Document:

Document

Exhibit 4(d)

NEXTERA ENERGY CAPITAL HOLDINGS, INC.
OFFICER’S CERTIFICATE
Creating the 5.00% Debentures, Series due July 15, 2032
Aldo Portales, Assistant Treasurer of NextEra Energy Capital Holdings, Inc. (the “Company”), pursuant to the authority granted in the accompanying Board Resolutions (all capitalized terms used herein which are not defined herein or in Exhibit A hereto, but which are defined in the Indenture referred to below, shall have the meanings specified in the Indenture), and pursuant to Sections 201 and 301 of the Indenture, does hereby certify to The Bank of New York Mellon (the “Trustee”), as Trustee under the Indenture (For Unsecured Debt Securities) dated as of June 1, 1999 between the Company and the Trustee, as amended (the “Indenture”), that:
1.The securities to be issued under the Indenture in accordance with this certificate shall be designated “5.00% Debentures, Series due July 15, 2032” (referred to herein as the “Debentures of the Sixty-Seventh Series”) and shall be issued in substantially the form set forth as Exhibit A hereto.
2.The Debentures of the Sixty-Seventh Series shall be issued by the Company in the initial aggregate principal amount of $1,000,000,000.  Additional Debentures of the Sixty-Seventh Series, without limitation as to amount, having the same terms as the Outstanding Debentures of the Sixty-Seventh Series (except for the issue date of the additional Debentures of the Sixty-Seventh Series and, if applicable, the initial Interest Payment Date (as defined in Exhibit A hereto)) may also be issued by the Company pursuant to the Indenture without the consent of the Holders of the then Outstanding Debentures of the Sixty-Seventh Series.  Any such additional Debentures of the Sixty-Seventh Series as may be issued pursuant to the Indenture from time to time shall be part of the same series as the then Outstanding Debentures of the Sixty-Seventh Series.
3.The Debentures of the Sixty-Seventh Series shall mature and the principal shall be due and payable, together with all accrued and unpaid interest thereon, on the Stated Maturity Date.  The “Stated Maturity Date” means July 15, 2032.
4.The Debentures of the Sixty-Seventh Series shall bear interest as provided in the form set forth as Exhibit A hereto.
5.Each installment of interest on a Debenture of the Sixty-Seventh Series shall be payable as provided in the form set forth as Exhibit A hereto.
6.Registration of the Debentures of the Sixty-Seventh Series, and registration of transfers and exchanges in respect of the Debentures of the Sixty-Seventh Series, may be effectuated at the office or agency of the Company in New York City, New York.  Notices and demands to or upon the Company in respect of the Debentures of the Sixty-Seventh Series may be served at the office or agency of the Company in New York City, New York.  The Corporate Trust Office of the Trustee will initially be the agency of the Company for such payment, registration, registration of transfers and exchanges and service of notices and demands, and the Company hereby appoints the Trustee as its agent for all such purposes; provided, however, that the Company reserves the right to change, by one or more Officer’s Certificates, any such office or agency and 
        
			
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such agent.  The Trustee will initially be the Security Registrar and the Paying Agent for the Debentures of the Sixty-Seventh Series.
7.The Debentures of the Sixty-Seventh Series will be redeemable at the option of the Company prior to the Stated Maturity Date as provided in the form set forth as Exhibit A hereto.  If less than all the Debentures of the Sixty-Seventh Series are to be redeemed, the particular Debentures of the Sixty-Seventh Series to be redeemed shall be selected by the Security Registrar from the Outstanding Debentures of the Sixty-Seventh Series by lot.
8.So long as all of the Debentures of the Sixty-Seventh Series are held by a securities depository in book-entry form, the Regular Record Date for the interest payable on any given Interest Payment Date with respect to the Debentures of the Sixty-Seventh Series shall be the close of business on the Business Day immediately preceding such Interest Payment Date; provided, however, that if any of the Debentures of the Sixty-Seventh Series are not held by a securities depository in book-entry form, the Regular Record Date will be the close of business on the fifteenth (15th) calendar day immediately preceding such Interest Payment Date.
9.If the Company shall make any deposit of money and/or Eligible Obligations with respect to any Debentures of the Sixty-Seventh Series, or any portion of the principal amount thereof, as contemplated by Section 701 of the Indenture, the Company shall not deliver an Officer’s Certificate described in clause (z) in the first paragraph of said Section 701 unless the Company shall also deliver to the Trustee, together with such Officer’s Certificate, either:
(A)an instrument wherein the Company, notwithstanding the satisfaction and discharge of its indebtedness in respect of the Debentures of the Sixty-Seventh Series, shall assume the obligation (which shall be absolute and unconditional) to irrevocably deposit with the Trustee or Paying Agent such additional sums of money, if any, or additional Eligible Obligations (meeting the requirements of said Section 701), if any, or any combination thereof, at such time or times, as shall be necessary, together with the money and/or Eligible Obligations theretofore so deposited, to pay when due the principal of and premium, if any, and interest due and to become due on such Debentures of the Sixty-Seventh Series or portions thereof, all in accordance with and subject to the provisions of said Section 701; provided, however, that such instrument may state that the obligation of the Company to make additional deposits as aforesaid shall be subject to the delivery to the Company by the Trustee of a notice asserting the deficiency accompanied by an opinion of an independent public accountant of nationally recognized standing, selected by the Trustee, showing the calculation thereof; or
(B)an Opinion of Counsel to the effect that, as a result of (i) the receipt by the Company from, or the publication by, the Internal Revenue Service of a ruling or (ii) a change in law occurring after the date of this certificate, the Holders of such Debentures of the Sixty-Seventh Series, or the applicable portion of the principal amount thereof, will not recognize income, gain or loss for United States federal income tax purposes as a result of the satisfaction and discharge of the Company’s indebtedness in respect thereof and will be subject to United States federal income tax on the same amounts, at the same times and in the same manner as if such satisfaction and discharge had not been effectuated.
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10.The Debentures of the Sixty-Seventh Series will be absolutely, irrevocably and unconditionally guaranteed as to payment of principal, interest and premium, if any, by NextEra Energy, Inc., as Guarantor (the “Guarantor”), pursuant to a Guarantee Agreement, dated as of June 1, 1999, between the Guarantor and The Bank of New York Mellon (as Guarantee Trustee) (the “Guarantee Agreement”).  The following shall constitute “Guarantor Events” with respect to the Debentures of the Sixty-Seventh Series:
(A)the failure of the Guarantee Agreement to be in full force and effect;
(B)the entry by a court having jurisdiction with respect to the Guarantor of (i) a decree or order for relief in respect of the Guarantor in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency or other similar law or (ii) a decree or order adjudging the Guarantor bankrupt or insolvent, or approving as properly filed a petition by one or more entities other than the Guarantor seeking reorganization, arrangement, adjustment or composition of or in respect of the Guarantor under any applicable Federal or State bankruptcy, insolvency or other similar law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official for the Guarantor or for any substantial part of its property, or ordering the winding up or liquidation of its affairs, and any such decree or order for relief or any such other decree or order shall have remained unstayed and in effect for a period of ninety (90) consecutive days; or
(C)the commencement by the Guarantor of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency or other similar law or of any other case or proceeding seeking for the Guarantor to be adjudicated bankrupt or insolvent, or the consent by the Guarantor to the entry of a decree or order for relief in respect of itself in a case or proceeding under any applicable Federal or State bankruptcy, insolvency or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Guarantor, or the filing by the Guarantor of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State bankruptcy, insolvency or other similar law, or the consent by the Guarantor to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Guarantor or of any substantial part of its property, or the making by the Guarantor of an assignment for the benefit of creditors, or the admission by the Guarantor in writing of its inability to pay its debts generally as they become due, or the authorization of such action by the Board of Directors of the Guarantor.
Notwithstanding anything to the contrary contained in the Debentures of the Sixty-Seventh Series, this certificate or the Indenture, the Company shall, if a Guarantor Event shall occur and be continuing, redeem all of the Outstanding Debentures of the Sixty-Seventh Series within sixty (60) days after the occurrence of such Guarantor Event at a redemption price equal to the principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of redemption unless, within thirty (30) days after the occurrence of such Guarantor Event, S&P Global Ratings, a division of S&P Global Inc., and Moody’s Investors Service, Inc. (if the Debentures of the Sixty-Seventh Series are then rated by those rating agencies, or, if the Debentures of the Sixty-Seventh Series are then rated by only one of those rating agencies, then such rating agency, or, if 
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the Debentures of the Sixty-Seventh Series are not then rated by either one of those rating agencies but are then rated by one or more other nationally recognized rating agencies, then at least one of those other nationally recognized rating agencies) shall have reaffirmed in writing that, after giving effect to such Guarantor Event, the credit rating on the Debentures of the Sixty-Seventh Series shall be investment grade (i.e., in one of the four highest categories, without regard to subcategories within such rating categories, of such rating agency).
11.With respect to the Debentures of the Sixty-Seventh Series, each of the following events shall be an additional Event of Default under the Indenture:
(A)the consolidation of the Guarantor with or merger of the Guarantor into any other Person, or the conveyance or other transfer or lease by the Guarantor of its properties and assets substantially as an entirety to any Person, unless
(i)    the Person formed by such consolidation or into which the Guarantor is merged or the Person which acquires by conveyance or other transfer, or which leases, the properties and assets of the Guarantor substantially as an entirety shall be a Person organized and existing under the laws of the United States, any State thereof or the District of Columbia, and shall expressly assume the obligations of the Guarantor under the Guarantee Agreement; and
(ii)    immediately after giving effect to such transaction, no Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; or
(B)the failure of the Company to redeem the Outstanding Debentures of the Sixty-Seventh Series if and as required by paragraph 10 hereof.
12.If a Guarantor Event occurs and the Company is not required to redeem the Debentures of the Sixty-Seventh Series pursuant to paragraph 10 hereof, the Company will provide to the Trustee and the Holders of the Debentures of the Sixty-Seventh Series annual and quarterly reports containing the information that the Company would be required to file with the Securities and Exchange Commission under Section 13 or Section 15(d) of the Securities Exchange Act of 1934 if it were subject to the reporting requirements of either of those Sections; provided, that if the Company is, at that time, subject to the reporting requirements of either of those Sections, the filing of annual and quarterly reports with the Securities and Exchange Commission pursuant to either of those Sections will satisfy the foregoing requirement.  The provision of such reports and information to the Trustee shall be for informational purposes only and the Trustee’s receipt or deemed receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants under the Indenture.
13.The Debentures of the Sixty-Seventh Series will be initially issued in global form registered in the name of Cede & Co. (as nominee of The Depository Trust Company).  The Debentures of the Sixty-Seventh Series in global form shall bear the depository legend in substantially the form set forth as Exhibit A hereto.  The Debentures of the Sixty-Seventh Series in global form will contain restrictions on transfer, substantially as described in the form set forth as Exhibit A hereto.
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14.No service charge shall be made for the registration of transfer or exchange of the Debentures of the Sixty-Seventh Series; provided, however, that the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with such transfer or exchange.
15.The Company has reserved the right, without any consent, vote or other action by Holders of the Debentures of the Sixty-Seventh Series, or of any other series of Securities issued after December 1, 2021, to amend the Indenture as follows:
(A)To amend the second sentence of Section 402 thereof to read as follows:
“The Company shall, at least 20 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of such Securities to be redeemed.”
(B)To amend the first sentence of Section 404 thereof to read as follows: 
“Except as otherwise specified as contemplated by Section 301 for Securities of any series, notice of redemption shall be given in the manner provided in Section 106 to the Holders of the Securities to be redeemed not less than 10 nor more than 60 days prior to the Redemption Date.”
16.The Debentures of the Sixty-Seventh Series shall have such other terms and provisions as are provided in the form set forth as Exhibit A hereto.
17.The undersigned has read all of the covenants and conditions contained in the Indenture relating to the issuance of the Debentures of the Sixty-Seventh Series and the definitions in the Indenture relating thereto and in respect of which this certificate is made.
18.The statements contained in this certificate are based upon the familiarity of the undersigned with the Indenture, the documents accompanying this certificate, and upon discussions by the undersigned with officers and employees of the Company familiar with the matters set forth herein.
19.In the opinion of the undersigned, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenants and conditions have been complied with.
20.In the opinion of the undersigned, such conditions and covenants and conditions precedent, if any (including any covenants compliance with which constitutes a condition precedent), to the authentication and delivery of the Debentures of the Sixty-Seventh Series requested in the accompanying Company Order No. 57 have been complied with.
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IN WITNESS WHEREOF, I have executed this Officer’s Certificate on behalf of the Company this 23rd day of June, 2022 in New York, New York.
ALDO PORTALES                
Aldo Portales
Assistant Treasurer

			
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    Exhibit A

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

No. _______________    CUSIP No. __________ 
[FORM OF FACE OF DEBENTURE]
NEXTERA ENERGY CAPITAL HOLDINGS, INC.
5.00% DEBENTURES, SERIES DUE JULY 15, 2032
NEXTERA ENERGY CAPITAL HOLDINGS, INC., a corporation duly organized and existing under the laws of the State of Florida (herein referred to as the “Company,” which term includes any successor Person under the Indenture (as defined below)), for value received, hereby promises to pay to
, or registered assigns, the principal sum of ____________________ Dollars on July 15, 2032 (the “Stated Maturity Date”).  The Company further promises to pay interest on the principal sum of this 5.00% Debenture, Series due July 15, 2032 (this “Security”) to the registered Holder hereof at the rate of 5.00% per annum, in like coin or currency, semi-annually on January 15 and July 15 of each year (each an “Interest Payment Date”) until the principal hereof is paid or duly provided for, such interest payments to commence on January 15, 2023.  Each interest payment shall include interest accrued from the most-recently preceding Interest Payment Date to which interest has either been paid or duly provided for (except that (i) the interest payment which is due on January 15, 2023 shall include interest that has accrued from June 23, 2022, and (ii) if this Security is authenticated during the period that (A) follows any particular Regular Record Date (as defined below) but (B) precedes the next occurring Interest Payment Date, then the registered Holder hereof shall not be entitled to receive any interest payment with respect to this Security on such next occurring Interest Payment Date).  No interest will accrue on the Securities of this series with respect to the day on which the Securities of this series mature.  In the event that an Interest Payment Date is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of such delay) with the same force and effect as if made on the Interest Payment Date.  The interest so payable, and punctually paid or duly provided for, on an Interest Payment Date will, as provided in the Indenture referred to on the reverse of this Security (the “Indenture”), be payable to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the “Regular Record Date” for such interest 
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installment which shall be the close of business on the Business Day immediately preceding such Interest Payment Date so long as all of the Securities of this series are held by a securities depository in book-entry form; provided that if any of the Securities of this series are not held by a securities depository in book-entry form, the Regular Record Date will be the close of business on the fifteenth (15th) calendar day immediately preceding such Interest Payment Date; and provided further that interest payable on the Stated Maturity Date or a Redemption Date will be paid to the same Person to whom the associated principal is to be paid.  Any such interest not punctually paid or duly provided for will forthwith cease to be payable to the Person who is the Holder of this Security on such Regular Record Date and may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date to be fixed by the Trustee for the payment of such Defaulted Interest, notice of which shall be given to Holders of Securities of this series not less than ten (10) days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained for that purpose in New York City, the State 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; provided, however, that, at the option of the Company, interest on this Security may be paid by check mailed to the address of the Person entitled thereto, as such address shall appear on the Security Register or by a wire transfer to an account designated by the Person entitled thereto.  The amount of interest payable on this Security will be computed on the basis of a 360-day year consisting of twelve 30-day months (and for any period shorter than a full semi-annual period, on the basis of the actual number of days elapsed during such period using 30-day calendar months).
Reference is hereby made to the further provisions of this Security set forth on the reverse of this Security, which further provisions shall for all purposes have the same effect as if set forth at this place.  (All capitalized terms used in this Security which are not defined herein, including the reverse of this Security, but which are defined in the Indenture or in the Officer’s Certificate, shall have the meanings specified in the Indenture or in the Officer’s Certificate.)
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse of this Security by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed in ___________________.
NEXTERA ENERGY CAPITAL HOLDINGS, INC.
By:_______________________________________

[FORM OF CERTIFICATE OF AUTHENTICATION]
CERTIFICATE OF AUTHENTICATION
Dated:
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
THE BANK OF NEW YORK MELLON, as Trustee
By:_______________________________________
Authorized Signatory

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[FORM OF REVERSE OF DEBENTURE]
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture (For Unsecured Debt Securities), dated as of June 1, 1999 (herein, together with any amendments thereto, called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture, including the Board Resolutions and Officer’s Certificate filed with the Trustee on June 23, 2022 creating the series designated on the face hereof (herein called the “Officer’s Certificate”), for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities of this series and of the terms upon which the Securities of this series are, and are to be, authenticated and delivered.  This Security is one of the series designated on the face hereof.
The Securities of this series shall be redeemable at the option of the Company in whole at any time, or in part from time to time (each a “Redemption Date”), upon notice (the “Redemption Notice”) which is required by the Indenture to be mailed at least thirty (30) days but not more than sixty (60) days prior to the date fixed for redemption, at the applicable price (each a “Redemption Price”) described below; provided, however, that the Company has reserved the right, without any consent, vote or other action by Holders of the Securities of this series, or of any other series of Securities issued after December 1, 2021, to amend the Indenture to provide that the Redemption Notice shall be given in the manner provided in the Indenture at least ten (10) days but not more than sixty (60) days prior to the date fixed for redemption. 
Prior to April 15, 2032 (the “Par Call Date”), the Company may redeem the Securities of this series at its option, in whole or in part, at any time and from time to time, at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:
(1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Securities of this series matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 30 basis points
less (b) interest accrued to the Redemption Date, and
(2)100% of the principal amount of the Security of this series to be redeemed,
plus, in either case, accrued and unpaid interest thereon to but excluding the Redemption Date.
On or after the Par Call Date, the Company may redeem the Securities of this series, in whole or in part, at any time and from time to time, at a Redemption Price equal to 100% of the principal amount of the Securities of this series being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date.
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“Treasury Rate” means, with respect to any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.
The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”).  In determining the Treasury Rate, the Company shall select, as applicable:
(1)the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”); or
(2)if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life—and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or
(3)if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.
For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.
If on the third Business Day preceding the Redemption Date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date.  If there is no United States Treasury security maturing on the Par Call Date, but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date.  If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time.  In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based 
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upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.
The Company’s actions and determinations in determining the applicable Redemption Price shall be conclusive and binding for all purposes, absent manifest error. 
The Indenture Trustee shall have no duty to determine, or to verify the Company’s calculations of, the applicable Redemption Price.
If at the time a Redemption Notice is given, the redemption moneys are not on deposit with the Trustee, then, if such notice so provides, the redemption shall be subject to the receipt of the redemption moneys on or before the Redemption Date and such Redemption Notice shall be of no force or effect unless such moneys are received.
Upon payment of the applicable Redemption Price as described herein, on and after the applicable Redemption Date interest will cease to accrue on the Securities of this series or portions thereof called for redemption.
The Securities of this series will be absolutely, irrevocably and unconditionally guaranteed as to payment of principal, interest and premium, if any, by NextEra Energy, Inc., as Guarantor (the “Guarantor”), pursuant to a Guarantee Agreement, dated as of June 1, 1999, between the Guarantor and The Bank of New York Mellon (as Guarantee Trustee) (the “Guarantee Agreement”).  The following shall constitute “Guarantor Events” with respect to the Securities of this series:
(A)the failure of the Guarantee Agreement to be in full force and effect;
(B)the entry by a court having jurisdiction with respect to the Guarantor of (i) a decree or order for relief in respect of the Guarantor in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency or other similar law or (ii) a decree or order adjudging the Guarantor bankrupt or insolvent, or approving as properly filed a petition by one or more entities other than the Guarantor seeking reorganization, arrangement, adjustment or composition of or in respect of the Guarantor under any applicable Federal or State bankruptcy, insolvency or other similar law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official for the Guarantor or for any substantial part of its property, or ordering the winding up or liquidation of its affairs, and any such decree or order for relief or any such other decree or order shall have remained unstayed and in effect for a period of ninety (90) consecutive days; or
(C)the commencement by the Guarantor of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency or other similar law or of any other case or proceeding seeking for the Guarantor to be adjudicated bankrupt or insolvent, or the consent by the Guarantor to the entry of a decree or order for relief in respect of itself in a case or proceeding under any applicable Federal or State bankruptcy, insolvency or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Guarantor, or the filing by the Guarantor of a petition or answer or consent 
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seeking reorganization or relief under any applicable Federal or State bankruptcy, insolvency or other similar law, or the consent by the Guarantor to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Guarantor or of any substantial part of its property, or the making by the Guarantor of an assignment for the benefit of creditors, or the admission by the Guarantor in writing of its inability to pay its debts generally as they become due, or the authorization of such action by the Board of Directors of the Guarantor.
Notwithstanding anything to the contrary contained in the Securities of this series, the Officer’s Certificate, or the Indenture, the Company shall, if a Guarantor Event shall occur and be continuing, redeem all of the Outstanding Securities of this series within sixty (60) days after the occurrence of such Guarantor Event at a redemption price equal to the principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of redemption unless, within thirty (30) days after the occurrence of such Guarantor Event, S&P Global Ratings, a division of S&P Global Inc., and Moody’s Investors Service, Inc. (if the Securities of this series are then rated by those rating agencies, or, if the Securities of this series are then rated by only one of those rating agencies, then such rating agency, or, if the Securities of this series are not then rated by either one of those rating agencies but are then rated by one or more other nationally recognized rating agencies, then at least one of those other nationally recognized rating agencies) shall have reaffirmed in writing that, after giving effect to such Guarantor Event, the credit rating on the Securities of this series shall be investment grade (i.e., in one of the four highest categories, without regard to subcategories within such rating categories, of such rating agency).
If a Guarantor Event occurs and the Company is not required to redeem the Securities of this series pursuant to the preceding paragraph, the Company will provide to the Trustee and the Holders of the Securities of this series annual and quarterly reports containing the information that the Company would be required to file with the Securities and Exchange Commission under Section 13 or Section 15(d) of the Securities Exchange Act of 1934 if it were subject to the reporting requirements of either of those Sections; provided, that if the Company is, at that time, subject to the reporting requirements of either of those Sections, the filing of annual and quarterly reports with the Securities and Exchange Commission pursuant to either of those Sections will satisfy the foregoing requirement.
The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security upon compliance with certain conditions set forth in the Indenture, including the Officer’s Certificate described above.
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of and interest on the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected by such amendment to the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be thus affected.  The Indenture 
    A - 7    
			
	DB1/ 131009308.3

also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by Holders of the specified percentages in principal amount of the Securities of this series shall be conclusive and binding upon all current and future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding in respect of which an Event of Default shall have occurred and be continuing shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of Securities of all series at the time Outstanding in respect of which an Event of Default shall have occurred and be continuing a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.
The Securities of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor and of authorized denominations, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.
The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the absolute owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary.

    A - 8    
			
	DB1/ 131009308.3Exhibit 10.1

 

SEPARATION AND RELEASE AGREEMENT

 

This
SEPARATION AND RELEASE AGREEMENT (this “Separation Agreement”) is executed and entered into by and between,
Argo Group International Holdings, Ltd., together with its subsidiaries and affiliates (the “Company”) and Kevin J.
Rehnberg, an individual resident of the state of Minnesota (the “Executive”). The Company and the Executive shall be
collectively referred to herein as the “Parties.”

 

WHEREAS, the Company
and the Executive were parties to an employment agreement, dated February 18, 2020 (the “Employment Agreement”);

 

WHEREAS, the Executive
and the Company have mutually agreed that the Executive’s employment with the Company will end as of June 23, 2022 (the “Separation
Date”);

 

WHEREAS, the Executive
and the Company desire to resolve and settle any and all claims that Executive has or may have against the Releasees (as defined below),
including claims arising from any aspect of the Executive’s employment with the Company.

 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual agreements and covenants set forth herein, and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, agree as follows:

 

1.             Separation; Resignation. The Executive’s employment with the Company will end as of the Separation Date, upon mutual
agreement of the Company and the Executive. As of the Separation Date, the Executive shall resign, or be deemed to have resigned, from
all positions and directorships with the Company, its subsidiaries and affiliates.

 

2.             Accrued Rights. Whether or not this Separation Agreement becomes effective in accordance with its terms, the Executive shall
receive, on the Company’s first regularly scheduled payroll date following the Separation Date, (a) the Executive’s base salary
accrued through the Separation Date and (b) any amounts owing to the Executive for reimbursement of expenses properly incurred by the
Executive prior to the Separation Date and which are reimbursable in accordance with Section 5 of the Employment Agreement. In addition,
the Executive shall be entitled to any vested accrued benefits of the Executive as of the Separation Date under the Company’s retirement
plans, programs and arrangements in accordance with the terms of the plans.

 

     

     

    

 

3.             Severance Payments and COBRA Benefit.

 

a.     In
full satisfaction of the Company’s obligations to the Executive under Section 7 of the Employment Agreement, subject to the
Executive fulfilling his obligations hereunder and the conditions set forth herein, including compliance with Section 7, and the
Executive does not revoke this Agreement pursuant to Section 6, the Company shall provide the Executive with the following (i) a
gross amount of cash equal to $6 million (the “Severance Payment”), payable on the following schedule:
$5,713,703.57 on July 29, 2022; $62,222.18 on June 2, 2023; $112,037.22 on June 16, 2023; and $112,037.22 on June 30, 2023; provided,
that the Severance Payment shall be subject to applicable deductions and withholdings authorized or required by law, and (ii)
payment by the Company of the premiums under the Consolidated Omnibus Reconciliation Act of 1985, as amended
(“COBRA”) for continued coverage under any medical or dental program or policy in which the Executive was
eligible to participate as of the Separation Date for eighteen (18) months following the Separation Date (the “COBRA
Benefit”); provided, that such coverage shall become secondary to any Medicare coverage for which the Executive
becomes eligible; provided, further, that (A) such 18 month period shall run concurrently with the period under COBRA,
and (B) the Executive timely elects coverage under COBRA. The Executive acknowledges that after expiration of the COBRA Benefit, the
monthly COBRA premiums shall be the Executive’s responsibility (and/or the Executive’s dependents if they elect
coverage) and the Company is not obligated to make any further payments toward COBRA premiums after such date.

 

b.     The Executive acknowledges and agrees that the value of the Severance Payment and COBRA Benefit is greater than the value of any
other payments or benefits to which the Executive otherwise might be entitled and, except as expressly provided in this Separation Agreement,
the Company and the Releasees have fully satisfied any and all obligations owed to the Executive arising out of or relating to the Executives’s
employment or other relationship with the Company or any of the other Releasees, and no further sums, payments or benefits are owed to
the Executive by the Company or any of the Releasees arising out of or relating to Executive’s employment or other relationship
with the Company or any of the other Releasees.

 

4.             Termination of Benefit Plan Participation; Equity Awards. Whether or not the Executive signs and returns this Separation
Agreement, the Executive’s participation, and, if applicable, the Executive’s dependent(s)’ coverage, under all employee
benefit plans sponsored by the Company shall end as of the Separation Date; provided, however, that the Executive shall
receive separate written notification regarding the Executive’s right to continue coverage under the Company’s group healthcare
benefits plans after the Separation Date at the Executive’s and/or the Executive’s dependent(s)’ own expense under COBRA
(other than the COBRA Benefit if applicable). In addition, notwithstanding the terms under the Company’s 2014 Long-Term Incentive
Plan and its award agreements and the Company’s 2019 Omnibus Incentive Plan and its award agreements (collectively, the “Equity
Arrangements”), (i) all unvested equity awards held by the Executive under the Equity Arrangements shall immediately terminate
and be forfeited as of the Separation Date and (ii) all vested equity awards held by the Executive under the Equity Arrangements shall
be treated in accordance with the terms of the Equity Arrangements as of the Separation Date.

 

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5.             Release.
The Executive, for and on behalf of himself and his executors, administrators, successors and assigns, hereby irrevocably and
unconditionally releases the Company together with its parents, subsidiaries, co-venturers and affiliates, and each of its
respective predecessors, successors and assigns, and all of those entities’ current and former partners, shareholders,
members, owners, heirs, assigns, employees, agents, officers, directors, attorneys, and insurers, but only in their capacities as
such (collectively, “Releasees”) from any and all rights, claims, charges, actions, causes of action, complaints,
sums of money, suits, debts, covenants, contracts, agreements, promises, obligations, damages, demands or liabilities of every kind
whatsoever, in law or in equity, whether known or unknown, suspected or unsuspected (collectively, “Claims”)
which the Executive or his heirs, executors, administrators, successors or assigns ever had, now has or may hereafter claim to have
by reason of any matter, cause or thing whatsoever arising out of or relating in any way to the Executive’s employment
relationship, or termination of the Executive’s employment or services, with the Company or any of the other Releasees,
including, but not limited to, any such Claims: (i) arising from the beginning of time through the date upon which the Executive
signs this Separation Agreement, including, but not limited to, any such Claims (A) arising out of or relating to the termination of
the Executive’s employment with the Company, (B) arising out of or relating to tort, fraud or defamation, and (C) arising
under any federal, state, local or foreign statute or regulation, including, without limitation, the Age Discrimination in
Employment Act of 1967, as amended by the Older Workers Benefit Protection Act (the “ADEA”), Title VII of the
Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Executive Retirement Income Security Act of 1974, the New
York State Human Rights Law, the New York State Labor Law, the New York State Worker Adjustment and Retraining Notification Act, the
New York State Corrections Law, and the New York Executive Law Section 296(15), employment discrimination under the Minnesota Human
Rights Act, pay discrimination under the Minnesota Equal Pay for Equal Work law, all as amended and including all of their
respective implementing regulations and/or any other federal, state, local or foreign law (statutory, regulatory or otherwise) that
may be legally waived and released; (ii) relating to wrongful employment termination; or (iii) arising under or relating to any
policy, agreement, understanding or promise, written or oral, formal or informal, between the Company or any of the other Releasees
and the Executive, including, without limitation, the Employment Agreement; provided, however, that notwithstanding
the foregoing, nothing contained in this Section 5 shall in any way diminish or impair: (I) any rights the Executive may have
to vested benefits under employee health and welfare benefit plans; (II) the Executive’s ability to bring proceedings to
enforce this Separation Agreement; (III) the Executive’s right to challenge the validity of the release of ADEA claims set
forth in this Separation Agreement; (IV) any Claims the Executive may have that cannot be waived under applicable law, such as
unemployment benefits, workers’ compensation and disability benefits, (V) any rights the Executive may have to bring any Claim
for indemnification or legal defense under any applicable directors and officers liability insurance policy, prior agreements or
policies, by-laws or applicable common, state or federal law, or (VI) the Executive’s right to file a charge with or
participate in a charge by the Equal Employment Opportunity Commission, the New York State Division of Human Rights or any other
local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to
employment; provided that the Executive hereby waives the right to recover any monetary damages or other relief against any
Releasee with respect to Claims released by the Executive herein.

 

		6.	Consultation with Attorney/Voluntary Agreement. 

 

a.             The
Executive acknowledges that (i) the Company has advised the Executive to consult with an attorney of the Executive’s choosing
before signing this Separation Agreement, (ii) the Executive has been given the opportunity to seek the advice of counsel and has,
in fact, obtained the advice of sophisticated counsel, (iii) the Executive has carefully read and fully understands all of the
provisions of this Separation Agreement, (iv) the release provided herein specifically applies to any rights or claims the Executive
may have against the Releasees pursuant to the ADEA, (v) the Executive is entering into this Separation Agreement knowingly, freely
and voluntarily in exchange for good and valuable consideration to which the Executive is not otherwise entitled, including the
payments and benefits set forth in Section 3 of this Separation Agreement, and (vi) the Executive has the full power, capacity and
authority to enter into this Separation Agreement.

 

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b.             The Executive understands and agrees that the Executive has been given at least twenty-one (21) calendar days following the Executive’s
receipt of this Separation Agreement (on June 7, 2022) to consider whether to sign this Separation Agreement, although the Executive may
sign it sooner. In no event shall the Executive sign this Separation Agreement prior to the Separation Date.

 

c.             For a period of fifteen (15) days after the date on which the Executive signed it, the Executive may, in the Executive’s
sole discretion, revoke this Separation Agreement by delivering a written notice of rescission to the Company by email to Allison Kiene
at Allison.Kiene@argogroupus.com by no later than 5:00 p.m. ET of the fifteenth (15th) day following the Executive’s execution of
this Separation Agreement.

 

d.             In the event of such revocation by the Executive, the release in Section 5 of this Separation Agreement shall be of no force or
effect, and the Company’s obligations to make the payment set forth in Section 3 above shall be null and void. If the Executive
does not revoke this Separation Agreement pursuant to this Section 6, this Separation Agreement shall become final and binding and
shall be irrevocable on the eighth (8th) calendar day following the date of the Executive’s execution of this Separation Agreement
(such date, the “Effective Date”). Changes to this Separation Agreement made after the Executive’s receipt of
this Separation Agreement, whether material or immaterial, shall not restart the running of the twenty-one (21) calendar day consideration
period.

 

7.             Restrictive Covenants. Except as modified by Section 8 of this Separation Agreement, the Executive acknowledges and agrees
that the covenants set forth in Sections 8 and 9 of the Employment Agreement are incorporated herein by reference and fully made a part
hereof as if executed in connection with this Separation Agreement on the Effective Date, and remain in full force and effect in accordance
with their terms.

 

8.             Permitted
Disclosures. Pursuant to 18 U.S.C. § 1833(b), the Executive hereby acknowledges that the Executive shall not have criminal
or civil liability under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in
confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) solely for
the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is
filed under seal in a lawsuit or other proceeding. The Executive understands that if the Executive files a lawsuit for retaliation
by the Company for reporting a suspected violation of law, he may disclose the trade secret to the Executive’s attorney and
use the trade secret information in the court proceeding if the Executive (x) files any document containing the trade secret under
seal, and (y) does not disclose the trade secret, except pursuant to court order. Nothing in this Separation Agreement or any other
agreement by and between the Company and the Executive is intended to conflict with 18 U.S.C. § 1833(b) or create liability for
disclosures of trade secrets expressly allowed by such section. Further, notwithstanding anything to the contrary contained in this
Separation Agreement, this Separation Agreement does not prohibit or restrict the Executive from (i) voluntarily communicating with
an attorney retained by the Executive, (ii) voluntarily communicating with any law enforcement, government agency, including the
Securities and Exchange Commission (“SEC”), the Equal Employment Opportunity Commission, the New York State
Division of Human Rights or a local commission on human rights, or any self-regulatory organization, regarding possible violations
of law, in each case without advance notice to the Company, or otherwise initiating, testifying, assisting, complying with a
subpoena from, or participating in any manner with an investigation conducted by such government agency, (iii) recovering a SEC
whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934, (iv) disclosing any Confidential
Information to a court or other administrative or legislative body in response to a subpoena, provided that the Executive
first promptly notifies and provides the Company with the opportunity to seek, and join in its efforts at the sole expense of the
Company, to challenge the subpoena or obtain a protective order limiting its disclosure, or other appropriate remedy, or (v) filing
or disclosing any facts necessary to receive unemployment insurance, Medicaid or other public benefits to which the Executive is
entitled.

 

    4

     

    

 

9.             Cooperation. The Executive acknowledges and agrees that the Executive will assist and cooperate with the Company in connection
with any investigation, proceeding, dispute, or claim that may be made against, by, or with respect to the Company, or in connection with
any ongoing or future investigation, proceeding, dispute, or claim of any kind involving the Company, including any proceeding before
any arbitral, administrative, regulatory, self-regulatory, judicial, legislative, or other body or agency (including, but not limited
to, making himself available upon reasonable notice for factual interviews, preparation for testimony, providing affidavits, and similar
activities), to the extent such claims, investigations, or proceedings relate to the Executive’s employment with the Company, services
performed or required to be performed by the Executive, or pertinent knowledge possessed by the Executive.

 

10.           No Admission of Wrongdoing. Neither by offering to make, nor by making, this Separation Agreement, do any of the Parties
admit any failure of performance, wrongdoing, or violation of law. Neither this Separation Agreement nor any of its terms may be used
as an admission or introduced as evidence as to any issue of law or fact in any proceeding, suit or action, other than an action to enforce
this Separation Agreement.

 

11.           Governing Law. This Separation Agreement shall be construed in accordance with, and governed by, the laws of the State of
New York, without regard to the conflict of law principles of any jurisdiction.

 

12.           Jurisdiction and Venue. Any action or proceeding arising out of or relating to this Separation Agreement shall be instituted
in the courts located in the United States District Court for the Southern District of New York, or, if such court would not have jurisdiction
over the matter, then only in a New York State court sitting in the Borough of Manhattan, New York. Each Party irrevocably submits to
the exclusive jurisdiction of such courts. As an exception to the exclusive jurisdiction and venue set forth in the preceding sentence,
the Company may seek equitable or injunctive relief against the Executive in any jurisdiction necessary to protect the Company’s
rights.

 

    5

     

    

 

13.           Waiver
of Jury Trial. THE PARTIES TO THIS SEPARATION AGREEMENT EACH HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT
TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (i) ARISING UNDER THIS SEPARATION AGREEMENT OR (ii) IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS SEPARATION AGREEMENT OR ANY OF THE
TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR
OTHERWISE. THE PARTIES TO THIS SEPARATION AGREEMENT EACH HEREBY AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF
ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS SEPARATION AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OF A COPY OF THIS SEPARATION AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE
WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

14.           Amendments; Waivers. No provision of this Separation Agreement may be changed, extended, waived, modified, discharged or
terminated, except by a written instrument executed by the Parties which expressly states it is an amendment.

 

15.           Entire Agreement. This Separation Agreement sets forth the entire understanding between the Company and the Executive, and
supersedes all prior and contemporaneous agreements, representations, discussions and understandings concerning the subject matter addressed
herein; provided, however, that this Separation Agreement shall not supersede or otherwise affect the validity of Sections
8 and 9 of the Employment Agreement. The Company and the Executive represent that, in executing this Separation Agreement, each Party
has not relied upon any representation or statement made by any other Party, other than those set forth herein, with regard to the subject
matter, basis or effect of this Separation Agreement.

 

16.           Section 409A.

 

a.             The intent of the parties is that payments and benefits under this Separation Agreement comply with Section 409A of the Internal
Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”), to the extent
subject thereto, and accordingly, to the maximum extent permitted, this Separation Agreement shall be interpreted and administered to
be in compliance therewith. Notwithstanding anything contained in this Separation Agreement to the contrary, the Executive shall not be
considered to have terminated employment with the Company for purposes of any payments under this Separation Agreement which are subject
to Section 409A until the Executive has incurred a “separation from service” from the Company within the meaning of Section
409A. Each amount to be paid or benefit to be provided under this Separation Agreement shall be construed as a separate and identified
payment for purposes of Section 409A. To the extent required in order to avoid an accelerated or additional tax under Section 409A, amounts
reimbursable to the Executive under this Separation Agreement shall be paid to the Executive on or before the last day of the year following
the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to the
Executive) during one year may not affect amounts reimbursable or provided in any subsequent year.

 

b.             If
the Executive is required to pay taxes under Section 409A in respect of the Severance Payment, the Company shall promptly pay the
Executive the amount or amounts (a “Tax Payment”) that are necessary to place the Executive in the same after-tax
financial position that the Executive would have been in if the Severance Payment had not been taxed under Section 409A.

 

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c.             The Executive will notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require
the payment by the Company of the Tax Payment. Such notification shall be given as soon as practicable but no later than ten (10) business
days after the Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on
which such claim is requested to be paid. The Executive will not pay such claim prior to the expiration of the thirty (30) day period
following the date on which the Executive gives such notice to the Company. If the Company notifies the Executive in writing prior to
the expiration of such period that it desires to contest such claim, the Executive will (i) give the Company any information reasonably
requested by the Company relating to such claim; (ii) take such action in connection with contesting such claim as the Company shall reasonably
request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by counsel
selected by the Company; (iii) cooperate with the Company in good faith in order to effectively contest such claim; and (iv) permit the
Company to participate in any proceedings relating to such claim. The Company shall bear and pay directly all costs and expenses (including
legal fees and additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Executive
harmless, on an after-tax basis, for any interest and penalties imposed as a result of such representation and payment of costs and expenses

 

d.             Without limitation on the foregoing, the Company shall control all proceedings taken in connection with such contest and, at its
sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority
in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest
the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal,
in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the
Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive,
on an interest-free basis, and shall indemnify and hold the Executive harmless, on an after-tax basis, from any income tax (including
interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to
such advance. The Company’s control of the contest shall be limited to issues with respect to which a Tax Payment would be payable
hereunder and the Executive will be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

 

17.           Titles and Headings. Titles and headings to sections, subsections and sub-subsections of this Separation Agreement are for
the purposes of reference only and shall not affect the interpretation of this Separation Agreement.

 

18.           Each Party the Drafter. This Separation Agreement, and the provisions contained in it, shall not be construed or interpreted
for, or against, any party to this Separation Agreement because that party drafted or caused that party's legal representatives to draft
any of its provisions.

 

    7

     

    

 

19.           Legally
Binding. All of the terms contained in this Separation Agreement (including, without limitation, the “whereas” clauses)
are contractual, and not a mere recital.

 

20.           Construction and Severability. Whenever possible, each provision of this Separation Agreement shall be construed and interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Separation Agreement is held to be prohibited
by, or invalid, illegal or unenforceable in any respect under, any applicable law or rule in any jurisdiction, such prohibition, invalidity,
illegality or unenforceability shall not affect any other provision of this Separation Agreement or any other jurisdiction, and the Parties
undertake to implement all efforts which are necessary, desirable and sufficient to amend, supplement or substitute all and any such prohibited,
invalid, illegal or unenforceable provisions with enforceable and valid provisions in such jurisdiction which would produce as nearly
as may be possible the result previously intended by the parties without renegotiation of any material terms and conditions stipulated
herein.

 

21.           Counterparts. This Separation Agreement may be executed and delivered in counterparts, each of which when so executed and
delivered shall be the original, but such counterparts together shall constitute but one and the same instrument. Signature pages delivered
electronically, including by facsimile or as a PDF attachment to electronic mail, shall be binding to the same extent as an original.

 

22.           Successors and Assigns. This Separation Agreement shall inure to the benefit of and be binding upon the Company and any
successor organization which shall succeed to the Company by merger or consolidation or operation of law, or by acquisition of assets
of the Company. The Executive may not assign his duties or obligations under this Separation Agreement.

 

[Signature Page Follows]

 

    8

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have signed this Separation Agreement as of the dates specified below.

 

	 	Argo Group International Holdings, Ltd.
	 	 
	 	By:	 /s/ Susan Comparato
	 	Name: Susan Comparato
	 	Title: Chief Administrative Officer
	 	Date: June 23, 2022
	 	 
	 	Executive:
	 	 
	 	/s/ Kevin J. Rehnberg
	 	Kevin J. Rehnberg
	 	Date: June 23, 2022

 

[Signature Page – Separation Agreement]

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