Document:

exhibit42-eightyxfourths

46956586.2  PURSUANT TO §44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED, THIS INSTRUMENT EMBRACES,  COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED PROPERTY OF THE GRANTOR  OGLETHORPE POWER CORPORATION  (AN ELECTRIC MEMBERSHIP CORPORATION),  GRANTOR,  to  U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,  TRUSTEE  EIGHTY-FOURTH SUPPLEMENTAL  INDENTURE  Relating to the  Series 2022 (FFB AE48) Note and Series 2022 (RUS AE48) Reimbursement Note  Dated as of October 18, 2022  FIRST MORTGAGE OBLIGATIONS  NOTE TO CLERK OF THE GEORGIA SUPERIOR COURT AND GEORGIA TAX COMMISSIONER: THIS  INSTRUMENT IS EXEMPT FROM THE INTANGIBLES RECORDING TAX PURSUANT TO THE RULES AND  REGULATIONS OF THE STATE OF GEORGIA § 560-11-8-.14(A) BECAUSE THIS INSTRUMENT  SECURES NOTES, THE HOLDERS OF WHICH ARE THE FEDERAL FINANCING BANK, AN  INSTRUMENTALITY OF THE UNITED STATES OF AMERICA, AND THE RURAL UTILITIES SERVICE, AN  AGENCY OF THE UNITED STATES OF AMERICA.   EXHIBIT 4.2 

 

  1  46956586.2  THIS EIGHTY-FOURTH SUPPLEMENTAL INDENTURE, dated as of October 18,  2022, is between OGLETHORPE POWER CORPORATION (AN ELECTRIC  MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An  Electric Membership Generation & Transmission Corporation), an electric membership  corporation organized and existing under the laws of the State of Georgia, as Grantor (the  “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national  banking association, as successor to U.S. Bank National Association (as successor to SunTrust  Bank, formerly SunTrust Bank, Atlanta), as Trustee (in such capacity, the “Trustee”).    WHEREAS, the Company has heretofore executed and delivered to the Trustee an  Indenture, dated as of March 1, 1997 (the “Original Indenture”), for the purpose of securing its  Existing Obligations and providing for the authentication and delivery of Additional Obligations  by the Trustee from time to time under the Original Indenture (capitalized terms used herein and  not otherwise defined shall have the meanings assigned to them in the Original Indenture as  provided in Section 3.1 hereof);    WHEREAS, the Original Indenture has heretofore been supplemented and amended by  eighty-three Supplemental Indentures (the Original Indenture, as heretofore, hereby and hereafter  supplemented and amended, the “Indenture”), and the Original Indenture and the eighty-three  Supplemental Indentures have been recorded as set forth on Schedule 1 attached hereto;    WHEREAS, the Company is entering into an Twelfth Amended and Restated Loan  Contract, dated as of October 18, 2022 (as it may be amended, supplemented and/or restated  from time to time, the “Amended and Restated Loan Contract”), with the United States of  America, acting by and through the Administrator of the Rural Utilities Service (“RUS”) which,  among other things, provides the terms and conditions of a loan from the Federal Financing Bank  (“FFB”) in a principal amount of $234,681,000 (the “FFB AE48 Loan”);    WHEREAS, the Company’s obligation to repay the FFB AE48 Loan will be evidenced  by that certain Series 2022 (FFB AE48) Note, dated October 18, 2022 (the “Series 2022 (FFB  AE48) Note”), from the Company to FFB;    WHEREAS, RUS will guarantee the Company’s obligation to repay the FFB AE48  Loan;    WHEREAS, the Company will be obligated to reimburse RUS for any payments made  to FFB on behalf of the Company in connection with the FFB AE48 Loan, and such  reimbursement obligation by the Company will be evidenced by that certain Series 2022 (RUS  AE48) Reimbursement Note, dated October 18, 2022 (the “Series 2022 (RUS AE48)  Reimbursement Note,” and together with the Series 2022 (FFB AE48) Note, collectively, the  “AE48 Notes”), from the Company to RUS;     WHEREAS, the Company desires to execute and deliver this Eighty-Fourth  Supplemental Indenture, in accordance with the provisions of the Indenture, for the purpose of (i)  providing for the creation and designation of the AE48 Notes as Additional Obligations and  

 

  2  46956586.2  specifying the forms and provisions thereof, and (ii) conveying and confirming unto the Trustee  the property more particularly described on Exhibit A hereto;     WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of  the Holders of any of the Obligations at the time Outstanding, the Company, when authorized by  a Board Resolution, and the Trustee, may enter into a Supplemental Indenture for the purposes  and subject to the conditions set forth in said Section 12.1, including to better assure, convey and  confirm unto the Trustee any property subjected to the lien of the Indenture and to create  additional series of Obligations under the Indenture and to make provisions for such additional  series of Obligations; and     WHEREAS, all acts and proceedings required by law and by the Articles of  Incorporation and Bylaws of the Company necessary to secure under the Indenture the payment  of the principal of (and premium, if any) and interest on the AE48 Notes, to make the AE48  Notes to be issued hereunder, when executed by the Company, authenticated and delivered by  the Trustee and duly issued, the valid, binding and legal obligations of the Company, and to  constitute the Indenture a valid and binding lien for the security of the AE48 Notes, in  accordance with its terms, have been done and taken; and the execution and delivery of this  Eighty-Fourth Supplemental Indenture have been in all respects duly authorized by the  Company;    NOW, THEREFORE, THIS EIGHTY-FOURTH SUPPLEMENTAL INDENTURE  WITNESSETH, that, to secure the payment of the principal of (and premium, if any) and  interest on the Outstanding Secured Obligations, including, when authenticated and delivered,  the AE48 Notes, to confirm the lien of the Indenture upon the Trust Estate, including property  purchased, constructed or otherwise acquired by the Company since the date of execution of the  Original Indenture, to secure performance of the covenants therein and herein contained, to  declare the terms and conditions on which the AE48 Notes are secured, and in consideration of  the premises thereof and hereof, the Company by these presents does grant, bargain, sell,  alienate, remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and  confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in  trust, all property, rights, privileges and franchises (other than Excepted Property or Excludable  Property) of the Company, whether now owned or hereafter acquired, of the character described  in the Granting Clauses of the Original Indenture, wherever located, including all such property,  rights, privileges and franchises acquired since the date of execution of the Original Indenture,  including, without limitation, all property described in Exhibit A hereto; subject to all  exceptions, reservations and matters of the character referred to in the Indenture, and does grant  a security interest therein for the purposes expressed herein and in the Indenture subject in all  cases to Sections 5.2 and 11.2B of the Original Indenture, and to the rights of the Company  under the Indenture including the rights set forth in Article V thereof; but expressly excepting  and excluding from the lien and operation of the Indenture all properties of the character  specifically excepted as “Excepted Property” or “Excludable Property” in the Indenture to the  extent contemplated thereby.    PROVIDED, HOWEVER, that if, upon the occurrence of an Event of Default, the  Trustee, or any separate trustee or co-trustee appointed under Section 9.14 of the Original  

 

  3  46956586.2  Indenture or any receiver appointed pursuant to statutory provision or order of court, shall have  entered into possession of all or substantially all of the Trust Estate, all the Excepted Property  described or referred to in Paragraphs A through H, inclusive, of “Excepted Property” in the  Original Indenture then owned or thereafter acquired by the Company, shall immediately, and, in  the case of any Excepted Property described or referred to in Paragraphs I, J, L, N and P of  “Excepted Property” in the Original Indenture (excluding the property described in Section 2 of  Exhibit B in the Original Indenture) upon demand of the Trustee or such other trustee or  receiver, become subject to the lien of the Indenture to the extent permitted by law, and the  Trustee or such other trustee or receiver may, to the extent permitted by law, at the same time  likewise take possession thereof, and whenever all Events of Default shall have been cured and  the possession of all or substantially all of the Trust Estate shall have been restored to the  Company, such Excepted Property shall again be excepted and excluded from the lien of the  Indenture to the extent and otherwise as hereinabove set forth and as set forth in the Indenture.    The Company may, however, pursuant to the Granting Clause Third of the Original  Indenture subject to the lien of the Indenture any Excepted Property or Excludable Property,  whereupon the same shall cease to be Excepted Property or Excludable Property.    TO HAVE AND TO HOLD all such property, rights, privileges and franchises hereby  and hereafter (by a Supplemental Indenture or otherwise) granted, bargained, sold, alienated,  remised, released, conveyed, assigned, transferred, mortgaged, hypothecated, pledged, set over  or confirmed as aforesaid, or intended, agreed or covenanted so to be, together with all the  tenements, hereditaments and appurtenances thereto appertaining (said properties, rights,  privileges and franchises, including any cash and securities hereafter deposited or required to be  deposited with the Trustee (other than any such cash which is specifically stated in the Indenture  not to be deemed part of the Trust Estate) being part of the Trust Estate), unto the Trustee, and its  successors and assigns in the trust created by the Indenture, forever.    SUBJECT, HOWEVER, to (i) Permitted Exceptions and (ii) to the extent permitted by  Section 13.6 of the Original Indenture as to property hereafter acquired (a) any duly recorded or  perfected prior mortgage or other lien that may exist thereon at the date of the acquisition thereof  by the Company and (b) purchase money mortgages, other purchase money liens, chattel  mortgages, conditional sales agreements or other title retention agreements created by the  Company at the time of acquisition thereof.    BUT IN TRUST, NEVERTHELESS, with power of sale, for the equal and  proportionate benefit and security of the Holders from time to time of all the Outstanding  Secured Obligations without any priority of any such Obligation over any other such Obligation  and for the enforcement of the payment of such Obligations in accordance with their terms.    UPON CONDITION that, until the happening of an Event of  Default and subject to the  provisions of Article V of the Original Indenture, and not in limitation of the rights elsewhere  provided in the Indenture, including the rights set forth in Article V of the Original Indenture, the  Company shall be permitted to (i) possess and use the Trust Estate, except cash, securities,  Designated Qualifying Securities and other personal property deposited, or required to be  deposited, with the Trustee, (ii) explore for, mine, extract, separate and dispose of coal, ore, gas,  

 

  4  46956586.2  oil and other minerals, and harvest standing timber, and (iii) receive and use the rents, issues,  profits, revenues and other income, products and proceeds of the Trust Estate.    THE INDENTURE, INCLUDING THIS EIGHTY-FOURTH SUPPLEMENTAL  INDENTURE, is given to secure the Outstanding Secured Obligations, and is intended to  operate and is to be construed as a deed passing title to the Trust Estate and is made under the  provisions of the laws of the State of Georgia relating to deeds to secure debt, and not as a  mortgage or deed of trust, and is given to secure the Outstanding Secured Obligations.  Should  the indebtedness secured by the Indenture be paid according to the tenor and effect thereof when  the same shall become due and payable and should the Company perform all covenants  contained in the Indenture in a timely manner, then the Indenture shall be canceled and  surrendered.    AND IT IS HEREBY COVENANTED AND DECLARED that the AE48 Notes are to  be authenticated and delivered and the Trust Estate is to be held and applied by the Trustee,  subject to the covenants, conditions and trusts set forth herein and in the Indenture, and the  Company does hereby covenant and agree to and with the Trustee, for the equal and  proportionate benefit of all Holders of the Outstanding Secured Obligations, as follows:    ARTICLE I    THE AE48 NOTES AND  CERTAIN PROVISIONS RELATING THERETO    Section 1.1     Authorization and Terms of the Series 2022 (FFB AE48) Note.    There shall be created and established an Additional Obligation in the form of a future  advance promissory note known as and entitled the “Series 2022 (FFB AE48) Note,” the form,  terms and conditions of which shall be substantially as set forth in or determined by the method  prescribed pursuant to this Section and Section 1.2 hereof.  The face principal amount of the  Series 2022 (FFB AE48) Note is limited to $234,681,000.      The Series 2022 (FFB AE48) Note shall be authenticated and delivered as a Conditional  Obligation pursuant to Section 4.8 of the Original Indenture.  If the Series 2022 (FFB AE48)  Note is duly executed and issued by the Company, authenticated and delivered by the Trustee  and received and held by FFB, then any advance under the Series 2022 (FFB AE48) Note made  in compliance with Section 4.8 of the Original Indenture will be equally and proportionately  secured under the Indenture with all other Outstanding Secured Obligations.    The Series 2022 (FFB AE48) Note shall be dated October 18, 2022.  The Series 2022  (FFB AE48) Note shall have a final maturity date of December 31, 2048, and each advance  under the Series 2022 (FFB AE48) Note shall bear interest from the date of advance until the  maturity date for such advance (unless repaid sooner) at rates calculated as provided for in the  form of note prescribed pursuant to Section 1.2 hereof.  The Series 2022 (FFB AE48) Note shall  be authenticated and delivered to, and made payable to, FFB.    

 

  5  46956586.2  All payments, including prepayments, made on the Series 2022 (FFB AE48) Note shall  be made as provided in the Series 2022 (FFB AE48) Note and the Amended and Restated Loan  Contract (and shall not be governed by the provisions of Section 1.14 or Article XIV of the  Original Indenture), and shall be made in lawful money of the United States of America which  will be immediately available on the date payment is due.    Section 1.2     Form of the Series 2022 (FFB AE48) Note.    The Series 2022 (FFB AE48) Note and the Trustee’s certificate of authentication for the  Series 2022 (FFB AE48) Note shall be substantially in the form set forth in an Officers’  Certificate to be delivered to the Trustee by the Company, which shall establish the terms and  conditions of the Series 2022 (FFB AE48) Note pursuant to Section 2.1 of the Original  Indenture, with such appropriate insertions, omissions, substitutions and other variations as are  required or permitted in the Indenture.    Pursuant to Section 1.20 of the Original Indenture, the United States of America, acting  by and through the Administrator of RUS, shall be, and shall have the rights of, the Holder of the  Series 2022 (FFB AE48) Note for all purposes under the Indenture at all times during which the  Series 2022 (FFB AE48) Note continues to be guaranteed by the United States of America,  acting by and through the Administrator of RUS.    Section 1.3     Authorization and Terms of the Series 2022 (RUS AE48) Reimbursement  Note.    There shall be created and established an Additional Obligation in the form of a  reimbursement note known as and entitled the “Series 2022 (RUS AE48) Reimbursement Note,”  the form, terms and conditions of which shall be substantially as set forth in or determined by the  method prescribed pursuant to this Section and Section 1.4 hereof.      If the Series 2022 (RUS AE48) Reimbursement Note is duly executed and issued by the  Company, authenticated and delivered by the Trustee and received and held by the Holder  thereof, then reimbursement obligations evidenced thereunder that relate to advances under the  Series 2022 (FFB AE48) Note made in compliance with Section 4.8 of the Original Indenture  will be equally and proportionately secured under the Indenture with all other Outstanding  Secured Obligations.    The Series 2022 (RUS AE48) Reimbursement Note shall be dated October 18, 2022.  The  Series 2022 (RUS AE48) Reimbursement Note shall mature and shall bear interest for the  periods and at the rates calculated as provided for in the form of note prescribed pursuant to  Section 1.4 hereof.  The Series 2022 (RUS AE48) Reimbursement Note shall be authenticated  and delivered to, and made payable to, the United States of America, acting by and through the  Administrator of RUS.    All payments, including prepayments, made on the Series 2022 (RUS AE48)  Reimbursement Note shall be made as provided in the Series 2022 (RUS AE48) Reimbursement  Note and the Amended and Restated Loan Contract (and shall not be governed by the provisions  

 

  6  46956586.2  of Section 1.14 or Article XIV of the Original Indenture) to the United States of America, acting  by and through the Administrator of RUS, at the United States Treasury, Washington, D.C., and  shall be made in lawful money of the United States of America which will be immediately  available on the date payment is due.    The Series 2022 (RUS AE48) Reimbursement Note is an Additional Obligation issued by  the Company for the purpose of evidencing the Company’s obligation to reimburse the United  States of America, acting by and through the Administrator of RUS, for all amounts paid, or for  any advances or loans made to or on behalf of the Company, on account of the guarantee by the  United States of America, pursuant to the Rural Electrification Act of 1936, as amended, of the  Series 2022 (FFB AE48) Note, and related interest, fees, costs, penalties, charges and other  amounts, and constitutes an “RUS Reimbursement Obligation” as described in Section 4.9 of the  Original Indenture.    Section 1.4     Form of the Series 2022 (RUS AE48) Reimbursement Note.      The Series 2022 (RUS AE48) Reimbursement Note and the Trustee’s certificate of  authentication for such Series 2022 (RUS AE48) Reimbursement Note shall be substantially in  the form set forth in an Officers’ Certificate to be delivered to the Trustee by the Company,  which shall establish the terms and conditions of the Series 2022 (RUS AE48) Reimbursement  Note pursuant to Section 2.1 of the Original Indenture, with such appropriate insertions,  omissions, substitutions and other variations as are required or permitted in the Indenture.    ARTICLE II    MISCELLANEOUS    Section 2.1      Supplemental Indenture.    This Eighty-Fourth Supplemental Indenture is executed and shall be construed as an  indenture supplemental to the Original Indenture, and shall form a part thereof, and the Original  Indenture, as heretofore and hereby supplemented and amended, is hereby confirmed.  Except to  the extent inconsistent with the express terms of this Eighty-Fourth Supplemental Indenture, the  Amended and Restated Loan Contract and the AE48 Notes, all of the provisions, terms,  covenants and conditions of the Indenture generally applicable to the payment or redemption of  all Obligations shall be applicable to the AE48 Notes to the same extent as if specifically set  forth herein.  All capitalized terms used in this Eighty-Fourth Supplemental Indenture but not  defined herein shall have the same meanings ascribed to them in the Original Indenture, as such  terms may have been or may be amended or modified from time to time pursuant to the  Indenture, except in cases where the context clearly indicates otherwise.  All references herein to  Sections, Articles, definitions or other provisions of the Original Indenture shall be to such  Sections, Articles, definitions or other provisions as they may be amended or modified from time  to time pursuant to the Indenture.    

 

  7  46956586.2  Section 2.2      Recitals.    All recitals in this Eighty-Fourth Supplemental Indenture are made by the Company only  and not by the Trustee; and all of the provisions contained in the Indenture, in respect of the  rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect  hereof as fully and with like effect as if set forth herein in full.    Section 2.3      Successors and Assigns.    Whenever in this Eighty-Fourth Supplemental Indenture any of the parties hereto is  named or referred to, this shall, subject to the provisions of Articles IX and XI of the Original  Indenture, be deemed to include the successors and assigns of such party, and all the covenants  and agreements in this Eighty-Fourth Supplemental Indenture contained by or on behalf of the  Company, or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to the  respective benefits of the respective successors and assigns of such parties, whether so expressed  or not.    Section 2.4      No Rights, Remedies, Etc.    Nothing in this Eighty-Fourth 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 Outstanding Secured Obligations, any right, remedy or  claim under or by reason of this Eighty-Fourth Supplemental Indenture or any covenant,  condition, stipulation, promise or agreement hereof, and all the covenants, conditions,  stipulations, promises and agreements in this Eighty-Fourth 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 Outstanding Secured Obligations.    Section 2.5      Counterparts.    This Eighty-Fourth Supplemental Indenture may be executed in several counterparts,  each of such counterparts shall for all purposes be deemed to be an original, and all such  counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed,  shall together constitute but one and the same instrument.    Section 2.6      Security Agreement and Financing Statement.    To the extent permitted by applicable law, this Eighty-Fourth Supplemental Indenture  shall be deemed to be a Security Agreement and Financing Statement whereby the Company  grants to the Trustee a security interest in all of the Trust Estate that is personal property or  fixtures under the Uniform Commercial Code, as adopted or hereafter adopted in one or more of  the states in which any part of the properties of the Company are situated.  The mailing address  of the Company, as debtor is:    

 

  8  46956586.2  Oglethorpe Power Corporation  (An Electric Membership Corporation)  2100 East Exchange Place   Tucker, Georgia 30084-5336,     and the mailing address of the Trustee, as secured party, is:    U.S. Bank Trust Company, National Association  Attention: Global Corporate Trust  2 Concourse Parkway, Suite 800  Atlanta, Georgia 30328       [Signatures Begin on Next Page.]  

 

 

 

 

 

  46956586.2  Exhibit A    All property (other than Excepted Property and Excludable property) of the Company in  the Counties of Appling, Burke, Carroll, Coweta, DeKalb, Effingham, Floyd, Hart, Heard,  Monroe, Murray, Talbot, Toombs, Walton, Warren, Washington and Whitfield, State of Georgia,  whether now owned or hereafter acquired, and including the following described property:            

 

  46956586.2  Schedule 1    RECORDING INFORMATION  FOR  _____________ COUNTY, GEORGIA        DOCUMENT    RECORDING  INFORMATION  DATE OF  RECORDING  Original Indenture    First Supplemental Indenture    Second Supplemental Indenture    Third Supplemental Indenture    Fourth Supplemental Indenture    Fifth Supplemental Indenture    Sixth Supplemental Indenture    Seventh Supplemental Indenture    Eighth Supplemental Indenture    Ninth Supplemental Indenture    Tenth Supplemental Indenture    Eleventh Supplemental Indenture    Twelfth Supplemental Indenture    Thirteenth Supplemental Indenture    Fourteenth Supplemental Indenture    Fifteenth Supplemental Indenture    Sixteenth Supplemental Indenture    Seventeenth Supplemental Indenture    Eighteenth Supplemental Indenture    Nineteenth Supplemental Indenture    Twentieth Supplemental Indenture    Twenty-First Supplemental Indenture    Twenty-Second Supplemental Indenture    Twenty-Third Supplemental Indenture    Twenty-Fourth Supplemental Indenture    Twenty-Fifth Supplemental Indenture    

 

  46956586.2    DOCUMENT    RECORDING  INFORMATION  DATE OF  RECORDING  Twenty-Sixth Supplemental Indenture    Twenty-Seventh Supplemental Indenture    Twenty-Eighth Supplemental Indenture    Twenty-Ninth Supplemental Indenture    Thirtieth Supplemental Indenture    Thirty-First Supplemental Indenture    Thirty-Second Supplemental Indenture    Thirty-Third Supplemental Indenture    Thirty-Fourth Supplemental Indenture    Thirty-Fifth Supplemental Indenture    Thirty-Sixth Supplemental Indenture    Thirty-Seventh Supplemental Indenture    Thirty-Eighth Supplemental Indenture    Thirty-Ninth Supplemental Indenture    Fortieth Supplemental Indenture    Forty-First Supplemental Indenture     Forty-Second Supplemental Indenture    Forty-Third Supplemental Indenture    Forty-Fourth Supplemental Indenture    Forty-Fifth Supplemental Indenture    Forty-Sixth Supplemental Indenture    Forty-Seventh Supplemental Indenture    Forty-Eighth Supplemental Indenture    Forty-Ninth Supplemental Indenture    Fiftieth Supplemental Indenture    Fifty-First Supplemental Indenture    Fifty-Second Supplemental Indenture    Fifty-Third Supplemental Indenture    Fifty-Fourth Supplemental Indenture    Fifty-Fifth Supplemental Indenture    

 

  46956586.2    DOCUMENT    RECORDING  INFORMATION  DATE OF  RECORDING  Fifty-Sixth Supplemental Indenture    Fifty-Seventh Supplemental Indenture    Fifty-Eighth Supplemental Indenture    Fifty-Ninth Supplemental Indenture     Sixtieth Supplemental Indenture    Sixty-First Supplemental Indenture  Sixty-Second Supplemental Indenture  Sixty-Third Supplemental Indenture  Sixty-Fourth Supplemental Indenture  Sixty-Fifth Supplemental Indenture  Sixty-Sixth Supplemental Indenture  Sixty-Seventh Supplemental Indenture  Sixty-Eighth Supplemental Indenture  Sixty-Ninth Supplemental Indenture  Seventieth Supplemental Indenture  Seventy-First Supplemental Indenture  Seventy-Second Supplemental Indenture  Seventy-Third Supplemental Indenture  Seventy-Fourth Supplemental Indenture  Seventy-Fifth Supplemental Indenture  Seventy-Sixth Supplemental Indenture  Seventy-Seventh Supplemental Indenture  Seventy-Eighth Supplemental Indenture  Seventy-Ninth Supplemental Indenture  Eightieth Supplemental Indenture     Eighty-First Supplemental Indenture    Eighty-Second Supplemental Indenture  Eighty-Third Supplemental IndentureDocument

Exhibit 10.1

                    
August 22, 2022
Robert Greyber
Employment Offer – Chief Executive Officer
Dear Rob,
Vacasa LLC (the “Company”) is pleased to offer you a position on the terms set forth in this letter. 
Title and Term:  Commencing on September 6, 2022 (the “Start Date”), you will be employed as Chief Executive Officer of the Company and Vacasa, Inc., reporting to the Vacasa, Inc. Board of Directors (the “Board”).  Your employment hereunder will continue until either the Company or you provide 30 days written notice (the “Notice Period”) to the other to terminate the employment relationship or, if sooner, until your death or termination due to your total and permanent disability as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended. Assuming your continued employment pursuant to this offer letter, you will be appointed to serve as a member of the Board as soon as practicable on or after your Start Date; provided, that if such appointment has not occurred before the filing date of Vacasa, Inc.’ s definitive annual proxy statement for 2023, you will be nominated for election by the shareholders of Vacasa, Inc. at Vacasa, Inc.’s 2023 annual shareholders meeting to serve as a member of the Board.     
Location of Position:  Your position is primarily located in the Seattle metropolitan area of Washington. The Company understands that you will remain a resident of Washington, but you agree to travel to Portland, Oregon from time to time as reasonably necessary to perform your duties and responsibilities as Chief Executive Officer and as otherwise requested by the Board. In the future, the Board may determine to change the primary location of your position to Portland, in which case you will be permitted to remain a resident of Washington but will be required to travel to Portland on a weekly or biweekly basis as necessary to perform your duties and responsibilities as Chief Executive Officer.  The Company will pay or otherwise reimburse you for reasonable costs for flights to and from Washington and Portland. You will be provided Company accommodations and the Company will reimburse you for standard living expenses for the time spent in Portland in the performance of your duties and responsibilities hereunder.  All reimbursement requests made pursuant to this section are subject to the Company’s reimbursement policy, including appropriate substantiation for any such requests.  To the extent deemed taxable to you, all payments and reimbursements pursuant to this section will be fully grossed up for applicable taxes using such methodology as is reasonably and in good faith determined by the Company.
At-Will Employment:  The Company is an at-will employer.  This means that you may terminate your employment with the Company at any time and for any reason whatsoever, with or without cause or advance notice other than the Notice Period.  Likewise, the Company may terminate your employment at any time and for any reason whatsoever, with or without cause or advance notice other than the Notice Period.  The at-will employment relationship cannot be changed except in a writing signed by the person or persons specified in the paragraph below titled “Additional Provisions.”  Upon termination, you will be paid any earned but unpaid compensation for which you are eligible.
Salary:  You will be paid a base salary at the rate of $600,000 per annum (as may be increased from time to time, the “Base Salary”), which will be paid in accordance with Company payroll practices and subject to applicable deductions and withholdings. 
Annual Bonus Opportunity:  You will be eligible for an annual bonus of up to 100% of your then-current Base Salary, subject to meeting certain performance criteria as will be set by the Board in its discretion after consultation with you. Any bonus that may become payable to you will be paid no later than March 15 of the calendar year after the calendar year as to which the performance relates. 
Benefits; Indemnification Agreement:  You will be eligible to participate in the Company’s benefit plans, programs and arrangements in accordance with their terms, including applicable eligibility requirements.  The Company currently offers the following benefits: i) medical insurance; ii) dental insurance; iii) vision insurance; 

iv) eligibility to participate in the Company 401(k) plan; and v) standard holiday pay.  You will also be eligible to take time off in accordance with the Company’s non-accrued vacation policy, and for paid sick leave in accordance with Company policy and applicable law.   All benefits are subject to change and the full terms and conditions applicable to your eligibility for benefits are set forth in the benefit plan documents or the Employee Handbook.  If this description of benefits differs from the terms and conditions set forth in the plan documents or the Employee Handbook, the plan documents or Employee Handbook will control. In addition, Vacasa, Inc. will enter into an Indemnification and Advancement Agreement (the “Indemnification Agreement”) with you that is attached hereto as Exhibit A.
Initial Equity Awards:  On your Start Date, Vacasa, Inc. will grant you an award of Vacasa, Inc. restricted stock units (“RSUs”) and an award of Vacasa, Inc. performance-stock units (“PSUs”) in respect of shares of Vacasa, Inc. Class A common stock (“Common Stock”), each under the Vacasa, Inc. 2021 Incentive Award Plan (the “Plan”). The number of RSUs and PSUs underlying each award will be determined by dividing $6,250,000 by the trailing average closing trading price of a share of Vacasa, Inc. Class A common stock over the 25 consecutive trading days ending on and including August 18, 2022. 
The RSU award will vest as to 25% of the total RSUs on the first anniversary of the grant date, and as to 1/16th of the total RSUs on each quarterly anniversary thereafter, subject to your continued service to the Company through the applicable vesting date. Once granted, the RSU award will be subject to the terms of the Plan and an RSU award agreement substantially in the form most recently approved by the Board or its compensation committee, which terms will supersede the description of the award in this letter agreement.
The PSU award will be subject to the terms of the Plan, and the vesting and other terms set forth in the PSU award agreement attached hereto as Exhibit B.
Refresh Equity Awards: Subject to your continued employment with the Company, commencing in 2023, you will be eligible to participate in Vacasa, Inc.’s annual refresh equity award program. Any such refresh awards will consist of an award of RSUs and an award of PSUs under Vacasa, Inc.’s then-current equity incentive plan. Unless a higher grant value is determined in the discretion of the Board or its compensation committee at the time of grant, assuming that the Board or its compensation committee sets a four-year time-vesting schedule for a refresh award, the number of RSUs and PSUs underlying each refresh award will be determined by dividing $1,500,000 for each of the RSU and the PSU refresh awards by the trailing average closing trading price of a share of Vacasa, Inc. Class A common stock over the 20 consecutive trading days ending with the trading day immediately preceding the grant date. If less than a four-year time-vesting schedule applies to a refresh award, then the $1,500,000 value of the award shall be proportionately adjusted (e.g., for a three year time-vesting schedule, the value of the award would be $1,125,000). Each refresh RSU award shall vest on a quarterly basis over a period no longer than four years (with an equal number of RSUs included in such award eligible to vest on each such quarterly vesting date), subject to your continued service with the Company through the applicable vesting date unless otherwise provided in the applicable award agreement. Each refresh PSU award shall have performance metrics and other terms that are consistent with the refresh PSU awards granted to the Company’s other senior executives for the applicable year, as determined by the Board or its compensation committee. Once granted, each refresh award will be subject to the terms of Vacasa, Inc.’s then-current equity incentive plan and an award agreement evidencing the award.  
Potential Termination Payments and Benefits:  You will be eligible for the severance and change in control benefits set forth in the Change in Control and Retention Agreement attached hereto as Exhibit C (the “Retention Agreement”), subject to the terms and conditions thereof. 
Notice Period and Vesting Cessation:  During the Notice Period, the Company, in its sole discretion, may require that you do not report to work but remain available to perform any transition duties reasonably requested by the Company, provided that, in such case, the Company nonetheless will continue to pay you your then-current Base Salary for the duration of the Notice Period.  In the event that (I) either (a) your employment is terminated by the Company for Cause (as defined in the Retention Agreement), or (b) your employment is terminated by you without Good Reason (as defined in the Retention Agreement), the vesting of any then outstanding Vacasa, Inc. equity awards (each, an “Equity Award”) will cease as of the first day of the Notice Period, (II) your employment is terminated due to your death or your Disability (as defined in the Retention Agreement), the vesting of any then outstanding Equity Awards will cease as of date of such termination, or (III) either (a) your employment is terminated by the Company without Cause or (b) your 
			
	

			
	

employment is terminated by you for Good Reason, the vesting of any then outstanding Equity Awards will cease as of the last date of the Notice Period (each such date on which vesting ceases in any of clauses (I) through (III), as applicable, the “Vesting Cessation Date”), and, following the Vesting Cessation Date, except as otherwise provided in the Retention Agreement or in an award agreement evidencing an Equity Award, you no longer will be eligible to vest in any remaining, unvested portion of any then outstanding Equity Awards and such unvested portion shall be forfeited for no consideration.  The Vesting Cessation Date may be modified, amended or superseded only in a written agreement, in accordance with the procedures set forth below under “Additional Provisions,” that specifically references this provision in this letter agreement. 
Section 409A:  The parties agree that this letter agreement will be interpreted to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations and guidance promulgated thereunder to the extent applicable (collectively “Code Section 409A”), and all provisions of this letter agreement and other documents and arrangements referenced herein will be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A.  In no event whatsoever will the Company, Vacasa Holdings LLC or any of their respective subsidiaries or successors (the “Company Group”) or any of their respective directors, officers, agents, attorneys, employees, executives, shareholders, members, managers, trustees, fiduciaries, representatives, principals, accountants, insurers, successors or assigns of such company have any liability, responsibility or obligation to indemnify or reimburse you or to hold you harmless for any additional tax, interest or penalties that may be imposed on you as a result of the application Code Section 409A or any damages for failing to comply with Code Section 409A.
With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits incurred during your employment, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year will not affect the expenses eligible for reimbursement, or in-kind benefits, to be provided in any other taxable year, and (iii) such payments shall be made on or before the last day of your taxable year following the taxable year in which the expense occurred. With regard to any provision herein that provides for a tax gross-up payment, the payment will be made on or before the last day of your taxable year following the taxable year in which you remit the related taxes.
To the extent necessary to comply with Section 409A, references to the termination of your employment or similar terms will be considered references to your separation from service within the meaning of Code Section 409A.  The Company reserves the right to amend this letter agreement as it considers necessary or advisable, in its sole discretion and without your consent, to comply with any provision required to avoid the imposition of the additional tax imposed under Code Section 409A or to otherwise avoid income recognition under Code Section 409A prior to the actual payment of any benefits or imposition of any additional tax.  Each payment, installment, and benefit payable under this letter agreement is intended to constitute a separate payment for purposes of U.S. Treasury Regulations Section 1.409A-2(b)(2).
Company Policies and Conflicts:  As a Company employee, you are expected to abide by the Company’s rules and standards. You agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company.  Similarly, you agree not to bring any information to the Company of your former employer, and that, in performing your duties for the Company, you will not in any way utilize any such information or any third party confidential information of any other entity.
Confidentiality and Restrictive Covenants Agreement:  It is a condition of this offer that you must sign an At-Will Employment, Confidential Information, Non-Competition, Non-Solicitation and Invention Assignment Agreement in the form attached hereto as Exhibit D (the “Confidentiality Agreement”).
Dispute Resolution Agreement:  The Company has adopted a Dispute Resolution Agreement, which is attached hereto as Exhibit E (the “DR Agreement”), under which disputes that might arise would be resolved through arbitration. Please review the DR Agreement. If you do not wish to be bound by the dispute resolution 
			
	

			
	

procedures outlined in the DR Agreement, you must follow the instructions in paragraph 2 of the DR Agreement.
Certain Expenses: Upon your submission no later than 30 days after the date of this letter agreement of appropriate itemized proof and verification of reasonable and customary fees incurred by you in obtaining advice from third-party advisors associated with the review, negotiation and execution of this letter agreement and related matters (including the attachments hereto), the Company shall reimburse you for such fees no later than 60 days after the date of this letter agreement, up to a maximum aggregate cap of $100,000.
Additional Provisions:  To agree to the terms and conditions of this letter agreement, please sign and date this letter agreement in the space provided below and return it to me. This letter agreement, along with the Confidentiality Agreement, DR Agreement, Retention Agreement, Indemnification Agreement and agreements relating to the initial RSU and PSU awards, set forth the terms of your employment with the Company and supersede any prior representations or agreements regarding the same, whether written or oral. Except to the limited extent specified under the section above titled “Section 409A,” this letter agreement may not be modified or amended except by a written agreement signed by the Chair of the Board and you. This offer of employment will terminate if it is not accepted, signed and returned by August 23, 2022. Further, this offer of employment will be null and void if you fail to commence employment with the Company on September 6, 2022.
(signature page follows)
			
	

			
	

Sincerely, 

															
	_/s/ Jeff Parks______
Jeff Parks
Chair of the Board
Vacasa, Inc. 
				

															
					

Agreed and Accepted: 
_/s/ Robert Greyber____________________________    _August 23, 2022_______________________
Signature – Robert Greyber                        Date

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