Document:

Exhibit

	
	
	 

NORTHWESTERN CORPORATION
TO
THE BANK OF NEW YORK MELLON
(formerly The Bank of New York)
AND
BEATA HARVIN
As Trustees under Mortgage and
Deed of Trust, dated as of
October 1, 1945, with NorthWestern Corporation
THIRTY-EIGHTH SUPPLEMENTAL INDENTURE
Providing, among other things, for

First Mortgage Bonds, 3.98% Series due 2049

Dated as of June 1, 2019
	
	
	 

THIRTY- EIGHTH SUPPLEMENTAL INDENTURE
THIS THIRTY-EIGHTH SUPPLEMENTAL INDENTURE, dated as of June 1, 2019, between NORTHWESTERN CORPORATION, a corporation duly incorporated and existing under the laws of the State of Delaware (hereinafter called the “Company”), having its principal office at 3010 West 69th Street, Sioux Falls, South Dakota, 57108, and THE BANK OF NEW YORK MELLON (formerly The Bank of New York) (hereinafter called the “Corporate Trustee”), a corporation of the State of New York, whose principal corporate trust office is located at 240 Greenwich Street, 7E, New York, New York, 10286 (successor to MORGAN GUARANTY TRUST COMPANY OF NEW YORK (formerly Guaranty Trust Company of New York)), and BEATA HARVIN, whose post office address is c/o The Bank of New York Mellon, 240 Greenwich Street, 7E, New York, New York, 10286 (successor to Arthur E. Burke, Karl R. Henrich, H.H. Gould, R. Amundsen, P.J. Crowley, W.T. Cunningham, Douglas J. MacInnes, MaryBeth Lewicki, Ming Ryan and Philip L. Watson) (said Beata Harvin being hereinafter sometimes called the “Co-Trustee”, and the Corporate Trustee and the Co-Trustee being hereinafter together sometimes called the “Trustees”), as Trustees under the Mortgage and Deed of Trust, dated as of October 1, 1945 (hereinafter called the “Mortgage” and, together with any indentures supplemental thereto, the “Indenture”), which Mortgage was executed and delivered by The Montana Power Company, a corporation of the State of New Jersey (hereinafter called the “Company-New Jersey”), as indirect predecessor under the Mortgage to the Company (the Company being successor under the Mortgage to NorthWestern Energy, L.L.C. (hereinafter called “NorthWestern Energy”), formerly known as The Montana Power, L.L.C., a limited liability company of the State of Montana, and NorthWestern Energy being the successor under the Mortgage to The Montana Power Company, a corporation of the State of Montana (hereinafter called the “Company-Montana”)), to Guaranty Trust Company of New York and Arthur E. Burke, as Trustees, to secure the payment of bonds issued or to be issued under and in accordance with the provisions of the Mortgage, reference to which Mortgage is hereby made, this instrument (hereinafter called the “Thirty-eighth Supplemental Indenture”) being supplemental thereto;
WHEREAS, by the Mortgage, the Company-New Jersey covenanted that it would execute and deliver such supplemental indenture or indentures and such further instruments and do such further acts as might be necessary or proper to carry out more effectually the purposes of the Indenture and to make subject to the lien of the Indenture any property thereafter acquired, made or constructed and intended to be subject to the lien thereof; and
WHEREAS, the Company-New Jersey executed and delivered to the Trustees its First Supplemental Indenture, dated as of May 1, 1954 (hereinafter called the “First Supplemental Indenture”), and its Second Supplemental Indenture, dated as of April 1, 1959 (hereinafter called the “Second Supplemental Indenture”); and
WHEREAS, the Company-New Jersey was merged into the Company-Montana on November 30, 1961, and to evidence the succession of the Company-Montana to the Company-New Jersey for purposes of the bonds and the Indenture and the assumption by the Company-Montana of the covenants and conditions of the Company-New Jersey in the bonds and in the Indenture contained and to enable the Company-Montana to have and exercise the powers and rights of the Company-New Jersey under the Indenture in accordance with the terms thereof, the 

1

Company-Montana executed and delivered to the Trustees its Third Supplemental Indenture, dated as of November 30, 1961 (hereinafter called the “Third Supplemental Indenture”); and
WHEREAS, the Company-Montana executed and delivered to the Trustees its Fourth Supplemental Indenture, dated as of April 1, 1970 (hereinafter called the “Fourth Supplemental Indenture”); its Fifth Supplemental Indenture, dated as of April 1, 1971 (hereinafter called the “Fifth Supplemental Indenture”); its Sixth Supplemental Indenture, dated as of March 1, 1974 (hereinafter called the “Sixth Supplemental Indenture”); its Seventh Supplemental Indenture, dated as of December 1, 1974 (hereinafter called the “Seventh Supplemental Indenture”); its Eighth Supplemental Indenture, dated as of July 1, 1975 (hereinafter called the “Eighth Supplemental Indenture”); its Ninth Supplemental Indenture, dated as of December 1, 1975 (hereinafter called the “Ninth Supplemental Indenture”); its Tenth Supplemental Indenture, dated as of January 1, 1979 (hereinafter called the “Tenth Supplemental Indenture”); its Eleventh Supplemental Indenture, dated as of October 1, 1983 (hereinafter called the “Eleventh Supplemental Indenture”); its Twelfth Supplemental Indenture, dated as of January 1, 1984 (hereinafter called the “Twelfth Supplemental Indenture”); its Thirteenth Supplemental Indenture, dated as of December 1, 1991 (hereinafter called the “Thirteenth Supplemental Indenture”); its Fourteenth Supplemental Indenture, dated as of January 1, 1993 (hereinafter called the “Fourteenth Supplemental Indenture”); its Fifteenth Supplemental Indenture, dated as of March 1, 1993 (hereinafter called the “Fifteenth Supplemental Indenture”); its Sixteenth Supplemental Indenture, dated as of May 1, 1993 (hereinafter called the “Sixteenth Supplemental Indenture”); its Seventeenth Supplemental Indenture, dated as of December 1, 1993 (hereinafter called the “Seventeenth Supplemental Indenture”); its Eighteenth Supplemental Indenture, dated as of August 5, 1994 (hereinafter called the “Eighteenth Supplemental Indenture”); its Nineteenth Supplemental Indenture, dated as of December 16, 1999 (hereinafter called the “Nineteenth Supplemental Indenture”); and its Twentieth Supplemental Indenture, dated as of November 1, 2001 (hereinafter called the “Twentieth Supplemental Indenture”); and
WHEREAS, the Company-Montana was merged into NorthWestern Energy (under its then name, The Montana Power, L.L.C.) on February 13, 2002; and to evidence the succession of NorthWestern Energy (under its then name, The Montana Power, L.L.C.) to the Company-Montana for purposes of the bonds and the Indenture and the assumption by NorthWestern Energy (under its then name, The Montana Power, L.L.C.) of the covenants and conditions of the Company-Montana in the bonds and in the Indenture contained and to enable NorthWestern Energy (under its then name, The Montana Power, L.L.C.) to have and exercise the powers and rights of the Company-Montana under the Indenture in accordance with the terms thereof, NorthWestern Energy (under its then name, The Montana Power, L.L.C.) executed and delivered to the Trustees its Twenty-first Supplemental Indenture, dated as of February 13, 2002 (hereinafter called the “Twenty-first Supplemental Indenture”); and
WHEREAS, NorthWestern Energy changed its name from The Montana Power, L.L.C. to NorthWestern Energy, L.L.C. on March 19, 2002; and
WHEREAS, NorthWestern Energy transferred, subject to the Lien of the Indenture, substantially all of the Mortgaged and Pledged Property as an entirety to the Company on November 20, 2002 (the “Transfer Date”), and to evidence the succession of the Company to NorthWestern Energy for purposes of the bonds and the Indenture and the assumption by the 

2

Company of the covenants and conditions of NorthWestern Energy in the bonds and in the Indenture contained and to enable the Company to have and exercise the powers and rights of NorthWestern Energy under the Indenture in accordance with the terms thereof, the Company executed and delivered to the Trustees its Twenty-second Supplemental Indenture, dated as of November 15, 2002 (hereinafter called the “Twenty-second Supplemental Indenture”); and 
WHEREAS, the Company executed and delivered to the Trustees its Twenty-third Supplemental Indenture, dated as of February 1, 2003 (hereinafter called the “Twenty-third Supplemental Indenture”); its Twenty-fourth Supplemental Indenture, dated as of November 1, 2004 (hereinafter called the “Twenty-fourth Supplemental Indenture”); its Twenty-fifth Supplemental Indenture, dated as of April 1, 2006 (hereinafter called the “Twenty-fifth Supplemental Indenture”); its Twenty-sixth Supplemental Indenture, dated as of September 1, 2006 (hereinafter called the “Twenty-sixth Supplemental Indenture”); its Twenty-seventh Supplemental Indenture, dated as of March 1, 2009 (hereinafter called the “Twenty-seventh Supplemental Indenture”); its Twenty-eighth Supplemental Indenture, dated as of October 1, 2009 (hereinafter called the “Twenty-eighth Supplemental Indenture”); its Twenty-ninth Supplemental Indenture, dated as of May 1, 2010 (hereinafter called the “Twenty-ninth Supplemental Indenture”); its Thirtieth Supplemental Indenture, dated as of August 1, 2012 (hereinafter called the “Thirtieth Supplemental Indenture”); its Thirty-first Supplemental Indenture, dated as of December 1, 2013 (hereinafter called the “Thirty-first Supplemental Indenture”); its Thirty-second Supplemental Indenture, dated as of November 1, 2014 (hereinafter called the “Thirty-second Supplemental Indenture”); its Thirty-third Supplemental Indenture, dated as of November 1, 2014 (hereinafter called the “Thirty-third Supplemental Indenture”); its Thirty-fourth Supplemental Indenture, dated as of January 1, 2015 (hereinafter called the “Thirty-fourth Supplemental Indenture”); its Thirty-fifth Supplemental Indenture, dated as of June 1, 2015 (hereinafter called the “Thirty-fifth Supplemental Indenture”); its Thirty-sixth Supplemental Indenture, dated as of August 1, 2016 (hereinafter called the “Thirty-sixth Supplemental Indenture”) and its Thirty-seventh Supplemental Indenture, dated as of November 1, 2017 (hereinafter called the “Thirty-seventh Supplemental Indenture”); and
WHEREAS, the Mortgage and the First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, Fifteenth, Sixteenth, Seventeenth, Eighteenth, Nineteenth, Twentieth, Twenty-first, Twenty-second, Twenty-third, Twenty-fourth, Twenty-fifth, Twenty-sixth, Twenty-seventh, Twenty-eighth, Twenty-ninth, Thirtieth, Thirty-first, Thirty-second, Thirty-third, Thirty-fourth, Thirty-fifth, Thirty-sixth, and Thirty-seventh Supplemental Indentures were recorded in the official records of various counties and states as required by the Indenture; and
WHEREAS, the Company expects to record this Thirty-eighth Supplemental Indenture in the official records of various counties and states as required by the Indenture; and
WHEREAS, an instrument dated March 15, 1955 was executed by the Company-New Jersey appointing Karl R. Henrich as Co-Trustee in succession to said Arthur E. Burke, resigned, under the Mortgage and by Karl R. Henrich accepting the appointment as Co-Trustee under the Mortgage in succession to said Arthur E. Burke, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and

3

WHEREAS, an instrument dated June 29, 1962 was executed by the Company-Montana appointing H.H. Gould as Co-Trustee in succession to said Karl R. Henrich, resigned, under the Mortgage and by H.H. Gould accepting the appointment as Co-Trustee under the Mortgage in succession to said Karl R. Henrich, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated June 22, 1973 was executed by the Company-Montana appointing R. Amundsen as Co-Trustee in succession to said H.H. Gould, resigned, under the Mortgage and by R. Amundsen accepting the appointment as Co-Trustee under the Mortgage in succession to said H.H. Gould, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated July 1, 1986 was executed by the Company-Montana appointing P.J. Crowley as Co-Trustee in succession to said R. Amundsen, resigned, under the Mortgage and by P.J. Crowley accepting the appointment as Co-Trustee under the Mortgage in succession to said R. Amundsen, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, by the Eighteenth Supplemental Indenture, the Company-Montana appointed (i) W.T. Cunningham as Co-Trustee in succession to said P.J. Crowley, resigned, under the Mortgage and W.T. Cunningham accepted the appointment as Co-Trustee under the Mortgage in succession to said P.J. Crowley, and (ii) The Bank of New York Mellon as Corporate Trustee in succession to Morgan Guaranty Trust Company of New York, resigned, under the Mortgage and The Bank of New York Mellon accepted the appointment as Corporate Trustee under the Mortgage in succession to said Morgan Guaranty Trust Company of New York, which supplemental indenture was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated March 29, 1999 was executed by the Company-Montana appointing Douglas J. MacInnes as Co-Trustee in succession to said W.T. Cunningham, resigned, under the Mortgage and by Douglas J. MacInnes accepting the appointment as Co-Trustee under the Mortgage in succession to said W.T. Cunningham, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, by the Twenty-third Supplemental Indenture, the Company appointed MaryBeth Lewicki as Co-Trustee in succession to said Douglas J. MacInnes, removed, under the Mortgage and MaryBeth Lewicki accepted the appointment as Co-Trustee under the Mortgage in succession to said Douglas J. MacInnes; and
WHEREAS, by the Twenty-fifth Supplemental Indenture, the Company appointed Ming Ryan as Co-Trustee in succession to said MaryBeth Lewicki, removed, under the Mortgage and Ming Ryan accepted the appointment as Co-Trustee under the Mortgage in succession to said Mary Beth Lewicki; and
WHEREAS, by the Thirtieth Supplemental Indenture, the Company appointed Philip L. Watson as Co-Trustee in succession to said Ming Ryan, removed, under the Mortgage and 

4

Philip L. Watson accepted the appointment as Co-Trustee under the Mortgage in succession to said Ming Ryan; and
WHEREAS, by the Thirty-fifth Supplemental Indenture, the Company appointed Beata Harvin as Co-Trustee in succession to said Philip L. Watson, removed, under the Mortgage and Beata Harvin accepted the appointment as Co-Trustee under the Mortgage in succession to said Philip L. Watson; and
WHEREAS, the Company-New Jersey, the Company-Montana or the Company has heretofore issued, in accordance with the provisions of the Mortgage, the following series of First Mortgage Bonds:
	
			
	Series
	Principal
Amount
Issued
	Principal Amount
Outstanding

	2-7/8% Series due 1975 
	$40,000,000
	NONE

	3-1/8% Series due 1984 
	6,000,000
	NONE

	4-1/2% Series due 1989 
	15,000,000
	NONE

	8-1/4% Series due 1974 
	30,000,000
	NONE

	7-1/2% Series due 2001 
	25,000,000
	NONE

	8-5/8% Series due 2004
	60,000,000
	NONE

	8-3/4% Series due 1981
	30,000,000
	NONE

	9.60% Series due 2005
	35,000,000
	NONE

	9.70% Series due 2005
	65,000,000
	NONE

	9-7/8% Series due 2009
	50,000,000
	NONE

	11-3/4% Series due 1993
	75,000,000
	NONE

	10/10-1/8% Series due 2004/2014
	80,000,000
	NONE

	8-1/8% Series due 2014
	41,200,000
	NONE

	7.70% Series due 1999 
	55,000,000
	NONE

	8-1/4% Series due 2007
	55,000,000
	NONE

	8.95% Series 2022 
	50,000,000
	NONE

	Secured Medium-Term Notes 
	68,000,000
	NONE

	7% Series due 2005 
	50,000,000
	NONE

	6-1/8% Series due 2023 
	90,205,000
	NONE

	5.90% Series due 2023
	80,000,000
	NONE

	0% Series due 1999 
	210,321,007
	NONE

	7.30% Series due 2006
	150,000,000
	NONE

	Collateral (2002) Series due 2006 
	280,000,000
	NONE

	Collateral (2004) Series A due 2009
	90,000,000
	NONE

	Collateral (2004) Series B due 2011
	72,000,000
	NONE

	Collateral (2004) Series C due 2014
	161,000,000
	NONE

	4.65% Series due 2023 (Twenty-seventh)
	170,205,000
	NONE

	6.04% Series due 2016 (Twenty-eighth)
	150,000,000
	NONE

	6.34% Series due 2019 (Twenty-ninth)
	250,000,000
	NONE  

	5.71% Series due 2039 (Thirtieth)
	55,000,000
	55,000,000

	5.01% Series due 2025 (Thirty-first)
	161,000,000
	161,000,000

5

	
			
	4.15% Series due 2042 (Thirty-second)
	60,000,000
	60,000,000

	4.30% Series due 2052 (Thirty-third)
	40,000,000
	40,000,000

	3.99% Series due 2028 (Thirty-fourth)
	35,000,000
	35,000,000

	4.85% Series due 2043 (Thirty-fifth)
	15,000,000
	15,000,000

	4.176% Series due 2044 (Thirty-sixth)
	450,000,000
	450,000,000

	3.11% Series due 2025 (Thirty-seventh)
	75,000,000
	75,000,000

	4.11% Series due 2045 (Thirty-eighth)
	125,000,000
	125,000,000

	2.00% Series due 2023 (Thirty-ninth) 
	144,660,000
	144,660,000

	4.03% Series due 2047 (Fortieth)
	250,000,000
	250,000,000

which bonds are also hereinafter sometimes called “Bonds of the First through Fortieth Series”, respectively; and
WHEREAS, Section 8 of the Mortgage provides that the form of each series of bonds (other than the First Series) issued thereunder and of the coupons to be attached to coupon bonds of such series shall be established by Resolution of the Board of Directors of the Company and that the form of such series, as established by said Board of Directors, shall specify the descriptive title of the bonds and various other terms thereof, and may also contain such provisions not inconsistent with the provisions of the Indenture as the Board of Directors may, in its discretion, cause to be inserted therein expressing or referring to the terms and conditions upon which such bonds are to be issued and/or secured under the Indenture; and
WHEREAS, Section 120 of the Mortgage provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Indenture, whether such power, privilege or right is in any way restricted or is unrestricted, may be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted or to additional restriction if already restricted, and the Company may enter into any further covenants, limitations or restrictions for the benefit of any one or more series of bonds issued thereunder; or the Company may cure any ambiguity contained therein or in any supplemental indenture or correct or supplement any provision therein or in any supplemental indenture which may be defective or inconsistent with any other provision therein or in any supplemental indenture; or the Company may make other changes to the provisions thereof or of any supplemental indenture or add new provisions thereto or to any supplemental indenture or eliminate provisions therefrom or from any supplemental indenture, provided that the same does not adversely affect the interests of the Holders of any of the bonds then Outstanding in any material respect; or the Company may (in lieu of establishment by Resolution as provided in Section 8 of the Mortgage) establish the terms and provisions of any series of bonds other than the First Series; each by an instrument in writing executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to record in all of the states in which any property at the time subject to the lien of the Indenture shall be situated; and
WHEREAS, the Company now desires to create a new series of bonds (Bonds of the Forty-first Series (as defined below)) and (pursuant to the provisions of Section 120 of the Mortgage) to add to its covenants and agreements contained in the Mortgage certain other covenants and agreements to be observed by it and to alter and amend in certain respects the covenants and provisions contained in the Indenture; and

6

WHEREAS, the execution and delivery by the Company of this Thirty-eighth Supplemental Indenture, and the terms of the Bonds of the Forty-first Series, hereinafter referred to, have been duly authorized by the Board of Directors of the Company by appropriate Resolutions of said Board of Directors.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
That the Company, in consideration of the premises and of $1.00 to it duly paid by the Trustees at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in further evidence of assurance of the estate, title and rights of the Trustees and in order further to secure the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Indenture, according to their tenor and effect and the performance of all the provisions of the Indenture (including any modification made as in the Mortgage provided) and of said bonds, and to confirm the lien of the Mortgage, as heretofore supplemented, on certain after-acquired property, hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, pledges, sets over and confirms (subject, however, to Excepted Encumbrances as defined in Section 6 of the Mortgage, as heretofore supplemented) unto Beata Harvin, Co-Trustee, and (to the extent of its legal capacity to hold the same for the purposes hereof) to The Bank of New York Mellon, the Corporate Trustee, as Trustees under the Indenture, and to their successor or successors in said trust, and to said Trustees and their successors and assigns forever, all the following described properties of the Company located in the State of Montana, namely:

Stillwater County, MT

TOWNSHIP 1 NORTH-RANGE 18 EAST, MPM

Chafin Wind Substation Site (NWE E-01244-19)

Section 2:  A portion of the SE4 of said Section described as Parcel ‘A’ on Certificate of Survey No. 374804, filed in the records of the Stillwater County Clerk and Recorder under Document No. 374804

(Recording Reference:  Warranty Deed recorded on March 22, 2019 as Document No. 374805)

Cascade County, MT

TOWNSHIP 18 NORTH-RANGE 8 EAST, MPM

Southpeak Wind Substation (NWE E-01245-19)

Section 35:  Tract 1B of COS No. 422 located in the NW4 of Section 35, T. 18N-R. 8E, P.M. Montana, containing 2.70 acres, more or less.

(Recording Reference:  Warranty Deed with Access Easements recorded on April 23, 2019 as Document No. 179698)

7

TOWNSHIP 21 NORTH-RANGE 4 EAST, MPM

Great Falls City Gate #3 (NWE G-001241-18)

Section 6:  Tract 2 of Certificate of Survey No. S-0005157, a tract of land in the S2SE4SE4SE4 of Section 6, T 21N-R4E, MPM, Cascade County MT, filed May 23, 2018 in the records of Cascade County, MT.

(Recording Reference:  Warranty Deed recorded June 7, 2018 as Document No. R0356127 WD)

Yellowstone County, MT

TOWNSHIP 1 NORTH-RANGE 26 EAST, MPM

Metra Substation Site (NWE E-01246-19)

Section 27:  Lot 2C of the Amended Plat of Yellowstone Exposition Subdivision Being Lot 2 of Yellowstone Exposition Subdivision, Lots 1 & 2 of Ellingson Subdivision, Lot 4B of Amended Hornung Subdivision, Tracts 1 & 2 of Certificate of Survey No. 105, Certificate of Survey No. 192, Abandoned Portions of Bench Boulevard and Unplatted Lands Situated in the SE4 and the SW4 of Section 27, Township 1 North, Range 26E, MPM Yellowstone County, Montana, according to the official plat on file with the Yellowstone County Clerk and Recorder’s office under Document No. 3852657

(Recording Reference:  Warranty Deed recorded on April 12, 2019 as Document No. 3880278)

TOWNSHIP 1 SOUTH-RANGE 26 EAST, MPM

Warren to Billings Expanded Valve & Pig Launch Station (NWE G-01242-18)

Section 2:  Tract 1 of Certificate of Survey No. 3700 being Certificate of Survey No 819 and Tract 2 of Certificate of Survey No. 1406 Amended, located in the SW4 of Section 2, Township 1 South, Range 26E, MPM, Yellowstone County, Montana recorded on November 2, 2018 in the records of the Clerk and Recorder of Yellowstone County, Montana, under Document No. 3867244, but excluding therefrom the property described as that irregular shaped tract of land described in Certificate of Survey No. 819, recorded in the records of the Clerk and Recorder of Yellowstone County, Montana under Document No. 624319.

(Recording Reference:  Warranty Deed recorded on November 5, 2018 as Document No. 3867478)

8

Sweet Grass County, MT

TOWNSHIP 1 SOUTH-RANGE 17 EAST, MPM

Reed Point City Gas Gate Station (NWE G-01243-18)

Section 34:  Parcel 1 of Certificate of Survey No. 158227, and being a portion of that tract of land described in Warranty Deed Book 76, Page 19 in the records of Sweet Grass County, Montana.

(Recording Reference:  Warranty Deed recorded on December 26, 2018 in Book 93D, Page 34)

Missoula County, MT

TOWNSHIP 12 NORTH-RANGE 20 WEST, MPM

Hillview Heights Substation Access (NWE E-01240-18)

Section 13:  Lot 1 of Linda Vista Seventeenth Supplement, a platted subdivision in Missoula County, Montana, according to the official recorded plat thereof.

(Recording Reference:  Warranty Deed recorded on March 30, 2018 as Document No. 201804942)

Chouteau County, MT

TOWNSHIP 24 NORTH-RANGE 8 EAST, MPM

Fort Benton Shop Expansion (B-00629)

Section 23:  Lot 12A of the Amended Subdivision Plat of Lots 9,10,11 and 12, Block 2, Original Townsite of Fort Benton, SE4, Deed Reference : Plat 105F)

(Recording Reference:  Quitclaim Deed recorded on October 25, 2017 as Document No. 473219

Together with all other property, real, personal and mixed, of the kind or nature specifically mentioned in the Mortgage, as heretofore supplemented, or of any other kind or nature (whether or not located in the State of Montana), acquired by the Company after the date of the execution and delivery of the Mortgage, as heretofore supplemented (except any herein or in the Mortgage, as heretofore supplemented, expressly excepted), now owned or, subject to the provisions of subsection (I) of Section 87 of the Mortgage, as heretofore supplemented, hereafter acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) and wheresoever situated, including (without in anywise limiting or impairing by the enumeration of the same the scope and intent of the foregoing, or of any general description contained in the Indenture) all lands, power sites, flowage rights, water rights, water locations, water appropriations, ditches, flumes, reservoirs, reservoir sites, canals, raceways, dams, dam sites, aqueducts and all other rights or means for appropriating, conveying, storing 

9

and supplying water; all rights of way and roads; all plants for the generation of electricity by steam, water and/or other power; all powerhouses, gas plants, street lighting systems, standards and other equipment incidental thereto, telephone, radio and television systems, air-conditioning systems and equipment incidental thereto, water works, water systems, steam heat and hot water plants, substations, lines, service and supply systems, bridges, culverts, tracks, ice or refrigeration plants and equipment, offices, buildings and other structures and the equipment thereof, all machinery, engines, boilers, dynamos, electric, gas and other machines, regulators, meters, transformers, generators, motors, electrical, gas and mechanical appliances, conduits, cables, water, steam heat, gas or other pipes, gas mains and pipes, service pipes, fittings, valves and connections, pole and transmission lines, wires, cables, tools, implements, apparatus, furniture and chattels; all franchises, consents or permits, all lines for the transmission and distribution of electric current, gas, steam heat or water for any purpose including towers, poles, wires, cables, pipes, conduits, ducts and all apparatus for use in connection therewith; all real estate, lands, easements, servitudes, licenses, permits, franchises, privileges, rights of way and other rights in or relating to real estate or the occupancy of the same and (except as herein or in the Mortgage, as heretofore supplemented, expressly excepted) all the right, title and interest of the Company in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property hereinbefore or in the Mortgage, as heretofore supplemented, described.

TOGETHER with all and singular the tenements, hereditaments, prescriptions, servitudes and appurtenances belonging or in anywise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 57 of the Mortgage) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as 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.
IT IS HEREBY AGREED by the Company that, subject to the provisions of subsection (I) of Section 87 of the Mortgage, as heretofore supplemented, all the property, rights and franchises acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the date hereof, except any herein or in the Mortgage, as heretofore supplemented, expressly excepted, shall be and are as fully granted and conveyed hereby and as fully embraced within the lien hereof and the lien of the Mortgage, as heretofore supplemented, as if such property, rights and franchises were now owned by the Company and were specifically described herein and conveyed hereby.
PROVIDED that the following are not and are not intended to be now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, hypothecated, affected, pledged, set over or confirmed hereunder and are hereby expressly excepted from the lien and operation of the Mortgage, as supplemented, viz:  (1) cash, shares of stock, bonds, notes and other obligations and other securities not specifically pledged, paid, deposited, delivered or held under the Mortgage, as supplemented, or covenanted so to be; (2) merchandise, equipment, apparatus, materials or supplies held for the purpose of sale or other disposition in the usual course of business; fuel, oil and similar materials and supplies consumable in the operation of any of the properties of the Company; all aircraft, tractors, rolling stock, trolley coaches, buses, motor coaches, automobiles, motor trucks, and other vehicles and materials and supplies held for 

10

the purpose of repairing or replacing (in whole or part) any of the same; (3) bills, notes and accounts receivable, judgments, demands and choses in action, and all contracts, leases and operating agreements not specifically pledged under the Mortgage, as supplemented, or covenanted so to be; the Company’s contractual rights or other interest in or with respect to tires not owned by the Company; (4) the last day of the term of any lease or leasehold which may be or become subject to the lien of the Mortgage, as supplemented; (5) electric energy, gas, steam, water, ice, and other materials or products generated, manufactured, produced, purchased or acquired by the Company for sale, distribution or use in the ordinary course of its business; all timber, minerals, mineral rights and royalties and all Gas and Oil Production Property, as defined in Section 4 of the Mortgage, as supplemented; (6) the Company’s franchise to be a corporation; and (7) any property heretofore released pursuant to any provisions of the Indenture and not heretofore disposed of by the Company-New Jersey, the Company-Montana, NorthWestern Energy or the Company; provided, however, that the property and rights expressly excepted from the lien and operation of the Mortgage, as supplemented, in the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the event and as of the date that either or both of the Trustees or a receiver or trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XIII of the Mortgage by reason of the occurrence of a Default as defined in Section 65 thereof.
TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed by the Company as aforesaid, or intended so to be, unto the Co-Trustee and (to the extent of its legal capacity to hold the same for the purposes hereto) unto the Corporate Trustee, as Trustees, and their successors and assigns forever.
IN TRUST NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth in the Mortgage, as supplemented, this Thirty-eighth Supplemental Indenture being supplemental thereto.
AND IT IS HEREBY COVENANTED by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage, as supplemented, shall affect and apply to the property hereinbefore described and conveyed and to the estate, rights, obligations and duties of the Company and the Trustees and the beneficiaries of the trust with respect to said property, and to the Trustees and their successors as Trustees of said property in the same manner and with the same effect as if the said property had been owned by the Company-New Jersey at the time of the execution of the Mortgage, and had been specifically and at length described in and conveyed to the Trustees, by the Mortgage as a part of the property therein stated to be conveyed.
SUBJECT NEVERTHELESS, to the limitation permitted by subsection (I) of Section 87 of the Mortgage, as supplemented, namely, that notwithstanding the foregoing, the Mortgage, as supplemented, shall not become or be or be required to become or be a lien upon any of the properties or franchises owned by the Company on the Transfer Date or thereafter acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) except (a) those acquired by it from NorthWestern Energy, and improvements, extensions and additions thereto and renewals and replacements thereof, (b) the property made 

11

and used by the Company as the basis under any of the provisions of the Indenture for the authentication and delivery of additional bonds or the withdrawal of cash or the release of property or a credit under Section 39 or Section 40 of the Indenture, and (c) such franchises, repairs and additional property as may be acquired, made or constructed by the Company (1) to maintain, renew and preserve the franchises covered by the Indenture, or (2) to maintain the property mortgaged and intended to be mortgaged under the Indenture as an operating system or systems in good repair, working order and condition, or (3) in rebuilding or renewal of property, subject to the Lien under the Indenture, damaged or destroyed, or (4) in replacement of or substitution for machinery, apparatus, equipment, frames, towers, poles, wire, pipe, tools, implements and furniture, subject to the Lien thereunder, which shall have become old, inadequate, obsolete, worn out, unfit, unadapted, unserviceable, undesirable or unnecessary for use in the operation of the property mortgaged and intended to be mortgaged thereunder; provided, however, that said limitation permitted by subsection (I) of Section 87 of the Mortgage, as supplemented, shall not apply to the Colstrip Property (as defined in the Twenty-ninth Supplemental Indenture), which pursuant to the Twenty-ninth Supplemental Indenture was expressly made subject to the Lien of the Mortgage, as supplemented, and constitutes Mortgaged and Pledged Property.
The Company further covenants and agrees to and with the Trustees and their successors in said trust under the Indenture, as follows:
ARTICLE I
Forty-first Series of Bonds
Section 1.01.    General Terms of Bonds to be Issued.
(a)    There is hereby created a series of bonds designated: “3.98% Series due 2049” (herein sometimes referred to as the “Forty-first Series”; and the bonds of such Forty-first Series are sometimes hereinafter referred to as the “Bonds of the Forty-first Series”), each of which shall bear the descriptive title “First Mortgage Bond.” Bonds of the Forty-first Series shall mature on June 26, 2049 and shall be issued as fully registered bonds in denominations of $1,000 and in integral multiples thereof; they shall bear interest at the rate of 3.98% per annum, payable in arrears, the first interest payment to be made on December 26, 2019, and shall be for the period from the date of first authentication of the Bonds of the Forty-first Series through December 25, 2019, with subsequent interest payments payable semiannually on December 26 and June 26 of each year (each such payment date, an “Interest Payment Date”) until the principal of the Bonds of the Forty-first Series is paid or made available for payment; the principal of and interest on each Bond of the Forty-first Series to be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts.  The Bonds of the Forty-first Series shall be dated as in Section 10 of the Mortgage provided.
The Bonds of the Forty-first Series shall be issued substantially in the form of Exhibit A hereto.

12

At the option of the Holder, any Bonds of the Forty-first Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, shall be exchangeable for a like aggregate principal amount of bonds of the same series of other authorized denominations.
The Bonds of the Forty-first Series shall be transferable upon the surrender thereof for cancellation, together with a written instrument of transfer in form approved by the Registrar, duly executed by the registered owner or by his duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York.
Upon any exchange or transfer of Bonds of the Forty-first Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge, as provided in Section 12 of the Mortgage, but the Company hereby waives any right to make a charge in addition thereto for any exchange or transfer of Bonds of the Forty-first Series.
(b)    Upon the delivery of this Thirty-eighth Supplemental Indenture, Bonds of the Forty-first Series in the aggregate principal amount of $50,000,000 are to be issued and delivered, pursuant to Article V of the Mortgage, forthwith and will be Outstanding in addition to $55,000,000 aggregate principal amount of Bonds of the Thirtieth Series Outstanding, $161,000,000 aggregate principal amount of Bonds of the Thirty-first Series Outstanding, $60,000,000 aggregate principal amount of Bonds of the Thirty-second Series Outstanding, $40,000,000 aggregate principal amount of Bonds of the Thirty-third Series Outstanding, $35,000,000 aggregate principal amount of Bonds of the Thirty-fourth Series Outstanding, $15,000,000 aggregate principal amount of Bonds of the Thirty-fifth Series Outstanding, $450,000,000 aggregate principal amount of Bonds of the Thirty-sixth Series Outstanding, $75,000,000 aggregate principal amount of Bonds of the Thirty-seventh Series Outstanding, $125,000,000 aggregate principal amount of Bonds of the Thirty-eighth Series Outstanding, $144,660,000 aggregate principal amount of Bonds of the Thirty-ninth Series Outstanding, and $250,000,000 aggregate principal amount of Bonds of the Fortieth Series Outstanding at the date of delivery of this Thirty-eighth Supplemental Indenture.
Section 1.02.    Redemption.
(a)    Except upon the occurrence of a Default as in the Indenture provided, the Bonds will not be subject to any mandatory redemption, sinking fund or other obligation of the Company to amortize, redeem or retire the Bonds prior to maturity and, in any case, the Bonds shall not be redeemable prior to maturity at the option of any Holder of Bonds. 
(b)(i)    Bonds shall be redeemable, however, at the option of the Company subject to the requirements of the Indenture in whole or in part at any time and from time to time, prior to maturity, upon notice to the Holders of such Bonds at his, her or its address last appearing in the Bond Register by first class mail, mailed not less than 30 days but not more than 60 days prior to the date on which such Bonds are fixed to be redeemed (such date fixed for redemption, the “Redemption Date”), in cash at a redemption price (the “Redemption Price”) equal to (i) the sum of: (A) one hundred per centum (100%) of the principal amount of Bonds to be redeemed then Outstanding, and (B) if, with respect to the Bonds of the Forty-first Series the Redemption Date is earlier than December 26, 2048, the Make-Whole Amount, if any; plus (ii) accrued and unpaid 

13

interest to the Redemption Date.  In the case of each partial redemption of the Bonds of the Forty-first Series pursuant to this Section 1.02(b)(i), the principal amount of the Bonds of the Forty-first Series to be redeemed shall be allocated by the Company among all of the Bonds of the Forty-first Series at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for redemption. Any notice of intention to redeem need not specify the Redemption Price but shall be sufficient if it sets forth in brief terms the manner in which the Redemption Price is to be calculated.  Each such notice of intention to redeem shall specify the Redemption Date (which shall be a Business Day), the aggregate principal amount of the Bonds of the Forty-first Series to be redeemed on such date, the principal amount of each Bond held by such Holder to be redeemed, and the interest to be paid on the Redemption Date with respect to such principal amount being redeemed, and shall be accompanied by a certificate of an officer of the Company as to the estimated Make-Whole Amount, if any, due in connection with such redemption (calculated as if the date of such notice were the Redemption Date), setting forth the details of such computation.  Two Business Days prior to the Redemption Date, the Company shall deliver to each Holder of such Bonds, with a copy to the Corporate Trustee, a certificate of an officer specifying the calculation of such Make-Whole Amount, if any, as of the specified Redemption Date.
(ii)    The Company shall not be required to make transfers or exchanges of Bonds for a period of ten (10) days next preceding any Interest Payment Date, or next preceding any designation of Bonds to be redeemed.  The Company shall not be required to make transfers or exchanges of any Bonds designated in whole or in part for redemption. Unless the Company defaults in payment of the Redemption Price, on or after the Redemption Date interest will cease to accrue on the Bonds or portions thereof called for redemption.    
(c)    For purposes of this Section 1.02:
The term “Make-Whole Amount” means, with respect to any Bond, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Bond over the amount of such Called Principal; provided that the Make-Whole Amount may in no event be less than zero.  For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:
“Called Principal” means, with respect to any Bond, the principal of such Bond that is to be prepaid pursuant to Section 1.02(b)(i).
“Discounted Value” means, with respect to the Called Principal of any Bond, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on such Bond is payable) equal to the Reinvestment Yield with respect to such Called Principal.
“Reinvestment Yield” means, with respect to the Called Principal of any Bond, .50% (50 basis points) over the yield to maturity implied by (i) the yields reported as of 

14

10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on the run U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  In the case of each determination under clause (i) or clause (ii), as the case may be, of the preceding sentence, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the applicable U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the applicable U.S. Treasury security with the maturity closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Bond.
“Remaining Average Life” means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (a) such Called Principal into (b) the sum of the products obtained by multiplying (i) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (ii) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.
“Remaining Scheduled Payments” means, with respect to the Called Principal of any Bond, all payments of such Called Principal and interest thereon that would be due after the Settlement Date until June 26, 2049 with respect to the Bonds of the Forty-first Series with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date; provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of such Bond, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 1.02(b)(i).
“Settlement Date” means, with respect to the Called Principal of any Bond, the date on which such Called Principal is to be prepaid pursuant to Section 1.02(b)(i).

The Corporate Trustee shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in acting upon the calculation by the Company of any Redemption Price of the Bonds.

15

Section 1.03.    Interest.
The Bonds of the Forty-first Series shall bear interest for each Interest Period (as hereinafter defined) at a rate per annum of 3.98%.
The period commencing on an Interest Payment Date and ending on the day next preceding the next succeeding Interest Payment Date shall be an “Interest Period”; provided that the first Interest Period shall begin on the date of the first authentication of the Bonds and extend through December 25, 2019, the day preceding the first Interest Payment Date.
Interest payments for the Bonds will be computed on the basis of a 360-day year consisting of twelve 30-day months. If (x) an Interest Payment Date falls on a day that is not a Business Day, subject to clause (y) such Interest Payment Date will be the immediately succeeding Business Day with the same force and effect as if made on the original Interest Payment Date, and no interest shall accrue for the period from and after such original Interest Payment Date, and (y) any payment of principal of or Make-Whole Amount on any Bond (including principal due on the Redemption Date or Stated Maturity of such Bond) and the accrued interest thereon that is due on a date that is not a Business Day shall be made on the next succeeding Business Day with the same force and effect as if made on the scheduled due date, except that in calculating the accrued interest due on such next succeeding Business Day the additional days elapsed shall be included. All dollar amounts resulting from such calculation will be rounded, if necessary, to the nearest cent with one-half cent rounded upward.
Interest on any Bond which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Bond (or one or more Predecessor Bonds) is registered at the close of business on the Record Date for such interest; provided, however, that interest payable at maturity (whether the stated maturity or maturity resulting from declaration of acceleration, call for redemption or otherwise) shall be payable to the Person to whom the principal of such Bond shall be payable.
ARTICLE II
Definitions
The following terms shall have the meanings provided herein for all purposes of this Supplemental Indenture, unless the context clearly requires otherwise (such meanings to be equally applicable to both the singular and plural forms of the terms defined):
“Bond Purchase Agreement” means that certain Bond Purchase Agreement dated June 26, 2019 between the Company and the Purchasers of the Bonds listed in Schedule A thereto. 
“Business Day” means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law or executive order to close in The City of New York.
“Holder” means a Person in whose name a Bond is registered.
    

16

“Person” means an individual, partnership, corporation, limited liability company, unincorporated organization, association, joint-stock company, trust, joint venture, government, or any agency or political subdivision thereof or any other entity.
“Predecessor Bond” of any particular Bond means every previous Bond evidencing all or a portion of the same debt as that evidenced by such particular Bond; and, for the purposes of this definition, any Bond authenticated and delivered under Section 2 of the Indenture in exchange for or in lieu of a mutilated, destroyed, lost or stolen Bond shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Bond.
“Record Date” means, with respect to any Interest Payment Date, the December 11 or June 11 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
“Registrar” means the Person appointed by the Company to maintain the Bond register, in which register, subject to such reasonable regulations as the Company may prescribe, the Company shall provide for the registration of Bonds and for the exchange and transfer of Bonds.
“Stated Maturity” when used with respect to any obligation or any installment of principal thereof or interest thereon, means the date on which the principal of such obligation or such installment of principal (whether as a result of scheduled amortization or otherwise) or interest is due and payable (without regard to any provisions for redemption, prepayment, acceleration, purchase or extension).
ARTICLE III
Reservation of Right to Make Amendments
Section 3.01    The Company reserves the right, without any consent or other action by the Holders of Bonds of the Forty-first Series, or bonds of any subsequent series, to make such amendments to the Mortgage (as supplemented) as shall be necessary in order to cause there to be excluded from the Mortgaged and Pledged Property and the Lien of the Mortgage (as supplemented) at all times, including, without limitation, in the event and following the date that either or both of the Trustees or a receiver or trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XIII of the Mortgage (as supplemented) by reason of the occurrence of a Default as defined in Section 65 thereof, all of the Company’s right, title and interest, whenever arising or acquired, in, to and under all accounts (as defined in the Uniform Commercial Code as in effect from time to time in the State of New York), all accounts receivable, all payments for goods sold or leased or for services rendered (whether or not they have been earned by performance), all rights in any merchandise or goods which any of the foregoing may represent, all rights, title, security and guaranties with respect to any or all of the foregoing, and all proceeds (as defined in the Uniform Commercial Code as in effect from time to time in the State of New York) of, and all collections from or with respect to, any or all of the foregoing.

17

ARTICLE IV
Amendments to Mortgage 
Section 4.01.    So long as any of the Bonds of the Forty-first Series remain Outstanding, Section 7 of the Mortgage is amended by adding at the end thereof the following additional paragraphs:
If any bonds Outstanding at the date of a Net Earning Certificate (except any for the refunding of which the bonds applied for are to be issued) or any bonds then applied for in pending applications (including the application in connection with which such Net Earning Certificate is made) bear or are to bear interest at a variable rate or variable rates such that the interest requirements with respect to such bonds for any twelve (12) month period prior to the stated maturity date of such bonds are not determinable at the date of such Net Earning Certificate (any such bonds being referred to as “Variable Rate Bonds”), then (in lieu of setting forth the Annual Interest Requirements (as otherwise prescribed by this Section 7), such Net Earning Certificate shall (A) set forth (i) the sum of the amounts required by clauses (i) through (iv) of paragraph (B) of this Section 7 (in the case of such clauses (i) and (ii), excluding the interest requirements in respect of the Variable Rate Bonds) (the sum of such amounts being referred to herein and to be referred to in such Net Earning Certificate as the “Fixed Rate Interest Amount”), and (ii) the amount (referred to herein and to be referred to in such Net Earning Certificate as the “Maximum Permitted Variable Rate Interest Amount”) by which (x) one-half of the Adjusted Net Earnings of the Company set forth in such Net Earning Certificate, exceeds (y) the Fixed Rate Interest Amount set forth in such Net Earning Certificate, and (ii) if such Net Earning Certificate is accompanied by a certificate of an independent (as hereinafter defined) investment banking firm, signed by a managing director or officer thereof, to the effect that, based upon historical fluctuations in the indices upon which the variable rate or variable rates borne by the Variable Rate Bonds are based, and taking into account the margins to be added to or subtracted from such indices and/or any other adjustments to be made in determining such variable rate or variable rates and prevailing and projected conditions in the markets influencing such indices, such independent (as hereinafter defined) investment banking firm believes (or is of the view), as of the date of such certificate, that the aggregate amount of interest to be payable on all of the Variable Rate Bonds during any period of twelve (12) months prior to the stated maturity date last to occur of any of the Variable Rate Bonds will not exceed the Maximum Permitted Variable Rate Interest Amount (as calculated by the Company in such Net Earning Certificate without any responsibility on the part of such independent (as hereinafter defined) investment banking firm for the calculation thereof), such Net Earning Certificate shall be deemed for all purposes of the Mortgage (including, without limitation, Sections 26, 28 and 29 of the Mortgage) to show Adjusted Net Earnings of the Company to be as required by Section 27 of the Mortgage. As used in this Section 7, “independent” means, with respect to an investment banking firm that provides a certificate pursuant to this Section 7, that: (i) such 

18

investment banking firm is competent to provide such certificate (and such investment banking firm shall be conclusively presumed to be competent to provide such certificate if such investment banking firm is an investment banking firm of nationally recognized standing and engages in interest rate swap transactions in the ordinary course of its business); (ii) such investment banking firm does not have any direct or indirect investment in the Company or in any bonds that, as of the date of such certificate, are Outstanding or the subject of a pending application for authentication and delivery under the Mortgage (including, without limitation, any bonds that are subject of the Net Earning Certificate to which such certificate relates) or in any affiliate of the Company (other than de minimus amounts of loans or securities of the Company or affiliates of the Company held in its or its affiliates’ accounts and any investment in, or ownership of, additional securities or loans of the Company or affiliates of the Company resulting from its market making activities in the ordinary course of its business); (iii) such investment banking firm is not, and none of its officers or directors is, an affiliate of the Company; and (iv) such investment banking firm is not acting as an underwriter with respect to any bonds that are the subject of the Net Earning Certificate to which such certificate relates or as an arranger or provider of the loans, extensions of credit or other securities (if any) for which such bonds are collateral security.
If the Company is a successor corporation (within the meaning of Section 86 of this Indenture), the “Adjusted Net Earnings of the Company” as set forth in each Net Earning Certificate shall be calculated as described in the last two sentences of Section 86 of this Indenture.
Section 4.02.    So long as any of the Bonds of the Forty-first Series remain Outstanding, Section 27 of the Mortgage is amended by adding at the end thereof the following additional sentence:
As described in the penultimate paragraph of Section 7 hereof, and subject to the conditions therein specified, a Net Earning Certificate shall be deemed to show Adjusted Net Earnings of the Company to be as required by this Section 27 (without any necessity for such Net Earning Certificate to specify Annual Interest Requirements).
Section 4.03.    So long as any of the Bonds of the Forty-first Series are Outstanding, Section 86 of the Mortgage is amended by adding at the end thereof the following additional sentences:
For the avoidance of any doubt, it is expressly stated that in the event that a successor corporation (having succeeded to and having been substituted for the Company in accordance with this Section 86) shall exercise any right under this Indenture (whether as to the issuance of additional bonds (including, without limitation, the Bonds of the Forty-first Series), the withdrawal of cash, the release of property, the taking of credit under Section 39 or Section 40 hereof, or otherwise) and a Net Earning Certificate shall be required by the terms of this

19

Indenture in connection therewith, the “Adjusted Net Earnings of the Company” shall be, and shall be stated in such Net Earning Certificate to be, the lesser of (A) the amount (for the applicable period selected in accordance with paragraph (A) of Section 7 of this Indenture) determined in accordance with paragraph (A) of Section 7 of this Indenture (and the other provisions of such Section 7 that are relevant to such paragraph) on the basis of (i) the items set forth in clauses (1), (2), (4) and (6) of paragraph (A) of such Section 7 being such portions of such items of such successor corporation as are reasonably allocated by such successor corporation to or from the Mortgaged and Pledged Property as a plant or plants and an operating system or operating systems (and if, on the date of a Net Earning Certificate, such successor corporation shall be a party to any other general or first mortgage indenture and deed of trust relating to property other than the Mortgaged and Pledged Property and the lien of such other mortgage indenture and deed of trust shall not have been discharged, such reasonable allocation shall be in a manner consistent with the manner of allocation utilized and/or to be utilized by such successor corporation in making calculations of the “Adjusted Net Earnings of the Company” (or other comparable term) under and as defined in such other mortgage indenture and deed of trust), (ii) the item set forth in clause (8) of paragraph (A) of such Section 7 being calculated without regard to income (net) derived from any electric and/or gas utility business of the successor corporation in which the Mortgaged and Pledged Property is not utilized (but otherwise in accordance with such Section 7), and (iii) the item set forth in clause (10) of paragraph (A) of such Section 7 being calculated without regard to sub-clause (b) of such clause and without regard to the proviso to such clause (but otherwise in accordance with such clause), and (B) the amount (for the applicable period selected in accordance with paragraph (A) of Section 7 of this Indenture) determined in accordance with paragraph (A) of Section 7 of this Indenture (and the other provisions of such Section 7 that are relevant to such paragraph) (without any allocation or distinction as to the derivation of the items set forth in any of the clauses of paragraph (A) of such Section 7, other than allocation or distinction between (i) the electric and/or gas utility business or businesses in which such successor corporation is engaged (whether or not the Mortgaged and Pledged Property is utilized in connection therewith), and (ii) the other business or businesses in which such successor corporation is engaged (with such other business or businesses being given effect under the items set forth in clauses (8) and (10) of paragraph (A) of such Section 7)). Each such Net Earning Certificate shall contain a statement of the signers of such Net Earning Certificate that, in the opinion of such signers, the allocations made in the calculations of “Adjusted Net Earnings of the Company” as set forth in such Net Earning Certificate are in accordance with the requirements of the preceding sentence of this Section 86.
Section 4.04    For so long as any Bonds of the Forty-first Series are Outstanding, the Company shall not subject, or permit to be subjected, any Mortgaged and Pledged Property under the Mortgage to the lien of the Company’s General Mortgage Indenture and Deed of Trust dated as of August 1, 1993, as amended and supplemented.

20

ARTICLE V
Home Office Payment

So long as any Purchaser (as such term is defined in the Bond Purchase Agreement) or its nominee shall be the Holder of any Bond, and notwithstanding anything contained in the Indenture or in such Bond to the contrary, the Company will pay all sums becoming due on such Bond for principal or premium, if any, and interest by the method and at the address specified for such purpose below such Holder’s name in Schedule A to the Bond Purchase Agreement, as certified to the Corporate Trustee by the Company, or by such other method or at such other address as such Holder shall have from time to time specified to the Company and the Corporate Trustee in writing for such purpose, without the presentation or surrender of such Bond unless such Bond is to be paid or redeemed in full, in which case, as a condition to such payment, such Bond shall be presented and surrendered at the place of payment most recently designated by the Company pursuant to Section 13 of the Indenture.  Prior to any sale or other disposition of any Bond held by any such Holder, such Holder, by its acceptance of a Bond, agrees that it will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Bond to the Corporate Trustee in exchange for a new Bond or Bonds of the same series in a principal amount giving effect to such payments of principal and interest pursuant to Section 13 of the Indenture, and in either case shall promptly notify the Company and the  Corporate Trustee of the name and address of the transferee of any such Bond so sold or disposed of.  The Company will afford the benefits of this Article V to any Institutional Investor (as such term is defined in the Bond Purchase Agreement) that is the direct or indirect transferee of any Bond purchased by any such Purchaser or its nominee and that has made the same agreement relating to such Bond as is contemplated by this Article V. 

ARTICLE VI

Miscellaneous Provisions

Section 6.01. Subject to the amendments provided for in this Thirty-eighth Supplemental Indenture, the terms defined in the Mortgage, as heretofore supplemented, shall, for all purposes of this Thirty-eighth Supplemental Indenture, have the meanings specified in the Mortgage, as heretofore supplemented.
Section 6.02. The Trustees hereby accept the trusts herein declared, provided, created or supplemented and agree to perform the same upon the terms and conditions herein and in the Mortgage, as heretofore supplemented, set forth and upon the following terms and conditions:
The Trustees shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Thirty-eighth 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 XVII of the Mortgage shall apply to and form part of this Thirty-eighth 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 Thirty-eighth Supplemental Indenture.

21

Section 6.03. Whenever in this Thirty-eighth Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles XVI and XVII of the Mortgage, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Thirty-eighth Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustees shall, subject as aforesaid, bind and inure to the respective benefit of the respective successors and assigns of such parties, whether so expressed or not.
Section 6.04. Nothing in this Thirty-eighth 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 Thirty-eighth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Thirty-eighth Supplemental Indenture contained by or 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 coupons Outstanding under the Indenture.
Section 6.05. This Thirty-eighth Supplemental Indenture shall be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.
Section 6.06. All notices and communications from a Holder to the Trustees provided for hereunder shall be in writing and sent to the Corporate Trustee (a) by telecopy if the sender on the same day sends to the Corporate Trustee a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid). Any such notice must be sent to the Corporate Trustee at 240 Greenwich Street, 7E, New York, New York, 10286; Attention: Corporate Trust Division - Corporate Finance Unit or at such other address as the Corporate Trustee shall have specified to the Company in writing. Notices under this Section 6.06 will be deemed given only when actually received.

22

IN WITNESS WHEREOF, NORTHWESTERN CORPORATION has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents, and its seal to be attested by its Corporate Secretary or one of its Assistant Corporate Secretaries for and in its behalf, and THE BANK OF NEW YORK MELLON, in token of its acceptance of the trust hereby created, has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents or one of its Assistant Vice Presidents, and its corporate seal to be attested by one of its Assistant Vice Presidents, Assistant Secretaries or Assistant Treasurers, and BEATA HARVIN, for all like purposes, has hereunto set his hand and affixed his seal, as of the day and year first above written.

NORTHWESTERN CORPORATION

By:     /s/ Crystal D. Lail                                     
Crystal D. Lail
Vice President and Controller
[SEAL]
Attest:
/s/ Timothy P. Olson                  
Timothy P. Olson
Senior Corporate Counsel and Corporate Secretary
Executed, sealed and delivered by
NORTHWESTERN CORPORATION 
in the presence of:

/s/ Emilie Ng                  

/s/ Daniel Rausch                  

[Signature Page to the Thirty-eighth Supplemental Indenture]

STATE OF SOUTH DAKOTA    )
) ss.
COUNTY OF MINNEHAHA    )
This instrument was acknowledged before me on this 20th day of June, 2019, by Crystal D. Lail, Vice President and Controller, of NORTHWESTERN CORPORATION, a Delaware corporation.

/s/ Nancy Thompson                  

Notary Public

[SEAL]

[Acknowledgment to the Thirty-eighth Supplemental Indenture]

THE BANK OF NEW YORK MELLON,
   as Corporate Trustee

By: /s/ Francine Kincaid                  
Name:  Francine Kincaid
Title:    Vice President
[SEAL]
Attest:
/s/ Ignazio Tamburello                  
Name: Ignazio Tamburello
Title:   Vice PResident

Executed, sealed and delivered by
THE BANK OF NEW YORK MELLON
in the presence of:

/s/ Stacey Poindexter                  
Stacey Poindexter

/s/ Lisha John                              
Lisha John

[Signature Page to the Thirty-eighth Supplemental Indenture]

STATE OF NEW YORK    )
) ss.
COUNTY OF NEW YORK    )
This instrument was acknowledged before me on this 24th day of June, 2019, by Francine Kincaid, Vice President of THE BANK OF NEW YORK MELLON, a New York corporation.

/s/ Tamara L. Wolbers                  
Notary Public
[seal]

[Acknowledgment to the Thirty-eighth Supplemental Indenture]

/s/ Beata Harvin                                         [L.S.]

Beata Harvin, as Co-Trustee

Executed, sealed and delivered by
BEATA HARVIN in the presence of:

/s/ Dimple Gandhi                        

/s/ Anderson Pluviose                  

[Signature Page to the Thirty-eighth Supplemental Indenture]

STATE OF NEW YORK    )
) ss.
COUNTY OF NEW YORK    )
This instrument was acknowledged before me on this 21st day of June, 2019, by Beata Harvin, as Co-Trustee under the Mortgage and Deed of Trust dated as of October 1, 1945, with NorthWestern Corporation.

/s/ Tamara L. Wolbers                  
Notary Public
[seal]

EXHIBIT A
FORM OF BOND
(FACE OF BOND)
THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED OR PLEDGED UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF SUCH ACT OR AN EXEMPTION THEREFROM IS AVAILABLE, EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH AN EXEMPTION IS REQUIRED BY LAW.

NORTHWESTERN CORPORATION
FIRST MORTGAGE BOND, 3.98% SERIES DUE 2049

	
		
	No. TR-[_____]
	PPN: 668074 G@0
$_______________ 

	 
	 

NORTHWESTERN CORPORATION, a corporation organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), for value received, hereby promises to pay to ______________________ or its registered assigns, on June 26, 2049 at the office or agency of the Company in the Borough of Manhattan, The City of New York, $______________ dollars in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts, and to pay to the Holder hereof interest thereon from the date of first authentication of Bonds of the series herein designated, at the rate per annum of 3.98% (computed on the basis of a 360-day year of twelve 30-day months), in like coin or currency at such office or agency on December 26 and June 26 in each year, until the Company’s obligation with respect to the payment of such principal shall have been discharged; provided, however that, to the extent permitted by law, during the continuance of a Default, the interest rate shall be a rate per annum from time to time equal to the greater of (i) the Interest Rate plus 2% or (ii) 2% over the rate of interest publicly announced by The Bank of New York Mellon from time to time in New York, New York as its “base” or “prime” rate.
This Bond is issued by the Company pursuant to the Thirty-eighth Supplemental Indenture, dated as of June 1, 2019, between the Company and the Trustees (such supplemental indenture, the “Thirty-eighth Supplemental Indenture”). The terms of this Bond shall be those specified herein and pursuant to the Mortgage (as hereinafter defined), as heretofore amended and supplemented, including by the Thirty-eighth Supplemental Indenture.
The provisions of this Bond are continued on the reverse hereof and such continued provisions shall for all purposes have the same effect as though set fully forth at this place.

This Bond shall not become obligatory until The Bank of New York Mellon, the Corporate Trustee under the Mortgage, or its successor thereunder, shall have signed the form of authentication certificate endorsed hereon.
IN WITNESS WHEREOF, NORTHWESTERN CORPORATION has caused this instrument to be signed in its corporate name by its Chairman of the Board or its President or one of its Vice-Presidents by his signature or a facsimile thereof, and its corporate seal to be impressed or imprinted hereon and attested by its Secretary or one of its Assistant Secretaries by his/her signature or a facsimile thereof.
Dated: _____________________
NORTHWESTERN CORPORATION
    

By ____________________________
    

Attest: ____________________________
    

CORPORATE TRUSTEE’S AUTHENTICATION CERTIFICATE
This Bond is one of the Bonds, of the series herein designated, described or provided for in the within-mentioned Mortgage.

THE BANK OF NEW YORK MELLON, 
    as Corporate Trustee  
    

By ____________________________
      Authorized Signatory 

(REVERSE OF BOND)

General
This Bond is one of an issue of Bonds of the Company issuable in series and is one of a series known as its First Mortgage Bonds, 3.98% Series due 2049, all Bonds of all series issued and to be issued under and equally secured by (except in so far as any sinking or other fund, established in accordance with the provisions of the Mortgage hereinafter mentioned, may afford additional security for the Bonds of any particular series) a Mortgage and Deed of Trust (herein, together with any indenture supplemental thereto, called the “Mortgage”), dated as of October 1, 1945, executed by the Company to Guaranty Trust Company of New York (The Bank of New York Mellon, successor) and Arthur E. Burke (Beata Harvin, successor), as Trustees. Reference is made to the Mortgage for a description of the property mortgaged and pledged, the nature and extent of the security, the rights of the holders of the Bonds and of the Trustees in respect thereof, the duties and immunities of the Trustees and the terms and conditions upon which the Bonds are, and are to be, secured and the circumstances under which additional Bonds may be issued. With the consent of the Company and to the extent permitted by and as provided in the Mortgage, the rights and obligations of the Company and/or the rights of the holders of the Bonds and/or coupons and/or the terms and provisions of the Mortgage may be modified or altered by affirmative vote of the holders of at least 66 2/3% in principal amount of the Bonds then outstanding under the Mortgage and, if the rights of the holders of one or more, but less than all, series of Bonds then outstanding are to be affected, then also by affirmative vote of the holders of at least 66 2/3% in principal amount of the Bonds then outstanding of each series of Bonds so to be affected (excluding in any case Bonds disqualified from voting by reason of the Company’s interest therein as provided in the Mortgage); provided that, without the consent of the holder hereof, no such modification or alteration shall, among other things, impair or affect the right of the holder to receive payment of the principal of (and premium, if any) and interest on this Bond, on or after the respective due dates expressed herein, or permit the creation of any lien equal or prior to the lien of the Mortgage or deprive the holder of the benefit of a lien on the mortgaged and pledged property.
The principal hereof may be declared or may become due prior to the maturity date hereinbefore named on the conditions, in the manner and at the time set forth in the Mortgage, upon the occurrence of a Default as in the Mortgage provided.
This Bond is transferable as prescribed in the Mortgage by the Holder hereof in person, or by his duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York, upon surrender and cancellation of this Bond, and upon payment, if the Company shall require it, of the transfer charges provided for in the Thirty-eighth Supplemental Indenture, and, thereupon, a new fully registered Bond of the same series for a like principal amount will be issued to the transferee in exchange herefor as provided in the Mortgage; provided that, this Bond shall also be subject to the restrictions on transfer and exchange that appear above. The Company and the Trustees may deem and treat the person in whose name this Bond is registered as the absolute owner hereof for the purpose of receiving payment and for all other purposes and neither the Company nor the Trustees shall be affected by any notice to the contrary.

In the manner prescribed in the Mortgage, any Bonds of this series, upon surrender thereof, for cancellation, at the office or agency of the Company in the Borough of Manhattan, The City of New York, are exchangeable for a like aggregate principal amount of registered Bonds of the same series of other authorized denominations.
No recourse shall be had for the payment of the principal of or interest on this Bond against any incorporator or any past, present or future subscriber to the capital stock, stockholder, officer or director of the Company or of any predecessor or successor corporation, as such, either directly or through the Company or any predecessor or successor corporation, under any rule of law, statute or constitution or by the enforcement of any assessment or otherwise, all such liability of incorporators, subscribers, stockholders, officers and directors being released by the holder or owner hereof by the acceptance of this Bond and being likewise waived and released by the terms of the Mortgage.
Capitalized terms used in this Bond shall have the meanings ascribed to them in the Thirty-eighth Supplemental Indenture or in the Mortgage.
Interest
The Bonds shall bear interest for each Interest Period (as hereinafter defined) at a rate per annum of 3.98% (the “Interest Rate”), as set forth in Section 1.03 of the Thirty-eighth Supplemental Indenture.  
The period commencing on an Interest Payment Date and ending on the day preceding the next succeeding Interest Payment Date shall be an “Interest Period,” provided that the first Interest Period shall begin on the date of the first authentication of the Bonds and extend through December 25, 2019, the day preceding the first Interest Payment Date.  Interest on this Bond shall accrue from the date of the first authentication of the Bonds to the first Interest Payment Date and, thereafter, shall accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for.
Interest payments for the Bonds will be computed on the basis of a 360-day year consisting of twelve 30-day months. If (x) an Interest Payment Date falls on a day that is not a Business Day, subject to clause (y) such Interest Payment Date will be the immediately succeeding Business Day with the same force and effect as if made on the original Interest Payment Date, and no interest shall accrue for the period from and after such original Interest Payment Date, and (y) any payment of principal of or Make-Whole Amount on any Bond (including principal due on the Redemption Date or Stated Maturity of such Bond) and the accrued interest thereon that is due on a date that is not a Business Day shall be made on the next succeeding Business Day with the same force and effect as if made on the scheduled due date, except that in calculating the accrued interest due on such next succeeding Business Day the additional days elapsed shall be included. All dollar amounts resulting from such calculation will be rounded, if necessary, to the nearest cent with one-half cent rounded upward.
Interest on any Bond which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Bond (or one or more Predecessor Bonds) is registered at the close of business on the Record Date for such interest; 

provided, however, that interest payable at maturity (whether the stated maturity or maturity resulting from declaration of acceleration, call for redemption or otherwise) shall be payable to the Person to whom the principal of such Bond shall be payable.
Redemption
The Bonds shall be redeemable at the option of the Company in whole or in part at any time and from time to time, prior to maturity, upon notice to the Holders of such Bonds at his, her or its address last appearing in the Bond Register by first class mail, mailed not less than 30 days but not more than 60 days prior to the date on which such Bonds are fixed to be redeemed (such date fixed for redemption, the “Redemption Date”), in cash at a redemption price (the “Redemption Price”) equal to (i) the sum of: (A) one hundred per centum (100%) of the principal amount of Bonds to be redeemed then Outstanding, and (B) if the Redemption Date is earlier than December 26, 2048 the Make-Whole Amount, if any; plus (ii) accrued and unpaid interest to the Redemption Date. Any notice of intention to redeem need not specify the Redemption Price but shall be sufficient if it sets forth in brief terms the manner in which the Redemption Price is to be calculated.  Each such notice shall specify the Redemption Date (which shall be a Business Day), the aggregate principal amount of the Bonds to be redeemed on such date, the principal amount of each Bond held by such Holder to be redeemed, and the interest to be paid on the Redemption Date with respect to such principal amount being redeemed, and shall be accompanied by a certificate of an officer of the Company as to the estimated Make-Whole Amount, if any, due in connection with such redemption (calculated as if the date of such notice were the Redemption Date), setting forth the details of such computation.  Two Business Days prior to the Redemption Date, the Company shall deliver to each Holder of such Bonds a certificate of an officer specifying the calculation of such Make-Whole Amount, if any, as of the specified Redemption Date.
The term “Make-Whole Amount” means, with respect to any Bond, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Bond over the amount of such Called Principal; provided that the Make-Whole Amount may in no event be less than zero.  For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:
“Called Principal” means, with respect to any Bond, the principal of such Bond that is to be prepaid pursuant to Section 1.02(b)(i) of the Thirty-eighth Supplemental Indenture.
“Discounted Value” means, with respect to the Called Principal of any Bond, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on such Bond is payable) equal to the Reinvestment Yield with respect to such Called Principal.
“Reinvestment Yield” means, with respect to the Called Principal of any Bond, .50% (50 basis points) over the yield to maturity implied by (i) the yields reported as of 

10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on the run U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  In the case of each determination under clause (i) or clause (ii), as the case may be, of the preceding sentence, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the applicable U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the applicable U.S. Treasury security with the maturity closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Bond.
“Remaining Average Life” means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (a) such Called Principal into (b) the sum of the products obtained by multiplying (i) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (ii) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.
“Remaining Scheduled Payments” means, with respect to the Called Principal of any Bond, all payments of such Called Principal and interest thereon that would be due after the Settlement Date until June 26, 2049 with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date; provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of such Bond, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 1.02(b)(i).
“Settlement Date” means, with respect to the Called Principal of any Bond, the date on which such Called Principal is to be prepaid pursuant to Section 1.02(b)(i) of the Thirty-eighth Supplemental Indenture.

The Corporate Trustee shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in acting upon the calculation by the Company of any Redemption Price of the Bonds.

The Company shall not be required to make transfers or exchanges of Bonds for a period of ten (10) days next preceding any Interest Payment Date, or next preceding any designation of Bonds to be redeemed.  The Company shall not be required to make transfers or exchanges of any Bonds designated in whole or in part for redemption.

INSTRUMENT OF ASSIGNMENT AND TRANSFER

FOR VALUE-RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) unto
Identifying Number of Assignee _________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
(Please print or typewrite name and address, 
including zip code of Assignee)
the within Bond and all rights thereunder, hereby irrevocably constituting and appointing _____  attorney to transfer said Bond on the books of the Company, with full power of substitution in the premises.
Dated:  ____________________________
 
___________________________________
Name: 
		
	NOTICE:
	The signature to this assignment must correspond with the name as written upon the first page of the within instrument in every particular, without alteration or enlargement or any change whatsoever.

__________________________
Signature Guarantee
SIGNATURE GUARANTEE
Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.EX-4.3

 Exhibit 4.3 

DATED JULY 2, 2019 
  

 
 ISSUER

 MEDTRONIC GLOBAL HOLDINGS S.C.A. 

PAYING AGENT 

ELAVON FINANCIAL SERVICES DAC 

TRANSFER AGENT 
 U.S.
BANK NATIONAL ASSOCIATION 
 REGISTRAR 

U.S. BANK NATIONAL ASSOCIATION 

- AND - 

TRUSTEE 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

AGENCY AGREEMENT 

relating to certain Notes issued under 

a supplemental indenture dated July 2, 2019 

 CONTENTS 
  

							
	CLAUSE	 	 	  	PAGE	 
	 1.
	 	INTERPRETATION	  	 	2	 
			
	 2.
	 	APPOINTMENT OF THE REGISTRAR	  	 	2	 
			
	 3.
	 	APPOINTMENT OF THE TRANSFER AGENT	  	 	2	 
			
	 4.
	 	APPOINTMENT OF PAYING AGENT	  	 	2	 
			
	 5.
	 	[RESERVED]	  	 	3	 
			
	 6.
	 	[RESERVED]	  	 	3	 
			
	 7.
	 	PAYMENT	  	 	3	 
			
	 8.
	 	REPAYMENT	  	 	4	 
			
	 9.
	 	PREPAYMENT; NOTICE OF WITHHOLDING OR DEDUCTION	  	 	4	 
			
	 10.
	 	RECORDS	  	 	4	 
			
	 11.
	 	FEES AND EXPENSES	  	 	5	 
			
	 12.
	 	INDEMNITY	  	 	5	 
			
	 13.
	 	CONDITIONS OF APPOINTMENT	  	 	5	 
			
	 14.
	 	CHANGES IN PAYING AGENT OR REGISTRAR AND SPECIFIED OFFICES	  	 	7	 
			
	 15.
	 	NOTICES	  	 	9	 
			
	 16.
	 	COMMUNICATIONS	  	 	9	 
			
	 17.
	 	AMENDMENTS	  	 	10	 
			
	 18.
	 	TAXES	  	 	11	 
			
	 19.
	 	REGULATORY MATTERS	  	 	11	 
			
	 20.
	 	GOVERNING LAW AND JURISDICTION	  	 	12	 
			
	 21.
	 	COUNTERPARTS	  	 	13	 
			
	 APPENDIX 1
	 		  	 	19	 

  
 ii 

 THIS AGREEMENT is made on July 2, 2019. 

BETWEEN: 
  

	 	(1)	 MEDTRONIC GLOBAL HOLDINGS S.C.A. a partnership limited by shares (société en commandite par
actions) incorporated under the laws of the Grand Duchy of Luxembourg, with its registered office at 3b, Boulevard Prince Henri, L-1724 Luxembourg, Grand Duchy of Luxembourg and registered with the
Luxembourg Register of Commerce and Companies (Registre de Commerce et des Sociétés, Luxembourg) (“RCS”) under number B 191.129 (the “Issuer”), acting through its general partner, Medtronic
Global Holdings GP S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered
office at 3b, Boulevard Prince Henri, L-1724 Luxembourg, Grand Duchy of Luxembourg and registered with the RCS under number B 191.031; 

 

	 	(2)	 ELAVON FINANCIAL SERVICES DAC, a designated activity company registered in Ireland with the Companies
Registration Office, registered number 418442, with its registered office at, Building 8, Cherrywood Business Park, Loughlinstown, Co. Dublin, Ireland, as Paying Agent (the “Paying Agent” which expression shall include any successor
paying agent appointed in accordance with this Agreement); 

  

	 	(3)	 U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the United
States of America with its office for purposes of administration of the transactions contemplated by the Notes to be issued under the Indenture (each as defined below) at One Federal Street, 3rd
Floor, Boston, MA 02110, as Transfer Agent (the “Transfer Agent” which expression shall include any successor transfer agent appointed in accordance with this Agreement); 

 

	 	(4)	 U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the United
States of America with its office for purposes of administration of the transactions contemplated by the Notes to be issued under the Indenture (each as defined below) at One Federal Street, 3rd
Floor, Boston, MA 02110 as Registrar (the “Registrar” which expression shall include any successor registrar appointed in accordance with this Agreement); and 

 

	 	(5)	 WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association duly organized under the laws of the
United States of America with its office at 600 South 4th Street, 6th Floor, Minneapolis, Minnesota, as Trustee (the “Trustee”). 

WHEREAS: 
  

	 	(A)	 The Issuer has agreed to issue €750,000,000 aggregate principal amount of its 0.00% Senior Notes due 2022
(the “2022 Notes”), €1,000,000,000 aggregate principal amount of its 0.25% Senior Notes due 2025 (the “2025 Notes”), €1,000,000,000 aggregate principal amount of its 1.00% Senior Notes due 2031 (the
“2031 Notes”), €1,000,000,000 aggregate principal amount of its 1.50% Senior Notes due 2039 (the “2039 Notes”) and €1,000,000,000 aggregate principal amount of its 1.75% Senior Notes due 2049 (the
“2049 Notes”, and together with the 2022 Notes, the 2025 Notes, the 2031 Notes and the 2039 Notes, the “Notes”). 

  

	 	(B)	 The Notes are to be constituted by an Indenture dated as of March 28, 2017 (the “Base
Indenture”), among the Issuer, Medtronic, Inc. and Medtronic plc as guarantors (the “Guarantors”), and the Trustee, as supplemented by the Third Supplemental Indenture dated as of July 2, 2019 among the Issuer,
the Guarantors, the Trustee and the Paying Agent (the “Third Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), as set out in Appendix 1. 

  
 1 

	 	(C)	 The Issuer hereby appoints the Paying Agent, the Transfer Agent and the Registrar in accordance with the terms
of this Agreement and the Indenture. 

 IT IS AGREED: 

 

	1.	 INTERPRETATION 

 

	1.1	 Unless the context otherwise requires: 

 

	1.2	 References in this Agreement to the payment of principal or interest in respect of any Note shall be deemed to
include any additional amounts which may become payable in respect thereof pursuant to the Notes and the Indenture. 

  

	1.3	 All references in this Agreement to an agreement, instrument or other document (including this Agreement, the
Indenture and the Notes) shall be construed as a reference to that agreement, instrument or document as the same may be amended, modified, varied, supplemented or novated from time to time. 

 

	1.4	 Except as specifically set forth in this Agreement, this Agreement is for the exclusive benefit of the parties
to this Agreement and their respective permitted successors, and shall not be deemed to give, either expressly or implicitly, any legal or equitable right, remedy, or claim to any other entity or person whatsoever. 

 

	2.	 APPOINTMENT OF THE REGISTRAR

  

	2.1	 The Issuer hereby appoints the Registrar, and the Registrar hereby agrees to act at its specified office as
registrar in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture. 

 

	2.2	 On the date of this Agreement, the Registrar shall provide to the Paying Agent a complete and correct copy of
the register maintained by the Registrar in respect of the holders of Notes and the outstanding principal amount of Notes held by each holder of Notes. 

  

	2.3	 The Registrar shall from time to time provide to the Paying Agent a complete and correct copy of the register
of Notes maintained by it as soon as reasonably practicable following any transfer or exchange of any Notes, and promptly on request therefor by the Paying Agent. 

 

	2.4	 The Paying Agent shall be entitled to treat as conclusive the most recent copy of the register provided to it
by the Registrar in accordance with this Agreement. 

  

	3.	 APPOINTMENT OF THE TRANSFER AGENT

  

	3.1	 The Transfer Agent is hereby appointed as the agent of the Issuer, to act as Transfer Agent for the purposes
specified in this Agreement, the Indenture and the Notes, including, inter alia, completing, authenticating, holding and delivering Notes, upon the terms and subject to the conditions specified herein, the Indenture and in the Notes, and the
Transfer Agent hereby accepts such appointment. 

  

	4.	 APPOINTMENT OF PAYING AGENT

  

	4.1	 The Issuer hereby appoints the Paying Agent, and the Paying Agent hereby agrees, to act at its specified office
as paying agent in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture. 

  
 2 

	4.2	 The Paying Agent is appointed hereunder for the purposes of: 

(a) paying sums due on the Notes referred to in the Third Supplemental Indenture; and 

(b) otherwise fulfilling its duties and obligations as set out in this Agreement and the Indenture. 

 

	5.	 [RESERVED.] 

 

	6.	 [RESERVED.] 

 

	7.	 PAYMENT 

Subject always to the Indenture and, in particular, any restrictions on the Issuer following delivery of a notice of an Event of Default: 

 

	 	(a)	 The Issuer shall, not later than 11.00 am (London time) on each due date for the payment of principal
and/or interest and/or other amounts referred to in Articles 2 or 3 of the Third Supplemental Indenture in respect of the Notes, pay to an account specified by the Paying Agent such amount of Euros sufficient (together with any funds then held by
the Paying Agent and available for the purpose) to pay all principal and interest and/or other amounts referred to in Articles 2 or 3 of the Third Supplemental Indenture due in respect of the Notes on such date in immediately available funds;
provided that if any such date is not a Business Day such payment shall be made on the next succeeding date which is a Business Day. As used in this Agreement, “Business Day” shall have
the meaning as set forth in the Notes. 

  

	 	(b)	 The Issuer hereby authorises and directs the Paying Agent to make from funds so paid to the Paying Agent
payment of all amounts due on the Notes in accordance with the terms of the Notes, the Indenture and the provisions of this Agreement. If any payment provided for in clause 7(a) is made late but otherwise in accordance with the provisions of this
Agreement, the Paying Agent shall nevertheless make payments in respect of the Notes as aforesaid following receipt by the Paying Agent of such payment. 

  

	 	(c)	 The Paying Agent shall forthwith notify the Issuer and the Trustee if: (a) it has not, on the date on
which any payment is due to be made to the Paying Agent pursuant to clause 7(a), received the full amount payable in respect thereof on such date and (b) it receives unconditionally such full amount, together with accrued interest (if any),
after that date. Unless and until the full amount of any such principal or interest payment due to be made to the Paying Agent pursuant to clause 7(a) has been received by it, the Paying Agent will not be bound to make any payments in accordance
with clause 7(b). 

  

	 	(d)	 Without prejudice to clause 7(c), if the Paying Agent pays out on or after the due date therefor (other
than as a result of its own gross negligence or wilful misconduct) to persons entitled thereto, or becomes liable to pay out, any amounts on the assumption (which is not negated by reasonable evidence to the contrary) that the corresponding payment
due from the Issuer in accordance with clause 7(a) has been or will be made, the Issuer shall on demand reimburse the Paying Agent for the relevant amount, and pay interest to the Paying Agent on such amount from (and including) the date on which it
is paid out to (but excluding) the date of reimbursement at the rate per annum equal to the cost to the Paying Agent of funding the amount paid out, as certified by the Paying Agent and expressed as a rate per annum. 

  
 3 

	 	(e)	 Payment of only part of the amount payable in respect of a Note may only be made at the discretion of the
relevant Noteholder(s) (except as the result of a withholding or deduction for or on account of any taxes permitted by the Indenture). If at any time the Paying Agent makes a partial payment in respect of any Note presented to it, it shall inform
the Registrar of the same such that the Registrar may record the same on the register of Notes. 

  

	8.	 REPAYMENT 

Any sums paid by, or by arrangement with the Issuer to the Paying Agent pursuant to the terms of this Agreement shall not be required to be
repaid to the Issuer unless and until the Notes in respect of which such sums were paid shall have been purchased or redeemed by the Issuer or any other subsidiary of the Issuer and cancelled, but in any of these events the Paying Agent shall
(provided that all other amounts due under this Agreement shall have been duly paid) upon written request by the Issuer forthwith repay to the Issuer sums equivalent to the amounts which would otherwise have been payable on the relevant Notes
together with any fees previously paid to the Paying Agent in respect of such Notes for services that were not ultimately rendered. Notwithstanding the foregoing, the Paying Agent shall not be obliged to make any repayment to the Issuer so long as
any amounts which under this Agreement should have been paid to or to the order of the Paying Agent by the Issuer shall remain unpaid. The Paying Agent shall not, however, be otherwise required or entitled to repay any sums properly received by it
under this Agreement. 
  

	9.	 PREPAYMENT; NOTICE OF WITHHOLDING
OR DEDUCTION 

  

	9.1	 The Issuer shall provide to the Paying Agent a copy of all notices of prepayment delivered under the Indenture
in respect of the Notes that it serves on the holders of the Notes including, without limitation, details of the date(s) on which such prepayments in respect of the Notes are to be made, all amounts required to be paid by the Issuer in respect
thereof in accordance with the Indenture and the manner in which such prepayment will be effected. 

  

	9.2	 If: 

  

	 	(a)	 the Issuer, in respect of any payment; or 

 

	 	(b)	 the Paying Agent, in respect of any payment of principal of or any premium or interest on the Notes,

 is required to withhold or deduct any amount for or on account of Tax, 

 

	 	(c)	 the Issuer shall give notice thereof to the Paying Agent and the Trustee as soon as it becomes aware of such
requirement and shall give to the Paying Agent such information as the Paying Agent requires to enable it to make such deduction or withholding; and 

  

	 	(d)	 except where such requirement arises as a result of prepayment of the Notes in accordance with the Indenture or
by virtue of the relevant holder failing to satisfy any certification or other requirement in respect of its Notes, the Paying Agent shall give notice thereof to the Issuer and the Trustee as soon as it becomes aware of the requirement to withhold
or deduct. 

  

	10.	 RECORDS 

The Paying Agent shall: 
  

	 	(a)	 keep a full and complete record of all payments made by it in respect of the Notes; and 

 

	 	(b)	 make such records available at all reasonable times to the Issuer and any persons authorised by it, and the
Trustee for inspection and for the taking of copies thereof. 

  
 4 

	11.	 FEES AND EXPENSES 

 

	11.1	 The Issuer will pay to the Paying Agent, Transfer Agent and Registrar such fees and expenses in respect of the
Paying Agent, Transfer Agent and Registrar’s services under this Agreement as agreed to in the fee letter dated July 2, 2019 from the Paying Agent, Transfer Agent and Registrar to, and countersigned by, the Issuer. 

 

	11.2	 The Issuer will also pay on demand, against presentation of such invoices and receipts as it may reasonably
require, all out-of-pocket expenses (including necessary advertising, facsimile and telex transmission, postage and insurance expenses and, subject to prior approval by
the Issuer as set forth below, the fees and expenses of legal advisers) properly incurred by the Paying Agent, Transfer Agent and Registrar in connection with the services under this Agreement, together with any applicable value added tax or similar
tax properly chargeable thereon. Payment by the Issuer to the Paying Agent, Transfer Agent, and Registrar of such properly-incurred out-of-pocket expenses shall be a
good discharge of the obligations of the Issuer in respect thereof. Where the advice of legal counsel is sought by the Paying Agent, Transfer Agent or Registrar, the fees of any such counsel shall be agreed to by the Issuer (acting reasonably) in
advance. 

  

	12.	 INDEMNITY 

 

	12.1	 The Issuer undertakes to indemnify and hold harmless, the Paying Agent, Transfer Agent, Registrar and each of
its respective directors, officers, employees or agents (each an “Indemnified Party”) on demand by such Indemnified Party against any losses, liabilities, costs, fees, expenses, claims, actions, damages or demands (including, but
not limited to, all reasonable costs, charges and expenses paid or incurred in disputing or defending the foregoing and the properly incurred fees and expenses of legal advisers) which such Indemnified Party may incur or which may be made against
it, as a result of or in connection with the appointment or the exercise of or performance of its powers and duties under this Agreement, except such as may result from its own gross negligence, wilful misconduct or fraud or that of its directors,
officers, employees or agents. 

  

	12.2	 The indemnity contained in clause 12.1 above shall survive the termination and expiry of this Agreement.

  

	13.	 CONDITIONS OF APPOINTMENT 

 

	13.1	 The Paying Agent shall (a) hold all sums received from the Issuer in accordance with this Agreement and
the Indenture for payment of principal of or any premium or interest on the Notes in trust for the benefit of persons entitled thereto until such sums shall be paid to such persons or otherwise disposed of as provided in this Agreement and the
Indenture provided that the Paying Agent may use such money as a banker in the ordinary course of business and without accounting for profits; (b) give the Trustee notice of any default by the Issuer (or any other obligor upon the Notes) in the
making of any payment of principal of or premium or interest on the Notes; and (c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums held by it in trust for
payment in respect of the Notes. 

  

	13.2	 No monies held by the Paying Agent need be segregated except as required by law. 

 

	13.3	 In acting under this Agreement and in connection with the Notes, the Paying Agent, Transfer Agent and Registrar
shall act solely as agent of the Issuer and, save solely in respect of its obligations under clause 13.1 hereof, shall not have any obligations towards or relationship of agency or trust with any of the holders of the Notes or the Trustee.

  
 5 

	13.4	 The Paying Agent, Transfer Agent and Registrar shall be obliged to perform such duties and only such duties as
are specifically set out in this Agreement. No implied duties or obligations shall be read into such document. The Paying Agent, Transfer Agent and Registrar shall not be obliged to perform any duties additional to or different from such duties
resulting from any modification or supplement after the date hereof to any relevant documents (including, without limitation, the Indenture), unless it shall have previously agreed to perform such duties. The Paying Agent, Transfer Agent and
Registrar shall not be under any obligation to take any action hereunder which either party expects, and has thus notified the Issuer in writing, will result in any expense or liability of such Paying Agent, Transfer Agent or Registrar, the payment
of which within a reasonable time is not, in its opinion, assured to it. 

  

	13.5	 Except as ordered by a court of competent jurisdiction or as required by law, the Paying Agent shall be
entitled to treat the holder of any Note (as evidenced by the register of Notes maintained by the Registrar) as the absolute owner thereof for all purposes (whether or not it is overdue and notwithstanding any notice to the contrary or any notice of
ownership, trust or any interest in it, any writing on it, or its theft or loss) and shall not be required to obtain any proof thereof or as to the identity of the bearer or holder. 

 

	13.6	 The Paying Agent, Transfer Agent and Registrar may consult with any legal or other professional advisers (who
may be an employee of or legal adviser to the Issuer) selected by it, at the cost of the Issuer, provided that the fees of any such counsel shall be agreed to by the Issuer (acting reasonably) in advance, and the opinion of such advisers shall be
full and complete protection in respect of any action taken, omitted or suffered hereunder in accordance with the written opinion of such advisers. 

  

	13.7	 The Paying Agent, Transfer Agent and Registrar shall be protected and shall incur no liability for or in
respect of any action taken, suffered or omitted by it in reliance upon any instruction, request or order from the Issuer or upon any Note, notice, resolution, direction, consent, certificate, affidavit, statement, telex, facsimile transmission or
other document or information from any electronic or other source reasonably believed by it to be genuine and to have been signed or otherwise given or disseminated by the proper party or parties, even if it is subsequently found not to be genuine
or to be incorrect. 

  

	13.8	 The Paying Agent, Transfer Agent and Registrar, whether acting for itself or in any other capacity, will not be
precluded from becoming the owner of, or acquiring any interest in, holding or disposing of any Note or any shares or other securities of the Issuer or any of its subsidiaries, holding or associated companies (each a “Connected
Company”), with the same rights as it would have had if it were not acting as Paying Agent or from entering into or being interested in any contracts or transactions with any Connected Company or from acting on, or as depositary, trustee or
agent for, any committee or body of holders of any securities of any Connected Company and will not be liable to account for any profit. 

  

	13.9	 The Paying Agent shall not be required to make any payments to any holder of a Note if under any laws or
regulations affecting the Paying Agent, such payment is not permitted. In the event of any such laws or regulations affecting the Paying Agent coming to the attention of the Paying Agent it shall forthwith notify the Issuer and the Trustee.

  

	13.10	 The Issuer shall do or cause to be done all such acts, matters and things and shall make available all such
documents as shall be necessary or desirable to enable the Paying Agent, Transfer Agent and Registrar to fully comply with and carry out its respective duties and obligations hereunder. 

  
 6 

	13.11	 In no event shall the Paying Agent, Transfer Agent or Registrar or any of its affiliates or any of their
respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent Parties”) have any liability for damages of any kind, including, without limitation, direct or indirect, special, incidental or
consequential damages, losses or expenses (whether in tort, contract or otherwise), except to the extent the liability of the Paying Agent, Transfer Agent or Registrar is found in a final non-appealable
judgment by a court of competent jurisdiction to have resulted primarily from the gross negligence, wilful misconduct or fraud of the Paying Agent, Transfer Agent or Registrar or their Agent Parties. 

 

	13.12	 Notwithstanding anything contained in this Agreement to the contrary, the Paying Agent, Transfer Agent and the
Registrar shall not incur any liability for not performing any act or fulfilling any obligation hereunder by reason of any occurrence beyond its control including, without limitation, (i) any governmental activity (whether de jure or de facto),
act of authority (whether lawful or unlawful), compliance with any governmental or regulatory order, rule, regulation or direction, curfew restriction, expropriation, compulsory acquisition, seizure, requisition, nationalisation or the imposition of
currency or currency control restrictions; (ii) any failure of or the effect of rules or operations of any funds transfer, settlement or clearing system, interruption, loss or malfunction of utilities, communications or computer services or the
payment or repayment of any cash or sums arising from the application of any law or regulation in effect now or in the future, or from the occurrence of any event in the country in which such cash is held which may affect, limit, prohibit or prevent
the transferability, convertibility, availability, payment or repayment of any cash or sums until such time as such law, regulation or event shall no longer affect, limit, prohibit or prevent such transferability, convertibility, availability,
payment or repayment (and in no event, other than as provided in the Notes, shall the Paying Agent be obliged to substitute another currency for a currency whose transferability, convertibility or availability has been affected, limited, prohibited
or prevented by such law, regulation or event or be obliged to pay any penalty interest); (iii) any strike or work stoppage, go slow, occupation of premises, other industrial action or dispute or any breach of contract by any essential personnel;
(iv) any equipment or transmission failure or failure of applicable banking or financial systems; (v) any war, armed conflict including but not limited to hostile attack, hostilities, or acts of a foreign enemy; (vi) any riot,
insurrection, civil commotion or disorder, mob violence or act of civil disobedience; (vii) any act of terrorism or sabotage; (viii) any explosion, fire, destruction of machines, equipment or any kind of installation, prolonged breakdown
of transport, radioactive contamination, nuclear fusion or fission or electric current; (ix) any epidemic, natural disaster (such as but not limited to violent storm, hurricane, blizzard, earthquake, landslide, tidal wave, flood, damage or
destruction by lightning, or drought); or (x) any other act of God. 

  

	13.13	 Pursuant to and in accordance with the procedures set forth in Article 13 of the Base Indenture (i) the
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, direct the Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the Paying Agent; and, upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money and
(ii) any money deposited with the Paying Agent in trust for the payment of the principal of or any premium or interest on the Notes remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be
paid to the Issuer on the Issuer’s request and all liability of the Paying Agent with respect to such trust money shall thereupon cease. 

  

	14.	 CHANGES IN PAYING AGENT, OR
REGISTRAR AND SPECIFIED OFFICES 

  

	14.1	 The Issuer may at any time vary or terminate the appointment of the Paying Agent, Transfer Agent or the
Registrar and appoint additional or other paying agents or registrars. 

  
 7 

 Any variation or termination shall be made by giving to the Paying Agent, Transfer Agent or
Registrar and (if different) to the paying agent, transfer agent or registrar whose appointment is to be varied terminated not less than 60 days’ written notice to that effect, which notice shall expire not less than 30 days before or after any
due date for any payment in respect of Notes. 
  

	14.2	 Subject to clause 14.1, the Paying Agent, Transfer Agent or Registrar may resign its appointment hereunder at
any time by giving to the Issuer not less than 60 days’ written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payments in respect of any Notes. 

 

	14.3	 Notwithstanding clauses 14.1 and 14.2 no such termination of the appointment of, or resignation by, the Paying
Agent, Transfer Agent or Registrar shall take effect until a successor has been appointed on terms approved by the Issuer or the Issuer has otherwise approved such resignation without a successor being appointed. 

 

	14.4	 Notwithstanding any other provisions of clause 14.1, the appointment of the Paying Agent, Transfer Agent
or Registrar shall forthwith terminate if at any time such Paying Agent, Transfer Agent or Registrar becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the
benefit of its creditors or consents to the appointment of a receiver, administrator or other similar official of it or of all or any substantial part of its property or admits in writing its inability to pay or meet its debts as they mature or
suspends payment thereof, or if a resolution is passed or an order made for its winding up or dissolution, or if a receiver, administrator or other similar official of it or of all or any substantial part of its property is appointed, or if any
order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law, or if any public officer takes charge or control of such Paying Agent, Transfer Agent or Registrar or
its property or affairs for the purpose of rehabilitation, conservation, administration or liquidation or there occurs any analogous event under any applicable law. 

 

	14.5	 On the date on which any such termination or resignation takes effect, the Paying Agent, Transfer Agent or
Registrar shall (i) pay to or to the order of its successor (or, if none, the Issuer) any amounts held by it in respect of the Notes which have become due and payable but which have not been presented for payment; and (ii) deliver to its
successor (or, if none, the Issuer or as the Issuer may direct) all records maintained by it, pursuant hereto. Following such termination or resignation and pending such payment and delivery, the Paying Agent, Transfer Agent or Registrar shall hold
such amounts, records and documents in trust for and subject to the order of its successor or, as the case may be, the Issuer. 

  

	14.6	 Any corporation into which any Paying Agent, Transfer Agent or Registrar may be merged or converted or any
corporation with which such Paying Agent, Transfer Agent or Registrar may be consolidated or any corporation resulting from any merger, conversion or consolidation to which such Paying Agent, Transfer Agent or Registrar shall be a party, or any
corporation, including affiliated corporations, to which the Paying Agent, Transfer Agent or Registrar shall sell or otherwise transfer: (a) all or substantially all of its assets or (b) all or substantially all of its corporate trust
business shall, on the date when the merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, be the successor Paying Agent, Transfer Agent or Registrar under this Agreement without any
further formality, and after such effective date all references in this Agreement to such Paying Agent, Transfer Agent or Registrar shall be deemed to be references to such corporation. Notice of any such merger, conversion, consolidation or
transfer shall forthwith be given by the Paying Agent, Transfer Agent or Registrar to the Issuer and the Trustee. 

  

	14.7	 The Paying Agent, Transfer Agent or Registrar may change its specified office to another office in the same
city at any time by giving to the Issuer and the Trustee not less than 60 days’ prior written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payments in respect of any Notes, and
which notice shall specify the address of the new specified office and the date upon which such change is to take effect, or to another city as mutually agreed with the Issuer. 

  
 8 

	15.	 NOTICES 

 

	15.1	 If the Issuer arranges publication of any notice to the holders of the Notes, it shall at or before the time of
such publication, send copies of each notice so published to the Paying Agent. 

  

	15.2	 The Paying Agent, Transfer Agent and Registrar shall promptly forward any written notice received by it from
any holders of the Notes to the Issuer and the Trustee. 

  

	16.	 COMMUNICATIONS 

 

	16.1	 For the purposes of this clause, the address of each party at the date of this Agreement shall be the address
set out below (including, where applicable, the details of the facsimile number, the person for whose attention the notice or communication is to be addressed and the email address): 

the Issuer: 
  

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A.	  	
		
	 3b, Boulevard Prince Henri
 L-1724 Luxembourg
 Grand Duchy of Luxembourg

As may be amended from time to time in
 accordance with this
Agreement.
	  	 Attention: Treasury Department
  

Matt Eidem
 Email: matt.r.eidem@medtronic.com

Phone: (763) 505-3215
  

Tateo Jager
 Email: tateo.jager@medtronic.com

Phone: (763) 526-3850
  

Brad Welnick
 Email: brad.m.welnick@medtronic.com

Phone: (763) 526-1051

 the Paying Agent: 
  

			
	Elavon Financial Services DAC	  	
		
	 Building 8
 Cherrywood Business Park,
Loughlinstown,
 Dublin 18, Ireland
 as may be amended from time
to time in
 accordance with this Agreement.
	  	 Fax: +353 1 220 1263
  

Attention: MBS Relationship Management
 Email:
mbs.relationship.management@usbank.com

 the Transfer Agent: 

  
 9 

			
	U.S. Bank National Association	  	
		
	 Global Corporate Trust
 Attn: David W.
Doucette
 One Federal Street, 3rd Floor
 Boston, MA 02110

USA
  

as may be amended from time to time in
 accordance with this
Agreement.
	  	 Fax: +1 (617) 603-6683

Email: david.doucette@usbank.com

 the Registrar: 
  

			
	U.S. Bank National Association	  	
		
	 Global Corporate Trust
 Attn: David W.
Doucette
 One Federal Street, 3rd Floor

Boston, MA 02110
 USA

 
 as may be amended from time to time in

accordance with this Agreement.
	  	 Fax: +1 (617) 603-6683

Email: david.doucette@usbank.com

 the Trustee: 
  

			
	Wells Fargo Bank, National Association	  	
		
	 Corporate Trust Services
 600 South 4th Street,
6th Floor
 Minneapolis, Minnesota
 as may be amended from time
to time in
 accordance with the Indenture and notified
 by the
Issuer to the Paying Agent.
	  	 Fax: +1 (612) 667-9825

Attention: Administrator for Medtronic
 Email:
david.pickett@wellsfargo.com

  

	17.	 AMENDMENTS 

 

	17.1	 For the avoidance of doubt, this Agreement may be amended in writing by the parties hereto.

  

	17.2	 The Issuer shall provide to the Paying Agent a copy of any amendment to the Indenture as soon as reasonably
practicable following such amendment taking effect. Where reference is made in this Agreement to the Indenture, such reference shall, for the purposes of the Paying Agent’s rights and obligations under this Agreement only, be deemed to refer to
the most recent version of such document provided to the Paying Agent by the Issuer. 

  
 10 

	18.	 TAXES 

The Issuer agrees to pay any and all stamp and other documentary taxes or duties which may be payable in connection with the execution,
delivery, performance and enforcement of this Agreement. 
  

	19.	 REGULATORY MATTERS 

 

	19.1	 The Paying Agent is authorised and regulated by the Central Bank of Ireland (“CBOI”).

  

	19.2	 In connection with the worldwide effort against the funding of terrorism and money laundering activities, the
Paying Agent, Transfer Agent and Registrar may be required under various national laws and regulations to which they are subject to obtain, verify and record information that identifies each person who opens an account with it. For a non-individual person such as a business entity, a charity, a trust or other legal entity the Paying Agent, Transfer Agent and Registrar shall be entitled to ask for documentation to verify such entity’s
formation and legal existence as well as financial statements, licenses, identification and authorisation documents from individuals claiming authority to represent the entity or other relevant documentation. 

 

	19.3	 The parties to this Agreement acknowledge and agree that the obligations of the Paying Agent, Transfer Agent
and Registrar under this Agreement are limited by and subject to compliance by them with EU and US Federal anti-money laundering statutes and regulations. If the Paying Agent, Transfer Agent and Registrar or any of their directors know or suspect
that a payment is the proceeds of criminal conduct, such person is required to report such information pursuant to the applicable authorities and such report shall not be treated as a breach by such person of any confidentiality covenant or other
restriction imposed on such person under this Agreement, by law or otherwise on the disclosure of information. The Paying Agent, Transfer Agent and Registrar shall be indemnified and held harmless by the Issuer from and against all losses suffered
by them that may arise as a result of the agents being prevented from fulfilling their obligations hereunder due to the extent doing so would not be consistent with applicable statutory anti-money laundering requirements. 

 

	19.4	 Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or
understanding among any such parties, each party hereto acknowledges that any liability of any party arising under this Agreement or any such other document, to the extent such liability is unsecured or not otherwise exempted, may be subject to the
write-down and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

  

	 	(a)	 the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto; and 

  

	 	(b)	 the effects of any Bail-in Action on any such liability, including, if
applicable: 

  

	 	1.	 a reduction in full or in part or cancellation of any such liability; 

 

	 	2.	 a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such
party, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other agreement; or 

  

	 	3.	 the variation of the terms of such liability in connection with the exercise of the write-down and conversion
powers of any Resolution Authority. 

  
 11 

 For the purpose of this sub-clause 19.4 the following terms shall
have the following meanings: 
 “Bail-In Action” means the exercise of any Write-Down and
Conversion Powers by the applicable Resolution Authority. 
 “Bail-In Legislation” means, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law
or regulation. 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EU Bail-In Legislation Schedule” means the EU Bail-In
Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 
 “Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority to exercise any Write-down and Conversion Powers. 

“Write-Down and Conversion Powers” means, 
  

	 	(a)	 in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In
Legislation Schedule; and 

  

	 	(b)	 any powers under the Bail-In Legislation to cancel, transfer or dilute
shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and any
similar or analogous powers under that Bail-In Legislation. 

  

	20.	 GOVERNING LAW AND JURISDICTION

  

	20.1	 This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the law of the State of New York. 

  

	20.2	 Each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement. To the
fullest extent permitted by applicable law, each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer irrevocably waives and agrees not to assert, by way of motion, as a defence or otherwise, any claim that it is not subject to the
jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. 

  

	20.3	 Each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer agrees, to the fullest extent
permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in clause 20.2 brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may
be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

  
 12 

	20.4	 THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT.

  

	21.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original, but all of which
when taken together shall constitute a single instrument. 
 AS WITNESS the hands of the parties or
their duly authorised agents the day and year first above written. 

  
 13 

 SIGNATORIES 

 

	
	ISSUER
	
	MEDTRONIC GLOBAL HOLDINGS S.C.A., a Luxembourg corporate partnership limited by shares (société en commandite par actions) represented by Medtronic Global Holdings GP S.à r.l. its general partner, in turn
acting by
	
	By: /s/ Erik De Gres
                                         
       
	Name: Erik De Gres
	Title: Managing Director and authorized signatory

 [Signature Page to Agency Agreement] 

			
	PAYING AGENT
	
	Elavon Financial Services DAC
		
	By:	 	 /s/ Laurence Griffiths

		 	Name: Laurence Griffiths
		 	Title: Authorised Signatory
		
	By:	 	 /s/ Chris Hobbs

		 	Name: Chris Hobbs
		 	Title: Authorised Signatory

 [Signature Page to Agency Agreement] 

			
	TRANSFER AGENT
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ David W. Doucette

		 	Name: David W. Doucette
		 	Title: Vice President

 [Signature Page to Agency Agreement] 

			
	REGISTRAR
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ David W. Doucette

		 	Name: David W. Doucette
		 	Title: Vice President

 [Signature Page to Agency Agreement] 

			
	TRUSTEE
	
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION
		
	By:	 	 /s/ Stefan Victory

		 	Name: Stefan Victory
		 	Title: Vice President

 [Signature Page to Agency Agreement] 

 APPENDIX 1 

Indenture

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]