Document:

EX-4.01

 Exhibit 4.01 

SUPPLEMENTAL INDENTURE NO. 12 

FROM 
 XCEL ENERGY INC.

 (a Minnesota corporation) 

TO 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION 
 Trustee 
  

 
 DATED AS OF

 NOVEMBER 7, 2019 

SUPPLEMENTAL TO INDENTURE 

DATED AS OF DECEMBER 1, 2000 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Parties
	  		  	 	1	 
	 Recitals
	  		  	 	1	 
	
	ARTICLE ONE	  

	RELATION TO INDENTURE; DEFINITIONS	  

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

	2.60% SENIOR NOTES, SERIES DUE DECEMBER 1, 2029	  

			
	 SECTION 2.01
	  	Designation and Principal Amount	  	 	2	 
	 SECTION 2.02
	  	Stated Maturity Date	  	 	2	 
	 SECTION 2.03
	  	Interest Payment Dates	  	 	2	 
	 SECTION 2.04
	  	Office for Payment	  	 	2	 
	 SECTION 2.05
	  	Redemption Provisions	  	 	2	 
	 SECTION 2.06
	  	Authorized Denominations	  	 	3	 
	 SECTION 2.07
	  	Form of 2.60% Senior Notes, Series due December 1, 2029	  	 	3	 
	 SECTION 2.08
	  	Reopening of Notes due 2029	  	 	4	 
	
	ARTICLE THREE	  

	3.50% SENIOR NOTES, SERIES DUE DECEMBER 1, 2049	  

			
	 SECTION 3.01
	  	Designation and Principal Amount	  	 	4	 
	 SECTION 3.02
	  	Stated Maturity Date	  	 	4	 
	 SECTION 3.03
	  	Interest Payment Dates	  	 	4	 
	 SECTION 3.04
	  	Office for Payment	  	 	4	 
	 SECTION 3.05
	  	Redemption Provisions	  	 	4	 
	 SECTION 3.06
	  	Authorized Denominations	  	 	6	 
	 SECTION 3.07
	  	Form of 3.50% Senior Notes, Series due December 1, 2049	  	 	6	 
	 SECTION 3.08
	  	Reopening of Notes due 2049	  	 	6	 
	
	ARTICLE FOUR	  

	MISCELLANEOUS	  

			
	 SECTION 4.01
	  	Recitals of fact, except as stated, are statements of the Company	  	 	6	 
	 SECTION 4.02
	  	Supplemental Indenture to be construed as a part of the Indenture	  	 	6	 

  
 - i - 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 SECTION 4.03
	  		  			
	 (a)
	  	Trust Indenture Act to control	  	 	6	 
	 (b)
	  	Severability of provisions contained in Supplemental Indenture and Notes	  	 	6	 
	 SECTION 4.04
	  	Reference to either party in Supplemental Indenture include successors or assigns	  	 	6	 
	 SECTION 4.05
	  		  			
	 (a)
	  	Provision for execution in counterparts	  	 	6	 
	 (b)
	  	Table of Contents and descriptive headings of Articles not to affect meaning	  	 	7	 

 Exhibit A - Form of 2.60% Senior Notes, Series due December 1, 2029 

Exhibit B - Form of 3.50% Senior Notes, Series due December 1, 2049 

  
 - ii - 

 SUPPLEMENTAL INDENTURE No. 12, made as of the 7th day of November, 2019, by and between XCEL ENERGY INC., a corporation duly organized and existing under the laws of the State of Minnesota (the “Company”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association organized and existing under the laws of the United States, as trustee (the “Trustee”): 

WITNESSETH: 

WHEREAS, the Company has heretofore executed and delivered its Indenture (hereinafter referred to as the “Indenture”), made
as of December 1, 2000; and 
 WHEREAS, Section 2.5 of the Indenture provides that Securities shall be issued in series and
that a Company Order shall specify the terms of each series; and 
 WHEREAS, the Company has this day delivered a Company Order
setting forth the terms of two series of Securities designated “2.60% Senior Notes, Series due December 1, 2029” and “3.50% Senior Notes, Series due December 1, 2049” (hereinafter referred to as the “Notes due
2029” and “Notes due 2049,” respectively, and collectively, as the “Notes”); and 
 WHEREAS,
Section 12.1 of the Indenture provides that the Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of establishing the form of Securities or establishing or reflecting any terms of any
Security and adding to the covenants of the Company; and 
 WHEREAS, the execution and delivery of this Supplemental Indenture
No. 12 (herein, this “Supplemental Indenture”) have been duly authorized by a resolution or written consent adopted by the Board of Directors of the Company; 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

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

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

SECTION 1.02. For all purposes of this Supplemental Indenture: 
  

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

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

  

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

 ARTICLE TWO 

2.60% SENIOR NOTES, SERIES DUE DECEMBER 1, 2029 

SECTION 2.01. There shall be a series of Securities designated the “2.60% Senior Notes, Series due December 1, 2029” (the “Notes
due 2029”). The Notes due 2029 shall be limited to $500,000,000 aggregate principal amount except as provided in Section 2.08 hereof. 

SECTION 2.02. Except as otherwise provided in Section 2.05 hereof, the principal amount of the Notes due 2029 shall be payable on the stated
maturity date of December 1, 2029. 
 SECTION 2.03. The Notes due 2029 shall be dated their date of authentication as provided in the Indenture
and shall bear interest from their date at the rate of 2.60% per annum, payable semi-annually on June 1 and December 1 of each year, commencing June 1, 2020. The Regular Record Dates with respect to such June 1 and
December 1 interest payment dates shall be May 15 and November 15, respectively, immediately preceding such interest payment dates. Principal and interest shall be payable to the persons and in the manner provided in Sections 2.4 and
2.12 of the Indenture. 
 SECTION 2.04. The Notes due 2029 shall be payable at the corporate trust office of the Trustee and at the offices of such
paying agents as the Company may appoint by Company Order in the future. 
 SECTION 2.05. At any time prior to June 1, 2029 (six months prior to
the maturity date of the Notes due 2029 (the “2029 Par Call Date”)), the Company may redeem, in whole or in part, the Notes due 2029, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of
such Notes due 2029 being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes due 2029 being redeemed that would be due if the Notes due 2029 matured on the 2029 Par Call
Date (excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 15 basis points plus, in each case, accrued and unpaid interest thereon to
but excluding the date fixed for redemption. At any time on or after the 2029 Par Call Date, the Company may redeem, in whole or in part, the Notes due 2029, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to
but excluding the date fixed for redemption. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes due 2029 being redeemed (assuming, for this purpose, that the Notes due 2029 matured on the 2029 Par Call Date) that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes due 2029 being redeemed. 

  
 - 2 - 

 “Comparable Treasury Price” means with respect to any redemption date of the Notes
due 2029 (i) the average of the Reference Treasury Dealer Quotations for the date fixed for redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the
Independent Investment Banker obtains fewer than four of such Reference Treasury Dealer Quotations for the date fixed for redemption, the average of all such Reference Treasury Dealer Quotations for the date fixed for redemption. 

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

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

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

“Treasury Rate” means, with respect to any date fixed for redemption, the rate per annum equal to the semi-annual equivalent yield
to maturity of such Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to such Comparable Treasury Price for such date fixed for redemption. The Treasury
Rate will be calculated on the third business day preceding the date fixed for redemption. 
 The Notes due 2029 shall not be subject to any
sinking fund. 
 The Company may redeem, in whole or in part, the Notes due 2029 without redeeming the Notes due 2049. 

SECTION 2.06. The Notes due 2029 shall be issued in fully registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. 
 SECTION 2.07. The Notes due 2029 shall initially be in the form attached as Exhibit A hereto. 

  
 - 3 - 

 SECTION 2.08. The Notes due 2029 may be reopened and additional notes of the Notes due 2029 may be
issued in excess of the limitation set forth in Section 2.01, provided that such additional notes will contain the same terms (including the maturity date and interest payment terms) as the other Notes due 2029, except for the price to the
public, the issue date and, if applicable, the first interest accrual and payment dates. Any such additional Notes due 2029, together with the other Notes due 2029, shall constitute a single series for purposes of the Indenture and shall have the
same CUSIP provided they are fungible for U.S. federal income tax purposes. 
 ARTICLE THREE 

3.50% SENIOR NOTES, SERIES DUE DECEMBER 1, 2049 

SECTION 3.01. There shall be a series of Securities designated the “3.50% Senior Notes, Series due December 1, 2049” (the “Notes
due 2049”). The Notes due 2049 shall be limited to $500,000,000 aggregate principal amount except as provided in Section 3.08 hereof. 

SECTION 3.02. Except as otherwise provided in Section 3.05 hereof, the principal amount of the Notes due 2049 shall be payable on the stated
maturity date of December 1, 2049. 
 SECTION 3.03. The Notes due 2049 shall be dated their date of authentication as provided in the Indenture
and shall bear interest from their date at the rate of 3.50% per annum, payable semi-annually on June 1 and December 1 of each year, commencing June 1, 2020. The Regular Record Dates with respect to such June 1 and
December 1 interest payment dates shall be May 15 and November 15, respectively, immediately preceding such interest payment dates. Principal and interest shall be payable to the persons and in the manner provided in Sections 2.4 and
2.12 of the Indenture. 
 SECTION 3.04. The Notes due 2049 shall be payable at the corporate trust office of the Trustee and at the offices of such
paying agents as the Company may appoint by Company Order in the future. 
 SECTION 3.05. At any time prior to June 1, 2049 (six months prior to
the maturity date of the Notes due 2049 (the “2049 Par Call Date”)), the Company may redeem, in whole or in part, the Notes due 2049, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of
such Notes due 2049 being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes due 2049 being redeemed that would be due if the Notes due 2049 matured on the 2049 Par Call
Date (excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis points plus, in each case, accrued and unpaid interest thereon to
but excluding the date fixed for redemption. At any time on or after the 2049 Par Call Date, the Company may redeem, in whole or in part, the Notes due 2049, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to
but excluding the date fixed for redemption. 

  
 - 4 - 

 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes due 2049 being redeemed (assuming, for this purpose, that the Notes due 2049 matured on the 2049 Par Call Date) that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes due 2049 being redeemed. 

“Comparable Treasury Price” means with respect to any redemption date of the Notes due 2049 (i) the average of the Reference
Treasury Dealer Quotations for the date fixed for redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations for such date fixed for redemption, or (ii) if the Independent Investment Banker obtains fewer
than four of such Reference Treasury Dealer Quotations for the date fixed for redemption, the average of all such Reference Treasury Dealer Quotations for the date fixed for redemption. 

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

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

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

“Treasury Rate” means, with respect to any date fixed for redemption, the rate per annum equal to the semi-annual equivalent yield
to maturity of such Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to such Comparable Treasury Price for such date fixed for redemption. The Treasury
Rate will be calculated on the third business day preceding the date fixed for redemption. 
 The Notes due 2049 shall not be subject to any
sinking fund. 
 The Company may redeem, in whole or in part, the Notes due 2049 without redeeming the Notes due 2029. 

  
 - 5 - 

 SECTION 3.06. The Notes due 2049 shall be issued in fully registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 SECTION 3.07. The Notes due 2049 shall initially be in the form
attached as Exhibit B hereto. 
 SECTION 3.08. The Notes due 2049 may be reopened and additional notes of the Notes due 2049 may be issued in
excess of the limitation set forth in Section 3.01, provided that such additional notes will contain the same terms (including the maturity date and interest payment terms) as the other Notes due 2049, except for the price to the public, the
issue date and, if applicable, the first interest accrual and payment dates. Any such additional Notes due 2049, together with the other Notes due 2049, shall constitute a single series for purposes of the Indenture and shall have the same CUSIP
provided they are fungible for U.S. federal income tax purposes. 
 ARTICLE FOUR 

MISCELLANEOUS 
 SECTION 4.01. The
recitals of fact herein and in the Notes (except the Trustee’s Certificates of Authentication) shall be taken as statements of the Company and shall not be construed as made by the Trustee. 

SECTION 4.02. This Supplemental Indenture shall be construed in connection with and as a part of the Indenture. 

SECTION 4.03. 
  

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

  

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

 SECTION 4.04. Whenever in this Supplemental Indenture either of the parties hereto is named or referred to, this shall be deemed
to include the successors or assigns of such party, and all the covenants and agreements in this Supplemental Indenture contained by or on behalf of the Company or by or on behalf of the Trustee shall bind and inure to the benefit of the respective
successors and assigns of such parties, whether so expressed or not. 
 SECTION 4.05. 

 

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

  
 - 6 - 

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

  
 - 7 - 

 IN WITNESS WHEREOF, XCEL ENERGY INC. has caused this Supplemental Indenture to be signed by
its President or a Vice President, and attested by its Secretary or an Assistant Secretary and WELLS FARGO BANK, NATIONAL ASSOCIATION, has caused this Supplemental Indenture to be signed by its Vice President as of this 7th day of November, 2019. 
  

			
	XCEL ENERGY INC.
		
	By:	 	 /s/ Sarah W. Soong

	Name:	 	Sarah W. Soong
	Title:	 	Vice President and Treasurer
	
	ATTEST:
		
	By:	 	 /s/ Kristin Westlund

	Name:	 	Kristin Westlund
	Title:	 	Assistant Secretary
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Gregory S. Clarke

	Name:	 	Gregory S. Clarke
	Title:	 	Vice President

 [Signature Page to the Supplemental Indenture No. 12] 

 EXHIBIT A 

FORM OF 
 2.60% SENIOR
NOTES, SERIES DUE DECEMBER 1, 2029 
 REGISTERED 

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

 XCEL ENERGY INC. 

(Incorporated under the laws of the State of Minnesota) 

2.60% SENIOR NOTE, SERIES DUE DECEMBER 1, 2029 
  

			
	CUSIP: 98389B AW0	  	NUMBER:
		
	ORIGINAL ISSUE DATE(S): November 7, 2019	  	PRINCIPAL AMOUNT(S): $
		
	INTEREST RATE: 2.60%	  	MATURITY DATE: December 1, 2029

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

  
 A-1 

 
this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 and November 15, as the case may be, next preceding such
Interest Payment Date; provided, that the first Interest Payment Date for any part of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date
following the next succeeding Regular Record Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall be payable. Except
as otherwise provided in the Indenture (as defined below), any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this
Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Securityholders not more than fifteen days or fewer than ten days prior to
such Special Record Date. On or before Noon, New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which such payment of interest is due on this Global Security (other than maturity),
the Trustee shall pay to the Depository such interest in same day funds. On or before 11:30 a.m., New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which principal, interest payable
at maturity and premium, if any, is due on this Global Security and following receipt of the necessary funds from the Company, the Trustee shall deposit with the Depository the amount equal to the principal, interest payable at maturity and premium,
if any, by wire transfer into the account specified by the Depository. As a condition to the payment, on the Maturity Date or upon redemption or acceleration, of any part of the principal and applicable premium of this Global Security, the
Depository shall surrender, or cause to be surrendered, this Global Security to the Trustee, whereupon a new Global Security shall be issued to the Depository. 

This Global Security is a global security in respect of a duly authorized issue of Senior Notes, Series due December 1, 2029 (the
“Notes of this Series,” which term includes any Global Securities representing such Notes) of the Company issued and to be issued under an Indenture dated as of December 1, 2000 between the Company and Wells Fargo Bank, National
Association, as trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “Indenture”). Under the Indenture, one or more series of
Securities may be issued and, as used herein, the term “Securities” refers to the Notes of this Series and any other outstanding series of Securities. Reference is hereby made to the Indenture for a more complete statement of the
respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Securityholders and of the terms upon which the Securities are and are to be authenticated and delivered. This Global Security
has been issued in respect of the series designated on the first page hereof. 
 Each Note of this Series shall be dated and issued as of
the date of its authentication by the Trustee and shall bear an Original Issue Date or Dates. Each Security or Global Security issued upon transfer, exchange or substitution of such Security or Global Security shall bear the Original Issue Date or
Dates of such transferred, exchanged or substituted Security or Global Security, as the case may be. 

  
 A-2 

 At any time prior to June 1, 2029 (six months prior to the maturity date of the Notes
of this Series (the “Par Call Date”)), the Company may redeem, in whole or in part, the Notes of this Series, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of such Notes of this
Series being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of this Series being redeemed that would be due if the Notes of this Series matured on the Par Call Date
(excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 15 basis points plus, in each case, accrued and unpaid interest thereon to
but excluding the date fixed for redemption. At any time on or after the Par Call Date, the Company may redeem, in whole or in part, the Notes of this Series, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to
but excluding the date fixed for redemption. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of this Series being redeemed (assuming, for this purpose, that the Notes of this Series matured on the Par Call Date) that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes of this Series being redeemed. 

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

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

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

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

  
 A-3 

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

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

  
 A-4 

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

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

  
 A-5 

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

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

  
 A-6 

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

Dated:                  

 

			
	XCEL ENERGY INC.
		
	By:	 	 
	Name:	 	
	Title:	 	Vice President and Treasurer

  

			
	ATTEST
		
	By:	 	 
	Name:	 	
	Title:	 	Assistant Secretary

 TRUSTEE’S CERTIFICATE 

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

			
	WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Officer

  
 A-7 

 ABBREVIATIONS 

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

			
	TEN COM—as tenants in common	  	 UNIF GIFT
 MIN ACT— _______ Custodian
___________

(Cust)                      
  (Minor)

		
	TEN ENT—as tenants by the entireties	  	Under Uniform Gifts to Minors
		
	 JT TEN—as joint tenants with right of

survivorship and not as tenants in common
	  	 
	  	State

 Additional abbreviations may also be 

used though not in the above list. 
  

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

 
  

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

 
 the within security and all rights thereunder, hereby
irrevocably constituting and appointing ______________________ attorney to transfer said security on the books of the Company, with full power of substitution in the premises. 

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

  
 A-8 

 EXHIBIT B 

FORM OF 
 3.50% SENIOR
NOTES, SERIES DUE DECEMBER 1, 2049 
 REGISTERED 

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

 XCEL ENERGY INC. 

(Incorporated under the laws of the State of Minnesota) 

3.50% SENIOR NOTE, SERIES DUE DECEMBER 1, 2049 
  

			
	 CUSIP: 98389B AX8
	  	 NUMBER:

		
	 ORIGINAL ISSUE DATE(S): November 7, 2019
	  	 PRINCIPAL AMOUNT(S): $

		
	 INTEREST RATE: 3.50%
	  	 MATURITY DATE: December 1, 2049

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

  
 B-1 

 
this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 and November 15, as the case may be, next preceding such
Interest Payment Date; provided, that the first Interest Payment Date for any part of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date
following the next succeeding Regular Record Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall be payable. Except
as otherwise provided in the Indenture (as defined below), any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this
Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Securityholders not more than fifteen days or fewer than ten days prior to
such Special Record Date. On or before Noon, New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which such payment of interest is due on this Global Security (other than maturity),
the Trustee shall pay to the Depository such interest in same day funds. On or before 11:30 a.m., New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which principal, interest payable
at maturity and premium, if any, is due on this Global Security and following receipt of the necessary funds from the Company, the Trustee shall deposit with the Depository the amount equal to the principal, interest payable at maturity and premium,
if any, by wire transfer into the account specified by the Depository. As a condition to the payment, on the Maturity Date or upon redemption or acceleration, of any part of the principal and applicable premium of this Global Security, the
Depository shall surrender, or cause to be surrendered, this Global Security to the Trustee, whereupon a new Global Security shall be issued to the Depository. 

This Global Security is a global security in respect of a duly authorized issue of Senior Notes, Series due December 1, 2049 (the
“Notes of this Series,” which term includes any Global Securities representing such Notes) of the Company issued and to be issued under an Indenture dated as of December 1, 2000 between the Company and Wells Fargo Bank, National
Association, as trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “Indenture”). Under the Indenture, one or more series of
Securities may be issued and, as used herein, the term “Securities” refers to the Notes of this Series and any other outstanding series of Securities. Reference is hereby made to the Indenture for a more complete statement of the
respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Securityholders and of the terms upon which the Securities are and are to be authenticated and delivered. This Global Security
has been issued in respect of the series designated on the first page hereof. 
 Each Note of this Series shall be dated and issued as of
the date of its authentication by the Trustee and shall bear an Original Issue Date or Dates. Each Security or Global Security issued upon transfer, exchange or substitution of such Security or Global Security shall bear the Original Issue Date or
Dates of such transferred, exchanged or substituted Security or Global Security, as the case may be. 

  
 B-2 

 At any time prior to June 1, 2049 (six months prior to the maturity date of the Notes
of this Series (the “Par Call Date”)), the Company may redeem, in whole or in part, the Notes of this Series, at a “make-whole” redemption price equal to the greater of (i) 100% of the principal amount of such Notes of this
Series being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of this Series being redeemed that would be due if the Notes of this Series matured on the Par Call Date
(excluding the portion of any such accrued and unpaid interest to but excluding the date fixed for redemption), discounted to but excluding the date fixed for redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis points plus, in each case, accrued and unpaid interest thereon to
but excluding the date fixed for redemption. At any time on or after the Par Call Date, the Company may redeem, in whole or in part, the Notes of this Series, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to
but excluding the date fixed for redemption. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of this Series being redeemed (assuming, for this purpose, that the Notes of this Series matured on the Par Call Date) that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes of this Series being redeemed. 

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

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

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

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

  
 B-3 

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

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

  
 B-4 

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

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

  
 B-5 

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

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

  
 B-6 

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

Dated:                  

 

			
	XCEL ENERGY INC.
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	Vice President and Treasurer

  

			
	ATTEST
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	Assistant Secretary

 TRUSTEE’S CERTIFICATE 

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

			
	WELLS FARGO BANK,
	NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Officer

  
 B-7 

 ABBREVIATIONS 

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

									
	 TEN COM—as tenants in common
	  	 UNIF GIFT

MIN ACT—
	  	 _______
	  	Custodian	 	 ___________

		  		  	 (Cust)
	  		 	 (Minor)

		
	 TEN ENT—as tenants by the entireties
	  	 Under Uniform Gifts to Minors

		
	 JT TEN—as joint tenants with right of
	  	 
	 survivorship and not as tenants in common
	  	State

 Additional abbreviations may also be 

used though not in the above list. 
  

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

 
  

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

 
 the within security and all rights thereunder, hereby
irrevocably constituting and appointing ______________________ attorney to transfer said security on the books of the Company, with full power of substitution in the premises. 

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

  
 B-8Exhibit 10.1

 

	EV Group	-1  -	[***] 

 

CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT
BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. INFORMATION THAT HAS BEEN
OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK “[***]”.

  

AGREEMENT OF SALE 

 

FOR

 

[***]
Automated Production Bonding System [***]

 

concluded by and between

 

Akoustis, Inc.

with business address
at 5450 Campus Drive, Canandaigua, NY 14424

 

hereinafter referred
to as “Buyer”

 

and

 

EV Group Inc. 

with business address
at 7700 South River Parkway, Tempe, AZ 85284, USA

 

hereinafter referred
to as “Seller”

 

WHEREAS, Buyer
wishes to acquire the Product as defined herein for the purposes as chosen and determined by Buyer,

 

AND WHEREAS,
Seller is willing and able to sell, deliver, install and commission the Product,

 

NOW THEREFORE,
Buyer and Seller (hereinafter referred to as “Parties”) enter into this agreement of sale (hereinafter
referred to as “Agreement”) and upon order confirmation by Seller or signing of this Agreement by both
Parties, as the case may be (hereinafter referred to as “Entering into Force of this Agreement”) mutually
agree as follows:

 

		1.	SUBJECT MATTER OF THIS AGREEMENT AND DEFINITIONS

 

		1.1.	Subject to the terms and conditions of this Agreement Seller
sells to Buyer and Buyer acquires from Seller the Product in accordance with the following key terms:

 

		Product:	[***] Automated Production Bonding System [***] as described in more detail by the Scope of Delivery.

 

		Scope of Delivery:	The scope of deliveries and services to be provided by
Seller to Buyer with respect to the Product as set out in Clause 2. and Annex 1 to this Agreement.

 

		Contract Price:	in total US $[***] (exclusive of VAT, if any) for [***]
Automated Production Bonding System [***].

 

		Payment Terms:	The Contract Price shall be due and payable by Buyer prompt
and net in the following instalments:

 

(a) thirty
percent (30%) upon order confirmation by Seller or signing of this Agreement by both Parties, as the case may be; 

 

(b) sixty
percent (60%) upon Source Inspection Test at the production site in Austria or prior to delivery of the Product; and

 

(c) ten
percent (10%) upon Final Acceptance of the Product (or within 90 days unless delays are the responsibility of EVG)

 

		Availability
                              for Delivery:	The
                                         Product shall be made ready for delivery by Seller at the production site in Austria
                                         within a period of 7 months from the date of order confirmation by Seller or signing
                                         of this Agreement by both Parties, as the case may be.

 

		Delivery Terms:	DDP Akoustis Technologies, Inc, Canandaigua, NY according
to Incoterms 2010.

 

		Buyer’s
                              Installation Site: 	Buyer’s
                                         site located in Canandaigua, NY, where the Product is to be installed.

  

		1.2.	Defined terms shall have the meaning as set forth in this Agreement, in particular in Clause 1.1.,
above.

 

    
Confidential

    
	EV Group	-2 -	[***] 

    

 

		2.	SCOPE OF DELIVERY
                                         OF SELLER FOR THE PRODUCT

 

		2.1.	The Scope of Delivery of Seller under this Agreement shall consist of the following deliveries
and services to be provided by Seller to Buyer with respect to the Product as described in more detail in Annex 1 to this
Agreement:

 

		(a)	Hardware of the Product according to Annex 1 to
this Agreement;

 

		(b)	Layout and foundation drawings for the Product and site
preparation data for the Product at Buyer’s Installation Site, to be supplied within a period of six (6) weeks upon Entering
into Force of this Agreement;

 

		(c)	Packing and delivery of the Product in accordance with
the Delivery Terms;

 

		(d)	Performance of the Source Inspection Test of the Product
at the production site in Austria according to Clause 6. of this Agreement;

 

		(e)	Transport and insurance of the Product from the point of
delivery in accordance with the Delivery Terms to Buyer’s Installation Site;

 

		(f)	Installation and commissioning of the Product and performance
of the Acceptance Test for the Product at Buyer’s Installation Site according to Clauses 8. and 9. of this Agreement, provided,
however, that any and all additional deliveries and services provided by Seller due to a prolongation or complication of the installation,
commissioning and/or Acceptance Test process which are due to reasons attributable to Buyer shall be chargeable separately to
Buyer at the then applicable prices of Seller;

 

		(g)	One set of operating and maintenance manual for the Product
in English on CD-ROM (in PDF-format); and

 

		(h)	Training as specified in Clause 11. of this Agreement.

 

		2.2.	Any and all additional deliveries and services which Seller provides to Buyer and which go beyond
the Scope of Delivery of Seller under this Agreement shall be chargeable separately to Buyer at the then applicable prices of Seller.

 

		3.	DELIVERIES AND SERVICES
                                         TO BE PROVIDED BY BUYER

 

		3.1.	In connection with the delivery, installation and commissioning of the Product by Seller, Buyer
shall make available the following facilities, equipment, installations and materials and Buyer shall provide the following services:

 

		(a)	Any and all civil works and services at Buyer’s Installation Site, including, but not limited
to, any and all foundations, buildings, pits, cable ducts, according to the specifications and layout and foundation drawings supplied
by Seller, as well as fulfilment of any and all premises requirements, including, but not limited to, clean room facilities and
installations or similar installations;

 

    
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		(b)	Electricity supply at Buyer’s Installation Site up to the main switch of the Product;

 

		(c)	Exhaust pipes and the connection and supply lines at Buyer’s Installation Site to the connecting
points of the Product for any and all utilities, including, but not limited to, cooling water, compressed air, process gases, in
each case according to the specifications and layout and foundation drawings for the Product supplied by Seller;

 

		(d)	Unloading, handling and moving of the Product from Buyer’s receiving area to the specific
place of installation of the Product at Buyer’s Installation Site;

 

		(e)	Substrates and any other materials required for commissioning of the Product and for the performance
of the Source Inspection Test at the production site in Austria as well as any substrates, materials and all other operating expenses
for the installation and commissioning of the Product and for the performance of the Acceptance Test at Buyer’s Installation
Site;

 

		(f)	Lifting devices, including, but not limited to, necessary operators for such lifting devices at
Buyer’s Installation Site;

 

		(g)	Any other facilities, equipment, installations, materials and services which Seller may reasonably
require from Buyer in order for Seller to duly and timely fulfil its obligations hereunder.

 

		3.2.	Buyer shall make available its deliveries and provide its services pursuant to Clause 3.1. of this
Agreement in such a way and in such a timely manner, as this may be reasonably required by Seller and/or which enables Seller to
duly and timely fulfil its obligations under this Agreement. Should Buyer not or not timely perform its obligations hereunder,
any performance time of Seller shall be extended accordingly and any and all additional deliveries and services provided by Seller
in this respect shall be chargeable separately to Buyer at the then applicable prices of Seller.

 

		3.3.	In order to enable Seller to perform the Source Inspection Test and the Acceptance Test for the
Product, Buyer shall supply to Seller in minimum five (5) wafers for each substrate type at the latest within two (2) weeks upon
Entering into Force of this Agreement, unless this is provided for differently in the Acceptance Test Protocol in Annex 3
to this Agreement.

 

		4.	CONTRACT PRICE
                                         FOR THE PRODUCT AND PAYMENT

 

		4.1.	With the Contract Price the deliveries and services of Seller for the Product as expressly
                                                             covered by the Scope of Delivery shall be compensated. Any and all additional deliveries and services provided by Seller
                                                             shall be chargeable separately to Buyer at the then applicable prices of Seller.

 

    
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		4.2.	The Contract Price shall be due and payable by Buyer to Seller in accordance with the Payment Terms.

 

		4.3.	Payment of the Contract Price as well as payment of any other amounts due and payable by Buyer
to Seller under this Agreement shall be exclusively effected in US $ net of any costs and charges by immediately available funds
or by wire or similar bank transfer into the account of Seller designated on the respective invoice issued by Seller.

 

		4.4.	Buyer shall refund to Seller any value added tax (VAT), sales tax or other tax arising out of or
related to the sale of the Product that Seller is by law required to collect from Buyer or to pay on Buyer’s behalf. Any,
duties, stamp duties, customs duties, transfer taxes, dues, fees or other charges in connection with the execution and/or performance
of this Agreement, in particular those imposed by authorities in the country of Buyer’s Installation Site, shall be borne
by Seller.

 

		4.5.	Buyer shall have no right to retain or set-off any part of the Contract Price or any other payment
due under this Agreement with claims Buyer may have against Seller.

 

		5.	AVAILABILITY FOR DELIVERY OF THE
                                         PRODUCT AND FORCE MAJEURE

 

		5.1.	The Product shall be made ready for delivery by Seller at the production site in Austria at the
date or within the time frame of the agreed upon Availability for Delivery and thereupon shall be delivered to Buyer in accordance
with the Delivery Terms.

 

		5.2.	Seller shall not be responsible for any delays arising from reasons not attributable to Seller
including, but not limited to, any failure by Buyer to provide the facilities, equipment, installations materials or services set
out in Clause 3. of this Agreement in time or to make Buyer’s Installation Site complete and ready before the start of installation
of the Product, nor for any delays arising from Force Majeure.

 

		5.3.	Neither Buyer nor Seller shall be liable for partial or complete non-fulfilment of their obligations
under this Agreement, if they are prevented from fulfilling their obligations due to events of force majeure, which shall be any
circumstance beyond the reasonable control of the respective Party, including, but not limited to, acts of God, insurrection, strike,
riot and civil unrest, war (whether declared or not), failures by vendors, work stoppages, embargoes, acts of terror, sabotage,
fire, flood, earthquake, other unusually severe weather conditions or natural catastrophe, acts of government, and other unforeseeable
circumstances beyond the respective Party’s reasonable control (herein referred to as “Force Majeure”).

 

    
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		5.4.	Buyer shall not be entitled to claim Force Majeure in respect of acts of Government if Buyer itself
is an organ of that government or is directly or indirectly owned or controlled by or related to that government. In case of an
event of Force Majeure, performance of this Agreement, as well as the relevant obligations of Buyer and Seller under this Agreement,
shall be suspended for the period during which such event of Force Majeure lasts. The Party claiming an event of Force Majeure
shall notify the other Party in writing of the beginning and expected duration of such Force Majeure event immediately. A certificate
issued by a relevant official source or any other documents which reasonably provide evidence on the occurrence of the Force Majeure
event will constitute a sufficient proof of the existence and duration of the respective event of Force Majeure. In case an event
of Force Majeure should last for more than six (6) months, the Parties will endeavour to terminate this Agreement on a fair and
amicable basis.

 

		6.	SOURCE INSPECTION
                                         TEST OF THE PRODUCT AT PRODUCTION SITE

 

		6.1.	The Product will be fully assembled and commissioned at the production site in Austria, and will
be subject to a source inspection test to be performed by Seller or an affiliate of Seller at such production site prior to delivery
of the Product in accordance with the mutually agreed Source Inspection Test Protocol in Annex 2 to this Agreement (herein
referred to as “Source Inspection Test”). The purpose of the Source Inspection Test is to demonstrate
that the Product fulfils its machine functions (e.g. substrate handling) without any chemicals or other machine contaminants
as set forth in the Source Inspection Test Protocol in Annex 2 to this Agreement and is ready for delivery to Buyer. Substrates
and any other materials needed for performance of the Source Inspection Test shall be duly and timely supplied by Buyer at its
own costs.

 

		6.2.	Seller shall inform Buyer not less than three (3) weeks before the date, when Seller intends to
perform the Source Inspection Test, and thereby shall invite Buyer to attend and observe the Source Inspection Test for the Product
by its respective technical or project personnel. Seller, and, in case a representative of the respective technical or project
personnel of Buyer attends the Source Inspection Test, also a representative of the technical or project personnel of Buyer shall
sign the Source Inspection Test Protocol in Annex 2 to this Agreement in order to record that the Product has provisionally
fulfilled the Acceptance Conditions as outlined in the Acceptance Test Protocol in Annex 3 to this Agreement and is ready
for delivery. Should Buyer fail to attend the Source Inspection Test notwithstanding due notification by Seller, the Source Inspection
Test Protocol in Annex 2 to this Agreement shall be signed by Seller only, and Buyer shall not be entitled to dispute due
performance of the Source Inspection Test thereafter.

 

		7.	DELIVERY OF THE PRODUCT AND ACCEPTANCE OF DELIVERY OF THE PRODUCT BY BUYER

 

		7.1.	Upon successful performance of the Source Inspection Test as set out in Clause 6.2. of this Agreement,
Seller shall notify Buyer on the date when the Product is ready for delivery and shall thereupon deliver the Product to Buyer in
accordance with the Delivery Terms. Buyer shall accept delivery of the Product in accordance with the Delivery Terms on the date
when Seller has notified Buyer that the Product is ready for delivery, provided, however, that this date is no earlier than three
(3) weeks before the agreed upon date of Availability for Delivery.

 

		7.2.	Should Buyer refuse to accept delivery of the Product within a maximum period of three (3) weeks
from the notification of Seller to Buyer that the Product is ready for delivery, Seller in its sole discretion shall be entitled
to (i) charge Buyer for any and all costs for such delay, including, but not limited to, reasonable costs for further storing the
Product at the production site in Austria and default interest for the thereby delayed payment of the remaining instalments of
the Contract Price and/or (ii) deem this Agreement cancelled pursuant to Clause 12.10. of this Agreement, sell the Product to any
other customer, utilize the Product for any other purpose, and/or rebuild the Product at the earliest possible time.

 

		7.3.	Transfer of risk in the Product from Seller to Buyer shall
occur in accordance with the Delivery Terms. Transfer of title to and ownership of the Product from Seller to Buyer shall be subject
to full and final payment as set out in the retention of title clause under Clause 12.6. of this Agreement.

 

		8.	INSTALLATION AND COMMISSIONING OF THE PRODUCT AT BUYER’S INSTALLATION SITE

 

		8.1.	After delivery of the Product at Buyer’s Installation Site Seller shall, within four (4)
weeks, start the execution of the installation and commissioning of the Product together with the respective technical or project
personnel of Buyer. Installation and commissioning of the Product will only start once Buyer has advised Seller that Buyer’s
Installation Site has been duly and timely prepared as follows:

 

		(a)	Weather-tight building with all foundations and civil works and services has been completed, with
ambient room temperature between a range of +18°C to +27°C;

 

    
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		(b)	All supply connections for the Product according to Seller’s specifications are available
and fully operating;

 

		(c)	A mobile hoist or fork-lift device has been made available by Buyer; and

 

		(d)	Any other specifications and requirements which Seller may have reasonably required from Buyer
have been duly fulfilled.

 

		8.2.	In addition to the deliveries and services mentioned in Clause 3 of this Agreement, Buyer shall
provide and make available at no charge to Seller

 

		(a)	one (1) electrician, and

 

		(b)	two (2) system operators

 

who are
technically competent, and appropriately licensed where required. Such personnel of Buyer shall be immediately available to assist
Seller’s personnel during the installation and commissioning of the Product as well as during the performance of the Acceptance
Test for the Product.

 

		9.	ACCEPTANCE TEST FOR THE PRODUCT AT BUYER’S INSTALLATION
SITE

 

		9.1.	After the Product has been installed and commissioned at Buyer’s Installation Site, Seller
shall perform an acceptance test for the Product in accordance with the Acceptance Test Protocol in Annex 3 to this Agreement
(herein referred to as “Acceptance Test”). The purpose of the Acceptance Test is to demonstrate that the
Product fulfils the Acceptance Conditions as set forth in the Acceptance Test Protocol in Annex 3 to this Agreement. Substrates
and any other materials needed for performance of the Acceptance Test shall be duly and timely supplied by Buyer at its cost.

 

		9.2.	Seller shall inform Buyer not less than two (2) days before the date, when Seller intends to perform
the Acceptance Test, and thereby shall invite Buyer to attend and participate in the Acceptance Test for the Product by its respective
technical or project personnel. Upon such notification Buyer shall be obliged to participate in the performance of the Acceptance
Test by its respective technical or project personnel and Buyer’s personnel shall actively cooperate with Seller’s
personnel in all due respects in order to enable Seller to duly perform and successfully complete the Acceptance Test for the Product.
Upon completion of the performance of the Acceptance Test for the Product a member of the technical or project personnel of Seller
and a member of the technical or project personnel of Buyer shall sign the Acceptance Test Protocol in Annex 3 to this Agreement
in order to record that the Product has fulfilled the Acceptance Conditions as set forth in the Acceptance Test Protocol in Annex
3 to this Agreement and consequently the Acceptance Test has been successfully completed. Any defects of the Product which
may have occurred during the performance of the Acceptance Test shall be duly listed by Seller in the Acceptance Test Protocol
or in a separate open items list, as Seller may choose to be appropriate.

 

    
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		9.3.	For the purposes of this Agreement successful completion of the Acceptance Test for the Product
shall be deemed to have occurred (herein referred to as “Final Acceptance of the Product”) either (i)
if the Acceptance Test Protocol in Annex 3 to this Agreement has been duly signed by members of the technical or project
personnel of the Parties pursuant to Clause 9.2. of this Agreement, or (ii) if upon completion of the performance of the Acceptance
Test Buyer’s technical or project personnel refuses to sign the Acceptance Test Protocol and Seller may reasonably demonstrate
that the Product in fact has fulfilled the Acceptance Conditions as set forth in the Acceptance Test Protocol in Annex 3
to this Agreement, or (iii) if the Acceptance Conditions as set forth in the Acceptance Test Protocol in Annex 3 to this
Agreement have not been fulfilled during the performance of the Acceptance Test and such nonfulfilment is due to actions taken
or omitted by Buyer, including, without limitation, if Buyer does not duly participate in the performance of the Acceptance Test
by its respective technical or project personnel, if Buyer’s personnel does not actively cooperate with Seller’s personnel
in order to enable Seller to duly perform and successfully complete the Acceptance Test, or if Buyer does not provide testing conditions
or testing materials which comply with the specifications as duly and timely required by Seller.

 

		9.4.	Upon Final Acceptance of the Product, Seller shall be deemed to have discharged all its obligations
under this Agreement, except for warranty, service and indemnity obligations if applicable. Further, at this point of time the
final instalment of the Contract Price shall be due and payable by Buyer to Seller.

 

		9.5.	Buyer understands that the Acceptance Test has the purpose of demonstrating to Buyer that the Product
fulfils the Acceptance Conditions as set forth in the Acceptance Test Protocol in Annex 3 to this Agreement and operates
in accordance with such specifications. For this purpose, Seller may be required to modify or revise the Product and/or any Software
to satisfy such specifications, and will require access to the Product for such purposes should modifications or revisions be necessary.
Therefore, until Final Acceptance of the Product, Buyer shall grant to Seller access to the Product at all times during normal
business hours for such purposes and Buyer shall use the Product only for testing and training purposes as authorized by Seller
in order to accomplish Final Acceptance of the Product. Until Final Acceptance of the Product, Buyer shall not be entitled to use
the Product for any other purposes, including, but not limited to, production and other commercial purposes and Buyer shall not
be entitled to run processes on the Product other than processes needed to accomplish Final Acceptance of the Product.

 

    
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		9.6.	Any software installed on the Product, contained in the Product, sold as part of the Product and/or
otherwise supplied with or for the Product (herein referred to as “Software”) is proprietary and Seller
retains sole and exclusive ownership of all rights, title and interest in and to such Software. Seller herewith grants to Buyer
a limited, non-exclusive, non-assignable, non-transferable personal license to use the Software on the specific Product with which
or for which it was supplied. Until and during the time of performing the Acceptance Test for the Product the standard Software
of Seller installed on the Product may be adapted to meet Buyer’s specifications and needs. Until Final Acceptance of the
Product, only temporary Software shall be installed on the Product and Buyer’s above mentioned license for the Software in
addition shall be limited to use such temporary Software and the Product only for testing and training purposes as authorized by
Seller. Until Final Acceptance of the Product, Buyer shall not be entitled to use the Software and/or the Product for any other
purposes, including, but not limited to, production and other commercial purposes and Buyer shall not be entitled to run processes
on the Product other than processes needed to accomplish Final Acceptance of the Product. Buyer acknowledges and agrees that the
temporary Software installed on the Product may have a built-in time locking feature that will cause the Product to “lock
up” or become non-operational.

 

		10.	WARRANTY

 

		10.1.	Seller warrants to Buyer that (a) the Product shall confirm to its documentation and other specifications
and shall be free from defects in design, material and workmanship except for ordinary wear and tear and corrosion; (b) when used
in conjunction with the Product and any updates or errors corrections supplied by Seller, Software will conform to the provisions
of this Agreement, and any documentation or technical specifications provided or published by Seller; and (c) services provided
under this Agreement shall be provided and/or performed in a professional and workmanlike manner by qualified personnel and in
accordance with the terms of this Agreement, including any service levels and response times set forth therein.

 

		10.2.	The warranty period is twenty-four (24) months starting from the date of delivery of the Product
at Buyer’s Installation Site. Any warranty claims shall be proven by Buyer.

 

		10.3.	The warranty of Seller under this Agreement shall be limited to repair, replacement or re-performance
of the defective part of the Product Software or service, or to take the Product back, the choice of remedy being at Seller’s
sole discretion. Seller and Buyer may also mutually agree to refund an equitable portion of the Contract Price instead of the remedies
as stated above. Seller shall be notified of any defect without any delay. Buyer shall grant Seller reasonable time and opportunity
to make repairs or supply replacements. Where such time and opportunity are not granted, refused or delayed, Seller shall not be
liable for the remedy of the defects concerned. Any on-site warranty support services of Seller will only be provided Monday through
Thursday, for the period between 08:00 and 17:00, and Friday, for the period between 08:00 and 16:00, excluding local public holidays.

 

    
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		a)	Standard support during the warranty period:

 

Seller warrants
that its’ technical support hot-line is available during normal business hours with a response time of four (4) hours for
production line Products and with a response time of twenty-four (24) hours for engineering line Products. In case of a Product
down event Seller’s local field service organization will dispatch a qualified engineer to be on-site within three (3) working
days upon Buyer’s request for production line Products and within ten (10) working days upon Buyer’s request for engineering
line Products. The type of Product (production line or engineering line) is applicable as offered in the respective Quotation.
All spare parts, excluding parts designated to be configuration specific, are held on stock on a non-exclusive basis. Parts on
stock will be dispatched as fast as possible but latest the following working day for production line Products and within ten (10)
working days for engineering line Products.

 

		b)	Standard support after the warranty period:

 

Seller
warrants that it’s technical support hot-line is available during normal business hours with an average response time of
four (4) hours for production line Products and with an average response time of twenty-four (24) hours for engineering line Products.
The type of Product (production line or engineering line) is applicable as offered in the respective Quotation. In case of a Product
down event Seller’s local field service organization will strive to dispatch a qualified engineer to be on-site within three
(3) working days upon receipt of Buyer’s valid purchase order for production line Products and within ten (10) working days
upon receipt of Buyer’s valid purchase order for engineering line Products. Response times are not guaranteed and depend
on resource utilization.

 

Regular turning
spare parts, excluding parts designated to be configuration specific, are held on stock on a non-exclusive basis. Parts on stock
will be dispatched according to Buyer’s requirements and Buyer’s valid purchase order.

 

		10.4.	The warranty of Seller shall not apply in cases where defects arise from natural wear and tear,
improper use or maintenance of the Product, including, but not limited to, the operation and maintenance of the Product not in
compliance with the operating and maintenance manual and any further instructions as provided by Seller, Product failures due to
the use of parts not purchased from (or recommended/approved by) Seller, alteration of the Product by Buyer or third parties, accident,
external force, chemical or electrolytic action, or any other forces or influences not attributable to Seller. Any work carried
out by Seller to correct any defects in such circumstances shall be chargeable separately to Buyer at the then applicable prices
of Seller. Excluded from the warranty of Seller are seals and gaskets, O-rings, lamps, bulbs, mirrors, lubricants and fluids, expendable
or wearing parts and all other consumables. Any defective part shall not be used by Buyer if its continued operation, its working
or its use is likely to be the cause of further damage.

 

    
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		10.5.	Upon Buyer’s notification of a defect to Seller,
Buyer shall request Seller to issue a return material authorization number (herein referred to as “RMA Number”)
for the defective part of the Product concerned. Within a maximum period of ten (10) days upon receipt of the RMA Number, Buyer
shall duly return the defective part of the Product to Seller in order to enable Seller to assess the alleged defect and to choose
the appropriate remedy of the defect. Seller shall inform Buyer on its assessment of the defect and the remedy of defect chosen
by Seller without unnecessary delay. Any repairs or replacements shall be exclusively performed by Seller and shall be carried
out within a reasonable period of time upon receipt of the respective defective part of the Product by Seller. Replacements may
be supplied by Seller by delivering the respective replacement parts for the Product directly to Buyer. Any replaced parts shall
become Seller’s property. Shipment and freight of defective parts of the Product from Buyer to Seller and of repaired or
replaced parts for the Product from Seller to Buyer shall be made at Buyer’s sole risk and costs and shall always duly state
the RMA Number for the defective part of the Product concerned. In case Buyer should not duly and timely comply with its obligations
hereunder, Seller shall not be liable for the remedy of the defects concerned and any repaired or replaced parts of the Product
as well as any services provided by Seller shall be invoiced to Buyer at the then applicable prices of Seller.

 

		10.6.	Updates for the Software installed on the Product, which Seller in its sole discretion deems to
be only improvements of the Product reliability, will be provided by Seller to Buyer during the warranty period at no charge. Furthermore
updates for the Software for bug-fixes will be provided by Seller free of charge for up to ten (10) years upon the first delivery
of the Product. Any on-site visit for the installation of bug-fixes will be chargeable separately to Buyer after the warranty period.
Any other updates

 

		(a)	for the Software which may be released by Seller and which
Seller in its sole discretion deems to be revisions of, upgrades and/or enhancements to the Software installed on the Product;
or

 

		(b)	for the Software of an used and/or refurbished Product,
if available, will not be provided under the forgoing warranty and shall be chargeable separately to Buyer at the then applicable
prices of Seller.

 

Any and all
Software is merely provided on an “AS IS” basis, subject to clause 10.1. (b).

 

    
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		10.7.	Seller warrants spare parts availability, bug-fixes, field service and technical support by qualified
engineers for up to ten (10) years upon delivery of the Product. Seller does not warrant one to one replacement parts availability.
In case of parts obsolescence Seller will notify Buyer, create safety stocks as feasible and source alternative parts or retrofits
if required. Seller will not compensate for any additional costs compared to one to one replacement parts. Beyond that ten (10)
year period Seller will continue to provide support on best effort basis only.

 

Upgrades
for additional functionalities and features are chargeable separately and independent from the warranty state to Buyer and are
based on feasibility which will be checked on a case by case basis. The foregoing shall not apply for used and/or refurbished Products
and used and/or refurbished spare parts.

 

		10.8.	THE FOREGOING WARRANTY IS IN LIEU OF ANY AND ALL OTHER
WARRANTY, EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTY OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE. ANY OTHER OR EXCEEDING CLAIMS OF BUYER AGAINST SELLER FOR WARRANTY AND/OR FOR DEFECTS DUE TO WHATEVER CAUSE, INCLUDING,
BUT NOT LIMITED TO, ANY CLAIMS OF DAMAGES SHALL BE EXPRESSLY EXCLUDED. SELLER SHALL NOT BE LIABLE FOR ANY INDIRECT DAMAGES, INCLUDING,
BUT NOT LIMITED TO, SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL LOSS OR DAMAGES, LOSS OF PROFIT, LOSS OF BUSINESS OPPORTUNITIES,
LOSS OF PRODUCTION, OR LOSS OF DATA TO THE UTMOST EXTENT LEGALLY PERMISSIBLE. THIS EXCLUSION APPLIES REGARDLESS OF THE CAUSE OF
SUCH DAMAGES, AND REGARDLESS OF WHETHER CLAIMED UNDER CONTRACT OR TORT. BUYER EXPRESSLY WAIVES ANY AND ALL OF ITS RIGHTS OF RESCISSION
OF THIS AGREEMENT UNDER APPLICABLE LAW, INCLUDING, BUT NOT LIMITED TO, THE RIGHT OF RESCISSION FOR REASON OF MISTAKE, REDUCTION
OF VALUE BY HALF, CHANGE OF CIRCUMSTANCES OR FRUSTRATION OF CONTRACT.

 

		11.	TRAINING

 

		11.1.	Seller shall provide basic operator and maintenance training for the Product at Buyer’s Installation
Site immediately after Buyer’s personnel has signed the Acceptance Test Protocol in Annex 3 to this Agreement. The
period of training is determined in the Scope of Delivery. Training will be performed during regular working hours.

 

		11.2.	Buyer’s personnel, in general, shall be competent for the job assignment. In addition, maintenance
training will require a thorough understanding of the English language and a good working knowledge of electronics, mechanics,
robotics, and PLC (programmable logic controller) based products.

 

    
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		12.	ADDITIONAL AND
                                         MISCELLANEOUS TERMS

 

		12.1.	Entire Agreement and Modifications: This Agreement is based on Seller’s standard
agreement as of August 2018. This Agreement including its Annexes constitutes the entire agreement between the Parties relating
to the subject matter hereof and supersedes and replaces any and all previous agreements, negotiations and correspondence, if any,
relating to the subject matter hereof. No oral side-agreements exist to this Agreement. Any other terms, including, but not limited
to, general terms and conditions of Buyer and/or remarks of Buyer made on purchase orders, order confirmations or otherwise as
well as any other documents established by Buyer shall not become part of this Agreement and shall be invalid, unless explicitly
accepted by Seller in writing. Amendments to and/or modifications of this Agreement shall only be valid if made in writing and
signed by both Parties. Any waiver of this form requirement must be explicitly made in writing. For written confirmations to be
obtained from Buyer’s personnel under this Agreement, Seller may use an electronic device (e.g. pads). Buyer agrees
that it will not object to Seller relying on a printed copy of such evidence merely on the grounds that the confirmation concerned
and/or the signature of Buyer’s personnel thereon has been obtained and stored by Seller in electronic form. The only authentic
language of this Agreement is the English language and the English-language version shall take precedence over any translations.

 

		12.2.	Severability: Should any provision of this Agreement be or become wholly or partly
invalid or unenforceable this will not affect the validity or enforceability of the remaining provisions. The invalid or unenforceable
provision shall be substituted by a valid or enforceable provision which in its essential purpose comes as close as possible to
the invalid or unenforceable provision. The same applies in analogy to any gaps in this Agreement.

 

		12.3.	No Third Party Beneficiaries: This Agreement shall inure to the benefit of, and be
binding upon, each of the Parties and their respective universal legal successors, subject to the provisions of this Agreement,
but shall not inure to the benefit of any third party. Notwithstanding the foregoing, neither this entire Agreement nor any of
the rights and obligations under this Agreement may be assigned or transferred without the prior written consent of the other Party.
In this connection Buyer is aware of and explicitly agrees that the Product is independently designed, produced and manufactured
by an affiliate of Seller.

 

		12.4.	Independent Agreement: In case the Product acquired by Buyer under this Agreement
should consist of more than one product, system or equipment, any such part of the Product shall be deemed to be independent from
the other part or parts of the Product for purposes of this Agreement, including, but not limited, for purposes of performance
of the Acceptance Test, begin of the warranty period and payment of the respective part of the Contract Price. Any delay or non-performance
with respect to one part of the Product shall not grant Buyer the right to delay or refuse delivery or acceptance of any other
part of the Product and/or to off-set or to retain any payment due under this Agreement for any other part of the Product.

 

    
Confidential

    
	EV Group	-13 -	[***] 

    

 

		12.5.	Consequential and other Losses: IT IS EXPRESSLY AGREED THAT NEITHER PARTY SHALL BE
LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL LOSS OR DAMAGES, INCLUDING, BUT NOT LIMITED TO,
LOSS OF PROFIT, LOSS OF BUSINESS OPPORTUNITIES, LOSS OF PRODUCTION, OR LOSS OF DATA TO THE UTMOST EXTENT LEGALLY PERMISSIBLE. THIS
EXCLUSION APPLIES REGARDLESS OF THE CAUSE OF SUCH DAMAGES, AND REGARDLESS OF WHETHER CLAIMED UNDER CONTRACT OR TORT.

 

		12.6.	Retention of Title and Ownership: Delivery of the Product to Buyer and/or Final Acceptance
of the Product do not effect a transfer of title to and ownership of the Product to Buyer. Seller retains title to and ownership
of the Product until full and final payment of the Contract Price and receipt of any other payment due to Seller under this Agreement.
Until such full and final payment, Buyer shall
be obliged to and responsible for exercising due care toward the Product, and Buyer shall not be entitled to sell, lease, pledge
or otherwise enter into agreements on the Product or any parts thereof, or to use the Product including the Software for production
and other commercial purposes. If Buyer should sell or transfer the Product or any parts thereof prior to full and final payment
to Seller, the transfer shall be subject to any security interest for the benefit of Seller which may be available under applicable
law and which may be validly granted by Buyer to Seller under applicable law.

 

		12.7.	IP- Rights of Third Parties:

 

Seller
shall grant a worldwide, non-exclusive, perpetual and irrevocable license, which is required for the operation of the Product and
as expressly stated in the applicable quotation. However, the sale of the Product to Buyer does not convey rights or license, expressed
or implied, to practice and/or run processes or to manufacture products which may be covered by copyrights, trademarks, patents,
utility models, industrial designs, know-how or any other intellectual property rights owned and/or licensable by third parties.
If required, Buyer shall obtain any such licenses directly from the respective licensor, at its own expense and costs.

 

Subject
to the general terms and conditions of this Agreement, Seller shall at its own expense indemnify and hold harmless Buyer from and
against any such claims which result from the fact that Seller knew, or should have known that the supplied Product as designed
and produced on behalf of Seller violates or infringes upon any trademarks, patents, utility models or industrial designs of third
parties. In the event of a suit for infringement whereby the operation of the Product is enjoined due to such misrepresentation
of Seller, Seller shall at its own expense either procure for Buyer the right for continued operation, or replace the Product with
substantially equal but non-infringing parts.

 

    
Confidential

    
	EV Group	-14 -	[***] 

    

 

		12.8.	Documentation and Software: Seller reserves
any and all rights in the operating and maintenance manual as well as any other technical or other documentation and any Software
supplied with or for the Product. Subject to any further restriction contained in this Agreement, Buyer may use any such Software
and documentation only for the operation and maintenance of the specific Product supplied by Seller, and shall not disclose them
to any third party. Buyer agrees not to copy, modify, duplicate, de-compile, disassemble, translate or reverse engineer the Product,
any parts thereof and/or the Software or permit others to do so.

 

		12.9.	Standards: The Product is designed and constructed on behalf of Seller in accordance
with the norms and standards as set out in the Scope of Delivery. Prior to Entering into Force of this Agreement, Buyer has advised
Seller in writing of any and all other applicable safety and operating standards and regulations in force at Buyer’s Installation
Site, if any. Buyer shall bear the costs of any alterations of and/or modifications to and/or additions to the Product which may
be required in order for the Product to comply with any standards or regulations, which have not been advised to Seller in writing
prior to Entering into Force of this Agreement.

 

		12.10.	Cancellations and Returns: If this Agreement
should be cancelled by Buyer for any reason whatsoever, Buyer shall pay to Seller within ten (10) days after written demand, the
following cancellation charges as liquidated damages, which are not subject to any fault and/or to a right of mitigation: (i)
If Buyer cancels this Agreement less than thirty (30) days before the agreed upon date of Availability for Delivery, Buyer shall
pay to Seller a cancellation charge of fifty percent (50 %) of the Contract Price. (ii) If Buyer cancels this Agreement in the
period between thirty (30) to sixty (60) days before the agreed upon date of Availability for Delivery, Buyer shall pay to Seller
a cancellation charge of forty percent (40 %) of the Contract Price. (iii) If Buyer cancels this Agreement more than sixty (60)
days before the agreed upon date of Availability for Delivery, Buyer shall pay to Seller a cancellation charge of thirty percent
(30 %) of the Contract Price. Buyer agrees that the above cancellation charges are a reasonable estimate of Seller’s usual costs,
expenses and damages in the event an order is cancelled. Buyer shall compensate Seller for any costs, expenses and damages incurred
by Seller which exceed the above cancellation charges, if this is due to the specific circumstances of the order (e.g.
if time is of essence, in case of customized equipment, etc).

 

    
Confidential

    
	EV Group	-15 -	[***] 

    

 

		12.11.	Choice of Law: This Agreement shall be governed by and construed in accordance with
the laws of the State of Arizona excluding its conflict of law rules and excluding the application of the United Nations Convention
on Contracts for the International Sale of Goods (CISG).

 

		12.12.	Disputes: All disputes arising out of or related to this Agreement shall be finally
settled under the Rules of Arbitration of the International Chamber of Commerce (ICC) by one or three arbitrators appointed in
accordance with these Rules. The place of arbitration shall be Phoenix, USA. The present arbitration clause shall be governed by
the laws of Arizona. The language of arbitration shall be the English language. The proceedings shall be governed by the Rules
of Arbitration of the International Chamber of Commerce (ICC). Notwithstanding this arbitration clause Seller shall be entitled
at its sole discretion to forward any claims Seller may have against Buyer with the competent courts at the corporate seat of Seller
or alternatively with the competent courts at the corporate seat of Buyer, as Seller may select at its sole discretion.

 

		12.13.	Enticing Away of Employees: Each Party acknowledges that the other Party’s
employees, including, but not limited to, customer service representatives are particularly valuable to the other Party both because
the other Party has invested time and effort in their training and because they have knowledge of know-how and other trade secrets
owned by or belonging to the other Party. As a result, each Party agrees not to directly or indirectly entice away any of the other
Party’s employees for a period of one year from the Final Acceptance. Notwithstanding anything to the contrary, this Section
will not prevent a Party from placing any general advertisement or similar notice in newspapers, trade publications or other
media that is not targeted specifically at one or more employees of the other Party. Each Party undertakes to procure the due compliance
of with this prohibition on enticing away employees of the other Party.

 

		12.14.	Confidentiality: Except as explicitly provided below in this Section, the content
of this Agreement as well as any and all information, documentation and/or other data of a confidential nature disclosed in connection
with the performance of this Agreement, including, but not limited to, business, commercial and technical information, and all
record bearing media containing or disclosing such information and techniques (herein referred to as “Confidential
Information”) shall be treated with utmost confidentiality by each Party. Consequently, Confidential Information
(i) shall not be distributed, disclosed, or disseminated in any way or form by each Party to anyone except its own or its affiliates’
employees, who have a reasonable need to know said Confidential Information and who are bound to confidentiality by their employment
agreements or otherwise, (ii) shall be treated by each Party with the same degree of care to avoid disclosure to any third party
as is used with respect to such Party’s own information of like importance which is to be kept confidential, and (iii) shall
remain the property of the respective disclosing Party. The confidentiality obligations as set out herein shall not apply, however,
to any information which (a) a Party can demonstrate, is already in the public domain or becomes available to the public through
no breach by such Party of this Agreement, (b) was rightfully in a Party’s possession without confidentiality obligation
prior to receipt from the other Party as proven by its written records, (c) can be proven to have been rightfully received by a
Party from a third party, that was authorized or entitled to do so, (d) is independently developed by a Party as proven by its
written records, (e) is approved for release by written agreement by the respective other Party, or (f) is required to be disclosed
by law or the rules of any governmental organization.

 

    
Confidential

    
	EV Group	-16 -	[***] 

    

 

Notwithstanding
the forgoing, Buyer may disclose the terms of this Agreement if such disclosure is required by law, rule, regulation, or an order
from a court, regulatory agency or other governmental authority, or the rules of any stock exchange on which Buyer’s shares
are listed or quoted.  In such event, Buyer will provide to Seller a copy of the agreement proposed to be disclosed so that
Seller may consent to the disclosure of this agreement, including any redactions thereto proposed by Seller, such consent not to
be unreasonably withheld. Buyer agrees to submit a request to the SEC or the applicable governing body that Seller’s redactions
receive confidential treatment under the laws, rules and regulations of the SEC or otherwise be held in confidence to the fullest
extent permitted under the laws, rules or regulations of the applicable governing body.

 

		12.15.	Annexes: The following Annexes to this Agreement
shall form an integral part of this Agreement as if fully set forth herein; in case of any discrepancy between an Annex to this
Agreement and the text of this Agreement, the latter shall prevail:

 

		Annex 1	Scope of Delivery (Seller’s Quotation No. [***]);

 

		Annex 2	Source Inspection Test Protocol (at production site in Austria);

 

		Annex 3	Acceptance Test Protocol (at Buyer’s Installation
Site).

  

    
Confidential

    
	EV Group	-17 -	[***] 

    

 

IN WITNESS WHEREOF,
the Parties agree that this Agreement is executed by duly authorized personnel from each Party and that in case of signing of this
Agreement the date of Entering into Force of this Agreement is the latest date shown.

 

	Akoustis, Inc.	 	EV Group Inc. 
	(Buyer)	 	(Seller)  
	 	 	 
	Canandaigua, NY	 	Tempe, AZ
	(Place)	 	(Place)
	 	 	 
	10/25/19	 	10/25/19
	(Date)	 	(Date)
	 	 	 
	/s/ Mary Winters	 	/s/ David Kirsch
	(Signature)	 	(Signature)
	 	 	 
	Mary Winters, VP, Wafer Fab	 	David Kirsch, Vice President & General Manager North America
	(Name and Title)	 	(Name and Title)

 

 

Confidential

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