Document:

EX-10.1

 Exhibit 10.1 
  

 
  

GUARANTY AGREEMENT 

Dated as of April 20, 2021 

of 
 EVERGY,
INC. 
  
  

 

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING	  	PAGE	 
	 SECTION 1.
	 	 GUARANTY
	  	 	1	 
			
	 SECTION 2.
	 	 OBLIGATIONS ABSOLUTE
	  	 	2	 
			
	 SECTION 3.
	 	 WAIVER
	  	 	4	 
			
	 SECTION 4.
	 	 OBLIGATIONS UNIMPAIRED
	  	 	4	 
			
	 SECTION 5.
	 	 SUBROGATION AND SUBORDINATION
	  	 	5	 
			
	 SECTION 6.
	 	 REINSTATEMENT OF GUARANTY
	  	 	5	 
			
	 SECTION 7.
	 	 RANK OF GUARANTY
	  	 	6	 
			
	 SECTION 8.
	 	 ADDITIONAL COVENANTS OF THE
GUARANTOR
	  	 	6	 
			
	 Section 8.1.
	 	 Maintenance of Existence, Etc.
	  	 	6	 
	 Section 8.2.
	 	 Financial Information
	  	 	6	 
	 Section 8.3.
	 	 Visitation
	  	 	6	 
	 Section 8.4.
	 	 Merger, Consolidation, Etc
	  	 	7	 
	 Section 8.5.
	 	 The Guarantor’s Interest in the Company
	  	 	7	 
			
	 SECTION 9.
	 	 REPRESENTATIONS AND WARRANTIES OF
THE GUARANTOR
	  	 	8	 
			
	 Section 9.1.
	 	 Organization; Power and Authority
	  	 	8	 
	 Section 9.2.
	 	 Authorization, Etc
	  	 	8	 
	 Section 9.3.
	 	 Financial Statements; Material Liabilities
	  	 	8	 
	 Section 9.4.
	 	 Compliance with Laws, Other instruments, Etc
	  	 	8	 
	 Section 9.5.
	 	 Governmental Authorizations, Etc
	  	 	9	 
	 Section 9.6.
	 	 Information regarding the Company
	  	 	9	 
	 Section 9.7.
	 	 Solvency
	  	 	9	 
			
	 SECTION 10.
	 	 TERM OF GUARANTY AGREEMENT
	  	 	9	 
			
	 SECTION 11.
	 	 SURVIVAL OF REPRESENTATIONS AND
WARRANTIES; ENTIRE AGREEMENT
	  	 	9	 
			
	 SECTION 12.
	 	 AMENDMENT AND WAIVER
	  	 	10	 
			
	 Section 12.1.
	 	 Requirements
	  	 	10	 
	 Section 12.2.
	 	 Solicitation of Holders of Notes
	  	 	10	 
	 Section 12.3.
	 	 Binding Effect
	  	 	10	 
	 Section 12.4.
	 	 Notes Held by Company, Etc
	  	 	11	 
			
	 SECTION 13.
	 	 NOTICES
	  	 	11	 

  
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	 SECTION 14.
	 	 MISCELLANEOUS
	  	 	11	 
			
	 Section 14.1.
	 	 Successors and Assigns
	  	 	11	 
	 Section 14.2.
	 	 Severability
	  	 	11	 
	 Section 14.3.
	 	 Construction
	  	 	11	 
	 Section 14.4.
	 	 Further Assurances
	  	 	12	 
	 Section 14.5.
	 	 Governing Law
	  	 	12	 
	 Section 14.6.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	12	 

  
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 GUARANTY AGREEMENT 

THIS GUARANTY AGREEMENT, dated as of April 20, 2021 (this “Guaranty Agreement”), is made by Evergy, Inc., a Missouri
corporation (the “Guarantor”), in favor of the Purchasers (as defined below) and the other holders from time to time of the Notes (as defined below). The Purchasers and such other holders are herein collectively called the
“holders” and individually a “holder.” 
 PRELIMINARY STATEMENTS: 

I.     Evergy Missouri West, Inc., a Delaware corporation (the “Company”), is entering into a Note Purchase Agreement dated April 20, 2021 (as amended, modified, supplemented or restated from time to time, the “Note Agreement”) with the Persons listed on the
signature pages thereto (the “Purchasers”). Capitalized terms used herein have the meanings specified in the Note Agreement unless otherwise defined herein.  

II.    The Company has authorized the issuance and sale, pursuant to the Note Agreement, of (i) $350,000,000 aggregate
principal amount of 2.86% Series A Senior Notes due April 20, 2031, (ii) $75,000,000 aggregate principal amount of 3.01% Series B Senior Notes due April 20, 2033 and (iii) $75,000,000 aggregate principal amount of 3.21% Series C Senior
Notes due April 20, 2036 (collectively, the “Initial Notes”). The Initial Notes and any other Notes that may from time to time be issued pursuant to the Note Agreement (including any notes issued in substitution for any of the
Notes) are herein collectively called the “Notes” and individually a “Note.” 

III.    It is a condition to the agreement of the Purchasers to purchase the Notes that this Guaranty Agreement shall have
been executed and delivered by the Guarantor and shall be in full force and effect. 
 IV.    The Guarantor will receive
direct and indirect benefits from the financing arrangements contemplated by the Note Agreement. The Board of Directors of the Guarantor has determined that the incurrence of such obligations is in the best interests of the Guarantor. 

NOW THEREFORE, in order to induce, and in consideration of, the execution and delivery of the Note Agreement and the purchase of the Notes by
each of the Purchasers, the Guarantor hereby covenants and agrees with, and represents and warrants to each of the holders as follows: 
  

	SECTION 1.	 GUARANTY. 

The Guarantor hereby irrevocably and unconditionally guarantees to each holder, the due and punctual payment in full of (a) the principal
of, Make-Whole Amount, if any, and interest on (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding), and any other amounts due under, the Notes when and as the same shall become due and payable (whether at stated maturity 

 
or by required or optional prepayment or by acceleration or otherwise), (b) any other sums that may become due under the terms and provisions of the Notes, the Note Agreement or any other
instrument referred to therein) and (c) the performance of all other obligations of the Company under the Note Agreement (all such obligations described in clauses (a) through (c) above are herein called the “Guaranteed
Obligations”). The guaranty in the preceding sentence is an absolute, present and continuing guaranty of payment and not of collectibility and is in no way conditional or contingent upon any attempt to collect from the Company or any other
guarantor of the Notes or upon any other action, occurrence or circumstance whatsoever. In the event that the Company shall fail so to pay any of such Guaranteed Obligations, the Guarantor agrees to pay the same when due to the holders entitled
thereto, without demand, presentment, protest or notice of any kind, in lawful money of the United States of America, pursuant to the requirements for payment specified in the Notes and the Note Agreement. Each default in payment of any of the
Guaranteed Obligations shall give rise to a separate cause of action hereunder and separate suits may be brought hereunder as each cause of action arises. The Guarantor agrees that the Notes issued in connection with the Note Agreement may (but need
not) make reference to this Guaranty Agreement. 
 The Guarantor agrees to pay and to indemnify and save each holder harmless from and
against any damage, loss, cost or expense (including attorneys’ fees) that such holder may incur or be subject to as a consequence, direct or indirect, of (x) any breach by the Guarantor, by any other the Guarantor or by the Company of any
warranty, covenant, term or condition in, or the occurrence of any default under, this Guaranty Agreement, the Notes, the Note Agreement or any other instrument referred to therein, together with all expenses resulting from the compromise or defense
of any claims or liabilities arising as a result of any such breach or default, (y) any legal action commenced to challenge the validity or enforceability of this Guaranty Agreement, the Notes, the Note Agreement or any other instrument
referred to therein and (z) enforcing or defending (or determining whether or how to enforce or defend) the provisions of this Guaranty Agreement. 

Notwithstanding any provision to the contrary contained herein or in the Note Agreement or the Notes, the obligations of the Guarantor under
this Guaranty Agreement, the Note Agreement and the Notes shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under the federal bankruptcy laws or any comparable provision
of any applicable state law. 
 The Guarantor hereby acknowledges and agrees that the Guarantor’s liability hereunder is joint and
several with any other Person(s) who may guarantee the obligations and Indebtedness under and in respect of the Notes and the Note Agreement. 
  

	SECTION 2.	 OBLIGATIONS ABSOLUTE. 

(a)    The obligations of the Guarantor hereunder shall be primary, absolute, irrevocable and unconditional, irrespective
of the validity or enforceability of the Notes, the Note Agreement or any other instrument referred to therein, shall not be subject to any counterclaim, setoff, deduction or defense based upon any claim the Guarantor may have against the Company or
any holder or otherwise, and, except as set forth in Section 2(b), shall remain in full force and effect 

  
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without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not the Guarantor shall have any knowledge or notice
thereof), including, without limitation: (a) any amendment to, modification of, supplement to or restatement of the Notes, the Note Agreement or any other instrument referred to therein (it being agreed that the obligations of the Guarantor
hereunder shall apply to the Notes, the Note Agreement or any such other instrument as so amended, modified, supplemented or restated) or any assignment or transfer of any thereof or of any interest therein, or any furnishing, acceptance or release
of any security for the Notes or the addition, substitution or release of any other the Guarantor or any other entity or other Person primarily or secondarily liable in respect of the Guaranteed Obligations; (b) any waiver, consent, extension,
indulgence or other action or inaction under or in respect of the Notes, the Note Agreement or any other instrument referred to therein; (c) any bankruptcy, insolvency, arrangement, reorganization, readjustment, composition, liquidation or
similar proceeding with respect to the Company or its property; (d) any merger, amalgamation or consolidation of the Guarantor or of the Company into or with any other Person or any sale, lease or transfer of any or all of the assets of the
Guarantor or of the Company to any Person; (e) any failure on the part of the Company for any reason to comply with or perform any of the terms of any other agreement with the Guarantor; (f) any failure on the part of any holder to obtain,
maintain, register or otherwise perfect any security; or (g) any other event or circumstance that might otherwise constitute a legal or equitable discharge or defense of a guarantor (whether or not similar to the foregoing), and in any event
however material or prejudicial it may be to the Guarantor or to any subrogation, contribution or reimbursement rights the Guarantor may otherwise have. Except as set forth in Section 2(b), the Guarantor covenants that its obligations hereunder
will not be discharged except by indefeasible payment in full in cash of all of the Guaranteed Obligations and all other 

(b)    The obligation of the Guarantor to make payments on the Notes (whether for principal, interest, Make-Whole Amount
or otherwise) or perform any obligation hereunder shall be discharged and this Guaranty Agreement shall be terminated and released and no longer in effect (except, in each case, as provided in clauses (1) and (2) in the paragraph below) if:
(i) (A) the FERC Order is amended or otherwise modified such that this Guaranty Agreement or any other unconditional guaranty from the Guarantor on the Notes is no longer required thereunder or (B) such an unconditional guaranty is
otherwise no longer required under the FERC Order; and (ii) an opinion of independent counsel nationally recognized in public utility regulation is delivered to each holder of the Notes, which shall be to the effect that (A) such an
unconditional guaranty is no longer required under the FERC Order (as it may have been amended or otherwise modified), (B) such discharge, termination and release does not conflict with or result in a breach of any of the terms, conditions or
provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority (including, without limitation, the FERC Order (as it may have been amended or otherwise modified)) or violate any provision of any statute or
other rule or regulation of any Governmental Authority, in each case applicable to the Guarantor or the Company, and (C) after giving effect to such discharge, termination and release, the Notes are legal, valid and binding obligations of the
Company enforceable against the Company in accordance with their terms, all in form and substance satisfactory to the Required Holders. Upon the delivery of such opinion, this Guaranty Agreement shall immediately be terminated and released and no
longer in effect, except (1) the Guarantor shall remain liable for all obligations under this Guaranty Agreement that arose prior to such termination and release and (2) in the event Guarantor or any Affiliate of the Guarantor pays any
consideration for such release and termination, an equivalent amount shall be paid to the holders of the Notes. 

  
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	SECTION 3.	 WAIVER. 

The Guarantor unconditionally waives to the fullest extent permitted by law, (a) notice of acceptance hereof, of any action taken or
omitted in reliance hereon and of any default by the Company in the payment of any amounts due under the Notes, the Note Agreement or any other instrument referred to therein, and of any of the matters referred to in Section 2, (b) all
notices that may be required by statute, rule of law or otherwise to preserve any of the rights of any holder against the Guarantor, including, without limitation, presentment to or demand for payment from the Company or the Guarantor with respect
to any Note, notice to the Company or to the Guarantor of default or protest for nonpayment or dishonor and the filing of claims with a court in the event of the bankruptcy of the Company, (c) any right to require any holder to enforce, assert
or exercise any right, power or remedy including, without limitation, any right, power or remedy conferred in the Note Agreement or the Notes, (d) any requirement for diligence on the part of any holder and (e) any other act or omission or
thing or delay in doing any other act or thing that might in any manner or to any extent vary the risk of the Guarantor or otherwise operate as a discharge of the Guarantor or in any manner lessen the obligations of the Guarantor hereunder. 

 

	SECTION 4.	 OBLIGATIONS UNIMPAIRED. 

The Guarantor authorizes the holders, without notice or demand to the Guarantor and without affecting its obligations hereunder, from time to
time: (a) to renew, compromise, extend, accelerate or otherwise change the time for payment of, all or any part of the Notes, the Note Agreement or any other instrument referred to therein; (b) to change any of the representations,
covenants, events of default or any other terms or conditions of or pertaining to the Notes, the Note Agreement or any other instrument referred to therein, including, without limitation, decreases or increases in amounts of principal, rates of
interest, the Make-Whole Amount or any other obligation; (c) to take and hold security for the payment of the Notes, the Note Agreement or any other instrument referred to therein, for the
performance of this Guaranty Agreement or otherwise for the Indebtedness guaranteed hereby and to exchange, enforce, waive, subordinate and release any such security; (d) to apply any such security and to direct the order or manner of sale
thereof as the holders in their sole discretion may determine; (e) to obtain additional or substitute endorsers or guarantors or release any other the Guarantor or any other Person or entity primarily or secondarily liable in respect of the
Guaranteed Obligations; (f) to exercise or refrain from exercising any rights against the Company, the Guarantor or any other Person; and (g) to apply any sums, by whomsoever paid or however realized, to the payment of the Guaranteed
Obligations and all other obligations owed hereunder. The holders shall have no obligation to proceed against any additional or substitute endorsers or guarantors or to pursue or exhaust any security provided by the Company, the Guarantor or any
other Guarantor or any other Person or to pursue any other remedy available to the holders. 
 If an event permitting the acceleration of
the maturity of the principal amount of any Notes shall exist and such acceleration shall at such time be prevented or the right of any holder to receive any payment on account of the Guaranteed Obligations shall at such time be delayed or otherwise

  
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affected by reason of the pendency against the Company, the Guarantor or any other guarantors of a case or proceeding under a bankruptcy or insolvency law, the Guarantor agrees that, for purposes
of this Guaranty Agreement and its obligations hereunder, the maturity of such principal amount shall be deemed to have been accelerated with the same effect as if the holder thereof had accelerated the same in accordance with the terms of the Note
Agreement, and the Guarantor shall forthwith pay such accelerated Guaranteed Obligations. 
  

	SECTION 5.	 SUBROGATION AND SUBORDINATION. 

(a)    The Guarantor will not exercise any rights that it may have acquired by way of subrogation under this Guaranty
Agreement, by any payment made hereunder or otherwise, or accept any payment on account of such subrogation rights, or any rights of reimbursement, contribution or indemnity or any rights or recourse to any security for the Notes or this Guaranty
Agreement unless and until all of the Guaranteed Obligations shall have been indefeasibly paid in full in cash. 

(b)    The Guarantor hereby subordinates the payment of all Indebtedness and other obligations of the Company or any other
guarantor of the Guaranteed Obligations owing to the Guarantor, whether now existing or hereafter arising, including, without limitation, all rights and claims described in clause (a) of this Section 5, to the indefeasible payment in full
in cash of all of the Guaranteed Obligations. If the Required Holders so request, any such Indebtedness or other obligations shall be enforced and performance received by the Guarantor as trustee for the holders and the proceeds thereof shall be
paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing or
affecting in any manner the liability of the Guarantor under this Guaranty Agreement. 
 (c)    If any amount or other
payment is made to or accepted by the Guarantor in violation of any of the preceding clauses (a) and (b) of this Section 5, such amount shall be deemed to have been paid to the Guarantor for the benefit of, and held in trust for the
benefit of, the holders and shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required
Holders, but without reducing or affecting in any manner the liability of the Guarantor under this Guaranty Agreement. 

(d)    The Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements
contemplated by the Note Agreement and that its agreements set forth in this Guaranty Agreement (including this Section 5) are knowingly made in contemplation of such benefits. 

 

	SECTION 6.	 REINSTATEMENT OF GUARANTY. 

This Guaranty Agreement shall continue to be effective, or be reinstated, as the case may be, if and to the extent at any time payment, in
whole or in part, of any of the sums due to any holder on account of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by a holder upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of

  
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the Company or any other guarantors, or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Company or any other
guarantors or any part of its or their property, or otherwise, all as though such payments had not been made. 
  

	SECTION 7.	 RANK OF GUARANTY. 

The Guarantor will ensure that its payment obligations under this Guaranty Agreement will at all times rank at least pari passu, without
preference or priority, with all other unsecured and unsubordinated Indebtedness of the Guarantor now or hereafter existing. 
  

	SECTION 8.	 ADDITIONAL COVENANTS OF GUARANTOR.

 So long as any Notes are outstanding or the Note Agreement shall remain in effect and this Guaranty Agreement
remains in effect, the Guarantor agrees that, unless the Required Holders otherwise consent in writing: 

Section 8.1.    Maintenance of Existence, Etc. Subject to Section 8.4, the Guarantor
will at all times preserve and keep in full force and effect its existence. Subject to Section 8.4, the Guarantor will at all times preserve and keep in full force and effect the existence of each of its Subsidiaries (unless merged into the
Guarantor or a Wholly-Owned Subsidiary of the Guarantor) and all rights and franchises of the Guarantor and its Subsidiaries unless, in the good faith judgment of the Guarantor, the termination of or failure to preserve and keep in full force and
effect such corporate existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect. “Material Adverse Effect” means a material adverse effect on (a) the business, operations,
affairs, financial condition, assets or properties of the Guarantor and its Subsidiaries taken as a whole, or (b) the ability of the Guarantor to perform its obligations under this Guaranty Agreement, or (c) the validity or enforceability
of this Guaranty Agreement. 
 Section 8.2.    Financial Information. The Guarantor
shall comply with the financial information delivery requirements set forth in Section 7.1 of the Note Agreement. 

Section 8.3.    Visitation. The Guarantor shall permit the representatives of each holder
that is an Institutional Investor: 
 (a)    No Default — if no Default or Event of Default
then exists, at the expense of such holder and upon reasonable prior notice to the Guarantor, to visit the principal executive office of the Guarantor, to discuss the affairs, finances and accounts of the Guarantor and its Subsidiaries with the
Guarantor’s officers, and (with the consent of the Guarantor, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Guarantor, which consent will not be unreasonably withheld) to visit
the other offices and properties of the Guarantor and each of its Subsidiaries, all at such reasonable times and as often as may be reasonably requested in writing; and 

  
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 (b)    Default — if a Default or Event of
Default then exists, at the expense of the Guarantor to visit and inspect any of the offices or properties of the Guarantor or any of its Subsidiaries, to examine all their respective books of account, records, reports and other papers, to make
copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Guarantor authorizes said accountants to discuss the affairs,
finances and accounts of the Guarantor and its Subsidiaries), all at such times and as often as may be requested. 

Section 8.4.    Merger, Consolidation, Etc. The Guarantor will not consolidate with or
merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person unless: 

(a)    the successor formed by such consolidation or the survivor of such merger or the Person that
acquires by conveyance, transfer or lease all or substantially all of the assets of the Guarantor as an entirety, as the case may be, shall be a solvent corporation or limited liability company organized and existing under the laws of the United
States or any State thereof (including the District of Columbia), and, if the Guarantor is not such corporation or limited liability company, (i) such corporation or limited liability company shall have executed and delivered to each holder its
assumption of the due and punctual performance and observance of each covenant and condition of this Guaranty Agreement and (ii) such corporation or limited liability company shall have caused to be delivered to each holder an opinion of
nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and
comply with the terms hereof, and that this Guaranty Agreement is a valid obligation of such corporation or limited liability company, enforceable in accordance with its terms; and 

(b)    immediately before and immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing. 
 No such conveyance, transfer or lease of substantially all of the assets of the Guarantor shall have the
effect of releasing the Guarantor or any successor corporation or limited liability company that shall theretofore have become such in the manner prescribed in this Section 8.4 from its liability under this Guaranty Agreement. 

Section 8.5.    Guarantor’s Interest in Company. The Guarantor shall not convey or transfer (whether by one transaction or a series of related transactions) more than 50% of its equity ownership interest in the Company to another Person who is
not an affiliate of the Guarantor without first giving each holder an opinion of counsel, satisfactory to the Required Holders, to the effect that after giving effect to such conveyance or transfer this Guaranty Agreement shall continue to be in
full force and effect and a valid and enforceable obligation of the Guarantor. 

  
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	SECTION 9.	 REPRESENTATIONS AND WARRANTIES OF
GUARANTOR. 

 The Guarantor represents and warrants to each holder as follows: 

Section 9.1.    Organization; Power and Authority. The Guarantor is a corporation, duly
organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other
than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Guarantor has the corporate power and authority to own
or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Guaranty Agreement and to perform the provisions hereof. 

Section 9.2.    Authorization, Etc. This Guaranty Agreement has been duly authorized by
all necessary corporate action on the part of the Guarantor, and this Guaranty Agreement constitutes a legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as such enforceability
may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 

Section 9.3.    Financial Statements; Material Liabilities. The Guarantor has delivered
to each holder copies of the financial statements of the Guarantor and its Subsidiaries listed on Schedule 5.5 to the Note Agreement. Such financial statements (including in each case the related schedules and notes) fairly present in all material
respects the consolidated financial position of the Guarantor and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have
been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end
adjustments). The Guarantor and its Subsidiaries do not have any liabilities that are material to the Guarantor and its Subsidiaries taken as a whole that are not disclosed in such financial statements. 

Section 9.4.    Compliance with Laws, Other instruments, Etc. The execution, delivery and
performance by the Guarantor of this Guaranty Agreement will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Guarantor or any of its
Subsidiaries under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, organizational documents, or any other agreement or instrument to which the Guarantor or any of its Subsidiaries is bound or by which the
Guarantor or any of its Subsidiaries or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court,
arbitrator or Governmental Authority applicable to the Guarantor or any of its Subsidiaries or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Guarantor or any of its
Subsidiaries. “Governmental Authority” means (x) the government of (i) the United States of America or any State or other 

  
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political subdivision thereof or (ii) any other jurisdiction in which the Guarantor or any of its Subsidiaries conducts all or any part of its business or that asserts jurisdiction over any
properties of the Guarantor or any of its Subsidiaries or (y) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 

Section 9.5.    Governmental Authorizations, Etc. No consent, approval or authorization
of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Guarantor of this Guaranty Agreement. 

Section 9.6.    Information regarding Company. The Guarantor now has and will continue to
have independent means of obtaining information concerning the affairs, financial condition and business of the Company. No holder shall have any duty or responsibility to provide the Guarantor with any credit or other information concerning the
affairs, financial condition or business of the Company that may come into possession of the holders. The Guarantor has executed and delivered this Guaranty Agreement without reliance upon any representation by the holders including, without
limitation, with respect to (a) the due execution, validity, effectiveness or enforceability of any instrument, document or agreement evidencing or relating to any of the Guaranteed Obligations or any loan or other financial accommodation made
or granted to the Company, (b) the validity, genuineness, enforceability, existence, value or sufficiency of any property securing any of the Guaranteed Obligations or the creation, perfection or priority of any lien or security interest in
such property or (c) the existence, number, financial condition or creditworthiness of other guarantors or sureties, if any, with respect to any of the Guaranteed Obligations. 

Section 9.7.    Solvency. Upon the execution and delivery hereof, the Guarantor will be
solvent, will be able to pay its debts as they mature, and will have capital sufficient to carry on its business. 
  

	SECTION 10.	 TERM OF GUARANTY AGREEMENT.

 This Guaranty Agreement and all guarantees, covenants and agreements of the Guarantor contained herein shall
continue in full force and effect and shall not be discharged until such time as all of the Guaranteed Obligations and all other obligations hereunder shall be indefeasibly paid in full in cash and shall be subject to reinstatement pursuant to
Section 6, except as set forth in Section 2(b). 
  

	SECTION 11.	 SURVIVAL OF REPRESENTATIONS AND
WARRANTIES; ENTIRE AGREEMENT. 

 All representations and warranties
contained herein shall survive the execution and delivery of this Guaranty Agreement and may be relied upon by any subsequent holder, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder. All
statements contained in any certificate or other instrument delivered by or on behalf of the Guarantor pursuant to this Guaranty Agreement shall be deemed representations and warranties of the Guarantor under this Guaranty Agreement. Subject to the
preceding sentence, this Guaranty Agreement and the Note Agreement embody the entire agreement and understanding between each holder and the Guarantor and supersedes all prior agreements and understandings relating to the subject matter hereof. 

  
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	SECTION 12.	 AMENDMENT AND WAIVER. 

Section 12.1.    Requirements. This Guaranty Agreement may be amended, and the observance
of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of the Guarantor and the Required Holders, except that no amendment or waiver (a) of any of the provisions of Section 1, 2,
3, 4, 5, 6, 7, 11 or 12, or any defined term (as it is used therein), or (b) that results in the limitation of the liability of the Guarantor hereunder will be effective as to any holder unless consented to by such holder in writing. 

Section 12.2.    Solicitation of Holders of Notes. 

(a)    Solicitation. The Guarantor will provide each holder of the Notes (irrespective of the amount of Notes then
owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any
of the provisions hereof. The Guarantor will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 12.2 to each holder promptly following the date on which it is
executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 
 (b)    Payment.
The Guarantor will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder as
consideration for or as an inducement to the entering into by any holder of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support
concurrently provided, on the same terms, ratably to each holder even if such holder did not consent to such waiver or amendment. 

(c)    Consent in Contemplation of Transfer. Any consent made pursuant to this Section 12 by a holder that has
transferred or has agreed to transfer its Notes to the Company, any Subsidiary or any Affiliate (including the Guarantor) of the Company and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and
of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other
holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder. 

Section 12.3.    Binding Effect. Any amendment or waiver consented to as provided in this
Section 12 applies equally to all holders and is binding upon them and upon each future holder and upon the Guarantor without regard to whether any Note has been marked to indicate such amendment or waiver. No such amendment or waiver will
extend to or affect any obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon. 

  
 -10- 

 
No course of dealing between the Guarantor and the holder nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder. As used herein,
the term this “Guaranty Agreement” and references thereto shall mean this Guaranty Agreement as it may be amended, modified, supplemented or restated from time to time. 

Section 12.4.    Notes Held by Company, Etc. Solely for the purpose of determining
whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Guaranty Agreement, or have directed the taking of any
action provided herein to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Guarantor, the Company or any of their respective
Affiliates shall be deemed not to be outstanding. 
  

	SECTION 13.	 NOTICES. 

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends 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: 
 (a)    if to the Guarantor, to 1200 Main Street,
Kansas City, Missouri 64105, Attention: Lori A. Wright, Vice President, Corporate Planning, Investor Relations and Treasurer, or such other address as the Guarantor shall have specified to the holders in writing; or 

(b)    if to any holder, to such holder at the addresses specified for such communications set forth in
Schedule B to the Note Agreement, or such other address as such holder shall have specified to the Guarantor in writing. 
  

	SECTION 14.	 MISCELLANEOUS. 

Section 14.1.    Successors and Assigns. All covenants and other agreements contained in
this Guaranty Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns whether so expressed or not. 

Section 14.2.    Severability. Any provision of this Guaranty Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall (to the full extent permitted by law), not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 14.3.    Construction. Each covenant contained herein shall be construed (absent
express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such express contrary provision) be deemed to excuse compliance with any other covenant.
Whether any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

  
 -11- 

 Section 14.4.    Further Assurances.
The Guarantor agrees to execute and deliver all such instruments and take all such action as the Required Holders may from time to time reasonably request in order to effectuate fully the purposes of this Guaranty Agreement. 

Section 14.5.    Governing Law. This Guaranty 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, excluding choice-of-law principles of the law of such State
that would permit the application of the laws of a jurisdiction other than such State. 

Section 14.6.    Jurisdiction and Process; Waiver of Jury Trial. (a) The Guarantor
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 Guaranty Agreement. To the fullest extent permitted by applicable law, the Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense 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. 
 (b)    The Guarantor consents to process being served by or on behalf of any holder
in any suit, action or proceeding of the nature referred to in Section 14.6(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its
address specified in Section 13 or at such other address of which such holder shall then have been notified pursuant to Section 13. The Guarantor agrees that such service upon receipt (i) shall be deemed in every respect effective
service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be
conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(c)    Nothing in this Section 14.6 shall affect the right of any holder to serve process in any manner permitted by
law, or limit any right that the holders may have to bring proceedings against the Guarantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 

(d)    THE GUARANTOR AND THE HOLDERS
HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH
RESPECT TO THIS GUARANTY AGREEMENT OR OTHER DOCUMENT EXECUTED IN CONNECTION
HEREWITH. 

  
 -12- 

 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty Agreement to be duly executed and
delivered as of the date and year first above written. 
  

			
	EVERGY, INC.
		
	By:	 	 /s/ Lori A. Wright

	Name:	 	Lori A. Wright
	Title:	 	 Vice President — Corporate Planning,

Investor Relations and Treasurer

  
 Signature Page to
Guaranty AgreementEX-10.2

 Exhibit 10.2 
  

 
  

GUARANTY AGREEMENT 

Dated as of April 20, 2021 

of 
 EVERGY,
INC. 
  
  

 

 Table of Contents 

 

							
	Section	 	Heading	  	Page	 
	 Section 1.
	 	 Guaranty
	  	 	1	 
			
	 Section 2.
	 	 Obligations Absolute
	  	 	2	 
			
	 Section 3.
	 	 Waiver
	  	 	3	 
			
	 Section 4.
	 	 Obligations Unimpaired
	  	 	3	 
			
	 Section 5.
	 	 Subrogation and Subordination
	  	 	4	 
			
	 Section 6.
	 	 Reinstatement of Guaranty
	  	 	5	 
			
	 Section 7.
	 	 Rank of Guaranty
	  	 	5	 
			
	 Section 8.
	 	 Representations and Warranties of the Guarantor
	  	 	5	 
			
	 Section 8.1.
	 	 Incorporation; Power and Authority
	  	 	5	 
			
	 Section 8.2.
	 	 Authorization, Etc
	  	 	5	 
			
	 Section 8.3.
	 	 Governmental Authorizations, Etc
	  	 	6	 
			
	 Section 8.4.
	 	 Compliance with Laws, Other Instruments, Etc
	  	 	6	 
			
	 Section 9.
	 	 Term of Guaranty Agreement
	  	 	6	 
			
	 Section 10.
	 	 Survival of Representations and Warranties; Entire Agreement
	  	 	6	 
			
	 Section 11.
	 	 Notices
	  	 	7	 
			
	 Section 12.
	 	 Miscellaneous
	  	 	7	 
			
	 Section 12.1.
	 	 Successors and Assigns
	  	 	7	 
			
	 Section 12.2.
	 	 Severability
	  	 	7	 
			
	 Section 12.3.
	 	 Construction
	  	 	7	 
			
	 Section 12.4.
	 	 Further Assurances
	  	 	8	 
			
	 Section 12.5.
	 	 Governing Law
	  	 	8	 
			
	 Section 12.6.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	8	 

  
 i 

 Guaranty Agreement 

This Guaranty Agreement, dated as of April 20, 2021 (this “Guaranty Agreement”), is made by Evergy, Inc. (formerly
Great Plains Energy Incorporated), a Missouri corporation (the “Guarantor”) in favor of the Purchasers (as defined below) and the other holders from time to time of the Notes (as defined below). The Purchasers and such other
holders are herein collectively called the “holders” and individually a “holder.” 

Preliminary Statements: 

I.    Evergy Missouri West, Inc. (formerly KCP&L Greater Missouri Operations Company), a Delaware corporation
(the “Company”), entered into a Note Purchase Agreement dated as of August 16, 2013 (as amended, modified, supplemented or restated from time to time, the “Note Agreement”) with the Persons listed on
the signature pages thereto (the “Purchasers”). Capitalized terms used herein have the meanings specified in the Note Agreement unless otherwise defined herein. 

II.    The Company issued and sold, pursuant to the Note Agreement, (i) $125,000,000 aggregate principal amount of
3.47% Senior Notes, Series A, due August 15, 2025, of which $36,000,000 remains outstanding, (ii) $75,000,000 aggregate principal amount of 4.06% Senior Notes, Series B, due August 15, 2033, of which $60,000,000 remains outstanding and
(iii) $150,000,000 aggregate principal amount of 4.74% Senior Notes, Series C, due August 15, 2043, all of which remains outstanding (the “Initial Notes”). The Initial Notes and any other Notes that may from time to time
be issued pursuant to the Note Agreement (including any notes issued in substitution for any of the Notes) are herein collectively called the “Notes” and individually a “Note”. 

III.    Section 9.8 of the Note Agreement sets forth the conditions under which this Guaranty Agreement is to be
executed by the Guarantor and delivered to the holders. 
 IV.    The Guarantor will receive direct and indirect
benefits from the financing arrangements contemplated by the Note Agreement. The Board of Directors of the Guarantor has determined that the incurrence of such obligations is in the best interests of the Guarantor. 

Now Therefore, in compliance with Note Agreement, and in consideration of, the execution and delivery of the Note Agreement and the purchase
of the Notes by each of the Purchasers, the Guarantor hereby covenants and agrees with, and represents and warrants to each of the holders as follows: 

Section 1.    Guaranty. 

The Guarantor hereby irrevocably and unconditionally guarantees to each holder, the due and punctual payment in full of (a) the principal
of, Make-Whole Amount, if any, and interest on (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), and any other amounts due 

  
 1 

 
under, the Notes when and as the same shall become due and payable (whether at stated maturity or by required or optional prepayment or by acceleration or otherwise) and (b) any other sums
which may become due under the terms and provisions of the Notes or the Note Agreement (all such obligations described in clauses (a) and (b) above are herein called the “Guaranteed Obligations”). The guaranty in the
preceding sentence is an absolute, present and continuing guaranty of payment and not of collectability and is in no way conditional or contingent upon any attempt to collect from the Company or any other guarantor of the Notes, if any, or upon any
other action, occurrence or circumstance whatsoever. In the event that the Company shall fail to pay any of such Guaranteed Obligations, the Guarantor agrees to pay the same when due to the holders entitled thereto, without demand, presentment,
protest or notice of any kind, in lawful money of the United States of America, pursuant to the requirements for payment specified in the Notes and the Note Agreement. Each default in payment of any of the Guaranteed Obligations shall give rise to a
separate cause of action hereunder and separate suits may be brought hereunder as each cause of action arises. The Guarantor agrees that the Notes issued in connection with the Note Agreement may (but need not) make reference to this Guaranty
Agreement. 
 The Guarantor agrees to pay and to indemnify and save each holder harmless from and against any damage, loss, cost or expense
(including attorneys’ fees) which such holder may incur or be subject to as a consequence, direct or indirect, of (x) any breach by the Guarantor or by the Company of any warranty, covenant, term or condition in, or the occurrence of any
default under, this Guaranty Agreement, the Notes or the Note Agreement, together with all expenses resulting from the compromise or defense of any claims or liabilities arising as a result of any such breach or default, (y) any legal action
commenced to challenge the validity or enforceability of this Guaranty Agreement, the Notes, the Note Agreement or any other instrument referred to therein and (z) enforcing or defending (or determining whether or how to enforce or defend) the
provisions of this Guaranty Agreement. 
 Notwithstanding any provision to the contrary contained herein or in the Note Agreement or the
Notes, the obligations of the Guarantor under this Guaranty Agreement, the Note Agreement and the Notes shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under the federal
bankruptcy laws or any comparable provision of any applicable state law. 
 The Guarantor hereby acknowledges and agrees that the
Guarantor’s liability hereunder is joint and several with any other Person(s) who may guarantee the obligations and Indebtedness under and in respect of the Notes and the Note Agreement. 

Section 2.    Obligations Absolute. 

The obligations of the Guarantor hereunder shall be primary, absolute, irrevocable and unconditional, irrespective of the validity or
enforceability of the Notes, the Note Agreement or any other instrument referred to therein, shall not be subject to any counterclaim, setoff, deduction or defense based upon any claim the Guarantor may have against the Company or any holder or
otherwise, and shall remain in full force and effect without regard to, and shall not be released, discharged or in any way affected by, any circumstance or condition whatsoever (whether or not 

  
 2 

 
the Guarantor shall have any knowledge or notice thereof), including, without limitation: (a) any amendment to, modification of, supplement to or restatement of the Notes or the Note
Agreement (it being agreed that the obligations of the Guarantor hereunder shall apply to the Notes or the Note Agreement as so amended, modified, supplemented or restated) or any assignment or transfer of any thereof or of any interest therein, or
any furnishing, acceptance or release of any security for the Notes; (b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of the Notes or the Note Agreement; (c) any bankruptcy, insolvency,
arrangement, reorganization, readjustment, composition, liquidation or similar proceeding with respect to the Company or its property; (d) any merger, amalgamation or consolidation of the Guarantor or of the Company into or with any other
Person or any sale, lease or transfer of any or all of the assets of the Guarantor or of the Company to any Person; (e) any failure on the part of the Company for any reason to comply with or perform any of the terms of any other agreement with
the Guarantor; (f) any failure on the part of any holder to obtain, maintain, register or otherwise perfect any security; or (g) any other event or circumstance which might otherwise constitute a legal or equitable discharge or defense of
a guarantor (whether or not similar to the foregoing), and in any event however material or prejudicial it may be to the Guarantor or to any subrogation, contribution or reimbursement rights the Guarantor may otherwise have. Except as provided in
Section 9.8(b) of the Note Agreement, the Guarantor covenants that its obligations hereunder will not be discharged except by indefeasible payment in full in cash of all of the Guaranteed Obligations and all other obligations hereunder. 

Section 3.    Waiver. 

The Guarantor unconditionally waives to the fullest extent permitted by law, (a) notice of acceptance hereof, of any action taken or
omitted in reliance hereon and of any default by the Company in the payment of any amounts due under the Notes, the Note Agreement or any other instrument referred to therein, and of any of the matters referred to in Section 2 hereof,
(b) all notices which may be required by statute, rule of law or otherwise to preserve any of the rights of any holder against the Guarantor, including, without limitation, presentment to or demand for payment from the Company or the Guarantor
with respect to any Note, notice to the Company or to the Guarantor of default or protest for nonpayment or dishonor and the filing of claims with a court in the event of the bankruptcy of the Company, (c) any right to require any holder to
enforce, assert or exercise any right, power or remedy including, without limitation, any right, power or remedy conferred in the Note Agreement or the Notes, (d) any requirement for diligence on the part of any holder and (e) any other
act or omission or thing or delay in doing any other act or thing which might in any manner or to any extent vary the risk of the Guarantor or otherwise operate as a discharge of the Guarantor or in any manner lessen the obligations of the Guarantor
hereunder. 
 Section 4.    Obligations Unimpaired. 

The Guarantor authorizes the holders, without notice or demand to the Guarantor and without affecting its obligations hereunder, from time to
time: (a) to renew, compromise, extend, accelerate or otherwise change the time for payment of, all or any part of the Notes, the Note Agreement or any other instrument referred to therein; (b) to change any of the representations,
covenants, events of default or any other terms or conditions of or pertaining to the Notes, the Note 

  
 3 

 
Agreement or any other instrument referred to therein, including, without limitation, decreases or increases in amounts of principal, rates of interest, the
Make-Whole Amount or any other obligation; (c) to take and hold security for the payment of the Notes, the Note Agreement or any other instrument referred to therein, for the performance of this Guaranty
Agreement or otherwise for the Indebtedness guaranteed hereby and to exchange, enforce, waive, subordinate and release any such security; (d) to apply any such security and to direct the order or manner of sale thereof as the holders in their
sole discretion may determine; (e) to obtain additional or substitute endorsers or guarantors; (f) to exercise or refrain from exercising any rights against the Company and others; and (g) to apply any sums, by whomsoever paid or
however realized, to the payment of the Guaranteed Obligations and all other obligations owed hereunder. The holders shall have no obligation to proceed against any additional or substitute endorsers or guarantors or to pursue or exhaust any
security provided by the Company, the Guarantor or any other Person or to pursue any other remedy available to the holders. 
 If an event
permitting the acceleration of the maturity of the principal amount of any Notes shall exist and such acceleration shall at such time be prevented or the right of any holder to receive any payment on account of the Guaranteed Obligations shall at
such time be delayed or otherwise affected by reason of the pendency against the Company, the Guarantor or any other guarantors of a case or proceeding under a bankruptcy or insolvency law, the Guarantor agrees that, for purposes of this Guaranty
Agreement and its obligations hereunder, the maturity of such principal amount shall be deemed to have been accelerated with the same effect as if the holder thereof had accelerated the same in accordance with the terms of the Note Agreement, and
the Guarantor shall forthwith pay such accelerated Guaranteed Obligations. 
 Section 5.    Subrogation and Subordination.

 (a)    The Guarantor will not exercise any rights which it may have acquired by way of subrogation under this
Guaranty Agreement, by any payment made hereunder or otherwise, or accept any payment on account of such subrogation rights, or any rights of reimbursement, contribution or indemnity or any rights or recourse to any security for the Notes or this
Guaranty Agreement unless and until all of the Guaranteed Obligations shall have been indefeasibly paid in full in cash. 

(b)    The Guarantor hereby subordinates the payment of all Indebtedness of the Company and other obligations of the
Company or any other guarantor of the Guaranteed Obligations that is, in each case, owing to the Guarantor, whether now existing or hereafter arising, including, without limitation, all rights and claims described in clause (a) of this
Section 5, to the indefeasible payment in full in cash of all of the Guaranteed Obligations. If the Required Holders so request, any such Indebtedness or other obligations shall be enforced and performance received by the Guarantor as trustee
for the holders and the proceeds thereof shall be paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the
Required Holders, but without reducing or affecting in any manner the liability of the Guarantor under this Guaranty Agreement. 

  
 4 

 (c)    If any amount or other payment is made to or accepted by the
Guarantor in violation of any of the preceding clauses (a) and (b) of this Section 5, such amount shall be deemed to have been paid to the Guarantor for the benefit of, and held in trust for the benefit of, the holders and shall be
paid over to the holders promptly, in the form received (together with any necessary endorsements) to be applied to the Guaranteed Obligations, whether matured or unmatured, as may be directed by the Required Holders, but without reducing or
affecting in any manner the liability of the Guarantor under this Guaranty Agreement. 
 (d)    The Guarantor
acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Note Agreement and that its agreements set forth in this Guaranty Agreement (including this Section 5) are knowingly made in
contemplation of such benefits. 
 Section 6.    Reinstatement of Guaranty. 

This Guaranty Agreement shall continue to be effective, or be reinstated, as the case may be, if and to the extent at any time payment, in
whole or in part, of any of the sums due to any holder on account of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by a holder upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the
Company or any other guarantors, or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to the Company or any other guarantors or any part of its or their property, or otherwise,
all as though such payments had not been made. 
 Section 7.    Rank of Guaranty. 

The Guarantor will ensure that its payment obligations under this Guaranty Agreement will at all times rank at least pari passu,
without preference or priority, with all other unsecured and unsubordinated Indebtedness of the Guarantor now or hereafter existing. 

Section 8.    Representations and Warranties of the Guarantor. 

The Guarantor represents and warrants to each holder as follows: 

Section 8.1.    Incorporation; Power and Authority. The Guarantor is a corporation, duly
incorporated, validly existing and in good standing under the laws of its jurisdiction of Missouri and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to
be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Guarantor has the corporate power and authority to own or hold under lease the properties it purports to
own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Guaranty Agreement and to perform the provisions hereof. 

Section 8.2.    Authorization, Etc. This Guaranty Agreement has been duly authorized by
all necessary corporate action on the part of the Guarantor, and this Guaranty Agreement constitutes a legal, valid and binding obligation of the Guarantor enforceable against the Guarantor 

  
 5 

 
in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the
enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 8.3.    Governmental Authorizations, Etc. No consent, approval or authorization
of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Guarantor of this Guaranty Agreement. 

Section 8.4.    Compliance with Laws, Other Instruments, Etc. The execution, delivery and
performance by the Guarantor of this Guaranty Agreement will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Guarantor or any of its
Subsidiaries under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, organizational documents, or any other agreement or instrument to which the Guarantor or any of its Subsidiaries is bound or by which the
Guarantor or any of its Subsidiaries or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court,
arbitrator or Governmental Authority applicable to the Guarantor or any of its Subsidiaries or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Guarantor or any of its
Subsidiaries. “Governmental Authority” means (x) the government of (i) the United States of America or any State or other political subdivision thereof, or (ii) any other jurisdiction in which the
Guarantor or any of its Subsidiaries conducts all or any part of its business, or which asserts jurisdiction over any properties of the Guarantor or any of its Subsidiaries, or (y) any entity exercising executive, legislative, judicial,
regulatory or administrative functions of, or pertaining to, any such government. 
 Section 9.    Term of Guaranty Agreement.

 This Guaranty Agreement and all guarantees, covenants and agreements of the Guarantor contained herein shall continue in full force
and effect and shall not be discharged until (i) such time as all of the Guaranteed Obligations and all other obligations hereunder shall be indefeasibly paid in full in cash and shall be subject to reinstatement pursuant to Section 6 or
(ii) terminated pursuant to Section 9.8(b) of the Note Agreement, provided that all claims and liabilities hereunder arising prior to the termination have been satisfied. 

Section 10.    Survival of Representations and Warranties; Entire Agreement. 

All representations and warranties contained herein shall survive the execution and delivery of this Guaranty Agreement and may be relied upon
by any subsequent holder, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder. All statements contained in any certificate or other instrument delivered by or on behalf of the Guarantor pursuant to
this Guaranty Agreement shall be deemed representations and warranties of the Guarantor under this Guaranty Agreement. Subject to the preceding sentence, this Guaranty Agreement and the Note Agreement embody the entire agreement and understanding
between each holder and the Guarantor and supersedes all prior agreements and understandings relating to the subject matter hereof. 

  
 6 

 Section 11.    Notices. 

All notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends 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: 
 (a)    if to the Guarantor, to Evergy, Inc., 1200 Main Street, Kansas
City, Missouri 64105, and to the attention of Jason O. Humphrey, Assistant Treasurer, or such other address as the Guarantor shall have specified to the holders in writing, or 

(b)    if to any holder, to such holder at the addresses specified for such communications set forth in Schedule A to the
Note Agreement, or such other address as such holder shall have specified to the Guarantor in writing. 

Section 12.    Miscellaneous. 

Section 12.1.    Successors and Assigns. All covenants and other agreements
contained in this Guaranty Agreement by or on behalf of the Guarantor for the benefit of the holders bind and inure to the benefit of the Guarantor and the holders and their respective successors and assigns whether so expressed or not. 

Section 12.2.    Severability. Any provision of this Guaranty
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law), not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 12.3.    Construction. Each covenant contained herein shall be construed
(absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such express contrary provision) be deemed to excuse compliance with any other
covenant. Whether any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

The section and subsection headings in this Guaranty Agreement are for convenience of reference only and shall neither be deemed to be a part
of this Guaranty Agreement nor modify, define, expand or limit any of the terms or provisions hereof. All references herein to numbered sections, unless otherwise indicated, are to sections of this Guaranty Agreement. Words and definitions in the
singular shall be read and construed as though in the plural and vice versa, and words in the masculine, neuter or feminine gender shall be read and construed as though in either of the other genders where the context so requires. 

  
 7 

 Section 12.4.    Further Assurances.
The Guarantor agrees to execute and deliver all such instruments and take all such action as the Required Holders may from time to time reasonably request in order to effectuate fully the purposes of this Guaranty Agreement. 

Section 12.5.    Governing Law. This Guaranty Agreement shall be construed and enforced
in accordance with, and the rights of the Guarantor and the holders shall be governed by, the law of the State of New York, excluding choice-of-law principles of
the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

Section 12.6.    Jurisdiction and Process; Waiver of Jury Trial. 

(a)    The Guarantor 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 Guaranty Agreement. To the fullest extent permitted by applicable law, the
Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense 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. 

(b)    The Guarantor consents to process being served by or on behalf of any holder in any suit, action or proceeding of
the nature referred to in Section 12.6(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in the Note Agreement or
at such other address of which such holder shall then have been notified pursuant to Note Agreement. The Guarantor agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit,
action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a
delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(c)    Nothing in this Section 12.6 shall affect the right of any holder to serve process in any manner permitted by
law, or limit any right that the holders may have to bring proceedings against the Guarantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 

(d)    THE GUARANTOR AND THE HOLDERS HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS GUARANTY
AGREEMENT OR OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH. 
 [Remainder of Page Intentionally Left Blank] 

  
 8 

 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty Agreement to be duly executed and
delivered as of the date and year first above written. 
  

			
	EVERGY, INC.
		
	By:	 	 /s/ Lori A. Wright

	Name:	 	Lori A. Wright
	Title:	 	Vice President — Corporate Planning,
		 	Investor Relations and Treasurer

  
 Signature Page to
Guaranty Agreement

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