Common use of FORM OF BOND Clause in Contracts

FORM OF BOND. The text of the registered Series U Bonds and of the authentication certificate of the Trustee upon said Bonds shall be, respectively, substantially as follows: FORM OF REGISTERED SERIES U BOND WITHOUT COUPONS THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OTHERWISE OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF SAID SECURITIES ACT OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS BOND HAS BEEN ISSUED PURSUANT TO AND SUBJECT TO THE TERMS AND CONDITIONS OF A BOND PURCHASE AGREEMENT WITH THE COMPANY DATED AS OF JANUARY 31, 2018, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. No. UR-__ $__________ ARTESIAN WATER COMPANY, INC. FIRST MORTGAGE BONDS, SERIES U Due January 31, 2038

FORM OF BOND. The text of the registered Series U V Bonds and of the authentication certificate of the Trustee upon said Bonds shall be, respectively, substantially as follows: FORM OF REGISTERED SERIES U V BOND WITHOUT COUPONS THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OTHERWISE OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF SAID SECURITIES ACT OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS BOND HAS BEEN ISSUED PURSUANT TO AND SUBJECT TO THE TERMS AND CONDITIONS OF A BOND PURCHASE AGREEMENT WITH THE COMPANY DATED AS OF JANUARY 31DECEMBER 17, 20182019, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. No. UR-VR-__ $__________ ARTESIAN WATER COMPANY, INC. FIRST MORTGAGE BONDS, SERIES U V Due January October 31, 20382049

FORM OF BOND. The text of the registered Series U W Bonds and of the authentication certificate of the Trustee upon said Bonds shall be, respectively, substantially as follows: FORM OF REGISTERED SERIES U W BOND WITHOUT COUPONS THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OTHERWISE OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF SAID SECURITIES ACT OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS BOND HAS BEEN ISSUED PURSUANT TO AND SUBJECT TO THE TERMS AND CONDITIONS OF A BOND PURCHASE AGREEMENT WITH THE COMPANY DATED AS OF JANUARY 31APRIL 29, 20182022, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. No. UR-WR-__ $__________ ARTESIAN WATER COMPANY, INC. FIRST MORTGAGE BONDS, SERIES U W Due January 31April 30, 20382047

FORM OF BOND. The text of the registered Series U T Bonds and of the authentication certificate of the Trustee upon said Bonds shall be, respectively, substantially as follows: FORM OF REGISTERED SERIES U T BOND WITHOUT COUPONS THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OTHERWISE OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF SAID SECURITIES ACT OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS BOND HAS BEEN ISSUED PURSUANT TO AND SUBJECT TO THE TERMS AND CONDITIONS OF A BOND PURCHASE AGREEMENT WITH THE COMPANY DATED AS OF JANUARY 3118, 20182017, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. No. UR-TR-__ $__________ ARTESIAN WATER COMPANY, INC. FIRST MORTGAGE BONDS, SERIES U T Due January 31December 20, 20382036