Document:

Amendment to Employment Agreement

 Exhibit 10.25 
 December 2008 Amendment to Employment Agreement 
 (IRC 409A Compliant) 
 This December 2008 Amendment (the “Amendment”) is made as of, and is effective, this
1st day of December, 2008, by and between Stein Mart, Inc., a Florida corporation and its divisions, subsidiaries and affiliates (the
“Company”), and William A. Moll (“Executive”). 
 Background 
 The following facts are the background for this Amendment: 
  

	 	A.	The parties hereto entered into an employment agreement (the “Existing Agreement”) dated as of September 16, 2006. 

  

	 	B.	The parties wish to amend the Existing Agreement as provided in this Amendment. 

 NOW THEREFORE, In consideration of the promises and mutual covenants contained herein, the parties, intending to be legally bound, agree that the Background Facts are true and correct and further agree as set forth
below. (All defined terms not defined in this Amendment shall have the meaning ascribed to them in the Existing Agreement). 
 1. Change
of Control. The definition of “Change of Control” in the Existing Agreement is hereby deleted and the following is substituted in lieu thereof: 
 “Change of Control” means the occurrence of any of the following: (a) the acquisition of more than 50% of the value or voting power of the Company’s stock by a person or group in a
transaction or a series of related transactions; (b) the acquisition in a period of twelve months or less of at least 30% of the Company’s stock by a person or group in a transaction or a series of related transactions; (c) the
replacement of a majority of the Company’s board in a period of twelve months or less by directors who were not endorsed by a majority of the current board members; or (d) the acquisition in a period of twelve months or less of 40% or more
of the Company’s assets by an unrelated entity. For purposes hereof, the definition of a Change of Control shall be construed and interpreted so as to comply with the definition contained in Code Section 409A. 

	 	2.	Code. A new definition is added to read as follow: 

 “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the Code shall be deemed to refer to any successor provision thereto and the regulations promulgated thereunder.

 3. Disability. The definition of “Disability” is deleted and the following is substituted in lieu thereof: 
 “Disability” means Executive’s incapacity due to physical or mental illness or cause, which results in the Executive being
unable to perform his duties with Company on a full-time basis for a period of six (6) consecutive months. Any dispute as to disability shall be conclusively determined by written opinions rendered by two qualified physicians, one selected by
Executive, and one selected by Company; provided that if such opinions are conflicting, then such physicians shall select a mutually agreeable third physician whose opinion shall be conclusive and binding. 
 4. Termination. A new definition of “Termination” is added to read as follows: 
 “Termination Date” means the date of Executive’s termination of employment, or if the Executive continues to provide services
to Stein Mart, Inc. or its 409A affiliates following his termination of employment, such later date as is considered a separation from service from Stein Mart, Inc. and its 409A affiliates within the meaning of Code Section 409A. For purposes
of this Agreement, the Executive’s “termination of employment” shall be presumed to occur when Stein Mart, Inc. and the Executive reasonably anticipate that no further services will be performed by the Executive for Stein Mart, Inc.
and its 409A affiliates or that the level of bona fide services the Executive will perform as an employee of Stein Mart, Inc. and its 409A affiliates will permanently decrease to no more than 20% of the average level of bona fide services performed
by the Executive (whether as an employee or independent contractor) for Stein Mart, Inc. and its 409A affiliates over the immediately preceding 36-month period (or such lesser period of services). Whether the Executive has experienced a termination
of employment shall be determined by Stein Mart, Inc. in good faith and consistent with Section 409A of the Code. Notwithstanding the foregoing, if the Executive takes a leave of absence for purposes of military leave, sick leave or other bona
fide reason, the Executive will not be deemed to have experienced a termination of employment for the first six (6) months of the leave of absence, or if longer, for so long as the Executive’s right to reemployment is provided either by
statute or by contract, including this Agreement; provided that if the leave of absence is due to a medically determinable physical or mental impairment that can be expected to result in death or last for a continuous period of not less than
six (6) months, where such impairment causes the Executive to be unable to perform the duties of his position of employment or any substantially similar position of employment, 

  

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the leave may be extended by Stein Mart, Inc. for up to 29 months without causing a termination of employment. For purposes hereof, the term “409A
affiliate” means each entity that is required to be included in Stein Mart, Inc.’s controlled group of corporations within the meaning of Section 414(b) of the Code, or that is under common control with Stein Mart, Inc. within the
meaning of Section 414(c) of the Code; provided, however, that the phrase “at least 50 percent” shall be used in place of the phrase “at least 80 percent” each place it appears therein or in the regulations
thereunder. 
 5. Termination of Employment. Section 5 is hereby modified to read in its entirety as follows: 
 TERMINATION OF EMPLOYMENT 
 (a) General. The Board of Directors shall have the right to terminate Executive’s employment and this Agreement at any time with or without Cause, and Executive shall have the right to terminate his employment and this Agreement
at any time with or without Good Reason; provided that obligations under this Section 5, Section 6 and Section 7 shall survive termination of the Agreement. The Board of Directors may delegate its powers to terminate the
Executive to the persons to whom the Executive reports. 
 (b) Termination by Board of Directors without Cause or by
Executive for Good Reason. If (i) the Board of Directors terminates Executive’s employment without Cause, or (ii) Executive resigns for Good Reason, then in either of those circumstances, the Company’s only obligation to
Executive under this Agreement (except as provided in Section 5(f) hereof) shall be to pay Executive his earned but unpaid base salary, if any, up to the date of his termination of employment, plus 200% of his current total Annual Base Salary
as specified in Section 4(a) (subject to such withholdings as required by law) payable in thirty-six (36) equal semi-monthly installments beginning not earlier than six (6) months following the Termination Date and continuing for
eighteen (18) consecutive months thereafter (the two year period following the Termination Date is called the “Post Termination Payment Period”). During the Post Termination Payment Period the Executive shall also continue to
receive, at the Company’s cost, medical, dental, life and accident and disability insurance with coverage consistent with the lesser of (i) the coverage in effect at Executive’s termination, or (ii) the coverage in effect from
time to time as applied to persons in positions similar to the position held by Executive at the time of termination; provided that if the taxable value of the continued life and accident and disability coverage to Executive during the first
six (6) months following the Termination Date exceeds the annual dollar limit in effect under Code Section 402(g)(1)(B) for the year of such termination, then the Executive shall pay the premiums in excess of such limit for such coverage
during such six (6)-month period and after the end of such six (6)-month period, the Company shall reimburse the Executive for the amount of the premiums paid by the Executive, without interest thereon. 
  

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 (c) Termination by the Board of Directors for Cause or by Executive without Good Reason.
If the Board of Directors terminates Executive’s employment for Cause or Executive resigns without Good Reason, the Company’s only obligation to Executive under this Agreement shall be to pay Executive his earned but unpaid Annual Base
Salary, if any, up to the of termination of employment. The Company shall only be obligated to make such payments and provide such benefits under any employee benefit plan, program or policy in which Executive was a participant as are explicitly
required to be paid to Executive by the terms of any such benefit plan, program or policy following the of termination of employment. 
 (d) Termination for Disability. Subject to the definitions and requirements of Section 2 (“Disability”), after six (6) consecutive months of such disability leave of absence, Executive’s
service may be terminated by Company. In the event Executive is terminated from employment due to Disability, the Company shall: 
  

	 	(i)	pay Executive his Annual Base Salary through the end of the month in which his employment terminates as soon as practicable after his employment terminates; provided that if
such payment exceeds the applicable dollar amount in effect under Code Section 402(g)(1)(B) for the year in which such termination occurs, then the payment in excess of such applicable dollar amount shall be paid following six (6) months
after the Executive’s Termination Date; 

  

	 	(ii)	pay Executive his Earned Bonus, pro rata and if any, for the fiscal year in which such termination of employment occurs, which amount shall be paid at the same time the
Earned Bonus would have been paid had Executive remained in employment; 

  

	 	(iii)	pay Executive an additional nine (9) months of compensation at the then-Annual Base Salary, which aggregate amount shall be payable in thirty-six (36) equal semi-monthly
installments beginning not earlier than six (6) months following the Termination Date and continuing for eighteen (18) consecutive months thereafter; 

  

	 	(iv)	pay or cause the payment of benefits to which Executive is entitled under the terms of any disability plan of the Company covering the Executive at the time of such Disability;

  

	 	(v)	pay premiums for COBRA coverage as provided in Section 5(g); 

  

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	 	(vi)	make such payments and provide such benefits as otherwise called for under the terms of each other employee benefit plan, program and policy in which Executive was a participant;
provided no payments made under Section 5(d)(ii) or Section 5(d)(iii) shall be taken into account in computing any payments or benefits described in this Section 5(d)(iv); and 

  

	 	(vii)	in the event the Executive has any options or restricted shares (but excluding “performance shares” which shall be governed by the terms set forth in the grant as to such
shares) which are not vested on the date of termination for Disability, then pay to the Executive (i) as to any unvested options, the net value of the excess, if any, of the closing price of the Company’s shares on the NASDAQ for the day
on which the termination due to Disability occurs and the exercise price of such unvested options multiplied by the number of shares subject to options which failed to vest; and (ii) as to any unvested restricted shares, the value of the
closing price of the Company’s shares on the NASDAQ for the day on which the termination due to Disability occurred multiplied by the number of restricted shares, if any, which failed to vest due to such termination of employment for
Disability. 

 Notwithstanding the Executive’s Disability, during the period of Disability leave, Executive shall be paid
in full (net of insurance) as if he or she were actively performing services. Executive agrees to simultaneously utilize available leave under the Family and Medical Leave Act of 1993 during such disability leave of absence. During the period of
such Disability leave of absence, the Board of Directors may designate someone to perform Executive’s duties. Executive shall have the right to return to full-time service so long as he is able to resume and faithfully perform his full-time
duties. 
 (e) Death. If Executive’s employment terminates as a result of his death, the Company shall:

  

	 	(i)	pay to Executive’s estate his Annual Base Salary through the end of the month in which his employment terminates as soon as practicable after his death;

  

	 	(ii)	pay to Executive’s estate his Earned Bonus, when actually determined, for the year in which Executive’s death occurs; 

  

	 	(iii)	make such payments and provide such benefits as otherwise called for under the terms of each other employee benefit plan, program and policy in which Executive was a participant;
provided no payments made under Section 5(e)(ii) shall be taken into account in computing any payments or benefits described in this Section 5(e)(iii); and 

  

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	 	(iv)	in the event the Executive has any options or restricted shares (but excluding “performance shares” which shall be governed by the terms set forth in the grant as to such
shares) which are not vested on the date of termination for death, then pay to the Executive’s estate (i) as to any unvested options, the net value of the excess, if any, of the closing price of the Company’s shares on the NASDAQ for
the day on which the death occurred and the exercise price of such unvested options multiplied by the number of shares subject to options which failed to vest; and (ii) as to any unvested restricted shares, the value of the closing price of the
Company’s shares on the NASDAQ for the day on which the death occurred multiplied by the number of restricted shares, if any, which failed to vest due to such termination of employment for death. 

 Any amounts payable to Executive under this Agreement which are unpaid at the date of Executive’s death or payable hereunder or otherwise by reason
of his death, shall be paid in accordance with the terms of this Agreement to Executive’s estate; provided that if there is a specific beneficiary designation in place for any specific amount payable, then payment of such amount shall be
made to such beneficiary. 
 (f) Change of Control. If a Change of Control occurs, then for a period beginning on the
occurrence of the Change of Control and ending two years following that occurrence (the “Post Change of Control Period”): 
  

	 	(i)	In addition to the other events constituting Good Reason under this Agreement, the following shall also constitute Good Reason: if the Executive is willing and able to continue
employment with the Company but the Company exercises its right to either not renew this Agreement as provided in Section 1(a) hereof, or offers to renew this Agreement on terms materially less favorable to the Executive than provided herein;
provided, however, that notice of exercise of the Executive’s termination for Good Reason must be received by the Company during the Post Change of Control Period; and 

  

	 	(ii)	 In the event of termination of the Executive’s employment with the Company pursuant to Section 5(b) hereof either by the Company without Cause, or by the
Executive for Good Reason, with notice of such termination given within the Post Change of Control Period, the Executive shall receive the following in a lump sum payable in funds immediately available in Jacksonville, Florida not earlier than six
(6) months following the Termination Date and not later than seven (7) months following the Termination Date: (A) an amount equal to the total of severance payments (other than continued insurance 

  

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coverage) provided under Section 5(b) of this agreement (and in lieu thereof), and (B) an amount equal to 200% of the Earned Bonus in the year of
the Termination Date. For purposes of this subsection (f) Earned Bonus shall not be prorated and shall be an amount equal to “Target” bonus as defined in the Company’s incentive compensation plan in effect from time to time.

 (g) Benefit Continuation. Provided Executive is eligible for COBRA coverage, and has not been
terminated from employment for Cause or resigned without Good Reason, the Company shall pay the Executive’s COBRA premiums for a period of eighteen months from the date of Executive’s termination of employment in order to continue
Executive’s health insurance coverage and maintain such coverage in effect. 
 (h) Relinquishment of Corporate
Positions. Executive shall automatically cease to be an officer and/or director of the Company and its affiliates as of his date of termination of employment. 
 (i) Limitation. Anything in this Agreement to the contrary notwithstanding, Executive’s entitlement to or payments under this
Agreement and any other plan or agreement shall be limited to the extent necessary so that no payment to be made to Executive on account of termination of his employment with the Company will be subject to the excise tax imposed by Code
Section 4999, but only if, by reason of such limitation, Executive’s net after -tax benefit shall exceed the net after -tax benefit if such reduction were not made. “Net after -tax benefit” shall mean (i) the sum of all
payments and benefits that Executive is then entitled to receive under any section of this Agreement or other plan or agreement that would constitute a “parachute payment” within the meaning of Section 280G of the Code, less
(ii) the amount of federal income tax payable with respect to the payments and benefits described in clause (i) above calculated at the maximum marginal income tax rate for each year in which such payments and benefits shall be paid to
Executive (based upon the rate in effect for such year as set forth in the Code at the time of the first payment of the foregoing), less (iii) the amount of excise tax imposed with respect to the payments and benefits described in clause
(i) above by Section 4999 of the Code. Any limitation under this Section 5(i) of Executive’s entitlement to payments shall be made in the manner and in the order directed by Executive. 
 6. Ratification. Except as expressly modified as provided in this Amendment, the Existing Agreement is hereby ratified and confirmed. 

 

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 IN WITNESS WHEREOF, the Company and Executive have executed this Agreement effective as of the
Effective Date. 
  

							
	STEIN MART, INC.	 		 	
				
	By:	 	 /s/ D. Hunt Hawkins
	 		 	 /s/ William A. Moll

	Name:	 	D. Hunt Hawkins	 		 	William A. Moll
	Title:	 	EVP, Chief Administrative Officer	 		 	

  

 8Sixty-second Supplemental Indenture dated April 1, 2009

 Exhibit 4.1 
  
  
 PORTLAND GENERAL ELECTRIC COMPANY

 TO 
 HSBC BANK
USA, NATIONAL ASSOCIATION 
 (AS SUCCESSOR TO THE MARINE MIDLAND TRUST 
 COMPANY OF NEW YORK) 
 Trustee. 
 Sixty-second Supplemental Indenture 
 Dated: April 1, 2009 
 $300,000,000 First Mortgage Bonds, 
 6.10% Series, due 2019 
 Supplemental to Indenture of Mortgage and Deed of
Trust, 
 dated July 1, 1945 of Portland General Electric Company. 
 THIS INSTRUMENT GRANTS A SECURITY INTEREST BY A TRANSMITTING UTILITY 
 THIS
INSTRUMENT CONTAINS AFTER-ACQUIRED PROPERTY PROVISIONS 
  
  

 This SIXTY-SECOND SUPPLEMENTAL INDENTURE (hereinafter this “Supplemental
Indenture”), dated April 1, 2009, is made by and between Portland General Electric Company, an Oregon corporation (hereinafter called the “Company”), and HSBC Bank USA, National Association (as successor to The Marine
Midland Trust Company of New York), a national banking association, as Trustee (hereinafter called the “Trustee”). 
 WHEREAS, the Company has heretofore executed and delivered its Indenture of Mortgage and Deed of Trust (herein sometimes referred to as the “Original Indenture”), dated July 1, 1945, to the Trustee to secure an issue
of First Mortgage Bonds of the Company; and 
 WHEREAS, bonds in the aggregate principal amount of $34,000,000 have heretofore been issued
under and in accordance with the terms of the Original Indenture as bonds of an initial series designated “First Mortgage Bonds, 3-1/8% Series due 1975” (herein sometimes referred to as the “Bonds of the 1975 Series”); and

 WHEREAS, the Company has heretofore executed and delivered to the Trustee several supplemental indentures which provided, among other
things, for the creation or issuance of several new series of First Mortgage Bonds under the terms of the Original Indenture as follows: 
  

												
	 Supplemental Indenture
	  	Dated	  	Series Designation	  	Principal Amount	 
	 First
	  	11-1-47	  	3-1/2	%	 	Series due 1977	  	$	6,000,000	(1)
	 Second
	  	11-1-48	  	3-1/2	%	 	Series due 1977	  	 	4,000,000	(1)
	 Third
	  	5-1-52	  	3-1/2	%	 	Second Series due 1977	  	 	4,000,000	(1)
	 Fourth
	  	11-1-53	  	4-1/8	%	 	Series due 1983	  	 	8,000,000	(2)
	 Fifth
	  	11-1-54	  	3-3/8	%	 	Series due 1984	  	 	12,000,000	(1)
	 Sixth
	  	9-1-56	  	4-1/4	%	 	Series due 1986	  	 	16,000,000	(1)
	 Seventh
	  	6-1-57	  	4-7/8	%	 	Series due 1987	  	 	10,000,000	(1)
	 Eighth
	  	12-1-57	  	5-1/2	%	 	Series due 1987	  	 	15,000,000	(3)
	 Ninth
	  	6-1-60	  	5-1/4	%	 	Series due 1990	  	 	15,000,000	(1)
	 Tenth
	  	11-1-61	  	5-1/8	%	 	Series due 1991	  	 	12,000,000	(1)
	 Eleventh
	  	2-1-63	  	4-5/8	%	 	Series due 1993	  	 	15,000,000	(1)
	 Twelfth
	  	6-1-63	  	4-3/4	%	 	Series due 1993	  	 	18,000,000	(1)
	 Thirteenth
	  	4-1-64	  	4-3/4	%	 	Series due 1994	  	 	18,000,000	(1)
	 Fourteenth
	  	3-1-65	  	4.70	%	 	Series due 1995	  	 	14,000,000	(1)
	 Fifteenth
	  	6-1-66	  	5-7/8	%	 	Series due 1996	  	 	12,000,000	(1)
	 Sixteenth
	  	10-1-67	  	6.60	%	 	Series due October 1, 1997	  	 	24,000,000	(1)

  

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	 Supplemental Indenture
	  	Dated	  	Series Designation	  	Principal Amount	 
	Seventeenth	  	4-1-70	  	8-3/4	%	 	Series due April 1, 1977	  	20,000,000	(1)
	Eighteenth	  	11-1-70	  	9-7/8	%	 	Series due November 1, 2000	  	20,000,000	(4)
	Nineteenth	  	11-1-71	  	8	%	 	Series due November 1, 2001	  	20,000,000	(4)
	Twentieth	  	11-1-72	  	7-3/4	%	 	Series due November 1, 2002	  	20,000,000	(4)
	Twenty-first	  	4-1-73	  	7.95	%	 	Series due April 1, 2003	  	35,000,000	(4)
	Twenty-second	  	10-1-73	  	8-3/4	%	 	Series due October 1, 2003	  	17,000,000	(4)
	Twenty-third	  	12-1-74	  	10-1/2	%	 	Series due December 1, 1980	  	40,000,000	(1)
	Twenty-fourth	  	4-1-75	  	10	%	 	Series due April 1, 1982	  	40,000,000	(1)
	Twenty-fifth	  	6-1-75	  	9-7/8	%	 	Series due June 1, 1985	  	27,000,000	(1)
	Twenty-sixth	  	12-1-75	  	11-5/8	%	 	Series due December 1, 2005	  	50,000,000	(4)
	Twenty-seventh	  	4-1-76	  	9-1/2	%	 	Series due April 1, 2006	  	50,000,000	(4)
	Twenty-eighth	  	9-1-76	  	9-3/4	%	 	Series due September 1, 1996	  	62,500,000	(4)
	Twenty-ninth	  	6-1-77	  	8-3/4	%	 	Series due June 1, 2007	  	50,000,000	(4)
	Thirtieth	  	10-1-78	  	9.40	%	 	Series due January 1, 1999	  	25,000,000	(4)
	Thirty-first	  	11-1-78	  	9.80	%	 	Series due November 1, 1998	  	50,000,000	(4)
	Thirty-second	  	2-1-80	  	13-1/4	%	 	Series due February 1, 2000	  	55,000,000	(4)
	Thirty-third	  	8-1-80	  	13-7/8	%	 	Series due August 1, 2010	  	75,000,000	(4)
	Thirty-sixth	  	10-1-82	  	13-1/2	%	 	Series due October 1, 2012	  	75,000,000	(4)
	Thirty-seventh	  	11-15-84	  	11-5/8	%	 	 Extendable Series A due
 November 15,
1999
	  	75,000,000	(4)
	Thirty-eighth	  	6-1-85	  	10-3/4	%	 	Series due June 1, 1995	  	60,000,000	(4)
	Thirty-ninth	  	3-1-86	  	9-5/8	%	 	Series due March 1, 2016	  	100,000,000	(4)
	Fortieth	  	10-1-90	  			 	Medium Term Note Series	  	200,000,000	 
	Forty-first	  	12-1-91	  			 	Medium Term Note Series I	  	150,000,000	(1)
	Forty-second	  	4-1-93	  	7-3/4	%	 	Series due April 15, 2023	  	150,000,000	(4)
	Forty-third	  	7-1-93	  			 	Medium Term Notes Series II	  	75,000,000	(1)
	Forty-fourth	  	8-1-94	  			 	Medium Term Notes Series III	  	75,000,000	(1)
	Forty-fifth	  	5-1-95	  			 	Medium Term Notes Series IV	  	75,000,000	(5)
	Forty-sixth	  	8-1-96	  			 	Medium Term Notes Series V	  	50,000,000	(1)
	Forty-seventh	  	12-14-01	  			 	Second Series due 2002	  	150,000,000	(4)

  

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	 Supplemental Indenture
	  	Dated	  	Series Designation	  	Principal Amount	 
	Forty-eighth	  	6-1-02	  			 	Collateral Series due 2003	  	72,000,000	(1)
	Forty-ninth	  	6-1-02	  			 	Second Collateral Series due 2003	  	150,000,000	(1)
	Fiftieth	  	10-1-02	  	8-1/8	%	 	SSeries due 2010	  	150,000,000	(4)
	Fifty-first	  	10-1-02	  	5.6675	%	 	Series due 2012	  	100,000,000	 
	Fifty-second	  	4-1-03	  	5.279	%	 	Series due 2013	  	50,000,000	(4)
	Fifty-third	  	5-1-03	  			 	 Collateral Series A due 2033
 Collateral Series B due
2033
 Collateral Series C due 2033
	  	142,400,000	 
	Fifty-fourth	  	5-1-03	  			 	Collateral Series due 2004	  	150,000,000	(1)
	Fifty-fifth	  	7-1-03	  			 	Medium Term Notes Series VI	  	200,000,000	 
	Fifty-sixth	  	5-1-06	  	6.31
 6.26
	%
 %
	 	 Series due 2036
 Series due 2031
	  	175,000,000
100,000,000	 
 
	Fifty-seventh	  	12-1-06	  	5.80	%	 	Series due 2039	  	170,000,000	 
	Fifty-eighth	  	4-1-07	  	5.81	%	 	Series due 2037	  	130,000,000	 
	Fifty-ninth	  	10-1-07	  	5.80	%	 	Series due 2018	  	75,000,000	 
	Sixtieth	  	4-1-08	  	4.45	%	 	Second Series due 2013	  	50,000,000	 
	Sixty-first	  	1-15-09	  	6.50
 6.80
	%
 %
	 	 Series due 2014
 Second Series due 2016
	  	63,000,000
67,000,000	 
 

  

	(1)	Paid in full at maturity. 

  

	(2)	This entire issue of Bonds was redeemed out of proceeds from the sale of First Mortgage Bonds, 3-3/8% Series due 1984. 

  

	(3)	This entire issue of Bonds was redeemed out of proceeds from the sale of First Mortgage Bonds, 4-5/8% Series due 1993. 

  

	(4)	Redeemed in full prior to maturity. 

  

	(5)	This entire series of Bonds has been retired. 

 which bonds are sometimes referred to herein as the “Bonds of the 1977 Series,” “Bonds of the 1977 Second Series,” “Bonds of the 1983 Series,” “Bonds of the 1984 Series,”
“Bonds of the 1986 Series,” “Bonds of the 4 7/8% Series due 1987,” “Bonds of the 5 1/2% Series due 1987,” “Bonds of the 1990 Series,” “Bonds of the 1991 Series,” “Bonds of the 4 5/8% Series due 1993,” “Bonds of the 4 3/4% Series due 1993,” “Bonds of the 1994 Series,” “Bonds of the 1995 Series,” “Bonds of the 1996 Series,” “Bonds of the 1997 Series,” “Bonds of
the 1977 Third Series,” “Bonds of the 2000 Series,” “Bonds of the 2001 Series,” “Bonds of the 2002 Series,” “Bonds of the 2003 Series,” “Bonds of the 2003 Second Series,” “Bonds of the 1980
Series,” “Bonds of the 1982 Series,” “Bonds of the 1985 Series,” “Bonds of the 2005 Series,” “Bonds of the 2006 Series,” “Bonds of the 1996 Second Series,” “Bonds of the 2007 Series,”
“Bonds of the 1999 Series,” “Bonds of the 1998 Series,” “Bonds of the 2000 Second Series,” “Bonds of the 2010 Series,” “Bonds of the 2012 Series,” “Bonds of the Extendable Series A,”
“Bonds of the 1995 

  

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Second Series,” “Bonds of the 2016 Series,” “Bonds of the Medium Term Note Series,” “Bonds of the Medium Term Note Series
I,” “Bonds of the 2023 Series,” “Bonds of the Medium Term Note Series II,” “Bonds of the Medium Term Note Series III,” “Bonds of the Medium Term Note Series IV,” “Bonds of the Medium Term Note
Series V,” “Bonds of the 2002 Second Series,” “Bonds of the Collateral Series,” “Bonds of the Second Collateral Series,” “Bonds of the 2010 Second Series,” “Bonds of the 2012 Second
Series,” “Bonds of the 2013 Series,” “Bonds of the 2033 Series,” “Bonds of the 2004 Collateral Series,” “Bonds of the Medium Term Note Series VI,” “Bonds of the 2036 Series,” “Bonds of the
2031 Series,” “Bonds of the 2039 Series,” “Bonds of the 2037 Series,” “Bonds of the 2018 Series,” “Bonds of the 2013 Second Series,” “Bonds of the 2014 Series,” and “Bonds of the 2016
Second Series,” respectively; and 
 WHEREAS, the Original Indenture provides that the Company and the Trustee, subject to the
conditions and restrictions in the Original Indenture contained, may enter into an indenture or indentures supplemental thereto, which shall thereafter form a part of said Original Indenture, among other things, to mortgage, pledge, convey,
transfer, or assign to the Trustee and to subject to the lien of the Original Indenture with the same force and effect as though included in the granting clauses thereof, additional properties acquired by the Company after the execution and delivery
of the Original Indenture, and to provide for the creation of any series of bonds (other than the Bonds of the 1975 Series), designating the series to be created and specifying the form and provisions of the bonds of such series as therein provided
or permitted, and to provide a sinking, amortization, replacement, or other analogous fund for the benefit of all or any of the bonds of any one or more series, of such character and of such amount, and upon such terms and conditions as shall be
contained in such supplemental indenture; and 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee sixty-one
supplemental indentures amending in certain respects the Original Indenture (such Original Indenture as so supplemented and amended is hereinafter referred to as the “Mortgage”); and 
 WHEREAS, the Company desires to further amend the Mortgage in certain respects pursuant to Section 17.01 of the Original Indenture, and the Trustee
has agreed to such amendments; and 
 WHEREAS, the Company desires to provide for the creation of a new series of bonds to be known as
“First Mortgage Bonds, 6.10% Series due 2019” (sometimes herein referred to as the “Bonds of the 2019 Series” or the “Bonds”), and to specify the form and provisions of the Bonds, and to mortgage, pledge,
convey, transfer, or assign to the Trustee and to subject to the lien of the Mortgage certain additional properties acquired by the Company since the execution and delivery of the Original Indenture; and 
 WHEREAS, the Company intends at this time to provide for the issuance of $300,000,000 aggregate principal amount of Bonds of the 2019 Series under and in
accordance with the terms of the Mortgage and this Supplemental Indenture (the Mortgage as so supplemented and amended by this Supplemental Indenture referred to as the “Indenture”); and 
  

 4 

 WHEREAS, the Bonds of the 2019 Series and the Trustee’s authentication certificate to be executed on
the Bonds of the 2019 Series are to be substantially in the following form, respectively: 
  

 5 

 (Form of Bond of the 6.10% Series due 2019) 
 [Face of Bond] 
 [LEGEND FOR GLOBAL BONDS] UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	No.             	  	$            

 CUSIP No.             

 ISIN No.              
 PORTLAND GENERAL ELECTRIC COMPANY 
 FIRST
MORTGAGE BOND, 6.10% SERIES DUE 2019 
 Portland General Electric Company, an Oregon corporation (hereinafter sometimes called the
“Company”), for value received, hereby promises to pay to
                                         
   , or registered assigns, the principal sum of
                                         
    Dollars on April 15, 2019 (the “Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date, and to pay interest thereon semi-annually in arrears on October 15 and
April 15 (each an “Interest Payment Date”) each year at the rate of 6.10 per cent per annum (calculated on the basis of a 360-day year of twelve 30-day months), for the period from the October 15 or April 15, as
the case may be, next preceding the date hereof to which interest has been paid, or, if the date hereof is an October 15 or April 15 to which interest has been paid, from the date hereof, or, if the date hereof is prior to October 15,
2009, from April 16, 2009, provided, however, that if and to the extent the Company shall default in payment of the interest due on such October 15 or April 15, then from the next preceding date to which interest has been paid
or if such default shall be in respect of the interest due on October 15, 2009, then from April 16, 2009, until payment of the principal hereof has been made or duly provided for. If the Maturity Date, an Interest Payment Date, or a
redemption date falls on a day which is not a Business Day, as defined below, principal or interest payable with respect to such Maturity Date, Interest Payment Date, or redemption date will be paid on the next succeeding Business Day with the same
force and effect as if made on such Maturity Date, Interest Payment Date, or redemption date, as the case may be. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to exceptions referenced
below, be paid to the person in whose name this bond (or one or more predecessor bonds) is registered at the close of business on the fifteenth day (whether or not a Business Day) next preceding such Interest Payment Date (the “Regular
Record Date”); provided, however, that interest payable on the Maturity Date (or, if applicable, upon redemption) will be payable to the person to whom the principal hereof shall be payable. Should the Company default in the payment
of interest (“Defaulted Interest”), the Defaulted Interest shall be paid to the person in whose name this bond (or one or more 

  

 6 

 
predecessor bonds) is registered on a subsequent record date fixed by the Company, which subsequent record date shall be fifteen days prior to the payment of
such Defaulted Interest. As used herein, “Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York are not required or authorized by law to close. 
 Payment of the principal of and interest on this bond will be made in immediately available funds at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York, 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 payment at maturity (or, if applicable,
upon redemption) made against presentation of this bond at such office or agency for cancellation. The Trustee, as paying agent of the Company, will make all payments of principal and interest by wire transfer of immediately available funds;
provided, however, that appropriate written wire transfer instructions must have been received by the Trustee not less than sixteen days prior to the applicable Interest Payment Date, Maturity Date, or redemption date. 
 Reference is hereby made to the further provisions of this bond set forth on the reverse hereof, including terms of redemption, and such further
provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This bond shall not become or be valid or
obligatory for any purpose until the authentication certificate hereon shall have been signed by the Trustee. 
 IN
WITNESS WHEREOF, PORTLAND GENERAL ELECTRIC COMPANY has caused this instrument to be executed manually or in facsimile by its duly authorized officers and has
caused a facsimile of its corporate seal to be imprinted hereon. 
  

									
	Dated:
                                    	 		 	
			
		 		 	PORTLAND GENERAL ELECTRIC COMPANY
					
		 		 		 	By:	 	 
					
		 		 		 	Title:	 	
					
	Attest: 	 	 	 		 		 	
					
		 	Assistant Secretary	 		 		 	

  

 7 

 (Form of Trustee’s Authentication Certificate for 
 Bonds of the 6.10% Series due 2019) 
 This is
one of the bonds, of the series designated herein, described in the within-mentioned Indenture. 
  

			
	HSBC BANK USA, NATIONAL
	ASSOCIATION, AS TRUSTEE
		
	By: 	 	 
		 	Authorized Officer

  

 8 

 [Reverse of Bond] 
 This bond is one of the bonds of a series designated as First Mortgage Bonds, 6.10% Series due 2019 (sometimes herein referred to as the “Bonds of the 2019 Series”) limited to a maximum aggregate
principal amount of $300,000,000. Bonds of the 2019 Series are bonds of an authorized issue of bonds of the Company known as First Mortgage Bonds, not limited as to maximum aggregate principal amount, all issued or issuable in one or more series
under and equally secured (except insofar as any sinking fund, replacement fund, or other fund established in accordance with the provisions of the Indenture hereinafter mentioned may afford additional security for the bonds of any specific series)
by an Indenture of Mortgage and Deed of Trust dated July 1, 1945, duly executed and delivered by the Company to HSBC Bank USA, National Association (as successor to The Marine Midland Trust Company of New York), as Trustee, as supplemented,
amended, and modified by sixty-one supplemental indentures and by the Sixty-second Supplemental Indenture (such Indenture of Mortgage and Deed of Trust as so supplemented, amended, and modified by such sixty-one supplemental indentures and the
Sixty-second Supplemental Indenture being hereinafter called the “Indenture”), to which Indenture reference is hereby made for a description of the property mortgaged and pledged as security for said bonds, the nature and extent of
the security, and the rights, duties, and immunities thereunder of the Trustee, the rights of the holders of said bonds and of the Trustee and of the Company in respect of such security, and the terms upon which said bonds may be issued thereunder.
Capitalized terms used herein and not defined herein shall have the respective meanings in the Indenture, unless otherwise noted. 
 The
Bonds of the 2019 Series are not subject to any sinking fund. 
 The Bonds of the 2019 Series may be redeemed prior to maturity at any time,
in whole or in part, upon prior notice given not less than thirty nor more than sixty days prior to the redemption date at the option of the Company, at a redemption price equal to the greater of (i) 100 percent of the principal amount of the
portion of the Bonds of the 2019 Series to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (not including any portion of such payments of interest accrued as of the date of
redemption) due on the Bonds of the 2019 Series (or portion thereof) to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis
points, together in each case with accrued and unpaid interest to the date of redemption. 
 If this bond or any portion thereof ($1,000 or
an integral multiple thereof) is duly called for redemption and payment duly provided for as specified in the Indenture, this bond or such portion thereof shall cease to be entitled to the lien of the Indenture and shall cease to bear interest from
and after the date payment is so provided for. 
 In the event of the selection for redemption of a portion only of the principal of this
bond, payment of the redemption price will be made only upon surrender of this bond in exchange for a bond or bonds (but only of authorized denominations of the same series) for the unredeemed balance of the principal amount of this bond.

  

 9 

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders
of not less than seventy-five percent in principal amount of the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including, if more than one series of bonds shall be at the time
outstanding, not less than sixty percent in principal amount of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations of the Company and of the
holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the written approval or consent of all holders hereof which will (i) extend the maturity of this bond or reduce the
rate or extend the time of payment of interest hereon or reduce the amount of the principal hereof, (ii) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of the Indenture, or (iii) reduce the
percentage of the principal amount of the bonds upon the approval or consent of the holders of which modifications or alterations may be made as aforesaid. 
 The transfer of this bond is registrable by the registered owner hereof in person or by such owner’s attorney duly authorized in writing, at the corporate trust office of the Trustee in the Borough of Manhattan,
City and State of New York, upon surrender of this bond for cancellation and upon payment of any taxes or other governmental charges payable upon such transfer, and thereupon a new registered bond or bonds of the same series and of a like aggregate
principal amount will be issued to the transferee or transferees in exchange therefor. 
 The Company, the Trustee, and any paying agent may
deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payments of or on account of the principal hereof and interest due hereon, and for all other purposes, whether or not this bond
shall be overdue, and neither the Company, the Trustee, nor any paying agent shall be affected by any notice to the contrary. 
 Bonds of
this series are issuable only in fully registered form without coupons, and are issuable in denominations of $1,000 or any amount in excess thereof that is an integral multiple of $1,000. The registered owner of this bond at its option may surrender
the same for cancellation at said office of the Trustee and receive in exchange therefor the same aggregate principal amount of registered bonds of the same series but of other authorized denominations upon payment of any taxes or other governmental
charges payable upon such exchange and subject to the terms and conditions set forth in the Indenture. 
 If an event of default as defined
in the Indenture shall occur, the principal of this bond may become or be declared due and payable before maturity in the manner and with the effect provided in the Indenture. The holders, however, of certain specified percentages of the bonds
(exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including in certain cases specified percentages of bonds of particular series, may in certain cases, to the extent and as provided in the
Indenture, waive certain defaults thereunder and the consequences of such defaults. 
 No recourse shall be had for the payment of the
principal of or the interest on this bond, or for any claim based hereon, or otherwise in respect hereof or of the Indenture, against any incorporator, shareholder, director, or officer, past, present, or future, as such, of the Company or 

  

 10 

 
of any predecessor or successor corporation, either directly or through the Company or such predecessor or successor corporation, under any constitution or
statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability of incorporators, shareholders, directors, and officers, as such, being waived and released by the holder and owner hereof by the acceptance
of this bond and as provided in the Indenture. 
 The Indenture provides that this bond shall be deemed to be a contract made under the laws
of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said State. 
 (End of Form
of Bond of the 6.10% Series due 2019) 
 and 
 WHEREAS, all acts and proceedings required by law and by the charter or articles of incorporation and bylaws of the Company necessary to make the Bonds to be issued hereunder, when executed by the Company, authenticated and delivered by the
Trustee, and duly issued, the valid, binding, and legal obligations of the Company, and to constitute this Supplemental Indenture a valid and binding instrument, have been done and taken; and the execution and delivery of this Supplemental Indenture
have been in all respects duly authorized; 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, that, in order to secure the payment of
the principal of, premium, if any, and interest on all First Mortgage Bonds at any time issued and outstanding under the Original Indenture as supplemented and modified by the sixty-one supplemental indentures hereinbefore described and as
supplemented and modified by this Supplemental Indenture, according to their tenor, purport, and effect, and to secure the performance and observance of all the covenants and conditions therein and herein contained, and for the purpose of confirming
and perfecting the lien of the Indenture on the properties of the Company hereinafter described, or referred to, and for and in consideration of the premises and of the mutual covenants herein contained, and acceptance of the Bonds by the holders
thereof, and for other valuable consideration, the receipt whereof is hereby acknowledged, the Company has executed and delivered this Supplemental Indenture and by these presents does grant, bargain, sell, warrant, alien, convey, assign, transfer,
mortgage, pledge, hypothecate, set over, and confirm unto the Trustee the following property, rights, privileges, and franchises (in addition to all other property, rights, privileges, and franchises heretofore subjected to the lien of the Original
Indenture as supplemented by the sixty-one supplemental indentures hereinbefore described and not heretofore released from the lien thereof, all of which shall secure all bonds, including the Bonds), to wit: 
 CLAUSE I 
 Without in any way limiting
anything in the Mortgage or hereinafter described, all and singular the lands, real estate, chattels real, interests in land, leaseholds, ways, rights-of-way, easements, servitudes, permits and licenses, lands under water, riparian rights,
franchises, privileges, electric generating plants, electric transmission and distribution systems, and all apparatus and equipment appertaining thereto, offices, buildings, warehouses, garages, and other 

  

 11 

 
structures, tracks, machine shops, materials and supplies, and all property of any nature appertaining to any of the plants, systems, business, or operations
of the Company, whether or not affixed to the realty, used in the operation of any of the premises or plants or systems or otherwise, which have been acquired by the Company since the execution and delivery of the Original Indenture and not
heretofore included in any indenture supplemental thereto, and now owned or which may hereafter be acquired by the Company (other than excepted property as defined in the Mortgage). 
 CLAUSE II 
 All corporate, Federal, State, municipal, and other permits, consents,
licenses, bridge licenses, bridge rights, river permits, franchises, grants, privileges, and immunities of every kind and description, owned, held, possessed, or enjoyed by the Company (other than excepted property as defined in the Mortgage) and
all renewals, extensions, enlargements, and modifications of any of them, which have been acquired by the Company since the execution and the delivery of the Original Indenture and not heretofore included in any indenture supplemental thereto, and
now owned or which may hereafter be acquired by the Company. 
 CLAUSE III 
 Also all other property, real, personal, or mixed, tangible or intangible (other than excepted property as defined in the Mortgage) of every kind,
character, and description and wheresoever situated, whether or not useful in the generation, manufacture, production, transportation, distribution, sale, or supplying of electricity, hot water, or steam, which has been acquired by the Company since
the execution and delivery of the Original Indenture and not heretofore included in any indenture supplemental thereto, and now owned or which may hereafter be acquired by the Company (other than excepted property as defined in the Mortgage).

 CLAUSE IV 
 Together with all
and singular the plants, buildings, improvements, additions, tenements, hereditaments, easements, rights, privileges, licenses, and franchises and all other appurtenances whatsoever belonging or in any wise pertaining to any of the property hereby
mortgaged or pledged, or intended so to be, or any part thereof, and the reversion and reversions, remainder and remainders, and the rents, revenues, issues, earnings, income, products, and profits thereof, and every part and parcel thereof, and all
the estate, right, title, interest, property, claim, and demand of every nature whatsoever of the Company at law, in equity, or otherwise howsoever, in, of, and to such property and every part and parcel thereof (other than excepted property as
defined in the Mortgage). 
 TO HAVE AND TO HOLD all of said property, real, personal, and mixed, and all and singular the lands, properties,
estates, rights, franchises, privileges, and appurtenances hereby mortgaged, conveyed, pledged, or assigned, or intended so to be, together with all the appurtenances thereto appertaining and the rents, issues, and profits thereof, unto the Trustee
and its successors and assigns, forever: 
  

 12 

 SUBJECT, HOWEVER, to the exceptions, reservations, restrictions, conditions, limitations, covenants, and
matters contained in all deeds and other instruments whereunder the Company has acquired any of the property now owned by it, and to permitted encumbrances as defined in Subsection B of Section 1.11 of the Mortgage; 
 BUT IN TRUST NEVERTHELESS, for the equal and proportionate use, benefit, security, and protection of those who from time to time shall hold the bonds
authenticated and delivered under the Original Indenture and the sixty-one supplemental indentures hereinbefore described or this Supplemental Indenture, and duly issued by the Company, without any discrimination, preference, or priority of any one
bond over any other by reason of priority in the time of issue, sale, or negotiation thereof or otherwise, except as provided in Section 11.28 of the Mortgage, so that, subject to said Section 11.28, each and all of said bonds shall have
the same right, lien, and privilege under the Original Indenture and the sixty-one supplemental indentures hereinbefore described, or this Supplemental Indenture, and shall be equally secured thereby and hereby and shall have the same proportionate
interest and share in the trust estate, with the same effect as if all of the bonds had been issued, sold, and negotiated simultaneously on the date of delivery of the Original Indenture; 
 AND UPON THE TRUSTS, USES, AND PURPOSES and subject to the covenants, agreements, and conditions in the Original Indenture and the sixty-one supplemental
indentures hereinbefore described and herein set forth and declared. 
 ARTICLE ONE. 
 BONDS OF THE 2019 SERIES AND 
 CERTAIN
PROVISIONS RELATING THERETO. 
 SECTION 1.01. Certain Terms of Bonds of the 2019 Series. There is hereby established a series of
First Mortgage Bonds of the Company designated and entitled as “First Mortgage Bonds, 6.10% Series due 2019” (sometimes referred to as the “Bonds of the 2019 Series”). The aggregate principal amount of the Bonds of the
2019 Series shall be limited to $300,000,000, excluding, however, any Bonds of the 2019 Series which may be executed, authenticated, and delivered in exchange for or in lieu of or in substitution for other Bonds of such Series pursuant to the
provisions of the Indenture. 
 The Bonds of the 2019 Series shall be issuable in substantially the form as hereinabove set forth. The Bonds
shall be issuable only in fully registered form without coupons, and shall be issuable in denominations of $1,000, or any amount in excess thereof that is an integral multiple of $1,000. The Bonds of the 2019 Series will be issued in global form
(“Global Bonds”). Global Bonds will be deposited with, or on behalf of, The Depository Trust Company (“DTC” or the “Depository”) or its nominee. Except as set forth herein, holders of beneficial
interests in Global Bonds will not receive or be entitled to receive physical delivery in exchange therefor and will not be considered to be the owners or holders of such Global Bonds for any purpose under the Bonds of the 2019 Series or the
Indenture. 
 Notwithstanding the provisions of Section 2.05 of the Mortgage, each Bond of the 2019 Series shall be dated as of its
authentication, shall mature on April 15, 2019 (the “Maturity  

  

 13 

 
Date”), except to the extent redeemed or repaid prior to the Maturity Date, and shall bear interest semi-annually in arrears from the
October 15 or April 15, as the case may be, next preceding the date thereof to which interest has been paid, or, if the date thereof is an October 15 or April 15 to which interest has been paid, from the date thereof, or, if the
date thereof is prior to October 15, 2009, from April 16, 2009, provided, however, that if and to the extent the Company shall default in payment of the interest due on such October 15 or April 15, then from the next
preceding date to which interest has been paid or if such default shall be in respect of the interest due on October 15, 2009, then from April 16, 2009. Each Bond of the 2019 Series shall bear interest at the rate of 6.10 per cent per
annum (calculated on the basis of a 360-day year of twelve 30-day months), until payment of the principal thereof has been made or duly provided for, such interest to be payable semi-annually on October 15 or April 15 (each an
“Interest Payment Date”) in each year. If the Maturity Date, an Interest Payment Date, or a redemption date falls on a day which is not a Business Day, as defined below, principal or interest payable with respect to such Maturity
Date, Interest Payment Date, or redemption date will be paid on the next succeeding Business Day with the same force and effect as if made on such Maturity Date, Interest Payment Date, or redemption date, as the case may be. The person in whose name
any Bond of the 2019 Series is registered at the close of business on the applicable Record Date (as defined below) with respect to any Interest Payment Date shall be entitled to receive the interest payable thereon on such Interest Payment Date
notwithstanding the cancellation of such Bond of the 2019 Series upon any registration of transfer or exchange thereof subsequent to such Record Date and prior to such Interest Payment Date, unless the Company shall default in the payment of the
interest due on such Interest Payment Date, in which case such defaulted interest shall be paid to the person in whose name such Bond of the 2019 Series is registered on a subsequent record date fixed by the Company, which subsequent record date
shall be fifteen days prior to the payment of such defaulted interest; provided, however, that interest payable on the Maturity Date (or, if applicable, upon redemption) will be payable to the person to whom the principal thereof shall be
payable. As used herein the term “Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York, New York are not required or authorized by law to close. As used herein, the term
“Record Date” with respect to any Interest Payment Date shall mean the fifteenth day (whether or not such day is a Business Day) next preceding such Interest Payment Date. The principal of the Bonds of the 2019 Series shall be
payable in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts at the office or agency of the Company in the Borough of Manhattan, City and State of New York,
and interest on such Bonds of the 2019 Series shall be payable in like coin or currency at said office or agency, with payment at maturity (or, if applicable, upon redemption) made against presentation of such Bonds for cancellation. 
 Upon compliance with the provisions of Section 2.06 of the Mortgage and as provided in this Supplemental Indenture, and upon payment of any taxes or
other governmental charges payable upon such exchange, Bonds of the 2019 Series may be exchanged for a new Bond or Bonds of the 2019 Series of different authorized denominations of like aggregate principal amount. The Trustee hereunder shall, by
virtue of its office as such Trustee, be the registrar and transfer agent of the Company for the purpose of registering permitted transfers of Bonds of the 2019 Series. 
  

 14 

 Notwithstanding the provisions of Section 2.11 of the Mortgage, no service charge shall be made for
any exchange or registration of transfer of Bonds of the 2019 Series, but the Company or the Trustee at either of their option may require payment of a sum sufficient to cover any tax or other governmental charge incident thereto. 
 SECTION 1.02. Redemption Provisions for Bonds of the 2019 Series. The Bonds of the 2019 Series may be redeemed prior to maturity at any time, in
whole or in part, upon prior notice given by mailing such notice to the respective registered owners of such Bonds of the 2019 Series not less than thirty nor more than sixty days prior to the redemption date and as otherwise required by the
provisions of Article Nine of the Mortgage, at the option of the Company, at a redemption price equal to the greater of (i) 100 percent of the principal amount of the portion of the Bonds of the 2019 Series to be redeemed or (ii) the sum
of the present values of the remaining scheduled payments of principal and interest (not including any portion of such payments of interest accrued as of the date of redemption) due on the Bonds of the 2019 Series (or portion thereof) to be
redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, together in each case with accrued and unpaid interest to the date
of redemption. The Company shall give the Trustee notice of such redemption price immediately after the calculation thereof, and the Trustee shall have no responsibility for such calculation. 
 Notwithstanding the provisions of Section 9.03 of the Mortgage, in the case of any partial redemption of the Bonds of the 2019 Series, the principal
amount of the Bonds to be redeemed shall be allocated either (i) in accordance with DTC’s procedures for selection, if the Bonds are held in book-entry only form through the facilities of DTC, or otherwise (ii) pro rata among
all holders of such Bonds of the 2019 Series at the time outstanding and in accordance with the unpaid principal amount thereof. 
 The
following definitions shall apply for purposes of this Section 1.02: 
 (a) “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. The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 
 (b) “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Bonds of the 2019
Series to be redeemed that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds of the 2019 Series.

 (c) “Comparable Treasury Price” means (A) the average of four Reference Treasury Dealer Quotations for the redemption
date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker 

  

 15 

 
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 (d) “Independent Investment Banker” means one of the Reference Treasury Dealers selected by the Company from among the Reference Treasury
Dealers. 
 (e) “Reference Treasury Dealer” means each of Deutsche Bank Securities Inc. and Wachovia Capital Markets, LLC,
plus two other financial institutions appointed by them at the time of any redemption, or their affiliates which are primary U.S. Government securities dealers, and their respective successors; provided, however, that if any of the foregoing
shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Independent Investment Banker shall substitute therefor another Primary Treasury Dealer. 
 (f) “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer, 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 by the Reference Treasury Dealers at
3:30 p.m., New York City time, on the third Business Day preceding the redemption date. 
 SECTION 1.03. Sections 4.04, 4.05, and 4.06 to
Remain in Effect. Notwithstanding the provisions of Sections 4.04, 4.05, 4.06, and 4.07 of the Mortgage, the provisions of Sections 4.04, 4.05, and 4.06 of the Mortgage shall remain in full force and effect and shall be performed by the Company
so long as any Bonds of the 2019 Series remain outstanding. 
 SECTION 1.04. Certain Requirements of Mortgage to Remain Applicable.
The requirements which are stated in the next to the last paragraph of Section 1.13 and in Clause (9) of Paragraph A of Section 3.01 of the Mortgage to be applicable so long as any of the Bonds of the 1975 Series are outstanding shall
remain applicable so long as any of the Bonds of the 2019 Series are outstanding. 
 SECTION 1.05. Certain Exceptions to Sections 2.06 and
2.10 of the Mortgage. Notwithstanding the provisions of Section 2.06 or Section 2.10 of the Mortgage, the Company shall not be required (a) to issue, register, discharge from registration, exchange, or register the transfer of any
Bond of the 2019 Series for a period of fifteen days next preceding any selection by the Trustee of Bonds of the 2019 Series to be redeemed or (b) to register, discharge from registration, exchange, or register the permitted transfer of any
Bond of the 2019 Series so selected for redemption in its entirety or (c) to exchange or register the permitted transfer of any portion of a Bond of the 2019 Series which portion has been so selected for redemption. 
 SECTION 1.06. Reference to Minimum Provision for Depreciation in Certificate of Available Additions. So long as any Bonds of the 2019 Series
remain outstanding, all references to the minimum provision for depreciation in the form of certificate of available additions set forth in Section 3.03 of the Mortgage shall be included in any certificate of available additions filed with the
Trustee, but whenever Bonds of the 2019 Series shall no longer be outstanding, all 

  

 16 

 
references to such minimum provisions for depreciation may be omitted from any such certificate. 
 SECTION 1.07. Reporting Obligations. To the extent the Company is no longer required to file or does not voluntarily file the following documents
with the Securities and Exchange Commission (the “SEC”), so long as any Bonds of the 2019 Series are outstanding, the Company shall furnish to the Trustee, within the time periods specified in the SEC’s rules and regulations,
the following: 
 (a) All quarterly and annual financial information that would be required to be contained in a filing with the SEC on
Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes the financial condition and results of
operations of the Company and its consolidated subsidiaries and, with respect to the annual information only, a report thereon by the Company’s certified independent accountants. 
 (b) All current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports. 
 The Trustee shall retain such documents in accordance with its customary procedures. 
 Delivery of such reports, information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein (as to which the Trustee may rely solely on Officers’ Certificates). 
 SECTION 1.08. Transfer and Exchange Provisions. 
 (a) Transfer and Exchange of Global Bonds. Except as expressly permitted herein, Global Bonds may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee
of DTC or any such nominee to a successor of DTC or a nominee of such successor. Global Bonds shall be exchangeable for corresponding bonds in definitive form (“Definitive Bonds”) registered in a name other than DTC or its nominee
only if (i) DTC (A) notifies the Company that it is unwilling or unable to continue as a Depository for any of the Global Bonds or (B) at any time ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as
amended, (ii) there shall have occurred and be continuing an event of default with respect to the Bonds of the 2019 Series, or (iii) the Company executes and delivers to the Trustee an order to the effect that the Global Bonds will be so
exchangeable. Upon the occurrence of any of the preceding events in (i), (ii), or (iii) above, Definitive Bonds shall be issued in such names as the Depository shall instruct the Trustee. Global Bonds also may be exchanged or replaced, in whole
or in part, as provided herein. Every Bond of the 2019 Series authenticated and delivered in exchange for, or in lieu of, a Global Bond or any portion thereof, shall be authenticated and delivered in the form of, and shall be, a Global Bond, except
for Global Bonds exchangeable for Definitive Bonds pursuant to 

  

 17 

 
this Section 1.08(a). A Global Bond may not be exchanged for another Bond of the 2019 Series, whether in global or certificated form, other than as
provided in this Section 1.08. 
 (b) Transfer and Exchange of Beneficial Interests in Global Bonds. The transfer and exchange of
beneficial interests in the Global Bonds shall be effected through the Depository, in accordance with the applicable rules and procedures of DTC that apply to such transfer or exchange at the relevant time (the “Applicable
Procedures”). Transfers of beneficial interests between the Bonds of the 2019 Series shall require delivery to the Trustee, as registrar, by the transferor of (A) an order from a person who has an account with DTC (a
“Participant”) or an entity that clears through or maintains a direct or indirect custodial relationship with a Participant (an “Indirect Participant”) given to the Depository in accordance with the Applicable
Procedures directing the Depository to credit or cause to be credited a beneficial interest in another Global Bond in an amount equal to the beneficial interest to be transferred or exchanged and (B) instructions given in accordance with the
Applicable Procedures containing information regarding the Participant account to be credited with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Bonds contained in the
Indenture and the Bonds of the 2019 Series or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Bond(s) pursuant to the Indenture. 
 (c) Global Bond Legend. Each Global Bond shall bear a legend in substantially the following form (unless otherwise specified by the Depository):

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 (d) Cancellation and/or Adjustment of Global
Bonds. At such time as all beneficial interests in a particular Global Bond have been exchanged for Definitive Bonds as provided in Section 1.08(a), or a particular Global Bond has been redeemed, repurchased, or cancelled in whole and not
in part, each such Global Bond shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.06 of the Mortgage. At any time prior to such cancellation, if any beneficial interest in a Global Bond is exchanged for
or transferred to a person who will take delivery thereof in the form of a 

  

 18 

 
beneficial interest in another Global Bond, the principal amount of Bonds of the 2019 Series represented by such Global Bond shall be reduced accordingly, an
endorsement shall be made on such Global Bond by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction, and the principal amount of Bonds of the 2019 Series represented by such other Global Bond shall be
increased accordingly and an endorsement shall be made on such Global Bond by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 
 SECTION 1.09. CUSIP, ISIN, or Common Code Numbers. The Company in issuing the Bonds of the 2019 Series may use “CUSIP,” “ISIN,” or “Common Code” numbers (if then generally in use)
and, if so, the Trustee shall use such numbers in notices of redemption or repurchase as a convenience to holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either
as printed on the bonds or as contained in any notice of a redemption or repurchase and that reliance may be placed only on the other identification numbers printed on the bonds, and any such redemption or repurchase shall not be affected by any
defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in “CUSIP,” “ISIN,” or “Common Code” numbers. 
 SECTION 1.10 Duration of Article One. This Article One shall be of force and effect only so long as any Bonds of the 2019 Series are outstanding.

 ARTICLE TWO. 
 TRUSTEE. 
 SECTION 2.01. Duties of Trustee. The Trustee hereby accepts the trust hereby created. The Trustee
undertakes, prior to the occurrence of an event of default and after the curing of all events of default which may have occurred, to perform such duties and only such duties as are specifically set forth in the Original Indenture as heretofore and
hereby supplemented and modified, on and subject to the terms and conditions set forth in the Original Indenture as so supplemented and modified, and in case of the occurrence of an event of default (which has not been cured) to exercise such of the
rights and powers vested in it by the Original Indenture as so supplemented and modified, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her
own affairs. 
 The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or the Bonds issued hereunder or the due execution thereof by the Company. The Trustee shall be under no obligation or duty with respect to the filing, registration, or recording of this Supplemental Indenture or the
re-filing, re-registration, or re-recording thereof. The recitals of fact contained herein or in the Bonds of the 2019 Series (other than the Trustee’s authentication certificate) shall be taken as the statements solely of the Company, and the
Trustee assumes no responsibility for the correctness thereof. 
  

 19 

 ARTICLE THREE. 
 MISCELLANEOUS PROVISIONS. 
 SECTION 3.01. Date of this Supplemental Indenture. Although this
Supplemental Indenture, for convenience and for the purpose of reference, is dated April 1, 2009, the actual date of execution by the Company and by the Trustee is as indicated by their respective acknowledgments hereto annexed. 
 SECTION 3.02. Relation to Original Indenture. This Supplemental Indenture is executed and shall be construed as an indenture supplemental to the
Original Indenture as heretofore supplemented and modified, and as supplemented and modified hereby, the Original Indenture as heretofore supplemented and modified is in all respects ratified and confirmed, and the Original Indenture as heretofore
and hereby supplemented and modified shall be read, taken, and construed as one and the same instrument. All terms used in this Supplemental Indenture shall be taken to have the same meaning as in the Original Indenture except in cases where the
context clearly indicates otherwise. 
 SECTION 3.03. Invalid, Illegal, or Unenforceable Provisions. In case any one or more of the
provisions contained in this Supplemental Indenture or in the Bonds 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
Supplemental Indenture, but this Supplemental Indenture shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein. 
 SECTION 3.04. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. 
 SECTION 3.05. Conflicting Provision. If any provision of this Supplemental Indenture conflicts with another provision of the Mortgage required to be included in indentures qualified under the Trust Indenture
Act of 1939 (as enacted prior to the date of this Supplemental Indenture) by any of the provisions of said Act, such required provision shall control. 
 SECTION 3.06. Headings. Article and Section headings and the table of contents used herein are for convenience of reference only, are not part of this Supplemental Indenture, and are not to affect the
construction of, or to be taken into consideration in interpreting, this Supplemental Indenture. 
 SECTION 3.07. Governing Law. THIS
SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK DETERMINED WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK), PROVIDED THAT THE FOREGOING SHALL NOT APPLY TO THE CREATION OR ENFORCEMENT OF ANY LIEN ON REAL PROPERTY CREATED BY THE INDENTURE, WHICH SHALL BE 

  

 20 

 
GOVERNED BY THE LAWS OF THE STATE IN WHICH SUCH REAL PROPERTY IS LOCATED. 
 IN WITNESS WHEREOF, Portland General Electric Company has caused this Supplemental Indenture to be signed in its corporate name by its President or one of its Executive Vice Presidents or one of its Vice Presidents
and its corporate seal to be hereunto affixed and attested by its Secretary or one of its Assistant Secretaries, and in token of its acceptance of the trusts created hereunder, HSBC Bank USA, National Association has caused this Supplemental
Indenture to be signed in its corporate name by one of its Vice Presidents or one of its Assistant Vice Presidents or one of its Corporate Trust Officers and its corporate seal to be hereunto affixed and attested by one of its Corporate Trust
Officers, all as of the day and year first above written. 
  

			
	PORTLAND GENERAL ELECTRIC COMPANY
		
	By:	 	/s/ Maria M. Pope
	Name:	 	Maria M. Pope
	Title:	 	Senior Vice President, Finance,
		 	Chief Financial Officer and Treasurer

  

			
		
	Attest:	 	/s/ Cheryl A. Chevis
	Name:	 	Cheryl A. Chevis
	Title:	 	Assistant Secretary

 (Seal) 
  

			
	HSBC BANK USA, NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	/s/ Ignazio Tamburello
	Name:	 	Ignazio Tamburello
	Title:	 	Vice President

  

			
		
	Attest:	 	/s/ Frank J. Godino
	Title:	 	Vice President

 (Seal) 
  

 21 

									
	 State of Oregon
	  	)	  		  		  	
		  	) ss.	  		  		  	
	 County of Multnomah
	  	)	  		  		  	

 The foregoing instrument was acknowledged before me on this 13th day of April, 2009 by Maria M.
Pope, Senior Vice President, Finance, Chief Financial Officer and Treasurer of PORTLAND GENERAL ELECTRIC COMPANY, an Oregon corporation, on behalf of said corporation. 
  

	
	
	/s/ Julie M. DuBois
	Notary Public for Oregon
	My Commission Expires 9/15/2009

 [NOTARIAL SEAL] 
  

 22 

									
	 State of New York
	  	)	  		  		  	
		  	) ss.	  		  		  	
	 County of New York
	  	)	  		  		  	

 The foregoing instrument was acknowledged before me on this 16th day of April, 2009 by Ignazio
Tamburello, a Vice President of HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association, on behalf of said association. 
  

	
	
	/s/ Joseph A. Lloret
	Notary Public - State of New York
	No. 01LL6076442
	My Commission Expires June 24, 2010

 [NOTARIAL SEAL] 
  

 23 

									
	 State of Oregon
	  	)	  		  		  	
		  	) ss.	  		  		  	
	 County of Multnomah
	  	)	  		  		  	

 Maria M. Pope and Cheryl A. Chevis, the Senior Vice President, Finance, Chief Financial Officer
and Treasurer, and an Assistant Secretary, respectively, of PORTLAND GENERAL ELECTRIC COMPANY, an Oregon corporation, the mortgagor in the foregoing mortgage named, being first duly sworn, on oath depose and say that they are the officer above named
of said corporation and that this affidavit is made for and on its behalf by authority of its Board of Directors and that the aforesaid mortgage is made by said mortgagor in good faith, and without any design to hinder, delay, or defraud creditors.

 Subscribed and sworn to before me this 13th day of April, 2009. 
  

	
	
	/s/ Julie M. DuBois
	Notary Public for Oregon
	My Commission Expires 9/15/2009

 [NOTARIAL SEAL] 
  

 24

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