Company: TSLTF
Filing Date: 2025-12-09
Form Type: F-10EF
Source: 0001193125-25-312047
Chunk: 33

Company: TRANSALTA CORP
Filing Date: 2025-12-09
Form: F-10EF
Chunk 33
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 had reasonable grounds for believing that the individual’s conduct was lawful. The Registrant may with the approval of a court, indemnify an individual referred to
above, or advance moneys for the costs, charges and expenses of a proceeding referred to above, in respect of an action by or on behalf of the Registrant or other entity to procure a judgment in its favor, to which the individual is made a party
because of the individual’s association with the Registrant or other entity as described above against all costs, charges and expenses reasonably incurred by the individual in connection with such action, if the individual fulfills the
conditions set out in (a) and (b) above. Notwithstanding the foregoing, an individual referred to above is entitled to indemnity from the Registrant in respect of all costs, charges and expenses reasonably incurred by the individual in
connection with the defense of any civil, criminal, administrative, investigative or other proceeding to which the individual is subject because of the individual’s association with the Registrant or other entity referred to above, if the
individual seeking indemnity was not judged by the court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have done, and if the individual fulfills the conditions set out in (a) and
(b) above.

The by-laws of the Registrant provide that, subject to the limitations contained in the CBCA, but
without limiting the right of the Registrant to indemnify any person under the CBCA or otherwise, the Registrant shall indemnify a director or officer of the Registrant, a former director or officer of the Registrant, or another individual who acts
or acted at the Registrant’s request as a director or officer, or an individual acting in a similar capacity, of a another entity, and the heirs and legal representatives thereof, against all costs, charges and expenses, including an amount
paid to settle an action or satisfy a judgment, reasonably incurred by such individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the
Registrant or other entity, if the terms and conditions of the by-laws of the Registrant are met.

The Registrant
maintains a directors and officers’ liability policy which provides coverage to the Registrant for all directors’ and officers’ related claims, losses and costs in any year, subject to policy terms and conditions, limits and
deductibles.

The Registrant has entered into