Document:

Exhibit 4.1

 

 

 

SIXTY-Ninth
SUPPLEMENTAL

INDENTURE

 

TO

 

INDENTURE
DATED SEPTEMBER 1, 1939

  

 

 

DUKE ENERGY
INDIANA, LLC

 

TO

 

DEUTSCHE
BANK NATIONAL TRUST COMPANY

AS TRUSTEE

  

 

 

DATED AS
OF September 27, 2019

 

 

 

CREATING

FIRST MORTGAGE BONDS, SERIES YYY, 3.25%, DUE October 1, 2049

 

AND

 

OTHERWISE
SUPPLEMENTING AND AMENDING THE INDENTURE

 

 

 

     

     

    

  

TABLE OF
CONTENTS

 

Page

 

	PARTIES:	 
	Company (Duke Energy Indiana, LLC, formerly named Duke Energy Indiana, Inc., formerly named each of PSI Energy, Inc. and Public Service Company of Indiana, Inc., and successor by consolidation to Initial Mortgagor (Public Service Company of Indiana)), and Trustee	1
	 	 
	RECITALS:	 
	Indenture of the Initial Mortgagor, dated September 1, 1939, and First Supplemental Indenture thereto of the Initial Mortgagor, dated as of March 1, 1941	1
	Consolidation of Initial Mortgagor (and four other companies) into the Company	1
	Execution by Company of Second Supplemental Indenture to the original Indenture	1
	Company substituted for Initial Mortgagor under Indenture	1
	Execution by Company of Third through the Sixty-Eighth Supplemental Indentures to the original Indenture	2
	LaSalle Bank National Association appointed as Successor Trustee	2
	Resignation of Bank of America, N.A., as successor by merger to LaSalle Bank National Association, and appointment of Deutsche Bank National Trust Company as Successor Trustee	2
	Change of name of Company from Public Service Company of Indiana, Inc. to PSI Energy, Inc., to Duke Energy Indiana, Inc., and thereafter to Duke Energy Indiana, LLC	3
	Amount of bonds presently outstanding under the Indenture	3
	Sixty-Ninth Supplemental Indenture and Bonds of Series YYY authorized	3
	Conditions precedent performed	3
	EXECUTING CLAUSE	4
	 	 
	ARTICLE I.
	 	 
	FIRST MORTGAGE BONDS, SERIES YYY, 3.25%, DUE October 1, 2049	4
	 	 
	Section 1.	Creation and designation of Bonds of Series YYY	4
	Section 2.	Bonds of Series YYY to be in registered form only	4
	 	Form of Face of Bond Of Series YYY	7
	 	Form of Reverse of Bond of Series YYY	9
	 	Form of Trustee’s Certificate	12
	Section 3.	Date of Bonds of Series YYY	13
	Section 4.	Maturity dates, interest rates and payment dates, and principal payments of Bonds of Series YYY	13
	Section 5.	Place and manner of payment of Bonds of Series YYY	13
	Section 6.	Denominations and numbering of definitive Bonds of Series YYY	13
	 	Temporary Bonds of Series YYY and exchange thereof for definitive bonds	13
	Section 7.	Maintenance and Renewal Fund shall not apply to Bonds of Series YYY	13

 

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	Section 8.	Inspection requirements shall not apply to Bonds of Series YYY	14
	Section 9.	Company’s right to further amend the original Indenture	14
	Section 10.	No sinking fund for Bonds of Series YYY	15
	 	 	 
	ARTICLE II.
	 	 	 
	  ISSUANCE OF BONDS OF SERIES YYY.	15
	Section 1.	Aggregate principal amount of Bonds of Series YYY issuable at once	15
	Section 2.	Issuance of additional Bonds of Series YYY	15
	 	 	 
	ARTICLE III.
	 	 	 
	  INDENTURE AMENDMENTS.	15
	Section 1.	Amendments to Article I of the original Indenture	15
	Section 2.	Amendments to Article VII of the original Indenture	15
	 	 	 
	ARTICLE IV.
	 	 	 
	  CONCERNING THE TRUSTEE.	17
	Acceptance of trusts by Trustee	17
	Trustee not responsible for validity or sufficiency of Sixty-Ninth Supplemental Indenture, etc.	17
	Terms and conditions of Article XVII of the original Indenture to be applied to the Sixty-Ninth Supplemental Indenture	17
	 	 
	ARTICLE V.
	 
	  MISCELLANEOUS PROVISIONS.	17
	Section 1.	References in any article or section of the original Indenture refer to such article or section as amended by all Sixty-Nine Supplemental
Indentures thereto	17
	Section 2.	Operation and construction of amendments to the original Indenture	17
	Section 3.	All covenants, etc., for sole benefit of parties to the Sixty-Ninth Supplemental Indenture and holders of bonds	18
	Section 4.	Table of contents and headings of articles not part of Sixty-Ninth Supplemental Indenture	18
	Section 5.	Execution of Sixty-Ninth Supplemental Indenture in counterparts	18
	Section 6.	Payments due on non-Business Days	18
	ATTESTATION CLAUSE	19
	SIGNATURES	20
	ACKNOWLEDGMENT BY COMPANY	21
	ACKNOWLEDGMENT BY TRUSTEE	22

 

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SIXTY-NINTH SUPPLEMENTAL
INDENTURE dated as of the 27th day of September, 2019, made and entered into by and between DUKE ENERGY INDIANA, LLC (hereinafter
commonly referred to as the “Company”), a limited liability company organized and existing under the laws of the State
of Indiana, formerly named Duke Energy Indiana, Inc., and formerly named each of PSI Energy, Inc. and Public Service Company of
Indiana, Inc., and the successor by consolidation to Public Service Company of Indiana, an Indiana corporation, party of the first
part, and DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association organized and existing under the laws of the United
States and having its office or place of business in the City of Chicago, State of Illinois, successor trustee to Bank of America,
N.A., as successor by merger to LaSalle Bank National Association, which was the successor trustee to The First National Bank of
Chicago (hereinafter commonly referred to as the “Trustee”), party of the second part, PARTIES:

 

WITNESSETH:

 

WHEREAS, Public Service
Company of Indiana (hereinafter commonly referred to as the “Initial Mortgagor”), prior to its consolidation with certain
other corporations to form the Company, executed and delivered to the Trustee a certain indenture of mortgage or deed of trust
(hereinafter called the “original Indenture” when referred to as existing prior to any amendment thereto, and the “Indenture”
when referred to as heretofore, now or hereafter amended), dated September 1, 1939, and a First Supplemental Indenture thereto,
dated as of March 1, 1941, to secure the bonds of the Initial Mortgagor, its successors and assigns, issued from time to time
under the Indenture in series for the purposes of and subject to the limitations specified in the Indenture; and

 

WHEREAS, the Company
on September 6, 1941, became, through a consolidation, the successor of the Initial Mortgagor (and four other companies) and
succeeded to all the rights and became liable for all the obligations of the Initial Mortgagor (and such other companies); and

 

WHEREAS, after said
consolidation, the Company executed and delivered a Second Supplemental Indenture, dated as of November 1, 1941, to the original
Indenture for the purposes, among others, of (i) the making by the Company of an agreement of assumption and adoption by it of
the Indenture, (ii) the assumption by the Company of the bonds (and interest and premium, if any, thereon) issued or to be issued
under the Indenture, and of all terms, covenants and conditions binding upon it under the Indenture, and the agreeing by the Company
to pay, perform and fulfill the same, and (iii) the conveying to the Trustee upon the trusts declared in the Indenture, but subject
to any outstanding liens and encumbrances, all the property which the Company then owned or which it might thereafter acquire,
except property of a character similar to the property of the Initial Mortgagor which is excluded from the lien of the Indenture;
and

 

WHEREAS, all conditions
have been met and all acts and things necessary have been done and performed to make the Indenture the valid and binding agreement
of the Company and to substitute the Company for the Initial Mortgagor under the Indenture, and to vest the Company with each and
every right and power of the Initial Mortgagor, including the right and power to issue bonds thereunder; and

 

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WHEREAS, the Company
has subsequently executed and delivered, for purposes authorized under the Indenture, a Third Supplemental Indenture dated as of
March 1, 1942, a Fourth Supplemental Indenture dated as of May 1, 1943, a Fifth Supplemental Indenture dated as of August 1,
1944, a Sixth Supplemental Indenture dated as of September 1, 1945, a Seventh Supplemental Indenture dated as of November 1,
1947, an Eighth Supplemental Indenture dated as of January 1, 1949, a Ninth Supplemental Indenture dated as of May 1,
1950, a Tenth Supplemental Indenture dated as of July 1, 1952, an Eleventh Supplemental Indenture dated as of January 1,
1954, a Twelfth Supplemental Indenture dated as of October 1, 1957, a Thirteenth Supplemental Indenture dated as of February 1,
1959, a Fourteenth Supplemental Indenture dated as of July 15, 1960, a Fifteenth Supplemental Indenture dated as of June 15,
1964, a Sixteenth Supplemental Indenture dated as of January 1, 1969, a Seventeenth Supplemental Indenture dated as of March 1,
1970, an Eighteenth Supplemental Indenture dated as of January 1, 1971, a Nineteenth Supplemental Indenture dated as of January 1,
1972, a Twentieth Supplemental Indenture dated as of February 1, 1974, a Twenty-First Supplemental Indenture dated as of August 1,
1974, a Twenty-Second Supplemental Indenture dated as of August 1, 1975, a Twenty-Third Supplemental Indenture dated as of
January 1, 1977, a Twenty-Fourth Supplemental Indenture dated as of October 1, 1977, a Twenty-Fifth Supplemental Indenture
dated as of September 1, 1978, a Twenty-Sixth Supplemental Indenture dated as of September 1, 1978, a Twenty-Seventh
Supplemental Indenture dated as of March 1, 1979, a Twenty-Eighth Supplemental Indenture dated as of May 1, 1979, a Twenty-Ninth
Supplemental Indenture dated as of March 1, 1980, a Thirtieth Supplemental Indenture dated as of August 1, 1980, a Thirty-First
Supplemental Indenture dated as of February 1, 1981, a Thirty-Second Supplemental Indenture dated as of August 1, 1981,
a Thirty-Third Supplemental Indenture dated as of December 1, 1981, a Thirty-Fourth Supplemental Indenture dated as of December 1,
1982, a Thirty-Fifth Supplemental Indenture dated as of March 30, 1984, a Thirty-Sixth Supplemental Indenture dated as of
November 15, 1984, a Thirty-Seventh Supplemental Indenture dated as of August 15, 1985, a Thirty-Eighth Supplemental
Indenture dated as of October 1, 1986, a Thirty-Ninth Supplemental Indenture dated as of March 15, 1987, a Fortieth Supplemental
Indenture dated as of June 1, 1987, a Forty-First Supplemental Indenture dated as of June 15, 1988, a Forty-Second Supplemental
Indenture dated as of August 1, 1988, a Forty-Third Supplemental Indenture dated as of September 15, 1989, a Forty-Fourth
Supplemental Indenture dated as of March 15, 1990, a Forty-Fifth Supplemental Indenture dated as of March 15, 1990, a
Forty-Sixth Supplemental Indenture dated as of June 1, 1990, a Forty-Seventh Supplemental Indenture dated as of July 15,
1991, a Forty-Eighth Supplemental Indenture dated as of July 15, 1992, a Forty-Ninth Supplemental Indenture dated as of February 15,
1993, a Fiftieth Supplemental Indenture dated as of February 15, 1993, a Fifty-First Supplemental Indenture dated as of February 1,
1994, a Fifty-Second Supplemental Indenture dated as of April 30, 1999, a Fifty-Third Supplemental Indenture dated as of June 15,
2001, a Fifty-Fourth Supplemental Indenture dated as of September 1, 2002, a Fifty-Fifth Supplemental Indenture dated as of
February 15, 2003, a Fifty-Sixth Supplemental Indenture dated as of December 1, 2004, a Fifty-Seventh Supplemental Indenture
dated as of August 21, 2008, a Fifty-Eighth Supplemental Indenture dated as of December 19, 2008, a Fifty-Ninth Supplemental
Indenture dated as of March 23, 2009, a Sixtieth Supplemental Indenture dated as of June 1, 2009, a Sixty-First Supplemental
Indenture dated as of October 1, 2009, a Sixty-Second Supplemental Indenture dated as of July 9, 2010, a Sixty-Third
Supplemental Indenture dated as of September 23, 2010, a Sixty-Fourth Supplemental Indenture dated as of December 1,
2011, a Sixty-Fifth Supplemental Indenture dated as of March 15, 2012, a Sixty-Sixth Supplemental Indenture dated as of July
11, 2013, a Sixty-Seventh Supplemental Indenture dated as of January 1, 2016, and a Sixty-Eighth Supplemental Indenture dated as
of May 12, 2016, each supplementing and amending the Indenture; and

 

WHEREAS, the Thirty-Fifth
Supplemental Indenture authorized and appointed LaSalle Bank National Association, a national banking association duly organized
and existing under the laws of the United States of America with its principal office in Chicago, Illinois and formerly named LaSalle
National Bank, as Successor Trustee to The First National Bank of Chicago, which appointment was accepted, and all trust powers
under the Indenture were thereby transferred from The First National Bank of Chicago to LaSalle Bank National Association; and

 

WHEREAS, by an Instrument
of Resignation, Appointment and Acceptance dated as of December 15, 2008, Bank of America, N.A., as successor by merger to
LaSalle Bank National Association, resigned as trustee and the Company appointed the Trustee as Successor Trustee thereto, which
appointment was thereby accepted by the Trustee effective as of that date, and all trust powers were thereby transferred from Bank
of America, N.A. to the Trustee; and

 

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WHEREAS, the Forty-Sixth
Supplemental Indenture amended the Indenture to reflect a change in the name of the Company from Public Service Company of Indiana,
Inc. to PSI Energy, Inc. effective as of April 20, 1990, the Fifty-Seventh Supplemental Indenture amended the Indenture to
reflect a change in the name of the Company from PSI Energy, Inc. to Duke Energy Indiana, Inc., effective as of October 1,
2006, and the Sixty-Seventh Supplemental Indenture amended the Indenture to reflect the Company’s conversion of its form
of organization effective January 1, 2016 from an Indiana corporation to an Indiana limited liability company named “Duke
Energy Indiana, LLC”; and

 

WHEREAS, as of September
27, 2019, the only bonds that have been heretofore issued under the Indenture which are now outstanding are $28,000,000 aggregate
principal amount of “PSI Energy, Inc. First Mortgage Bonds, Series WW, Due August 22, 2022” and $53,055,000 aggregate
principal amount of “PSI Energy, Inc. First Mortgage Bonds, Series CCC, 8.85%, Due January 15, 2022” and $38,000,000
aggregate principal amount of “PSI Energy, Inc. First Mortgage Bonds, Series DDD, 8.31%, Due September 1, 2032”
and $500,000,000 aggregate principal amount of “Duke Energy Indiana, Inc. First Mortgage Bonds, Series LLL, 6.35%, Due August 15,
2038” and $45,840,000 aggregate principal amount of “Duke Energy Indiana, Inc. First Mortgage Bonds, 2005A Pledge Series,
Due July 1, 2035” and $450,000,000 aggregate principal amount of “Duke Energy Indiana, Inc. First Mortgage Bonds,
Series MMM, 6.45%, Due April 1, 2039” and $55,000,000 aggregate principal amount of “Duke Energy Indiana, Inc.
First Mortgage Bonds, Series NNN, 6%, Due August 1, 2039” and $50,000,000 aggregate principal amount of “Duke
Energy Indiana, Inc. First Mortgage Bonds, Series OOO, 4.95%, Due October 1, 2040” and $500,000,000 aggregate principal
amount of “Duke Energy Indiana, Inc. First Mortgage Bonds, Series PPP, 3.75%, Due July 15, 2020” and $10,000,000
aggregate principal amount of “Duke Energy Indiana, Inc. First Mortgage Bonds, Series QQQ, 33/4%, Due
April 1, 2022” and $44,025,000 aggregate principal amount of “Duke Energy Indiana, Inc. First Mortgage Bonds,
Series SSS, Due May 1, 2035” and $23,000,000 aggregate principal amount of “Duke Energy Indiana, Inc. First Mortgage
Bonds, Series TTT, Due March 1, 2031” and $250,000,000 aggregate principal amount of “Duke Energy Indiana, Inc.
First Mortgage Bonds, Series UUU, 4.20%, Due March 15, 2042” and $350,000,000 aggregate principal amount of “Duke Energy
Indiana, Inc. First Mortgage Bonds, Series WWW, 4.90%, Due July 15, 2043” and $500,000,000 aggregate principal amount of
“Duke Energy Indiana, Inc. First Mortgage Bonds, Series XXX, 3.75%, Due May 15, 2046”; and

 

WHEREAS, in accordance
with the provisions of Section 1 of Article XVIII of the Indenture, the Board of Directors has authorized the execution and delivery
by the Company of a Sixty-Ninth Supplemental Indenture, substantially in the form of this Sixty-Ninth Supplemental Indenture, for
the purpose of creating a seventieth series of bonds to be issued under the Indenture, to be known as “Duke Energy Indiana,
LLC First Mortgage Bonds, Series YYY, 3.25%, Due October 1, 2049” (such bonds being hereinafter referred to as the “Bonds
of Series YYY”), and prescribing the form and substance of the Bonds of Series YYY and the terms, provisions and characteristics
thereof, and for the purpose of adding to the covenants and agreements of the Company for the protection of the bondholders and
of the trust estate, of providing the terms and conditions for the redemption of the Bonds of Series YYY, of adding certain other
covenants and undertakings with respect to the Bonds of Series YYY and of making such changes in the Indenture as are deemed necessary
or desirable and as are permitted by the Indenture; and

 

WHEREAS, all conditions
and requirements necessary to make this Sixty-Ninth Supplemental Indenture a valid, binding and legal instrument have been done,
performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized:

 

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NOW, THEREFORE, in
consideration of the premises, and of the acceptance and purchase of the Bonds of Series YYY by the holders and registered owners
thereof, and of the sum of One Dollar ($1.00) duly paid by the Trustee to the Company, the receipt whereof is hereby acknowledged,
and in accordance with and subject to the terms and provisions of the Indenture, the Company and the Trustee, respectively, have
entered into, executed and delivered this Sixty-Ninth Supplemental Indenture for the uses and purposes hereinafter expressed, that
is to say:

 

ARTICLE
I.

FIRST MORTGAGE BONDS, SERIES YYY, 3.25%, DUE October 1, 2049

 

Section
1. There are hereby created a seventieth series of bonds to be issued under and secured by the Indenture, to be designated
as “Duke Energy Indiana, LLC First Mortgage Bonds, Series YYY, 3.25%, Due October 1, 2049” (such series being the Bonds
of Series YYY hereinbefore referred to).

 

Section
2. The following provisions shall apply to the Bonds of Series YYY.

 

(a)           The Bonds of Series YYY shall be issued in fully registered form only. However, except as provided elsewhere in this
Section, the registered owner of all of the Bonds of Series YYY initially shall be The Depository Trust Company (“DTC”)
or its nominee, and such Bonds of Series YYY initially shall be registered in the name of DTC or its nominee. Payment of the principal
of or interest on Bonds registered in the name of DTC or its nominee shall be made in the manner specified in DTC’s rules
and by-laws. DTC (and any successor securities depository) and its (or their) participating institutions (each, a “Participant”)
shall maintain a book-entry registration and transfer system with respect to ownership of beneficial interests in the Bonds of
Series YYY (the “Book-Entry System”).

 

(b)          The
Bonds of Series YYY initially shall be issued in the form of one or more authenticated, fully registered bonds for such series
(each, a “Global Security”) which (i) need not be in the form of a lithographed or engraved certificate, but may be
typewritten or printed on ordinary paper or such paper as the Trustee may reasonably request, (ii) shall represent and be denominated
in an amount equal to 100% of the aggregate principal amount of the Bonds of Series YYY issued under this Supplemental Indenture,
(iii) shall be executed by the Company and authenticated by the Trustee in accordance with the provisions of the Indenture, (iv)
shall be registered in the name of DTC or its nominee, and delivered to DTC or its nominee or a custodian therefor, and (v) shall
contain the following legend on the face thereof:

 

Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to issuer or its agent
for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co.
or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered holder hereof, Cede & Co., has an interest herein.

 

Unless and until it is exchanged in whole
or in part for Bonds of Series YYY in definitive certificated form, each Global Security representing the Bonds of Series YYY may
not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC
or any such nominee to a successor securities depository or a nominee of any such successor securities depository.

 

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(c)           The Trustee and the Company may treat Cede & Co. or its nominee, or any successor securities depository
or nominee thereof (collectively, the “Depository”) as the sole and exclusive owner of the Bonds of Series YYY, registered
in its name for the purposes of payment of the principal or redemption price of or interest on the Bonds of Series YYY, giving
any notice permitted or required to be given to holders of the Bonds of Series YYY under the Indenture or this Supplemental Indenture,
registering the transfer of the Bonds of Series YYY, obtaining any consent or other action to be taken by holders of the Bonds
of Series YYY, and for all other purposes whatsoever and neither the Trustee nor the Company shall be affected by any notice to
the contrary. Neither the Company nor the Trustee nor any registrar nor any paying agent shall have any responsibility or obligation
to any Participant, any person claiming a beneficial ownership interest in the Bonds of Series YYY under or through the Depository
or any Participant, or any other person which is not shown on the registration books as being a holder of the Bonds of Series YYY
with respect to (i) the accuracy of any records maintained by the Depository or any Participant; (ii) the payment by the Depository
to any Participant of any amount in respect of the principal or interest on the Bonds of Series YYY or the redemption price of
the Bonds of Series YYY; (iii) the payment by any Participant to any owner of a beneficial ownership interest in the Bonds of Series
YYY, in respect of the principal of or interest on the Bonds of Series YYY or (iv) any consent or other action taken by the Depository
as owner of the Bonds of Series YYY. The Trustee shall pay all principal of and interest on the Bonds of Series YYY only to or
upon the order of the registered holder or holders of the Bonds of Series YYY, as shown on the registration books, and all such
payments shall be valid and effective to fully satisfy and discharge the Company’s obligations with respect to the principal
or redemption price of and interest on the Bonds of Series YYY, to the extent of the sum or sums so paid. No person other than
a holder of the Bonds of Series YYY, as shown on the registration books of DTC, shall receive an authenticated Bond evidencing
the obligation of the Company to make payment of the principal of and interest on the Bonds of Series YYY, pursuant to the Indenture
and this Supplemental Indenture. Upon delivery by DTC to the Trustee of written notice to the effect that DTC has determined to
substitute a new nominee for Cede & Co, and subject to the provisions of the Indenture and this Supplemental Indenture,
the word “Cede & Co.”, as used in this Supplemental Indenture, shall refer to each new nominee of DTC.

 

(d)           In
the event that after the occurrence of an event of default relating to the Bonds of Series YYY that has not been cured or waived,
holders of a majority in aggregate principal amount of the beneficial interests in the Bonds of Series YYY, as reflected in the
books and records of the Depository, notify the Trustee, through the Depository or any Participant, that the continuation of the
Book-Entry System is no longer in the best interests of such holders of beneficial interests in the Bonds of Series YYY, then
the Trustee shall notify the Depository and the Company, and the Depository will notify each Participant of the availability through
the Depository of definitive certificated Bonds of Series YYY.

 

In such event, the
Company shall execute, and the Trustee, upon receipt of a written order of the Company, signed by its President or a Vice President
and by its Treasurer, Assistant Treasurer, Secretary or Assistant Secretary (an “Issuer Order”), for the authentication
and delivery of definitive certificated Bonds of Series YYY, will authenticate and deliver Bonds of Series YYY in definitive certificated
form, in any authorized denominations, all pursuant to the provisions of the Indenture, to the person or persons specified to the
Trustee in writing by the Depository in the aggregate principal amount of the Global Security or Securities and in exchange for
such Global Security or Securities.

 

(e)           If
at any time the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Bonds of Series
YYY, or if at any time the Depository shall no longer be registered as a clearing agency in good standing under the Securities
Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company may appoint a successor Depository with
respect to the Bonds of Series YYY. If a successor Depository for the Bonds of Series YYY is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, the Company will execute, and the Trustee,
upon receipt of an Issuer Order for the authentication and delivery of definitive certificated Bonds of Series YYY, will authenticate
and deliver Bonds of Series YYY in definitive certificated form, in any authorized denominations, all pursuant to the provisions
of the Indenture, to the person or persons specified to the Trustee in writing by the Depository in the aggregate principal amount
of the Global Security or Securities and in exchange for such Global Security or Securities.

 

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(f)            The
Company may at any time and in its sole discretion determine that the Bonds of Series YYY shall no longer be represented by a
Global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of an Issuer Order for the
authentication and delivery of definitive certificated Bonds of Series YYY, will authenticate and deliver the Bonds of Series
YYY in definitive certificated form, in any authorized denominations, all pursuant to the provisions of the Indenture, to the
person or persons specified to the Trustee in writing by the Depository in the aggregate principal amount of the Global Security
or Securities and in exchange for such Global Security or Securities.

 

(g)           Upon
the exchange of any Global Security for the Bonds of Series YYY in definitive certificated form, in authorized denominations,
the Global Security or Securities shall be cancelled by the Trustee.

 

(h)           Whenever
the Depository requests the Company and the Trustee to do so, the Trustee and the Company will cooperate with the Depository in
taking appropriate action after reasonable notice to (i) make available one or more separate Global Securities evidencing the
Bonds of Series YYY to any Participant having Bonds of Series YYY credited to its account at the Depository, or (ii) arrange for
another Depository to maintain custody of the Global Security or Securities evidencing the Bonds of Series YYY.

 

(i)            In
connection with any notice or other communication to be provided to holders of the Bonds of Series YYY pursuant to the Indenture
and this Supplemental Indenture by the Company or the Trustee with respect to any consent or other action to be taken by holders
of the Bonds of Series YYY, the Company or the Trustee, as the case may be, shall establish a record date for such consent or
other action and give the Depository notice of such record date not less than 15 calendar days in advance of such record date
to the extent possible. Such notice to the Depository shall be given only so long as a Depository or its nominee is the sole holder
of the Bonds of Series YYY.

 

The Bonds of Series
YYY and the Trustee’s certificate to be endorsed thereon shall be substantially in the following forms, respectively:

 

[THE REMAINDER
OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.]

 

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(FORM OF FACE
OF BOND OF SERIES YYY)

 

[Unless this certificate is presented by
an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to issuer or its agent
for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co.
or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered holder hereof, Cede & Co., has an interest herein.]1

 

	No. YYY-R-	$
	CUSIP No: 26443T AB2	 
	ISIN: US 26443T AB26	 

 

DUKE ENERGY INDIANA,
LLC

FIRST MORTGAGE BOND, SERIES YYY, 3.25%,

DUE October 1, 2049

 

Duke Energy Indiana,
LLC, an Indiana limited liability company (hereinafter called the “Company”), for value received, hereby promises to
pay to                                ,
or registered assigns, the principal sum of                                      
Dollars ($              ) on the first day of October, 2049
and to pay interest on said sum from the date hereof, until said principal sum is paid, at the rate of 3.25% per annum, payable
semi-annually on the first day of April and October in each year, beginning on April 1, 2020. Both the principal of and the interest
on this bond shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender
for the payment of public and private debts at the office or agency of the Company in Plainfield, Indiana, or, at the option of
the registered owner hereof, at the office or agency of the Company in the Borough of Manhattan, The City of New York, State of
New York, except that interest on this bond may be paid, at the option of the Company, by check or draft mailed to the address
of the person entitled thereto as it appears on the books of the Company maintained for that purpose.

 

REFERENCE IS MADE TO
THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE.

 

This bond shall not
be valid or become obligatory for any purpose unless and until it shall have been authenticated by the execution by the Trustee,
or its successor in trust under the Indenture, of the certificate endorsed hereon.

 

 

1 This should be included
only if the Bonds of Series YYY are being issued in global form.

 

    7

     

    

  

IN WITNESS WHEREOF,
Duke Energy Indiana, LLC has caused this bond to be executed in its name by the manual or facsimile signature of its President
or an Executive Vice President or one of its Vice Presidents, and its company seal or a facsimile thereof to be hereto affixed
and attested by the manual or facsimile signature of its Secretary or one of its Assistant Secretaries.

 

	Dated as of:	
	 	 
	 	DUKE ENERGY INDIANA, LLC
	 	 
	 	By	 	 
	 	 	 	 
	 	 	President

 

	ATTEST:	
	 	 
	 	 
	 	 
	 	Secretary	

 

    8

     

    

 

(FORM OF REVERSE
OF BOND OF SERIES YYY)

 

This bond is one of
the bonds of the Company issued and to be issued from time to time under and in accordance with and all secured by an indenture
of mortgage or deed of trust, dated September 1, 1939, from Public Service Company of Indiana (predecessor of the Company)
to The First National Bank of Chicago, as Trustee, to which Deutsche Bank National Trust Company is successor trustee (which indenture
as amended by all supplemental indentures is hereinafter referred to as the “Indenture”). Said Trustee or its successor
in trust under the Indenture is hereinafter sometimes referred to as the “Trustee.” Reference is hereby made to the
Indenture for a description of the property mortgaged and pledged and the nature and extent of the security for said bonds. By
the terms of the Indenture, the bonds secured thereby are issuable in series which may vary as to date, amount, dates of maturity,
rate of interest and in other respects as in the Indenture provided.

 

This bond is one of
a series designated as “Duke Energy Indiana, LLC First Mortgage Bonds, Series YYY, 3.25%, Due October 1, 2049” (hereinafter
referred to as the “Bonds of Series YYY”) of the Company issued under and secured by the Indenture and created by a
Sixty-Ninth Supplemental Indenture, dated as of September 27, 2019 (the “Sixty-Ninth Supplemental Indenture”), which
also amends the Indenture.

 

The rights and obligations
of the Company and of the bearers and registered owners of bonds may be modified or amended with the consent of the Company by
an affirmative vote of the bearers or registered owners entitled to vote of at least seventy-five per centum (75%) in principal
amount of the bonds then outstanding at a meeting of bondholders called for the purpose (and by an affirmative vote of the bearers
or registered owners entitled to vote of at least seventy-five per centum (75%) in principal amount of bonds of any series affected
by such modification or amendment in case one or more, but less than all, series of bonds are so affected), all in the manner and
subject to the limitations set forth in the Indenture, any consent by the bearer or registered owner of any bond being conclusive
and binding upon such bearer or registered owner and upon all future bearers or registered owners of such bond, irrespective of
whether or not any notation of such consent is made on such bond; provided that no such modification or amendment shall, among
other things, extend the maturity or reduce the amount of, or reduce the rate of interest on, or otherwise modify the terms of
the payment of the principal of, or interest or premium (if any) on this bond, which obligations are absolute and unconditional,
or permit the creation of any lien ranking prior to or equal with the lien of the Indenture on any of the mortgaged property. The
Sixty-Ninth Supplemental Indenture provides that at any time when no bonds issued under the Indenture prior to the issuance of
the “PSI Energy, Inc. First Mortgage Bonds, Series BBB, 8%, Due July 15, 2009” are outstanding, the Company reserves
the right to amend the Indenture, without the consent or other action by the holders of the bonds outstanding at that time, to
decrease the seventy-five per centum (75%) vote requirement referred to above to sixty-six and two-thirds per centum (66-2/3%).

 

At any time before
April 1, 2049 (the “Par Call Date”), the Company will have the right to redeem the Bonds of Series YYY, in whole or
in part, at the option of the Company at any time, at a redemption price equal to the greater of (1) 100% of the principal amount
of the Bonds of Series YYY being redeemed and (2) the sum of the present values of the remaining scheduled payments of principal
and interest on the Bonds of Series YYY being redeemed that would be due if the Bonds of Series YYY matured on the Par Call Date
(exclusive of interest accrued to the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 0.20% (20 basis points), plus, in each case, accrued and unpaid
interest on the principal amount of the Bonds of Series YYY being redeemed to, but excluding, such redemption date. For the avoidance
of doubt, interest that is due and payable on an interest payment date falling on or prior to a redemption date will be payable
on such interest payment date in accordance with the Bonds of Series YYY and the Indenture. The Company shall notify the Trustee
of the redemption price with respect to any redemption pursuant to this paragraph promptly after the calculation thereof. The Trustee
shall not be responsible for calculating said redemption price.

 

    9

     

    

 

At any time on or after
the Par Call Date, the Company will have the right to redeem the Bonds of Series YYY, in whole or in part, at the option of the
Company at any time, at a redemption price equal to 100% of the principal amount of such Bonds of Series YYY being redeemed plus
accrued and unpaid interest on the principal amount of the Bonds of Series YYY being redeemed to, but excluding, such redemption
date.

 

For purposes of the
redemption provisions of the Bonds of Series YYY, the following terms have the following meanings:

 

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

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity
comparable to the remaining term of the Bonds of Series YYY to be redeemed (assuming, for this purpose, that the Bonds of Series
YYY 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 a comparable maturity to the remaining term of the Bonds of Series YYY.

 

“Comparable Treasury
Price” means, with respect to any redemption date for the Bonds of Series YYY, (A) the average of the Reference Treasury
Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations,
or (B) if the Quotation Agent obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury
Dealer” means each of BofA Securities, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, a Primary Treasury
Dealer (as defined below) selected by MUFG Securities Americas Inc., and a Primary Treasury Dealer selected by SunTrust Robinson
Humphrey, Inc., or their respective affiliates or successors, each of which is a primary U.S. Government securities dealer in the
United States (a “Primary Treasury Dealer”); provided, however, that if any of the foregoing or their affiliates or
successors shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third Business Day preceding such redemption date.

 

“Treasury Rate”
means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated
maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

    10

     

    

  

Notice of any redemption
by the Company will be mailed at least 30 days but not more than 60 days before any redemption date to each holder of Bonds of
Series YYY to be redeemed. If less than all the Bonds of Series YYY are to be redeemed at the option of the Company, and if the
Bonds of Series YYY are not Global Securities, the Trustee shall select, in such manner as it shall deem fair and appropriate,
the Bonds of Series YYY to be redeemed in whole or in part.

 

Unless the Company
defaults in payment of the redemption price, on and after any redemption date, interest will cease to accrue on the Bonds of Series
YYY or portions thereof called for redemption.

 

In the case of any
of certain events of default specified in the Indenture, the principal of this bond may be declared or may become due and payable
prior to the stated date of maturity hereof in the manner and with the effect provided in the Indenture.

 

No recourse shall be
had for the payment of the principal of or interest on this bond, or for any claim based hereon, or otherwise in respect hereof
or of the Indenture, to or against any incorporator, shareholder, officer or director, past, present or future, of the Company
or of any predecessor or successor company, either directly or through the Company or such predecessor or successor company, under
any constitution or statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability
of incorporators, shareholders, directors and officers being waived and released by the registered owner hereof by the acceptance
of this bond and being likewise waived and released by the terms of the Indenture.

 

The Bonds of Series
YYY are issuable only in registered form without coupons. This bond is transferable by the registered owner hereof, in person or
by an attorney duly authorized, at the principal office or place of business of Deutsche Bank National Trust Company, the Trustee,
or its successor in trust under the Indenture, or, if the Bonds of Series YYY are not Global Securities, at the option of the registered
owner, at the office or agency of the Company in the Borough of Manhattan, The City of New York, State of New York, upon the surrender
and cancellation of this bond, and upon any such transfer a new registered bond or bonds of the same series and maturity date and
for the same aggregate principal amount will be issued to the transferee in exchange herefor.

 

The Bonds of Series
YYY are issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof as shall from time to time be determined
and authorized by the Board of Directors of the Company. In the manner and subject to the limitations provided in the Indenture,
Bonds of Series YYY are exchangeable as between authorized denominations, upon presentation thereof for such purpose by the registered
owner, at the principal office or place of business of Deutsche Bank National Trust Company, the Trustee, or its successor in trust
under the Indenture, or, at the option of the registered owner, at the office or agency of the Company in the Borough of Manhattan,
The City of New York, State of New York.

 

No service charge will
be made for any transfer or exchange of this bond, but the Company may require a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

    11

     

    

  

(FORM OF TRUSTEE’S
CERTIFICATE)

 

TRUSTEE’S
CERTIFICATE

 

This bond is one of
the Bonds of Series YYY designated therein referred to and described in the within mentioned Indenture and Sixty-Ninth Supplemental
Indenture.

 

	 	DEUTSCHE BANK NATIONAL TRUST COMPANY, 

AS TRUSTEE
	 	 
	 	By	 
	 	Authorized Officer

 

[THE REMAINDER OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.]

 

    12

     

    

  

Section
3. The Bond of Series YYY issued prior to the first interest payment date shall be dated as of September 27, 2019, and
otherwise shall be dated as provided in Section 1 of Article II of the Indenture.

 

Section
4. All Bonds of Series YYY shall be due and payable on October 1, 2049, and shall bear interest from the date thereof
at the rate of 3.25% per annum, payable semi-annually on the first day of April and October in each year, commencing on April 1,
2020, to each holder of record at the close of business on the record date for the applicable interest payment date, which will
be (i) the close of business on the Business Day immediately preceding such interest payment date so long as all of the Bonds of
Series YYY remain in book-entry only form or (ii) the fifteenth calendar day immediately preceding such interest payment date if
any of the Bonds of Series YYY do not remain in book-entry only form, in each case, until the principal amount of the Bonds of
Series YYY has been paid or made available for payment. Interest on the Bonds of Series YYY shall be computed on the basis of a
360-day year consisting of twelve 30-day months.

 

Section
5. Subject to agreements with or the rules of the Depository or any successor book-entry security system or similar
system with respect to Global Securities, both the principal of and the interest on the Bonds of Series YYY shall be payable in
any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and
private debts, at the office or agency of the Company in Plainfield, Indiana, or, at the option of the holder thereof, at the office
or agency of the Company in the Borough of Manhattan, The City of New York, State of New York, except that interest on the Bonds
of Series YYY may be paid, at the option of the Company, by check or draft mailed to the address of the person entitled thereto
as it appears on the books of the Company maintained for that purpose.

 

Section
6. Definitive Bonds of Series YYY shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess
thereof, numbered consecutively from “YYY-R-1” upward.

 

The Bonds of Series
YYY shall be executed on behalf of the Company by the manual or facsimile signature of its President or an Executive Vice President
or one of its Vice Presidents and shall have affixed thereto the seal of the Company or a facsimile thereof attested by the manual
or facsimile signature of its Secretary or one of its Assistant Secretaries and shall be authenticated by the execution by the
Trustee of the certificate endorsed on said bonds.

 

No service charge will
be made by the Company for the transfer or for the exchange of Bonds of Series YYY except, in the case of transfer, a charge sufficient
to reimburse the Company for any tax or other governmental charge payable in connection therewith.

 

Pursuant to the provisions
of Section 11 of Article II of the Indenture, the Bonds of Series YYY may be issued in temporary form, and if temporary bonds be
issued, the Company shall, with all reasonable dispatch, at its own expense and without charge to the holders of the temporary
bonds, prepare and execute definitive Bonds of Series YYY and exchange the temporary bonds for such definitive bonds in the manner
provided for in said section, provided, however, no presentation or surrender of temporary Bonds of Series YYY shall be necessary
in order for the holders entitled to interest thereon to receive such interest.

 

Section
7. Article IX of the Indenture, “Maintenance and Renewal Fund and Sinking Fund Provisions”, as heretofore
amended or supplemented shall not apply to the “PSI Energy, Inc. First Mortgage Bonds, Series BBB, 8%, Due July 15,
2009” (such bonds being hereinafter referred to as the “Bonds of Series BBB”) or to any subsequently created
series of bonds (which includes the Bonds of Series YYY) from and after the date on which no series of bonds created under the
Indenture prior to the Bonds of Series BBB are outstanding.

 

    13

     

    

  

Section
8. Section 22 of Article V of the Indenture as heretofore amended or supplemented which, among other things, requires
an inspection of the mortgaged property every two years by an independent engineer, shall not apply to the Bonds of Series BBB
or to any subsequently created series of bonds (which includes the Bonds of Series YYY), from and after the date on which no series
of bonds created under the Indenture prior to the Bonds of Series BBB are outstanding.

 

Section
9. The Company reserves the right, without consent or other action by the holders of the Bonds of Series BBB or of any
subsequently created series of bonds (which includes the Bonds of Series YYY), to amend the Indenture, as heretofore amended or
supplemented, at any time after all bonds of any series created prior to the Bonds of Series BBB are no longer outstanding under
the Indenture, as follows:

 

(a)            by
substituting for the words “in principal amount not greater than sixty per centum (60%) of” in Section 3 of Article
IV thereof the following:

 

“in principal amount not
greater than sixty-six and two-thirds per centum (66-2/3%) of”.

 

(b)           by substituting for the words “shall exceed sixty per centum (60%) of the value of bondable property so acquired”
in Section 9 of Article V thereof the following:

 

“shall exceed sixty-six
and two-thirds per centum (66-2/3%) of the value of bondable property so acquired”.

 

(c)            by
substituting for the words “shall be deemed to be paid within the meaning of this article; provided, that the date
for the payment or redemption of such bonds shall be not more than one (1) year after such moneys shall have been so set apart
or paid.” in the first paragraph of Article XIV thereof the following:

 

“shall be deemed to be
paid within the meaning of this article.”.

 

(d)           by
substituting for the words “with the consent of holders of at least seventy-five per centum (75%) in aggregate principal
amount of the bonds at the time outstanding;” in sub-section (a) of Section 3 of Article XVIII thereof the following:

 

“with the consent of holders
of at least sixty-six and two-thirds per centum (66-2/3%) in aggregate principal amount of the bonds at the time outstanding;”.

 

(e)           by
substituting for the words “holders (or persons entitled to vote the bonds) of not less than seventy-five per centum (75%)
in aggregate principal amount of the bonds entitled to be voted” in subsection (l) of Section 3 of Article XVIII thereof
the following:

 

“holders (or persons entitled
to vote the bonds) of not less than sixty-six and two-thirds per centum (66-2/3%) in aggregate principal amount of the bonds entitled
to be voted”.

 

    14

     

    

 

(f)            by
substituting for the words “holders (or persons entitled to vote the bonds) of at least seventy-five per centum (75%) in
principal amount of the bonds outstanding” in sub-section (m) of Section 3 of Article XVIII thereof the following:

 

“holders (or persons entitled
to vote the bonds) of at least sixty-six and two-thirds per centum (66-2/3%) in principal amount of the bonds outstanding”.

 

Section
10. The Bonds shall not be entitled to the benefit of a sinking fund.

 

ARTICLE
II.

ISSUANCE OF BONDS OF SERIES YYY.

 

Section
1. An initial issue of the Bonds of Series YYY, in the aggregate principal amount not exceeding five hundred million
dollars ($500,000,000) may be executed by the Company and delivered to the Trustee for authentication, and shall be authenticated
and delivered by the Trustee to or upon the order of the Company (which authentication and delivery may be made without awaiting
the filing or recording of this Sixty-Ninth Supplemental Indenture), upon receipt by the Trustee of the resolutions, certificates,
orders, opinions and other instruments required by the provisions of Section 3 of Article IV of the Indenture to be received by
the Trustee as a condition to the authentication and delivery by the Trustee of bonds pursuant to said Section 3.

 

Section
2. Subject to the limitations provided in Section 24 of Article V of the Indenture, additional Bonds of Series YYY may
be issued by the Company under the provisions of Sections 2, 3 or 4 of Article IV of the Indenture.

 

ARTICLE
III.

INDENTURE AMENDMENTS.

 

Section
1. Article I of the Indenture, as heretofore amended, is hereby further amended (i) by adding immediately after subdivision
“(106)” thereof an additional subdivision numbered “(107)” and reading as follows:

 

“(107) The term ‘Sixty-Ninth
Supplemental Indenture’ shall mean the Sixty-Ninth Supplemental Indenture executed by the Company and the Trustee, dated
as of September 27, 2019, supplementing and amending the Indenture; and the term ‘Bonds of Series YYY’ shall mean the
‘Duke Energy Indiana, LLC First Mortgage Bonds, Series YYY, 3.25%, Due October 1, 2049’ created by the Sixty-Ninth
Supplemental Indenture.”

 

and (ii) by changing the numbering of the
present subdivision “(107)” thereof to “(108)”.

 

Section
2. Article VII of the Indenture, as heretofore amended, is hereby further amended by inserting therein immediately after
Section 52 thereof, a new section designated “Section 53” and reading as follows:

 

“Section
53. At any time before April 1, 2049 (the “Par Call Date”), the Company will have the right to redeem the Bonds of
Series YYY, in whole or in part, at the option of the Company at any time, at a redemption price equal to the greater of (1) 100%
of the principal amount of such Bonds of Series YYY being redeemed and (2) the sum of the present values of the remaining scheduled
payments of principal and interest on the Bonds of Series YYY being redeemed that would be due if the Bonds of Series YYY matured
on the Par Call Date (exclusive of interest accrued to the redemption date), discounted to the redemption date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 0.20% (20 basis points), plus in each
case, accrued and unpaid interest on the principal amount of the Bonds of Series YYY being redeemed to, but excluding, such redemption
date. For the avoidance of doubt, interest that is due and payable on an interest payment date falling on or prior to a redemption
date will be payable on such interest payment date in accordance with the Bonds of Series YYY and the Indenture. The Company shall
notify the Trustee of the redemption price with respect to any redemption pursuant to this paragraph promptly after the calculation
thereof. The Trustee shall not be responsible for calculating said redemption price.

 

    15

     

    

  

At any time
on or after the Par Call Date, the Company will have the right to redeem the Bonds of Series YYY, in whole or in part, at the option
of the Company at any time, at a redemption price equal to 100% of the principal amount of the Bonds of Series YYY being redeemed
plus accrued and unpaid interest on the principal amount of the Bonds of Series YYY being redeemed to, but excluding, such redemption
date.

 

‘Business
Day’ means a day other than (i) a Saturday or Sunday, (ii) a day on which banks in New York, New York are authorized or obligated
by law or executive order to remain closed or (iii) a day on which the Trustee’s corporate trust office is closed for business.

 

‘Comparable
Treasury Issue’ means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Bonds of Series YYY to be redeemed (assuming, for this purpose, that the Bonds
of Series YYY 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 a comparable maturity to the remaining term of the Bonds of Series
YYY.

 

‘Comparable
Treasury Price’ means, with respect to any redemption date for the Bonds of Series YYY, (A) the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations,
or (B) if the Quotation Agent obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such quotations.

 

‘Quotation
Agent’ means one of the Reference Treasury Dealers appointed by the Company.

 

‘Reference
Treasury Dealer’ means each of BofA Securities, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, a Primary
Treasury Dealer (as defined below) selected by MUFG Securities Americas Inc., and a Primary Treasury Dealer selected by SunTrust
Robinson Humphrey, Inc., or their respective affiliates or successors, each of which is a primary U.S. Government securities dealer
in the United States (a “Primary Treasury Dealer”); provided, however, that if any of the foregoing or their affiliates
or successors shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.

 

‘Reference
Treasury Dealer Quotations’ means, with respect to each Reference Treasury Dealer and any redemption date, the average, as
determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York
City time, on the third Business Day preceding such redemption date.

 

‘Treasury
Rate’ means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity
or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

    16

     

    

  

Notice of
any redemption by the Company will be mailed at least 30 days but not more than 60 days before any redemption date to each holder
of Bonds of Series YYY to be redeemed. If less than all the Bonds of Series YYY are to be redeemed at the option of the Company,
and if the Bonds of Series YYY are not Global Securities, the Trustee shall select, in such manner as it shall deem fair and appropriate,
the Bonds of Series YYY to be redeemed in whole or in part.

 

Unless the
Company defaults in payment of the redemption price, on and after any redemption date, interest will cease to accrue on the Bonds
of Series YYY or portions thereof called for redemption.

 

The Company
shall indemnify and hold harmless the Trustee from any and all losses, costs, damages, expenses, fees (including attorneys’
fees), court costs, judgments, penalties, obligations, suits, disbursements and liabilities of any kind or character whatsoever
which may at any time be imposed upon, incurred by or asserted against the Trustee by reason of or arising out of or caused, directly
or indirectly by any act or omission of the Trustee with respect to this Section 53, except for such that would arise out of the
willful misconduct or gross negligence of the Trustee and except for costs and expenses arising in the ordinary course of the Trustee’s
business.”

 

ARTICLE
IV.

CONCERNING THE TRUSTEE.

 

The Trustee hereby
accepts the trusts hereby declared and agrees to perform the same upon the terms and conditions in the Indenture and in this Sixty-Ninth
Supplemental Indenture set forth. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity
or sufficiency of this Sixty-Ninth Supplemental Indenture or the due execution hereof by the Company or for or in respect of the
recitals contained herein, all of which recitals are made by the Company solely. In general, each and every term and condition
contained in Article XVII of the Indenture shall apply to this Sixty-Ninth Supplemental Indenture.

 

ARTICLE
V.

MISCELLANEOUS PROVISIONS.

 

Section
1. Wherever in the original Indenture or in any of the sixty-nine supplemental indentures thereto reference is made
to any article or section of the original Indenture, such reference shall be deemed to refer to such article or section as amended
by such supplemental indentures.

 

Section
2. Upon the execution and delivery hereof, the Indenture shall thereupon be deemed to be amended as hereinabove set
forth as fully and with the same effect as if the amendments made hereby were set forth in the original Indenture and each of the
sixty-nine supplemental indentures to the Indenture shall henceforth be read, taken and construed as one and the same instrument;
but such amendments shall not operate so as to render invalid or improper any action heretofore taken under the original Indenture
or said supplemental indentures.

 

    17

     

    

  

Section
3. All the covenants, stipulations and agreements in this Sixty-Ninth Supplemental
Indenture contained are and shall be for the sole and exclusive benefit of the parties hereto, their successors and assigns, and
of the holders from time to time of the bonds.

 

Section
4. The table of contents to, and the headings of the different articles of, this Sixty-Ninth Supplemental Indenture
are inserted for convenience of reference, and are not to be taken to be any part of the provisions hereof, nor to control or affect
the meaning, construction or effect of the same.

 

Section
5. This Sixty-Ninth Supplemental Indenture may be simultaneously executed in any number of counterparts, and all such
counterparts shall constitute but one and the same instrument.

 

Section
6. Whenever a payment of principal or interest in respect of the Bonds of Series YYY are due on any day other than a
Business Day (as hereinafter defined), such payment shall be payable on the first Business Day next following such date, and, in
the case of a principal payment, interest on such principal payment shall accrue to the date of such principal payment. For the
purposes of this Section 6 the term Business Day shall mean any day other than a day on which the Trustee is authorized by law
to close.

 

[THE REMAINDER
OF THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY.]

 

    18

     

    

  

IN WITNESS WHEREOF,
said Duke Energy Indiana, LLC has caused this instrument to be executed in its limited liability company name by its President
or one of its Vice Presidents and to be attested by its Secretary or one of its Assistant Secretaries and said Deutsche Bank National
Trust Company has caused this instrument to be executed in its corporate name by, and to be attested by, its authorized officers,
in several counterparts, all as of the day and year first above written.

 

	 	DUKE ENERGY INDIANA, LLC
	 	 	 
	(COMPANY
SEAL)	By	/s/
Karl W. Newlin
			Karl W. Newlin
		 	Senior Vice President, Corporate Development and

Treasurer
	 	 	 
	ATTEST:	 	 
	 	 	 
	/s/ Robert T. Lucas III		 
	Robert T. Lucas III	 	 
	Assistant Secretary	 	 

 

    19

     

    

 

		DEUTSCHE
                                         BANK NATIONAL TRUST COMPANY, 
 as Trustee and not in its individual capacity
	 	 	 
	(CORPORATE
    SEAL)	By  	/s/
    Kenneth R. Ring
		 	Name: Kenneth R. Ring
		 	Title: Director
	 	 	 
		By	/s/
    Irina Golovashchuk
		 	Name: Irina Golovashchuk
		 	Title: Vice President
	 	 	 
	ATTEST:	 	 
	 	 	 
	/s/
    Jacqueline Bartnick	 	 
	Name:
    Jacqueline Bartnick	 	 
	Title:
    Director	 	 

 

    20

     

    

 

	STATE OF
    NORTH CAROLINA	)
		) ss:
	COUNTY OF MECKLENBURG	)

 

BE IT REMEMBERED, that
on this 27th day of September, 2019, before me, the undersigned, a notary public in and for the County and State aforesaid, duly
commissioned and qualified, personally appeared Karl W. Newlin and Robert T. Lucas III, personally known to me to be the same
persons whose names are subscribed to the foregoing instrument, and personally known to me to be the Senior Vice President, Corporate
Development and Treasurer and an Assistant Secretary, respectively, of Duke Energy Indiana, LLC, an Indiana limited liability company,
and acknowledged that they signed and delivered said instrument as their free and voluntary act as such Senior Vice President,
Corporate Development and Treasurer and Assistant Secretary, respectively, and as the free and voluntary act of said Duke Energy
Indiana, LLC, for the uses and purposes therein set forth; in pursuance of the power and authority granted to them by resolution
of the Board of Directors of said Company.

 

IN WITNESS WHEREOF,
I have hereunto set my hand and affixed my notarial seal the day and year aforesaid.

 

	(NOTARIAL SEAL)
	 
	 	/s/
    Phoebe P. Elliott
	 	
    Phoebe P. Elliott, Notary Public
	 	Commission expires:	June 26, 2021	 
	 	Mecklenburg County, NC 

 

    21

     

    

  

	STATE OF NEW YORK	)
	 	) ss:
	COUNTY OF NEW YORK	)

 

BE IT
REMEMBERED, that on this 27th day of September, 2019, before me, the undersigned, a notary public in and for the County and
State aforesaid, duly commissioned and qualified, personally appeared Kenneth R. Ring and Irina Golovashchuk personally known
to me to be the same persons whose names are subscribed to the foregoing instrument, and personally known to me to be Vice Presidents, respectively, of Deutsche Bank National Trust Company, a national
banking association, and acknowledged that they signed and delivered said instrument as their free and voluntary act as
such Assistant Vice President and Vice President, respectively, and as the free and voluntary act of said Deutsche Bank
National Trust Company, for the uses and purposes therein set forth; in pursuance of the power and authority granted to them
by the bylaws of said association.

 

IN WITNESS WHEREOF,
I have hereunto set my hand and affixed my notarial seal the day and year aforesaid.

 

	(NOTARIAL SEAL)
	 
	 	/s/ Robert S. Peschler	 
	 	Robert S. Peschler

                                                                                Notary Public - State of New York

                                                                                No. 01PE6397303

                                                                                Qualified in New York County

                                                                                My Commission Expires 9/3/2023
	 
	 
	This instrument was prepared by:
	 
	Peter K. O’Brien, Esq.*
	Hunton Andrews Kurth LLP
	200 Park Avenue
	New York, New York 10166

 

 

*Admitted in New York; not admitted in Indiana

 

    22TAX
SHARING AGREEMENT

 

THIS
TAX SHARING AGREEMENT (this “Agreement”), dated as of [                     ], 2019, is by and between TARONIS TECHNOLOGIES,
INC. (“Tech”), a Delaware corporation, and TARONIS FUELS, INC. (“Fuels”), Delaware corporation.
Each of Tech and Fuels is sometimes referred to herein as a “Party” and, collectively, as the “Parties.”

 

WHEREAS,
Tech, through itself and its direct and indirect Subsidiaries, currently conducts the Water Sterilization Business and
the Welding Supply & Gas Distribution Business;

 

WHEREAS,
the Board of Directors of Tech has determined that it is in the best interests of Tech and its shareholders to separate
into two publicly traded companies:

 

(a)
Tech, which will continue to conduct, directly and through its Subsidiaries, the Water Sterilization Business; and (b)
Fuels, which will continue to conduct, directly and through its Subsidiaries the Welding Supply & Gas Distribution
Business;

 

WHEREAS,
Tech has contributed to Fuels certain assets related to the Welding Supply & Gas Distribution Business in exchange
for the assumption by Fuels of liabilities associated with the Welding Supply & Gas Distribution Business (the “Contribution”);

 

WHEREAS,
on the Distribution Date and subject to the terms and conditions of this Agreement, Tech will distribute to the Record Holders
(as defined in the Master Distribution Agreement), on a pro rata basis, all the outstanding common shares, par value $0.000001,
of Fuels then owned by Tech (the “Distribution”), and the Board of Directors of Tech has approved
such Distribution;

 

WHEREAS,
for U.S. federal income tax purposes, the Separation and the Distribution, taken together, are is intended to qualify as
a reorganization that is described in Sections 368(a)(1)(D) and 355(a) of the Code;

 

WHEREAS,
Tech anticipates receiving an opinion of Anthony L.G., PLLC to the effect that, among other things, the Separation and
the Distribution, taken together, should be tax-free (except for cash received in lieu of fractional shares) to Fuels, Tech, and
the Tech shareholders for U.S. federal income tax purposes under Sections 368(a)(1)(D) and 355(a) and related provisions of the
Code;

 

WHEREAS,
prior to consummation of the Separation and the Distribution, Tech will be the common parent corporation of an affiliated
group of corporations within the meaning of Section 1504 of the Code that includes Fuels; and

 

WHEREAS,
the Parties wish to (a) provide for the payment of Tax liabilities and entitlement to refunds thereof, allocate responsibility
for, and cooperation in, the filing of Tax Returns, and provide for certain other matters relating to Taxes, and (b) set forth
certain covenants and indemnities relating to the preservation of the tax-free status of the Separation and the Distribution.

 

NOW,
THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally
bound hereby, the Parties hereby agree as follows:

 

Article
I. Definitions.

 

As
used in this Agreement, the following terms shall have the following meanings: “Accounting Firm” means, or any other
nationally recognized accounting firm as mutually agreed by the Parties.

 

“Acting
Party” has the meaning set forth in Section 6.02(b).

 

“Adjustment”
means any change in the Tax liability of a taxpayer, determined issue- by-issue or transaction-by-transaction, as the case may
be.

 

“Aggregate
Carryback Amount” has the meaning set forth in Section 4.02(c).

 

“Agreement”
has the meaning set forth in the preamble.

 

“Benefited
Party” has the meaning set forth in Section 4.01(b).

 

    	 

    	 

    

 

“Carryback
Amount” has the meaning set forth in Section 4.02(c).

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“Controlling
Party” means Tech or any other member of the Tech Group with respect to any Mixed Business Tax Return and Single Business
Tax Return related to the Water Sterilization Business, and Fuels or any other member of the Fuels Group with respect to
any Single Business Tax Return related to the Welding Supply & Gas Distribution Business.

 

“Counsel”
means Anthony L.G., PLLC.

 

“Disqualifying
Action” means a Tech Disqualifying Action or a Fuels Disqualifying Action.

 

“Distribution”
has the meaning set forth in the preamble.

 

“Distribution
Agreement” means the Master Distribution Agreement, dated as of the date of this Agreement, between the Parties.

 

“Distribution
Date” means the date on which the Distribution occurs.

 

“Due
Date” means (i) with respect to a Tax Return, the date (taking into account all valid extensions) on which such Tax Return
is required to be filed under applicable Law and with respect to a payment of Taxes, the date on which such payment is required
to be made to avoid the incurrence of interest, penalties and/or additions to Tax.

 

“Extraordinary
Transaction” means any action that is not in the Ordinary Course of Business, but shall not include any action described
in the Separation Agreement or Distribution Agreement or that is undertaken pursuant to, or in connection with, the Separation
or the Distribution.

 

“Fifty-Percent
or Greater Interest” has the meaning ascribed to such term by Section 355(d)(4) of the Code.

 

“Final Determination” means the final resolution of liability for any Tax for any taxable period,
by or as a result of (i) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer
be appealed; (ii) a final settlement with the IRS, a closing agreement or accepted offer in compromise under Sections 7121 or 7122
of the Code, or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any taxable
period; (iii) any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods
during which such refund or credit may be recovered by the jurisdiction imposing the Tax; or (iv) any other final resolution, including
by reason of the expiration of the applicable statute of limitations or the execution of a pre-filing agreement with the IRS or
other Taxing Authority.

 

“Fuels”
has the meaning set forth in the preamble.

 

“Fuels
Allocable Portion” means, with respect to any Tax paid after the Distribution Date or any Adjustments to Tax after the Distribution
Date relating to a Mixed Business Tax Return, the amount of such Tax attributable to Fuels, any Fuels Entity, or the Welding
Supply & Gas Distribution Business, as determined taking into account historical practice (including historical methodologies
for making corporate allocations), the Code, Treasury Regulations, and any applicable state, local or foreign law. For purposes
of determining the Fuels Allocable Portion of any Tax related to a Pre-Closing Period or Straddle Period for which no Tax Return
has been filed, the amount of the Fuels Allocable Portion will be determined after subtracting the amount of the Tax (whether
positive, or if a loss, negative) attributable to Fuels, any Fuels Entity, or the Welding Supply & Gas Distribution
Business as agreed to by the Parties with respect to the portion of the Tax year ending on December 31, 2019.

 

“Fuels
Common Shares” means (i) all classes or series of outstanding common shares of Fuels for U.S. federal income tax purposes,
including common shares and all other instruments treated as outstanding equity in Fuels for U.S. federal income tax purposes,
and (ii) all options, warrants and other rights to acquire such stock.

 

    	 	2	 

    	 

    

 

“Fuels
Disqualifying Action” means (i) any action (or the failure to take any action) by Fuels or any Fuels Entity (including entering
into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series of transactions),
or (ii) any event (or series of events) involving the Fuels Common Shares, any assets of Fuels or any assets of any Fuels Entity
that, in each case, negates the Tax-Free Status of the Transactions in whole or in part, regardless of whether such act or failure
to act (A) is covered by a Post-Distribution Ruling or an Unqualified Tax Opinion, or (B) occurs during or after the Restriction
Period.

 

“Fuels
Entity” means a member of the Fuels Group.

 

“Fuels
Group” means Fuels and each Person that will be a direct or indirect Subsidiary of Fuels immediately prior to the Distribution
(but after giving effect to the Contribution), including the entities set forth on Schedule 1.1(E) of the Distribution Agreement,
and each Person that is or becomes a member of the Fuels Group after the Distribution, including in all circumstances any Person
that is or was merged into Fuels or any direct or indirect Subsidiary that is a member of the Fuels Group.

 

“Fuels
Percentage” means the percentage determined by dividing (i) the average total value of the Fuels Common Shares for the five
business days following the Distribution Date, computed for each day by averaging the intraday high and intraday low trading price
of the Fuels Common Shares and multiplying such amount by the total number of shares of Fuels Common Shares outstanding on such
day, by (ii) the sum of (A) the amount determined in clause (i) and (B) the average total value of the Tech Common Shares for
the five business days following the Distribution Date, computed for each day by averaging the intraday high and intraday low
trading price of the Tech Common Shares and multiplying such amount by the total number of shares of Tech Common Shares outstanding
on such day.

 

“Fuels
Taxes” means, without duplication, (i) any Taxes imposed on Tech (or any of its Subsidiaries) or Fuels (or any of its Subsidiaries)
attributable to a Fuels Disqualifying Action, (ii) the Fuels Percentage of any Taxes imposed on Tech (or any of its Subsidiaries)
or Fuels (or any of its Subsidiaries) attributable to both a Fuels Disqualifying Action and a Tech Disqualifying Action, (iii)
50% of all Transfer Taxes, (iv) the Fuels Allocable Portion of any Taxes in respect of a Mixed Business Tax Return, and (v) any
Taxes in respect of any Single Business Tax Return related to the Welding Supply & Gas Distribution Business. For the
avoidance of doubt, Fuels Taxes shall not include any Taxes solely attributable to a Tech Disqualifying Action

 

“Governmental
Authority” means any federal, state, local or foreign government (including any political or other subdivision or judicial,
legislative, executive or administrative branch, agency, commission, authority or other body of any of the foregoing).

 

“Governmental
Order” means any order, writ, judgment, injunction, decree or award entered by or with any Governmental Authority.

 

“Indemnifying
Party” means the Party from which the other Party is entitled to seek indemnification pursuant to the provisions of Article
3.

 

“Indemnified
Party” means the Party which is entitled to seek indemnification from the other Party pursuant to the provisions of Article
3.

 

“Information”
has the meaning set forth in Section 7.01(a).

 

“Information
Request” has the meaning set forth in Section 7.01(a).

 

“Interested
Party” means Tech or Fuels (including any successor and/or assign of any of the foregoing), as the case may be, to the extent
(i) such Person or a member of such Person’s group is not a Controlling Party with respect to a Tax Proceeding and (ii)
such Person or a member of such Person’s group is (A) an Indemnifying Party or (B) an Indemnified Party.

 

“IRS”
means the U.S. Internal Revenue Service or any successor thereto, including its agents, representatives, and attorneys.

 

“Law”
means any statute, law, ordinance, regulation, rule, code or other requirement of a Governmental Authority or any Governmental
Order.

 

    	 	3	 

    	 

    

 

“Mixed
Business Tax Return” means any Tax Return including any consolidated, combined or unitary Tax Return, that relates to at
least one asset or activity that is part of the Water Sterilization Business, on the one hand, and at least one asset or
activity that is part of the Welding Supply & Gas Distribution Business, on the other hand.

 

“Non-Acting
Party” has the meaning set forth in Section 6.02(b).

 

“Opinion”
means the opinion of Counsel to the effect that the Separation and Distribution, taken together, should qualify as tax-free
(except for cash received in lieu of fractional shares) to Fuels, Tech and Tech shareholders for U.S. federal income tax purposes
under Sections 368(a)(1)(D) and 355 and related provisions of the Code.

 

“Ordinary
Course of Business” means an action taken by a Person only if such action is taken in the ordinary course of the normal
day-to-day operations of such Person.

 

“Party”
has the meaning set forth in the preamble.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization,
including a Governmental Authority.

 

“Post-Closing
Period” means any taxable period (or portion thereof) beginning after the Distribution Date.

 

“Post-Distribution
Ruling” has the meaning set forth in Section 6.02(b).

 

“Pre-Closing
Period” means any taxable period (or portion thereof) ending on or before the Distribution Date.

 

“Proposed
Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding, arrangement, or
substantial negotiations within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other
regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such transaction is supported
by the applicable Party’s management or shareholders, is a hostile acquisition, or otherwise, as a result of which such
Party would merge or consolidate with any other Person or as a result of which one or more Persons would (directly or indirectly)
acquire, or have the right to acquire, from such Party and/or one or more holders of outstanding shares of such Party’s
common shares, as the case may be, a number of such Party’s common shares that would, when combined with any other changes
in ownership of such Party’s common shares pertinent for purposes of Section 355(e) of the Code, comprise 25% or more of
(i) the value of all outstanding shares of stock of such Party as of the date of such transaction, or in the case of a series
of transactions, the date of the last transaction of such series, or (ii) the total combined voting power of all outstanding shares
of voting stock of such Party as of the date of such transaction, or in the case of a series of transactions, the date of the
last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A) the adoption
by a Party of a shareholder rights plan or (B) issuances by a Party that satisfy Safe Harbor VIII (relating to acquisitions in
connection with a Person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of
an employer) of Treasury Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect
acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as
an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is
intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or
change in, the statute or Treasury Regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition
and its interpretation.

 

“Refund”
means any refund (or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be refunded or, alternatively,
applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes, provided, however, that
for purposes of this Agreement, the amount of any Refund required to be paid to another Party shall be reduced by the net amount
of any income Taxes imposed on, related to, or attributable to, the receipt or accrual of such Refund.

 

“Restriction
Period” means the period beginning at the effective time of the Distribution and ending on the two-year anniversary of the
day after the Distribution Date.

 

“Separation”
has the meaning set forth in the preamble.

 

“Separation
Agreement” means the Separation Agreement, dated [____], 2019, between the Parties.

 

“Single Business
Tax Return” means any Tax Return including any consolidated, combined or unitary Tax Return, that includes assets or activities
relating only to the Water Sterilization Business, on the one hand, or the Welding Supply & Gas Distribution
Business, on the other (but not both), whether or not the Person charged by Law to file such Tax Return is engaged in the business
to which the Tax Return relates.

 

    	 	4	 

    	 

    

 

“Straddle
Period” means any taxable period that begins on or before and ends after the Distribution Date.

 

“Subsidiary”
of any Person means another Person (a) in which the first Person owns, directly or indirectly, an amount of the voting securities,
voting partnership interests or other voting ownership sufficient to elect at least a majority of its board of directors or other
governing body (or, if there are no such voting securities, interests or ownership, a majority of the equity interests in such
other Person), or (b) of which the first Person otherwise has the power to direct the management and policies. A Subsidiary may
be owned directly or indirectly by such first Person or by another Subsidiary of such first Person.

 

“Tax”
means (i) all taxes, charges, fees, duties, levies, imposts, or other similar assessments, imposed by any U.S. federal, state
or local or foreign governmental authority, including income, gross receipts, excise, property, sales, use, license, common shares,
transfer, franchise, payroll, withholding, social security, value added, goods and services, consumption, and other taxes, (ii)
any interest, penalties or additions attributable thereto and all liabilities in respect of any items described in clauses (i)
or (ii) payable by reason of assumption, transferee or successor liability, operation of Law or Treasury Regulation Section 1.1502-6(a)
(or any predecessor or successor thereof or any analogous or similar provision under Law).

 

“Tax
Attribute” means a net operating loss, net capital loss, tax credit, earnings and profits, overall foreign loss, separate
limitation loss, previously taxed income, or any item of income, gain, loss, deduction, credit, recapture or other item that may
have the effect of increasing or decreasing any income Tax paid or payable.

 

“Tax
Benefit” has the meaning set forth in Section 3.04.

 

“Tax-Free
Status of the Transactions” means the tax-free treatment accorded to the Separation and the Distribution as set forth
in the Opinion.

 

“Tax
Materials” has the meaning set forth in Section 6.01(a).

 

“Tax
Matter” has the meaning set forth in Section 7.01(a)(i).

 

“Tax
Package” means all relevant Tax-related information relating to the operations of the Water Sterilization Business
or the Welding Supply & Gas Distribution Business, as applicable, that is reasonably necessary to prepare and file
the applicable Tax Return.

 

“Tax
Proceeding” means any audit, assessment of Taxes, pre-filing agreement, other examination by any Taxing Authority, proceeding,
appeal of a proceeding or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to
competent authority determinations.

 

“Tax
Representation Letter” means any letter containing certain representations and covenants issued by Tech or any of its Subsidiaries
to Counsel in connection with the Opinion.

 

“Tax
Return” means any return, report, certificate, form or similar statement or document (including any related or supporting
information or schedule attached thereto and any information return, or declaration of estimated Tax) required to be supplied
to, or filed with, a Taxing Authority in connection with the payment, determination, assessment or collection of any Tax or the
administration of any Laws relating to any Tax and any amended Tax return or claim for refund.

 

“Taxing
Authority” means any governmental authority or any subdivision, agency, commission or entity thereof or any quasi-governmental
or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS).

 

“Tech”
has the meaning set forth in the preamble.

 

“Tech
10-K” means Tech’s Annual Report on Form 10-K, including for the fiscal year ended December 31, 2018, and all prior
fiscal years.

 

“Tech
Allocable Portion” means, with respect to any Tax paid after the Distribution Date relating to a Mixed Business Tax Return,
the amount of any such Tax less the Fuels Allocable Portion.

 

“Tech
Common Shares” means (i) all classes or series of outstanding common shares of Tech for U.S. federal income tax purposes,
including common stock and all other instruments treated as outstanding equity in Tech for U.S. federal income tax purposes, and
(ii) all options, warrants and other rights to acquire such stock.

 

    	 	5	 

    	 

    

 

“Tech
Disqualifying Action” means (i) any action (or the failure to take any action) within its control by Tech or any Tech Entity
(including entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series
of transactions), or (ii) any event (or series of events) involving Tech Common Shares, any assets of Tech or any assets of any
Tech Entity that, in each case, negates the Tax-Free Status of the Transactions in whole or in part, regardless of whether such
act or failure to act (x) is covered by a Post-Distribution Ruling or an Unqualified Tax Opinion, or occurs during or after the
Restriction Period.

 

“Tech
Entity” means a member of the Tech Group.

 

“Tech
Group” means Tech and each of its direct or indirect Subsidiaries that is not a member of the Fuels Group, and each Person
that is or becomes a member of the Tech Group after the Distribution, including any Person that is or was merged into Tech or
any direct or indirect Subsidiary that is not a member of the Fuels Group.

 

“Tech
Percentage” 100% minus the Fuels Percentage.

 

“Tech
Taxes” means, without duplication, (i) any Taxes imposed on Tech (or any of its Subsidiaries) or Fuels (or any of its Subsidiaries)
attributable to a Tech Disqualifying Action, (ii) the Tech Percentage of any Taxes imposed on Tech (or any of its Subsidiaries)
or Fuels (or any of its Subsidiaries) attributable to both a Fuels Disqualifying Action and a Tech Disqualifying Action, (iii)
50% of all Transfer Taxes, (iv) the Tech Allocable Portion of any Taxes in respect of a Mixed Business Tax Return, and (v) any
Taxes in respect of any Single Business Tax Return related to the Water Sterilization Business. For the avoidance of
doubt, Tech Taxes shall not include any Taxes solely attributable to a Fuels Disqualifying Action.

 

“Transfer
Taxes” means all sales, use, transfer, real property transfer, intangible, recordation, registration, documentary, stamp
or similar Taxes imposed on the Separation or the Distribution, and paid after the Distribution Date.

 

“Treasury
Regulations” means the final and temporary (but not proposed) Tax regulations promulgated under the Code, as such regulations
may be amended from time to time (including corresponding provisions of succeeding regulations).

 

“Unqualified
Tax Opinion” means a reasoned “will” opinion, without qualifications, of an appropriately credentialed
law firm to the effect that a transaction will not affect the Tax-Free Status of the Transactions. For purposes of this definition,
an opinion is reasoned if it describes the reasons for the conclusions and includes the facts, assumptions, and supporting legal
analysis.

 

“Water
Sterilization Business” means (i) the business and operations conducted by Tech and its Subsidiaries prior to the
Distribution comprising what is referred to in the Tech 10-K as the use of the Company’s proprietary plasma arc technology
for waste water sterilization, among other things; (ii) any other business (other than the Welding Supply & Gas
Distribution Business) directly conducted by any member of the Tech Group as of or prior to the Distribution; and (iii) any business
operation or assets that, at the time they were discontinued or sold, were not part of the Welding Supply & Gas Distribution
Business as then reported in the Tech 10-K.

 

“Welding
Supply & Gas Distribution Business” means (i) the business and operations conducted by Tech and its Subsidiaries
prior to the Distribution comprising what is referred to in the Tech 10-K as the Welding Supply & Gas Distribution
segments; (ii) any other business (other than the Welding Supply & Gas Distribution Business) directly conducted by
any member of the Tech Group as of or prior to the Distribution; and (iii) any business operation or assets that, at the time
they were discontinued or sold, were not part of the Welding Supply & Gas Distribution Business as then reported in
the Tech 10-K.

 

“U.S.”
means the United States of America.

 

Article
II. Preparation, Filing and Payment of Taxes

 

Section
2.01 Responsibility of Parties to Prepare Tax Returns and Pay Taxing Authority.

 

(a)
Tech Tax Returns. Tech shall prepare and file (or cause a Tech
Entity to prepare and file) all (i) Single Business Tax Returns relating to the Water Sterilization Business and (ii) all
Mixed Business Tax Returns, and shall pay (or cause such Tech Entity to pay) all Taxes shown to be due and payable on such Tax
Returns.

 

(b)
Fuels Tax Returns. Fuels shall prepare and file
(or cause a Fuels Entity to prepare and file) all Single Business Tax Returns relating to the Welding Supply & Gas Distribution
Business, and shall pay (or cause such Fuels Entity to pay) all Taxes shown to be due and payable on such Tax Returns.

 

    	 	6	 

    	 

    

 

Section
2.02 Tax Return Procedures for Mixed Business Tax Returns.

 

(a)
Tech shall prepare all, if any, Mixed Business Tax Returns consistent with historical practice, the Opinion, and the Tax Representation
Letter unless otherwise required by Law or agreed to in writing by Fuels. In the event that there is no historical practice for
reporting a particular item or matter, Tech shall determine the reporting of such item or matter provided that such determination
is, in the reasonable opinion of Tech, at least more likely than not to be sustained. In connection with the preparation of any
Mixed Business Tax Return, Fuels will assist and cooperate with Tech with respect to Tech’s preparation of any such Mixed
Business Tax Return, including assisting Tech in the preparation of a pro forma Tax Return for Fuels and any Fuels Entity to be
used in determining the Fuels Allocable Portion with respect to such Mixed Business Tax Return.

 

(b)
In connection with any Mixed Business Tax Return, no later than 30 days prior to the Due Date of each such Tax Return, Tech shall
make available or cause to be made available drafts of such Tax Return (together with all related work papers) and a document
determining the Fuels Allocable Portion of Taxes with respect to such Mixed Business Tax Return to Fuels. The failure of Tech
to make available any such materials described in the preceding sentence to Fuels within the time frame described in the preceding
sentence shall not relieve Fuels of any obligation which it may have to Tech under this Agreement except to the extent that Fuels
is actually prejudiced by such failure. Fuels shall have access to any and all data and information necessary for the preparation
of any such Mixed Business Tax Returns and the Parties shall cooperate fully in the preparation and review of such Tax Returns.
Subject to the preceding sentence, no later than 15 days after receipt of such Mixed Business Tax Returns (and related documents),
Fuels shall have a right to object to such Mixed Business Tax Return (or items with respect thereto, including the Fuels Allocable
Portion with respect to such Mixed Business Tax Return) by written notice to Tech; such written notice shall contain such disputed
item (or items) and the basis for its objection. Fuels shall pay to Tech no later than five days prior to the Due Date of each
such Tax Return the Fuels Allocable Portion of Taxes shown as due and payable on such Mixed Business Tax Return (net of any prepayment
made against such amount).

 

(c)
With respect to a Mixed Business Tax Return delivered by Tech to Fuels pursuant to Section 2.02(b), if Fuels does not object by
proper written notice described in Section 2.02(b), such Mixed Business Tax Return and the calculation of the Fuels Allocable
Portion with respect thereto shall be deemed to have been accepted and agreed upon, and to be final and conclusive, for purposes
of this Section 2.02 (c). If Fuels does object by proper written notice described in Section 2.02(b), Tech and Fuels shall act
in good faith to resolve any such dispute as promptly as practicable; provided, however, that, notwithstanding anything
to the contrary contained herein, if Tech and Fuels have not resolved the disputed item or items by the day five days prior to
the Due Date of such Mixed Business Tax Return, such Tax Return shall be filed as prepared pursuant to this Section 2.02(a) (revised
to reflect all initially disputed items that Tech and Fuels have agreed upon prior to such date). In the event that a Mixed Business
Tax Return is filed that includes any disputed item for which proper notice was given pursuant to Section 2.02(b) that was not
finally resolved and agreed upon, such disputed item (or items) shall be resolved in accordance with Section 8.01 (interpreted
without regard to the requirement that the Accounting Firm render a determination no later than the Due Date of the Tax Return
at issue). In the event that the resolution of such disputed item (or items) in accordance with Section 8.01 with respect to a
Mixed Business Tax Return is inconsistent with such Mixed Business Tax Return as filed, Tech (with cooperation from Fuels, if
necessary) shall, as promptly as practicable, amend such Tax Return to properly reflect the final resolution of the disputed item
(or items). In the event that the amount of Taxes shown to be due and owing on a Mixed Business Tax Return is adjusted as a result
of a resolution pursuant to this Section 2.02(c), proper adjustment shall be made to the amounts previously paid or required to
be paid in a manner that reflects such resolution.

 

Section
2.03 Expenses. Except as provided otherwise herein or in
the Distribution Agreement, each Party shall bear its own expenses incurred in connection with this Article 2.

 

Section
2.04 Coordination with Article 4. This Article 2 shall not
apply to any amended Tax Returns, other than such Tax Returns required to be amended under Section 2.02(c), all other such amended
Tax Returns governed by Article 4.

 

Article
III. Payment of Taxes and Indemnification.

 

Section
3.01 Payment and Indemnification by Tech. Tech shall pay,
and shall indemnify and hold the Fuels Group harmless from and against, without duplication, all Tech Taxes, (b) all Taxes incurred
by Fuels or any Fuels Entity by reason of the breach by Tech of any of its representations, warranties or covenants hereunder,
and (c) any external costs and expenses related to the foregoing (including reasonable attorneys’ fees and expenses but
excluding any expenses described in Section 2.03).

 

Section
3.02 Payment and Indemnification by Fuels. Fuels shall pay,
and shall indemnify and hold the Tech Group harmless from and against, without duplication, (a) all Fuels Taxes, (b) all Taxes
incurred by Tech or any Tech Entity by reason of the breach by Fuels of any of its representations, warranties or covenants hereunder,
and (c) any external costs and expenses related to the foregoing (including reasonable attorneys’ fees and expenses but
excluding any expenses described in Section 2.03).

 

    	 	7	 

    	 

    

 

Section
3.03 Timing of Tax Payments. Unless otherwise provided in
this Agreement, in the event that a Party (the “Indemnifying Party”) is required to make a payment to another
Party (the “Indemnified Party”) pursuant to this Article 3, the Indemnified Party shall deliver written notice
of the payments to the Indemnifying Party, including proof of payment to the Taxing Authority, in accordance with Section 8.19
on the last day of the calendar quarter in which the obligation giving rise to the indemnification payment must be satisfied,
and the Indemnifying Party shall be required to make payment to the Indemnified Party within 10 days after notice of such payment
is delivered to the Indemnifying Party.

 

Section
3.04 Characterization of and Adjustments to Payments. For
all Tax purposes, Tech and Fuels agree to treat (a) any payment required by this Agreement or any indemnity payments required
by the Separation Agreement or Distribution Agreement (other than payments pursuant to Section 8.03) as either a contribution
by Tech to Fuels or a distribution by Fuels to Tech, as the case may be, occurring immediately prior to the Distribution Date.
Except as otherwise provided, any payment under this Agreement shall be decreased to take into account any reduction in taxable
income of the Indemnified Party arising from the payment by the Indemnified Party of such indemnified liability and increased
to take into account any inclusion in taxable income of the Indemnified Party arising from the receipt of such indemnity payment
if there is any such increase notwithstanding the first sentence of this Section 3.04 (collectively, “Tax Benefits”).
Any Tax Benefit shall be determined (i) using the flat U.S. federal corporate income tax rate (or, the highest applicable marginal
U.S. federal corporate income tax rate in effect at the time of the determination, if different, and excluding any state income
tax effect of such inclusion or reduction) and assuming that the Indemnified Party will be liable for Taxes at such rate, the
Indemnified Party has sufficient taxable income to use any tax deduction, and has no other relevant Tax Attributes at the time
of the determination.

 

Article
IV. Refunds, Carrybacks, Amendments and Tax Attributes.

 

Section
4.01 Refunds.

 

(a)
Except as provided in Section 4.02, Tech shall be entitled to all Refunds of Taxes with respect to which Tech would be liable
for payment under Article 3 if such Taxes were paid after the Distribution Date, and Fuels shall be entitled to all Refunds of
Taxes with respect to which Fuels would be liable for payment under Article 3 if such Taxes were paid after the Distribution Date.
A Party receiving a Refund to which the other Party is entitled pursuant to this Agreement shall pay to the other Party the amount
to which such other Party is entitled within 10 days after the receipt of the Refund.

 

(b)
Notwithstanding Section 4.01(a), to the extent that a Party applies or causes to be applied an overpayment of Taxes as a credit
toward or a reduction in Taxes otherwise payable by such Party (or a Taxing Authority requires such application in lieu of a Refund)
and such overpayment of Taxes, if received as a Refund, would have been payable by such Party to the other Party pursuant to this
Section 4.01, such Party shall pay such amount to the other Party no later than the Due Date of the Tax Return for which such
overpayment is applied to reduce Taxes otherwise payable.

 

(c)
In the event of an Adjustment relating to Taxes for which one Party is or may be liable pursuant to Article 3 would have given
rise to a Refund but for an offset against the Taxes for which the other Party is or may be liable pursuant to Article 3 (the
“Benefited Party”), then the Benefited Party shall pay to the other Party within 10 days of the Final Determination
of such Adjustment an amount equal to the lesser of (a) the amount of such hypothetical Refund or (b) the amount of such reduction
in the Taxes of the Benefited Party, in each case plus interest at the rate set forth in Section 6621(a)(1) of the Code on such
amount for the period from the filing date of the Tax Return that would have given rise to such Refund to the payment date to
the other Party.

 

(d)
To the extent that the amount of any Refund under this Section 4.01 is later reduced by a Taxing Authority or as the result of
a Tax Proceeding, such reduction shall be allocated to the Party that was entitled to such Refund pursuant to this Section 4.01
and an appropriate adjusting payment shall be made by such Party to the other Party if the other Party originally paid the Refund
to such Party. For the avoidance of doubt, this Section 4.01(d) is intended to make whole the other Party that was not entitled
to the Refund.

 

Section
4.02 Carrybacks.

 

(a) Subject to Tech’s discretion
to file an amended Tax return under Section 4.03, each Party is permitted (but not required) to carry back (or to cause its Subsidiaries
to carry back) a loss, credit, or other Tax Attribute realized in a Post-Closing Period or a Straddle Period to a Pre-Closing
Period or a Straddle Period; provided, however, that if such carryback would reasonably be expected to adversely impact the other
Party (including through an increase in Taxes or a loss or reduction in the utilization of a loss, credit, or other Tax Attribute
regardless of whether or when such loss, credit, or other Tax Attribute otherwise would have been used), such carryback shall
not be permitted without first obtaining the prior written consent of such other Party, which consent shall not be unreasonably
withheld or delayed.

 

    	 	8	 

    	 

    

 

(b)
(i) Refunds for Carrybacks. Subject to Sections
4.02(c) and 4.02(d), in the event that any member of the Fuels Group chooses to (or is required to under applicable Law), and
is permitted to under Sections 4.02(a) and 4.03, carry back a loss, credit, or other Tax Attribute to a Mixed Business Tax Return,
Tech shall cooperate with Fuels and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would
result from a permitted carryback (including by filing an amended Tax Return at Fuels’ cost and expense). Fuels (or such
member) shall be entitled to any Refund realized by any member of the Tech Group or Fuels Group as a result of the carryback.

 

(ii)
Subject to Sections 4.02(c) and 4.02(d), in the event that any member of the Tech Group chooses to (or is required to under applicable
Law), and is permitted to under Sections 4.02(a) and 4.03, carry back a loss, credit, or other Tax Attribute to a Mixed Business
Tax Return, Fuels shall cooperate with Tech and such member in seeking from the appropriate Taxing Authority any Refund that reasonably
would result from a permitted carryback (including by filing an amended Tax Return at Tech’s cost and expense). Tech shall
be entitled to any Refund realized by any member of the Fuels Group or Tech Group as a result of the carryback.

 

(c)
Except as otherwise provided by applicable Law, if any loss, credit or other Tax Attribute of the Water Sterilization Business
and the Welding Supply & Gas Distribution Business both would be eligible to be carried back or carried forward to
the same Pre-Closing Period or Straddle Period (had such carryback been the only carryback to such taxable period) (such amount
for each of Water Sterilization Business and the Welding Supply & Gas Distribution Business separately referred
to as the “Carryback Amount” and the sum of both amounts returned to as the “Aggregate Carryback Amount”),
any Refund resulting therefrom shall be allocated between Tech and Fuels proportionately based on the ratio of the Water Sterilization
Business Carryback Amount to the Aggregate Carryback Amount and the Welding Supply & Gas Distribution Business
Carryback Amount to the Aggregate Carryback Amount, respectively. Appropriate adjustments to the allocation of any Refund under
the preceding sentence shall be made if the carryback results in any additional Tax Attributes being allocated to the Tech Group
or the Fuels Group (for example, under the regulations applicable to U.S. federal consolidated income tax returns) to the extent
necessary to cause the Tech Group, on the one hand, and the Fuels Group, on the other hand, to proportionately benefit from such
carryback.

 

(d)
To the extent the amount of any Refund under this Section 4.02 is later reduced by a Taxing Authority or a Tax Proceeding, such
reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 4.02.

 

Section
4.03 Amended Tax Returns.

 

(a)
Mixed Business Tax Returns. Tech shall, in
its sole discretion, be permitted to amend, or to cause Fuels or any Fuels Entity to amend (and Fuels shall, if Tech so chooses,
amend or cause the applicable Fuels Entity to amend), any Mixed Business Tax Return; provided, however, that unless otherwise
required by a Final Determination, Tech shall not be permitted to so amend any such Mixed Business Tax Return to the extent that
any such amendment or filing (i) would reasonably be expected to materially adversely impact Fuels (including through an increase
in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise would have been
used), (ii) would be inconsistent with historical practice, or (iii) would be inconsistent with the Opinion or Tax Representation
Letter, in each case without the prior written consent of Fuels, which consent shall not be unreasonably withheld or delayed.
If requested in writing by Fuels at least 60 days prior to the expiration of the applicable statute of limitations, Tech shall
amend any Mixed Business Tax Return to reflect changes proposed by Fuels; provided, however, that Fuels shall reimburse
Tech for all reasonable out-of-pocket costs and expenses incurred by Tech in amending such Mixed Business Tax Return; provided,
further, that unless otherwise required by a Final Determination, Tech shall not be required to so amend any such Mixed Business
Tax Return to the extent that any such amendment (A) would reasonably be expected to materially adversely impact Tech (including
through an increase in Taxes or a loss or reduction of a Tax Attribute regardless of whether or when such Tax Attribute otherwise
would have been used), (B) would be inconsistent with historical practice, or (C) would be inconsistent with the Opinion or Tax
Representation Letter.

 

(b)
Single Business Tax Returns.

 

(i)
Tech. Tech shall, in its sole discretion, be permitted to amend (or cause or permit to be amended) any Single Business
Tax Return relating to the Water Sterilization Business.

 

(ii)
Fuels. Fuels shall, in its sole discretion, be permitted to amend (or cause or permit to be amended) any Single Business
Tax Return relating to the Welding Supply & Gas Distribution Business.

 

    	 	9	 

    	 

    

 

Section
4.04 Tax Attributes.

 

(a)
Tax Attributes arising in a Pre-Closing Period will be allocated to (and the benefits and burdens of such Tax Attribute will inure
to) the Tech Group and the Fuels Group in accordance with historical practice (including historical methodologies for making corporate
allocations), the Code, Treasury Regulations, and any applicable state, local and foreign Law. Tech and Fuels shall jointly determine the allocation
of such Tax Attributes arising in Pre-Closing Periods as soon as reasonably practicable following the Distribution Date, and shall
compute all Taxes for a Post-Closing Period and Straddle Period consistently with that determination unless otherwise required
by a Final Determination.

 

(b)
Except as otherwise provided herein, to the extent that the amount of any Tax Attribute is later reduced or increased by a Taxing
Authority or as a result of a Tax Proceeding, such reduction or increase shall be allocated to the Party to which such Tax Attribute
was allocated pursuant to Section 4.04(a).

 

(c)
Notwithstanding anything to the contrary in this Agreement, Tech shall at all times be entitled to any Tax deduction or credit,
as the case may be, relating to the exercise of Tech Common Shares compensatory stock options, (ii) restricted stock that has
vested (in whole or in part) on or prior to the Distribution Date, or (iii) restricted stock with respect to Tech Common Shares.
Fuels shall be entitled to any Tax deduction or credit, as the case may be, relating to (A) the exercise of Fuels Common Shares
compensatory stock options or (B) restricted stock with respect to Fuels Common Shares. To the extent any Tax deduction that is
described in either of the first two sentences of this Section 4.04(c) and claimed by the Party to whom the deduction is allocated
under this section 4.04(c) is disallowed to such Party and a Taxing Authority makes a determination that the other Party is entitled
to such deduction, the Party denied such deduction shall notify the other Party of the receipt of such determination, promptly
after receipt thereof, and the Party for which the determination allows the Tax deduction shall pay to the other Party the amount
of the Tax Benefit arising therefrom.

 

Article
V. Tax Proceedings

 

Section
5.01 Notification of Tax Proceedings. Within 10 days after
a Controlling Party (or its Subsidiary) becomes aware of the commencement of a Tax Proceeding that may give rise to Taxes for
which an Interested Party is responsible pursuant to Article 3, such Controlling Party shall provide notice to the Interested
Party of such Tax Proceeding, and thereafter shall promptly forward or make available to the Interested Party copies of notices
and communications relating to such Tax Proceeding. The failure of the Controlling Party to provide notice to the Interested Party
of the commencement of any such Tax Proceeding within such 10-day period or promptly forward any further notices or communications
shall not relieve the Interested Party of any obligation which it may have to the Controlling Party under this Agreement except
to the extent that the Interested Party is actually prejudiced by such failure.

 

Section
5.02 Tax Proceeding Procedures. The Controlling Party, in
its sole discretion, and at its own expense, shall be entitled to control, administer, contest, litigate, compromise and settle
any Adjustment proposed, asserted or assessed pursuant to any Tax Proceeding and any such actions taken by the Controlling Party
shall be made diligently and in good faith; provided that the Controlling Party shall (a) keep the Interested Party informed in
a timely manner of all actions proposed to be taken by the Controlling Party and shall permit the Interested Party to comment
in advance on the Controlling Party’s oral or written submissions with respect to such Tax Proceeding, (b) prepare all correspondence
or filings to be submitted to any Taxing Authority or judicial authority in a manner consistent with the Tax Return, which is
the subject of such Adjustment, as filed and timely provide the Interested Party with copies of any such correspondence or filings
for the Interested Party’s prior review and comment and (c) provide the Interested Party with written notice reasonably
in advance of, and the Interested Party shall have the right to attend and participate in, any formally scheduled meetings with
any Taxing Authority or hearings or proceedings before any judicial authority with respect to such Adjustment. Furthermore, the
Controlling Party may not settle or otherwise resolve a Tax Proceeding with respect to an Adjustment that would reasonably be
expected to impact the Tax liability of an Interested Party without the consent of such Interested Party, such consent not to
be unreasonably withheld; provided that the Controlling Party shall be permitted to settle or otherwise resolve a Tax Proceeding
if and when the only unsettled issue of such Tax Proceeding relates to an Adjustment for which an Interested Party has consent
rights pursuant to the previous clause, but has not consented to settlement.

 

Section
5.03 Tax Proceeding Cooperation. Each Party shall act in
good faith and use its reasonable best efforts to cooperate fully with the other Party (and its Subsidiaries) in connection with
such Tax Proceeding and shall provide or cause its Subsidiaries to provide such information to each other as may be necessary
or useful with respect to such Tax Proceeding in a timely manner, identify and provide access to potential witnesses, and other
persons with knowledge and other information within its control and reasonably necessary to the resolution of the Tax Proceeding.

 

    	 	10	 

    	 

    

 

Article
VI. Tax-Free Status of the Transactions 

 

Section
6.01 Representations and Warranties.

 

(a)
Fuels. Fuels hereby represents and warrants or covenants and agrees, as appropriate, that:

 

(i)
it has examined (A) the Opinion, (B) the Tax Representation Letter, and (C) any other materials delivered or deliverable by Tech
or Fuels in connection with the rendering by Counsel of the Opinion (all of the foregoing, collectively, the “Tax Materials”);

 

(ii)
the facts presented and the representations made therein, to the extent descriptive of the Fuels Group (including the business
purposes for the Distribution as described in the Opinion and the other Tax Materials to the extent that they relate to the Fuels
Group and the plans, proposals, intentions and policies of the Fuels Group), are, or will be from the time presented or made through
and including the Distribution Date and thereafter as relevant, true, correct and complete in all respects; it knows of no fact
(after due inquiry) that may negate the Tax-Free Status of the Transactions; and

 

(iii)
neither it, nor any of its Subsidiaries, has any plan or intent to take any action which is inconsistent with any statements or
representations made in the Tax Materials.

 

(b)
Tech. Tech hereby represents and warrants or covenants and agrees, as appropriate, that:

 

(i)
it has examined the Tax Materials;

 

(ii)
it has delivered complete and accurate copies of the Tax Materials to Fuels, and the facts presented and the representations made
therein, to the extent descriptive of the Tech Group (including the business purposes for the Distribution as described in the
Opinion, and the other Tax Materials to the extent that they relate to the Tech Group and the plans, proposals, intentions and
policies of the Tech Group), are, or will be from the time presented or made through and including the Distribution Date and thereafter
as relevant, true, correct and complete in all respects;

 

(iii)
it knows of no fact (after due inquiry) that may negate the Tax-Free Status of the Transactions; and

 

(iv)
neither it, nor any of its Subsidiaries, has any plan or intent to take any action which is inconsistent with any statements or
representations made in the Tax Materials.

 

Section
6.02 Limits on Proposed Acquisition Transactions and Other Transactions During Restriction Period.

 

(c)
During the Restriction Period, Tech and Fuels:

 

(i)
shall continue and cause to be continued the active conduct of the Water Sterilization Business and the Welding Supply
& Gas Distribution Business, in each case taking into account Section 355(b)(3) of the Code and as conducted immediately prior
to the Distribution;

 

(ii)
shall not voluntarily dissolve, liquidate, or partially liquidate (including any action that is treated as a liquidation for federal
income Tax purposes);

 

(iii)
shall not enter into any Proposed Acquisition Transaction or, approve any Proposed Acquisition Transaction, or permit any Proposed
Acquisition Transaction to occur;

 

(iv)
shall not redeem or otherwise repurchase (directly or through an Affiliate) any stock, or rights to acquire stock, except to the
extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 as in effect prior to the amendment of such Revenue
Procedure by Revenue Procedure 2003-48 and as such analogous elements or embodied in super ceding Revenue Procedure 2017-52 (provided,
however, that the fact that any such redemption or repurchase satisfies Section 4.05(1)(b) of Revenue Procedure 96-30 shall not
prevent such redemption or repurchase from being considered, or taken into account for purposes of another transaction constituting,
a Proposed Acquisition Transaction, in which case clause (iii) shall apply);

 

(v)
shall not amend its articles of incorporation (or other organizational documents), or take any other action or approve or permit
the taking of any action, whether through a stockholder vote or otherwise, affecting the relative voting rights of the common
shares (including through the conversion of any common shares into another class of capital stock);

 

    	 	11	 

    	 

    

 

(vi)
shall not issue shares of a new class of nonvoting stock;

 

(vii)
shall not merge or consolidate with any other Person; provided, however, that if Tech or Fuels acquires equity of another
Person in a transaction that is not otherwise described in clauses (i) through (vi), (viii), or (ix) of this Section 6.02(a),
then the merger or consolidation of such Person with and into Tech or Fuels (with Tech or Fuels surviving), as applicable, shall
not constitute a merger or consolidation described in this clause (vii);

 

(viii)
shall not sell, transfer, or otherwise dispose of or agree to, sell, transfer or otherwise dispose of (including in any transaction
treated for U.S. federal income Tax purposes as a sale, transfer or disposition, and including any sale, transfer or other disposition
to an Subsidiary or otherwise) assets (including, any shares of common shares of a Subsidiary) that, in the aggregate, constitute
more than 35% of its consolidated gross or net assets. The foregoing sentence shall not apply to (A) sales, transfers, or dispositions
of assets in the Ordinary Course of Business, (B) any cash paid to acquire assets from an unrelated Person in an arm’s-length
transaction, (C) any assets transferred to a Person that is disregarded as an entity separate from the transferor for U.S. federal
income Tax purposes or (D) any mandatory or optional repayment (or pre-payment) of any indebtedness of such company. The percentages
of consolidated gross and net assets sold, transferred, or otherwise disposed of, shall be based on the fair market value of the
gross or net assets, as the case may be, of Tech and Fuels, as applicable, as of the Distribution Date. For purposes of this Section
6.02(a)(viii), a merger of Tech or Fuels with and into any Person shall constitute a disposition of all of the assets of Tech
or Fuels, respectively; and

 

(ix)
shall not take any other action or actions (including any action or transaction that would be reasonably likely to be inconsistent
with any representation made in the Tax Materials) which in the aggregate (and taking into account any other transactions described
in this Section 6.02(a)) would be reasonably likely to have the effect of causing or permitting one or more Persons (whether or
not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in Tech or Fuels
or otherwise jeopardize the Tax-Free Status of the Transactions.

 

(x)
Notwithstanding the restrictions imposed by Section 6.02(a), during the Restriction Period, Tech and Fuels shall be permitted
to take such action or one or more actions set forth in the foregoing clauses (i) through (ix), if, prior to taking any such actions,
the Party taking the action (the “Acting Party”) set forth in the foregoing clauses (i) through (ix) shall
(1) have received a favorable private letter ruling from the IRS, or a ruling from another appropriate Taxing Authority that confirms
that such action or actions will not affect the Tax-Free Status of the Transactions, taking into account such actions and any
other relevant transactions in the aggregate (a “Post-Distribution Ruling”), in form and substance satisfactory
to the other Party (the “Non-Acting Party”), or (2) have received an Unqualified Tax Opinion that confirms
that such action or actions will not affect the Tax-Free Status of the Transactions, or (3) the Non-Acting Party shall have waived
in writing the requirement to obtain such ruling or opinion. In determining whether a ruling or opinion is satisfactory, the Non-Acting
Party shall exercise its discretion, in good faith, solely to preserve the Tax-Free Status of the Transactions and may consider,
among other factors, the appropriateness of any underlying assumptions or representations used as a basis for the ruling or opinion
and the Non-Acting Party’s views on the substantive merits of such ruling or opinion. The Acting Party shall provide a copy
of the Post-Distribution Ruling or the Unqualified Tax Opinion described in this paragraph to the Non-Acting Party as soon as
practicable prior to taking or failing to take any action set forth in the foregoing clause through (ix). The Acting Party shall
bear all costs and expenses of securing any such Post-Distribution Ruling or Unqualified Tax Opinion and shall reimburse the Non-Acting
Party for all reasonable out-of-pocket costs and expenses that the Non-Acting Party may incur in good faith in seeking to obtain
or evaluate any such Post-Distribution Ruling or Unqualified Tax Opinion.

 

Article
VII. Cooperation

 

Section
7.01 General Cooperation.

 

(a)
The Parties shall each cooperate fully (and each shall cause its respective Subsidiaries to cooperate fully) with all reasonable
requests in writing (“Information Request”) from another Party hereto, or from an agent, representative or
advisor to such Party, in connection with the preparation and filing of Tax Returns (including the preparation of Tax Packages),
claims for Refunds, Tax Proceedings, and calculations of amounts required to be paid pursuant to this Agreement, in each case,
related or attributable to or arising in connection with Taxes of any of the Parties or their respective Subsidiaries covered
by this Agreement and the establishment of any reserve required in connection with any financial reporting (a “Tax Matter”).
Such cooperation shall include the provision of any information reasonably necessary or helpful in connection with a Tax Matter
(“Information”) and shall include, without limitation, at each Party’s own cost:

 

    	 	12	 

    	 

    

 

(i)
the provision of any Tax Returns of the Parties and their respective Subsidiaries, books, records (including information regarding
ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying
schedules, related work papers, and documents relating to rulings or other determinations by Taxing Authorities;

 

(ii)
the execution of any document (including any power of attorney) in connection with any Tax Proceedings of any of the Parties or
their respective Subsidiaries, or the filing of a Tax Return or a Refund claim of the Parties or any of their respective Subsidiaries;

 

(ii)
the use of the Party’s reasonable best efforts to obtain any documentation in connection with a Tax Matter; and (iv) the
use of the Party’s reasonable best efforts to obtain any Tax Returns (including accompanying schedules, related work papers,
and documents), documents, books, records or other information in connection with the filing of any Tax Returns of any of the
Parties or their Subsidiaries.

 

(b)
Each Party shall make its employees, advisors, and facilities available, without charge, on a reasonable and mutually convenient
basis in connection with the foregoing matters.

 

Section
7.02 Retention of Records. Tech and Fuels shall retain or
cause to be retained all Tax Returns, schedules and workpapers, and all material records or other documents relating thereto in
their possession, until 60 days after the expiration of the applicable statute of limitations (including any waivers or extensions
thereof) of the taxable periods to which such Tax Returns and other documents relate or until the expiration of any additional
period that any Party reasonably requests, in writing, with respect to specific material records or documents. A Party intending
to destroy any material records or documents shall provide the other Party with reasonable advance notice and the opportunity
to copy or take possession of such records and documents. The Parties hereto will provide notice to each other in writing of any
waivers or extensions of the applicable statute of limitations that may affect the period for which the foregoing records or other
documents must be retained.

 

Article
VIII. Miscellaneous

 

Section
8.01 Dispute Resolution.

 

(a)
Except as otherwise provided herein, in the event of any dispute between the Parties as to any matter covered by this Agreement,
the dispute shall be governed exclusively by the procedures set forth in Section 8.01(b).

 

(b)
With respect to any dispute governed by this Section 8.01(b), the Parties shall appoint an appropriately credentialed independent
public accounting firm (the “Accounting Firm”) to resolve such dispute. In this regard, the Accounting Firm
shall make determinations with respect to the disputed items based solely on representations made by Tech and Fuels and their
respective representatives, and not by independent review, and shall function only as an expert and not as an arbitrator and shall
be required to make a determination in favor of one Party only. The Parties shall require the Accounting Firm to resolve all disputes
no later than 45 days after the submission of such dispute to the Accounting Firm, but in no event later than the Due Date for
the payment of Taxes or the filing of the applicable Tax Return, if applicable, and agree that all decisions by the Accounting
Firm with respect thereto shall be final and conclusive and binding on the Parties. The Accounting Firm shall resolve all disputes
in a manner consistent with this Agreement and, to the extent not inconsistent with this Agreement, in a manner consistent with
the historical practices of Tech and its Subsidiaries, except as otherwise required by applicable Law. The Parties shall require
the Accounting Firm to render all determinations in writing and to set forth, in reasonable detail, the basis for such determination.
The fees and expenses of the Accounting Firm shall be paid by the non-prevailing Party.

 

Section
8.02 Tax Sharing Agreements. Any Tax sharing, indemnification
and similar agreements, written or unwritten, as between Tech, on the one hand, and Fuels or a Fuels Entity, on the other (other
than this Agreement), shall be or shall have been terminated no later than the effective time of the Distribution and, after the
effective time of the Distribution, none of Tech, Fuels or a Fuels Entity shall have any further rights or obligations under any
such Tax sharing, indemnification or similar agreement.

 

Section
8.03 Interest on Late Payments. With respect to any payment
between the Parties pursuant to this Agreement not made by the due date set forth in this Agreement for such payment, the outstanding
amount will accrue interest at a rate equal to the rate of interest from time to time announced publicly by The Wall Street Journal
as its prime rate, calculated on the basis of a year of 365 days and the number of days elapsed.

 

    	 	13	 

    	 

    

 

Section
8.04 Survival of Covenants. Except as otherwise contemplated
by this Agreement, all covenants and agreements of the Parties contained in this Agreement shall survive the Distribution Date
and remain in full force and effect in accordance with their applicable terms, provided, however, that the representations
and warranties and all indemnification for Taxes shall survive until 90 days following the expiration of the applicable statute
of limitations (taking into account all extensions thereof), if any, of the Tax that gave rise to the indemnification, provided,
further, that, in the event that notice for indemnification has been given within the applicable survival period, such indemnification
shall survive until such time as such claim is finally resolved.

 

Section
8.05 Termination. Notwithstanding any provision to the contrary,
this Agreement may be terminated by the board of directors of Tech, in its sole and absolute discretion, at any time prior to
the Distribution. In the event of any termination of this Agreement prior to the Distribution, neither Party (nor any member of
its Group or any of its respective directors or officers) will have any liability or further obligation to the other Party (or
member of its Group) with respect to this Agreement. After the Distribution Date, this Agreement may not be terminated except
by an agreement in writing signed by each of the Parties.

 

Section
8.06 Severability. Whenever possible, each provision or
portion of any provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Law,
but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other
provision or portion of any provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained in this
Agreement.

 

Section
8.07 Entire Agreement. Except as otherwise expressly provided
in this Agreement, this Agreement and any annexes, exhibits, schedules and appendices hereto constitute the entire agreement,
and supersede all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous
oral agreements, arrangements, communications and understandings between the Parties with respect to the subject matter of this
Agreement. This Agreement will not be deemed to contain or imply any restriction, covenant, representation, warranty, agreement
or undertaking of any Party with respect to the transactions contemplated hereby other than those expressly set forth in this
Agreement or in any document required to be delivered hereunder. Notwithstanding any oral agreement or course of action of the
Parties or their representatives to the contrary, no Party to this Agreement will be under any legal obligation to enter into
or complete the transactions contemplated hereby unless and until this Agreement and the Distribution Agreement, as applicable,
will have been executed and delivered by each of the Parties. Except as specifically set forth in the Distribution Agreement,
and except as provided in Section 8.15, all matters related to Taxes or Tax Returns of the Parties and their respective Subsidiaries
shall be governed exclusively by this Agreement.

 

Except
as provided in Section 8.15, in the event of a conflict between this Agreement and the Distribution Agreement with respect to such matters, this Agreement shall govern and control.

 

Section
8.08 Assignment. Except as expressly provided in this Agreement,
neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned or delegated, in whole or in
part, by operation of law or otherwise, by any Party without the prior written consent of the other Party, and any such assignment
or delegation without such prior written consent will be null and void. If any Party to this Agreement (or any of its successors
or permitted assigns) (a) will consolidate with or merge into any other Person and will not be the continuing or surviving corporation
or entity of such consolidation or merger or (b) will transfer all or substantially all of its properties and/or assets to any
Person, then, and in each such case, the Party (or its successors or permitted assigns, as applicable) will ensure that such Person
assumes all of the obligations of such Party (or its successors or permitted assigns, as applicable) under this Agreement, in
which case the consent described in the previous sentence will not be required.

 

Section
8.09 No Third-Party Beneficiaries. Except as provided in
Article 3 with respect to the Fuels Group and the Tech Group, nothing in this Agreement, express or implied, is intended to or
will confer upon any Person other than the Parties and their respective Subsidiaries and their respective successors and permitted
assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any legal or equitable
right, benefit or remedy of any nature under or by reason of this Agreement.

 

Section
8.10 Specific Performance. Subject to the provisions of
Section 8.01, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of
this Agreement, the Party who is or is to be thereby aggrieved shall have the right to specific performance and injunctive or
other equitable relief (on an interim or permanent basis) of its rights under this Agreement, in addition to any and all other
rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies
at law for any breach or threatened breach, including monetary damages, may be inadequate compensation for any loss and that any
defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing
or posting of any bond with such remedy are waived by the Parties.

 

    	 	14	 

    	 

    

 

Section
8.11 Amendment and Modification. This Agreement may not
be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing
expressly designated as an amendment hereto, signed on behalf of each Party hereto.

 

Section
8.12 Waiver. No failure or delay of either Party (or the
applicable member of its Group) in exercising any right or remedy under this Agreement will operate as a waiver thereof, nor will
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right
or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.
The rights and remedies of the Parties (and the other members of their respective Groups) under this Agreement are cumulative
and are not exclusive of any rights or remedies that they would otherwise have hereunder. Any agreement on the part of any Party
to any such waiver will be valid only if set forth in a written instrument executed and delivered by a duly authorized officer
on behalf of such Party.

 

Section
8.13 Rules of Construction. Interpretation of this Agreement
shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice
versa and words of one gender shall be held to include the other gender as the context requires; (b) references to the terms Article,
Section, paragraph, clause, Exhibit and Schedule are references to the Articles, Sections, paragraphs, clauses, exhibits and schedules
of this Agreement unless otherwise specified; (c) the terms “hereof,” “herein,” “hereby,”
“hereto,” and derivative or similar words refer to this entire Agreement, including any Schedules or Exhibits hereto;
(d) references to “$” shall mean U.S. dollars; (e) the word “including” and words of similar import when
used in this Agreement shall mean “including without limitation,” unless otherwise specified; (f) the word “or”
shall not be exclusive; (g) references to “written” or “in writing” include in electronic form; (h) provisions
shall apply, when appropriate, to successive events and transactions; (i) the headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (j) Tech and Fuels have each participated
in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement
shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening
either Party by virtue of the authorship of any of the provisions in this Agreement or any interim drafts of this Agreement; and
(k) a reference to any Person includes such Person’s successors and permitted assigns.

 

Section
8.14 Counterparts. This Agreement may be executed in one
or more counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be
an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of
a signature page to this Agreement by facsimile or portable document format (PDF) shall be as effective as delivery of a manually
executed counterpart of any such Agreement.

 

Section
8.15 Coordination with the Separation Agreement and
Distribution Agreement.
To the extent any conflict arises between this Agreement and the Separation Agreement or Distribution Agreement, this Agreement
shall control. 

 

Section
8.16 Effective Date. This Agreement shall become effective
only upon the occurrence of the Distribution.

 

Section
8.17 Governing Law. This Agreement and all disputes or controversies
arising out of or relating to this Agreement or the transactions contemplated hereby will be governed by, and construed in accordance
with, the Laws of the State of Delaware, without regard to the conflicts of law rules thereof.

 

Section
8.18 Force Majeure. Neither Party hereto (nor any Person
acting on its behalf) shall have any liability or responsibility for failure to fulfill any obligation (other than a payment obligation)
under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered
or delayed as a consequence of circumstances of Force Majeure. A Party claiming the benefit of this provision shall, as soon as
reasonably practicable after the occurrence of any such event, (a) notify the other Party of the nature and extent of any such
Force Majeure condition and (b) undertake with commercially reasonable efforts to remove any such causes and resume performance
under this Agreement as soon as feasible.

 

    	 	15	 

    	 

    

 

Section
8.19 Notices. All notices and other communications under
this Agreement will be in writing and will be deemed duly given (a) on the date of delivery if delivered personally, or if by
facsimile or electronic transmission, upon written confirmation of receipt by facsimile, e-mail or otherwise, (b) on the first
business day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier, or (c)
on the earlier of confirmed receipt or the fifth business day following the date of mailing if delivered by registered or certified
mail, return receipt requested, postage prepaid. All notices hereunder will be delivered to the addresses set forth below, or
pursuant to such other instructions as may be designated in writing by the Party to receive such notice:

 

If
to Tech:

Taronis
Technologies, Inc.

Attention:
General Counsel

300
W. Clarendon Ave., #230

Phoenix,
AZ 85013

 

If
to Fuels:

Taronis
Fuels, Inc.

300
W. Clarendon Ave. #230

Phoenix,
AZ 85013

Attention:
General Counsel

 

Section
8.20 No Circumvention. Each Party agrees not to directly
or indirectly take any actions, act in concert with any Person who takes any action, or cause or allow any of its Subsidiaries
to take any actions (including the failure to take any reasonable action) such that the resulting effect is to materially undermine
the effectiveness of any of the provisions of this Agreement (including adversely affecting the rights or ability of any Party
to successfully pursue indemnification or payment pursuant to the provisions of this Agreement).

 

Section
8.21 No Duplication; No Double Recovery. Nothing in this
Agreement is intended to confer or impose upon any Party a duplicative right, entitlement, obligation, or recovery with respect
to any matter arising out of the same facts and circumstances.

 

[This
space intentionally blank.]

 

    	 	16	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	TECH:
	 	Taronis Technologies, Inc., a Delaware corporation
	 	 	 
	 	By:	 
	 	Its: 	 
	 	Date:	 
	 	 	 
	 	FUELS:
	 	Taronis Fuels, Inc., a Delaware corporation
	 	 	 
	 	By:	 
	 	Its:	 
	 	Date:	       

 

    	 	17

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