# EDGAR Filing Document

**Accession Number:** 0001637880
**File Stem:** 0001637880-25-000045
**Filing Date:** 2025-9
**Character Count:** 12104
**Document Hash:** f83a430cd528643a72986da278ea5314
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001637880-25-000045.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001637880-25-000045

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250828

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tri-State Generation & Transmission Association, Inc.
- **CENTRAL INDEX KEY:** 0001637880
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 840464189
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-203560
- **FILM NUMBER:** 251286709

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 WEST 116TH AVENUE
- **CITY:** WESTMINSTER
- **STATE:** CO
- **ZIP:** 80234
- **BUSINESS PHONE:** 303-452-6111

**MAIL ADDRESS:**
- **STREET 1:** 1100 WEST 116TH AVENUE
- **CITY:** WESTMINSTER
- **STATE:** CO
- **ZIP:** 80234

?xml version='1.0' encoding='ASCII'? tris-20250828

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

________________________________________

**FORM 8-K**

**CURRENT REPORT PURSUANT TO**

**SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **August 28, 2025**

**TRI-STATE GENERATION AND** 

**TRANSMISSION ASSOCIATION, INC.**

(Exact name of Registrant as specified in its charter)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Colorado** | | **333-212006** | **333-212006** | **84-0464189** |
| (State or other jurisdiction<br>of incorporation) |  | **(**Commission File Number) | **(**Commission File Number) | (I.R.S. Employer<br>Identification No.) |
| **1100 W. 116th Avenue** | **1100 W. 116th Avenue** | **1100 W. 116th Avenue** |  |  |
| **Westminster** | **,** | **Colorado** | **80234** | **80234** |
| <br>(Address of principal executive offices) | <br>(Address of principal executive offices) | <br>(Address of principal executive offices) | <br>(Zip Code) | <br>(Zip Code) |

---

Registrant's telephone number, including area code **(303) 452-6111**

**None**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **None** | **None** | **None** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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**Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

As previously disclosed in our Current Report on Form 8-K, dated June 6, 2025, on June 16, 2025, Clifton Karnei, started as our Interim Chief Financial Officer while we searched for a Senior Vice President and Chief Financial Officer.

On August 28, 2025, Bryan Davis, age 44, accepted the position of Senior Vice President and Chief Financial Officer to succeed Mr. Karnei effective September 15, 2025. Since 2023, Mr. Davis has been the Area Vice President, Operating Company Finance for Xcel Energy. Prior to this, Mr. Davis served as Director, Utility Accounting for Xcel Energy. Mr. Davis has Bachelor of Science and Master of Accountancy degrees from Brigham Young University and is a Certified Public Accountant.

Mr. Karnei is expected to remain available for thirty days after Mr. Davis' first day of employment to assist in a smooth transition.

We compensate our Senior Vice President and Chief Financial Officer and other executive officers through use of a total rewards package that includes base salary and benefits. Mr. Davis will receive the same non-qualified executive deferred compensation, 401(k) plan, health and welfare benefit plans and sick time as all other executive officers hired on or after May 1, 2021. In addition to these benefits, Mr. Davis, as an executive officer, will receive a company vehicle for both business and personal use and will accrue vacation at the rate of six weeks per year. Mr. Davis will be provided 80 hours of vacation when he starts. Mr. Davis's base salary will be $625,000 per year and he will receive a one-time sign-on bonus of $50,000.

There are no arrangements or understandings between Mr. Davis and any other persons, pursuant to which he was appointed as the chief financial officer. There are no current or proposed transactions between us and Mr. Davis or his immediate family members that would require disclosure under Item 404(a) of Regulation S-K promulgated by the SEC.

On August 28, 2025, we received notification from our member, Panhandle Rural Electric Membership Association, that Phillip Zochol, the director representing them on our Board of Directors, was resigning from his position as a director on our Board of Directors. To our knowledge, this is not due to any disagreement that Mr. Zochol has with us.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On September 2, 2025, we issued a press statement announcing Bryan Davis as our next Senior Vice President and Chief Financial Officer. A copy of the press statement is attached to this report as Exhibit 99.1.

The information contained in this Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. In addition, the information contained in this Item 7.01 and Exhibit 99.1 shall not be incorporated by reference into any of our filings with the Securities and Exchange Commission or any other document except as shall be expressly set forth by specific reference in such filing or document.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits

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| | | |
|:---|:---|:---|
| **Exhibit Number** | **Exhibit Number** | **Description** |
| | 99.1 | [Press Statement dated](exhibit_99x1xpressxrelease.htm)[Se](exhibit_99x1xpressxrelease.htm)[pte](exhibit_99x1xpressxrelease.htm)[mber](exhibit_99x1xpressxrelease.htm)[2](exhibit_99x1xpressxrelease.htm)[, 2025](exhibit_99x1xpressxrelease.htm) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **TRI-STATE GENERATION AND TRANSMISSION<br>ASSOCIATION, INC.** | **TRI-STATE GENERATION AND TRANSMISSION<br>ASSOCIATION, INC.** |
| Date: September 2, 2025 | By: | /s/ Duane Highley |
|  |  | Duane Highley |
|  |  | Chief Executive Officer |

---

## Ex-99

**Exhibit 99.1**

![image_0.jpg](image_0.jpg)

**Tri-State announces Bryan Davis as Chief Financial Officer**

(Westminster, Colo., September 2, 2025) Bryan Davis will join Tri-State Generation and Transmission Association as Senior Vice President, Chief Financial Officer, beginning Sept. 15, 2025. Davis brings 20 years of finance experience, with expertise in accounting, financial planning, and utility strategies across multi-state regions.

Most recently, Davis served as Area Vice President, Operating Company Finance for Xcel Energy. In this role, Davis was responsible for the development and implementation of financial plans and strategies for Xcel Energy's Colorado operating company, serving 1.6 million electric and 1.5 million natural gas customers.

"I am very pleased to welcome Bryan as Chief Financial Officer for Tri-State," said Duane Highley, Tri-State CEO. "As Tri-State navigates an increasingly complex regulatory and financial environment, Bryan's experience and leadership managing affordability while preserving financial strength will serve our association well in our energy transition."

At Xcel Energy, Davis also served as Director, Utility Accounting, with responsibility for transmission and market operations accounting for all Xcel Energy operating companies, as well as regulatory and commercial accounting for the Texas and New Mexico region. He also held other roles of increasing responsibility in Xcel Energy's accounting organization.

Prior to working for Xcel Energy, Davis was Senior Manager, Accounting for the Western Union Company, and began his career in the assurance practice at PwC.

Davis holds Bachelor of Science and Master of Accountancy degrees from Brigham Young University and is a Certified Public Accountant.

"I'm thrilled to join Tri-State at a pivotal time in the energy transition," Davis said. "The cooperative's strong financial position is a testament to its disciplined management, and I look forward to working with the talented team and our members to advance Tri-State's goals of providing reliable, affordable and responsible power to the members and communities we serve."

Highley also acknowledges and thanks Interim CFO Clifton Karnei for providing transitional services while Tri-State completed its search for a full-time CFO. Karnei, who previously served as executive vice president and general manager of Brazos Electric Power Cooperative, joined Tri-State on a temporary basis in June 2025.

###

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99.1**

![image_1.jpg](image_1.jpg)

**Bryan Davis**

**About Tri-State** 

Tri-State is a power supply cooperative, operating on a not-for-profit basis, serving electric distribution cooperatives and public power district member-owners in four states. Together with our members, we deliver reliable, affordable and responsible power to more than a million electricity consumers across nearly 200,000 square miles of the rural West. Visit www.tristate.coop.

**Contact:** 

Amy Robertson, 303-254-3743, amy.robertson@tristategt.org

Mark Stutz, 303-254-3183, mark.stutz@tristategt.org

Certain information contained in this press statement are forward-looking statements including statements concerning Tri-State's plans, future events, and other information that is not historical information. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described from time to time in Tri-State's filings with the Securities and Exchange Commission. Tri-State's expectations and beliefs are expressed in good faith, and Tri-State believes there is a reasonable basis for them. However, Tri-State cannot assure you that management's expectations and beliefs will be achieved. There are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from the forward-looking statements contained herein.

<br>