Document:

Sixty-first Supplemental Indenture

 EXHIBIT 4.1 
  
  
  
 PORTLAND GENERAL ELECTRIC COMPANY 
 TO 
 HSBC BANK USA, NATIONAL ASSOCIATION 
 (AS SUCCESSOR TO THE MARINE MIDLAND TRUST 
 COMPANY OF NEW YORK) 
 Trustee. 
 Sixty-first
Supplemental Indenture 
 Dated: January 15, 2009 
 $130,000,000 First Mortgage Bonds, 
 6.50% Series, due 2014 
 6.80% Second Series, due 2016 
 Supplemental to Indenture of Mortgage and Deed of Trust, 
 dated July 1, 1945 of Portland General Electric Company.

 THIS INSTRUMENT GRANTS A SECURITY INTEREST BY A TRANSMITTING UTILITY 
 THIS INSTRUMENT CONTAINS AFTER-ACQUIRED PROPERTY PROVISIONS 
  
  
  

 This SIXTY-FIRST SUPPLEMENTAL INDENTURE (hereinafter this “Supplemental
Indenture”), dated January 15, 2009, is made by and between Portland General Electric Company, an Oregon corporation (hereinafter called the “Company”), and HSBC Bank USA, National Association (as successor to The
Marine Midland Trust Company of New York), a national banking association, as Trustee (hereinafter called the “Trustee”). 
 WHEREAS, the Company has heretofore executed and delivered its Indenture of Mortgage and Deed of Trust (herein sometimes referred to as the “Original Indenture”), dated July 1, 1945, to the Trustee to secure an issue
of First Mortgage Bonds of the Company; and 
 WHEREAS, bonds in the aggregate principal amount of $34,000,000 have heretofore been issued
under and in accordance with the terms of the Original Indenture as bonds of an initial series designated “First Mortgage Bonds, 3-1/8% Series due 1975” (herein sometimes referred to as the “Bonds of the 1975 Series”); and

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

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

  

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

  

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	 Supplemental
 Indenture
	  	Dated	  	 Series Designation
	  	Principal
Amount	 
	 Forty-eighth
	  	6-1-02	  		  	Collateral Series due 2003	  	72,000,000	(1)
	 Forty-ninth
	  	6-1-02	  		  	Second Collateral Series due 2003	  	150,000,000	(1)
	 Fiftieth
	  	10-1-02	  	8-1/8%	  	SSeries due 2010	  	150,000,000	(4)
	 Fifty-first
	  	10-1-02	  	5.6675%	  	Series due 2012	  	100,000,000	 
	 Fifty-second
	  	4-1-03	  	5.279%	  	Series due 2013	  	50,000,000	(4)
	 Fifty-third
	  	5-1-03	  		  	 Collateral Series A due 2033
 Collateral Series B due
2033
 Collateral Series C due 2033
	  	142,400,000	 
	 Fifty-fourth
	  	5-1-03	  		  	Collateral Series due 2004	  	150,000,000	(1)
	 Fifty-fifth
	  	7-1-03	  		  	Medium Term Notes Series VI	  	200,000,000	 
	 Fifty-sixth
	  	5-1-06	  	 6.31%
 6.26%
	  	 Series due 2036
 Series due 2031
	  	175,000,000
 100,000,000
	 
  

	 Fifty-seventh
	  	12-1-06	  	5.80%	  	Series due 2039	  	170,000,000	 
	 Fifty-eighth
	  	4-1-07	  	5.81%	  	Series due 2037	  	130,000,000	 
	 Fifty-ninth
	  	10-1-07	  	5.80%	  	Series due 2018	  	75,000,000	 
	 Sixtieth
	  	4-1-08	  	4.45%	  	Second Series due 2013	  	50,000,000	 

  

	(1)	Paid in full at maturity. 

  

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

  

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

  

	(4)	Redeemed in full prior to maturity. 

  

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

 which bonds are sometimes referred to herein as the “Bonds of the 1977 Series,” “Bonds of the 1977 Second Series,” “Bonds of the 1983 Series,” “Bonds of the 1984 Series,”
“Bonds of the 1986 Series,” “Bonds of the 4 7/8% Series due 1987,” “Bonds of the 5 1/2% Series due 1987,” “Bonds of the 1990 Series,” “Bonds of the 1991 Series,” “Bonds of the 4 5/8% Series due 1993,” “Bonds of the 4 3/4% Series due 1993,” “Bonds of the 1994 Series,” “Bonds of the 1995 Series,” “Bonds of the 1996 Series,” “Bonds of the 1997 Series,” “Bonds of
the 1977 Third Series,” “Bonds of the 2000 Series,” “Bonds of the 2001 Series,” “Bonds of the 2002 Series,” “Bonds of the 2003 Series,” “Bonds of the 2003 Second Series,” “Bonds of the 1980
Series,” “Bonds of the 1982 Series,” “Bonds of the 1985 Series,” “Bonds of the 2005 Series,” “Bonds of the 2006 Series,” “Bonds of the 1996 Second Series,” “Bonds of the 2007 Series,”
“Bonds of the 1999 Series,” “Bonds of the 1998 Series,” “Bonds of the 2000 Second Series,” “Bonds of the 2010 Series,” “Bonds of the 2012 Series,” “Bonds of the Extendable Series A,”
“Bonds of the 1995 Second Series,” “Bonds of the 2016 Series,” “Bonds of the Medium Term Note Series,” “Bonds of the Medium Term Note Series I,” “Bonds of the 2023 Series,” “Bonds of the Medium
Term Note Series II,” “Bonds of the Medium Term Note Series III,” “Bonds of the Medium Term Note 

  

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Series IV,” “Bonds of the Medium Term Note Series V,” “Bonds of the 2002 Second Series,” “Bonds of the Collateral
Series,” “Bonds of the Second Collateral Series,” “Bonds of the 2010 Second Series,” “Bonds of the 2012 Second Series,” “Bonds of the 2013 Series,” “Bonds of the 2033 Series,” “Bonds of the
2004 Collateral Series,” “Bonds of the Medium Term Note Series VI,” “Bonds of the 2036 Series,” “Bonds of the 2031 Series,” “Bonds of the 2039 Series,” “Bonds of the 2037 Series,” “Bonds of
the 2018 Series,” and “Bonds of the 2013 Second Series,” respectively; and 
 WHEREAS, the Original Indenture provides that
the Company and the Trustee, subject to the conditions and restrictions in the Original Indenture contained, may enter into an indenture or indentures supplemental thereto, which shall thereafter form a part of said Original Indenture, among other
things, to mortgage, pledge, convey, transfer, or assign to the Trustee and to subject to the lien of the Original Indenture with the same force and effect as though included in the granting clauses thereof, additional properties acquired by the
Company after the execution and delivery of the Original Indenture, and to provide for the creation of any series of bonds (other than the Bonds of the 1975 Series), designating the series to be created and specifying the form and provisions of the
bonds of such series as therein provided or permitted, and to provide a sinking, amortization, replacement, or other analogous fund for the benefit of all or any of the bonds of any one or more series, of such character and of such amount, and upon
such terms and conditions as shall be contained in such supplemental indenture; and 
 WHEREAS, the Company has heretofore executed and
delivered to the Trustee sixty supplemental indentures amending in certain respects the Original Indenture (such Original Indenture as so supplemented and amended is hereinafter referred to as the “Mortgage”); and 
 WHEREAS, the Company desires to further amend the Mortgage in certain respects pursuant to Section 17.01 of the Original Indenture, and the Trustee
has agreed to such amendments; and 
 WHEREAS, the Company desires to provide for the creation of two new series of bonds to be known as
“First Mortgage Bonds, 6.50% Series due 2014” (sometimes herein referred to as the “Bonds of the 2014 Series”), and “First Mortgage Bonds, 6.80% Second Series due 2016” (sometimes herein referred to as the
“Bonds of the 2016 Second Series”) (together, sometimes herein referred to as the “Bonds”), and to specify the form and provisions of the Bonds, and to mortgage, pledge, convey, transfer, or assign to the Trustee
and to subject to the lien of the Mortgage certain additional properties acquired by the Company since the execution and delivery of the Original Indenture; and 
 WHEREAS, the Company intends at this time to provide for the issuance of $63,000,000 aggregate principal amount of Bonds of the 2014 Series and $67,000,000 aggregate principal amount of Bonds of the 2016 Second
Series, in each case under and in accordance with the terms of the Mortgage and this Supplemental Indenture (the Mortgage as so supplemented and amended by this Supplemental Indenture referred to as the “Indenture”); and 

WHEREAS, the Bonds of the 2014 Series and the Trustee’s authentication certificate to be executed on the Bonds of the 2014 Series are to be
substantially in the following form, respectively: 
  

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 (Form of Bond of the 6.50% Series due 2014) 
 [Face of Bond] 
 THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS BOND, AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS BOND MAY NOT BE RESOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OR AN EXEMPTION
THEREFROM (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY, PROVIDED THAT IN-HOUSE COUNSEL TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(A)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT SHALL
BE DEEMED ACCEPTABLE) AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF EACH STATE OF THE UNITED STATES AND (B) IT WILL FURNISH TO THE COMPANY AND THE TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS THEY MAY REASONABLY
REQUIRE TO CONFIRM THAT ANY TRANSFER BY IT OF THIS BOND COMPLIES WITH THE FOREGOING RESTRICTIONS, PROVIDED, HOWEVER, THAT SUCH CONFIRMATION BY THE COMPANY MUST BE MADE ON A TIMELY BASIS AND SHALL NOT BE UNREASONABLY WITHHELD. THE HOLDER HEREOF, BY
PURCHASING THIS BOND, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A OR (2) AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE
501(A)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT AND THAT IT IS HOLDING THIS BOND FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION OR (3) A NON-U.S. PERSON OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT. 
  

			
	No.             	  	$                    
	 CUSIP/PPN No.             
	  	

 PORTLAND GENERAL ELECTRIC COMPANY 
 FIRST MORTGAGE BOND, 6.50% SERIES DUE 2014 
 Portland General Electric Company, an
Oregon corporation (hereinafter sometimes called the “Company”), for value received, hereby promises to pay to
                                        ,
or registered assigns, the principal sum of
                                        
Dollars on January 15, 2014 (the “Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date, and to pay interest thereon semi-annually in arrears on January 15 and July 15 (each an
“Interest Payment Date”) each year at the rate of 6.50 per cent per annum (calculated on the basis of a 360-day year of twelve 30-day months), for the period from the January 15 or July 15, as the case may be, next
preceding the date hereof to which interest has been paid, or, if the date hereof is a January 15 or July 15 to which interest has been paid, from the date hereof, or, if the date hereof is prior to July 15, 2009, from
January 15, 2009, provided, however, that if and to the extent the Company shall default in payment of the interest due on such January 15 or July 15, then from the next preceding date to which interest has been paid or if such
default shall be in respect of the interest due on July 15, 2009, then from January 15, 2009, until payment of the principal hereof has been made or duly provided for. If the Maturity Date or an Interest Payment Date falls on a day which
is not a Business Day, as defined below, principal or interest payable with respect to such Maturity Date or Interest Payment Date will be paid on the next succeeding Business Day with the same force and effect as if made on such Maturity Date or
Interest Payment Date, as the case may be. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to certain exceptions, be paid to the person in whose name this bond (or one or more predecessor
bonds) is registered at the close of 

  

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business on the fifteenth day (whether or not a Business Day) next preceding such Interest Payment Date (the “Regular Record Date”);
provided, however, that interest payable on the Maturity Date will be payable to the person to whom the principal hereof shall be payable. Should the Company default in the payment of interest (“Defaulted Interest”), the
Defaulted Interest shall be paid to the person in whose name this bond (or one or more predecessor bonds) is registered on a subsequent record date fixed by the Company, which subsequent record date shall be fifteen days prior to the payment of such
Defaulted Interest. As used herein, “Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York are not required or authorized by law to close. 
 Payment of the principal of and interest on this bond will be made in immediately available funds at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. The Trustee, as paying agent of the Company,
will make all payments of principal and interest by wire transfer of immediately available funds; provided, however, that appropriate written wire transfer instructions must have been received by the Trustee not less than sixteen days prior
to the applicable Interest Payment Date, Maturity Date, or redemption date. 
 Reference is hereby made to the further provisions of this
bond set forth on the reverse hereof, including terms of redemption, and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This bond shall not become or be valid or obligatory for any purpose until the authentication certificate hereon shall have been signed by the Trustee.

 IN WITNESS WHEREOF, PORTLAND GENERAL ELECTRIC
COMPANY has caused this instrument to be executed manually or in facsimile by its duly authorized officers and has caused a facsimile of its corporate seal to be imprinted hereon. 
  

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

  

 6 

 (Form of Trustee’s Authentication Certificate for 
 Bonds of the 6.50% Series due 2014) 
 This is
one of the bonds, of the series designated herein, described in the within-mentioned Indenture. 
  

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

  

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 [Reverse of Bond] 
 This bond is one of the bonds of a series designated as First Mortgage Bonds, 6.50% Series due 2014 (sometimes herein referred to as the “Bonds of the 2014 Series”) limited to a maximum aggregate
principal amount of $63,000,000. Bonds of the 2014 Series are bonds of an authorized issue of bonds of the Company known as First Mortgage Bonds, not limited as to maximum aggregate principal amount, all issued or issuable in one or more series
under and equally secured (except insofar as any sinking fund, replacement fund, or other fund established in accordance with the provisions of the Indenture hereinafter mentioned may afford additional security for the bonds of any specific series)
by an Indenture of Mortgage and Deed of Trust dated July 1, 1945, duly executed and delivered by the Company to HSBC Bank USA, National Association (as successor to The Marine Midland Trust Company of New York), as Trustee, as supplemented,
amended, and modified by sixty supplemental indentures and by the Sixty-first Supplemental Indenture (such Indenture of Mortgage and Deed of Trust as so supplemented, amended, and modified by such sixty supplemental indentures and the Sixty-first
Supplemental Indenture being hereinafter called the “Indenture”), to which Indenture reference is hereby made for a description of the property mortgaged and pledged as security for said bonds, the nature and extent of the security,
and the rights, duties, and immunities thereunder of the Trustee, the rights of the holders of said bonds and of the Trustee and of the Company in respect of such security, and the terms upon which said bonds may be issued thereunder. Capitalized
terms used herein and not defined herein shall have the respective meanings in the Indenture, unless otherwise noted. 
 The Bonds of the
2014 Series are not subject to any sinking fund. 
 The Bonds of the 2014 Series may be redeemed by the Company prior to maturity as a whole,
at any time, or in part, from time to time on notice given not more than ninety nor less than thirty days prior to the date of such redemption at the option of the Company at a price equal to the greater of (i) the principal amount of the
portion of this bond to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (not including any portion of such payments of interest accrued as of the date of redemption) due on this
bond (or portion thereof) to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, together in each case with accrued
and unpaid interest to the date of redemption. 
 If this bond or any portion thereof ($10,000 or an integral multiple thereof) is duly
called for redemption and payment duly provided for as specified in the Indenture, this bond or such portion thereof shall cease to be entitled to the lien of the Indenture from and after the date payment is so provided for and shall cease to bear
interest from and after the date fixed for such redemption. 
 In the event of the selection for redemption of a portion only of the
principal of this bond, payment of the redemption price will be made only upon surrender of this bond in exchange for a bond or bonds (but only of authorized denominations of the same series) for the unredeemed balance of the principal amount of
this bond. 
  

 8 

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders
of not less than seventy-five percent in principal amount of the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including, if more than one series of bonds shall be at the time
outstanding, not less than sixty percent in principal amount of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations of the Company and of the
holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the written approval or consent of all holders hereof which will (i) extend the maturity of this bond or reduce the
rate or extend the time of payment of interest hereon or reduce the amount of the principal hereof, (ii) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of the Indenture, or (iii) reduce the
percentage of the principal amount of the bonds upon the approval or consent of the holders of which modifications or alterations may be made as aforesaid. 
 The transfer of this bond is registrable by the registered owner hereof in person or by such owner’s attorney duly authorized in writing, at the corporate trust office of the Trustee in the Borough of Manhattan,
City and State of New York, upon surrender of this bond for cancellation and upon payment of any taxes or other governmental charges payable upon such transfer, and thereupon a new registered bond or bonds of the same series and of a like aggregate
principal amount will be issued to the transferee or transferees in exchange therefor. 
 The Company, the Trustee, and any paying agent may
deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payments of or on account of the principal hereof and interest due hereon, and for all other purposes, whether or not this bond
shall be overdue, and neither the Company, the Trustee, nor any paying agent shall be affected by any notice to the contrary. 
 Bonds of
this series are issuable only in fully registered form without coupons in denominations of $100,000 or any amount in excess thereof that is an integral multiple of $10,000. The registered owner of this bond at its option may surrender the same for
cancellation at said office of the Trustee and receive in exchange therefor the same aggregate principal amount of registered bonds of the same series but of other authorized denominations upon payment of any taxes or other governmental charges
payable upon such exchange and subject to the terms and conditions set forth in the Indenture. Bonds may be issued in a denomination of less than $100,000 (but in multiples of at least $10,000) if necessary to enable the registration of a transfer
by a holder of its entire holding of Bonds, or if necessary for the redemption of Bonds. 
 If an event of default as defined in the
Indenture shall occur, the principal of this bond may become or be declared due and payable before maturity in the manner and with the effect provided in the Indenture. The holders, however, of certain specified percentages of the bonds (exclusive
of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including in certain cases specified percentages of bonds of particular series, may in certain cases, to the extent and as provided in the Indenture,
waive certain defaults thereunder and the consequences of such defaults. 
  

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 No recourse shall be had for the payment of the principal of or the interest on this bond, or for any
claim based hereon, or otherwise in respect hereof or of the Indenture, against any incorporator, shareholder, director, or officer, past, present, or future, as such, of the Company or of any predecessor or successor corporation, either directly or
through the Company or such predecessor or successor corporation, under any constitution or statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability of incorporators, shareholders, directors, and
officers, as such, being waived and released by the holder and owner hereof by the acceptance of this bond and as provided in the Indenture. 
 The Indenture provides that this bond shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said State. 
 (End of Form of Bond of the 6.50% Series due 2014) 
 and

 WHEREAS, the Bonds of the 2016 Second Series and the Trustee’s authentication certificate to be executed on the Bonds of the 2016
Second Series are to be substantially in the following form, respectively: 
  

 10 

 (Form of Bond of the 6.80% Second Series due 2016) 
 [Face of Bond] 
 THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS BOND, AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS BOND MAY NOT BE RESOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OR AN EXEMPTION
THEREFROM (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY, PROVIDED THAT IN-HOUSE COUNSEL TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(A)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT SHALL
BE DEEMED ACCEPTABLE) AND IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF EACH STATE OF THE UNITED STATES AND (B) IT WILL FURNISH TO THE COMPANY AND THE TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS THEY MAY REASONABLY
REQUIRE TO CONFIRM THAT ANY TRANSFER BY IT OF THIS BOND COMPLIES WITH THE FOREGOING RESTRICTIONS, PROVIDED, HOWEVER, THAT SUCH CONFIRMATION BY THE COMPANY MUST BE MADE ON A TIMELY BASIS AND SHALL NOT BE UNREASONABLY WITHHELD. THE HOLDER HEREOF, BY
PURCHASING THIS BOND, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A OR (2) AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE
501(A)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT AND THAT IT IS HOLDING THIS BOND FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION OR (3) A NON-U.S. PERSON OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT. 
  

			
	No.             	  	$                    
	 CUSIP/PPN No.             
	  	

 PORTLAND GENERAL ELECTRIC COMPANY 
 FIRST MORTGAGE BOND, 6.80% SECOND SERIES DUE 2016 
 Portland General Electric Company,
an Oregon corporation (hereinafter sometimes called the “Company”), for value received, hereby promises to pay to
                                        ,
or registered assigns, the principal sum of
                                        
Dollars on January 15, 2016 (the “Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date, and to pay interest thereon semi-annually in arrears on January 15 and July 15 (each an
“Interest Payment Date”) each year at the rate of 6.80 per cent per annum (calculated on the basis of a 360-day year of twelve 30-day months), for the period from the January 15 or July 15, as the case may be, next
preceding the date hereof to which interest has been paid, or, if the date hereof is a January 15 or July 15 to which interest has been paid, from the date hereof, or, if the date hereof is prior to July 15, 2009, from
January 15, 2009, provided, however, that if and to the extent the Company shall default in payment of the interest due on such January 15 or July 15, then from the next preceding date to which interest has been paid or if such
default shall be in respect of the interest due on July 15, 2009, then from January 15, 2009, until payment of the principal hereof has been made or duly provided for. If the Maturity Date or an Interest Payment Date falls on a day which
is not a Business Day, as defined below, principal or interest payable with respect to such Maturity Date or Interest Payment Date will be paid on the next succeeding Business Day with the same force and effect as if made on such Maturity Date or
Interest Payment Date, as the case may be. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to certain exceptions, be paid to the person in whose name this bond (or one or more predecessor
bonds) is registered at the close of 

  

 11 

 
business on the fifteenth day (whether or not a Business Day) next preceding such Interest Payment Date (the “Regular Record Date”);
provided, however, that interest payable on the Maturity Date will be payable to the person to whom the principal hereof shall be payable. Should the Company default in the payment of interest (“Defaulted Interest”), the
Defaulted Interest shall be paid to the person in whose name this bond (or one or more predecessor bonds) is registered on a subsequent record date fixed by the Company, which subsequent record date shall be fifteen days prior to the payment of such
Defaulted Interest. As used herein, “Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York are not required or authorized by law to close. 
 Payment of the principal of and interest on this bond will be made in immediately available funds at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. The Trustee, as paying agent of the Company,
will make all payments of principal and interest by wire transfer of immediately available funds; provided, however, that appropriate written wire transfer instructions must have been received by the Trustee not less than sixteen days prior
to the applicable Interest Payment Date, Maturity Date, or redemption date. 
 Reference is hereby made to the further provisions of this
bond set forth on the reverse hereof, including terms of redemption, and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This bond shall not become or be valid or obligatory for any purpose until the authentication certificate hereon shall have been signed by the Trustee.

 IN WITNESS WHEREOF, PORTLAND GENERAL ELECTRIC
COMPANY has caused this instrument to be executed manually or in facsimile by its duly authorized officers and has caused a facsimile of its corporate seal to be imprinted hereon. 
  

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

  

 12 

 (Form of Trustee’s Authentication Certificate for 
 Bonds of the 6.80% Second Series due 2016) 
 This is one of the bonds, of the series designated herein, described in the within-mentioned Indenture. 
  

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

  

 13 

 [Reverse of Bond] 
 This bond is one of the bonds of a series designated as First Mortgage Bonds, 6.80% Second Series due 2016 (sometimes herein referred to as the “Bonds of the 2016 Second Series”) limited to a maximum
aggregate principal amount of $67,000,000. Bonds of the 2016 Second Series are bonds of an authorized issue of bonds of the Company known as First Mortgage Bonds, not limited as to maximum aggregate principal amount, all issued or issuable in one or
more series under and equally secured (except insofar as any sinking fund, replacement fund, or other fund established in accordance with the provisions of the Indenture hereinafter mentioned may afford additional security for the bonds of any
specific series) by an Indenture of Mortgage and Deed of Trust dated July 1, 1945, duly executed and delivered by the Company to HSBC Bank USA, National Association (as successor to The Marine Midland Trust Company of New York), as Trustee, as
supplemented, amended, and modified by sixty supplemental indentures and by the Sixty-first Supplemental Indenture (such Indenture of Mortgage and Deed of Trust as so supplemented, amended, and modified by such sixty supplemental indentures and the
Sixty-first Supplemental Indenture being hereinafter called the “Indenture”), to which Indenture reference is hereby made for a description of the property mortgaged and pledged as security for said bonds, the nature and extent of
the security, and the rights, duties, and immunities thereunder of the Trustee, the rights of the holders of said bonds and of the Trustee and of the Company in respect of such security, and the terms upon which said bonds may be issued thereunder.
Capitalized terms used herein and not defined herein shall have the respective meanings in the Indenture, unless otherwise noted. 
 The
Bonds of the 2016 Second Series are not subject to any sinking fund. 
 The Bonds of the 2016 Second Series may be redeemed by the Company
prior to maturity as a whole, at any time, or in part, from time to time on notice given not more than ninety nor less than thirty days prior to the date of such redemption at the option of the Company at a price equal to the greater of (i) the
principal amount of the portion of this bond to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (not including any portion of such payments of interest accrued as of the date of
redemption) due on this bond (or portion thereof) to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, together in
each case with accrued and unpaid interest to the date of redemption. 
 If this bond or any portion thereof ($10,000 or an integral multiple
thereof) is duly called for redemption and payment duly provided for as specified in the Indenture, this bond or such portion thereof shall cease to be entitled to the lien of the Indenture from and after the date payment is so provided for and
shall cease to bear interest from and after the date fixed for such redemption. 
 In the event of the selection for redemption of a portion
only of the principal of this bond, payment of the redemption price will be made only upon surrender of this bond in exchange for a bond or bonds (but only of authorized denominations of the same series) for the unredeemed balance of the principal
amount of this bond. 
  

 14 

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders
of not less than seventy-five percent in principal amount of the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including, if more than one series of bonds shall be at the time
outstanding, not less than sixty percent in principal amount of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations of the Company and of the
holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the written approval or consent of all holders hereof which will (i) extend the maturity of this bond or reduce the
rate or extend the time of payment of interest hereon or reduce the amount of the principal hereof, (ii) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of the Indenture, or (iii) reduce the
percentage of the principal amount of the bonds upon the approval or consent of the holders of which modifications or alterations may be made as aforesaid. 
 The transfer of this bond is registrable by the registered owner hereof in person or by such owner’s attorney duly authorized in writing, at the corporate trust office of the Trustee in the Borough of Manhattan,
City and State of New York, upon surrender of this bond for cancellation and upon payment of any taxes or other governmental charges payable upon such transfer, and thereupon a new registered bond or bonds of the same series and of a like aggregate
principal amount will be issued to the transferee or transferees in exchange therefor. 
 The Company, the Trustee, and any paying agent may
deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payments of or on account of the principal hereof and interest due hereon, and for all other purposes, whether or not this bond
shall be overdue, and neither the Company, the Trustee, nor any paying agent shall be affected by any notice to the contrary. 
 Bonds of
this series are issuable only in fully registered form without coupons in denominations of $100,000 or any amount in excess thereof that is an integral multiple of $10,000. The registered owner of this bond at its option may surrender the same for
cancellation at said office of the Trustee and receive in exchange therefor the same aggregate principal amount of registered bonds of the same series but of other authorized denominations upon payment of any taxes or other governmental charges
payable upon such exchange and subject to the terms and conditions set forth in the Indenture. Bonds may be issued in a denomination of less than $100,000 (but in multiples of at least $10,000) if necessary to enable the registration of a transfer
by a holder of its entire holding of Bonds, or if necessary for the redemption of Bonds. 
 If an event of default as defined in the
Indenture shall occur, the principal of this bond may become or be declared due and payable before maturity in the manner and with the effect provided in the Indenture. The holders, however, of certain specified percentages of the bonds (exclusive
of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including in certain cases specified percentages of bonds of particular series, may in certain cases, to the extent and as provided in the Indenture,
waive certain defaults thereunder and the consequences of such defaults. 
  

 15 

 No recourse shall be had for the payment of the principal of or the interest on this bond, or for any
claim based hereon, or otherwise in respect hereof or of the Indenture, against any incorporator, shareholder, director, or officer, past, present, or future, as such, of the Company or of any predecessor or successor corporation, either directly or
through the Company or such predecessor or successor corporation, under any constitution or statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability of incorporators, shareholders, directors, and
officers, as such, being waived and released by the holder and owner hereof by the acceptance of this bond and as provided in the Indenture. 
 The Indenture provides that this bond shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said State. 
 (End of Form of Bond of the 6.80% Second Series due 2016) 
 and 
 WHEREAS, all acts and proceedings required by law and by the charter or articles of incorporation and bylaws of the Company
necessary to make the Bonds to be issued hereunder, when executed by the Company, authenticated and delivered by the Trustee, and duly issued, the valid, binding, and legal obligations of the Company, and to constitute this Supplemental Indenture a
valid and binding instrument, have been done and taken; and the execution and delivery of this Supplemental Indenture have been in all respects duly authorized; 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, that, in order to secure the payment of the principal of, premium, if any, and interest on all First Mortgage Bonds at any time issued and outstanding under the
Original Indenture as supplemented and modified by the sixty supplemental indentures hereinbefore described and as supplemented and modified by this Supplemental Indenture, according to their tenor, purport, and effect, and to secure the performance
and observance of all the covenants and conditions therein and herein contained, and for the purpose of confirming and perfecting the lien of the Indenture on the properties of the Company hereinafter described, or referred to, and for and in
consideration of the premises and of the mutual covenants herein contained, and acceptance of the Bonds by the holders thereof, and for other valuable consideration, the receipt whereof is hereby acknowledged, the Company has executed and delivered
this Supplemental Indenture and by these presents does grant, bargain, sell, warrant, alien, convey, assign, transfer, mortgage, pledge, hypothecate, set over, and confirm unto the Trustee the following property, rights, privileges, and franchises
(in addition to all other property, rights, privileges, and franchises heretofore subjected to the lien of the Original Indenture as supplemented by the sixty supplemental indentures hereinbefore described and not heretofore released from the lien
thereof, all of which shall secure all bonds, including the Bonds), to wit: 
  

 16 

 CLAUSE I 
 Without in any way limiting anything in the Mortgage or hereinafter described, all and singular the lands, real estate, chattels real, interests in land, leaseholds, ways, rights-of-way, easements, servitudes, permits
and licenses, lands under water, riparian rights, franchises, privileges, electric generating plants, electric transmission and distribution systems, and all apparatus and equipment appertaining thereto, offices, buildings, warehouses, garages, and
other structures, tracks, machine shops, materials and supplies, and all property of any nature appertaining to any of the plants, systems, business, or operations of the Company, whether or not affixed to the realty, used in the operation of any of
the premises or plants or systems or otherwise, which have been acquired by the Company since the execution and delivery of the Original Indenture and not heretofore included in any indenture supplemental thereto, and now owned or which may
hereafter be acquired by the Company (other than excepted property as defined in the Mortgage). 
 CLAUSE II 
 All corporate, Federal, State, municipal, and other permits, consents, licenses, bridge licenses, bridge rights, river permits, franchises, grants,
privileges, and immunities of every kind and description, owned, held, possessed, or enjoyed by the Company (other than excepted property as defined in the Mortgage) and all renewals, extensions, enlargements, and modifications of any of them, which
have been acquired by the Company since the execution and the delivery of the Original Indenture and not heretofore included in any indenture supplemental thereto, and now owned or which may hereafter be acquired by the Company. 
 CLAUSE III 
 Also all other property, real,
personal, or mixed, tangible or intangible (other than excepted property as defined in the Mortgage) of every kind, character, and description and wheresoever situated, whether or not useful in the generation, manufacture, production,
transportation, distribution, sale, or supplying of electricity, hot water, or steam, which has been acquired by the Company since the execution and delivery of the Original Indenture and not heretofore included in any indenture supplemental
thereto, and now owned or which may hereafter be acquired by the Company (other than excepted property as defined in the Mortgage). 
 CLAUSE
IV 
 Together with all and singular the plants, buildings, improvements, additions, tenements, hereditaments, easements, rights, privileges,
licenses, and franchises and all other appurtenances whatsoever belonging or in any wise pertaining to any of the property hereby mortgaged or pledged, or intended so to be, or any part thereof, and the reversion and reversions, remainder and
remainders, and the rents, revenues, issues, earnings, income, products, and profits thereof, and every part and parcel thereof, and all the estate, right, title, interest, property, claim, and demand of every nature whatsoever of the Company at
law, in equity, or otherwise howsoever, in, of, and to such property and every part and parcel thereof (other than excepted property as defined in the Mortgage). 
  

 17 

 TO HAVE AND TO HOLD all of said property, real, personal, and mixed, and all and singular the lands,
properties, estates, rights, franchises, privileges, and appurtenances hereby mortgaged, conveyed, pledged, or assigned, or intended so to be, together with all the appurtenances thereto appertaining and the rents, issues, and profits thereof, unto
the Trustee and its successors and assigns, forever: 
 SUBJECT, HOWEVER, to the exceptions, reservations, restrictions, conditions,
limitations, covenants, and matters contained in all deeds and other instruments whereunder the Company has acquired any of the property now owned by it, and to permitted encumbrances as defined in Subsection B of Section 1.11 of the Mortgage;

 BUT IN TRUST NEVERTHELESS, for the equal and proportionate use, benefit, security, and protection of those who from time to time shall
hold the bonds authenticated and delivered under the Original Indenture and the sixty supplemental indentures hereinbefore described or this Supplemental Indenture, and duly issued by the Company, without any discrimination, preference, or priority
of any one bond over any other by reason of priority in the time of issue, sale, or negotiation thereof or otherwise, except as provided in Section 11.28 of the Mortgage, so that, subject to said Section 11.28, each and all of said bonds
shall have the same right, lien, and privilege under the Original Indenture and the sixty supplemental indentures hereinbefore described, or this Supplemental Indenture, and shall be equally secured thereby and hereby and shall have the same
proportionate interest and share in the trust estate, with the same effect as if all of the bonds had been issued, sold, and negotiated simultaneously on the date of delivery of the Original Indenture; 
 AND UPON THE TRUSTS, USES, AND PURPOSES and subject to the covenants, agreements, and conditions in the Original Indenture and the sixty supplemental
indentures hereinbefore described and herein set forth and declared. 
 ARTICLE ONE. 
 BONDS OF THE 2014 SERIES AND 
 CERTAIN
PROVISIONS RELATING THERETO. 
 SECTION 1.01. Certain Terms of Bonds of the 2014 Series. There is hereby established a series of
First Mortgage Bonds of the Company designated and entitled as “First Mortgage Bonds, 6.50% Series due 2014” (sometimes referred to as the “Bonds of the 2014 Series”). The aggregate principal amount of the Bonds of the
2014 Series shall be limited to $63,000,000, excluding, however, any Bonds of the 2014 Series which may be executed, authenticated, and delivered in exchange for or in lieu of or in substitution for other Bonds of such Series pursuant to the
provisions of the Indenture. 
 The definitive Bonds of the 2014 Series shall be issuable in substantially the form as hereinabove set forth
in fully registered form without coupons in the denomination of $100,000, or any amount in excess thereof that is an integral multiple of $10,000. 
  

 18 

 Notwithstanding the provisions of Section 2.05 of the Mortgage, each Bond of the 2014 Series shall
be dated as of the date of execution by the Company, shall mature on January 15, 2014 (the “Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date, and shall bear interest semi-annually in arrears
from the January 15 or July 15, as the case may be, next preceding the date thereof to which interest has been paid, or, if the date thereof is a January 15 or July 15 to which interest has been paid, from the date thereof, or,
if the date thereof is prior to July 15, 2009, from January 15, 2009, provided, however, that if and to the extent the Company shall default in payment of the interest due on such January 15 or July 15, then from the next
preceding date to which interest has been paid or if such default shall be in respect of the interest due on July 15, 2009, then from January 15, 2009. Each Bond of the 2014 Series shall bear interest at the rate of 6.50 per cent per
annum (calculated on the basis of a 360-day year of twelve 30-day months), until payment of the principal thereof has been made or duly provided for, such interest to be payable semi-annually on January 15 and July 15 (each an
“Interest Payment Date”) in each year. If the Maturity Date or an Interest Payment Date falls on a day which is not a Business Day, as defined below, principal or interest payable with respect to such Maturity Date or Interest
Payment Date will be paid on the next succeeding Business Day with the same force and effect as if made on such Maturity Date or Interest Payment Date, as the case may be. The person in whose name any Bond of the 2014 Series is registered at the
close of business on the applicable Record Date (as defined below) with respect to any Interest Payment Date shall be entitled to receive the interest payable thereon on such Interest Payment Date notwithstanding the cancellation of such Bond of the
2014 Series upon any registration of transfer or exchange thereof subsequent to such Record Date and prior to such Interest Payment Date, unless the Company shall default in the payment of the interest due on such Interest Payment Date, in which
case such defaulted interest shall be paid to the person in whose name such Bond of the 2014 Series is registered on a subsequent record date fixed by the Company, which subsequent record date shall be fifteen days prior to the payment of such
defaulted interest; provided, however, that interest payable on the Maturity Date will be payable to the person to whom the principal thereof shall be payable. As used herein the term “Business Day” means any day, other than
a Saturday or Sunday, on which banks in The City of New York, New York are not required or authorized by law to close. As used herein, the term “Record Date” with respect to any Interest Payment Date shall mean the fifteenth day
(whether or not such day is a Business Day) next preceding such Interest Payment Date. The principal of the Bonds of the 2014 Series shall be payable in any coin or currency of the United States of America which at the time of payment is legal
tender for the payment of public and private debts at the office or agency of the Company in the Borough of Manhattan, City and State of New York, and interest on such Bonds of the 2014 Series shall be payable in like coin or currency at said office
or agency. 
 Upon compliance with the provisions of Section 2.06 of the Mortgage and as provided in this Supplemental Indenture, and
upon payment of any taxes or other governmental charges payable upon such exchange, Bonds of the 2014 Series may be exchanged for a new Bond or Bonds of the 2014 Series of different authorized denominations of like aggregate principal amount. The
Trustee hereunder shall, by virtue of its office as such Trustee, be the registrar and transfer agent of the Company for the purpose of registering permitted transfers of Bonds of the 2014 Series. 
  

 19 

 Notwithstanding the provisions of Section 2.11 of the Mortgage, no service charge shall be made for
any exchange or registration of transfer of Bonds of the 2014 Series, but the Company or the Trustee at either of their option may require payment of a sum sufficient to cover any tax or other governmental charge incident thereto. 
 SECTION 1.02. Redemption Provisions for Bonds of the 2014 Series. The Bonds of the 2014 Series may be redeemed prior to maturity at any time, in
whole or in part, upon prior notice given by mailing such notice to the respective registered owners of such Bonds of the 2014 Series not less than thirty nor more than ninety days prior to the redemption date and as otherwise required by the
provisions of Article Nine of the Mortgage, at the option of the Company, at a redemption price equal to the greater of (i) 100 percent of the principal amount of the portion of the Bonds of the 2014 Series to be redeemed or (ii) the sum
of the present values of the remaining scheduled payments of principal and interest (not including any portion of such payments of interest accrued as of the date of redemption) due on the Bonds of the 2014 Series (or portion thereof) to be
redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, together in each case with accrued and unpaid interest to the date
of redemption. The Company shall give the Trustee notice of such redemption price immediately after the calculation thereof, and the Trustee shall have no responsibility for such calculation. 
 Notwithstanding the provisions of Section 9.03 of the Mortgage, in the case of any partial redemption of the Bonds of the 2014 Series, the principal
amount of the Bonds to be redeemed shall be allocated pro rata among all holders of such Bonds of the 2014 Series at the time outstanding and in accordance with the unpaid principal amount thereof. 
 The following definitions shall apply for purposes of this Section 1.02: 
 (a) “Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Adjusted Treasury Rate
shall be calculated on the third Business Day preceding the redemption date. 
 (b) “Comparable Treasury Issue” means the
United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Bonds of the 2014 Series to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds of the 2014 Series. 
 (c) “Comparable Treasury Price” means, with respect to any redemption date, (A) the average of four Reference Treasury Dealer Quotations for the redemption date, after excluding the highest and
lowest Reference Treasury Dealer Quotations for the redemption date, or (B) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
  

 20 

 (d) “Independent Investment Banker” means an independent investment and banking
institution of national standing appointed by the Company. 
 (e) “Reference Treasury Dealer” means a primary U.S. Government
securities dealer in New York City selected by the Independent Investment Banker. 
 (f) “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the fourth Business Day preceding the redemption date. 
 SECTION 1.03. Sections 4.04, 4.05, and 4.06 to Remain in Effect. Notwithstanding the provisions of Sections 4.04, 4.05, 4.06, and 4.07 of the
Mortgage, the provisions of Sections 4.04, 4.05, and 4.06 of the Mortgage shall remain in full force and effect and shall be performed by the Company so long as any Bonds of the 2014 Series remain outstanding. 
 SECTION 1.04. Certain Requirements of Mortgage to Remain Applicable. The requirements which are stated in the next to the last paragraph of
Section 1.13 and in Clause (9) of Paragraph A of Section 3.01 of the Mortgage to be applicable so long as any of the Bonds of the 1975 Series are outstanding shall remain applicable so long as any of the Bonds of the 2014 Series are
outstanding. 
 SECTION 1.05. Certain Exceptions to Sections 2.06 and 2.10 of the Mortgage. Notwithstanding the provisions of
Section 2.06 or Section 2.10 of the Mortgage, the Company shall not be required (a) to issue, register, discharge from registration, exchange, or register the transfer of any Bond of the 2014 Series for a period of fifteen days next
preceding any selection by the Trustee of Bonds of the 2014 Series to be redeemed or (b) to register, discharge from registration, exchange, or register the permitted transfer of any Bond of the 2014 Series so selected for redemption in its
entirety or (c) to exchange or register the permitted transfer of any portion of a Bond of the 2014 Series which portion has been so selected for redemption. 
 SECTION 1.06. Reference to Minimum Provision for Depreciation in Certificate of Available Additions. So long as any Bonds of the 2014 Series remain outstanding, all references to the minimum provision for
depreciation in the form of certificate of available additions set forth in Section 3.03 of the Mortgage shall be included in any certificate of available additions filed with the Trustee, but whenever Bonds of the 2014 Series shall no longer
be outstanding, all references to such minimum provisions for depreciation may be omitted from any such certificate. 
  

 21 

 SECTION 1.07. Reporting Obligations. To the extent the Company is no longer required to file or
does not voluntarily file the following documents with the Securities and Exchange Commission (the “SEC”), so long as any Bonds of the 2014 Series are outstanding, the Company shall furnish to the Trustee, within the time periods
specified in the SEC’s rules and regulations, the following: 
 (a) All quarterly and annual financial information that would be required
to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes
the financial condition and results of operations of the Company and its consolidated subsidiaries and, with respect to the annual information only, a report thereon by the Company’s certified independent accountants. 
 (b) All current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports. 
 The Trustee shall retain such documents in accordance with its customary procedures. 
 Delivery of such reports, information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein (as to which the Trustee may rely solely on Officers’ Certificates). 
 SECTION 1.08. CUSIP, ISIN, Private Placement, or Common Code Numbers. The Company in issuing the Bonds of the 2014 Series may use
“CUSIP,” “ISIN,” “Private Placement, “ or “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use such numbers in notices of redemption or repurchase as a convenience to holders;
provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the bonds or as contained in any notice of a redemption or repurchase and that reliance may be placed
only on the other identification numbers printed on the bonds, and any such redemption or repurchase shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in
“CUSIP,” “ISIN,” “Private Placement,” or “Common Code” numbers. 
 SECTION 1.09. Duration of
Article One. This Article One shall be of force and effect only so long as any Bonds of the 2014 Series are outstanding. 
 ARTICLE
TWO. 
 BONDS OF THE 2016 SECOND SERIES AND 
 CERTAIN PROVISIONS RELATING THERETO. 
 SECTION 2.01. Certain Terms of Bonds of the 2016 Second
Series. There is hereby established a series of First Mortgage Bonds of the Company designated and entitled as “First Mortgage Bonds, 6.80% Second Series due 2016” (sometimes referred to as the “Bonds of the 2016 Second
Series”). The aggregate principal amount of the Bonds of the 2016 Second Series shall be limited to $67,000,000, excluding, however, any Bonds of the 2016 Second Series which may be executed, authenticated, and delivered in exchange for or
in lieu of or in substitution for other Bonds of such Series pursuant to the provisions of the Indenture. 
  

 22 

 The definitive Bonds of the 2016 Second Series shall be issuable in substantially the form as hereinabove
set forth in fully registered form without coupons in the denomination of $100,000, or any amount in excess thereof that is an integral multiple of $10,000. 
 Notwithstanding the provisions of Section 2.05 of the Mortgage, each Bond of the 2016 Second Series shall be dated as of the date of execution by the Company, shall mature on January 15, 2016 (the
“Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date, and shall bear interest semi-annually in arrears from the January 15 or July 15, as the case may be, next preceding the date thereof to
which interest has been paid, or, if the date thereof is a January 15 or July 15 to which interest has been paid, from the date thereof, or, if the date thereof is prior to July 15, 2009, from January 15, 2009, provided,
however, that if and to the extent the Company shall default in payment of the interest due on such January 15 or July 15, then from the next preceding date to which interest has been paid or if such default shall be in respect of the
interest due on July 15, 2009, then from January 15, 2009. Each Bond of the 2016 Second Series shall bear interest at the rate of 6.80 per cent per annum (calculated on the basis of a 360-day year of twelve 30-day months), until
payment of the principal thereof has been made or duly provided for, such interest to be payable semi-annually on January 15 and July 15 (each an “Interest Payment Date”) in each year. If the Maturity Date or an Interest
Payment Date falls on a day which is not a Business Day, as defined below, principal or interest payable with respect to such Maturity Date or Interest Payment Date will be paid on the next succeeding Business Day with the same force and effect as
if made on such Maturity Date or Interest Payment Date, as the case may be. The person in whose name any Bond of the 2016 Second Series is registered at the close of business on the applicable Record Date (as defined below) with respect to any
Interest Payment Date shall be entitled to receive the interest payable thereon on such Interest Payment Date notwithstanding the cancellation of such Bond of the 2016 Second Series upon any registration of transfer or exchange thereof subsequent to
such Record Date and prior to such Interest Payment Date, unless the Company shall default in the payment of the interest due on such Interest Payment Date, in which case such defaulted interest shall be paid to the person in whose name such Bond of
the 2016 Second Series is registered on a subsequent record date fixed by the Company, which subsequent record date shall be fifteen days prior to the payment of such defaulted interest; provided, however, that interest payable on the
Maturity Date will be payable to the person to whom the principal thereof shall be payable. As used herein the term “Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York, New York are
not required or authorized by law to close. As used herein, the term “Record Date” with respect to any Interest Payment Date shall mean the fifteenth day (whether or not such day is a Business Day) next preceding such Interest
Payment Date. The principal of the Bonds of the 2016 Second Series shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts at the office or
agency of the Company in the Borough of Manhattan, City and State of New York, and interest on such Bonds of the 2016 Second Series shall be payable in like coin or currency at said office or agency. 
 Upon compliance with the provisions of Section 2.06 of the Mortgage and as provided in this Supplemental Indenture, and upon payment of any taxes or
other governmental charges payable upon such exchange, Bonds of the 2016 Second Series may be exchanged for a new Bond or Bonds of the 2016 Second Series of different authorized denominations of like aggregate principal amount. The Trustee hereunder
shall, by virtue of its office as such Trustee, be the registrar and transfer agent of the Company for the purpose of registering permitted transfers of Bonds of the 2016 Second Series. 
  

 23 

 Notwithstanding the provisions of Section 2.11 of the Mortgage, no service charge shall be made for
any exchange or registration of transfer of Bonds of the 2016 Second Series, but the Company or the Trustee at either of their option may require payment of a sum sufficient to cover any tax or other governmental charge incident thereto. 

SECTION 2.02. Redemption Provisions for Bonds of the 2016 Second Series. The Bonds of the 2016 Second Series may be redeemed prior to maturity
at any time, in whole or in part, upon prior notice given by mailing such notice to the respective registered owners of such Bonds of the 2016 Second Series not less than thirty nor more than ninety days prior to the redemption date and as otherwise
required by the provisions of Article Nine of the Mortgage, at the option of the Company, at a redemption price equal to the greater of (i) 100 percent of the principal amount of the portion of the Bonds of the 2016 Second Series to be redeemed
or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (not including any portion of such payments of interest accrued as of the date of redemption) due on the Bonds of the 2016 Second Series (or
portion thereof) to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, together in each case with accrued and unpaid
interest to the date of redemption. The Company shall give the Trustee notice of such redemption price immediately after the calculation thereof, and the Trustee shall have no responsibility for such calculation. 
 Notwithstanding the provisions of Section 9.03 of the Mortgage, in the case of any partial redemption of the Bonds of the 2016 Second Series, the
principal amount of the Bonds to be redeemed shall be allocated pro rata among all holders of such Bonds of the 2016 Second Series at the time outstanding and in accordance with the unpaid principal amount thereof. 
 The following definitions shall apply for purposes of this Section 2.02: 
 (a) “Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Adjusted Treasury Rate
shall be calculated on the third Business Day preceding the redemption date. 
 (b) “Comparable Treasury Issue” means the
United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Bonds of the 2016 Second Series to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds of the 2016 Second Series. 
  

 24 

 (c) “Comparable Treasury Price” means, with respect to any redemption date, (A) the
average of four Reference Treasury Dealer Quotations for the redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations for the redemption date, or (B) if the Independent Investment Banker obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 (d) “Independent Investment Banker”
means an independent investment and banking institution of national standing appointed by the Company. 
 (e) “Reference Treasury
Dealer” means a primary U.S. Government securities dealer in New York City selected by the Independent Investment Banker. 
 (f)
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the fourth Business Day preceding the redemption date. 
 SECTION 2.03. Sections 4.04, 4.05, and 4.06 to Remain in Effect. Notwithstanding the provisions of Sections 4.04, 4.05, 4.06, and 4.07 of the
Mortgage, the provisions of Sections 4.04, 4.05, and 4.06 of the Mortgage shall remain in full force and effect and shall be performed by the Company so long as any Bonds of the 2016 Second Series remain outstanding. 
 SECTION 2.04. Certain Requirements of Mortgage to Remain Applicable. The requirements which are stated in the next to the last paragraph of
Section 1.13 and in Clause (9) of Paragraph A of Section 3.01 of the Mortgage to be applicable so long as any of the Bonds of the 1975 Series are outstanding shall remain applicable so long as any of the Bonds of the 2016 Second
Series are outstanding. 
 SECTION 2.05. Certain Exceptions to Sections 2.06 and 2.10 of the Mortgage. Notwithstanding the provisions
of Section 2.06 or Section 2.10 of the Mortgage, the Company shall not be required (a) to issue, register, discharge from registration, exchange, or register the transfer of any Bond of the 2016 Second Series for a period of fifteen
days next preceding any selection by the Trustee of Bonds of the 2016 Second Series to be redeemed or (b) to register, discharge from registration, exchange, or register the permitted transfer of any Bond of the 2016 Second Series so selected
for redemption in its entirety or (c) to exchange or register the permitted transfer of any portion of a Bond of the 2016 Second Series which portion has been so selected for redemption. 
 SECTION 2.06. Reference to Minimum Provision for Depreciation in Certificate of Available Additions. So long as any Bonds of the 2016 Second
Series remain outstanding, all references to the minimum provision for depreciation in the form of certificate of available additions set forth in Section 3.03 of the Mortgage shall be included in any certificate of available additions filed
with the Trustee, but whenever Bonds of the 2016 Second Series shall no longer be outstanding, all references to such minimum provisions for depreciation may be omitted from any such certificate. 
  

 25 

 SECTION 2.07. Reporting Obligations. To the extent the Company is no longer required to file or
does not voluntarily file the following documents with the Securities and Exchange Commission (the “SEC”), so long as any Bonds of the 2016 Second Series are outstanding, the Company shall furnish to the Trustee, within the time
periods specified in the SEC’s rules and regulations, the following: 
 (a) All quarterly and annual financial information that would be
required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that
describes the financial condition and results of operations of the Company and its consolidated subsidiaries and, with respect to the annual information only, a report thereon by the Company’s certified independent accountants. 
 (b) All current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports. 
 The Trustee shall retain such documents in accordance with its customary procedures. 
 Delivery of such reports, information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein (as to which the Trustee may rely solely on Officers’ Certificates). 
 SECTION 2.08. CUSIP, ISIN, Private Placement, or Common Code Numbers. The Company in issuing the Bonds of the 2016 Second Series may use
“CUSIP,” “ISIN,” “Private Placement, “ or “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use such numbers in notices of redemption or repurchase as a convenience to holders;
provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the bonds or as contained in any notice of a redemption or repurchase and that reliance may be placed
only on the other identification numbers printed on the bonds, and any such redemption or repurchase shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in
“CUSIP,” “ISIN,” “Private Placement,” or “Common Code” numbers. 
 SECTION 2.09. Duration of
Article Two. This Article Two shall be of force and effect only so long as any Bonds of the 2016 Second Series are outstanding. 
  

 26 

 ARTICLE THREE. 
 TRUSTEE. 
 SECTION 3.01. Duties of Trustee. The Trustee hereby accepts the trust hereby
created. The Trustee undertakes, prior to the occurrence of an event of default and after the curing of all events of default which may have occurred, to perform such duties and only such duties as are specifically set forth in the Original
Indenture as heretofore and hereby supplemented and modified, on and subject to the terms and conditions set forth in the Original Indenture as so supplemented and modified, and in case of the occurrence of an event of default (which has not been
cured) to exercise such of the rights and powers vested in it by the Original Indenture as so supplemented and modified, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. 
 The Trustee shall not be responsible in any manner whatsoever for or in respect of
the validity or sufficiency of this Supplemental Indenture or the Bonds issued hereunder or the due execution thereof by the Company. The Trustee shall be under no obligation or duty with respect to the filing, registration, or recording of
this Supplemental Indenture or the re-filing, re-registration, or re-recording thereof. The recitals of fact contained herein or in the Bonds (other than the Trustee’s authentication certificate) shall be taken as the statements solely of the
Company, and the Trustee assumes no responsibility for the correctness thereof. 
 ARTICLE FOUR. 
 MISCELLANEOUS PROVISIONS. 
 SECTION
4.01. Date of this Supplemental Indenture. Although this Supplemental Indenture, for convenience and for the purpose of reference, is dated January 15, 2009, the actual date of execution by the Company and by the Trustee is as indicated
by their respective acknowledgments hereto annexed. 
 SECTION 4.02. Relation to Original Indenture. This Supplemental Indenture is
executed and shall be construed as an indenture supplemental to the Original Indenture as heretofore supplemented and modified, and as supplemented and modified hereby, the Original Indenture as heretofore supplemented and modified is in all
respects ratified and confirmed, and the Original Indenture as heretofore and hereby supplemented and modified shall be read, taken, and construed as one and the same instrument. All terms used in this Supplemental Indenture shall be taken to have
the same meaning as in the Original Indenture except in cases where the context clearly indicates otherwise. 
 SECTION 4.03. Invalid,
Illegal, or Unenforceable Provisions. In case any one or more of the provisions contained in this Supplemental Indenture or in the Bonds shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity,
illegality, or unenforceability shall not affect any other provisions of this Supplemental Indenture, but this Supplemental Indenture shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein.

 SECTION 4.04. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. 
  

 27 

 SECTION 4.05. Conflicting Provision. If any provision of this Supplemental Indenture conflicts
with another provision of the Mortgage required to be included in indentures qualified under the Trust Indenture Act of 1939 (as enacted prior to the date of this Supplemental Indenture) by any of the provisions of said Act, such required provision
shall control. 
 SECTION 4.06. Headings. Article and Section headings and the table of contents used herein are for convenience
of reference only, are not part of this Supplemental Indenture, and are not to affect the construction of, or to be taken into consideration in interpreting, this Supplemental Indenture. 
 SECTION 4.07. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
DETERMINED WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), PROVIDED THAT THE FOREGOING SHALL NOT APPLY TO THE CREATION OR ENFORCEMENT OF ANY LIEN ON
REAL PROPERTY CREATED BY THE INDENTURE, WHICH SHALL BE GOVERNED BY THE LAWS OF THE STATE IN WHICH SUCH REAL PROPERTY IS LOCATED. 
  

 28 

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

			
	PORTLAND GENERAL ELECTRIC COMPANY
		
	By:	 	/s/ James Piro
	Name:	 	James J. Piro
	Title:	 	Co-Chief Executive Officer and President

  

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

 (Seal) 
  

			
	 HSBC BANK USA, NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	/s/ Herawattee Alli
	Name:	 	Herawattee Alli
	Title:	 	Vice President

  

			
	Attest:	 	/s/ Marcia Markowski
	Title:	 	Vice President

 (Seal) 
  

 29 

					
	 State of Oregon
	  	)	  	
		  	)	  	ss.
	 County of Multnomah
	  	)	  	

 The foregoing instrument was acknowledged before me on this 5th day of January, 2009 by James J.
Piro, the Co-Chief Executive Officer and President of PORTLAND GENERAL ELECTRIC COMPANY, an Oregon corporation, on behalf of said corporation. 
  

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

 [NOTARIAL SEAL] 
  

 30 

					
	 State of New York
	  	)	  	
		  	)	  	ss.
	 County of                     
	  	)	  	

 The foregoing instrument was acknowledged before me on this 6th day of January, 2009 by /s/
Herawattee Alli, a(an) Vice President of HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association, on behalf of said association. 
  

	
	/s/ Audrey H. Zabriskie
	Notary Public, State of New York
	No. 01ZA6158890
	My Commission Expires 01/16/2011

 [NOTARIAL SEAL] 
  

 31 

					
	 State of Oregon
	  	)	  	
		  	)	  	ss.
	 County of Multnomah
	  	)	  	

 James J. Piro and Cheryl A. Chevis, the Co-Chief Executive Officer and President, and an Assistant
Secretary, respectively, of PORTLAND GENERAL ELECTRIC COMPANY, an Oregon corporation, the mortgagor in the foregoing mortgage named, being first duly sworn, on oath depose and say that they are the officer above named of said corporation and that
this affidavit is made for and on its behalf by authority of its Board of Directors and that the aforesaid mortgage is made by said mortgagor in good faith, and without any design to hinder, delay, or defraud creditors. 
 Subscribed and sworn to before me this 5th day of January, 2009. 
  

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

 [NOTARIAL SEAL] 
  

 32EXHIBIT 4.1

 Exhibit 4.1 
 CERTIFICATE OF DESIGNATIONS 
 OF 
 FIXED RATE CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A 
 OF 

PULASKI FINANCIAL CORP. 
 Pulaski
Financial Corp., a corporation organized and existing under the laws of the Missouri (the “Corporation”), in accordance with the provisions of Section 351.180 of the General and Business Corporation Law of Missouri thereof,
does hereby certify: 
 The board of directors of the Corporation (the “Board of Directors”) or an applicable committee of
the Board of Directors, in accordance with the articles of incorporation and bylaws of the Corporation and applicable law, adopted the following resolution on January 9, 2009 creating a series of 32,538 shares of Preferred Stock of the
Corporation designated as “Fixed Rate Cumulative Perpetual Preferred Stock, Series A.” 
 RESOLVED, that pursuant to
the provisions of the articles of incorporation and the bylaws of the Corporation and applicable law, a series of Preferred Stock, par value $0.01 per share, of the Corporation be and hereby is created, and that the designation and number of shares
of such series, and the voting and other powers, preferences and relative, participating, optional or other rights, and the qualifications, limitations and restrictions thereof, of the shares of such series, are as follows: 
 Part 1. Designation and Number of Shares. There is hereby created out of the authorized and unissued shares of preferred stock of the Corporation a
series of preferred stock designated as the “Fixed Rate Cumulative Perpetual Preferred Stock, Series A” (the “Designated Preferred Stock”). The authorized number of shares of Designated Preferred Stock shall be 32,538.

 Part 2. Standard Provisions. The Standard Provisions contained in Annex A attached hereto are incorporated herein by reference in
their entirety and shall be deemed to be a part of this Certificate of Designations to the same extent as if such provisions had been set forth in full herein. 
 Part 3. Definitions. The following terms are used in this Certificate of Designations (including the Standard Provisions in Annex A hereto) as defined below: 
 (a) “Common Stock” means the common stock, par value $0.01 per share, of the Corporation. 
 (b) “Dividend Payment Date” means February 15, May 15, August 15 and November 15 of each year. 

 

 1 

 (c) “Junior Stock” means the Common Stock and any other class or series of stock of the
Corporation the terms of which expressly provide that it ranks junior to Designated Preferred Stock as to dividend rights and/or as to rights on liquidation, dissolution or winding up of the Corporation. 
 (d) “Liquidation Amount” means $1,000 per share of Designated Preferred Stock. 
 (e) “Minimum Amount” means $8,134,500. 
 (f) “Parity Stock” means any class or series of stock of the Corporation (other than Designated Preferred Stock) the terms of which do not expressly provide that such class or series will rank senior
or junior to Designated Preferred Stock as to dividend rights and/or as to rights on liquidation, dissolution or winding up of the Corporation (in each case without regard to whether dividends accrue cumulatively or non-cumulatively). 
 (g) “Signing Date” means the Original Issue Date. 
 Part 4. Certain Voting Matters. Whether the vote or consent of the holders of a plurality, majority or other portion of the shares of Designated Preferred Stock and any Voting Parity Stock has been cast or
given on any matter on which the holders of shares of Designated Preferred Stock are entitled to vote shall be determined by the Corporation by reference to the specified liquidation amount of the shares voted or covered by the consent as if the
Corporation were liquidated on the record date for such vote or consent, if any, or, in the absence of a record date, on the date for such vote or consent. For purposes of determining the voting rights of the holders of Designated Preferred Stock
under Section 7 of the Standard Provisions forming part of this Certificate of Designations, each holder will be entitled to one vote for each $1,000 of liquidation preference to which such holder’s shares are entitled. 
 [Remainder of Page Intentionally Left Blank] 
  

 2 

 IN WITNESS WHEREOF, Pulaski Financial Corp. has
caused this Certificate of Designations to be signed by Ramsey K. Hamadi, its Chief Financial Officer, this 12th day of January, 2009. 

 

			
	PULASKI FINANCIAL CORP.
		
	By:	 	 /s/ Ramsey K. Hamadi

	Name:	 	Ramsey K. Hamadi
	Title:	 	Chief Financial Officer

  

 3 

 ANNEX A 
 STANDARD PROVISIONS 
 Section 1. General Matters. Each share of Designated
Preferred Stock shall be identical in all respects to every other share of Designated Preferred Stock. The Designated Preferred Stock shall be perpetual, subject to the provisions of Section 5 of these Standard Provisions that form a part of
the Certificate of Designations. The Designated Preferred Stock shall rank equally with Parity Stock and shall rank senior to Junior Stock with respect to the payment of dividends and the distribution of assets in the event of any dissolution,
liquidation or winding up of the Corporation. 
 Section 2. Standard Definitions. As used herein with respect to Designated
Preferred Stock: 
 (a) “Applicable Dividend Rate” means (i) during the period from the Original Issue Date to, but
excluding, the first day of the first Dividend Period commencing on or after the fifth anniversary of the Original Issue Date, 5% per annum and (ii) from and after the first day of the first Dividend Period commencing on or after the fifth
anniversary of the Original Issue Date, 9% per annum. 
 (b) “Appropriate Federal Banking Agency” means the
“appropriate Federal banking agency” with respect to the Corporation as defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(q)), or any successor provision. 
 (c) “Business Combination” means a merger, consolidation, statutory share exchange or similar transaction that requires the approval of
the Corporation’s stockholders. 
 (d) “Business Day” means any day except Saturday, Sunday and any day on which
banking institutions in the State of New York generally are authorized or required by law or other governmental actions to close. 
 (e)
“Bylaws” means the bylaws of the Corporation, as they may be amended from time to time. 
 (f) “Certificate of
Designations” means the Certificate of Designations or comparable instrument relating to the Designated Preferred Stock, of which these Standard Provisions form a part, as it may be amended from time to time. 
 (g) “Charter” means the Corporation’s certificate or articles of incorporation, articles of association, or similar organizational
document. 
 (h) “Dividend Period” has the meaning set forth in Section 3(a). 
 (i) “Dividend Record Date” has the meaning set forth in Section 3(a). 
 (j) “Liquidation Preference” has the meaning set forth in Section 4(a). 
  

 A-1 

 (k) “Original Issue Date” means the date on which shares of Designated Preferred Stock
are first issued. 
 (l) “Preferred Director” has the meaning set forth in Section 7(b). 
 (m) “Preferred Stock” means any and all series of preferred stock of the Corporation, including the Designated Preferred Stock.

 (n) “Qualified Equity Offering” means the sale and issuance for cash by the Corporation to persons other than the
Corporation or any of its subsidiaries after the Original Issue Date of shares of perpetual Preferred Stock, Common Stock or any combination of such stock, that, in each case, qualify as and may be included in Tier 1 capital of the Corporation at
the time of issuance under the applicable risk-based capital guidelines of the Corporation’s Appropriate Federal Banking Agency (other than any such sales and issuances made pursuant to agreements or arrangements entered into, or pursuant to
financing plans which were publicly announced, on or prior to October 13, 2008). 
 (o) “Share Dilution Amount” has the
meaning set forth in Section 3(b). 
 (p) “Standard Provisions” mean these Standard Provisions that form a part of the
Certificate of Designations relating to the Designated Preferred Stock. 
 (q) “Successor Preferred Stock” has the meaning
set forth in Section 5(a). 
 (r) “Voting Parity Stock” means, with regard to any matter as to which the holders of
Designated Preferred Stock are entitled to vote as specified in Sections 7(a) and 7(b) of these Standard Provisions that form a part of the Certificate of Designations, any and all series of Parity Stock upon which like voting rights have been
conferred and are exercisable with respect to such matter. 
 Section 3. Dividends. 
 (a) Rate. Holders of Designated Preferred Stock shall be entitled to receive, on each share of Designated Preferred Stock if, as and when declared
by the Board of Directors or any duly authorized committee of the Board of Directors, but only out of assets legally available therefor, cumulative cash dividends with respect to each Dividend Period (as defined below) at a rate per annum equal to
the Applicable Dividend Rate on (i) the Liquidation Amount per share of Designated Preferred Stock and (ii) the amount of accrued and unpaid dividends for any prior Dividend Period on such share of Designated Preferred Stock, if any. Such
dividends shall begin to accrue and be cumulative from the Original Issue Date, shall compound on each subsequent Dividend Payment Date (i.e., no dividends shall accrue on other dividends unless and until the first Dividend Payment Date for
such other dividends has passed without such other dividends having been paid on such date) and shall be payable quarterly in arrears on each Dividend Payment Date, commencing with the first such Dividend Payment Date to occur at least 20 calendar
days after the Original Issue Date. In the event that any Dividend Payment Date would otherwise fall on a day that is not a Business Day, the dividend payment due on that date will be postponed to the next day that is a Business Day and no
additional dividends will accrue as a 

  

 A-2 

 
result of that postponement. The period from and including any Dividend Payment Date to, but excluding, the next Dividend Payment Date is a “Dividend
Period,” provided that the initial Dividend Period shall be the period from and including the Original Issue Date to, but excluding, the next Dividend Payment Date. 
 Dividends that are payable on Designated Preferred Stock in respect of any Dividend Period shall be computed on the basis of a 360-day year consisting of
twelve 30-day months. The amount of dividends payable on Designated Preferred Stock on any date prior to the end of a Dividend Period, and for the initial Dividend Period, shall be computed on the basis of a 360-day year consisting of twelve 30-day
months, and actual days elapsed over a 30-day month. 
 Dividends that are payable on Designated Preferred Stock on any Dividend Payment Date
will be payable to holders of record of Designated Preferred Stock as they appear on the stock register of the Corporation on the applicable record date, which shall be the 15th calendar day immediately preceding such Dividend Payment Date or such
other record date fixed by the Board of Directors or any duly authorized committee of the Board of Directors that is not more than 60 nor less than 10 days prior to such Dividend Payment Date (each, a “Dividend Record Date”). Any
such day that is a Dividend Record Date shall be a Dividend Record Date whether or not such day is a Business Day. 
 Holders of Designated
Preferred Stock shall not be entitled to any dividends, whether payable in cash, securities or other property, other than dividends (if any) declared and payable on Designated Preferred Stock as specified in this Section 3 (subject to the other
provisions of the Certificate of Designations). 
 (b) Priority of Dividends. So long as any share of Designated Preferred Stock
remains outstanding, no dividend or distribution shall be declared or paid on the Common Stock or any other shares of Junior Stock (other than dividends payable solely in shares of Common Stock) or Parity Stock, subject to the immediately following
paragraph in the case of Parity Stock, and no Common Stock, Junior Stock or Parity Stock shall be, directly or indirectly, purchased, redeemed or otherwise acquired for consideration by the Corporation or any of its subsidiaries unless all accrued
and unpaid dividends for all past Dividend Periods, including the latest completed Dividend Period (including, if applicable as provided in Section 3(a) above, dividends on such amount), on all outstanding shares of Designated Preferred Stock
have been or are contemporaneously declared and paid in full (or have been declared and a sum sufficient for the payment thereof has been set aside for the benefit of the holders of shares of Designated Preferred Stock on the applicable record
date). The foregoing limitation shall not apply to (i) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock in connection with the administration of any employee benefit plan in the ordinary course of
business (including purchases to offset the Share Dilution Amount (as defined below) pursuant to a publicly announced repurchase plan) and consistent with past practice, provided that any purchases to offset the Share Dilution Amount shall in
no event exceed the Share Dilution Amount; (ii) purchases or other acquisitions by a broker-dealer subsidiary of the Corporation solely for the purpose of market-making, stabilization or customer facilitation transactions in Junior Stock or
Parity Stock in the ordinary course of its business; (iii) purchases by a broker-dealer subsidiary of the Corporation of capital stock of the Corporation for resale pursuant to an offering by the Corporation of such capital stock underwritten
by such broker-dealer subsidiary; 

  

 A-3 

 
(iv) any dividends or distributions of rights or Junior Stock in connection with a stockholders’ rights plan or any redemption or repurchase of rights
pursuant to any stockholders’ rights plan; (v) the acquisition by the Corporation or any of its subsidiaries of record ownership in Junior Stock or Parity Stock for the beneficial ownership of any other persons (other than the Corporation
or any of its subsidiaries), including as trustees or custodians; and (vi) the exchange or conversion of Junior Stock for or into other Junior Stock or of Parity Stock for or into other Parity Stock (with the same or lesser aggregate
liquidation amount) or Junior Stock, in each case, solely to the extent required pursuant to binding contractual agreements entered into prior to the Signing Date or any subsequent agreement for the accelerated exercise, settlement or exchange
thereof for Common Stock. “Share Dilution Amount” means the increase in the number of diluted shares outstanding (determined in accordance with generally accepted accounting principles in the United States, and as measured from the
date of the Corporation’s consolidated financial statements most recently filed with the Securities and Exchange Commission prior to the Original Issue Date) resulting from the grant, vesting or exercise of equity-based compensation to
employees and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification or similar transaction. 
 When
dividends are not paid (or declared and a sum sufficient for payment thereof set aside for the benefit of the holders thereof on the applicable record date) on any Dividend Payment Date (or, in the case of Parity Stock having dividend payment dates
different from the Dividend Payment Dates, on a dividend payment date falling within a Dividend Period related to such Dividend Payment Date) in full upon Designated Preferred Stock and any shares of Parity Stock, all dividends declared on
Designated Preferred Stock and all such Parity Stock and payable on such Dividend Payment Date (or, in the case of Parity Stock having dividend payment dates different from the Dividend Payment Dates, on a dividend payment date falling within the
Dividend Period related to such Dividend Payment Date) shall be declared pro rata so that the respective amounts of such dividends declared shall bear the same ratio to each other as all accrued and unpaid dividends per share on the shares of
Designated Preferred Stock (including, if applicable as provided in Section 3(a) above, dividends on such amount) and all Parity Stock payable on such Dividend Payment Date (or, in the case of Parity Stock having dividend payment dates
different from the Dividend Payment Dates, on a dividend payment date falling within the Dividend Period related to such Dividend Payment Date) (subject to their having been declared by the Board of Directors or a duly authorized committee of the
Board of Directors out of legally available funds and including, in the case of Parity Stock that bears cumulative dividends, all accrued but unpaid dividends) bear to each other. If the Board of Directors or a duly authorized committee of the Board
of Directors determines not to pay any dividend or a full dividend on a Dividend Payment Date, the Corporation will provide written notice to the holders of Designated Preferred Stock prior to such Dividend Payment Date. 
 Subject to the foregoing, and not otherwise, such dividends (payable in cash, securities or other property) as may be determined by the Board of
Directors or any duly authorized committee of the Board of Directors may be declared and paid on any securities, including Common Stock and other Junior Stock, from time to time out of any funds legally available for such payment, and holders of
Designated Preferred Stock shall not be entitled to participate in any such dividends. 
  

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 Section 4. Liquidation Rights. 
 (a) Voluntary or Involuntary Liquidation. In the event of any liquidation, dissolution or winding up of the affairs of the Corporation, whether
voluntary or involuntary, holders of Designated Preferred Stock shall be entitled to receive for each share of Designated Preferred Stock, out of the assets of the Corporation or proceeds thereof (whether capital or surplus) available for
distribution to stockholders of the Corporation, subject to the rights of any creditors of the Corporation, before any distribution of such assets or proceeds is made to or set aside for the holders of Common Stock and any other stock of the
Corporation ranking junior to Designated Preferred Stock as to such distribution, payment in full in an amount equal to the sum of (i) the Liquidation Amount per share and (ii) the amount of any accrued and unpaid dividends (including, if
applicable as provided in Section 3(a) above, dividends on such amount), whether or not declared, to the date of payment (such amounts collectively, the “Liquidation Preference”). 
 (b) Partial Payment. If in any distribution described in Section 4(a) above the assets of the Corporation or proceeds thereof are not
sufficient to pay in full the amounts payable with respect to all outstanding shares of Designated Preferred Stock and the corresponding amounts payable with respect of any other stock of the Corporation ranking equally with Designated Preferred
Stock as to such distribution, holders of Designated Preferred Stock and the holders of such other stock shall share ratably in any such distribution in proportion to the full respective distributions to which they are entitled. 
 (c) Residual Distributions. If the Liquidation Preference has been paid in full to all holders of Designated Preferred Stock and the corresponding
amounts payable with respect of any other stock of the Corporation ranking equally with Designated Preferred Stock as to such distribution has been paid in full, the holders of other stock of the Corporation shall be entitled to receive all
remaining assets of the Corporation (or proceeds thereof) according to their respective rights and preferences. 
 (d) Merger,
Consolidation and Sale of Assets Not Liquidation. For purposes of this Section 4, the merger or consolidation of the Corporation with any other corporation or other entity, including a merger or consolidation in which the holders of
Designated Preferred Stock receive cash, securities or other property for their shares, or the sale, lease or exchange (for cash, securities or other property) of all or substantially all of the assets of the Corporation, shall not constitute a
liquidation, dissolution or winding up of the Corporation. 
 Section 5. Redemption. 
 (a) Optional Redemption. Except as provided below, the Designated Preferred Stock may not be redeemed prior to the first Dividend Payment Date
falling on or after the third anniversary of the Original Issue Date. On or after the first Dividend Payment Date falling on or after the third anniversary of the Original Issue Date, the Corporation, at its option, subject to the approval of the
Appropriate Federal Banking Agency, may redeem, in whole or in part, at any time and from time to time, out of funds legally available therefor, the shares of Designated Preferred Stock at the time outstanding, upon notice given as provided in
Section 5(c) below, at a redemption price equal to the sum of (i) the Liquidation Amount per share and (ii) except as 

  

 A-5 

 
otherwise provided below, any accrued and unpaid dividends (including, if applicable as provided in Section 3(a) above, dividends on such amount)
(regardless of whether any dividends are actually declared) to, but excluding, the date fixed for redemption. 
 Notwithstanding the
foregoing, prior to the first Dividend Payment Date falling on or after the third anniversary of the Original Issue Date, the Corporation, at its option, subject to the approval of the Appropriate Federal Banking Agency, may redeem, in whole or in
part, at any time and from time to time, the shares of Designated Preferred Stock at the time outstanding, upon notice given as provided in Section 5(c) below, at a redemption price equal to the sum of (i) the Liquidation Amount per share
and (ii) except as otherwise provided below, any accrued and unpaid dividends (including, if applicable as provided in Section 3(a) above, dividends on such amount) (regardless of whether any dividends are actually declared) to, but
excluding, the date fixed for redemption; provided that (x) the Corporation (or any successor by Business Combination) has received aggregate gross proceeds of not less than the Minimum Amount (plus the “Minimum Amount” as
defined in the relevant Certificate of Designations for each other outstanding series of preferred stock of such successor that was originally issued to the United States Department of the Treasury (the “Successor Preferred Stock”)
in connection with the Troubled Asset Relief Program Capital Purchase Program) from one or more Qualified Equity Offerings (including Qualified Equity Offerings of such successor), and (y) the aggregate redemption price of the Designated
Preferred Stock (and any Successor Preferred Stock) redeemed pursuant to this paragraph may not exceed the aggregate net cash proceeds received by the Corporation (or any successor by Business Combination) from such Qualified Equity Offerings
(including Qualified Equity Offerings of such successor). 
 The redemption price for any shares of Designated Preferred Stock shall be
payable on the redemption date to the holder of such shares against surrender of the certificate(s) evidencing such shares to the Corporation or its agent. Any declared but unpaid dividends payable on a redemption date that occurs subsequent to the
Dividend Record Date for a Dividend Period shall not be paid to the holder entitled to receive the redemption price on the redemption date, but rather shall be paid to the holder of record of the redeemed shares on such Dividend Record Date relating
to the Dividend Payment Date as provided in Section 3 above. 
 (b) No Sinking Fund. The Designated Preferred Stock will not be
subject to any mandatory redemption, sinking fund or other similar provisions. Holders of Designated Preferred Stock will have no right to require redemption or repurchase of any shares of Designated Preferred Stock. 
 (c) Notice of Redemption. Notice of every redemption of shares of Designated Preferred Stock shall be given by first class mail, postage prepaid,
addressed to the holders of record of the shares to be redeemed at their respective last addresses appearing on the books of the Corporation. Such mailing shall be at least 30 days and not more than 60 days before the date fixed for redemption. Any
notice mailed as provided in this Subsection shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in the mailing
thereof, to any holder of shares of Designated Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Designated Preferred Stock. Notwithstanding the foregoing, if shares
of Designated Preferred Stock are issued in 

  

 A-6 

 
book-entry form through The Depository Trust Company or any other similar facility, notice of redemption may be given to the holders of Designated Preferred
Stock at such time and in any manner permitted by such facility. Each notice of redemption given to a holder shall state: (1) the redemption date; (2) the number of shares of Designated Preferred Stock to be redeemed and, if less than all
the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder; (3) the redemption price; and (4) the place or places where certificates for such shares are to be surrendered for payment of the
redemption price. 
 (d) Partial Redemption. In case of any redemption of part of the shares of Designated Preferred Stock at the time
outstanding, the shares to be redeemed shall be selected either pro rata or in such other manner as the Board of Directors or a duly authorized committee thereof may determine to be fair and equitable. Subject to the provisions hereof, the
Board of Directors or a duly authorized committee thereof shall have full power and authority to prescribe the terms and conditions upon which shares of Designated Preferred Stock shall be redeemed from time to time. If fewer than all the shares
represented by any certificate are redeemed, a new certificate shall be issued representing the unredeemed shares without charge to the holder thereof. 
 (e) Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the redemption date specified in the notice all funds necessary for the redemption have been deposited by the
Corporation, in trust for the pro rata benefit of the holders of the shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City of New York, and having a capital and surplus of at least
$500 million and selected by the Board of Directors, so as to be and continue to be available solely therefor, then, notwithstanding that any certificate for any share so called for redemption has not been surrendered for cancellation, on and after
the redemption date dividends shall cease to accrue on all shares so called for redemption, all shares so called for redemption shall no longer be deemed outstanding and all rights with respect to such shares shall forthwith on such redemption date
cease and terminate, except only the right of the holders thereof to receive the amount payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from the redemption date shall, to
the extent permitted by law, be released to the Corporation, after which time the holders of the shares so called for redemption shall look only to the Corporation for payment of the redemption price of such shares. 
 (f) Status of Redeemed Shares. Shares of Designated Preferred Stock that are redeemed, repurchased or otherwise acquired by the Corporation shall
revert to authorized but unissued shares of Preferred Stock (provided that any such cancelled shares of Designated Preferred Stock may be reissued only as shares of any series of Preferred Stock other than Designated Preferred Stock).

 Section 6. Conversion. Holders of Designated Preferred Stock shares shall have no right to exchange or convert such shares
into any other securities. 
 Section 7. Voting Rights. 
 (a) General. The holders of Designated Preferred Stock shall not have any voting rights except as set forth below or as otherwise from time to time
required by law. 
  

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 (b) Preferred Stock Directors. Whenever, at any time or times, dividends payable on the shares of
Designated Preferred Stock have not been paid for an aggregate of six quarterly Dividend Periods or more, whether or not consecutive, the authorized number of directors of the Corporation shall automatically be increased by two and the holders of
the Designated Preferred Stock shall have the right, with holders of shares of any one or more other classes or series of Voting Parity Stock outstanding at the time, voting together as a class, to elect two directors (hereinafter the
“Preferred Directors” and each a “Preferred Director”) to fill such newly created directorships at the Corporation’s next annual meeting of stockholders (or at a special meeting called for that purpose prior to
such next annual meeting) and at each subsequent annual meeting of stockholders until all accrued and unpaid dividends for all past Dividend Periods, including the latest completed Dividend Period (including, if applicable as provided in
Section 3(a) above, dividends on such amount), on all outstanding shares of Designated Preferred Stock have been declared and paid in full at which time such right shall terminate with respect to the Designated Preferred Stock, except as herein
or by law expressly provided, subject to revesting in the event of each and every subsequent default of the character above mentioned; provided that it shall be a qualification for election for any Preferred Director that the election of such
Preferred Director shall not cause the Corporation to violate any corporate governance requirements of any securities exchange or other trading facility on which securities of the Corporation may then be listed or traded that listed or traded
companies must have a majority of independent directors. Upon any termination of the right of the holders of shares of Designated Preferred Stock and Voting Parity Stock as a class to vote for directors as provided above, the Preferred Directors
shall cease to be qualified as directors, the term of office of all Preferred Directors then in office shall terminate immediately and the authorized number of directors shall be reduced by the number of Preferred Directors elected pursuant hereto.
Any Preferred Director may be removed at any time, with or without cause, and any vacancy created thereby may be filled, only by the affirmative vote of the holders a majority of the shares of Designated Preferred Stock at the time outstanding
voting separately as a class together with the holders of shares of Voting Parity Stock, to the extent the voting rights of such holders described above are then exercisable. If the office of any Preferred Director becomes vacant for any reason
other than removal from office as aforesaid, the remaining Preferred Director may choose a successor who shall hold office for the unexpired term in respect of which such vacancy occurred. 
 (c) Class Voting Rights as to Particular Matters. So long as any shares of Designated
Preferred Stock are outstanding, in addition to any other vote or consent of stockholders required by law or by the Charter, the vote or consent of the holders of at least 66  2/3% of the shares of Designated Preferred Stock at the time outstanding, voting as a separate class, given in person or by proxy, either in writing without a meeting or by vote at any meeting
called for the purpose, shall be necessary for effecting or validating: 
 (i) Authorization of Senior Stock.
Any amendment or alteration of the Certificate of Designations for the Designated Preferred Stock or the Charter to authorize or create or increase the authorized amount of, or any issuance of, any shares of, or any securities convertible into or
exchangeable or exercisable for shares of, any class or series of capital stock of the Corporation ranking senior to Designated Preferred Stock with respect to either or both the payment of dividends and/or the distribution of assets on any
liquidation, dissolution or winding up of the Corporation; 
  

 A-8 

 (ii) Amendment of Designated Preferred Stock. Any amendment, alteration or repeal
of any provision of the Certificate of Designations for the Designated Preferred Stock or the Charter (including, unless no vote on such merger or consolidation is required by Section 7(c)(iii) below, any amendment, alteration or repeal by
means of a merger, consolidation or otherwise) so as to adversely affect the rights, preferences, privileges or voting powers of the Designated Preferred Stock; or 
 (iii) Share Exchanges, Reclassifications, Mergers and Consolidations. Any consummation of a binding share exchange or
reclassification involving the Designated Preferred Stock, or of a merger or consolidation of the Corporation with another corporation or other entity, unless in each case (x) the shares of Designated Preferred Stock remain outstanding or, in
the case of any such merger or consolidation with respect to which the Corporation is not the surviving or resulting entity, are converted into or exchanged for preference securities of the surviving or resulting entity or its ultimate parent, and
(y) such shares remaining outstanding or such preference securities, as the case may be, have such rights, preferences, privileges and voting powers, and limitations and restrictions thereof, taken as a whole, as are not materially less
favorable to the holders thereof than the rights, preferences, privileges and voting powers, and limitations and restrictions thereof, of Designated Preferred Stock immediately prior to such consummation, taken as a whole; 
 provided, however, that for all purposes of this Section 7(c), any increase in the amount of the authorized Preferred Stock, including any increase in
the authorized amount of Designated Preferred Stock necessary to satisfy preemptive or similar rights granted by the Corporation to other persons prior to the Signing Date, or the creation and issuance, or an increase in the authorized or issued
amount, whether pursuant to preemptive or similar rights or otherwise, of any other series of Preferred Stock, or any securities convertible into or exchangeable or exercisable for any other series of Preferred Stock, ranking equally with and/or
junior to Designated Preferred Stock with respect to the payment of dividends (whether such dividends are cumulative or non-cumulative) and the distribution of assets upon liquidation, dissolution or winding up of the Corporation will not be deemed
to adversely affect the rights, preferences, privileges or voting powers, and shall not require the affirmative vote or consent of, the holders of outstanding shares of the Designated Preferred Stock. 
 (d) Changes after Provision for Redemption. No vote or consent of the holders of Designated Preferred Stock shall be required pursuant to
Section 7(c) above if, at or prior to the time when any such vote or consent would otherwise be required pursuant to such Section, all outstanding shares of the Designated Preferred Stock shall have been redeemed, or shall have been called for
redemption upon proper notice and sufficient funds shall have been deposited in trust for such redemption, in each case pursuant to Section 5 above. 
 (e) Procedures for Voting and Consents. The rules and procedures for calling and conducting any meeting of the holders of Designated Preferred Stock (including, without limitation, the fixing of a record date
in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other aspect or matter with regard to such a meeting or such consents shall be governed by any rules of the Board of Directors
or any duly authorized committee of the Board of Directors, in its discretion, may adopt from time to 

  

 A-9 

 
time, which rules and procedures shall conform to the requirements of the Charter, the Bylaws, and applicable law and the rules of any national securities
exchange or other trading facility on which Designated Preferred Stock is listed or traded at the time. 
 Section 8. Record
Holders. To the fullest extent permitted by applicable law, the Corporation and the transfer agent for Designated Preferred Stock may deem and treat the record holder of any share of Designated Preferred Stock as the true and lawful owner
thereof for all purposes, and neither the Corporation nor such transfer agent shall be affected by any notice to the contrary. 
 Section 9. Notices. All notices or communications in respect of Designated Preferred Stock shall be sufficiently given if given in writing and delivered in person or by first class mail, postage prepaid, or if given in such
other manner as may be permitted in this Certificate of Designations, in the Charter or Bylaws or by applicable law. Notwithstanding the foregoing, if shares of Designated Preferred Stock are issued in book-entry form through The Depository Trust
Company or any similar facility, such notices may be given to the holders of Designated Preferred Stock in any manner permitted by such facility. 
 Section 10. No Preemptive Rights. No share of Designated Preferred Stock shall have any rights of preemption whatsoever as to any securities of the Corporation, or any warrants, rights or options issued or granted with respect
thereto, regardless of how such securities, or such warrants, rights or options, may be designated, issued or granted. 
 Section 11.
Replacement Certificates. The Corporation shall replace any mutilated certificate at the holder’s expense upon surrender of that certificate to the Corporation. The Corporation shall replace certificates that become destroyed, stolen or
lost at the holder’s expense upon delivery to the Corporation of reasonably satisfactory evidence that the certificate has been destroyed, stolen or lost, together with any indemnity that may be reasonably required by the Corporation.

 Section 12. Other Rights. The shares of Designated Preferred Stock shall not have any rights, preferences, privileges or
voting powers or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Charter or as provided by applicable law. 
  

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