Document:

Exhibit

Exhibit 10.1

Agreement No. [   ]

Long-Term Incentive Agreement

THIS LONG-TERM INCENTIVE AGREEMENT (this “Agreement”) is made by and between [Employee Name] (“Grantee”) and Endurance Specialty Holdings Ltd., an exempted company organized under the laws of Bermuda (the “Company”), as of [Grant Date].
WHEREAS, Grantee is currently an employee of the Company or a subsidiary of the Company, and the Company desires to increase the incentive of the Grantee to exert his or her utmost efforts to improve the business and increase the assets of the Company.
NOW, THEREFORE, in consideration of the Grantee’s services to the Company and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:  
1.Grant of Long-Term Incentive Award.  The Company hereby grants and promises to pay to Grantee a long-term restricted cash incentive award of [Dollar Amount of Award] (the “LTI Award”) pursuant to the terms and provisions of this Agreement.
2.Accrued Interest.  The unpaid portion of the LTI Award shall bear interest from the date of grant of the LTI Award to the date of payment of each installment of the LTI Award (the “Accrued Interest”).  Upon the payment of each installment of the LTI Award, only that portion of the Accrued Interest upon that installment of the LTI Award shall be due and payable.  The Accrued Interest shall be determined based upon an annual simple interest rate while the LTI Award is outstanding.  The annual simple interest rate for the Accrued Interest will be [   ]% per annum, commencing on [Grant Date] and continuing until [Day Before One Year Anniversary] and then shall be redetermined and fixed by the Company for each succeeding annual period commencing on each March 1st and ending on the last day of each February.  For each annual period commencing on March 1st and ending on the last day of the following February, the annual simple interest rate for the Accrued Interest shall be equal to the average of the five year United States treasury note rate for the 20 trading days preceding such March 1st, as published by the U.S. Department of the Treasury on its website at www.ustreas.gov or, if such data is no longer published by the U.S. Department of the Treasury, such substitute published interest rate index as shall be determined by the Company in its sole discretion.  The Accrued Interest on the LTI Award shall be computed on the basis of the actual number of days elapsed in the period during which it accrues, based upon a 365 or 366 day year, as the case may be.  The Accrued Interest shall be determined without the compounding of interest.  
3.Restrictions and Restricted Period.
a.Restrictions.  Neither the LTI Award nor any Accrued Interest granted or accrued hereunder may be sold, assigned, transferred, pledged, hypothecated 

or otherwise disposed of by the Grantee except, in the event of the Grantee’s death, by will or the laws of descent and distribution.  The LTI Award and any Accrued Interest granted or accrued hereunder shall be subject to a risk of forfeiture as described in Section 5 below until paid in full.
b.Restricted Period.  Unless the Restricted Period (as defined below) is previously terminated pursuant to Section 4 or Section 5 of this Agreement, the restrictions set forth above shall expire and the LTI Award shall be paid on the first regularly scheduled Company payroll dates following the dates (the “Restricted Period”) and in the amounts set forth below:
Date of Payment        Portion of LTI Award Paid

		
	[One Year Anniversary]
	[25% of Initial Grant] plus Accrued Interest on the portion of the LTI Award paid

		
	[Two Year Anniversary]
	[25% of Initial Grant] plus Accrued Interest on the portion of the LTI Award paid

		
	[Three Year Anniversary]
	[25% of Initial Grant] plus Accrued Interest on the portion of the LTI Award paid

		
	[Four Year Anniversary]
	[25% of Initial Grant] plus Accrued Interest on the portion of the LTI Award paid

4.Early Termination of Restricted Period.  
a.    Death or Disability.  In the event the Grantee’s employment with the Company or any subsidiary of the Company is terminated as a result of the Grantee’s death or Disability, the LTI Award shall vest on such date of death or Disability, any restrictions on the LTI Award and any Accrued Interest shall immediately expire and such unvested and unpaid portion of the LTI Award and any Accrued Interest to and including the date of death or Disability shall be paid to the Grantee within 30 days following the date of the Grantee’s termination of employment due to death or Disability.  
b.    Change in Control.  In the event of a Change in Control and the termination by the Company (or a successor company as a result of the Change in Control) of the Grantee’s employment with the Company, a subsidiary of the Company (or a successor company as a result of the Change in Control) other than for Cause within the 24 months following such Change in Control, the restrictions set forth above shall expire as of the date of such termination of employment and the unpaid portion of the LTI Award, plus any Accrued Interest to and including the date of termination of employment, shall be paid in full within 30 days of the date of such termination of employment. 
c.    Retirement.  In the event the Grantee becomes eligible for Retirement during the term of this Agreement, the restrictions on the LTI Award and any Accrued Interest as of the date of such eligibility shall immediately expire and the Grantee shall be paid in full the LTI Award and any Accrued Interest (to and including the date of eligibility for Retirement) within 30 days of such eligibility.

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5.Forfeiture of LTI Award.  In the event the Grantee’s employment with the Company or any subsidiary of the Company is terminated, (i) at any time by the Grantee, other than the Grantee’s Retirement, (ii) at any time by the Company for Cause or (iii) outside of a Change in Control Period by the Company for any reason other than the Grantee’s death or Disability, the portion of the LTI Award that at that time have not been released from the restrictions set forth in Section 3 shall be forfeited to the Company without payment of any consideration by the Company, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such LTI Award.
6.Recoupment Policy.  In the event the Grantee is an Executive Officer, the Grantee hereby acknowledges and agrees that such LTI Award and any Accrued Interest is subject to the Company’s Recoupment Policy and the Company’s remedies under the Recoupment Policy include but are not limited to (i) repayment of previously vested portions of the LTI Award and any Accrued Interest, (ii) the reduction or elimination of the future vesting of, or payment of interest on, the LTI Award and any Accrued Interest or (iii) the cancellation of the LTI Award and any Accrued Interest under this Agreement.
7.Repayment or Forfeiture.  In addition to the Recoupment Policy, any benefits the Grantee may receive hereunder may be subject to repayment or forfeiture as may be required in order to comply with the requirements of the U.S. Securities and Exchange Commission or any applicable law, including the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any securities exchange on which the ordinary shares, par value U.S.$1.00 per share, of the Company are traded, as may be in effect from time to time.
8.Tax Withholding.  It shall be a condition to the obligation of the Company to pay the LTI Award and any Accrued Interest to the Grantee upon the expiration of restrictions on the LTI Award and any Accrued Interest that the Grantee pay to the Company, upon demand (but no later than 10 days following such demand), such amount as may be requested by the Company for the purpose of satisfying any liability to withhold income or other taxes.  In the event any such amount so requested is not paid, the Company may refuse to settle the LTI Award and any Accrued Interest.  Unless the Company shall in its discretion determine otherwise, payment for taxes required to be withheld may be made by withholding a portion of the LTI Award and/or Accrued Interest, in either case, equal to the appropriate tax withholding liability as determined by the Company in its sole discretion.
9.Tax Consequences.  By signing this Agreement, the Grantee represents that the Grantee has reviewed with the Grantee’s own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and that the Grantee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  The Grantee 

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understands and agrees that the Grantee (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.  
10.Termination of this Agreement.  This Agreement shall terminate upon the earliest to occur of (a) the termination of the Restricted Period with respect to all of the LTI Award and Accrued Interest in accordance with Section 3 of this Agreement, (b) the forfeiture of the LTI Award and Accrued Interest in accordance with Section 4 or Section 5 of this Agreement, (c) the termination of this Agreement by an instrument in writing signed by the parties hereto or (d) as may be required under the Recoupment Policy or applicable law.  Upon termination of this Agreement, all rights and obligations of the Grantee and the Company hereunder shall cease.
11.Agreement to Perform Necessary Acts.  Each party to this Agreement agrees to perform any further acts and execute and deliver any documents that may be reasonably necessary to carry out the provisions of this Agreement.
12.No Limitation on Rights of the Company.  This Agreement shall not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets.
13.Creditor Status.  The Grantor shall be a general creditor of the Company under this Agreement and any obligation of the Company to the Grantee under this Agreement shall be subordinated to any obligation of the Company to the various lending institutions under the Credit Agreement, dated as of April 19, 2012 and as amended or restated from time to time, among the Company, various designated subsidiary borrowers, various lending institutions and JPMorgan Chase Bank, N.A., as Administrative Agent.
14.Definitions.
The following definitions shall be applicable within this Agreement.
d.    “Cause” means (i) any intentional act of fraud, embezzlement or theft by the Grantee in connection with or in the course of his or her employment with the Company or a Grantee’s admission or conviction of, or plea of nolo contendere to, (x) a felony or (y) any crime involving moral turpitude, fraud, embezzlement, theft or misrepresentation; (ii) any gross negligence or willful misconduct of a Grantee resulting in a loss to the Company or any of its subsidiaries or affiliates or (iii) any violation of any statutory or common law duty of loyalty to the Company or any of its subsidiaries or affiliates.
e.    “Change in Control” means any of the following:

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(1)the acquisition by any individual, entity or group (a “Person”), including any “person” within the meaning of Section 13(d)(3) or 14(d)(2) of the U.S. Securities Exchange Act of 1934, as amended from time to time (the “Exchange Act”), of beneficial ownership within the meaning of Rule 13d‐3 promulgated under the Exchange Act, of 50% or more of either (i) the then outstanding ordinary shares, par value U.S.$1.00 per share, of the Company (the “Outstanding Ordinary Shares”) or (ii) the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors pursuant to the Bye-Laws of the Company (the “Outstanding Voting Securities”); excluding, however, the following: (A) any acquisition directly from the Company (excluding any acquisition resulting from the exercise of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was acquired directly from the Company), (B) any acquisition by the Company, (C) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (3) of this definition of Change in Control; provided, further, that for purposes of clause (B), if any Person (other than the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company) shall become the beneficial owner of 50% or more of the Outstanding Ordinary Shares or 50% or more of the Outstanding Voting Securities by reason of an acquisition by the Company, and such Person shall, after such acquisition by the Company, become the beneficial owner of any additional Outstanding Ordinary Shares or any additional Outstanding Voting Securities and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control;
(1)    individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board within a 24 month period; provided, that any individual who becomes a director of the Company subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by the vote of at least a majority of the directors then comprising the Incumbent Board shall be deemed a member of the Incumbent Board; and provided, further, that any individual who was initially elected as a director of the Company as a result of an actual or threatened solicitation by a Person other than the Board for the purpose of opposing a solicitation by any other Person with respect to the election or removal of directors, or any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall not be deemed a member of the Incumbent Board;
(2)    the consummation of a reorganization, amalgamation, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Corporate Transaction”); excluding, however, a Corporate 

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Transaction pursuant to which (i) all or substantially all of the individuals or entities who are the beneficial owners, respectively, of the Outstanding Ordinary Shares and the Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 55% of, respectively, the outstanding shares of common stock, and the combined voting power of the outstanding securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or indirectly) in substantially the same proportions relative to each other as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Ordinary Shares and the Outstanding Voting Securities, as the case may be, (ii) no Person (other than: the Company; any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; the corporation resulting from such Corporate Transaction; and any Person which beneficially owned, immediately prior to such Corporate Transaction, directly or indirectly, 50% or more of the Outstanding Ordinary Shares or the Outstanding Voting Securities, as the case may be) will beneficially own, directly or indirectly, 50% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors and (iii) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or
(3)    the consummation of a plan of complete liquidation or dissolution of the Company.
f.    “Disability” means any condition that, (i) prevents the Grantee from substantially performing the Grantee’s duties as an employee of the Company for a period of at least 120 consecutive days, or 180 non-consecutive days within any 365-day period, and (ii) causes the Grantee to become eligible for the applicable long-term disability plan of the Company or its subsidiary or affiliate.  Any determination of a Disability shall be made by the Company in its reasonable discretion, based upon medical evidence reasonably acceptable to the Company.
g.    “Executive Officer” means any employee of the Company who meets the specifications under Rule 3b-7 under the Securities Exchange Act of 1934, as amended.
h.     “Recoupment Policy” means the Executive Incentive Compensation Recoupment Policy of the Company as it may be amended from time to time.

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i.     “Retirement” means the termination of a Grantee’s employment with the Company other than for Cause after (i) the Grantee has attained the age of 55, (ii) the Grantee has been employed with the Company for a period greater than two years and (iii) the Grantee’s age plus whole years of employment with the Company is greater than or equal to 65.  
j.    “Section 409A” means Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and any related regulations or other guidance promulgated thereunder.
k.    “Section 457A” means Section 457A of the U.S. Internal Revenue Code of 1986, as amended, and any related regulations or other guidance promulgated thereunder.
2.    Miscellaneous.
a.    Notices.  Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally or sent by certified, registered, or express mail, postage prepaid.  Any such notice shall be deemed given when delivered to each party at the following addresses (or to such other address as may be designated in a notice given in accordance with this Section):
(i) if to the Company:

Endurance Specialty Holdings Ltd.
Waterloo House
100 Pitts Bay Road
Pembroke HM 08
Bermuda
Attn: General Counsel

(ii) if to the Grantee, to the most recent primary residence address listed for the Grantee in the employment records of the Company.

b.    Failure to Enforce Not a Waiver.  The failure of the Company or the Grantee to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.
c.    Governing Law.  This Agreement shall be governed by and construed according to the laws of Bermuda without giving effect to the choice of law principles thereof.  The Grantee submits to the non-exclusive jurisdiction of the courts of Bermuda in respect to matters arising hereunder.
d.    Arbitration.  All disputes, controversies or claims arising out of, relating to or in connection with this Agreement, the LTI Award or the Accrued Interest, or the breach, termination or validity thereof, shall be finally settled by arbitration.  The 

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arbitration shall be conducted in accordance with the rules of the International Chamber of Commerce except as same may be modified herein or by mutual agreement of the parties.  The seat of the arbitration shall be Bermuda and it shall be conducted in the English language.  The arbitration shall be conducted by one arbitrator who shall be selected by the agreement of the Company and the Grantee or, in the event that the Company and the Grantee are unable to agree, by the Appointments Committee of the Chartered Institute of Arbitrators, Bermuda Branch.  The arbitral award shall be in writing, shall state reasons for the award, and shall be final and binding on the parties.  The award may include an award of costs, including reasonable attorneys’ fees and disbursements.  Judgment on the award may be entered by any court having jurisdiction thereof or having jurisdiction over the parties or their assets.
e.    Amendments.  This Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto.
f.    Agreement Not a Contract of Employment.  This Agreement is not a contract of employment, and the terms of employment of the Grantee or the relationship of the Grantee with the Company or any subsidiary of the Company shall not be affected in any way by this Agreement except as specifically provided herein.  The execution of this Agreement shall not be construed as conferring any legal rights upon the Grantee for a continuation of employment or relationship with the Company or any subsidiary of the Company, nor shall it interfere with the right of the Company or any subsidiary of the Company to discharge the Grantee and to treat the Grantee without regard to the effect which that treatment might have upon the Grantee as a holder of the LTI Award and Accrued Interest.
g.    Entire Agreement.  This Agreement contains the entire understanding and agreement of the parties hereto concerning the subject matter hereof, and supersedes all earlier negotiations and understandings, written or oral, between the parties hereto with respect thereto.  
h.    Captions.  The captions and headings of the sections and subsections of this Agreement are included for convenience only and are not to be considered in construing or interpreting this Agreement.
i.    Counterparts.  This Agreement may be executed in counterparts and by facsimile or electronic reproduction, each of which when signed by the Company or the Grantee will be deemed an original and all of which together will be deemed the same agreement.  
j.    Assignment.  The Company may assign its rights and delegate its duties under this Agreement.  If any such assignment or delegation requires consent of any state securities authorities, the parties hereto agree to cooperate in requesting such consent.  This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, be binding upon the Grantee, the Grantee’s heirs, executors, administrators, successors and assigns.

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k.    Severability.  This Agreement will be severable, and the invalidity or unenforceability of any term or provision hereof will not affect the validity or enforceability of this Agreement or of any other term or provision hereof.  Furthermore, in lieu of any invalid or unenforceable term or provision, the parties hereto intend that there be added as a part of this Agreement a valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.
l.    Section 409A and Section 457A Compliance.  To the extent applicable, it is intended that the compensation arrangements under this Agreement be in full compliance with Section 409A and Section 457A.  This Agreement will be construed in a manner to give effect to such intention.  Any references to a “termination of employment” (or similar term) under this Agreement shall mean a “separation from service” within the meaning of Section 409A.  Each installment of the LTI Award payments and corresponding Accrued Interest shall be deemed to be a separate payment for purposes of Section 409A.  If it is determined that all or a portion of the LTI Award or Accrued Interest constitutes deferred compensation for purposes of Section 409A, and if the Grantee is a “specified employee” (within the meaning of Section 409A) at the time of the Grantee’s separation from service, then the portion of such payments that would otherwise be payable during the six-month period immediately following the Grantee’s separation from service shall instead be paid on the earlier of (i) the first business day of the seventh month following the Grantee’s separation from service or (ii) the Grantee’s death.
m.    Compliance with Applicable Laws.  Notwithstanding any provision of this Agreement to the contrary, if the Grantee is employed by the Company or any of its subsidiaries or affiliates and the Grantee is subject to the laws of any jurisdiction outside of Bermuda or the United States, the Restricted Shares granted under this Agreement shall be subject to the following additional terms and conditions:
i.    The terms and conditions of this Agreement are deemed modified to the extent necessary or advisable to comply with the applicable laws, regulations, rules and local government regulatory exemptions of such jurisdiction or to facilitate the administration of this Agreement under such laws, regulations, rules and local government regulatory exemptions;
ii.    If applicable, the effectiveness of the LTI Award under this Agreement is conditioned upon this Agreement’s compliance with any applicable laws, regulations, rules or local government regulatory exemptions of such jurisdiction and subject to receipt of any required regulatory approvals of such jurisdiction; and
iii.    The Administrator may take any other action, before or after an LTI Award is made, that it deems advisable to obtain approval or comply with any necessary local regulatory or governmental exemptions or approvals

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n.    . Data Privacy and Notice of Consent. The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data by the Company and any subsidiaries and affiliates of the Company for the exclusive purpose of implementing, administering and managing the Grantee’s LTI  Award under this Agreement.
The Grantee understands that the Company and its subsidiaries and affiliates may hold certain personal information about the Grantee, including, but not limited to, the Grantee’s name, home address and telephone number, date of birth, social insurance number (to the extent permitted under applicable local law) or other identification number, salary, nationality, job title, residency status, any shares of stock or directorships held in the Company or any subsidiary or affiliate of the Company, details of all equity compensation or any other entitlement to the LTI Award or other long or short-term incentives awarded, canceled, vested, unvested or outstanding in the Grantee’s favor, for the purpose of implementing, administering and managing this LTI Award (“Data”).  The Grantee understands that Data may be transferred to any third parties assisting the Company or any subsidiary or affiliate of the Company in the implementation, administration and management of the Plan, that these recipients may be located in the Grantee’s country or elsewhere, including outside the European Economic Area and that the recipient’s country (e.g., the United States) may have different data privacy laws and protections than the Grantee’s country.  The Grantee understands that the Grantee may request a list with the names and addresses of any potential recipients of the Data by contacting the Grantee’s local human resources representative. The Grantee authorizes the Company and any subsidiary or affiliate of the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Grantee’s participation in this LTI Award to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Grantee’s participation in this LTI Award.  The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage the Grantee’s participation in the LTI Award.  The Grantee understands that the Grantee may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Grantee’s local human resources representative.  The Grantee understands that refusal or withdrawal of consent may affect the Grantee’s ability to participate in the LTI Award.  For more information on the consequences of the Grantee’s refusal to consent or withdrawal of consent, the Grantee understands that the Grantee may contact his or her local human resources representative.
[Execution Page Follows]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
ENDURANCE SPECIALTY HOLDINGS LTD.

By:                        
Name:    
Title:    

The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Agreement.

___________________________
[Employee Name]

-11-EX-4.1

 Exhibit 4.1 
  

 
  

WESTAR ENERGY, INC. 
 TO

 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

as Trustee 
 (as
Successor to 
 HARRIS TRUST AND SAVINGS BANK) 
  

 
 FORTY-FIFTH
SUPPLEMENTAL INDENTURE 
 Dated as of November 13, 2015 

First Mortgage Bonds, 3.25% Series due 2025 

First Mortgage Bonds, 4.25% Series due 2045 
  

 
  

 TABLE OF CONTENTS 

 
  

 

							
	 Parties
	  	 	1	  
	 Recitals
	  	 	1	  
	 Granting Clause
	  	 	4	  
	 Habendum
	  	 	6	  
	 Exceptions and Reservations
	  	 	6	  
			
	 	  	 	  	PAGE	 
	
	ARTICLE I	  
	DESCRIPTION OF BONDS OF THE 3.25% SERIES DUE 2025	  
			
	Section 1.	  	General Description of Bonds of the 3.25% Series due 2025	  	 	7	  
	Section 2.	  	Denominations of Bonds of the 3.25% Series due 2025 and Privilege of Exchange	  	 	8	  
	Section 3.	  	Form of Bonds of the 3.25% Series due 2025	  	 	9	  
	Section 4.	  	Execution and Form of Temporary Bonds of the 3.25% Series due 2025	  	 	18	  
	
	ARTICLE II	  
	ISSUE OF BONDS OF THE 3.25% SERIES DUE 2025	  
			
	Section 1.	  	Limitation as to Principal Amount of Bonds of the 3.25% Series due 2025	  	 	18	  
	Section 2.	  	Execution and Delivery of Bonds of the 3.25% Series due 2025	  	 	18	  
	Section 3.	  	Additional Bonds of the 3.25% Series due 2025	  	 	18	  
	
	ARTICLE III	  
	REDEMPTION AND SUBSTITUTION OF BONDS OF THE 3.25% SERIES DUE 2025	  
			
	Section 1.	  	Optional Redemption of Bonds of the 3.25% Series due 2025	  	 	19	  
	Section 2.	  	Substitution of Bonds of the 3.25% Series due 2025	  	 	21	  
	
	ARTICLE IV	  
	DESCRIPTION OF BONDS OF THE 4.25% SERIES DUE 2045	  
			
	Section 1.	  	General Description of Bonds of the 4.25% Series due 2045	  	 	23	  
	Section 2.	  	Denominations of Bonds of the 4.25% Series due 2045 and Privilege of Exchange	  	 	24	  
	Section 3.	  	Form of Bonds of the 4.25% Series due 2045	  	 	24	  
	Section 4.	  	Execution and Form of Temporary Bonds of the 4.25% Series due 2045	  	 	33	  

							
	ARTICLE V	  
	ISSUE OF BONDS OF THE 4.25% SERIES DUE 2045	  
			
	Section 1.	  	Limitation as to Principal Amount of Bonds of the 4.25% Series due 2045	  	 	33	  
	Section 2.	  	Execution and Delivery of Bonds of the 4.25% Series due 2045	  	 	33	  
	Section 3.	  	Additional Bonds of the 4.25% Series due 2045	  	 	33	  
		
	ARTICLE VI	  			
	REDEMPTION AND SUBSTITUTION OF BONDS OF THE 4.25% SERIES DUE 2045	  			
			
	Section 1.	  	Optional Redemption of Bonds of the 4.25% Series due 2045	  	 	34	  
	Section 2.	  	Substitution of Bonds of the 4.25% Series due 2045	  	 	36	  
	
	ARTICLE VII	  
	ADDITIONAL COVENANTS	  
			
	Section 1.	  	Title to Mortgaged Property	  	 	38	  
	Section 2.	  	To Retire Certain Portions of Bonds upon Release of All or Substantially All of the Electric Properties	  	 	38	  
	
	ARTICLE VIII	  
	AMENDMENTS AND RESERVATIONS OF RIGHTS TO AMEND THE ORIGINAL
INDENTURE	  
			
	Section 1.	  	So Long as Bonds Issued Prior to January 1, 1997 Remain Outstanding	  	 	39	  
	Section 2.	  	Facsimile Signatures	  	 	42	  
	Section 3.	  	Reservation of Right to Amend Article VII	  	 	43	  
	Section 4.	  	Reservation of Right to Delete Certain Requirements and Conditions	  	 	45	  
	Section 5.	  	Issuance of Variable Rate Bonds	  	 	46	  
	Section 6.	  	Substitution of Bonds	  	 	46	  
	Section 7.	  	Addition of a Governing Law Clause	  	 	47	  
	Section 8.	  	Event of Default for Failure to Pay Final Judgments in Excess of $100,000	  	 	47	  
	Section 9.	  	Net Earnings Test in Connection with Property Acquisitions	  	 	47	  
	Section 10.	  	Addition of Nuclear Fuel	  	 	48	  
	Section 11.	  	Modernization of the Original Indenture	  	 	48	  
	
	ARTICLE IX	  
	MISCELLANEOUS PROVISIONS	  
			
	Section 1.	  	Acceptance of Trust	  	 	49	  
	Section 2.	  	Responsibility and Duty of Trustee	  	 	49	  
	Section 3.	  	Parties to Include Successors and Assigns	  	 	50	  

  
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	Section 4.	  	Benefits Restricted to Parties and to Holders of Bonds and Coupons	  	 	50	  
	Section 5.	  	Execution in Counterparts	  	 	50	  
	Section 6.	  	Titles of Articles Not Part of the Forty-Fifth Supplemental Indenture	  	 	50	  
		
	TESTIMONIUM	  	 	S-1	  
	SIGNATURES AND SEALS	  	 	S-1	  
	ACKNOWLEDGEMENTS	  	 	S-2	  

 APPENDIX A 

DESCRIPTION OF PROPERTIES 

  
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 FORTY-FIFTH SUPPLEMENTAL INDENTURE, dated as of the 13th day of November, Two Thousand and Fifteen, made by and between Westar Energy, Inc., formerly The Kansas Power and Light Company, a corporation organized and existing under the laws of the State of
Kansas (hereinafter called the “Company”), party of the first part, and The Bank of New York Mellon Trust Company, N.A., a national banking association whose mailing address is 2 North La Salle Street, Chicago, Illinois 60602
(hereinafter called the “Trustee”), as Trustee (as successor to Harris Trust and Savings Bank), under the Mortgage and Deed of Trust dated July 1, 1939, hereinafter mentioned, party of the second part; 

WHEREAS, the Company has heretofore executed and delivered to the Trustee its Mortgage and Deed of Trust dated July 1, 1939
(hereinafter referred to as the “Original Indenture”), to provide for and to secure the issue of First Mortgage Bonds of the Company, issuable in series, and to declare the terms and conditions upon which the Bonds (as defined in
the Original Indenture) are to be issued thereunder; and 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee
Forty-Four Supplemental Indentures, in addition to the Forty-Second Supplemental (Reopening) Indenture, supplemental to said Original Indenture, of which Forty-Three provided for the issuance thereunder of series of the Company’s First Mortgage
Bonds, and there is set forth below information with respect to such Supplemental Indentures as have provided for the issuance of Bonds, and the principal amount of Bonds which remain outstanding as of November 13, 2015: 

 

													
	 Supplemental Indenture
	  	 Date
	  	Series of
First Mortgage Bonds
Provided For	  	Principal
Amount
Issued	 	  	Principal
Amount
Outstanding	 
	 Supplemental Indenture
	  	July 1, 1939	  	3-1/2% Series
Due 1969	  	$	26,500,000	  	  	 	None	  
	 Second Supplemental Indenture
	  	April 1, 1949	  	2-7/8% Series
Due 1979	  	 	10,000,000	  	  	 	None	  
	 Fourth Supplemental Indenture
	  	October 1, 1949	  	2-3/4% Series
Due 1979	  	 	6,500,000	  	  	 	None	  
	 Fifth Supplemental Indenture
	  	December 1, 1949	  	2-3/4% Series
Due 1984	  	 	32,500,000	  	  	 	None	  
	 Seventh Supplemental Indenture
	  	December 1, 1951	  	3-1/4% Series
Due 1981	  	 	5,250,000	  	  	 	None	  
	 Eighth Supplemental Indenture
	  	May 1, 1952	  	3-1/4% Series
Due 1982	  	 	4,750,000	  	  	 	None	  
	 Ninth Supplemental Indenture
	  	October 1, 1954	  	3-1/8% Series
Due 1984	  	 	8,000,000	  	  	 	None	  
	 Tenth Supplemental Indenture
	  	September 1, 1961	  	4-3/4% Series
Due 1991	  	 	13,000,000	  	  	 	None	  

													
	 Supplemental Indenture
	  	 Date
	  	Series of
First Mortgage Bonds
Provided For	  	Principal
Amount
Issued	 	  	Principal
Amount
Outstanding	 
	 Eleventh Supplemental Indenture
	  	April 1, 1969	  	7-5/8% Series
Due 1999	  	 	19,000,000	  	  	 	None	  
	 Twelfth Supplemental Indenture
	  	September 1, 1970	  	8-3/4% Series
Due 2000	  	 	20,000,000	  	  	 	None	  
	 Thirteenth Supplemental Indenture
	  	February 1, 1975	  	8-5/8% Series
Due 2005	  	 	35,000,000	  	  	 	None	  
	 Fourteenth Supplemental Indenture
	  	May 1, 1976	  	8-5/8% Series
Due 2006	  	 	45,000,000	  	  	 	None	  
	 Fifteenth Supplemental Indenture
	  	April 1, 1977	  	5.90% Pollution
Control Series
Due 2007	  	 	32,000,000	  	  	 	None	  
	 Sixteenth Supplemental Indenture
	  	June 1, 1977	  	8-1/8% Series
Due 2007	  	 	30,000,000	  	  	 	None	  
	 Seventeenth Supplemental Indenture
	  	February 1, 1978	  	8-3/4% Series
Due 2008	  	 	35,000,000	  	  	 	None	  
	 Eighteenth Supplemental Indenture
	  	January 1, 1979	  	6-3/4% Pollution
Control Series
Due 2009	  	 	45,000,000	  	  	 	None	  
	 Nineteenth Supplemental Indenture
	  	May 1, 1980	  	8-1/4% Pollution
Control Series
Due 1983	  	 	45,000,000	  	  	 	None	  
	 Twentieth Supplemental Indenture
	  	November 1, 1981	  	16.95% Series
Due 1988	  	 	25,000,000	  	  	 	None	  
	 Twenty-First Supplemental Indenture
	  	April 1, 1982	  	15% Series
Due 1992	  	 	60,000,000	  	  	 	None	  
	 Twenty-Second Supplemental Indenture
	  	February 1, 1983	  	9-5/8% Pollution
Control Series
Due 2013	  	 	58,500,000	  	  	 	None	  
	 Twenty-Third Supplemental Indenture
	  	July 1, 1986	  	8-1/4% Series
Due 1996	  	 	60,000,000	  	  	 	None	  
	 Twenty-Fourth Supplemental Indenture
	  	March 1, 1987	  	8-5/8% Series
Due 2020	  	 	50,000,000	  	  	 	None	  
	 Twenty-Fifth Supplemental Indenture
	  	October 15, 1988	  	9.35% Series
Due 1998	  	 	75,000,000	  	  	 	None	  
	 Twenty-Sixth Supplemental Indenture
	  	February 15, 1990	  	8-7/8% Series
Due 2000	  	 	75,000,000	  	  	 	None	  
	 Twenty-Seventh Supplemental Indenture
	  	March 12, 1992	  	7.46% Demand
Series	  	 	370,000,000	  	  	 	None	  
	 Twenty-Eighth Supplemental Indenture
	  	July 1, 1992	  	7-1/4% Series
Due 1999	  	 	125,000,000	  	  	 	None	  
		  		  	8-1/2% Series
Due 2022	  	 	125,000,000	  	  	 	None	  

  
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	 Supplemental Indenture
	  	 Date
	  	Series of
First Mortgage Bonds
Provided For	  	Principal
Amount
Issued	 	  	Principal
Amount
Outstanding	 
	 Twenty-Ninth Supplemental Indenture
	  	August 20, 1992	  	7-1/4% Series
Due 2002	  	 	100,000,000	  	  	 	None	  
	 Thirtieth Supplemental Indenture
	  	February 1, 1993	  	6% Pollution Control
Revenue Refunding
Series
Due 2033	  	 	58,500,000	  	  	 	None	  
	 Thirty-First Supplemental Indenture
	  	April 15, 1993	  	7.65% Series
Due 2023	  	 	100,000,000	  	  	 	None	  
	 Thirty-Second Supplemental Indenture
	  	April 15, 1994	  	7-1/2% Series
Pollution Control
Revenue Refunding
Due 2032	  	 	75,500,000	  	  	 	75,500,000	  
	 Thirty-Third Supplemental Indenture
	  	August 11, 1997	  	6-7/8% Convertible
Series
Due 2004	  	 	370,000,000	  	  	 	None	  
		  		  	7-1/8% Convertible
Series
Due 2009	  	 	150,000,000	  	  	 	None	  
	 Thirty-Fourth Supplemental Indenture
	  	June 28, 2000	  	9-1/2% Series
Due 2003	  	 	397,800,000	  	  	 	None	  
	 Thirty-Fifth Supplemental Indenture
	  	May 10, 2002	  	7-7/8% Series
Due 2007	  	 	365,000,000	  	  	 	None	  
	 Thirty-Sixth Supplemental Indenture
	  	June 1, 2004	  	5.00% Series
Pollution Control
Refunding Revenue
Due 2033	  	 	58,340,000	  	  	 	None	  
	 Thirty-Seventh Supplemental Indenture
	  	June 17, 2004	  	6.00% Series
Due 2014	  	 	250,000,000	  	  	 	None	  
	 Thirty-Eighth Supplemental Indenture
	  	January 18, 2005	  	5.15% Series
Due 2017	  	 	125,000,000	  	  	 	125,000,000	  
		  		  	5.95% Series
Due 2035	  	 	125,000,000	  	  	 	125,000,000	  
	 Thirty-Ninth Supplemental Indenture
	  	June 30, 2005	  	5.10% Series
Due 2020	  	 	250,000,000	  	  	 	250,000,000	  
		  		  	5.875% Series
Due 2036	  	 	150,000,000	  	  	 	150,000,000	  
	 Fortieth Supplemental Indenture
	  	May 15, 2007	  	6.10% Series
Due 2047	  	 	150,000,000	  	  	 	None	  
	 Forty-First Supplemental Indenture
	  	November 25, 2008	  	8.625% Series
 Due 2018
	  	 	300,000,000	  	  	 	None	* 
	 Forty-Second Supplemental Indenture
	  	March 1, 2012	  	4.125% Series Due 2042	  	 	250,000,000	  	  	 	250,000,000	  

	*	Upon issuance of the Bonds of the 4.25% Series due 2045 pursuant to this Supplemental Indenture, the 8.625% First Mortgage Bonds Series due 2018 will be retired and will no longer be outstanding under the Indenture.

  
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	 Supplemental Indenture
	  	 Date
	  	Series of
First Mortgage Bonds
Provided For	  	Principal
Amount
Issued	 	  	Principal
Amount
Outstanding	 
	 Forty-Second Supplemental (Reopening) Indenture
	  	May 17, 2012	  	4.125% Series Due 2042	  	 	300,000,000	  	  	 	300,000,000	  
	 Forty-Third Supplemental Indenture
	  	March 28, 2013	  	4.10% Series Due 2043	  	 	430,000,000	  	  	 	430,000,000	  
	 Forty-Fourth Supplemental Indenture
	  	August 19, 2013	  	4.625% Series Due 2043	  	 	250,000,000	  	  	 	250,000,000	  

 ; and 
 WHEREAS,
the Company is entitled at this time to have authenticated and delivered additional bonds, upon compliance with the provisions of Article III of the Original Indenture, as amended; and 

WHEREAS, the Company desires by this Forty-Fifth Supplemental Indenture (hereinafter referred to as this “Supplemental
Indenture”) to supplement the Original Indenture and to provide for the creation of two new series of bonds under the Original Indenture to be designated “First Mortgage Bonds, 3.25% Series due 2025” (hereinafter called
“Bonds of the 3.25% Series due 2025”) and “First Mortgage Bonds, 4.25% Series due 2045” (hereinafter called “Bonds of the 4.25% Series due 2045”); and the Original Indenture provides that certain terms and
provisions, as determined by the Board of Directors of the Company, of the Bonds of any particular series may be expressed in and provided by the execution of an appropriate supplemental indenture; and 

WHEREAS, the Company in the exercise of the powers and authority conferred upon and reserved to it under the provisions of the Original
Indenture and indentures supplemental thereto, and pursuant to appropriate resolutions of its Board of Directors, has duly resolved and determined to make, execute and deliver to the Trustee a supplemental indenture in the form hereof for the
purposes herein provided; and 
 WHEREAS, all conditions and requirements necessary to make this Supplemental Indenture a valid, binding and
legal instrument have been done, performed and fulfilled, and the execution and delivery hereof have been in all respects duly authorized; 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: That, in consideration of the premises and of the mutual covenants herein contained and of the sum
of One Dollar duly paid by the Company to the Trustee at or before the time of the execution of these presents, and of other valuable considerations, the receipt whereof is hereby acknowledged, and in order further to secure the payment of the
principal of and interest and premium, if any, on all Bonds at any time issued and outstanding under the Original Indenture as amended by all 

  
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indentures supplemental thereto (hereinafter sometimes collectively called the “Indenture”) according to their tenor, purpose and effect, and to declare certain terms and
conditions upon and subject to which Bonds are to be issued and secured, the Company has executed and delivered this Supplemental Indenture, and by these presents grants, bargains, sells, warrants, aliens, releases, conveys, assigns, transfers,
mortgages, pledges, sets over and ratifies and confirms unto The Bank of New York Mellon Trust Company, N.A., as Trustee, and to its successors in trust under the Indenture forever, all and singular the following described properties (in addition to
all other properties heretofore specifically subjected to the lien of the Indenture and not heretofore released from the lien thereof), that is to say: 

FIRST. 
 All and singular
the lands, real estate, chattels real, easements, servitudes, and leaseholds of the Company, or which, subject to the provisions of Article XII of the Original Indenture, the Company may hereafter acquire, including, among other things, the existing
property described in Appendix A hereto under the caption “First,” which description is hereby incorporated herein by reference and made a part hereof as if fully set forth herein, together with all improvements of any type located
thereon. 
 Also all power houses, plants, buildings and other structures, dams, dam sites, substations, heating plants, gas works, holders
and tanks, compressor stations, gasoline extraction plants, together with all and singular the electric heating, gas and mechanical appliances appurtenant thereto of every nature whatsoever, now owned by the Company or which it may hereafter
acquire, including all and singular the machinery, engines, boilers, furnaces, generators, dynamos, turbines and motors, and all and every character of mechanical appliance for generating or producing electricity, steam, water, gas and other
agencies for light, heat, cold or power or any other purpose whatsoever. 
 SECOND. 

Also all transmission and distribution systems used for the transmission and distribution of electricity, steam, water, gas and other agencies
for light, heat, cold or power, or any other purpose whatsoever, whether underground or overhead or on the surface or otherwise of the Company, or which, subject to the provisions of Article XII of the Original Indenture, the Company may hereafter
acquire, including all poles, posts, wires, cables, conduits, mains, pipes, tubes, drains, furnaces, switchboards, transformers, insulators, meters, lamps, fuses, junction boxes, water pumping stations, regulator stations, town border metering
stations and other electric, steam, water and gas fixtures and apparatus. 

  
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 THIRD. 

Also all franchises and all permits, ordinances, easements, privileges and immunities and licenses, all rights to construct, maintain and
operate overhead, surface and underground systems for the distribution and transmission of electricity, gas, water or steam for the supply to itself or others of light, heat, cold or power or any other purpose whatsoever, all rights-of-way, all
waters, water rights and flowage rights and all grants and consents, now owned by the Company or, subject to the provisions of Article XII of the Original Indenture, which it may hereafter acquire. 

Also all inventions, patent rights and licenses of every kind now owned by the Company or, subject to the provisions of Article XII of
the Original Indenture, which it may hereafter acquire. 
 FOURTH. 

Also, subject to the provisions of Article XII of the Original Indenture, all other property, real, personal and mixed (except as therein or
herein expressly excepted) of every nature and kind and wheresoever situated now or hereafter possessed by or belonging to the Company, or to which it is now, or may at any time hereafter be, in any manner entitled at law or in equity. 

FIFTH. 
 Also any and all
property of any kind or description which may from time to time after the date of the Original Indenture by delivery or by writing of any kind be conveyed, mortgaged, pledged, assigned or transferred to the Trustee by the Company or by any person,
copartnership or corporation, with the consent of the Company or otherwise, and accepted by the Trustee, to be held as part of the mortgaged property; and the Trustee is hereby authorized to accept and receive any such property and any such
conveyance, mortgage, pledge, assignment and transfer, as and for additional security hereunder, and to hold and apply any and all such property subject to and in accordance with the terms and provisions upon which such conveyance, mortgage, pledge,
assignment or transfer shall be made. 
 SIXTH. 

Together with all and singular, the tenements, hereditaments and appurtenances belonging or in anywise appertaining to the aforesaid property
or any part thereof, with the reversion and reversions, remainder and remainders, tolls, rents, revenues, issues, income, products and profits thereof, and all the estate, right, title, interest and claim whatsoever, at law and in equity, which the
Company now has or may hereafter acquire in and to the aforesaid property and franchises and every part and parcel thereof. 
 EXPRESSLY
EXCEPTING AND EXCLUDING, HOWEVER, all properties of the character excepted from the lien of the Original Indenture. 

  
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 TO HAVE AND TO HOLD all said properties, real, personal and mixed, mortgaged, pledged and
conveyed by the Company as aforesaid, or intended so to be, unto the Trustee and its successors and assigns forever; 
 SUBJECT, HOWEVER, to
the exceptions and reservations hereinabove referred to, to existing leases other than leases which by their terms are subordinate to the lien of the Indenture, to existing liens upon rights-of-way for transmission or distribution line purposes, as
defined in Article I of the Original Indenture; and any extensions thereof, and subject to existing easements for streets, alleys, highways, rights-of-way and railroad purposes over, upon and across certain of the property herein before described
and subject also to all the terms, conditions, agreements, covenants, exceptions and reservations expressed or provided in the deeds or other instruments respectively under and by virtue of which the Company acquired the properties hereinabove
described and to undetermined liens and charges, if any, incidental to construction or other existing permitted liens as defined in Article I of the Original Indenture; 

IN TRUST, NEVERTHELESS, upon the terms and trusts in the Original Indenture, and the indentures supplemental thereto, including this
Supplemental Indenture, set forth, for the equal and proportionate benefit and security of all present and future holders of the Bonds and coupons issued and to be issued thereunder, or any of them, without preference of any of said Bonds and
coupons of any particular series over the Bonds and coupons of any other series by reason of priority in the time of issue, sale or negotiation thereof, or by reason of the purpose of issue or otherwise howsoever, except as otherwise provided in
Section 2 of Article IV of the Original Indenture. 
 AND IT IS HEREBY COVENANTED, DECLARED AND AGREED, by and between the parties
hereto for the benefit of those who shall hold the Bonds and coupons, or any of them, to be issued under the Indenture as follows: 
 ARTICLE
I 
 DESCRIPTION OF BONDS OF THE 3.25% SERIES
DUE 2025 
 Section 1. General Description of Bonds of the 3.25% Series due 2025. The Bonds of
the 3.25% Series due 2025 to be executed, authenticated and delivered under and secured by the Original Indenture shall be designated as “First Mortgage Bonds, 3.25% Series due 2025” of the Company. The Bonds of the 3.25% Series due 2025
shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to, all of the terms, conditions and covenants of the Indenture and subject to all the terms, conditions and covenants of this
Supplemental Indenture. 
 Bonds of the 3.25% Series due 2025 shall mature on December 1, 2025 and shall bear interest at the
rate of three and one-quarter percent (3.25%) per annum payable semi-annually on the first day of June and December in each year, commencing June 1, 2016. Every Bond of the 3.25% Series due 2025 shall be

  
 7 

 
dated the date of authentication of such Bond except that, notwithstanding the provisions of Section 6 of Article II of the Original Indenture, if any Bond of the 3.25% Series due 2025
shall be authenticated at any time subsequent to the record date (as hereinafter in this Section defined) for any interest payment date but prior to the day following such interest payment date, it shall be dated as of the day following such
interest payment date, provided, however, if at the time of authentication of any Bond of the 3.25% Series due 2025 interest shall be in default on any Bonds of the 3.25% Series due 2025, such Bond shall be dated as of the day
following the interest payment date to which interest has previously been paid in full or made available for payment in full on outstanding Bonds of the 3.25% Series due 2025, as the case may be, or, if no interest has been paid or made available
for payment, as of the date of initial authentication and delivery of such Bond. Every Bond of the 3.25% Series due 2025 shall bear interest from the June 1 or December 1 immediately preceding the date thereof, unless such Bond shall be
dated prior to June 1, 2016, in which case it shall bear interest from November 13, 2015. 
 The person in whose
name any Bond of the 3.25% Series due 2025 is registered at the close of business on any record date with regard to any interest payment date shall be entitled to receive the interest payable thereon on such interest payment date notwithstanding the
cancellation of such Bond upon the transfer or exchange thereof subsequent to such record date and prior to the day following such interest payment date, unless the Company shall default in the payment of the interest due on such interest payment
date, in which case such defaulted interest shall be paid to the person in whose name such Bond is registered on the date of payment of such defaulted interest. The term “record date” as used in this Section with regard to any
June 1 and December 1 interest payment date shall mean the close of business on the immediately preceding May 15 and November 15, respectively, or if such day is not a business day, the business day immediately preceding such
day. The Bonds of the 3.25% Series due 2025 shall be payable as to principal, premium, if any, and interest, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, at the
agency of the Company in the City of Chicago, Illinois, or at the option of the holder thereof at the agency of the Company in the Borough of Manhattan, The City of New York, provided that at the option of the Company interest
may be paid by check mailed to the holder at such holder’s registered address. 

Section 2. Denominations of Bonds of the 3.25% Series due 2025 and Privilege of Exchange. The Bonds of the 3.25%
Series due 2025 shall be registered bonds without coupons of the minimum denominations of $2,000 and of any integral multiples of $1,000 in excess thereof, numbered consecutively from R-1. Bonds of the 3.25% Series due 2025 may each be interchanged
for other Bonds within the same Series in authorized denominations and in the same aggregate principal amounts, without charge, except for any tax or governmental charge imposed in connection with such interchange. 

  
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 Section 3. Form of Bonds of the 3.25% Series due 2025. The Bonds of
the 3.25% Series due 2025, and the Trustee’s Certificate with respect thereto, shall be substantially in the following forms, respectively: 

[Form of Bond appears on following page] 

  
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 [FORM OF LEGEND FOR GLOBAL SECURITY] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE OR ANY SUPPLEMENT THERETO. 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP 95709TAL4 

WESTAR ENERGY, INC. 

(Incorporated under the laws of the State of Kansas) 

FIRST MORTGAGE BOND, 3.25% Series due 2025 

DUE DECEMBER 1, 2025 
  

			
	No. R-1	  	$250,000,000.00

 WESTAR ENERGY, INC., a corporation organized and existing under the laws of the State of Kansas (hereinafter
called the “Company”, which term shall include any successor corporation as defined in the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered assigns, on the first day
of December 2025, the principal sum of TWO-HUNDRED FIFTY MILLION DOLLARS ($250,000,000.00) in any coin or currency of the United States of America which at the time of payment is legal 

  
 10 

 
tender for public and private debts, and to pay interest thereon in like coin or currency from the first day of June and December immediately preceding the date of this Bond, unless such Bond
shall be dated prior to June 1, 2016, in which case from November 13, 2015 at the rate of three and one-quarter percent (3.25%) per annum, payable semi-annually, on June 1 and December 1 of each year, commencing June 1,
2016, until maturity, or, if this Bond shall be duly called for redemption or submitted for repurchase, until the redemption date or repurchase date, as the case may be, or, if the Company shall default in the payment of the principal or premium
hereof, until the Company’s obligation with respect to the payment of such principal or premium shall be discharged as provided in the Indenture hereinafter mentioned. The interest payable on any June 1 or December 1 interest payment
date as aforesaid will be paid to the person in whose name this Bond is registered at the close of business on the immediately preceding May 15 and November 15, respectively, or if such day is not a business day, the business day
immediately preceding such day (the “record date”), unless the Company shall default in the payment of the interest due on such interest payment date, in which case such defaulted interest shall be paid to the person in whose name
this Bond is registered on the date of payment of such defaulted interest. Principal of, premium, if any, and interest on, this Bond are payable at the agency of the Company in the City of Chicago, Illinois in immediately available funds, or at the
option of the holder thereof at the agency of the Company in the Borough of Manhattan, The City of New York, provided that at the option of the Company interest may be paid by check mailed to the holder at such holder’s registered address. 

This Bond is one of a duly authorized issue of Bonds of the Company (herein called the “Bonds”), in unlimited aggregate
principal amount, of the series hereinafter specified, all issued and to be issued under and equally and ratably secured by a Mortgage and Deed of Trust, dated July 1, 1939 (the “Original Mortgage”), executed by the Company to
The Bank of New York Mellon Trust Company, N.A. (herein called the “Trustee”), as Trustee (as successor to Harris Trust and Savings Bank), as amended by indentures supplemental thereto including the Forty-Fifth indenture
supplemental thereto dated as of November 13 , 2015 (herein called the “Supplemental Indenture”), between the Company and the Trustee (said Original Mortgage, as so amended, being herein called the
“Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the properties mortgaged and pledged, the nature and extent of the security, the rights of the bearers or
registered owners of the Bonds and of the Trustee in respect thereto, and the terms and conditions upon which the Bonds are, and are to be, secured. The Bonds may be issued in series, for various principal sums, may mature at different times, may
bear interest at different rates and may otherwise vary as in the Indenture provided. This Bond is one of a series designated as the “First Mortgage Bonds, 3.25% Series due 2025” (herein called “Bonds of the 3.25% Series due
2025”) of the Company, issued under and secured by the Indenture executed by the Company to the Trustee. Additional Bonds of the 3.25% Series due 2025 may be issued, at the option of the Company, without the consent of any holder of the
Bonds of the 3.25% Series due 2025, at any time and from time to time in unlimited aggregate principal amount. 

  
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 To the extent permitted by, and as provided in the Indenture, modifications or alterations of the
Indenture or of any indenture supplemental thereto, and of the rights and obligations of the Company and of the holders of the Bonds and coupons, may be made with the consent of the Company by an affirmative vote of not less than 60% in principal
amount of the Bonds entitled to vote then outstanding, at a meeting of Bondholders called and held as provided in the Indenture, and by an affirmative vote of not less than 60% in principal amount of the Bonds of any series entitled to vote then
outstanding and affected by such modification or alteration, in case one or more but less than all of the series of Bonds then outstanding under the Indenture are so affected. No modification or alteration shall be made which will affect the terms
of payment of the principal of or premium, if any, or interest on, this Bond, which are unconditional. The Company has reserved the right to make certain amendments to the Indenture, without any consent or other action by holders of the Bonds of
this series (i) to the extent necessary from time to time to qualify the Indenture under the Trust Indenture Act of 1939, (ii) to delete the requirement that the Company meet a net earnings test as a condition to authenticating additional
Bonds or merging into another company, (iii) to make certain other amendments which make the provisions for the release of mortgaged property less restrictive and (iv) to make certain other amendments, all as more fully provided in the
Indenture and in the Supplemental Indenture. In addition, once all Bonds issued prior to January 1, 1997 are no longer outstanding, the Company will be permitted to issue additional Bonds in an amount equal to 70% of the value of net bondable
property additions not subject to an unfunded prior lien, as provided in the Original Mortgage. 
 This Bond is subject to redemption by the
Company, at its option, on or after September 1, 2025 at any time in whole, or from time to time in part, at a redemption price equal to 100% of the principal amount of the Bond to be redeemed, plus accrued and unpaid interest on the principal
amount of the Bond to be redeemed to but excluding the redemption date. 
 This Bond is subject to redemption by the Company prior to
September 1, 2025 at any time in whole, or from time to time in part, at a price equal to the greater of: (a) 100% of the principal amount of the Bond to be redeemed, plus accrued and unpaid interest on the principal amount of the Bond to
be redeemed to but excluding the redemption date, or (b) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the Bond to be redeemed that would be due if the Bond
matured on September 1, 2025 (not including any portion of payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis at the Adjusted Treasury Rate plus fifteen (15) basis points, plus
accrued and unpaid interest on the principal amount of the Bond to be redeemed to but excluding the redemption date, in each of cases (a) and (b) as provided in the Supplemental Indenture. 

  
 12 

 Such redemption in every case shall be effected upon notice given: (1) at least thirty days
and not more than sixty days prior to the redemption date, to the registered owners of such Bonds at their addresses as the same shall appear on the transfer register of the Company; and (2) stating, among other things, the redemption price (or
if not then ascertainable, the manner of calculation thereof) and date, in each case, subject to the conditions of and as more fully set forth in the Indenture. 

The redemption price will be calculated assuming a 360-day year consisting of twelve 30-day months. 

A notice of redemption may provide that the optional redemption described in such notice is conditioned upon the occurrence of certain events
before the redemption date. Such notice of conditional redemption will be of no effect unless all such conditions to the redemption have occurred before the redemption date or have been waived by the Company. If any of these events fail to occur and
are not waived by the Company, the Company will be under no obligation to redeem the Bonds or pay the holders thereof any redemption proceeds, and the Company’s failure to so redeem the Bonds will not be considered a default or event of default
under the Indenture. In the event that any of these conditions fail to occur and are not waived by the Company, the Company will promptly notify the Trustee in writing that the conditions precedent to such redemption have failed to occur and the
Bonds will not be redeemed. 
 Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest
will cease to accrue on the Bonds or portions of the Bonds called for redemption. 
 “Adjusted Treasury Rate” means, with
respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for the redemption date. 
 “Business Day” means any day that is not a day on which
banking institutions in New York City are authorized or required by law or regulation to close. 
 “Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of this Bond (assuming, for this purpose, that this Bond matured on September 1, 2025) that would be
used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Bond (assuming, for this purpose, that this Bond matured on
September 1, 2025). 

  
 13 

 “Comparable Treasury Price” means, with respect to any redemption date: 

 

	 	•	 	the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations; or 

 

	 	•	 	if the Quotation Agent obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations so received. 

“Quotation Agent” means, as selected by the Company, one of the Reference Treasury Dealers. 

“Reference Treasury Dealer” means each of (1) Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner &
Smith Incorporated and their respective successors, unless either of them ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), in which case the Company shall substitute
another Primary Treasury Dealer; and (2) any two other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that redemption date. 

In case an event of default, as defined in the Indenture, shall occur, the principal of all of the Bonds at any such time outstanding under
the Indenture may be declared or may become due and payable, upon the conditions and in the manner and with the effect provided in the Indenture. The Indenture provides that such declaration may in certain events be waived by the holders of a
majority in principal amount of the Bonds outstanding. 
 This Bond is transferable by the registered owner hereof, in person or by duly
authorized attorney, on the books of the Company to be kept for that purpose at the agency of the Company in the City of Chicago, Illinois, and at the agency of the Company in the Borough of Manhattan, The City of New York, upon surrender and
cancellation of this Bond and on presentation of a duly executed written instrument of transfer, and thereupon a new registered Bond or Bonds of the same series, of the same aggregate principal amount and in authorized denominations will be issued
to the transferee or transferees in exchange herefor; and this Bond, with or without others of like form and series, may in like manner be exchanged for one or more new registered Bonds of the same series of other authorized denominations but of the
same aggregate principal amount; all upon payment of the charges and subject to the terms and conditions set forth in the Indenture. 

  
 14 

 The Company or a successor entity may deliver to the Trustee in substitution for any Bonds of the
3.25% Series due 2025, mortgage bonds or other similar instruments as set forth in the Indenture. 
 Subject to the preceding sentence, no
recourse shall be had for the payment of the principal of or premium, if any, or interest on this Bond, or for any claim based hereon or on the Indenture or any indenture supplemental thereto, against any incorporator, or against any stockholder,
director or officer, past, present or future, of the Company, or of any predecessor or successor corporation, as such, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability, whether at common law, in equity, by any constitution, statute or otherwise, of incorporators, stockholders, directors or officers being
released by every owner hereof by the acceptance of this Bond and as part of the consideration for the issue hereof, and being likewise released by the terms of the Indenture. 

No director, officer, employee or stockholder of the Company will have any liability for any obligations of the Company under the Bonds or
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder by accepting a Bond waives and releases all such liability. The waiver and release are part of the consideration for issuance of the
Bonds. The waiver may not be effective to waive liabilities under the federal securities laws. It is the view of the Securities and Exchange Commission that this type of waiver is against public policy. 

This Bond shall not be entitled to any benefit under the Indenture or any indenture supplemental thereto, or become valid or obligatory for
any purpose, until The Bank of New York Mellon Trust Company, N.A., the Trustee (as successor to Harris Trust and Savings Bank) under the Indenture, or a successor trustee thereto under the Indenture, shall have signed the form of certificate
endorsed hereon. 

  
 15 

 IN WITNESS WHEREOF, WESTAR ENERGY, INC. has caused this Bond to be signed in its name by its
Chairman of the Board, President and Chief Executive Officer or a Vice President, manually or by facsimile, and its corporate seal (or a facsimile thereof) to be hereto affixed and attested by its Secretary or an Assistant Secretary, manually or by
facsimile. 
 Dated: 
  

			
	WESTAR ENERGY, INC.
		
	By	 	  

		 	Anthony D. Somma
		 	Senior Vice President, Chief
		 	Financial Officer and Treasurer

  

					
	Attest:
	
	  

	Larry D. Irick
	Vice President, General Counsel and
	Corporate Secretary

 [SIGNATURE PAGE TO GLOBAL NOTE] 

  
 16 

 TRUSTEE’S CERTIFICATE 

This Bond is one of the Bonds, of the series designated herein, described in the within-mentioned Mortgage and Deed of Trust dated
July 1, 1939 and Supplemental Indenture dated as of November     , 2015. 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
	 As Trustee

		
	By	 	  

		 	Authorized Signatory

 [TRUSTEE’S CERTIFICATE TO GLOBAL NOTE] 

  
 17 

 Section 4. Execution and Form of Temporary Bonds of the 3.25% Series due
2025. Until Bonds of the 3.25% Series due 2025 in definitive form are ready for delivery, the Company may execute, and upon its request in writing the Trustee shall authenticate and deliver, in lieu thereof, Bonds of the 3.25% Series due 2025 in
temporary form, as provided in Section 9 of Article II of the Original Indenture. 
 ARTICLE II 

ISSUE OF BONDS OF THE 3.25% SERIES DUE
2025 
 Section 1. Limitation as to Principal Amount of Bonds of the 3.25% Series due 2025. The total principal
amount of Bonds of the 3.25% Series due 2025 which may be authenticated and delivered hereunder is not limited except as the Original Indenture and this Supplemental Indenture limit the principal amount of Bonds which may be issued thereunder.

 Section 2. Execution and Delivery of Bonds of the 3.25% Series due 2025. Bonds of the 3.25% Series due 2025 for
the aggregate principal amount of $250,000,000 may forthwith be executed by the Company and delivered to the Trustee and shall be authenticated by the Trustee and delivered (either before or after the filing or recording hereof) to or upon the order
of the Company, upon receipt by the Trustee of the resolutions, certificates, instruments and opinions required by Article III of the Original Indenture. 

Section 3. Additional Bonds of the 3.25% Series due 2025. The Bonds of the 3.25% Series due 2025 need not be issued at
the same time. Subject to the limitations of the Original Indenture and this Supplemental Indenture with respect to the principal amount of Bonds which may be issued thereunder, the Company may, from time to time, at its option and without the
consent of any holder of the Bonds of the 3.25% Series due 2025, reopen the 3.25% Series due 2025 for issuance of additional Bonds of the 3.25% Series due 2025 (such Bonds, “Additional Bonds”); provided that if the Additional
Bonds are not fungible with the previously issued Bonds of the 3.25% Series due 2025 for United States federal income tax purposes, the Additional Bonds will have a separate CUSIP number, and further provided that Additional Bonds shall rank
pari passu with any outstanding Bonds of the 3.25% Series due 2025, shall be consolidated with and treated as a single series with the outstanding Bonds of the 3.25% Series due 2025 for all purposes, and shall have terms and conditions
identical to those of the other outstanding Bonds of the 3.25% Series due 2025, except that Additional Bonds may differ with respect to: 

(i) the date of issuance; 
 (ii)
the amount of interest payable on the first interest payment date therefor; 
 (iii) the first interest payment date; 

  
 18 

 (iv) the issue price; and 

(v) any adjustments necessary in order to conform to and ensure compliance with the Securities Act of 1933 (or other applicable securities
laws), which are not adverse in any material respect to the holder of any outstanding Bonds of the 3.25% Series due 2025. 
 Additional
Bonds of the 3.25% Series due 2025 executed by the Company and delivered to the Trustee shall be authenticated by the Trustee and delivered (either before or after the filing or recording hereof) to or upon the order of the Company, upon receipt by
the Trustee of the resolutions, certificates, instruments and opinions required by Article III of the Original Indenture. 
 ARTICLE III 

REDEMPTION AND SUBSTITUTION OF BONDS OF
THE 3.25% SERIES DUE 2025 
 Section 1. Optional Redemption of Bonds of the
3.25% Series due 2025. 
 (1) Optional Redemption of Bonds of the 3.25% Series due 2025. Prior to September 1, 2025,
the Company may, at its option, redeem the Bonds of the 3.25% Series due 2025 at any time in whole, or from time to time in part, after giving the required notice under subsection (2) of this Article III, Section 1, at a redemption price
equal to the greater of: (a) 100% of the principal amount of the Bonds of the 3.25% Series due 2025 to be redeemed, plus accrued and unpaid interest on Bonds of the 3.25% Series due 2025 to be redeemed to but excluding the redemption date or
(b) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the Bonds of the 3.25% Series due 2025 to be redeemed that would be due if such Bonds matured on
September 1, 2025 (not including any portion of payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis at the Adjusted Treasury Rate plus fifteen (15) basis points, plus accrued and
unpaid interest on those Bonds of the 3.25% Series due 2025 to be redeemed to but excluding the redemption date.  
 On or after
September 1, 2025, the Company may, at its option, redeem the Bonds of the 3.25% Series due 2025 at any time in whole, or from time to time in part, after giving the required notice under subsection (2) of this Article III, Section 1,
at a redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus accrued and unpaid interest on the Bonds to be redeemed to but excluding the redemption date. 

The redemption price will be calculated assuming a 360-day year consisting of twelve 30-day months. 

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Bonds
of the 3.25% Series due 2025 or portions of the Bonds of the 3.25% Series due 2025 called for redemption. 

  
 19 

 (2) Notice of Redemption. Subject to the provisions of Article V of the Original
Indenture, in the case of redeeming all or any portion of the Bonds of the 3.25% Series due 2025, the Company shall cause notice of redemption to be given (1) at least thirty days and not more than sixty days prior to the date of redemption, to
the registered owners of such Bonds of the 3.25% Series due 2025 at their addresses as the same shall appear on the transfer register of the Company; and (2) stating, among other things, the redemption price (or if not then ascertainable, the
manner of calculation thereof) and date. 
 Notwithstanding the foregoing, a notice of redemption may provide that the optional
redemption described in such notice is conditioned upon the occurrence of certain events before the date of redemption. Such notice of conditional redemption will be of no effect unless all such conditions to the redemption shall have occurred
before the redemption date or shall have been waived by the Company. If any of these events fail to occur and are not waived by the Company, the Company will be under no obligation to redeem the Bonds of the 3.25% Series due 2025 or pay the holders
thereof any redemption proceeds and the Company’s failure to so redeem the Bonds of the 3.25% Series due 2025 will not be considered a default or event of default under the Indenture. In the event that any of these conditions fail to occur or
are not waived by the Company, the Company will promptly notify the Trustee in writing that the conditions precedent to such redemption have failed to occur and the Bonds of the 3.25% Series due 2025 will not be redeemed. 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the redemption date.  

“Business Day” means any day that is not a day on which banking institutions in New York City are authorized or
required by law or regulation to close. 
 “Comparable Treasury Issue” means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining term of the Bonds of the 3.25% Series due 2025 (assuming, for this purpose, that the Bonds of the 3.25% Series due 2025 matured on September 1, 2025) that would be
used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds of the 3.25% Series due 2025 (assuming, for this
purpose, that the Bonds of the 3.25% Series due 2025 matured on September 1, 2025). 

  
 20 

 “Comparable Treasury Price” means, with respect to any redemption date: 

 

	 	•	 	the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations; or 

 

	 	•	 	if the Quotation Agent obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations so received. 

“Quotation Agent” means, as selected by the Company, one of the Reference Treasury Dealers. 

“Reference Treasury Dealer” means each of (1) Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner &
Smith Incorporated and their respective successors, unless either of them ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), in which case the Company shall substitute
another Primary Treasury Dealer; and (2) any two other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that redemption date. 

In connection with any redemption of the Bonds of the 3.25% Series due 2025 occurring prior to September 1, 2025, the Company shall give
the Trustee notice of the redemption price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation. 

Section 2. Substitution of Bonds of the 3.25% Series due 2025. The Company may deliver to the Trustee in
substitution for any Bonds of the 3.25% Series due 2025, mortgage bonds or other similar secured instruments of the Company or any successor entity, whether by merger, combination or acquisition of all or substantially all of the assets of the
Company, or otherwise, issued under a mortgage and deed of trust or similar instrument of the Company or any successor entity in like principal amount of like term and bearing the same rate of interest and having the same interest payment dates and
same redemption provisions as the Bonds of the 3.25% Series due 2025 and which are otherwise substantially similar to the Bonds of the 3.25% Series due 2025 (such substituted bonds hereinafter being referred to in this Article III, Section 2 as
the “3.25% Series due 2025 Substituted Mortgage Bonds”). The 3.25% Series due 2025 Substituted Mortgage Bonds may only be delivered to the Trustee upon receipt by the Trustee of (i) a letter from Moody’s (as
hereinafter defined), dated within ten  

  
 21 

 
days prior to the date of delivery of the 3.25% Series due 2025 Substituted Mortgage Bonds, stating that its rating of the 3.25% Series due 2025 Substituted Mortgage Bonds is at least equal to
its then current rating on the Bonds of the 3.25% Series due 2025, (ii) a letter from S&P (as hereinafter defined), dated within ten days prior to the date of delivery of the 3.25% Series due 2025 Substituted Mortgage Bonds, stating that
its rating to the 3.25% Series due 2025 Substituted Mortgage Bonds is at least equal to its then current rating on the Bonds of the 3.25% Series due 2025, (iii) a letter from Fitch (as hereinafter defined), dated within ten days prior to the
date of delivery of the 3.25% Series due 2025 Substituted Mortgage Bonds, stating that its rating to the 3.25% Series due 2025 Substituted Mortgage Bonds is at least equal to its then current rating on the Bonds of the 3.25% Series due 2025,
(iv) an opinion of counsel, which may be counsel to the Company or any successor entity, that such substitution will not result in the recognition of capital gain or loss for U.S. federal income tax purposes to the holders of the Bonds of the
3.25% Series due 2025, (v) an opinion of counsel which may be counsel to the Company or any successor entity, to the effect that the 3.25% Series due 2025 Substituted Mortgage Bonds shall have been duly and validly authorized, executed,
authenticated, and delivered and shall constitute the valid, legally binding and enforceable obligations of the Company or any successor entity enforceable in accordance with their terms, except as limited by bankruptcy, insolvency or other laws
affecting the enforcement of mortgagees’ and other creditors’ rights and shall be entitled to the benefit of the mortgage and deed of trust or other similar instrument pursuant to which they shall have been issued and (vi) such other
certificates and documents with respect to the issuance and delivery of the 3.25% Series due 2025 Substituted Mortgage Bonds as may be required by law or as the Trustee may reasonably request. 

“Fitch” means Fitch Ratings, which is part of the Fitch Group, a jointly-owned subsidiary of Fimalac, S.A. and Hearst
Corporation, its successors and their assigns, except that if such entity shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “Fitch” shall be deemed to refer to any other
nationally recognized securities rating agency selected by the Company. 
 “Moody’s” means Moody’s
Investors Service, Inc., a corporation organized and existing under the laws of the State of Delaware, its successors and their assigns, except that if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a
securities rating agency, then the term “Moody’s” shall be deemed to refer to any other nationally recognized securities rating agency selected by the Company. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc., duly
organized and existing under and by virtue of the laws of the State of New York, and its successors and assigns, except that if such rating agency shall be dissolved or liquidated or shall no longer perform the functions of a securities rating
agency, then the term “S&P” shall be deemed to refer to any other nationally recognized securities rating agency selected by the Company. 

  
 22 

 ARTICLE IV 

DESCRIPTION OF BONDS OF THE 4.25% SERIES
DUE 2045 
 Section 1. General Description of Bonds of the 4.25% Series due 2045. The Bonds of
the 4.25% Series due 2045 to be executed, authenticated and delivered under and secured by the Original Indenture shall be designated as “First Mortgage Bonds, 4.25% Series due 2045” of the Company. The Bonds of the 4.25% Series due 2045
shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to, all of the terms, conditions and covenants of the Indenture and subject to all the terms, conditions and covenants of this
Supplemental Indenture. 
 Bonds of the 4.25% Series due 2045 shall mature on December 1, 2045 and shall bear interest at
the rate of four and one-quarter percent (4.25%) per annum payable semi-annually on the first day of June and December in each year, commencing June 1, 2016. Every Bond of the 4.25% Series due 2045 shall be dated the date of authentication
of such Bond except that, notwithstanding the provisions of Section 6 of Article II of the Original Indenture, if any Bond of the 4.25% Series due 2045 shall be authenticated at any time subsequent to the record date (as hereinafter in this
Section defined) for any interest payment date but prior to the day following such interest payment date, it shall be dated as of the day following such interest payment date, provided, however, if at the time of authentication of any
Bond of the 4.25% Series due 2045 interest shall be in default on any Bonds of the 4.25% Series due 2045, such Bond shall be dated as of the day following the interest payment date to which interest has previously been paid in full or made available
for payment in full on outstanding Bonds of the 4.25% Series due 2045, as the case may be, or, if no interest has been paid or made available for payment, as of the date of initial authentication and delivery of such Bond. Every Bond of the 4.25%
Series due 2045 shall bear interest from the June 1 or December 1 immediately preceding the date thereof, unless such Bond shall be dated prior to June 1, 2016, in which case it shall bear interest from November 13, 2015.

 The person in whose name any Bond of the 4.25% Series due 2045 is registered at the close of business on any record date with
regard to any interest payment date shall be entitled to receive the interest payable thereon on such interest payment date notwithstanding the cancellation of such Bond upon the transfer or exchange thereof subsequent to such record date and prior
to the day following such interest payment date, unless the Company shall default in the payment of the interest due on such interest payment date, in which case such defaulted interest shall be paid to the person in whose name such Bond is
registered on the date of payment of such defaulted interest. The term “record date” as used in this Section with regard to any June 1 and December 1 interest payment date shall mean the close of business on the
immediately preceding May 15 

  
 23 

 
and November 15, respectively, or if such day is not a business day, the business day immediately preceding such day. The Bonds of the 4.25% Series due 2045 shall be payable as to principal,
premium, if any, and interest, in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, at the agency of the Company in the City of Chicago, Illinois, or at the option of the
holder thereof at the agency of the Company in the Borough of Manhattan, The City of New York, provided that at the option of the Company interest may be paid by check mailed to the holder at such holder’s registered address. 

Section 2. Denominations of Bonds of the 4.25% Series due 2045 and Privilege of Exchange. The Bonds of the 4.25%
Series due 2045 shall be registered bonds without coupons of the minimum denominations of $2,000 and of any integral multiples of $1,000 in excess thereof, numbered consecutively from R-1. Bonds of the 4.25% Series due 2045 may each be interchanged
for other Bonds within the same Series in authorized denominations and in the same aggregate principal amounts, without charge, except for any tax or governmental charge imposed in connection with such interchange. 

Section 3. Form of Bonds of the 4.25% Series due 2045. The Bonds of the 4.25% Series due 2045, and the
Trustee’s Certificate with respect thereto, shall be substantially in the following forms, respectively: 
 [Form of
Bond appears on following page] 

  
 24 

 [FORM OF LEGEND FOR GLOBAL SECURITY] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE OR ANY SUPPLEMENT THERETO. 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP 95709TAM2 

WESTAR ENERGY, INC. 

(Incorporated under the laws of the State of Kansas) 

FIRST MORTGAGE BOND, 4.25% Series due 2045 

DUE DECEMBER 1, 2045 
  

			
	No. R-1	  	$300,000,000.00

 WESTAR ENERGY, INC., a corporation organized and existing under the laws of the State of Kansas (hereinafter
called the “Company”, which term shall include any successor corporation as defined in the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered assigns, on the first day
of December 2045, the principal sum of THREE HUNDRED MILLION DOLLARS ($300,000,000.00) in any coin or currency of the United States of America which at the time of payment is legal tender for 

  
 25 

 
public and private debts, and to pay interest thereon in like coin or currency from the first day of June and December immediately preceding the date of this Bond, unless such Bond shall be dated
prior to June 1, 2016, in which case from November 13, 2015 at the rate of four and one-quarter percent (4.25%) per annum, payable semi-annually, on June 1 and December 1 of each year, commencing June 1, 2016, until
maturity, or, if this Bond shall be duly called for redemption or submitted for repurchase, until the redemption date or repurchase date, as the case may be, or, if the Company shall default in the payment of the principal or premium hereof, until
the Company’s obligation with respect to the payment of such principal or premium shall be discharged as provided in the Indenture hereinafter mentioned. The interest payable on any June 1 or December 1 interest payment date as
aforesaid will be paid to the person in whose name this Bond is registered at the close of business on the immediately preceding May 15 and November 15, respectively, or if such day is not a business day, the business day immediately
preceding such day (the “record date”), unless the Company shall default in the payment of the interest due on such interest payment date, in which case such defaulted interest shall be paid to the person in whose name this Bond is
registered on the date of payment of such defaulted interest. Principal of, premium, if any, and interest on, this Bond are payable at the agency of the Company in the City of Chicago, Illinois in immediately available funds, or at the option of the
holder thereof at the agency of the Company in the Borough of Manhattan, The City of New York, provided that at the option of the Company interest may be paid by check mailed to the holder at such holder’s registered address. 

This Bond is one of a duly authorized issue of Bonds of the Company (herein called the “Bonds”), in unlimited aggregate
principal amount, of the series hereinafter specified, all issued and to be issued under and equally and ratably secured by a Mortgage and Deed of Trust, dated July 1, 1939 (the “Original Mortgage”), executed by the Company to
The Bank of New York Mellon Trust Company, N.A. (herein called the “Trustee”), as Trustee (as successor to Harris Trust and Savings Bank), as amended by indentures supplemental thereto including the Forty-Fifth indenture
supplemental thereto dated as of November 13 , 2015 (herein called the “Supplemental Indenture”), between the Company and the Trustee (said Original Mortgage, as so amended, being herein called the
“Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the properties mortgaged and pledged, the nature and extent of the security, the rights of the bearers or
registered owners of the Bonds and of the Trustee in respect thereto, and the terms and conditions upon which the Bonds are, and are to be, secured. The Bonds may be issued in series, for various principal sums, may mature at different times, may
bear interest at different rates and may otherwise vary as in the Indenture provided. This Bond is one of a series designated as the “First Mortgage Bonds, 4.25% Series due 2045” (herein called “Bonds of the 4.25% Series due
2045”) of the Company, issued under and secured by the Indenture executed by the Company to the Trustee. Additional Bonds of the 4.25% Series due 2045 may be issued, at the option of the Company, without the consent of any holder of the
Bonds of the 4.25% Series due 2045, at any time and from time to time in unlimited aggregate principal amount. 

  
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 To the extent permitted by, and as provided in the Indenture, modifications or alterations of the
Indenture or of any indenture supplemental thereto, and of the rights and obligations of the Company and of the holders of the Bonds and coupons, may be made with the consent of the Company by an affirmative vote of not less than 60% in principal
amount of the Bonds entitled to vote then outstanding, at a meeting of Bondholders called and held as provided in the Indenture, and by an affirmative vote of not less than 60% in principal amount of the Bonds of any series entitled to vote then
outstanding and affected by such modification or alteration, in case one or more but less than all of the series of Bonds then outstanding under the Indenture are so affected. No modification or alteration shall be made which will affect the terms
of payment of the principal of or premium, if any, or interest on, this Bond, which are unconditional. The Company has reserved the right to make certain amendments to the Indenture, without any consent or other action by holders of the Bonds of
this series (i) to the extent necessary from time to time to qualify the Indenture under the Trust Indenture Act of 1939, (ii) to delete the requirement that the Company meet a net earnings test as a condition to authenticating additional
Bonds or merging into another company, (iii) to make certain other amendments which make the provisions for the release of mortgaged property less restrictive and (iv) to make certain other amendments, all as more fully provided in the
Indenture and in the Supplemental Indenture. In addition, once all Bonds issued prior to January 1, 1997 are no longer outstanding, the Company will be permitted to issue additional Bonds in an amount equal to 70% of the value of net bondable
property additions not subject to an unfunded prior lien, as provided in the Original Mortgage. 
 This Bond is subject to redemption by the
Company, at its option, on or after June 1, 2045 at any time in whole, or from time to time in part, at a redemption price equal to 100% of the principal amount of the Bond to be redeemed, plus accrued and unpaid interest on the principal
amount of the Bond to be redeemed to but excluding the redemption date. 
 This Bond is subject to redemption by the Company prior to
June 1, 2045 at any time in whole, or from time to time in part, at a price equal to the greater of: (a) 100% of the principal amount of the Bond to be redeemed, plus accrued and unpaid interest on the principal amount of the Bond to be
redeemed to but excluding the redemption date, or (b) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the Bond to be redeemed that would be due if the Bond
matured on June 1, 2045 (not including any portion of payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis at the Adjusted Treasury Rate plus twenty (20) basis points, plus
accrued and unpaid interest on the principal amount of the Bond to be redeemed to but excluding the redemption date, in each of cases (a) and (b) as provided in the Supplemental Indenture. 

  
 27 

 Such redemption in every case shall be effected upon notice given: (1) at least thirty days
and not more than sixty days prior to the redemption date, to the registered owners of such Bonds at their addresses as the same shall appear on the transfer register of the Company; and (2) stating, among other things, the redemption price
(or, if not then ascertainable, the manner of calculation thereof) and date, in each case, subject to the conditions of and as more fully set forth in the Indenture. 

The redemption price will be calculated assuming a 360-day year consisting of twelve 30-day months. 

A notice of redemption may provide that the optional redemption described in such notice is conditioned upon the occurrence of certain events
before the redemption date. Such notice of conditional redemption will be of no effect unless all such conditions to the redemption have occurred before the redemption date or have been waived by the Company. If any of these events fail to occur and
are not waived by the Company, the Company will be under no obligation to redeem the Bonds or pay the holders thereof any redemption proceeds, and the Company’s failure to so redeem the Bonds will not be considered a default or event of default
under the Indenture. In the event that any of these conditions fail to occur and are not waived by the Company, the Company will promptly notify the Trustee in writing that the conditions precedent to such redemption have failed to occur and the
Bonds will not be redeemed. 
 Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest
will cease to accrue on the Bonds or portions of the Bonds called for redemption. 
 “Adjusted Treasury Rate” means, with
respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for the redemption date. 
 “Business Day” means any day that is not a day on which
banking institutions in New York City are authorized or required by law or regulation to close. 
 “Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of this Bond (assuming, for this purpose, that this Bond matured on June 1, 2045) that would be
used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Bond (assuming, for this purpose, that this Bond matured on
June 1, 2045). 

  
 28 

 “Comparable Treasury Price” means, with respect to any redemption date: 

 

	 	•	 	the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations; or 

 

	 	•	 	if the Quotation Agent obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations so received. 

“Quotation Agent” means, as selected by the Company, one of the Reference Treasury Dealers. 

“Reference Treasury Dealer” means each of (1) Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner &
Smith Incorporated and their respective successors, unless either of them ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), in which case the Company shall substitute
another Primary Treasury Dealer; and (2) any two other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that redemption date. 

In case an event of default, as defined in the Indenture, shall occur, the principal of all of the Bonds at any such time outstanding under
the Indenture may be declared or may become due and payable, upon the conditions and in the manner and with the effect provided in the Indenture. The Indenture provides that such declaration may in certain events be waived by the holders of a
majority in principal amount of the Bonds outstanding. 
 This Bond is transferable by the registered owner hereof, in person or by duly
authorized attorney, on the books of the Company to be kept for that purpose at the agency of the Company in the City of Chicago, Illinois, and at the agency of the Company in the Borough of Manhattan, The City of New York, upon surrender and
cancellation of this Bond and on presentation of a duly executed written instrument of transfer, and thereupon a new registered Bond or Bonds of the same series, of the same aggregate principal amount and in authorized denominations will be issued
to the transferee or transferees in exchange herefor; and this Bond, with or without others of like form and series, may in like manner be exchanged for one or more new registered Bonds of the same series of other authorized denominations but of the
same aggregate principal amount; all upon payment of the charges and subject to the terms and conditions set forth in the Indenture. 

  
 29 

 The Company or a successor entity may deliver to the Trustee in substitution for any Bonds of the
4.25% Series due 2045, mortgage bonds or other similar instruments as set forth in the Indenture. 
 Subject to the preceding sentence, no
recourse shall be had for the payment of the principal of or premium, if any, or interest on this Bond, or for any claim based hereon or on the Indenture or any indenture supplemental thereto, against any incorporator, or against any stockholder,
director or officer, past, present or future, of the Company, or of any predecessor or successor corporation, as such, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability, whether at common law, in equity, by any constitution, statute or otherwise, of incorporators, stockholders, directors or officers being
released by every owner hereof by the acceptance of this Bond and as part of the consideration for the issue hereof, and being likewise released by the terms of the Indenture. 

No director, officer, employee or stockholder of the Company will have any liability for any obligations of the Company under the Bonds or
Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder by accepting a Bond waives and releases all such liability. The waiver and release are part of the consideration for issuance of the
Bonds. The waiver may not be effective to waive liabilities under the federal securities laws. It is the view of the Securities and Exchange Commission that this type of waiver is against public policy. 

This Bond shall not be entitled to any benefit under the Indenture or any indenture supplemental thereto, or become valid or obligatory for
any purpose, until The Bank of New York Mellon Trust Company, N.A., the Trustee (as successor to Harris Trust and Savings Bank) under the Indenture, or a successor trustee thereto under the Indenture, shall have signed the form of certificate
endorsed hereon. 

  
 30 

 IN WITNESS WHEREOF, WESTAR ENERGY, INC. has caused this Bond to be signed in its name by its
Chairman of the Board, President and Chief Executive Officer or a Vice President, manually or by facsimile, and its corporate seal (or a facsimile thereof) to be hereto affixed and attested by its Secretary or an Assistant Secretary, manually or by
facsimile. 
 Dated: 
  

			
	WESTAR ENERGY, INC.
		
	By	 	  

		 	Anthony D. Somma
		 	Senior Vice President, Chief Financial Officer and Treasurer

  

	
	Attest:
	
	  

	Larry D. Irick
	Vice President, General Counsel and Corporate Secretary

 [SIGNATURE PAGE TO GLOBAL NOTE] 

  
 31 

 TRUSTEE’S CERTIFICATE 

This Bond is one of the Bonds, of the series designated herein, described in the within-mentioned Mortgage and Deed of Trust dated
July 1, 1939 and Supplemental Indenture dated as of November     , 2015. 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
	 As Trustee

		
	By	 	  

		 	Authorized Signatory

 [TRUSTEE’S CERTIFICATE TO GLOBAL NOTE] 

  
 32 

 Section 4. Execution and Form of Temporary Bonds of the 4.25% Series due
2045. Until Bonds of the 4.25% Series due 2045 in definitive form are ready for delivery, the Company may execute, and upon its request in writing the Trustee shall authenticate and deliver, in lieu thereof, Bonds of the 4.25% Series due 2045 in
temporary form, as provided in Section 9 of Article II of the Original Indenture. 
 ARTICLE V 

ISSUE OF BONDS OF THE 4.25% SERIES DUE
2045 
 Section 1. Limitation as to Principal Amount of Bonds of the 4.25% Series due 2045. The total principal amount
of Bonds of the 4.25% Series due 2045 which may be authenticated and delivered hereunder is not limited except as the Original Indenture and this Supplemental Indenture limit the principal amount of Bonds which may be issued thereunder. 

Section 2. Execution and Delivery of Bonds of the 4.25% Series due 2045. Bonds of the 4.25% Series due 2045 for the
aggregate principal amount of $300,000,000 may forthwith be executed by the Company and delivered to the Trustee and shall be authenticated by the Trustee and delivered (either before or after the filing or recording hereof) to or upon the order of
the Company, upon receipt by the Trustee of the resolutions, certificates, instruments and opinions required by Article III of the Original Indenture. 

Section 3. Additional Bonds of the 4.25% Series due 2045. The Bonds of the 4.25% Series due 2045 need not be issued at
the same time. Subject to the limitations of the Original Indenture and this Supplemental Indenture with respect to the principal amount of Bonds which may be issued thereunder, the Company may, from time to time, at its option and without the
consent of any holder of the Bonds of the 4.25% Series due 2045, reopen the 4.25% Series due 2045 for issuance of additional Bonds of the 4.25% Series due 2045 (such Bonds, “Additional Bonds”); provided that if the Additional
Bonds are not fungible with the previously issued Bonds of the 4.25% Series due 2045 for United States federal income tax purposes, the Additional Bonds will have a separate CUSIP number, and further provided that Additional Bonds shall rank
pari passu with any outstanding Bonds of the 4.25% Series due 2045, shall be consolidated with and treated as a single series with the outstanding Bonds of the 4.25% Series due 2045 for all purposes, and shall have terms and conditions
identical to those of the other outstanding Bonds of the 4.25% Series due 2045, except that Additional Bonds may differ with respect to: 

(i) the date of issuance; 
 (ii)
the amount of interest payable on the first interest payment date therefor; 
 (iii) the first interest payment date; 

  
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 (iv) the issue price; and 

(v) any adjustments necessary in order to conform to and ensure compliance with the Securities Act of 1933 (or other applicable securities
laws), which are not adverse in any material respect to the holder of any outstanding Bonds of the 4.25% Series due 2045. 
 Additional
Bonds of the 4.25% Series due 2045 executed by the Company and delivered to the Trustee shall be authenticated by the Trustee and delivered (either before or after the filing or recording hereof) to or upon the order of the Company, upon receipt by
the Trustee of the resolutions, certificates, instruments and opinions required by Article III of the Original Indenture. 
 ARTICLE VI 

REDEMPTION AND SUBSTITUTION OF BONDS OF
THE 4.25% SERIES DUE 2045 
 Section 1. Optional Redemption of Bonds of the
4.25% Series due 2045. 
 (1) Optional Redemption of Bonds of the 4.25% Series due 2045. Prior to June 1, 2045, the
Company may, at its option, redeem the Bonds of the 4.25% Series due 2045 at any time in whole, or from time to time in part, after giving the required notice under subsection (2) of this Article VI, Section 1, at a redemption price equal
to the greater of: (a) 100% of the principal amount of the Bonds of the 4.25% Series due 2045 to be redeemed, plus accrued and unpaid interest on Bonds of the 4.25% Series due 2045 to be redeemed to but excluding the redemption date or
(b) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the Bonds of the 4.25% Series due 2045 to be redeemed that would be due if the Bonds matured on
June 1, 2045 (not including any portion of payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis at the Adjusted Treasury Rate plus twenty (20) basis points, plus accrued and
unpaid interest on those Bonds of the 4.25% Series due 2045 to be redeemed to but excluding the redemption date.  
 On or after
June 1, 2045, the Company may, at its option, redeem the Bonds of the 4.25% Series due 2045 at any time in whole, or from time to time in part, after giving the required notice under subsection (2) of this Article VI, Section 1, at a
redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus accrued and unpaid interest on the Bonds to be redeemed to but excluding the redemption date. 

The redemption price will be calculated assuming a 360-day year consisting of twelve 30-day months. 

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Bonds
of the 4.25% Series due 2045 or portions of the Bonds of the 4.25% Series due 2045 called for redemption. 

  
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 (2) Notice of Redemption. Subject to the provisions of Article V of the Original
Indenture, in the case of redeeming all or any portion of the Bonds of the 4.25% Series due 2045, the Company shall cause notice of redemption to be given (1) at least thirty days and not more than sixty days prior to the date of redemption, to
the registered owners of such Bonds of the 4.25% Series due 2045 at their addresses as the same shall appear on the transfer register of the Company; and (2) stating, among other things, the redemption price (or, if not then ascertainable the
manner of calculation thereof) and date. 
 Notwithstanding the foregoing, a notice of redemption may provide that the optional
redemption described in such notice is conditioned upon the occurrence of certain events before the date of redemption. Such notice of conditional redemption will be of no effect unless all such conditions to the redemption shall have occurred
before the redemption date or shall have been waived by the Company. If any of these events fail to occur and are not waived by the Company, the Company will be under no obligation to redeem the Bonds of the 4.25% Series due 2045 or pay the holders
thereof any redemption proceeds and the Company’s failure to so redeem the Bonds of the 4.25% Series due 2045 will not be considered a default or event of default under the Indenture. In the event that any of these conditions fail to occur or
are not waived by the Company, the Company will promptly notify the Trustee in writing that the conditions precedent to such redemption have failed to occur and the Bonds of the 4.25% Series due 2045 will not be redeemed. 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the redemption date.  

“Business Day” means any day that is not a day on which banking institutions in New York City are authorized or
required by law or regulation to close. 
 “Comparable Treasury Issue” means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining term of the Bonds of the 4.25% Series due 2045 (assuming, for this purpose, that the Bonds of the 4.25% Series due 2045 matured on June 1, 2045) that would be
used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds of the 4.25% Series due 2045 (assuming, for this
purpose, that the Bonds of the 4.25% Series due 2045 matured on June 1, 2045). 

  
 35 

 “Comparable Treasury Price” means, with respect to any redemption date: 

 

	 	•	 	the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations; or 

 

	 	•	 	if the Quotation Agent obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations so received. 

“Quotation Agent” means, as selected by the Company, one of the Reference Treasury Dealers. 

“Reference Treasury Dealer” means each of (1) Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner &
Smith Incorporated and their respective successors, unless either of them ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), in which case the Company shall substitute
another Primary Treasury Dealer; and (2) any two other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that redemption date. 

In connection with any redemption of the Bonds of the 4.25% Series due 2045 occurring prior to June 1, 2045, the Company shall give the
Trustee notice of the redemption price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation. 

Section 2. Substitution of Bonds of the 4.25% Series due 2045. The Company may deliver to the Trustee in
substitution for any Bonds of the 4.25% Series due 2045, mortgage bonds or other similar secured instruments of the Company or any successor entity, whether by merger, combination or acquisition of all or substantially all of the assets of the
Company, or otherwise, issued under a mortgage and deed of trust or similar instrument of the Company or any successor entity in like principal amount of like term and bearing the same rate of interest and having the same interest payment dates and
same redemption provisions as the Bonds of the 4.25% Series due 2045 and which are otherwise substantially similar to the Bonds of the 4.25% Series due 2045 (such substituted bonds hereinafter being referred to in this Article VI, Section 2 as
the “4.25% Series due 2045 Substituted Mortgage Bonds”). The 4.25% Series due 2045 Substituted Mortgage Bonds may only be delivered to the Trustee upon receipt by the Trustee of (i) a letter from Moody’s (as
hereinafter defined),  

  
 36 

 
dated within ten days prior to the date of delivery of the 4.25% Series due 2045 Substituted Mortgage Bonds, stating that its rating of the 4.25% Series due 2045 Substituted Mortgage Bonds is at
least equal to its then current rating on the Bonds of the 4.25% Series due 2045, (ii) a letter from S&P (as hereinafter defined), dated within ten days prior to the date of delivery of the 4.25% Series due 2045 Substituted Mortgage Bonds,
stating that its rating to the 4.25% Series due 2045 Substituted Mortgage Bonds is at least equal to its then current rating on the Bonds of the 4.25% Series due 2045, (iii) a letter from Fitch (as hereinafter defined), dated within ten days
prior to the date of delivery of the 4.25% Series due 2045 Substituted Mortgage Bonds, stating that its rating to the 4.25% Series due 2045 Substituted Mortgage Bonds is at least equal to its then current rating on the Bonds of the 4.25% Series due
2045, (iv) an opinion of counsel, which may be counsel to the Company or any successor entity, that such substitution will not result in the recognition of capital gain or loss for U.S. federal income tax purposes to the holders of the Bonds of
the 4.25% Series due 2045, (v) an opinion of counsel which may be counsel to the Company or any successor entity, to the effect that the 4.25% Series due 2045 Substituted Mortgage Bonds shall have been duly and validly authorized, executed,
authenticated, and delivered and shall constitute the valid, legally binding and enforceable obligations of the Company or any successor entity enforceable in accordance with their terms, except as limited by bankruptcy, insolvency or other laws
affecting the enforcement of mortgagees’ and other creditors’ rights and shall be entitled to the benefit of the mortgage and deed of trust or other similar instrument pursuant to which they shall have been issued and (vi) such other
certificates and documents with respect to the issuance and delivery of the 4.25% Series due 2045 Substituted Mortgage Bonds as may be required by law or as the Trustee may reasonably request. 

“Fitch” means Fitch Ratings, which is part of the Fitch Group, a jointly-owned subsidiary of Fimalac, S.A. and Hearst
Corporation, its successors and their assigns, except that if such entity shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, then the term “Fitch” shall be deemed to refer to any other
nationally recognized securities rating agency selected by the Company. 
 “Moody’s” means Moody’s
Investors Service, Inc., a corporation organized and existing under the laws of the State of Delaware, its successors and their assigns, except that if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a
securities rating agency, then the term “Moody’s” shall be deemed to refer to any other nationally recognized securities rating agency selected by the Company. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc., duly
organized and existing under and by virtue of the laws of the State of New York, and its successors and assigns, except that if such rating agency shall be dissolved or liquidated or shall no longer perform the functions of a securities rating
agency, then the term “S&P” shall be deemed to refer to any other nationally recognized securities rating agency selected by the Company. 

  
 37 

 ARTICLE VII 

ADDITIONAL COVENANTS 

The Company hereby covenants, warrants and agrees: 

Section 1. Title to Mortgaged Property. That the Company is lawfully seized and possessed of all of the mortgaged
property described in the granting clauses of this Supplemental Indenture; that it has good, right and lawful authority to mortgage the same as provided in this Supplemental Indenture; and that such mortgaged property is, at the actual date of the
initial issue of the Bonds of the 3.25% Series due 2025 and Bonds of the 4.25% Series due 2045 and at the date of issuance of any Additional Bonds, as applicable, free and clear of any deed of trust, mortgage, lien, charge or encumbrance thereon or
affecting the title thereto prior to the Indenture, except as set forth in the granting clauses of the Original Indenture, the Thirty-Second Supplemental Indenture, the Thirty-Seventh Supplemental Indenture, the Thirty-Eighth Supplemental Indenture,
the Thirty-Ninth Supplemental Indenture, the Forty-First Supplemental Indenture, the Forty-Second Supplemental Indenture, the Forty-Second Supplemental (Reopening) Indenture, the Forty-Third Supplemental Indenture, the Forty-Fourth Supplemental
Indenture and this Supplemental Indenture. 
 Section 2. To Retire Certain Portions of Bonds upon Release of
All or Substantially All of the Electric Properties. So long as any Bonds of any series originally issued prior to January 1, 1997 are outstanding, in the event all or substantially all of the electric properties shall have been released as
an entirety from the lien of the Original Indenture, the Company will, at any time or from time to time within six months after the date of such release, retire Bonds outstanding under the Original Indenture in an aggregate principal amount equal to
the fair value of the electric properties so released pursuant to Section 3 of Article VII of the Original Indenture, as stated in the engineer’s certificate required by Section 3(b) of said Article VII, and the proceeds of
the electric properties so released pursuant to Section 5 of said Article VII. Such retirement of Bonds shall be effected in either one or both of the following methods: 

(a) By the withdrawal pursuant to Section 2 of Article VIII of the Original Indenture of any moneys deposited with the Trustee
pursuant to Sections 3(d), 4(d) and 5 of Article VII of the Original Indenture upon such release; or 
 (b) By causing the Trustee to
purchase or redeem bonds, pursuant to Section 8 of Article VIII of the Original Indenture, out of any moneys deposited with the Trustee pursuant to Sections 3(d), 4(d) and 5 of Article VII of the Original Indenture upon such
release. 

  
 38 

 The Bonds to be so retired pursuant to such Section 3 of Article VII of the Original
Indenture shall include a principal amount of Bonds of each Series then outstanding in the same ratio to the aggregate principal amount of all Bonds so retired as the aggregate principal amount of all Bonds of each Series outstanding immediately
prior to such release bears to the total principal amount of all Bonds then outstanding. 
 ARTICLE VIII 

AMENDMENTS AND RESERVATIONS OF RIGHTS TO
AMEND THE ORIGINAL INDENTURE 
 Section 1. So Long as
Bonds Issued Prior to January 1, 1997 Remain Outstanding. So long as any of the Bonds of any series originally issued prior to January 1, 1997 shall remain outstanding: 

(a) Notwithstanding the provisions of Section 4 of Article III of the Original Indenture, no Bonds shall be authenticated and delivered
pursuant to the provisions of Article III of the Original Indenture and issued upon the basis of net bondable value of property additions for an aggregate principal amount in excess of sixty percent (60%) of the net bondable value of property
additions not subject to an unfunded prior lien. 
 For the purposes of Subsections (e) and (f) of the definition of “net
bondable value of property additions not subject to an unfunded prior lien,” contained in Article I of the Original Indenture, and Subdivisions 8 and 9 of clause (a) of Section 4 of Article III of the Original Indenture, in all
computations made with respect to a period subsequent to April 1, 1949, the deductions therein referred to shall in each case be ten-sixths (10/6ths) of the respective amounts mentioned, in lieu of ten-sevenths (10/7ths). 

(b) Notwithstanding the provisions of Section 3(a) of Article VIII of the Original Indenture, no moneys received by the Trustee pursuant
to Section 5(a) of Article III of the Original Indenture shall be paid over by the Trustee in an amount in excess of sixty percent (60%) of the net bondable value of property additions not subject to an unfunded prior lien, and for the
purposes of Section 3 of Article VII of the Original Indenture, the amount of cash required to be deposited by the Company pursuant to Subsection (d) of said Section 3 of Article VII shall not be reduced in an amount in
excess of sixty percent (60%) of the net bondable value of property additions not subject to an unfunded prior lien. 
 (c) For the
purposes of clauses (c) and (d) of the definition of “net bondable value of property additions subject to an unfunded prior lien,” contained in Article I of the Original Indenture, and Subsection 7 of clause (a) of
Section 4 of Article III of the Original Indenture, in all computations made with respect to a period subsequent to April 1, 1949, the deductions therein referred to shall in each case be ten-sixths (10/6ths) of the respective amounts
mentioned, in lieu of ten-sevenths (10/7ths). 

  
 39 

 (d) Subsection (a) of Section 14, clauses (1) and (2) of Subsection (a)
of Section 16 of Article IV and clause (1) of Subsection (b) of Section 1 of Article XII of the Original Indenture shall be deemed amended by substituting the words “sixty percent (60%)” for “seventy percent
(70%)” where they appear in said provisions of the Original Indenture. 
 (e) The definition of the term “net earnings
available for interest, depreciation and property retirement,” as contained in Article I of the Original Indenture, shall be deemed to mean the net earnings of the Company ascertained as follows: 

(i) The total operating revenues of the Company and the net non-operating revenues of the properties of the Company shall be
ascertained: 
 (A) From the total, determined as provided in Subsection (a), there shall be deducted all operating expenses,
including all salaries, rentals, insurance, license and franchise fees, expenditures for repairs and maintenance, taxes (other than income, excess profits and other taxes measured by or dependent on net taxable income), depreciation as shown on the
books of the Company or an amount equal to the minimum provision for depreciation as hereinafter defined, whichever is greater, but excluding all property retirement appropriations, all interest and sinking fund charges, amortization of stock and
debt discount and expense or premium and further excluding any charges to income or otherwise for the amortization of plant or property accounts or of amounts transferred therefrom. 

(B) The balance remaining after the deduction of the total amount computed pursuant to Subsection (b) from the total
amount computed pursuant to Subsection (a) shall constitute the “net earnings of the Company available for interest,” provided that not more than fifteen percent (15%) of the net earnings of the Company available for
interest may consist of the aggregate of (1) net non-operating income, (2) net earnings from mortgaged property other than property of the character of property additions and (3) net earnings from property not subject to the lien of
this Indenture. 
 (C) No income received or accrued by the Company from securities and no profits or losses of capital
assets shall be included in making the computations aforesaid. 
 (D) In case the Company shall have acquired any acquired
plant or systems or shall have been consolidated or merged with any other corporation, within or after the particular 

  
 40 

 
period for which the calculation of net earnings of the Company available for interest, depreciation and property retirement is made, then, in computing the net earnings of the Company available
for interest, depreciation and property retirement, there may be included, to the extent they may not have been otherwise included, the net earnings or net losses of such acquired plant or system or of such other corporation, as the case may be, for
the whole of such period. The net earnings or net losses of such property additions, or of such other corporation for the period preceding such acquisition or such consolidation or merger, shall be ascertained and computed as provided in the
foregoing subsections of this definition as if such acquired plant or system had been owned by the Company during the whole of such period, or as if such other corporation had been consolidated or merged with the Company prior to the first day of
such period. 
 (E) In case the Company shall have obtained the release of any property pursuant to Section 3 of
Article VII of the Original Indenture, of a fair value in excess of Five Hundred Thousand Dollars ($500,000), as shown by the engineer’s certificate required by said Section 3, or shall have obtained the release of any property
pursuant to Section 5 of Article VII of the Original Indenture, the proceeds of which shall have exceeded Five Hundred Thousand Dollars ($500,000), within or after the particular period for which the calculation of net earnings of the
Company available for interest, depreciation and property retirement is made, then, in computing the net earnings of the Company available for interest, depreciation and property retirement, the net earnings or net losses of such property for the
whole of such period shall be excluded to the extent practicable on the basis of actual earnings and expenses of such property or on the basis of such estimates of the earnings and expenses of such property as the signers of an officers’
certificate filed with the Trustee pursuant to Section 3(b) of Article III or Section 16 of Article IV of the Original Indenture shall deem proper. 

(ii) The term “minimum charge for depreciation” as used herein shall mean an amount equal to (A) fifteen
percent (15%) of the total operating revenues of the Company after deducting therefrom an amount equal to the aggregate cost to the Company of electric energy, gas and water purchased for resale to others and rentals paid for, or other payments
made for the use of, property owned by others and leased to or operated by the Company, the maintenance of which and depreciation on which are borne by the owners, less (B) an amount equal to the expenditures for maintenance and repairs to the
plants and property of the Company and included or reflected in its operating expense accounts. 
 (iii) The terms
“net earnings available for interest, depreciation and property retirement” and “net earnings of another corporation available for interest, depreciation and property retirement” as contained in Article I of the
Original Indenture, when used with respect to any property or with respect to another corporation, shall mean the net earnings of such property or the net earnings of such other corporation, as the case may be, computed in the manner provided in
Subsections (a), (b), (c) and (d) hereof. 

  
 41 

 (f) Notwithstanding the provisions of clauses (1) and (2) of Subsection (b) of
Section 3 of Article III, and Subsection (b) of Section 14 of Article IV, and Subsection (b) of Section 16 of Article IV and clause (2) of Subsection (b) of Section 1 of Article XII of the
Original Indenture, the computation of net earnings required therein shall be made as provided in Subsection (e) of this Section 1, and the net earnings tests required in said mentioned provisions of Articles III, IV and XII of the
Original Indenture shall be based on two times the annual interest charges described in such provisions, instead of two and one-half times such charges, but shall not otherwise affect such provisions or
relieve from the requirements therein pertaining to ten percent (10%) of the principal amount of Bonds therein described. 

Section 2. Facsimile Signatures. All of the Bonds of the 3.25% Series due 2025 and Bonds of the 4.25% Series due
2045 and of any series initially issued after the initial issuance of Bonds of the 3.25% Series due 2025 and Bonds of the 4.25% Series due 2045 shall, from time to time, be executed on behalf of the Company by its Chairman of the Board, Chief
Executive Officer, President or one of its Vice Presidents whose signature, notwithstanding the provisions of Section 12 of Article II of the Original Indenture, may be by facsimile, and its corporate seal (which may be in facsimile) shall be
thereunto affixed and attested by its Secretary or one of its Assistant Secretaries whose signature, notwithstanding the provisions of the aforesaid Section 12, may be by facsimile. 

In case any of the officers who have signed or sealed any of the Bonds of the 3.25% Series due 2025 or Bonds of the 4.25% Series due 2045 or
of any series initially issued after the initial issuance of Bonds of the 3.25% Series due 2025 or Bonds of the 4.25% Series due 2045 manually or by facsimile shall cease to be such officers of the Company before such Bonds so signed and sealed
shall have been actually authenticated by the Trustee or delivered by the Company, such Bonds nevertheless may be authenticated, issued and delivered with the same force and effect as though the person or persons who so signed or sealed such Bonds
had not ceased to be such officer or officers of the Company; and also any such Bonds may be signed or sealed by manual or facsimile signature on behalf of the Company by such persons as at the actual date of the execution of any of such Bonds shall
be the proper officers of the Company, although at the nominal date of any such Bond any such person shall not have been such officer of the Company. 

  
 42 

 Section 3. Reservation of Right to Amend Article VII. The Company
reserves the right subject to appropriate corporate action, but without the consent or other action of holders of bonds of any series created after January 1, 1997, to make such amendments to the Original Indenture, as supplemented, as shall be
necessary in order to amend Article VII thereof by adding thereto a Section 8 and a Section 9 to read as follows: 

“SECTION 8. Notwithstanding any other provision of this Indenture, unless an event of default shall have happened and be
continuing, or shall happen as a result of the making or granting of an application to release mortgaged property permitted by this Section 8, the Trustee shall release from the lien of this Indenture any mortgaged property if the fair value to
the Company of all of the property constituting the trust estate (excluding the mortgaged property to be released but including any mortgaged property to be acquired by the Company with the proceeds of, or otherwise in connection with, such release)
equals or exceeds an amount equal to 10/7ths of the aggregate principal amount of outstanding Bonds and prior lien bonds outstanding at the time of such release, upon receipt by the Trustee of: 

“(a) an officers’ certificate dated the date of such release, requesting such release, describing in reasonable
detail the mortgaged property to be released and stating the reason for such release; 
 “(b) an engineer’s
certificate, dated the date of such release, stating (i) that the signer of such engineer’s certificate has examined such officers’ certificate in connection with such release, (ii) the fair value to the Company, in the opinion
of the signer of such engineer’s certificate, of (A) all of the property constituting the trust estate, and (B) the mortgaged property to be released, in each case as of a date not more than 90 days prior to the date of such release,
and (iii) that in the opinion of such signer, such release will not impair the security under this Indenture in contravention of the provisions hereof; 

“(c) in case any bondable property is being acquired by the Company with the proceeds of, or otherwise in connection with,
such release, an engineer’s certificate, dated the date of such release, as to the fair value to the Company, as of the date not more than 90 days prior to the date of such release, of the bondable property being so acquired (and if within six
months prior to the date of acquisition by the Company of the bondable property being so acquired, such bondable property has been used or operated by a person or persons other than the Company in a business similar to that in which it has been or
is to be used or operated by the Company, and the fair value to the Company of such bondable 

  
 43 

 
property, as set forth in such certificate, is not less than $25,000 and not less than 1% of the aggregate principal amount of Bonds at the time outstanding, such certificate shall be an
independent appraiser’s certificate); 
 “(d) an officer’s certificate, dated the date of such release,
stating the aggregate principal amount of outstanding Bonds and prior lien bonds outstanding at the time of such release, and stating that the fair value to the Company of all of the property constituting the trust estate (excluding the mortgaged
property to be released but including any bondable property to be acquired by the Company with the proceeds of, or otherwise in connection with, such release) stated on the independent appraiser’s certificate filed pursuant to Section 8(c)
equals or exceeds an amount equal to 10/7ths of such aggregate principal amount; 
 “(e) an officers’ certificate,
dated the date of such release, stating that, the Company is not, and by the making or granting of the application will not be, in default in the performance of any of the terms and covenants of this Indenture; and 

“(f) an opinion of counsel, dated the date of such release, as to compliance with conditions precedent. 

“SECTION 9. If the Company is unable to obtain, in accordance with any other Section of this Article VII, the release from
the lien of this Indenture of any property constituting part of the trust estate, unless an event of default shall have happened and be continuing, or shall happen as a result of the making or granting of an application to release mortgaged property
permitted by this Section 9, the Trustee shall release from the lien of this Indenture any mortgaged property if the fair value to the Company thereof, as shown by the engineer’s certificate filed pursuant to Section 9(b), is less
than 1/2 of 1% of the aggregate principal amount of outstanding Bonds and prior lien bonds outstanding at the time of such release, provided that the aggregate fair value to the Company of all mortgaged property released pursuant to this
Section 9, as shown by all engineer’s certificates filed pursuant to Section 9(b) in any period of 12 consecutive calendar months which includes the date of such engineer’s certificate, shall not exceed 1% of the aggregate
principal amount of the outstanding Bonds and prior lien bonds outstanding at the time of such release, upon receipt by the Trustee of: 

“(a) an officers’ certificate, dated the date of such release, requesting such release, describing in reasonable
detail the mortgaged property to be released and stating the reason for such release; 

  
 44 

 “(b) an engineer’s certificate, dated the date of such release, stating
(A) that the signer of such engineer’s certificate has examined such officers’ certificate in connection with such release, (B) the fair value to the Company, in the opinion of the signer of such engineer’s certificate, of
such mortgaged property to be released as of a date not more than 90 days prior to the date of such release, and (C) that in the opinion of such signer such release will not impair the security under this Indenture in contravention of the
provisions hereof; 
 “(c) an officers’ certificate, dated the date of such release, stating the aggregate
principal amount of outstanding Bonds and prior lien bonds outstanding at the time of such release, that 1/2 of 1% of such aggregate principal amount does not exceed the fair value to the Company of the mortgaged property for which such release is
applied for as shown by the engineer’s certificate referred to in Section 9(b), and that 1% of such aggregate principal amount does not exceed the aggregate fair value to the Company of all mortgaged property released from the lien of this
Indenture pursuant to this Section 9 as shown by all engineer’s certificates filed pursuant to Section 9(b) in such period of 12 consecutive calendar months; 

“(d) an officers’ certificate, dated the date of such release, stating that, the Company is not, and by the making or
granting of the application will not be, in default in the performance of any of the terms and covenants of this Indenture; and 

“(e) an opinion of counsel, dated the date of such release, as to compliance with conditions precedent.” 

The Company also reserves the right subject to appropriate corporate action, but without the consent or other action of holders of Bonds of
any series created after January 1, 1997 to amend, modify or delete any other provision of the Original Indenture, as supplemented, as may be necessary in order to effectuate the intents and purposes contemplated by the foregoing Sections 8 and
9. 
 Section 4. Reservation of Right to Delete Certain Requirements and Conditions. The Company reserves the
right subject to appropriate corporate action, but without the consent or other action of holders of Bonds of any series created after January 1, 1997 to: 

(a) delete as a condition to the authentication of additional Bonds pursuant to Sections 4, 5 or 6 of Article III of the Original Indenture
the requirement to file or deposit with the Trustee the officers’ certificate described in Section 3(b) of Article III of the Original Indenture; 

  
 45 

 (b) delete as a condition to the consolidation or merger of the Company into, or sale by the
Company of its property as an entirety or substantially as an entirety to another corporation the requirement set forth in Section 1(b)(2) of Article XII of the Original Indenture; 

(c) delete as a condition to the release of property pursuant to Section 3 of Article VII of the Original Indenture, the requirement to
obtain an independent engineer’s certificate under the circumstances set forth in Section 3(c) of Article VII; and 
 (d) amend,
modify or delete any other provision of the Original Indenture, as supplemented, as may be necessary in order to effectuate the intents and purposes contemplated by this Section 4. 

Section 5. Issuance of Variable Rate Bonds. The Company reserves the right, subject to appropriate action, but without
any consent or other action by holders of Bonds of the 3.25% Series due 2025, or Bonds of the 4.25% Series due 2045, or of any subsequent series of bonds, to clarify the ability of the Company to issue variable rate bonds under the Original
Indenture, notwithstanding any provision of the Original Indenture to the contrary. The Company may make such other amendments to the Original Indenture as may be necessary or desirable in the opinion of the Company to effect the foregoing. 

Section 6. Substitution of Bonds. The Company reserves the right, subject to appropriate action, but without any consent
or other action by holders of Bonds of the 3.25% Series due 2025, or Bonds of the 4.25% Series due 2045, or of any subsequent series of bonds, to amend the Original Indenture as may be necessary in order to permit the Company to deliver to the
Trustee in substitution for any bonds issued under the Original Indenture (except Bonds of the 3.25% Series due 2025, or Bonds of the 4.25% Series due 2045, which are subject to Article III, Section 2 hereof and Article VI, Section 2
hereof, respectively), mortgage bonds or other similar instruments of the Company or any successor entity, whether by merger, combination or acquisition of all or substantially all of the assets of the Company, or otherwise, issued under a mortgage
and deed of trust or similar instrument of the Company or any successor entity in like principal amount of like term and bearing the same rate of interest as the original bonds (such substituted bonds hereinafter being referred to as the
“Substituted Mortgage Bonds”). The Substituted Mortgage Bonds may only be delivered to the Trustee upon receipt by the Trustee of (i) if the original bonds were rated by Moody’s, a letter from Moody’s, dated within
ten days prior to the date of delivery of the Substituted Mortgage Bonds, stating that its rating of the Substituted Mortgage Bonds is at least equal to its then current rating on the original bonds, (ii) if the original bonds were rated by
S&P, a letter from S&P, dated within ten days prior to the date of delivery of the Substituted Mortgage Bonds, stating that its rating to 

  
 46 

 
the Substituted Mortgage Bonds is at least equal to its then current rating on the original bonds, (iii) if the original bonds were rated by Fitch, a letter from Fitch, dated within ten days
prior to the date of delivery of the Substituted Mortgage Bonds, stating that its rating to the Substituted Mortgage Bonds is at least equal to its then current rating on the original bonds (iv) an opinion of counsel which may be counsel to the
Company or any successor entity, to the effect that the Substituted Mortgage Bonds shall have been duly and validly authorized, executed, authenticated, and delivered and shall constitute the valid, legally binding and enforceable obligations of the
Company or any successor entity enforceable in accordance with their terms, except as limited by bankruptcy, insolvency or other laws affecting the enforcement of mortgagees’ and other creditors’ rights and shall be entitled to the benefit
of the mortgage and deed of trust or other similar instrument pursuant to which they shall have been issued and (v) such other certificates and documents with respect to the issuance and delivery of the Substituted Mortgage Bonds as may be
required by law or as the Trustee may reasonably request. The Company may make such other amendments to the Original Indenture as may be necessary or desirable in the opinion of the Company to effect the foregoing. 

Section 7. Addition of a Governing Law Clause. The Company reserves the right, subject to appropriate action, but
without any consent or other action by holders of Bonds of the 3.25% Series due 2025 or Bonds of the 4.25% Series due 2045, or of any subsequent series of bonds, to amend the Original Indenture to add the following new section: 

“This Indenture shall be deemed to be a contract made under the laws of the State of Kansas and for all purposes shall be
construed in accordance with the laws of the State of Kansas, without regard to conflicts of laws principles thereof.” 

Section 8. Event of Default for Failure to Pay Final Judgments in Excess of $100,000. The Company reserves the
right, subject to appropriate action, but without any consent or other action by holders of Bonds of the 3.25% Series due 2025, or Bonds of the 4.25% Series due 2045, or of any subsequent series of bonds, to amend the Original Indenture to delete
Article IX, Section 1(j). The Company may make such other amendments to the Original Indenture as may be necessary or desirable in the opinion of the Company to effect the foregoing. 

Section 9. Net Earnings Test in Connection with Property Acquisitions. The Company reserves the right, subject to
appropriate action, but without any consent or other action by holders of Bonds of the 3.25% Series due 2025, or Bonds of the 4.25% Series due 2045, or of any subsequent series of bonds, to amend the Original Indenture to delete Article IV,
Section 14(b) and reserves the right to further amend, modify or delete any other provision of the Original Indenture, as supplemented, as may be necessary in order to effectuate the intents and purposes contemplated by this Section 9.

  
 47 

 Section 10. Addition of Nuclear Fuel. The Company reserves the
right, subject to appropriate action, but without any consent or other action by holders of Bonds of the 3.25% Series due 2025, or Bonds of the 4.25% Series due 2045, or of any subsequent series of bonds, to amend the Original Indenture to
(i) add Nuclear Fuel to the definition of “Property Additions”; provided that there shall be no restrictions under the Original Indenture on the application of any controls, liens, regulations, easements,
restrictions, exceptions or reservations by any governmental authority on the Nuclear Fuel, (ii) to allow the Company to at any time, unless the Company is in default in the payment of the interest on any of the bonds then outstanding or there
is an ongoing event of default without any release or consent by, or report to, the Trustee, sell or otherwise dispose of, free from the lien of the Original Indenture, any Nuclear Fuel which shall have become old, inadequate, obsolete, worn out,
unfit, unadapted, unserviceable, undesirable or unnecessary for use in the operations of the Company upon the replacement or substitution of such Nuclear Fuel with other Nuclear Fuel of at least equal value and subject to the lien of the Original
Indenture and (iii) to further amend, modify or delete any other provision of the Original Indenture, as supplemented, as may be necessary in order to effectuate the intents and purposes contemplated by this Section 10. 

The term ‘Nuclear Fuel’ shall mean (a) any fuel element, including nuclear fuel and associated means (and any
similar or analogous device or substance), whether or not classified as fuel and whether or not chargeable to operating expenses, comprising or intended to comprise, or formerly comprising, the core, or other part, of a nuclear reactor or any
similar or analogous device, (b) any fuel element, including nuclear fuel, and associated means (and any similar or analogous device or substance) while in the process of fabrication or preparation and special nuclear or other materials held
for use in such fabrication or preparation, (c) any substances or materials formerly comprising such nuclear fuel and associated means (or any similar or analogous device or substance) and which substances or materials are undergoing or have
undergone reprocessing and (d) uranium, thorium, plutonium, and any other substance or material from time to time used or selected for use by the Company as fuel material, or as potential fuel material, in a nuclear reactor or any similar or
analogous device. 
 Section 11. Modernization of the Original Indenture. The Company reserves the right,
subject to appropriate action, but without any consent or other action by holders of Bonds of the 3.25% Series due 2025, or Bonds of the 4.25% Series due 2045, or of any subsequent series of bonds, to amend the Original Indenture to: 

(i) Eliminate maintenance and improvement fund requirements; 

(ii) Simplify the provisions for release of obsolete property, de minimis property releases and substitution of property and
unfunded property; 

  
 48 

 (iii) Permit additional terms of bonds or forms of bond in supplemental
indentures, including terms for uncertificated and global securities (or definitive securities in lieu thereof) and medium-term notes; 

(iv) Make any changes necessary to conform the Mortgage with the requirements of the Trust Indenture Act; 

(v) Add defeasance provisions providing for covenant and legal defeasance options; 

(vi) Permit the Company to remove the trustee in certain circumstances; 

(vii) Provide for direction to the trustee under the Mortgage to vote pledged prior lien bonds for specified amendments to the
prior lien mortgage; 
 (viii) Provide broader investment directions to the trustee or permitting the Company to direct
investment of money held by the Trustee, so long as there is no event of default under the Mortgage; 
 (ix) Amend the
definition of “Excepted Property” to exclude property which generally cannot be mortgaged without undue administrative burden (i.e. automobiles), but allowing the Company to subject Excepted Property to the Mortgage; 

(x) Amend the definition of “Bondable Property” to allow all mortgaged property to be bondable; and 

(xi) Update the definition of “Permitted Liens.” 

ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 1. Acceptance of Trust. The Trustee accepts the trusts herein declared, provided, created or supplemented and
agrees to perform the same upon the terms and conditions herein and in the Original Indenture, as amended, set forth and upon the following terms and conditions. 

Section 2. Responsibility and Duty of Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. In general each and every term and condition contained in Article XIII
of the Original Indenture, as amended by the Second Supplemental Indenture, shall apply to and form part of this Supplemental Indenture with the same force and effect as if the same were herein set forth in full with such omissions, variations and
insertions, if any, as may be appropriate to make the same conform to the provisions of this Supplemental Indenture. 

  
 49 

 Section 3. Parties to Include Successors and Assigns. Whenever in
this Supplemental Indenture either of the parties hereto is named or referred to, such reference shall, subject to the provisions of Articles XII and XIII of the Original Indenture, be deemed to include the successors and assigns of such party, and
all the covenants and agreements in this Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee, shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and
assigns of such parties, whether so expressed or not. 
 Section 4. Benefits Restricted to Parties and to
Holders of Bonds and Coupons. Nothing in this Supplemental Indenture, expressed or implied, is intended or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the holders of the
Bonds and coupons outstanding under the Indenture, any right, remedy or claim under or by reason of this Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations,
promises and agreements in this Supplemental Indenture contained by and on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the Bonds and of the coupons outstanding under the
Indenture. 
 Section 5. Execution in Counterparts. This Supplemental Indenture may be executed in
several counterparts, and all such counterparts executed and delivered, each as an original, shall constitute but one and the same instrument. 

Section 6. Titles of Articles Not Part of the Forty-Fifth Supplemental Indenture. The Titles of the several
Articles of this Supplemental Indenture shall not be deemed to be any part thereof. 

  
 50 

 Exhibit 4.1 

IN WITNESS HEREOF, WESTAR ENERGY, INC., party hereto of the first part, has caused its corporate name to be hereunto affixed, and this
instrument to be signed and sealed by its Chairman of the Board, President, Chief Executive Officer or a Vice President, and its corporate seal to be attested by its Secretary or an Assistant Secretary for and in its behalf, and The Bank of New York
Mellon Trust Company, N.A., party hereto of the second part, has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by its duly authorized officer and its corporate seal to be attested by its duly
authorized officer, all as of the day and year first above written. (CORPORATE SEAL) 
  

			
	WESTAR ENERGY, INC.
		
	By:	 	  

		 	Anthony D. Somma
		 	 Senior Vice President,
 Chief Financial Officer
and Treasurer

  

			
	ATTEST:
		
	By:	 	  

		 	Larry D. Irick,
		 	 Vice President,
 General Counsel and Corporate
Secretary

	
	 Executed, sealed and delivered by WESTAR ENERGY, INC. in the presence of:

		
	By:	 	  

		
	By:	 	  

 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

		
	By:	 	  

		 	R. Tarnas, Vice President

  

			
	ATTEST:
		
	By:	 	  

		 	Lawrence M. Kusch, Vice President
	
	 Executed, sealed and delivered by THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. in the presence of:

		
	By:	 	  

		
	By:	 	  

  
 S-1 

					
	STATE OF KANSAS	  	)	  	
		  	:	  	ss.:
	COUNTY OF SHAWNEE	  	)	  	

 BE IT REMEMBERED, that on this      day of November, 2015, before me, the undersigned, a
Notary Public within and for the County and State aforesaid, personally came Anthony D. Somma and Larry D. Irick, of Westar Energy, Inc., a corporation duly organized, incorporated and existing under the laws of the State of Kansas, who are
personally known to me to be such officers, and who are personally known to me to be the same persons who executed as such officers the within instrument of writing, and such persons duly acknowledged the execution of the same to be the act and deed
of said corporation. 
 IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal on the day and year last above
written. 
  

	
	  

	Notary Public
	My Commission Expires                     

  
 S-2 

					
	STATE OF ILLINOIS	  	)	  	
		  	:	  	ss.:
	COUNTY OF COOK	  	)	  	

 BE IT REMEMBERED, that on this      day of November, 2015, before me, the undersigned, a
Notary Public within and for the County and State aforesaid, personally came R. Tarnas and Lawrence M. Kusch, of The Bank of New York Mellon Trust Company, N.A., a national banking association, who are personally known to me to be such officers, and
who are personally known to me to be the same persons who executed as such officers the within instrument of writing, and such persons duly acknowledged the execution of the same to be the act and deed of said corporation. 

 

	
	  

	Notary Public
	My Commission Expires                     

  
 S-3 

					
	STATE OF KANSAS	  	)	  	
		  	:	  	ss.:
	COUNTY OF SHAWNEE	  	)	  	

 BE IT REMEMBERED, that on this      day of November, 2015, before me, the undersigned, a
Notary Public within and for the County and State aforesaid, personally came Anthony D. Somma, and Larry D. Irick, of Westar Energy, Inc., a corporation duly organized, incorporated and existing under the laws of the State of Kansas, who are
personally known to me to be such officers, being by me respectively duly sworn, did each say that the said Anthony D. Somma is Senior Vice President, Chief Financial Officer and Treasurer and that the said Larry D. Irick is Vice President, General
Counsel and Corporate Secretary of said corporation, that the consideration of and for the foregoing instrument was actual and adequate, that the same was made and given in good faith, for the uses and purposes therein set forth and without any
intent to hinder, delay, or defraud creditors or purchasers. 
 IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal on the day and year last above written. 
  

	
	  

	Notary Public
	My Commission Expires                     

  
 S-4 

 APPENDIX A 

to 
 FORTY-FIFTH SUPPLEMENTAL
INDENTURE 
 Dated as of November 13, 2015 

Westar Energy, Inc. 
 to 

The Bank of New York Mellon Trust Company, N.A. 

(as successor to 
 Harris Trust and
Savings Bank) 
  
  

DESCRIPTION OF PROPERTIES 
 LOCATED
IN THE STATE OF KANSAS 
 FIRST 

PARCELS OF REAL ESTATE 
  

 
 ATCHISON COUNTY

 Lots 11 and 12 and the North 28 feet of Lot 10, in Block BB in South Atchison, an Addition to the City of Atchison, Atchison County, Kansas; AND 

Lot 13, in Block BB in South Atchison, an Addition to the City of Atchison, Atchison County, Kansas; AND 

Lots 14 and 15, in Block BB in South Atchison, an Addition to the City of Atchison, Atchison County, Kansas; AND 

Lot 16, in Block BB in South Atchison, an Addition to the City of Atchison, Atchison County, Kansas; 

  
 A-1 

 DOUGLAS COUNTY 

A portion pf that certain parcel of land described in deed recorded February 20, 2014 in the Office of the Douglas County Register of Deeds in Book 1111,
page 973, situated in the E  1⁄2 SE  1⁄4 of 19-12-19 of the 6th P.M., Douglas County, Kansas, described as follows: 
 Commencing at the SE corner of said SE  1⁄4; thence on an assumed bearing of S 87°22’23” W, coincident with the South line of said SE  1⁄4, a distance of 799.92 feet measured, (800 feet record), to the SW corner of that certain parcel of land described in deed recorded November 18, 1998 in the Office of the Douglas County Register of Deeds in
Book 628, page 1044 and the point of beginning; thence continuing S 87°22’23” W, coincident with the South line of said SE  1⁄4, a distance of
100.01 feet thence N 01°45’47” W, being 100.00 feet West of and parallel with the West line of said parcel described in Book 628, page 1044 a distance of 799.88 feet to the Westerly prolongation of the North line of said parcel in Book
628, page 1044; thence N 87°22’23” E, coincident with said prolongated line, a distance of 100.01 feet to the Northwest corner of said parcel described in Book 628, page 1044; thence S 01°45’47” E, coincident with the
West line if said parcel described in Book 628, page 1044, a distance of 799.88 feet measured, (800 feet record), to the point of beginning; 

GEARY COUNTY 
 The NE  1⁄4 of Section 29, Township 12, Range 6 East of the 6th P.M., Geary County, Kansas; AND 

The SE  1⁄4 of Section 29, Township 12, Range 6 East of the 6th P.M., Geary County, Kansas; 
 LYON COUNTY 

The East Half of Section 27, Township 18 South, Range 12 East of the 6th P.M., Lyon County, Kansas;
AND 
 The Southwest Quarter of Section 26, Township 18 South, Range 12 East of the 6th P.M., Lyon
County, Kansas; AND 
 The Southwest Quarter of the Southwest Quarter of the Southwest Quarter of Section 27, Township 18 South, Range 12 East of the 6th P.M., Lyon County, Kansas; 

  
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 SHAWNEE COUNTY 

A part of the SW  1⁄4 of Section 31, Township 11 South, Range
17 East of the 6th P.M., described as follows: Beginning at a point on the North line of said SW  1⁄4
which is 1476 feet East of the NW corner of said  1⁄4 Section; thence South 441.3 feet; thence N 56°40’ W, 132.3 feet; thence N 15°4’ W 239.7
feet; thence N 59° 24’ W, 128.1 feet; thence N 73.3 feet to the North line is said  1⁄4 Section; thence E 284.5 feet to the place of beginning, all in
Shawnee County, Kansas; AND 
 Lot 2, Block A, Frito Lay Subdivision No. 2, City of Topeka, Shawnee County, Kansas; 

WABAUNSEE COUNTY 
 A tract of land in the NW  1⁄4 of Section 24, Township 12 South, Range 12 east of the 6th P.M., Wabaunsee County, Kansas, described
as follows: Beginning at the SW corner of the NW  1⁄4 of said Section 24; thence N 00°32’08” E 250.00 feet along the West line of the NW  1⁄4 of said Section 24; thence S 89°19’21” E 225.00 feet; thence S 00°32’08” W 250.00 feet to the South line of the NW  1⁄4 of said Section 24; thence N 89°19’21” W 225.00 feet to the point of beginning. 

  
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