninth Loan Documents Modification Agreement

PRGX SWITZERLAND, INC., a Georgia corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX TEXAS, INC., a Texas corporation

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

PRGX COMMERCIAL LLC, a Georgia limited liability company

By:/s/ Peter Limeri    
Name:        Peter Limeri
Title:        Chief Financial Officer
[CORPORATE SEAL]

(Signatures continue on following page)

Ninth Loan Documents Modification Agreement

Administrative Agent, Lender and
Issuing Bank:

SUNTRUST BANK, as Administrative Agent, the sole Lender and Issuing Bank

By: /s/ Mark Clegg    
Name: Mark Clegg    
Title: VP Portfolio Manager    

(End of signatures)

Ninth Loan Documents Modification Agreement

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