Name of Issuer] [Name of Security] UNDERWRITING AGREEMENT
Exhibit
1(f)
[Name
of
Issuer]
[Name
of
Security]
______________________________
______________________________
[Date]
To
the
Representatives named in Schedule I
hereto
of
the Underwriters
named
in
Schedule II hereto
Ladies
and Gentlemen:
1. Introductory.
[1 FPL
Group, Inc., a Florida corporation (“FPL Group”), proposes to issue and sell
shares of FPL Group’s common stock, $.01 par value (the “Common Stock”), with
the terms and in the amount specified in Schedule I hereto (the “Securities”).]
[2 FPL
Group, Inc., a Florida corporation (“FPL Group”), proposes to issue and sell FPL
Group’s new securities (“Securities”), and in connection therewith FPL Group
[Capital Inc, a Florida corporation (“FPL Group Capital”) and a [wholly-owned]
subsidiary of FPL Group,] proposes to issue and sell certain of its debt
securities as specified herein. The Securities will consist of _______ equity
units consisting of ______ of FPL Group’s corporate units (“Corporate Units”),
with a stated amount per Corporate Unit of $__ (the “Stated Amount”).]
[1FPL
Group
hereby confirms its agreement with the several Underwriters (as defined below)
as set forth herein.] [2Each
of
FPL Group and FPL Group Capital hereby confirms its agreement with the several
Underwriters (as defined below) as set forth herein.]
The
term
“Underwriters” as used herein shall be deemed to mean the entity or several
entities named in Schedule II hereto and any underwriter substituted as provided
in Section 6 hereof, and the term “Underwriter” shall be deemed to mean one
of such Underwriters. If the
1
|
For
use in connection with Common
Stock.
|
2
|
For
use in connection with Stock Purchase Units. If FPL Group issues
debt
securities of FPL Group as a component of Stock Purchase Units,
rather
than debt securities of FPL Group Capital, not all of the language
indicated with this footnote would be included in the related
underwriting
agreement. FPL Group may substitute preferred trust securities
for
debentures in connection with the Stock Purchase Units. In
that event,
please refer to the Form of Underwriting Agreement with respect
to
Preferred Trust Securities of FPL Group Trust and FPL Group
Capital Trust
and related securities. FPL Group may also substitute preferred
stock for
Common Stock in connection with the Stock Purchase Units. In
that event,
please refer to the Form of Underwriting Agreement with respect
to
preferred stock of FPL Group.
|
entity
or
entities listed in Schedule I hereto (the “Representatives”) are the same as the
entity or entities listed in Schedule II hereto, then the terms “Underwriters”
and “Representatives,” as used herein, shall each be deemed to refer to such
entity or entities. The Representatives represent that they have been authorized
by each Underwriter to enter into this agreement on behalf of such Underwriter
and to act for it in the manner herein provided. All obligations of the
Underwriters hereunder are several and not joint. If more than one entity is
named in Schedule I hereto, any action under or in respect of this agreement
may
be taken by such entities jointly as the Representatives or by one of the
entities acting on behalf of the Representatives and such action will be binding
upon all the Underwriters.
2. Description
of Securities. [2Each
Corporate Unit will consist of a unit comprised of (a) a stock purchase
contract (a “Purchase Contract”) under which (i) the holder will purchase
from FPL Group not later than __________, ____ (the “Purchase Contract
Settlement Date”), for $__ in cash, a fraction of a newly issued share of FPL
Group’s common stock, $.01 par value (the “Common Stock”) determined as provided
in the Purchase Contract, and (ii) FPL Group will pay the holder unsecured
contract adjustments payments (“Contract Adjustment Payments”) at the rate of
____% of the Stated Amount per annum, subject to the right of FPL Group to
defer
such payments, and (b) prior to the Purchase Contract Settlement Date,
beneficial ownership of a Series __ Debenture due __________, ____ issued
by FPL Group [Capital] (a “Debenture”), having a principal amount of $__. The
Debentures will be a series of debentures issued by FPL Group [Capital] pursuant
to an Indenture, dated as of [June 1, 1999] [__________], to The Bank of
New York, as Trustee (together with any amendments or supplements thereto,
the
“Indenture”), a copy of which has been heretofore delivered to the
Representatives[.][, and will be absolutely, irrevocably and unconditionally
guaranteed by FPL Group pursuant to, and in accordance with, the terms of a
Guarantee Agreement, dated as of June 1, 1999, between FPL Group, as
Guarantor, and The Bank of New York, as Guarantee Trustee, a copy of which
has
been heretofore delivered to the Representatives (the “Guarantee Agreement”).
The term “Guarantee” as used in this agreement shall refer to the guarantee
pursuant to the Guarantee Agreement relating to the Debentures.] In accordance
with the terms of the Purchase Contract Agreement, dated as of __________,
____
(the “Purchase Contract Agreement”), between FPL Group and The Bank of New York,
as Purchase Contract Agent and Trustee (the “Purchase Contract Agent”), the
Debentures constituting a part of the Corporate Units will be pledged by the
Purchase Contract Agent, on behalf of the holders of the Securities (as defined
herein), to __________, as Collateral Agent, pursuant to the Pledge Agreement,
dated as of __________, ____ (the “Pledge Agreement”), among FPL Group, the
Purchase Contract Agent, the Collateral Agent, the Custodial Agent and the
Securities Intermediary, to secure the holders’ obligations to purchase Common
Stock pursuant to the Purchase Contracts. Under certain circumstances, holders
of Corporate Units may substitute certain U.S. Treasury securities for the
Debentures that are a part of such holders’ Corporate Units and thereby create
treasury units (“Treasury Units”) pursuant to the terms of the Purchase Contract
Agreement and the Pledge Agreement. Also, under certain circumstances, the
Debentures will be subject to remarketing pursuant to a Remarketing Agreement,
dated as of __________, ____ among __________, as Remarketing Agent and as
Reset
Agent, FPL Group[, FPL Group Capital] and the Purchase Contract Agent (the
“Remarketing Agreement”).]
3. [2Representations
and Warranties of FPL Group Capital. FPL Group Capital represents and
warrants to the several Underwriters that:
2
(a) FPL
Group
Capital has filed with the Securities and Exchange Commission (the “Commission”)
a joint registration statement[, as amended,] with FPL Group, FPL Group Capital
Trust II, FPL Group Capital Trust III (together with FPL Group Capital
Trust II, “FPL Group Capital Trust”), FPL Group Trust I, FPL Group
Trust II (together with FPL Group Trust I, “FPL Group Trust”), Florida
Power & Light Company, Florida Power & Light Company Trust I
and Florida Power & Light Company Trust II (together with Florida Power
& Light Company Trust I, “Florida Power & Light Company Trust”, and
together with FPL Group Capital Trust and FPL Group Trust, collectively the
“Trusts”) on Form S-3, including a prospectus (Registration Statement Nos.
333-_______, 333-______-01, 333-_______-02, 333-_______-03, 333-_______-04,
333-_______-05, 333-_______-06, 333-_______-07 and 333-_______-08)
(“Registration Statement No. 333-______”), for the registration under the
Securities Act of 1933, as amended (the “Securities Act”), of (a) an
unspecified aggregate amount of (i) senior debt securities of FPL Group
Capital (“FPL Group Capital Senior Debt Securities”), (ii) FPL Group’s
Common Stock, (iii) shares of FPL Group’s preferred stock, $.01 par value (“FPL
Group Preferred Stock”), (iv) shares of FPL Group Capital’s preferred stock,
$.01 par value (“FPL Group Capital Preferred Stock”), (v) contracts to
purchase Common Stock or FPL Group Preferred Stock or other agreements or
instruments requiring FPL Group to issue Common Stock or FPL Group Preferred
Stock (collectively, “Stock Purchase Contracts”), (vi) units, each
representing ownership of a Stock Purchase Contract and any of debt securities
of FPL Group Capital, debt securities of FPL Group, FPL Group Trust Preferred
Trust Securities (as defined below), FPL Group Capital Preferred Trust
Securities (as defined below) or debt securities of third parties, including
U.S. Treasury securities (“Stock Purchase Units”), (vii) junior subordinated
debentures of FPL Group Capital (“FPL Group Capital Junior Subordinated
Debentures”), (viii) junior subordinated debentures of FPL Group (“FPL
Group Junior Subordinated Debentures”), (ix) senior debt securities of FPL Group
(“FPL Group Senior Debt Securities”), (x) preferred trust securities of FPL
Group Capital Trust II (“FPL Group Capital Trust II Preferred Trust
Securities”), (xi) preferred trust securities of FPL Group Capital Trust III
(together with FPL Group Capital Trust II Preferred Trust Securities, the “FPL
Group Capital Trust Preferred Trust Securities”), (xii) preferred trust
securities of FPL Group Trust I (“FPL Group Trust I Preferred Trust
Securities”), and (xiii) preferred trust securities of FPL Group Trust II
(together with FPL Group Trust I Preferred Trust Securities, “FPL Group Trust
Preferred Trust Securities”), (b) guarantees of FPL Group (“FPL Group
Guarantees”) related to the FPL Group Capital Senior Debt Securities, FPL Group
Capital Junior Subordinated Debentures, FPL Group Capital Preferred Stock,
FPL
Group Capital Trust Preferred Trust Securities and FPL Group Trust Preferred
Trust Securities, (c) an unspecified aggregate amount of (i) first
mortgage bonds of Florida Power & Light Company (“Bonds”), (ii) shares
of Florida Power & Light Company’s serial Preferred Stock, $100 par value
(“Serial Preferred Stock”) and shares of Florida Power & Light
Company’s Preferred Stock without par value (“No Par Preferred Stock,” and
together with the Serial Preferred Stock, “Florida Power & Light Company
Preferred Stock”), (iii) junior subordinated debentures of Florida Power
& Light Company (“Florida Power & Light Company Junior Subordinated
Debentures”), (iv) preferred trust securities of Florida Power & Light
Company Trust I (“Florida Power & Light Company Trust I Preferred Trust
Securities”) and (v) preferred trust securities of Florida Power &
3
Light
Company Trust II (together with Florida Power & Light Company Trust I
Preferred Trust Securities, “Florida Power & Light Company Trust Preferred
Trust Securities”), and (d) guarantee of Florida Power & Light Company
related to the Florida Power & Light Company Trust Preferred Trust
Securities (the “Florida Power & Light Company Trust Guarantee”). Such
registration statement has become effective and no stop order suspending such
effectiveness has been issued under the Securities Act and no proceedings for
that purpose have been instituted or are pending or, to the knowledge of FPL
Group Capital, threatened by the Commission. References herein to the term
“Registration Statement” as of any given time shall mean Registration Statement
No. 333-_______, as amended or supplemented to such time, including all
documents incorporated by reference therein as of such time pursuant to Item
12
of Form S-3 (“Incorporated Documents”) and any prospectus, preliminary
prospectus supplement or prospectus supplement relating to the Securities deemed
to be a part thereof pursuant to Rule 430B that has not been superseded or
modified. References herein to the term “Registration Statement” without
reference to a time means the Registration Statement as of ____ [A.M./P.M.],
New
York City time, on [the date hereof] (which date and time is the earlier of
the
date and time of (x) the first use of the preliminary prospectus supplement
relating to the Securities and (y) the first contract of sale of the
Securities), which time shall be considered the “Effective Date” of the
Registration Statement. For purposes of the definitions of “Registration
Statement” in the preceding two sentences, information contained in any
prospectus, preliminary prospectus supplement or prospectus supplement that
is
deemed retroactively to be a part of the Registration Statement pursuant to
Rule
430B shall be considered to be included in the Registration Statement as of
the
time specified in Rule 430B. References herein to the term “Pricing Prospectus”
shall mean the prospectus relating to FPL Group, FPL Group Capital, FPL Group
Trust and FPL Group Capital Trust forming a part of Registration Statement
No. 333-______ (the “Base Prospectus”), including all Incorporated
Documents and any prospectus or prospectus supplement relating to the Securities
deemed to be a part of such registration statement that has not been superseded
or modified. For purposes of the definition of “Pricing Prospectus” with respect
to a particular offering of Securities, information contained in a prospectus
or
prospectus supplement (other than a prospectus or prospectus supplement that
relates only to securities issued by Florida Power & Light Company, Florida
Power & Light Company Trust, FPL Group Capital Trust or FPL Group Trust or
to securities issued by FPL Group or FPL Group Capital other than the
Securities) that is deemed retroactively to be a part of the Registration
Statement pursuant to Rule 430B shall be considered to be included in the
Pricing Prospectus as of the time that form of prospectus or prospectus
supplement is filed with the Commission pursuant to Rule 424 of the general
rules and regulations of the Securities Act (“Rule 424”). References herein
to the term “Prospectus” means the Pricing Prospectus that discloses the public
offering price and other final terms of the Securities and otherwise satisfies
Section 10(a) of the Securities Act. The prospectus supplement relating to
the
Securities proposed to be filed pursuant to Rule 424 shall be substantially
in
the form delivered to the Representatives prior to the execution of this
agreement. Each of the Underwriters acknowledges that on or subsequent to the
Closing Date, FPL Group Capital may file a post-effective amendment to the
Registration Statement pursuant to Rule 462(d) under the Securities Act or
FPL
Group may file a Current Report on Form 8-K in order to file
4
one
or
more unqualified opinions of counsel and any documents executed in connection
with the offering of the Securities.
(b) The
Registration Statement constitutes an “automatic shelf registration statement”
(as defined in Rule 405 under the Securities Act) filed within three years
of
the date hereof; the Registration Statement became effective upon filing; no
notice of objection of the Commission with respect to the use of the
Registration Statement pursuant to Rule 401(g)(2) under the Securities Act
has
been received by FPL Group Capital and not removed; and with respect to the
Debentures, FPL Group Capital is a “well-known seasoned issuer” within the
meaning of subparagraph (1)(ii) of the definition of “well-known seasoned
issuer” in Rule 405 under the Securities Act and is not an “ineligible issuer”
(as defined in Rule 405 under the Securities Act).
(c) The
Registration Statement at the Effective Date fully complied, and the Prospectus,
both as of the date hereof and at the Closing Date, and the Registration
Statement and the Indenture, at the Closing Date, will fully comply, in all
material respects with the applicable provisions of the Securities Act and
the
Trust Indenture Act of 1939, as amended (the “1939 Act”), respectively, and, in
each case, the applicable instructions, rules and regulations of the Commission
thereunder; the Registration Statement, at the Effective Date, did not, and
at
the Closing Date the Registration Statement will not, contain an untrue
statement of a material fact, or omit to state a material fact required to
be
stated therein or necessary to make the statements therein not misleading;
the
Prospectus, both as of the date hereof and at the Closing Date, will not include
an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements contained therein, in the light of
the
circumstances under which they were made, not misleading; provided, that the
foregoing representations and warranties in this subsection (c) shall not
apply to statements or omissions made in reliance upon and in conformity with
information furnished in writing to FPL Group or FPL Group Capital by or on
behalf of any Underwriter through the Representatives expressly for use in
connection with the preparation of the Registration Statement or the Prospectus,
or to any statements in or omissions from the Statements of Eligibility on
Form
T-1, or amendments thereto, filed as exhibits to the Registration Statement
(collectively, the “Statements of Eligibility”) or to any statements or
omissions made in the Registration Statement or the Prospectus relating to
The
Depository Trust Company (“DTC”) Book-Entry-Only System that are based solely on
information contained in published reports of DTC.
(d) As
of the
Applicable Time (as defined below), the Pricing Disclosure Package (as defined
below) did not contain an untrue statement of a material fact or omit to state
a
material fact necessary in order to make the statements contained therein,
in
the light of the circumstances under which they were made, not misleading;
provided, that the foregoing representations and warranties in this
subsection (d) shall not apply to statements or omissions made in reliance
upon and in conformity with information furnished in writing to FPL Group or
FPL
Group Capital by or on behalf of any Underwriter through the Representatives
expressly for use in connection with the preparation of the Pricing Prospectus,
any preliminary prospectus supplement or any Issuer Free Writing Prospectus
(as
defined below), or to any statements or omissions
5
made
in
the Pricing Prospectus, any preliminary prospectus supplement or any Issuer
Free
Writing Prospectus relating to the DTC Book-Entry-Only System that are based
solely on information contained in published reports of DTC. References to
the
term “Pricing Disclosure Package” shall mean the documents listed in Schedule
III, taken together as a whole. References to the term “Issuer Free Writing
Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433
under the Securities Act. References to the term “Free Writing Prospectus” shall
mean a free writing prospectus, as defined in Rule 405 under the Securities
Act. References to the term “Applicable Time” means ____ [A.M./P.M.] on [the
date hereof]. If there occurs an event or development as a result of which
the
Pricing Disclosure Package would include an untrue statement of a material
fact
or would omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances then prevailing, not misleading,
FPL
Group Capital promptly will notify the Representatives so that any use of the
Pricing Disclosure Package may cease until it is amended or
supplemented.
(e) As
of the
Applicable Time, no Issuer Free Writing Prospectus includes any information
that
conflicts with the information contained in the Registration Statement, the
Prospectus or the Pricing Prospectus, including any document incorporated by
reference therein that has not been superseded or modified.
(f) The
execution and delivery of this agreement and the consummation of the
transactions herein contemplated by FPL Group Capital, and the fulfillment
of
the terms hereof on the part of FPL Group Capital to be fulfilled have been
duly
authorized by all necessary corporate action of FPL Group Capital in accordance
with the provisions of its Articles of Incorporation, as amended (the “FPL Group
Capital Charter”), by-laws and applicable law, and the Debentures when issued
and delivered by FPL Group Capital as provided herein will constitute valid
and
binding obligations of FPL Group Capital enforceable against FPL Group Capital
in accordance with their terms, except as limited or affected by bankruptcy,
insolvency, reorganization, receivership, moratorium or other laws affecting
creditors’ rights and remedies generally and general principles of equity. The
execution and delivery by FPL Group Capital of this agreement and the Debentures
and the performance by FPL Group Capital of its obligations under this
agreement, the Debentures and the Indenture do not require any consent,
approval, authorization, registration or qualification of or by any governmental
agency or body other than those consents, approvals, authorizations,
registrations or qualifications as have already been obtained.
(g) The
execution and delivery of this agreement and the consummation of the
transactions herein contemplated by FPL Group Capital, the fulfillment of the
terms hereof on the part of FPL Group Capital to be fulfilled, and the
compliance by FPL Group Capital with all the terms and provisions of the
Indenture and the Debentures will not result in a breach of any of the terms
or
provisions of, or constitute a default under, the FPL Group Capital Charter
or
by-laws, or any indenture, mortgage, deed of trust or other agreement or
instrument to which FPL Group Capital or any of its subsidiaries is now a party,
or violate any law or any order, rule, decree or regulation applicable to FPL
Group Capital or any of its subsidiaries of any federal or state court,
regulatory board or body or administrative agency having jurisdiction over
FPL
Group Capital or any of its
6
subsidiaries
or any of their respective property, except where such breach, default or
violation would not have a material adverse effect on the business, properties
or financial condition of FPL Group Capital and its subsidiaries taken as a
whole.
(h) FPL
Group
Capital or one or more of its direct or indirect subsidiaries owns all of the
ownership interests of [insert names of significant subsidiaries] free and
clear
of all liens, encumbrances and adverse claims, except such as do not materially
affect the value thereof.
(i) FPL
Group
Capital and each of its direct and indirect significant subsidiaries (as defined
in Regulation S-X (17 CFR Part 210)) has been duly organized, is validly
existing and is in good standing under the laws of its respective jurisdiction
of organization, and is duly qualified to do business and is in good standing
as
a foreign corporation or other entity in each jurisdiction in which its
respective ownership of properties or the conduct of its respective businesses
requires such qualification, except where the failure so to qualify would not
have a material adverse effect on the business, properties or financial
condition of FPL Group Capital and its subsidiaries taken as a whole, and has
the power and authority as a corporation or other entity necessary to own or
hold its respective properties and to conduct the businesses in which it is
engaged.
(j) The
Debentures conform in all material respects to the description thereof in the
Pricing Disclosure Package and the Prospectus.
(k) The
Indenture (i) has been duly authorized by FPL Group Capital by all
necessary corporate action, has been duly executed and delivered by FPL Group
Capital, and is a valid and binding instrument enforceable against FPL Group
Capital in accordance with its terms, except as limited or affected by
bankruptcy, insolvency, reorganization, receivership, moratorium or other laws
affecting creditors’ rights and remedies generally and general principles of
equity and (ii) conforms in all material respects to the description
thereof in the Pricing Disclosure Package and the Prospectus.]
(l) FPL
Group
Capital is not, and after giving effect to the offering and sale of the
Debentures and the application of the proceeds thereof as described in the
Pricing Disclosure Package and the Prospectus, will not be, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended
(“1940 Act”).
4. Representations
and Warranties of FPL Group. FPL Group represents and warrants to the
several Underwriters that:
(a) [1FPL
Group, jointly with FPL Group Capital Inc, a Florida corporation (“FPL Group
Capital”) and a [wholly-owned] subsidiary of FPL Group, FPL Group Capital
Trust II, FPL Group Capital Trust III (together with FPL Group Capital
Trust I, “FPL Group Capital Trust”), FPL Group Trust I, FPL Group
Trust II (together with FPL Group Trust I, “FPL Group Trust”), Florida
Power & Light Company, Florida Power & Light Company Trust I and
Florida Power & Light Company Trust II (together with Florida Power
& Light Company Trust I, “Florida Power & Light Company Trust”, and
together with FPL Group Capital Trust and FPL Group Capital Trust, the “Trusts”)
has filed with
7
the
Securities and Exchange Commission (the “Commission”) Registration Statement
Nos. 333-_______, 333-______-01, 333-_______-02, 333-_______-03, 333-_______-04,
333-_______-05, 333-_______-06, 333-_______-07 and 333-_______-08[, as amended]
(“Registration Statement No. 333-______”) for the registration under the
Securities Act of 1933, as amended (the “Securities Act”), of (a) an
unspecified aggregate amount of (i) senior debt securities of FPL Group Capital
(“FPL Group Capital Senior Debt Securities”), (ii) Common Stock,
(iii) shares of FPL Group’s preferred stock, $.01 par value (“FPL Group
Preferred Stock”), (iv) shares of FPL Group Capital’s preferred stock, $.01
par value (“FPL Group Capital Preferred Stock”), (v) contracts to purchase
Common Stock or FPL Group Preferred Stock or other agreements or instruments
requiring FPL Group to issue Common Stock or FPL Group Preferred Stock
(collectively, “Stock Purchase Contracts”), (vi) units, each representing
ownership of a Stock Purchase Contract and any of debt securities of FPL Group
Capital, debt securities of FPL Group, FPL Group Trust Preferred Trust
Securities (as defined below), FPL Group Capital Preferred Trust Securities
(as
defined below) or debt securities of third parties, including U.S. Treasury
securities (“Stock Purchase Units”), (vii) junior subordinated debentures
of FPL Group Capital (“FPL Group Capital Junior Subordinated Debentures”),
(viii) junior subordinated debentures of FPL Group (“FPL Group Junior
Subordinated Debentures”), (ix) senior debt securities of FPL Group,
(x) preferred trust securities of FPL Group Capital Trust II (“FPL Group
Capital Trust II Preferred Trust Securities”), (xi) preferred trust securities
of FPL Group Capital Trust III (together with FPL Group Capital Trust II
Preferred Trust Securities, the “FPL Group Capital Trust Preferred Trust
Securities”), (xii) preferred trust securities of FPL Group Trust I (“FPL Group
Trust I Preferred Trust Securities”), and (xiii) preferred trust securities of
FPL Group Trust II (together with FPL Group Trust I Preferred Trust Securities,
“FPL Group Trust Preferred Trust Securities”), (b) guarantees of FPL Group (“FPL
Group Guarantees”) related to the FPL Group Capital Senior Debt Securities, FPL
Group Capital Junior Subordinated Debentures, FPL Group Capital Preferred Stock,
FPL Group Capital Trust Preferred Trust Securities and FPL Group Trust Preferred
Trust Securities, (c) an unspecified aggregate amount of (i) first
mortgage bonds of Florida Power & Light Company, (ii) shares of Florida
Power & Light Company’s serial Preferred Stock, $100 par value and
shares of Florida Power & Light Company’s Preferred Stock without par value,
(iii) junior subordinated debentures of Florida Power & Light Company,
(iv) preferred trust securities of Florida Power & Light Company
Trust I (“Florida Power & Light Company Trust I Preferred Trust
Securities”) and (v) preferred trust securities of Florida Power &
Light Company Trust II (together with Florida Power & Light Company
Trust I Preferred Trust Securities, “Florida Power & Light Company
Trust Preferred Trust Securities”), and (d) guarantee of Florida Power
& Light Company related to the Florida Power & Light Company Trust
Preferred Trust Securities. Such registration statement has become effective
and
no stop order suspending such effectiveness has been issued under the Securities
Act and no proceedings for that purpose have been instituted or are pending
or,
to the knowledge of FPL Group, threatened by the Commission. References herein
to the term “Registration Statement” as of any given time shall mean
Registration Statement No. 333-_______, as amended or supplemented to such
time,
including all documents incorporated by reference therein as of such time
pursuant to Item 12 of Form S-3 (“Incorporated Documents”) and any prospectus,
preliminary prospectus supplement
8
or
prospectus supplement relating to the Securities deemed to be a part thereof
pursuant to Rule 430B that has not been superseded or modified. References
herein to the term “Registration Statement” without reference to a time means
the Registration Statement as of ____ [A.M./P.M.], New York City time, on [the
date hereof] (which date and time is the earlier of the date and time of
(x) the first use of the preliminary prospectus supplement relating to the
Securities and (y) the first contract of sale of the Securities), which
time shall be considered the “Effective Date” of the Registration Statement. For
purposes of the definitions of “Registration Statement” in the preceding two
sentences, information contained in any prospectus, preliminary prospectus
supplement or prospectus supplement that is deemed retroactively to be a part
of
the Registration Statement pursuant to Rule 430B shall be considered to be
included in the Registration Statement as of the time specified in Rule 430B.
References herein to the term “Pricing Prospectus” shall mean the prospectus
relating to FPL Group, FPL Group Capital, FPL Group Trust and FPL Group Capital
Trust forming a part of Registration Statement No. 333-______ (the “Base
Prospectus”), including all Incorporated Documents and any prospectus or
prospectus supplement relating to the Securities deemed to be a part of such
registration statement that has not been superseded or modified. For purposes
of
the definition of “Pricing Prospectus” with respect to a particular offering of
Securities, information contained in a prospectus or prospectus supplement
(other than a prospectus or prospectus supplement that relates only to
securities issued by Florida Power & Light Company, Florida Power &
Light Company Trust, FPL Group Capital, FPL Group Capital Trust or FPL Group
Trust or to securities issued by FPL Group other than the Securities) that
is
deemed retroactively to be a part of the Registration Statement pursuant to
Rule
430B shall be considered to be included in the Pricing Prospectus as of the
time
that form of prospectus or prospectus supplement is filed with the Commission
pursuant to Rule 424 of the general rules and regulations of the Securities
Act
(“Rule 424”). References herein to the term “Prospectus” means the Pricing
Prospectus that discloses the public offering price and other final terms of
the
Securities and otherwise satisfies Section 10(a) of the Securities Act. The
prospectus supplement relating to the Securities proposed to be filed pursuant
to Rule 424 shall be substantially in the form delivered to the Representatives
prior to the execution of this agreement. Each of the Underwriters acknowledges
that on or subsequent to the Closing Date, FPL Group may file a post-effective
amendment to the Registration Statement pursuant to Rule 462(d) under the
Securities Act or a Current Report on Form 8-K in order to file one or more
unqualified opinions of counsel and any documents executed in connection with
the offering of the Securities.
[2FPL
Group, together with FPL Group Capital, Florida Power & Light Company, and
the Trusts, has filed with the Commission Registration Statement
No. 333-_____ for the registration under the Securities Act of (a) an
unspecified aggregate amount of (i) FPL Group Capital Senior Debt
Securities, (ii) Common Stock, (iii) FPL Group Preferred Stock, (iv)
FPL Group Capital Preferred Stock, (v) Stock Purchase Contracts,
(vi) Stock Purchase Units, (vii) FPL Group Capital Junior Subordinated
Debentures, (viii) FPL Group Junior Subordinated Debentures, (ix) FPL Group
Senior Debt Securities, (x) FPL Group Trust Preferred Trust Securities and
(xi) FPL Group Capital Trust Preferred Trust Securities, (b) the FPL Group
Guarantees, (c) an unspecified aggregate amount of (i) Florida Power
& Light Company Bonds, (ii) Florida Power &
9
Light
Company Preferred Stock, (iii) Florida Power & Light Company Junior
Subordinated Debentures, and (iv) Florida Power & Light Company Trust
Preferred Trust Securities, and (d) Florida Power & Light Company’s
guarantee of the Florida Power & Light Company Trust Preferred Trust
Securities. Such registration statement has become effective and no stop order
suspending such effectiveness has been issued under the Securities Act and
no
proceedings for that purpose have been instituted or are pending or, to the
knowledge of FPL Group, threatened by the Commission. Each of the Underwriters
acknowledges that on or subsequent to the Closing Date, FPL Group may file
a
post-effective amendment to the Registration Statement pursuant to Rule 462(d)
under the Securities Act or a Current Report on Form 8-K in order to file one
or
more unqualified opinions of counsel.]
(b) The
Registration Statement constitutes an “automatic shelf registration statement”
(as defined in Rule 405 under the Securities Act) filed within three years
of
the date hereof; the Registration Statement became effective upon filing; no
notice of objection of the Commission with respect to the use of the
Registration Statement pursuant to Rule 401(g)(2) under the Securities Act
has
been received by FPL Group and not removed; and FPL Group is a “well-known
seasoned issuer” and is not an “ineligible issuer” (in each case as defined in
Rule 405 under the Securities Act).
(c) The
Registration Statement at the Effective Date fully complied, and the Prospectus,
both as of the date hereof and at the Closing Date, and the Registration
Statement [2,
the
Guarantee Agreement[, the Indenture] and the Purchase Contract Agreement] at
the
Closing Date, will fully comply, in all material respects with the applicable
provisions of the Securities Act [2and
the
Trust Indenture Act of 1939, as amended, respectively] and [2, in
each case,] the applicable instructions, rules and regulations of the Commission
thereunder; the Registration Statement, at the Effective Date, did not, and
at
the Closing Date the Registration Statement will not, contain an untrue
statement of a material fact, or omit to state a material fact required to
be
stated therein or necessary to make the statements therein not misleading;
the
Prospectus, both as of the date hereof and at the Closing Date, will not include
an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements contained therein, in the light of
the
circumstances under which they were made, not misleading; provided, that the
foregoing representations and warranties in this subsection (c) shall not
apply to statements or omissions made in reliance upon and in conformity with
information furnished in writing to FPL Group [2or
FPL
Group Capital] by or on behalf of any Underwriter through the Representatives
expressly for use in connection with the preparation of the Registration
Statement or the Prospectus, or to any statements in or omissions from the
Statements of Eligibility [1on
Form
T-1, or amendments thereto, filed as exhibits to the Registration Statement
(collectively, the “Statements of Eligibility”)] or to any statements or
omissions made in the Registration Statement or the Prospectus relating to
[1The
Depository Trust Company (“DTC”)] [2the
DTC]
Book-Entry-Only System that are based solely on information contained in
published reports of DTC; and the Incorporated Documents, when filed with the
Commission, fully complied or will fully comply in all material respects with
the applicable provisions of the Securities Exchange Act of 1934, as amended
(the
10
“Exchange
Act”), and the applicable instructions, rules and regulations of the Commission
thereunder.
(d) As
of the
Applicable Time [1(as
defined below)], the Pricing Disclosure Package [1(as
defined below)] did not contain an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements contained
therein, in the light of the circumstances under which they were made, not
misleading; provided, that the foregoing representations and warranties in
this
subsection (d) shall not apply to statements or omissions made in reliance
upon and in conformity with information furnished in writing to FPL Group
[2or
FPL
Group Capital] by or on behalf of any Underwriter through the Representatives
expressly for use in connection with the preparation of the Pricing Prospectus,
any preliminary prospectus supplement or any Issuer Free Writing Prospectus
[1(as
defined below)], or to any statements in or omissions from the Pricing
Prospectus, any preliminary prospectus supplement or any Issuer Free Writing
Prospectus relating to the DTC Book-Entry-Only System that are based solely
on
information contained in published reports of DTC. [1References
to the term “Pricing Disclosure Package” shall mean the documents listed in
Schedule III, taken together as a whole. References to the term “Issuer Free
Writing Prospectus” shall mean an issuer free writing prospectus, as defined in
Rule 433 under the Securities Act. References to the term “Free Writing
Prospectus” shall mean a free writing prospectus, as defined in Rule 405 under
the Securities Act. References to the term “Applicable Time” means ____
[A.M./P.M.] [on the date hereof]. If there occurs an event or development as
a
result of which the Pricing Disclosure Package would include an untrue statement
of a material fact or would omit to state a material fact necessary in order
to
make the statements therein, in the light of the circumstances then prevailing,
not misleading, FPL Group promptly will notify the Representatives so that
any
use of the Pricing Disclosure Package may cease until it is amended or
supplemented.
(e) As
of the
Applicable Time, no Issuer Free Writing Prospectus includes any information
that
conflicts with the information contained in the Registration Statement, the
Prospectus or the Pricing Prospectus, including any document incorporated by
reference therein that has not been superseded or modified.
(f) The
financial statements included as part of or incorporated by reference in the
Pricing Disclosure Package, the Prospectus and the Registration Statement
present fairly the consolidated financial condition and results of operations
of
FPL Group and its subsidiaries taken as a whole at the respective dates or
for
the respective periods to which they apply; such financial statements have
been
prepared in each case in accordance with generally accepted accounting
principles consistently applied throughout the periods involved except as
otherwise indicated in the Pricing Disclosure Package, the Prospectus and the
Registration Statement; and Deloitte & Touche LLP, who has audited the
audited financial statements of FPL Group, is an independent registered public
accounting firm as required by the Securities Act and the Exchange Act and
the
rules and regulations of the Commission thereunder.
(g) Except
as
reflected in or contemplated by the Pricing Disclosure Package, since the
respective most recent times as of which information is given in the Pricing
11
Disclosure
Package, there has not been any material adverse change in the business,
properties or financial condition of FPL Group and its subsidiaries taken as
a
whole whether or not in the ordinary course of business, nor has any transaction
been entered into by FPL Group or any of its subsidiaries that is material
to
FPL Group and its subsidiaries taken as a whole, other than changes and
transactions contemplated by the Pricing Disclosure Package and transactions
in
the ordinary course of business. FPL Group and its subsidiaries have no
contingent obligation material to FPL Group and its subsidiaries taken as a
whole, which is not disclosed in or contemplated by the Pricing Disclosure
Package.
(h) The
execution and delivery of this agreement and the consummation of the
transactions herein contemplated by FPL Group, and the fulfillment of the terms
hereof on the part of FPL Group to be fulfilled have been duly authorized by
all
necessary corporate action of FPL Group in accordance with the provisions of
its
Restated Articles of Incorporation, as amended (the “FPL Group Charter”),
by-laws and applicable law[2,
and the
Guarantee when issued and delivered by FPL Group as provided herein will
constitute a valid and binding obligation of FPL Group enforceable against
FPL
Group in accordance with its terms, except as limited or affected by bankruptcy,
insolvency, reorganization, receivership, moratorium or other laws affecting
creditors’ rights and remedies generally and general principles of equity]. The
execution and delivery by FPL Group [2of
the
Guarantee Agreement did not require, and the execution and delivery by FPL
Group] of this agreement and the performance by FPL Group of its obligations
under this agreement [2and
under
the Guarantee Agreement] with respect to the Debentures do not require, any
consent, approval, authorization, registration or qualification of or by any
governmental agency or body other than those consents, approvals,
authorizations, registrations or qualifications as have already been
obtained.
(i) The
execution and delivery of this agreement and the consummation of the
transactions herein contemplated by FPL Group [1and]
[2,]
the
fulfillment of the terms hereof on the part of FPL Group to be fulfilled
[2and
the
compliance by FPL Group with all the terms and provisions of the Guarantee
Agreement] will not result in a breach of any of the terms or provisions of,
or
constitute a default under, the FPL Group Charter or by-laws, or any indenture,
mortgage, deed of trust or other agreement or instrument to which FPL Group
or
any of its subsidiaries is now a party, or violate any law or any order, rule,
decree or regulation applicable to FPL Group or any of its subsidiaries of
any
federal or state court, regulatory board or body or administrative agency having
jurisdiction over FPL Group or any of its subsidiaries or any of their
respective property, except where such breach, default or violation would not
have a material adverse effect on the business, properties or financial
condition of FPL Group and its subsidiaries taken as a whole.
(j) FPL
Group
or one or more of its direct or indirect subsidiaries owns all of the common
stock (with respect to those subsidiaries which are organized as corporations)
or other ownership interests (with respect to those subsidiaries which are
organized as limited liability companies) of FPL Group’s direct or indirect
significant subsidiaries (as defined in Regulation S-X [1(17
CFR
Part 210)]) free and clear of all liens, encumbrances and adverse claims, except
such as do not materially affect the value thereof. FPL
12
Group’s
direct and indirect significant subsidiaries (as defined in Regulation S-X)
are
[insert names of significant subsidiaries].
(k) FPL
Group
and each of its direct and indirect significant subsidiaries (as defined in
Regulation S-X) has been duly organized, is validly existing and is in good
standing under the laws of its respective jurisdiction of organization, and
is
duly qualified to do business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which its respective ownership of
properties or the conduct of its respective businesses requires such
qualification, except where the failure so to qualify would not have a material
adverse effect on the business, properties or financial condition of FPL Group
and its subsidiaries taken as a whole, and has the power and authority as a
corporation or other entity necessary to own or hold its respective properties
and to conduct the businesses in which it is engaged.
(l) [2The
Guarantee Agreement (i) has been duly authorized by FPL Group by all necessary
corporate action, has been duly executed and delivered by FPL Group and is
a
valid and binding instrument enforceable against FPL Group in accordance with
its terms, except as limited or affected by bankruptcy, insolvency,
reorganization, receivership, moratorium or other laws affecting creditors’
rights and remedies generally and general principles of equity and (ii) conforms
in all material respects to the description thereof in the Pricing Disclosure
Package and the Prospectus.]
(m) [2Each
of
the Purchase Contract Agreement, the Pledge Agreement and the Purchase Contracts
forming a part of the Securities (i) has been authorized by all necessary
corporate action on the part of FPL Group and, when duly executed and delivered
as provided herein, will constitute a valid and binding obligation of FPL Group
enforceable in accordance with its respective terms, except as limited or
affected by bankruptcy, insolvency, reorganization, receivership, moratorium
or
other laws affecting creditors’ rights and remedies generally and general
principles of equity and, with respect to the Pledge Agreement, subject to
any
principles of public policy limiting the rights to enforce the indemnification
and exculpation provisions contained therein and (ii) conforms in all
material respects to the description thereof in the Pricing Disclosure Package
and the Prospectus.]
(n) [1The
Common Stock has been validly authorized and, when issued and delivered by
FPL
Group against payment therefor in accordance with the provisions of this
agreement, will be fully paid and non-assessable.] [2The
Common Stock issuable pursuant to the Purchase Contracts forming a part of
the
Securities has been validly authorized and reserved for issuance and, when
issued and delivered by FPL Group against payment therefor in accordance with
the provisions of the Purchase Contract Agreement, the Purchase Contracts and
the Pledge Agreement, will be fully paid and non-assessable.]
(o) [2The
Debentures conform in all material respects to the description thereof in the
Pricing Disclosure Package and the Prospectus.]
13
(p) [2The
Indenture (i) has been duly authorized by FPL Group by all necessary
corporate action, has been duly executed and delivered by FPL Group , and is
a
valid and binding instrument enforceable against FPL Group in accordance with
its terms, except as limited or affected by bankruptcy, insolvency,
reorganization, receivership, moratorium or other laws affecting creditors’
rights and remedies generally and general principles of equity and
(ii) conforms in all material respects to the description thereof in the
Pricing Disclosure Package and the Prospectus.]
(q) FPL
Group
is not, and after giving effect to the offering and sale of the Securities
and
the application of the proceeds thereof as described in the Pricing Disclosure
Package and the Prospectus will not be, an “investment company” within the
meaning of the [1Investment
Company Act of 1940, as amended (“]1940 Act[1”)].
5. Purchase
and Sale. On the basis of the representations and warranties herein
contained, and subject to the terms and conditions in this agreement, FPL Group
[2and
FPL
Group Capital agree] [1agrees]
to sell to the respective Underwriters named in Schedule II hereto, severally
and not jointly, and the respective Underwriters agree, severally and not
jointly, to purchase from FPL Group [2and
FPL
Group Capital] the respective number of Securities set forth opposite their
respective names in Schedule II hereto at the purchase price[s] for those
Securities set forth in Schedule I hereto as the Purchase Price.
The
Underwriters agree to make a bona fide public offering of the Securities, as
set
forth in the Pricing Disclosure Package, such public offering to be made as
soon
after the execution of this agreement as practicable, subject, however, to
the
terms and conditions of this agreement. The Underwriters have advised FPL Group
that the Securities will be offered to the public at $___ per [1share]
[2Corporate
Unit] and to certain dealers selected by the Representatives at a price which
represents a concession not in excess of $____ per [1share]
[2Corporate
Unit] under the public offering price.
[2The
Debentures constituting a part of the Corporate Units will be pledged, together
with other collateral, to the Collateral Agent to secure the holders’
obligations to purchase Common Stock under the Purchase Contracts. Such pledge
shall be effected by delivery to the Collateral Agent of the Debentures to
be
pledged in certificated form endorsed in blank, at the Closing Date in
accordance with the Pledge Agreement.]
Each
Underwriter agrees that (i) no information that is presented by it to investors
has been or will be inconsistent with the information contained in the Pricing
Disclosure Package as it may then be amended or supplemented and (ii) it will
make no offer that would constitute a Free Writing Prospectus that is required
to be filed by FPL Group [2or
FPL
Group Capital] pursuant to Rule 433 under the Securities Act other than an
Issuer Free Writing Prospectus in accordance with Section [7(h)].
6. Time,
Date and Place of Closing, Default of Underwriter. Delivery of the
Securities and payment therefor by wire transfer in federal funds [2,
against
delivery to the Collateral Agent of the Debentures constituting a part of the
Corporate Units,] shall be made at ___ A.M., New York City time, on the closing
date set forth on Schedule I, at the offices of Xxxxxx Xxxx Xxxxx Raysman &
Xxxxxxx LLP, 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000,
14
or
at
such other time, date or place as may be agreed upon in writing by FPL Group
and
the Representatives. The time and date of such delivery and payment are herein
called the “Closing Date.”
The
Securities shall be delivered to the Representatives for the respective accounts
of the Underwriters against payment by the several Underwriters through the
Representatives of the purchase price therefor. Delivery of the Securities
shall
be made through the facilities of DTC unless the Representatives [1and
FPL
Group] [2,
FPL
Group and FPL Group Capital] shall otherwise agree. For the purpose of
expediting the checking of the Securities [2and
the
Debentures] by the Representatives on behalf of the Underwriters, [1FPL
Group] [2FPL
Group
Capital] agrees to make such Securities [2and
the
Debentures] available to the Representatives for such purpose at the offices
of
Xxxxxx Xxxx Xxxxx Raysman & Xxxxxxx LLP, 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx
Xxxx 00000, not later than 2:00 P.M., New York City time, on the business day
preceding the Closing Date, or at such other time, date or place as may be
agreed upon by FPL Group and the Representatives.
If
any
Underwriter shall fail to purchase and pay for the number of the Securities
which such Underwriter has agreed to purchase and pay for hereunder (otherwise
than by reason of any failure on the part of FPL Group [2or
FPL
Group Capital] to comply with any of the provisions contained herein), the
non-defaulting Underwriters shall be obligated to purchase and pay for (in
addition to the respective number of the Securities set forth opposite their
respective names in Schedule II hereto) the number of the Securities which
such
defaulting Underwriter or Underwriters failed to purchase and pay for, up to
a
number thereof equal to, in the case of each such remaining Underwriter, ten
percent (10%) of the aggregate number of the Securities set forth opposite
the
name of such remaining Underwriter in said Schedule II, and such remaining
Underwriters shall have the right, within 24 hours of receipt of such
notice, either to (i) purchase and pay for (in such proportion as may be agreed
upon among them) the remaining number of the Securities which the defaulting
Underwriter or Underwriters agreed but failed to purchase, or (ii) substitute
another Underwriter or Underwriters, satisfactory to FPL Group, to purchase
and
pay for the remaining number of the Securities which the defaulting Underwriter
or Underwriters agreed but failed to purchase. If any of the Securities would
still remain unpurchased, then FPL Group shall be entitled to a further period
of 24 hours within which to procure another party or other parties, members
of the National Association of Securities Dealers, Inc. (or, if not members
of
such Association, who are not eligible for membership in said Association and
who agree (i) to make no sales within the United States, its territories or
its possessions or to persons who are citizens thereof or residents therein
and
(ii) in making sales to comply with said Association’s Conduct Rules) and
satisfactory to the Representatives to purchase such Securities on the terms
herein set forth. In the event that, within the respective prescribed periods,
(i) the non-defaulting Underwriters notify FPL Group that they have arranged
for
the purchase of such Securities or (ii) FPL Group notifies the non-defaulting
Underwriters that it has arranged for the purchase of such Securities, the
non-defaulting Underwriters or FPL Group shall have the right to postpone the
Closing Date for a period of not more than three full business days beyond
the
expiration of the respective prescribed periods in order to effect whatever
changes may thus be made necessary in the Registration Statement, the Prospectus
or in any other documents or arrangements. In the event that neither the
non-defaulting Underwriters nor FPL Group has arranged for the purchase of
such
Securities by another party or parties as above provided, then this agreement
shall terminate without any liability on the part of FPL Group [2or
FPL
Group
15
Capital]
or any Underwriter (other than an Underwriter which shall have failed or
refused, otherwise than for some reason sufficient to justify, in accordance
with the terms hereof, the cancellation or termination of its obligations
hereunder, to purchase and pay for the Securities which such Underwriter has
agreed to purchase as provided in Section [5] hereof), except as otherwise
provided in Section [10 and] subsections (d) and (f) of Section [7]
hereof.
7. Covenants
of FPL Group [2and
FPL Group Capital]. FPL Group [2and
FPL
Group Capital] [1agrees]
[2agree]
with the several Underwriters that:
(a) FPL
Group
[2and
FPL
Group Capital] will timely file the Prospectus with the Commission pursuant
to
Rule 424. FPL Group [2and
FPL
Group Capital] have complied and will comply with Rule 433 under the Securities
Act in connection with the offering and sale of the Securities, including
applicable provisions in respect of timely filing with the Commission, legending
and record-keeping.
(b) FPL
Group
[2and
FPL
Group Capital] will prepare a final term sheet, containing a description of
the
pricing terms of the Securities [2including
the Debentures], substantially in the form of Schedule I hereto and approved
by
the Representatives and will timely file such term sheet with the Commission
pursuant to Rule 433 under the Securities Act.
(c) FPL
Group
will deliver to the Representatives and to Counsel for the Underwriters (as
defined below) one signed copy of the Registration Statement or, if a signed
copy is not available, one conformed copy of the Registration Statement
certified by an officer of FPL Group to be in the form as originally filed,
including all Incorporated Documents and exhibits, except those incorporated
by
reference, which relate to the Securities, including a signed or conformed
copy
of each consent and certificate included therein or filed as an exhibit thereto.
As soon as practicable after the date of this agreement, FPL Group will deliver
or cause to be delivered to the Underwriters through the Representatives as
many
copies of the Prospectus and any Issuer Free Writing Prospectus as the
Representatives may reasonably request for the purposes contemplated by the
Securities Act.
(d) FPL
Group
[2Capital]
has paid or cause to be paid or will pay or cause to be paid all expenses in
connection with the (i) preparation and filing of the Registration Statement,
any preliminary prospectus, the Prospectus and any Issuer Free Writing
Prospectus, (ii) issuance and delivery of the Securities as provided in
Section [6] hereof, and (iii) printing and delivery to the
Representatives for the account of the Underwriters, in reasonable quantities,
of copies of the Registration Statement, any preliminary prospectus, the
Prospectus [1and]
[2,]
any
Issuer Free Writing Prospectus [2,
the
Guarantee Agreement, the Indenture, and the Purchase Contract Agreement]. FPL
Group will pay or cause to be paid all taxes, if any (but not including any
transfer taxes), on the issuance of the Securities. [1FPL
Group] [2Neither
FPL Group nor FPL Group Capital] shall [1not],
however, be required to pay any amount for any expenses of the Representatives
or any of the Underwriters, except that if this agreement shall be terminated
in
accordance with the provisions of Sections [8], [9] [or] [11] hereof, FPL
Group [2Capital]
will pay or cause to be paid the fees and disbursements of Counsel for
16
the
Underwriters, whose fees and disbursements the Underwriters agree to pay in
any
other event, and FPL Group [2Capital]
shall reimburse or cause to be reimbursed the Underwriters for out-of-pocket
expenses, reasonably incurred by them in connection with the transactions
contemplated by this agreement, not in excess, however, of an aggregate of
$5,000 for such out-of-pocket expenses. [2Neither]
FPL Group [2nor
FPL
Group Capital] shall [1not]
in
any event be liable to any of the several Underwriters for damages on account
of
loss of anticipated profits.
(e) During
a
period of nine months after the date of this agreement, if any event relating
to
or affecting FPL Group [2or
FPL
Group Capital] shall occur which, in the opinion of FPL Group [2or
FPL
Group Capital], should be set forth in a supplement to or an amendment of the
Prospectus (including an Issuer Free Writing Prospectus) in order to make the
Prospectus not misleading in the light of the circumstances when it is delivered
to a purchaser, FPL Group will forthwith at its expense prepare, file with
the
Commission, if required, and furnish to the Representatives a reasonable number
of copies of such supplement or supplements or amendment or amendments to the
Prospectus (including an Issuer Free Writing Prospectus) which will supplement
or amend the Prospectus so that as supplemented or amended it will not include
an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements contained therein, in the light of
the
circumstances when the Prospectus is delivered to a purchaser, not misleading;
provided that should such event relate solely to activities of any of the
Underwriters, then the Underwriters shall assume the expense of preparing and
furnishing copies of any such amendment or supplement. In case any Underwriter
is required to deliver a Prospectus after the expiration of nine months after
the date of this agreement, FPL Group upon the request of the Representatives
will furnish to the Representatives, at the expense of such Underwriter, a
reasonable quantity of a supplemented or amended Prospectus or supplements
or
amendments to the Prospectus complying with Section 10 of the Securities
Act.
(f) FPL
Group
will furnish such proper information as may be lawfully required and otherwise
cooperate in qualifying the Securities for offer and sale under the blue sky
laws of such United States jurisdictions as the Representatives may designate
and will pay or cause to be paid filing fees and expenses (including fees of
counsel not to exceed $5,000 and reasonable disbursements of counsel), provided
that [2neither]
FPL Group [2nor
FPL
Group Capital] shall [1not]
be
required to qualify as a foreign corporation or dealer in securities, or to
file
any consents to service of process under the laws of any jurisdiction, or to
meet other requirements deemed by FPL Group [2or
FPL
Group Capital] to be unduly burdensome.
(g) FPL
Group
will timely file such reports pursuant to the Exchange Act as are necessary
in
order to make generally available to its security holders (including holders
of
the Securities) as soon as practicable an earnings statement (which need not
be
audited, unless required so to be under Section 11(a) of the Securities
Act) for the purposes of, and to provide the benefits contemplated by, the
last
paragraph of Section 11(a) of the Securities Act.
17
(h) Prior
to
the termination of the offering of the Securities, [2neither]
FPL Group [2nor
FPL
Group Capital] will [1not]
file
any amendment to the Registration Statement or any amendment or supplement
to
the Prospectus or any amendment or supplement to the Pricing Disclosure Package
without prior notice to the Representatives and to Hunton & Xxxxxxxx LLP,
who are acting as counsel for the several Underwriters (“Counsel for the
Underwriters”), or any such amendment or supplement to which the Representatives
shall reasonably object in writing, or which shall be unsatisfactory to Counsel
for the Underwriters. [2Neither]
FPL Group [1has
not]
[2nor
FPL
Group Capital have] made any offer relating to the Securities that would
constitute an Issuer Free Writing Prospectus or that would otherwise constitute
a Free Writing Prospectus required to be filed by FPL Group [2and
FPL
Group Capital] with the Commission or retained by FPL Group [2and
FPL
Group Capital] under Rule 433 under the Securities Act, other than a pricing
term sheet substantially in the form as set forth on Schedule I, and will not
make any such offer without prior notice to the Representatives and to Counsel
for the Underwriters, or any such offer to which the Representatives shall
reasonably object in writing, or which shall be unsatisfactory to Counsel for
the Underwriters.
(i) FPL
Group
[2and
FPL
Group Capital] will advise the Representatives promptly of the filing of the
Prospectus pursuant to Rule 424, of the filing of any material pursuant to
Rule
433 and of any amendment or supplement to the Pricing Disclosure Package or
the
Registration Statement or, prior to the termination of the offering of the
Securities hereunder, of official notice of the institution of proceedings
for,
or the entry of, a stop order suspending the effectiveness of the Registration
Statement, of receipt from the Commission of any notice of objection to the
use
of the Registration Statement or any post-effective amendment thereto pursuant
to Rule 401(g)(2) under the Securities Act, and, if such a stop order should
be
entered, or notice of objection should be received, use every commercially
reasonable effort to obtain the prompt removal thereof.
8. Conditions
of Underwriters’ Obligations to Purchase and Pay for the Securities. The
several obligations of the Underwriters to purchase and pay for the Securities
shall be subject to the performance by FPL Group [2and
FPL
Group Capital] of [1its]
[2their]
obligations to be performed hereunder on or prior to the Closing Date and to
the
following conditions:
(a) The
[2respective]
representations and warranties made by FPL Group [2and
FPL
Group Capital] herein and qualified by materiality shall be true and correct
in
all respects and the [2respective]
representations and warranties made by FPL Group [2and
FPL
Group Capital] herein that are not qualified by materiality shall be true and
correct in all material respects as of the Closing Date, in each case as if
made
on and as of such date and the Representatives shall have received, prior to
payment for the Securities, a certificate from [2each
of]
FPL Group [2and
FPL
Group Capital] dated the Closing Date and signed by an officer of FPL Group
[2and
FPL
Group Capital, as the case may be,] to that effect.
(b) No
stop
order suspending the effectiveness of the Registration Statement shall be in
effect on the Closing Date; no order of the Commission directed to the adequacy
of any Incorporated Document shall be in effect on the Closing Date; no
proceedings for either such purpose shall be pending before, or threatened
by,
the Commission on such
18
date;
and
no notice of objection by the Commission to the use of the Registration
Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2)
under the Securities Act shall have been received by FPL Group [2or
FPL
Group Capital] and not removed by such date; and the Representatives shall
have
received, prior to payment for the Securities, a certificate from [2each
of]
FPL Group [2and
FPL
Group Capital] dated the Closing Date and signed by an officer of FPL Group
[2and
FPL
Group Capital, as the case may be,] to the effect that, to the best of his
or
her knowledge, no such order is in effect and no proceedings for either such
purpose are pending before, or to the knowledge of FPL Group [2or
FPL
Group Capital, as the case may be,] threatened by, the Commission.
(c) On
the
Closing Date, the Representatives shall have received from Squire, Xxxxxxx
&
Xxxxxxx L.L.P., counsel to FPL Group [2and
FPL
Group Capital], Xxxxxx Xxxx Xxxxx Raysman & Xxxxxxx LLP, counsel to FPL
Group [2and
FPL
Group Capital], and Hunton & Xxxxxxxx LLP, Counsel for the Underwriters,
opinions (with a copy for each of the Underwriters) in substantially the form
and substance prescribed in Schedules IV, V and VI hereto (i) with such
changes therein as may be agreed upon by FPL Group [2,
FPL
Group Capital] and the Representatives, with the approval of Counsel for the
Underwriters, and (ii) if the Prospectus relating to the Securities shall
be supplemented or amended after the Prospectus shall have been filed with
the
Commission pursuant to Rule 424, with any changes therein necessary to
reflect such supplementation or amendment.
(d) On
the
date of this agreement and on the Closing Date, the Representatives shall have
received from Deloitte & Touche LLP a letter or letters (which may refer to
letters previously delivered to the Representatives) (with copies thereof for
each of the Underwriters) dated the respective dates of delivery thereof to
the
effect that (i) they are an independent registered public accounting firm
with respect to FPL Group within the meaning of the Securities Act and the
Exchange Act and the applicable published rules and regulations thereunder;
(ii) in their opinion, the consolidated financial statements of FPL Group
audited by them and incorporated by reference in the Pricing Prospectus or
the
Pricing Prospectus and the Prospectus, as applicable, comply as to form in
all
material respects with the applicable accounting requirements of the Securities
Act and the Exchange Act and the published rules and regulations thereunder;
(iii) on the basis of performing a review of interim financial information
as described in Statement on Auditing Standards No. 100, Interim Financial
Information, on the unaudited condensed consolidated financial statements of
FPL
Group, if any, incorporated by reference in the Pricing Prospectus or the
Pricing Prospectus and the Prospectus, as applicable, a reading of the latest
available interim unaudited condensed consolidated financial statements of
FPL
Group, if any, since the close of FPL Group’s most recent audited fiscal year, a
reading of the minutes and consents of the Board of Directors and the Finance
& Investment Committee of the Board of Directors and of the shareholders of
FPL Group since the end of the most recent audited fiscal year, and inquiries
of
officials of FPL Group who have responsibility for financial and accounting
matters (it being understood that the foregoing procedures do not constitute
an
audit made in accordance with standards of the Public Company Accounting
Oversight Board (United States) and they would not necessarily reveal matters
of
significance with respect to the comments made
19
in
such
letter, and accordingly that Deloitte & Touche LLP makes no representation
as to the sufficiency of such procedures for the several Underwriters’
purposes), nothing has come to their attention which caused them to believe
that
(a) the unaudited condensed consolidated financial statements of FPL Group,
if any, incorporated by reference in the Pricing Prospectus or the Pricing
Prospectus and the Prospectus, as applicable, (1) do not comply as to form
in all material respects with the applicable accounting requirements of the
Securities Act and the Exchange Act and the published rules and regulations
thereunder and (2) except as disclosed in the Pricing Prospectus or the
Pricing Prospectus and the Prospectus, as applicable, are not in conformity
with
generally accepted accounting principles applied on a basis substantially
consistent with that of the audited consolidated financial statements of FPL
Group incorporated by reference in the Pricing Prospectus or the Pricing
Prospectus and the Prospectus, as applicable; (b) at the date of the latest
available interim balance sheet read by them and at a specified date not more
than five days prior to the date of such letter, there was any change in the
capital stock or increase in long-term debt including current maturities and
excluding fair value swaps and amortization of the unamortized premiums and
discount on long-term debt of FPL Group and its subsidiaries, or decrease in
FPL
Group’s common shareholders’ equity, in each case as compared with amounts shown
in the most recent [condensed] consolidated balance sheet incorporated by
reference in the Pricing Prospectus or the Pricing Prospectus and the
Prospectus, as applicable, except in all instances for changes, increases or
decreases which the Pricing Prospectus or the Pricing Prospectus and the
Prospectus, as applicable, discloses have occurred or may occur, or as
occasioned by the declaration, provision for, or payment of dividends, or as
occasioned by the issuance, forfeiture or other acquisition of common stock
pursuant to or in connection with any employee or director benefit or
compensation plan or the dividend reinvestment plan or which are described
in
such letter; or (c) for the period from the date of the most recent
[condensed] consolidated balance sheet incorporated by reference in the Pricing
Prospectus or the Pricing Prospectus and the Prospectus, as applicable, to
the
latest available interim balance sheet read by them and for the period from
the
date of the latest available interim balance sheet read by them to a specified
date not more than five days prior to the date of such letter, there were any
decreases, as compared with the corresponding period in the preceding year,
in
total consolidated operating revenues or in net income, except in all instances
for decreases which the Pricing Prospectus or the Pricing Prospectus and the
Prospectus, as applicable, discloses have occurred or may occur, or which are
described in such letter; and (iv) they have carried out certain procedures
and made certain findings, as specified in such letter, with respect to certain
amounts included in the Pricing Prospectus or the Pricing Prospectus and the
Prospectus, as applicable, and Exhibit 12(a) to the Registration Statement
and
such other items as the Representatives may reasonably request.
(e) Since
the
respective most recent times as of which information is given in the Pricing
Disclosure Package, and up to the Closing Date, (i) there shall have been
no material adverse change in the business, properties or financial condition
of
[2(a) FPL
Group Capital and its subsidiaries taken as a whole or (b)] FPL Group and
its subsidiaries taken as a whole, except in each case as disclosed in or
contemplated by the Pricing Disclosure Package, and (ii) there shall have
been no transaction entered into by [2(a) FPL
Group Capital or any of its subsidiaries that is material to FPL Group Capital
20
and
its
subsidiaries taken as a whole or (b)] FPL Group or any of its subsidiaries
that is material to FPL Group and its subsidiaries taken as a whole,
[2in
each
case] other than transactions disclosed in or contemplated by the Pricing
Disclosure Package, and transactions in the ordinary course of business; and
at
the Closing Date, the Representatives shall have received a certificate to
such
effect from [2each
of
FPL Group Capital and] FPL Group signed by an officer of [2FPL
Group
Capital or] FPL Group[2,
as the
case may be].
(f) All
legal
proceedings to be taken in connection with the issuance and sale of the
Securities shall have been satisfactory in form and substance to Counsel for
the
Underwriters.
(g) [[1The
Common Stock] [2The
Corporate Units constituting the Securities] shall have been approved for
listing on The New York Stock Exchange, Inc. (“NYSE”) upon official notice of
issuance and the Common Stock issuable under the Purchase Contracts constituting
a part of the Securities] shall have been approved for listing on [1The
New
York Stock Exchange, Inc. (“NYSE”)] [2the
NYSE]
upon official notice of issuance.]
In
case any of the conditions
specified above in this Section [8] shall not have been fulfilled, this
agreement may be terminated by the Representatives upon mailing or delivering
written notice thereof to FPL Group [2and
FPL
Group Capital]. Any such termination shall be without liability of any party
to
any other party except as otherwise provided in subsections (d) and (f) of
Section [7] hereof.
9. Condition
of FPL Group’s [2and
FPL Group Capital’s] Obligations. The [1obligation]
[2obligations]
of FPL Group [2and
FPL
Group Capital] to deliver the Securities [2and
the
Debentures, respectively,] shall be subject to the following
condition:
(a) No
stop
order suspending the effectiveness of the Registration Statement shall be in
effect on the Closing Date; no order of the Commission directed to the adequacy
of any Incorporated Document shall be in effect on the Closing Date; no
proceedings for either such purpose shall be pending before, or threatened
by,
the Commission on such date; and no notice of objection by the Commission to
the
use of the Registration Statement or any post-effective amendment thereto
pursuant to Rule 401(g)(2) under the Securities Act shall have been received
by
FPL Group [2or
FPL
Group Capital] and not removed by such date.
In
case the condition specified
above in this Section [9] shall not have been fulfilled, this agreement may
be terminated by FPL Group [2and
FPL
Group Capital] upon mailing or delivering written notice thereof to the
Representatives. Any such termination shall be without liability of any party
to
any other party except as otherwise provided in subsections (d) and (f) of
Section [7] hereof.
10. Indemnification.
(a) FPL
Group
[2and
FPL
Group Capital, jointly and severally, agree] [1agrees]
to indemnify and hold harmless each Underwriter, each officer and director
of
each
21
Underwriter
and each person who controls any Underwriter within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act against
any and all losses, claims, damages or liabilities, joint or several, to which
they or any of them may become subject under the Securities Act or any other
statute or common law and to reimburse each such Underwriter, officer, director
and controlling person for any legal or other expenses (including, to the extent
hereinafter provided, reasonable counsel fees) when and as incurred by them
in
connection with investigating any such losses, claims, damages or liabilities
or
in connection with defending any actions, insofar as such losses, claims,
damages, liabilities, expenses or actions arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in
any
preliminary prospectus, including all Incorporated Documents, or in the
Registration Statement, the Pricing Prospectus, the Prospectus or any Issuer
Free Writing Prospectus, or the omission or alleged omission to state therein
a
material fact required to be stated therein or necessary to make the statements
therein not misleading; provided, however, that the indemnity agreement
contained in this subsection (a) of Section [10] shall not apply to
any such losses, claims, damages, liabilities, expenses or actions arising
out
of, or based upon, any such untrue statement or alleged untrue statement, or
any
such omission or alleged omission, if such statement or omission was made in
reliance upon and in conformity with information furnished in writing, to FPL
Group [2or
FPL
Group Capital] by or on behalf of any Underwriter, through the Representatives,
expressly for use in connection with the preparation of any preliminary
prospectus, the Registration Statement, the Pricing Prospectus, the Prospectus
or any Issuer Free Writing Prospectus or any amendment or supplement to any
thereof, or arising out of, or based upon, statements in or omissions from
the
Statements of Eligibility; and provided, further, that the indemnity agreement
contained in this subsection (a) of Section [10] in respect of any
preliminary prospectus, the Pricing Prospectus, any Issuer Free Writing
Prospectus or the Prospectus shall not inure to the benefit of any Underwriter
(or of any officer or director or person controlling such Underwriter) on
account of any such losses, claims, damages, liabilities, expenses or actions
arising from the sale of the Securities to any person in respect of any
preliminary prospectus, the Pricing Prospectus, any Issuer Free Writing
Prospectus or the Prospectus, each as may be then supplemented or amended,
furnished by such Underwriter to a person to whom any of the Securities were
sold (excluding in all cases, however, any document then incorporated by
reference therein), insofar as such indemnity relates to any untrue or
misleading statement made in or omission from such preliminary prospectus,
Pricing Prospectus, Issuer Free Writing Prospectus or Prospectus, if a copy
of a
supplement or amendment to such preliminary prospectus, Pricing Prospectus,
Prospectus or Issuer Free Writing Prospectus (excluding in all cases, however,
any document then incorporated by reference therein) (i) is furnished on a
timely basis by [2FPL
Group
Capital or] FPL Group to the Underwriter, (ii) is required by law or regulation
to have been conveyed to such person by or on behalf of such Underwriter, at
or
prior to the entry into the contract of sale of the Securities with such person,
but was not so conveyed (which conveyance may be oral or written) by or on
behalf of such Underwriter and (iii) would have cured the defect giving rise
to
such loss, claim, damage or liability. The indemnity agreement of FPL Group
[2and
FPL
Group Capital] contained in this subsection (a) of Section [10] and
the representations and warranties of FPL Group [2and
FPL
Group Capital] contained in [1Section [3]]
22
[2Sections [3]
and [4]] hereof, [2respectively,]
shall remain operative and in full force and effect, regardless of any
investigation made by or on behalf of any Underwriter or any such officer,
director or controlling person, and shall survive the delivery of the
Securities. The Underwriters agree promptly to notify [2each
of]
FPL Group [2and
FPL
Group Capital], and each other Underwriter, of the commencement of any
litigation or proceedings against them or any of them, or any such officer,
director or controlling person in connection with the issuance and sale of
the
Securities.
(b) Each
Underwriter, severally and not jointly, agrees to indemnify and hold harmless
[2each
of]
FPL Group [2and
FPL
Group Capital], [1its]
[2their
respective] officers and directors, and each person who controls FPL Group
[2or
FPL
Group Capital, as the case may be] within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act against any and all losses,
claims, damages or liabilities, joint or several, to which they or any of them
may become subject under the Securities Act or any other statute or common
law
and to reimburse each of them for any legal or other expenses (including, to
the
extent hereinafter provided, reasonable counsel fees) when and as incurred
by
them in connection with investigating any such losses, claims, damages or
liabilities or in connection with defending any actions, insofar as such losses,
claims, damages, liabilities, expenses or actions arise out of or are based
upon
[(1)] an untrue statement or alleged untrue statement of a material fact
contained in any preliminary prospectus, the Registration Statement, the Pricing
Prospectus, the Prospectus [, any Underwriter Free Writing Prospectus] or any
Issuer Free Writing Prospectus, or the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make
the
statements therein not misleading if such statement or omission was made in
reliance upon and in conformity with information furnished in writing to FPL
Group [2or
FPL
Group Capital] by or on behalf of such Underwriter, through the Representatives,
expressly for use in connection with the preparation of any preliminary
prospectus, the Registration Statement, the Pricing Prospectus, the Prospectus
[, any Underwriter Free Writing Prospectus] or any Issuer Free Writing
Prospectus or any amendment or supplement to any thereof [or (2) an untrue
statement or alleged untrue statement of a material fact contained in any
Underwriter Free Writing Prospectus distributed by or on behalf of such
Underwriter unless such statement or omission was made in reliance upon and
in
conformity with information furnished in writing by FPL Group [2and
FPL
Group Capital] expressly for use in connection with such Underwriter Free
Writing Prospectus]. The Underwriters hereby furnish to FPL Group [2and
FPL
Group Capital] in writing expressly for use in the preliminary prospectus,
the
Registration Statement, the Pricing Prospectus, the Prospectus and any Issuer
Free Writing Prospectus [insert information provided by the Underwriters].
FPL
Group [2and
FPL
Group Capital each acknowledge] [1acknowledges]
that the statements set forth in the preceding [sentence] constitute the only
information furnished in writing by or on behalf of the several Underwriters
expressly for inclusion in any preliminary prospectus, the Registration
Statement, the Pricing Prospectus, the Prospectus or any Issuer Free Writing
Prospectus. The indemnity agreement of the respective Underwriters contained
in
this subsection (b) of Section [10] shall remain operative and in full
force and effect, regardless of any investigation made by or on behalf of FPL
Group [2,FPL
Group Capital] or any of [1its]
[2their
respective] officers or directors or any such other Underwriter or any such
controlling person, and
23
shall
survive the delivery of the Securities. FPL Group [2and
FPL
Group Capital agree] [1agrees]
promptly to notify the Representatives of the commencement of any litigation
or
proceedings against FPL Group [2,
FPL
Group Capital] (or any controlling person [2of
either] thereof) or any of [1its]
[2their
respective] officers or directors in connection with the issuance and sale
of
the Securities.
(c) FPL
Group
[2,
FPL
Group Capital] and each of the several Underwriters each agree that, upon the
receipt of notice of the commencement of any action against it, its officers
and
directors, or any person controlling it as aforesaid, in respect of which
indemnity or contribution may be sought under the provisions of this
Section [10], it will promptly give written notice of the commencement
thereof to the party or parties against whom indemnity or contribution shall
be
sought thereunder, but the omission so to notify such indemnifying party or
parties of any such action shall not relieve such indemnifying party or parties
from any liability which it or they may have to the indemnified party otherwise
than on account of this indemnity agreement. In case such notice of any such
action shall be so given, such indemnifying party or parties shall be entitled
to participate at its own expense in the defense or, if it so elects, to assume
(in conjunction with any other indemnifying parties) the defense of such action,
in which event such defense shall be conducted by counsel chosen by such
indemnifying party or parties and reasonably satisfactory to the indemnified
party or parties who shall be defendant or defendants in such action, and such
defendant or defendants shall bear the fees and expenses of any additional
counsel retained by them; but if the indemnifying party or parties shall elect
not to assume the defense of such action, such indemnifying party or parties
will reimburse such indemnified party or parties for the reasonable fees and
expenses of any counsel retained by them; provided, however, if the defendants
in any such action include both the indemnified party and the indemnifying
party
and counsel for the indemnifying party shall have reasonably concluded that
there may be a conflict of interest involved in the representation by such
counsel of both the indemnifying party and the indemnified party, the
indemnified party or parties shall have the right to select separate counsel,
satisfactory to the indemnifying party or parties, to participate in the defense
of such action on behalf of such indemnified party or parties at the expense
of
the indemnifying party or parties (it being understood, however, that the
indemnifying party or parties shall not be liable for the expenses of more
than
one separate counsel representing the indemnified parties who are parties to
such action). FPL Group [2,
FPL
Group Capital] and each of the several Underwriters each agree that without
the
prior written consent of the other parties to such action who are parties to
this agreement, which consent shall not be unreasonably withheld, it will not
settle, compromise or consent to the entry of any judgment in any claim or
proceeding in respect of which such party intends to seek indemnity or
contribution under the provisions of this Section [10], unless such
settlement, compromise or consent (i) includes an unconditional release of
such other parties from all liability arising out of such claim or proceeding
and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of such other
parties.
(d) If,
or to
the extent, the indemnification provided for in subsections (a) or (b) above
shall be unenforceable under applicable law by an indemnified party, each
indemnifying party agrees to contribute to such indemnified party with respect
to any and
24
all
losses, claims, damages, liabilities and expenses for which each such
indemnification provided for in subsections (a) or (b) above shall be
unenforceable, in such proportion as shall be appropriate to reflect
(i) the relative fault of FPL Group [2and
FPL
Group Capital] on the one hand and the Underwriters on the other in connection
with the statements or omissions which have resulted in such losses, claims,
damages, liabilities and expenses, (ii) the relative benefits received by
FPL Group [2and
FPL
Group Capital] on the one hand and the Underwriters on the other hand from
the
offering of the Securities pursuant to this agreement, and (iii) any other
relevant equitable considerations; provided, however, that no indemnified party
guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution with respect thereto
from any indemnifying party not guilty of such fraudulent misrepresentation.
Relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
FPL
Group [2and
FPL
Group Capital] or the Underwriters and each such party’s relative intent,
knowledge, access to information and opportunity to correct or prevent such
untrue statement or omission. FPL Group [2,
FPL
Group Capital] and each of the Underwriters agree that it would not be just
and
equitable if contribution pursuant to this subsection (d) were to be
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to above.
Notwithstanding the provisions of this subsection (d), no Underwriter shall
be required to contribute in excess of the amount equal to the excess of
(i) the total price at which the Securities underwritten by it were offered
to the public, over (ii) the amount of any damages which such Underwriter
has otherwise been required to pay by reason of any such untrue or alleged
untrue statement or omission or alleged omission. The obligations of each
Underwriter to contribute pursuant to this subsection (d) are several and
not joint and shall be in the same proportion as such Underwriter’s obligation
to underwrite Securities is to the total amount of Securities set forth in
Schedule II hereto.
11. Termination.
This agreement may be terminated by the Representatives by delivering written
notice thereof to FPL Group, at any time prior to the Closing Date, if after
the
date hereof and at or prior to the Closing Date:
(a) (i)
there
shall have occurred any general suspension of trading in securities on [The
New
York Stock Exchange, Inc. (the “NYSE”)] [the NYSE] or there shall have been
established by the NYSE or by the Commission or by any federal or state agency
or by the decision of any court any limitation on prices for such trading or
any
general restrictions on the distribution of securities, or trading in any
securities of FPL Group [2or
FPL
Group Capital] shall have been suspended or limited by any exchange located
in
the United States or on the over-the-counter market located in the United States
or a general banking moratorium declared by New York or federal authorities
or
(ii) there shall have occurred any material adverse change in the financial
markets in the United States, any outbreak of hostilities, including, but not
limited to, an escalation of hostilities which existed prior to the date of
this
agreement, any other national or international calamity or crisis or any
material adverse change in financial, political or economic conditions affecting
the United States, the effect of any such event specified in this clause (ii)
being such as to make it, in the reasonable judgment of the Representatives,
impracticable or
25
inadvisable
to proceed with the offering of the Securities as contemplated in the Pricing
Disclosure Package or for the Underwriters to enforce contracts for the sale
of
the Securities [2;
or
(b) (i)
there
shall have been any downgrading or any notice of any intended or potential
downgrading in the ratings accorded to the Debentures or any securities of
FPL
Group [Capital] which are of the same class as the Debentures by either [Xxxxx’x
Investors Service, Inc. (“Moody’s”)] or [Standard & Poor’s Ratings Services,
a division of The XxXxxx-Xxxx Companies, Inc. (“S&P”)], or (ii) either
[Moody’s] or [S&P] shall have publicly announced that either has under
surveillance or review, with possible negative implications, its ratings of
the
Debentures or any securities of FPL Group [Capital] which are of the same class
as the Debentures, the effect of any such event specified in (i) or (ii) above
being such as to make it, in the reasonable judgment of the Representatives,
impracticable or inadvisable to proceed with the offering of the Securities
as
contemplated in the Pricing Disclosure Package or for the Underwriters to
enforce contracts for the sale of the Securities.
This
agreement may also be terminated at any time prior to the Closing Date if in
the
judgment of the Representatives the subject matter of any amendment or
supplement to the Registration Statement or the Prospectus or any Issuer Free
Writing Prospectus prepared and furnished by FPL Group [2and
FPL
Group Capital] after the date hereof reflects a material adverse change in
the
business, properties or financial condition of FPL Group and its subsidiaries
taken as a whole [2or
FPL
Group Capital and its subsidiaries taken as a whole] which renders it either
inadvisable to proceed with such offering, if any, or inadvisable to proceed
with the delivery of the Securities to be purchased hereunder. Any termination
of this agreement pursuant to this Section [11] shall be without liability
of any party to any other party except as otherwise provided in subsections
(d)
and (f) of Section [7] hereof.
12. Miscellaneous.
(a) The
validity and interpretation of this agreement shall be governed by the laws
of
the State of New York without regard to conflicts of law principles thereunder.
This agreement shall inure to the benefit of, and be binding upon, FPL Group
[2,
FPL
Group Capital], the several Underwriters and, with respect to the provisions
of
Section [10] hereof, each officer, director or controlling person referred
to in said Section [10], and their respective successors. Nothing in this
agreement is intended or shall be construed to give to any other person or
entity any legal or equitable right, remedy or claim under or in respect of
this
agreement or any provision herein contained. The term “successors” as used in
this agreement shall not include any purchaser, as such purchaser, of any
Securities from any of the several Underwriters.
(b) FPL
Group
[2and
FPL
Group Capital each acknowledge and agree] [1acknowledges
and agrees] that the Underwriters are acting solely in the capacity of arm’s
length contractual counterparties to FPL Group [2and
FPL
Group Capital] with respect to the offering of the Securities as contemplated
by
this agreement and not as financial advisors or fiduciaries to FPL Group
[2or
FPL
Group Capital] in connection herewith. Additionally, none of the Underwriters
is
advising FPL Group [2or
FPL
Group Capital] as to any legal, tax, investment, accounting or regulatory
matters in any
26
jurisdiction
in connection with the offering of the Securities as contemplated by this
agreement. Any review by the Underwriters of FPL Group [2and
FPL
Group Capital] in connection with the offering of the Securities contemplated
by
this agreement and the transactions contemplated by this agreement will not
be
performed on behalf of FPL Group [2and
FPL
Group Capital].
13. Notices.
All communications hereunder shall be in writing or by telegram and, if to
the
Underwriters, shall be mailed or delivered to the Representatives at the address
set forth in Schedule II hereto, or if to FPL Group [2or
FPL
Group Capital], shall be mailed or delivered to it at 000 Xxxxxxxx Xxxxxxxxx,
Xxxx Xxxxx, Xxxxxxx 00000, Attention: Treasurer.
14. Counterparts.
This agreement may be executed in any number of counterparts by the parties
hereto on separate counterparts, each of which, when so executed and delivered,
shall be deemed an original, but all such counterparts shall together constitute
one and the same instrument.
27
If
the
foregoing correctly sets forth our understanding, please indicate your
acceptance thereof in the space provided below for that purpose, whereupon
this
letter and your acceptance shall constitute a binding agreement between
us.
Very
truly yours,
FPL
Group, Inc.
By:
______________________________
Name:
Title:
[2FPL
Group
Capital Inc
By: ______________________________
Name:
Title:]
Accepted
and delivered as of
the
date
first above written:
By:
______________________________
Name:
Title:
Acting
on
[its] [their] own behalf and on behalf of the other several Underwriters
referred to in the foregoing agreement.
28
SCHEDULE
I
[Name
of Issuer]
Pricing
Term Sheet
[Date]
Issuer:
Underwriting
Agreement dated
Representatives:
Securities:
Designation:
|
[1Number
of
shares of Common Stock:]
[2Number
of
Units:]
[2Aggregate
Stated Amount:]
Price
to Public:
|
Purchase
Price:
|
Proceeds
to FPL Group [2Capital]
(before
expenses):
|
Settlement
Date:
CUSIP/ISIN
Number:
[2Expected
Credit Ratings*:]
[2Debentures:
Designation:
|
Principal
Amount:
|
Date
of Maturity:
|
Interest
Rate:]
[*A
security rating is not a recommendation to buy, sell or hold securities and
should be evaluated independently of any other rating. The rating is subject
to
revision or withdrawal at any time by the assigning rating
organization.]
The
issuer has filed a registration statement (including a prospectus) with the
SEC
for the offering to which this communication relates. Before you invest, you
should read the prospectus in that registration statement and other documents
the issuer has filed with the SEC for more complete information about the issuer
and this offering. You may get these documents for free by visiting XXXXX on
the
SEC Web site at xxx.xxx.xxx.
Alternatively, the issuer, any underwriter or any dealer participating in the
offering will arrange
to send you the prospectus if you request it by calling __________ toll-free
__________ or __________ toll-free __________.
I-1
SCHEDULE
II
Representatives
|
Addresses
|
Underwriter
|
Number
of Securities
|
Total
|
|
II-1
SCHEDULE
III
PRICING
DISCLOSURE PACKAGE
(1) Prospectus,
dated ________________
(2) Preliminary
Prospectus Supplement dated _______________ (which shall be deemed to include
the Incorporated Documents filed at or prior to the Applicable Time to the
extent not superseded by Incorporated Documents filed at or prior to the
Applicable Time)
(3) Issuer
Free Writing Prospectuses
(a) Pricing
Term Sheet attached as Schedule I hereto
III-1
SCHEDULE
IV
[LETTERHEAD
OF SQUIRE, XXXXXXX & XXXXXXX L.L.P.]
SCHEDULE
V
[LETTERHEAD
OF XXXXXX XXXX XXXXX RAYSMAN & XXXXXXX LLP]
SCHEDULE
VI
[LETTERHEAD
OF HUNTON & XXXXXXXX LLP]
[Forms
of
legal opinions omitted]
IV-1