Document:

EX-4.1

 Exhibit 4.1 
 THIS INSTRUMENT IS SUPPLEMENTAL TO THAT CERTAIN SECOND AMENDED AND RESTATED INDENTURE OF MORTGAGE AND DEED OF TRUST DATED JANUARY 1, 2011, PREVIOUSLY RECORDED IN THE CLERK’S OFFICE, CIRCUIT COURT OF
ACCOMACK COUNTY, VIRGINIA; CLERK’S OFFICE, CIRCUIT COURT OF ALBEMARLE COUNTY, VIRGINIA; CLERK’S OFFICE, CIRCUIT COURT OF FAUQUIER COUNTY, VIRGINIA; CLERK’S OFFICE, CIRCUIT COURT OF HALIFAX COUNTY, VIRGINIA; CLERK’S OFFICE,
CIRCUIT COURT OF LOUISA COUNTY, VIRGINIA; CLERK’S OFFICE, CIRCUIT COURT OF NORTHAMPTON COUNTY, VIRGINIA; CLERK’S OFFICE, CIRCUIT COURT OF ORANGE COUNTY, VIRGINIA; CLERK’S OFFICE, CIRCUIT COURT OF SPOTSYLVANIA COUNTY, VIRGINIA;
CLERK’S OFFICE, CIRCUIT COURT OF SURRY COUNTY, VIRGINIA; CLERK’S OFFICE, CIRCUIT COURT OF SUSSEX COUNTY, VIRGINIA; CLERK’S OFFICE, CIRCUIT COURT OF CECIL COUNTY, MARYLAND AND IN THE RECORDER OF DEEDS OFFICER, LANCASTER COUNTY,
PENNSYLVANIA. THIS INSTRUMENT IS A SUPPLEMENTAL WRITING WITHIN THE MEANING OF SECTION 58.1-809 OF THE CODE OF VIRGINIA (1950), AS AMENDED. THE RECORDING TAX IMPOSED BY SECTION 58.1-803 OF THE CODE OF VIRGINIA (1950), AS AMENDED, HAS
ALREADY BEEN PAID ON THE SUM OF $1,380,210,000.00. NO NOVATION IS INTENDED HEREBY. 
  

 
 OLD DOMINION ELECTRIC
COOPERATIVE, 
 GRANTOR, 
 TO 
 BRANCH BANKING AND TRUST COMPANY, 

TRUSTEE 
  

 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of June 1, 2013 

 
  

Supplemental to the Second Amended and Restated 
 Indenture of Mortgage and Deed of Trust, 
 Dated as of January 1,
2011 
  
  

A Mortgage of Both Real and Personal Property 
 THIS INSTRUMENT GRANTS A SECURITY INTEREST BY A UTILITY THIS INSTRUMENT CONTAINS AFTER ACQUIRED PROPERTY PROVISIONS 

 SECOND SUPPLEMENTAL INDENTURE 

THIS SECOND SUPPLEMENTAL INDENTURE, dated as of June 1, 2013 (this “Second Supplemental Indenture”), is made
by and between OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (the “Company”), whose mailing address and address of its chief executive office is 4201 Dominion Boulevard, Glen Allen, Virginia
23060, and BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation, as trustee (the “Trustee”), having a corporate trust office at 223 West Nash Street, Wilson, North Carolina 27893. 

WHEREAS, the Company has heretofore executed and delivered to the Trustee a Second Amended and Restated Indenture of Mortgage and
Deed of Trust, dated as of January 1, 2011 (the “Original Indenture”), for the purpose of providing for the authentication and delivery of Obligations (capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to them in the Original Indenture) by the Trustee from time to time under the Original Indenture (the Original Indenture, as heretofore, hereby and hereafter supplemented being sometimes referred to as the
“Indenture”); 
 WHEREAS, the Original Indenture and the First Supplemental Indenture, dated as of
April 1, 2011, to the Original Indenture (the “First Supplemental Indenture”) each were recorded among the land records in the Clerk’s Office, Circuit Court of Accomack County, Virginia; Clerk’s Office, Circuit Court
of Albemarle County, Virginia; Clerk’s Office, Circuit Court of Fauquier County, Virginia; Clerk’s Office, Circuit Court of Halifax County, Virginia; Clerk’s Office, Circuit Court of Louisa County, Virginia; Clerk’s Office,
Circuit Court of Northampton County, Virginia; Clerk’s Office, Circuit Court of Orange County, Virginia; Clerk’s Office, Circuit Court of Spotsylvania County, Virginia; Clerk’s Office, Circuit Court of Surry County, Virginia;
Clerk’s Office, Circuit Court of Sussex County, Virginia; Clerk’s Office, Circuit Court of Cecil County, Maryland and in the Recorder of Deeds Office, Lancaster County, Pennsylvania, and a UCC Form 1 concerning each of the Original
Indenture and the First Supplemental Indenture were recorded among the financing statement records at the Virginia State Corporation Commission and the Clerk’s Office, Circuit Court of Accomack County, Virginia; Clerk’s Office, Circuit
Court of Albemarle County, Virginia; Clerk’s Office, Circuit Court of Fauquier County, Virginia; Clerk’s Office, Circuit Court of Halifax County, Virginia; Clerk’s Office, Circuit Court of Louisa County, Virginia; Clerk’s Office,
Circuit Court of Northampton County, Virginia; Clerk’s Office, Circuit Court of Orange County, Virginia; Clerk’s Office, Circuit Court of Spotsylvania County, Virginia; Clerk’s Office, Circuit Court of Surry County, Virginia;
Clerk’s Office, Circuit Court of Sussex County, Virginia; Clerk’s Office, Circuit Court of Cecil County, Maryland and in the Recorder of Deeds Office, Lancaster County, Pennsylvania; 

WHEREAS, this Second Supplemental Indenture to the Original Indenture will be recorded among the land records in the Clerk’s
Office, Circuit Court of Accomack County, Virginia; Clerk’s Office, Circuit Court of Albemarle County, Virginia; Clerk’s Office, Circuit Court of Fauquier County, Virginia; Clerk’s Office, Circuit Court of Halifax County, Virginia;
Clerk’s Office, Circuit Court of Louisa County, Virginia; Clerk’s Office, Circuit Court of Northampton County, Virginia; Clerk’s Office, Circuit Court of Orange County, Virginia; Clerk’s Office, Circuit Court of Spotsylvania
County, Virginia; Clerk’s Office, Circuit Court of Surry County, Virginia; Clerk’s Office, Circuit Court of Cecil County, Maryland and in the Recorder of Deeds Office, Lancaster County; and 

 WHEREAS, the Board of Directors of the Company has authorized and approved actions
necessary for the Company to establish two new series of Obligations to be designated (i) the First Mortgage Bonds, 2013 Series A due December 1, 2043 in the aggregate principal amount of Fifty Million Dollars ($50,000,000) (the
“2013 Series A Bonds”), and (ii) the First Mortgage Bonds, 2013 Series B due December 1, 2053 in the aggregate principal amount of Fifty Million Dollars ($50,000,000) (the “2013 Series B Bonds,” and
collectively with the 2013 Series A Bonds, the “2013 Bonds”). 
 WHEREAS, the 2013 Series A Bonds and
2013 Series B Bonds are being issued pursuant to this Second Supplemental Indenture to the parties set forth in Schedule A of the Bond Purchase Agreement (described below) with respect to each such series of the 2013 Bonds (with their
successors or assigns of the 2013 Bonds, each a “2013 Series A Holder” or a “2013 Series B Holder,” as applicable, or collectively, the “2013 Holders”) to secure the Company’s obligations under
the Bond Purchase Agreement, dated as of June 28, 2013, among the Company and the original 2013 Holders (the “Bond Purchase Agreement”), and the Company has complied or will comply with all provisions required to issue
Obligations provided for in the Indenture; 
 WHEREAS, the Company desires to execute and deliver this Second
Supplemental Indenture, in accordance with the provisions of the Indenture, for the purpose of providing for the creation and designation of the 2013 Bonds as Obligations and specifying the form and provisions of the 2013 Bonds; 

WHEREAS, Section 13.01 of the 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 supplemental indentures for the purposes of and subject to the conditions set forth in said Section 13.01, and this Second Supplemental
Indenture is permitted pursuant to provisions of Section 13.01(C); and 
 WHEREAS, all acts and proceedings required
by law and by the Articles of Incorporation and Bylaws of the Company necessary to secure the payment of the principal of and interest on the 2013 Bonds, to make the 2013 Bonds issued under the Indenture, 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 under the Indenture a valid and binding lien for the security of the 2013 Bonds, in accordance with its terms, have been done
and taken, and the execution and delivery of this Second Supplemental Indenture has been in all respects duly authorized; 

NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSES, that, to secure the payment of the principal of (and premium, if
any) and interest on the Outstanding Secured Obligations, including, when issued, the 2013 Bonds, 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 confirm the terms and conditions on which the 2013 Bonds are secured, and in consideration of the premises thereof and hereof, the
Company by these presents does grant, bargain, sell, alienate, remise, release, 

  
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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 and Excluded Property) of the Company, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Indenture, including all such property, rights,
privileges and franchises acquired since the date of execution of the Original Indenture, including, without limitation, all of those fee and leasehold interests in real property, if any, which may hereafter be constructed or acquired by it, but
subject to all exceptions, reservations and matters of the character therein referred to, and expressly excepting and excluding from the lien and operation of the Indenture all properties of the character specifically excepted as “Excepted
Property” in the Indenture to the extent contemplated thereby. 
 PROVIDED, HOWEVER, that (i) if, upon
the occurrence of an Event of Default under the Indenture, the Trustee, or any separate trustee or co-trustee appointed under Section 10.14 of the 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 Subdivisions (A) through (G), inclusive, of “Excepted Property” then owned or thereafter acquired by the
Company shall immediately, and, in the case of any Excepted Property described or referred to in Subdivisions (H) through (K), inclusive, of “Excepted Property” upon demand of the Trustee or such other trustee or receiver, become
subject to the lien thereof 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 (ii) whenever all Events of Default under
the Indenture 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 thereof to the extent and
otherwise as hereinabove set forth. The Company may, however, pursuant to the Third Granting Clause of the Indenture, subject to the lien of the Indenture any Excepted Property, whereupon the same shall cease to be Excepted 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 herein created, forever. 

SUBJECT, HOWEVER, to (i) Permitted Exceptions and (ii) to the extent permitted by Section 14.06 of the Indenture as
to property hereafter acquired since the date of execution of the Original Indenture, (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. 

  
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 UPON CONDITION that, until the happening of an Event of Default under the Indenture
and subject to the provisions of Article VI of the Indenture, and not in limitation of the rights elsewhere provided in the Indenture, including the rights set forth in Article VI of the Indenture, the Company shall be permitted to (i) possess
and use the Trust Estate, except cash, 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, 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. 
 AND IT IS HEREBY COVENANTED AND DECLARED that the 2013 Bonds 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 
 DEFINITIONS 
 Section 1.1 Definitions. 

All words and phrases defined in the Indenture shall have the same meaning in this Second Supplemental Indenture, including any exhibit
hereto, except as otherwise appears herein and in this Article or unless the context clearly requires otherwise. In addition, the following terms have the following meaning in this Second Supplemental Indenture unless the context clearly requires
otherwise. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks
in (a) New York, New York, (b) Richmond, Virginia and (c) Raleigh, North Carolina or the city in which the principal corporate trust office of the Trustee is located are required or authorized to be closed. 

“Closing Date” means June 28, 2013. 
 “Default Rate” means with respect to any 2013 Bond, that rate of interest that is the greater of (i) 2.00% per annum above the rate of interest stated in clause (a) of the
first paragraph of such 2013 Bond or (ii) 2.00% over the rate of interest publicly announced by Bank of America, N.A. in New York, New York or its successor, as its “prime” rate. 

“Make-Whole Amount” is defined in Section 2.9 herein. 

  
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 ARTICLE II 
 THE 2013 BONDS AND 
 CERTAIN PROVISIONS RELATING THERETO 

Section 2.1 Authentication and Terms of the 2013 Bonds. Pursuant to the provisions of Article V of the Original
Indenture, there has been established two series of Obligations known as and entitled the “First Mortgage Bonds, 2013 Series A” and the “First Mortgage Bonds, 2013 Series B.” 

The aggregate principal amount of the 2013 Series A Bonds which may be authenticated and delivered and Outstanding at any one time is
limited to Fifty Million Dollars ($50,000,000) due December 1, 2043. The aggregate principal amount of the 2013 Series B Bonds which may be authenticated and delivered and Outstanding at any one time is limited to Fifty Million Dollars
($50,000,000) due December 1, 2053. The 2013 Bonds shall originally be registered in the names of the 2013 Holders, and shall be dated the date of authentication and delivery. The 2013 Bonds shall be issued as fully registered bonds without
coupons and in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. 
 The 2013 Series A Bonds
shall bear interest from their date of issuance, payable semi-annually on June 1 and December 1 of each year commencing on December 1, 2013, at the rate of 4.21% per annum, subject to adjustment for an Interest Rate Adjustment
Event as provided in the 2013 Series A Bonds. The 2013 Series B Bonds shall bear interest from their date of issuance, payable semi-annually on June 1 and December 1 of each year commencing on December 1, 2013, at the rate of
4.36% per annum, subject to adjustment for an Interest Rate Adjustment Event as provided in the 2013 Series B Bonds. Interest on the 2013 Bonds shall be computed on the basis of a 360-day year of twelve 30-day months. 

The principal of, premium (including the Make-Whole Amount), if any, and interest on the 2013 Bonds shall be paid to the 2013 Holders
thereof in immediately available funds as described in such Bonds. Any payment of principal of or premium (including the Make-Whole Amount, if any) or interest on any 2013 Bond that is due on a date other than a Business Day shall be made on the
next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any 2013 Bond is a date other than a Business
Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 

If the Company fails to make any payment with respect to the 2013 Bonds when due, then such payment shall be due and payable on demand,
and shall accrue interest from the date due until the date paid at the Default Rate. 
 Section 2.2 Form of the 2013
Series Bonds. The 2013 Series A Bonds and the 2013 Series B Bonds shall each be a bond substantially in the form of Exhibit A and Exhibit B hereto, respectively, and the Trustee’s authentication certificate to be executed
on the 2013 Series A Bonds and 2013 Series B Bonds shall be substantially in the form attached thereto, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted in the Indenture.

  
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 Section 2.3 Optional Redemption. The 2013 Series A Bonds, due
December 1, 2043 are subject to redemption, in whole or in part, on a pro rata basis within 90 days prior to the final maturity of the 2013 Series A Bonds at a Redemption Price equal to 100% of the principal amount, together with accrued
interest to the Redemption Date. The 2013 Series B Bonds, due December 1, 2053 are subject to redemption, in whole or in part, on a pro rata basis within 90 days prior to the final maturity of the 2013 Series B Bonds at a Redemption Price equal
to 100% of the principal amount, together with accrued interest to the Redemption Date. From and after such Redemption Date, interest on such principal amount being redeemed shall cease to accrue. 

Upon receipt of a notice from the Company of its intent to effect an optional redemption of the 2013 Bonds pursuant to this section, the
Trustee shall cause written notice of such redemption to be given to each Holder of the 2013 Bonds then Outstanding not less than 30 days and not more than 60 days prior to the Redemption Date. The notice of redemption shall specify the Redemption
Date, that interest, if any accrued to the Redemption Date will be paid as specified in such notice and that on and after such date interest thereon shall cease to accrue. Any 2013 Bond redeemed in full shall be surrendered to the Company reasonably
promptly after payment is made in full in accordance with Section 11 of the Bond Purchase Agreement and cancelled and shall not be reissued, and no 2013 Bond shall be issued in lieu of any redeemed principal amount of any 2013 Bond. 

Section 2.4 Optional Prepayments and Make-Whole Amount. The Company may, at its option, upon notice as provided below,
prepay at any time all, or from time to time any part of, the 2013 Bonds in an amount not less than 3% of the aggregate principal amount of the 2013 Bonds then outstanding in the case of a partial prepayment, at 100% of the principal amount so
prepaid, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Company will give each 2013 Holder written notice of each optional prepayment under this Section 2.4 not less than 30 days and not
more than 60 days prior to the date fixed for such prepayment. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the 2013 Bonds to be prepaid on such date, the principal amount of each 2013
Bond held by such 2013 Holder to be prepaid (determined in accordance with Section 2.5 herein), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by an
Officer’s Certificate as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days
prior to such prepayment, the Company shall deliver to each 2013 Holder an Officer’s Certificate specifying the calculation of such Make-Whole Amount as of the specified prepayment date. The Company shall contemporaneously deliver a copy of
such notice and Officer’s Certificate to the Trustee. 
 Section 2.5 Allocation of Partial Prepayments.
In the case of each optional redemption or partial prepayment of the 2013 Bonds pursuant to Section 2.3 or 2.4 hereof, respectively, the principal amount of the 2013 Bonds to be redeemed or prepaid, as applicable, shall be allocated among all
of the 2013 Bonds at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for redemption or prepayment, as applicable. 

  
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 Section 2.6 Payment of Make-Whole Amount Upon Acceleration. Upon the
occurrence of an Event of Default, if the outstanding principal amount of the 2013 Bonds shall have been declared or otherwise become due and payable immediately pursuant to and in accordance with the Indenture then, in addition to paying each 2013
Holder the entire unpaid principal amount of its 2013 Bonds and all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate), the Company shall calculate and pay to each 2013 Holder (to the
full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount. The Company acknowledges that each 2013 Holder has the right to maintain its investment in the 2013 Bonds free from
repayment by the Company (except as herein and in the Indenture specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the 2013 Bonds are prepaid or are accelerated as a result of an
Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. 

Section 2.7 Maturity; Surrender, Etc. In the case of each prepayment of 2013 Bonds pursuant to Section 2.4
hereof, the principal amount of each 2013 Bond to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the
applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal
amount shall cease to accrue. Any 2013 Bond paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no 2013 Bond shall be issued in lieu of any prepaid principal amount of any 2013 Bond. 

Section 2.8 Purchase of 2013 Bonds. The Company will not, and will not permit any Affiliate to, purchase, redeem,
prepay or otherwise acquire, directly or indirectly, any of the outstanding 2013 Bonds except (a) upon the payment, redemption or prepayment of the 2013 Bonds in accordance with the terms of the Original Indenture and the 2013 Bonds or
(b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the Holders of all 2013 Bonds at the time outstanding upon the same terms and conditions. Any such offer shall provide each 2013 Holder with sufficient
information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 30 Business Days. If the Holders of more than 51% of the principal amount of the 2013 Bonds then outstanding accept such offer,
the Company shall promptly notify the remaining 2013 Holders of such fact and the expiration date for the acceptance by 2013 Holders of such offer shall be extended by the number of days necessary to give each such remaining 2013 Holder at least 10
Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all 2013 Bonds acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of 2013 Bonds pursuant to any provision of this
Second Supplemental Indenture and no 2013 Bonds may be issued in substitution or exchange for any such 2013 Bonds. 

Section 2.9 Make-Whole Amount. 
 “Make-Whole Amount.” The term “Make-Whole Amount” means, with respect to any 2013 Bond, an amount equal to the excess, if any, of the Discounted Value of the Remaining
Scheduled Payments with respect to the Called Principal of such 2013 Bond over the amount of 

  
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such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount with respect to any 2013 Bond, the
following terms have the following meanings: 
 “Called Principal” means, with respect to any 2013 Bond, the
principal of such 2013 Bond that is to be prepaid pursuant to Section 2.4 hereof or has become or is declared to be immediately due and payable pursuant to the Indenture, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any 2013 Bond, the amount obtained by discounting all
Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor
(applied on the same periodic basis as that on which interest on the 2013 Bonds is payable) equal to the Reinvestment Yield with respect to such Called Principal. 
 “Reinvestment Yield” means, with respect to the Called Principal of any 2013 Series A Bond, the sum of 0.50% plus the yield to maturity implied by the yields reported as of 10:00 A.M.
(New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for
the most recently issued actively traded on the run U.S. Treasury (“Reported”) securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury
securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial
practice and (b) interpolating linearly between the yields Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life
and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable 2013 Series A Bond. 

If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
“Reinvestment Yield” means, with respect to the Called Principal of any 2013 Series A Bond, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been
so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a
term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. 
 If there is no such U.S.
Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and
greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as
appears in the interest rate of the applicable 2013 Series A Bond. 

  
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 “Remaining Average Life” means, with respect to any Called Principal, the
number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by
(b) the number of years, computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due
date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to the Called
Principal of any 2013 Bond, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due
date; provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the 2013 Bonds, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of
interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 2.4 above. 

“Settlement Date” means, with respect to the Called Principal of any 2013 Bond, the date on which such Called Principal
is to be prepaid pursuant to Section 2.4 above or has become or is declared to be immediately due and payable pursuant to the Indenture, as the context requires. 
 Section 2.10 Use of Proceeds. The Company shall use the proceeds of the loan evidenced by the 2013 Bonds for general corporate purposes, including the redemption of the First Mortgage
Bonds, 2002 Series A. 
 ARTICLE III 
 OUTSTANDING SECURED OBLIGATIONS 
 Section 3.1 Principal Amount
Presently To Be Outstanding. The total aggregate principal amount of Obligations of the Company issued and Outstanding and presently to be issued and Outstanding under the provisions of and secured by the Indenture is Eight Hundred Five
Million Nine Hundred Fourteen Thousand Dollars ($805,914,000) consisting of: Two Hundred Million Dollars ($200,000,000) principal amount of First Mortgage Bonds, 2002 Series B; One Hundred Sixty Six Million Six Hundred Sixty Four Thousand Dollars
($166,664,000) principal amount of First Mortgage Bonds, 2003 Series A; Ninety Million Two Hundred Fifty Thousand Dollars ($90,250,000) principal amount of First Mortgage Bonds, 2011 Series C; One Hundred Sixty Five Million Dollars ($165,000,000)
principal amount of First Mortgage Bonds, 2011 Series B; Eighty Four Million Dollars ($84,000,000) principal amount of First Mortgage Bonds, 2011 Series A; and Fifty Million Dollars ($50,000,000) principal amount of First Mortgage Bonds, 2013 Series
A and Fifty Million Dollars ($50,000,000) principal amount of First Mortgage Bonds, 2013 Series B, each series to be issued pursuant to this Second Supplemental Indenture upon compliance by the Company with the provisions of the Indenture.

  
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 ARTICLE IV 
 MISCELLANEOUS 
 Section 4.1 Supplemental Indenture. This
Second Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Indenture, and shall form a part thereof, and the Indenture, as hereby supplemented, modified, and amended, is hereby confirmed. Except to the
extent inconsistent with the express terms of this Second Supplemental Indenture and the 2013 Bonds, all of the provisions, terms, covenants and conditions of the Indenture shall be applicable to the 2013 Bonds to the same extent as if specifically
set forth herein. 
 Section 4.2 Trustee Obligations Under the Bond Purchase Agreement. The Trustee is not a
party to the Bond Purchase Agreement and all obligations of the Trustee relating to the 2013 Bonds are set forth in the Indenture, including this Second Supplemental Indenture. 

Section 4.3 Recitals. All Recitals in this Second Supplemental Indenture are made by the Company only and not by the
Trustee and are incorporated herein; and all of the provisions contained in the Original 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 4.4 Successors and Assigns. Whenever in this Second
Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles X and XII of the Indenture, be deemed to include the successors and assigns of such party, and all the covenants and
agreements contained in this Second Supplemental Indenture by or on behalf of the Company, or by or on behalf of the Trustee, shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such
parties, whether so expressed or not. 
 Section 4.5 No Rights, Remedies, Etc. Nothing in this Second
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 Second Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Second 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 4.6 Severability. Any provision of this Second Supplemental Indenture held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction. 
 Section 4.7 Governing Law. This Second
Supplemental Indenture shall be construed in accordance with and governed by the law of the Commonwealth of Virginia. 

  
 10 

 Section 4.8 Counterparts. This Second 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 4.9 Security Agreement; Mailing Address. To the extent permitted by
applicable law, this Second 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. 
 The mailing address of the Company, as debtor, is: 

Old Dominion Electric Cooperative 
 Innsbrook Corporate Center 
 4201 Dominion Boulevard 

Glen Allen, Virginia 23060 
 and the mailing address of the Trustee, as secured party, is: 
 Branch Banking and
Trust Company 
 Attention: Corporate Trust Department 
 223 West Nash Street 
 Wilson, North Carolina 27893 

Additionally, this Second Supplemental Indenture shall, if appropriate, be an amendment to the financing documents previously filed in connection with
the Original Indenture. The Company is authorized to execute and file as appropriate instruments under the Uniform Commercial Code to either create a security interest or amend any security interest heretofore created. 

[Remainder of page intentionally left blank; signature pages follow.] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture
to be duly executed as of the day and year first above written. 
  

							
	Company:	 		 	OLD DOMINION ELECTRIC COOPERATIVE
			
	 Innsbrook Corporate Center

4201 Dominion Boulevard
 Glen Allen, Virginia
23060
	 		 	
		 		 	By:	 	 /s/ Robert L. Kees

		 		 	Name:	 	Robert L. Kees
		 		 	Title:	 	Senior Vice President and Chief Financial Officer

  

					
	COMMONWEALTH OF VIRGINIA	 	)	  	
		 	)	  	TO-WIT:
	COUNTY OF HENRICO	 	)	  	

 The foregoing instrument was duly acknowledged before me this June 11, 2013 by Robert L. Kees, the
Senior Vice President and Chief Financial Officer of Old Dominion Electric Cooperative, a Virginia utility aggregation cooperative, on behalf of the cooperative. 
  

					
		 		 	 /s/ Marian G. Williams

		 		 	Notary Public
			
	My Commission expires: 5/31/14	 		 	

							
	Trustee:	 		 	 BRANCH BANKING AND TRUST COMPANY
 as Trustee

	 Attention: Corporate Trust Department
 223 West Nash Street
 Wilson, North Carolina 27893
	 		 		 	
		 		 	By:	 	 /s/ Gregory Yanok

		 		 	Name:	 	Gregory Yanok
		 		 	Title:	 	Vice President

  

					
	STATE OF NORTH CAROLINA	 	)	  	
		 	)	  	TO-WIT:
	COUNTY OF Wilson	 	)	  	

 The foregoing instrument was duly acknowledged before me this June 14, 2013 by Gregory Yanok, the
Vice President of Branch Banking and Trust Company, a North Carolina banking corporation. 
  

					
		 		 	 /s/ Ruby Tyner

		 		 	Notary Public
			
	My Commission expires: 6/26/15	 		 	

 EXHIBIT A 

FORM OF 2013 SERIES A BONDS 

 THIS 2013 SERIES A BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED
BY LAW. 
 OLD DOMINION ELECTRIC COOPERATIVE 
 FIRST MORTGAGE BONDS, 2013 SERIES A DUE DECEMBER 1, 2043 
  

					
	NO. [            ]	 		  	ISSUANCE DATE: [                    ]
	$[            ]	 		  	PPN: [                    ]

 FOR VALUE RECEIVED, the undersigned, OLD DOMINION ELECTRIC COOPERATIVE (herein called the “Company”), a
Virginia utility aggregation cooperative, hereby promises to pay to [            ], or registered assigns, the principal sum of [        ] Dollars
(or so much thereof as shall not have been prepaid) on December 1, 2043, with interest computed on the basis of a 360-day year of twelve 30-day months (a) on the unpaid balance hereof at a rate of 4.21% per annum (plus, upon the
occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semi-annually on the first day of June and December, commencing with the
December 1 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue prepayment) of principal, any overdue payment
of interest, any overdue payment of any Make-Whole Amount (as defined in the Second Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as
defined in the Second Supplemental Indenture referred to below). Immediately upon the cessation or waiver of an Interest Rate Adjustment Event this Bond shall cease to bear the additional 2% per annum interest rate referenced in clause
(a) above. 
 “Interest Rate Adjustment Event” means the occurrence of any of the following: 

(a) the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase
Agreement (as defined below); or 
 (b) any representation or warranty made in writing by or on behalf of the
Company or by any officer of the Company in the Bond Purchase Agreement (as defined below) or in any writing furnished in 

 
connection with the transactions contemplated by the Second Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made
and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond; 

provided, that, in either case, an Interest Rate Adjustment Event shall not be deemed to have occurred or be continuing with
respect to any portion of the 2013 Series A Bonds for which the Default Rate is then applicable. 
 Subject to Section 11
of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.

 This Bond is one of the 2013 Series A Bonds (herein called the “Bonds”) issued pursuant to the Second
Supplemental Indenture, dated as of June 1, 2013 (as from time to time amended, the “Second Supplemental Indenture”), between the Company and the Trustee named therein which amends and supplements the Second Amended and
Restated Indenture of Mortgage and Deed of Trust, dated as of January 1, 2011 (as amended and supplemented from time to time, the “Indenture”) and is entitled to the benefits thereof and the Bond Purchase Agreement dated
June 28, 2013 between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”). Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the
confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Bond
shall have the respective meanings ascribed to such terms in the Second Supplemental Indenture. 
 This Bond shall be registered
in the name of the Holder hereof. This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon
presentation at said office of this Bond with the written request of the registered owner hereof or his attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the
registered owner or his duly authorized attorney. 
 The Bonds shall be issued as fully registered Bonds without coupons and in
minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to
such exchange or any transfer of a Bond. The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with
Section 3.06 of the Indenture. 

 This Bond is subject to optional redemption, in whole or in part, at the times and on the
terms specified in the Second Supplemental Indenture, but not otherwise. This Bond is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Second Supplemental Indenture, but not
otherwise. 
 If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or
otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture. In the event that the principal of this Bond shall have been declared or otherwise become due
and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at
the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount. 

The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants
therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement. 

All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2013 Series
A Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.

 It is the intention of the Holder to comply with the usury laws of the Commonwealth of Virginia and of the United States of
America. This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, prepayment, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use,
forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law. If fulfillment of any provisions hereof, at the time of performance of
such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law. If any Holder receives as
interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the
payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded. To the extent not prohibited by applicable law, determination of the maximum rate allowed
by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time 

 
contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.
The terms of this paragraph shall control and supersede any other provisions of this Bond. 
 This Bond shall be construed in
accordance with and governed by the law of the Commonwealth of Virginia. 
 No covenant or agreement contained in this Bond, the
Indenture or the Second Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, agent or employee of the Company in his individual capacity, and no officer of the Company executing this Bond shall be liable
personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond. 

This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the
execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon. 

 IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly
authorized officer of the Company. 
  

			
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By:	 	  

	Name:	 	Robert L. Kees
	Title:	 	Senior Vice President and Chief Financial Officer

 This is one of the Obligations of the series designated therein referred to in the
within-mentioned Indenture. 
  

			
	BRANCH BANKING AND TRUST COMPANY
	as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

			
	Date of Authentication:	 	  

 EXHIBIT B 

FORM OF 2013 SERIES B BONDS 

 THIS 2013 SERIES B BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH EXEMPTION IS REQUIRED
BY LAW. 
 OLD DOMINION ELECTRIC COOPERATIVE 
 FIRST MORTGAGE BONDS, 2013 SERIES B DUE DECEMBER 1, 2053 
  

					
	NO. [            ]	 		  	ISSUANCE DATE: [                    ]
	$[            ]	 		  	PPN: [                    ]

 FOR VALUE RECEIVED, the undersigned, OLD DOMINION ELECTRIC COOPERATIVE (herein called the “Company”), a
Virginia utility aggregation cooperative, hereby promises to pay to [            ], or registered assigns, the principal sum of [        ] Dollars
(or so much thereof as shall not have been prepaid) on December 1, 2053, with interest computed on the basis of a 360-day year of twelve 30-day months (a) on the unpaid balance hereof at a rate of 4.36% per annum (plus, upon the
occurrence and during the continuation of an Interest Rate Adjustment Event (as hereinafter defined), an additional 2% per annum) from the date hereof, payable semi-annually on the first day of June and December, commencing with the
December 1 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue prepayment) of principal, any overdue payment
of interest, any overdue payment of any Make-Whole Amount (as defined in the Second Supplemental Indenture referred to below), payable semiannually as aforesaid (or, at the option of the registered Holder hereof, on demand), at the Default Rate (as
defined in the Second Supplemental Indenture referred to below). Immediately upon the cessation or waiver of an Interest Rate Adjustment Event this Bond shall cease to bear the additional 2% per annum interest rate referenced in clause
(a) above. 
 “Interest Rate Adjustment Event” means the occurrence of any of the following: 

(a) the Company defaults in the performance of Section 7.1(a) or (b) or Section 7.2 of the Bond Purchase
Agreement (as defined below); or 
 (b) any representation or warranty made in writing by or on behalf of the
Company or by any officer of the Company in the Bond Purchase Agreement (as defined below) or in any writing furnished in 

 
connection with the transactions contemplated by the Second Supplemental Indenture (referred to below) proves to have been false or incorrect in any material respect on the date as of which made
and, with respect to representations and warranties made after the date hereof, for which accurate information has not since been provided in writing to the Holder of this Bond; 

provided, that, in either case, an Interest Rate Adjustment Event shall not be deemed to have occurred or be continuing with
respect to any portion of the 2013 Series B Bonds for which the Default Rate is then applicable. 
 Subject to Section 11
of the Bond Purchase Agreement (defined below), payments of principal of, interest on, and any Make-Whole Amount with respect to this Bond are to be made in lawful money of the United States of America in accordance with the terms of the Indenture.

 This Bond is one of the 2013 Series B Bonds (herein called the “Bonds”) issued pursuant to the Second
Supplemental Indenture, dated as of June 1, 2013 (as from time to time amended, the “Second Supplemental Indenture”), between the Company and the Trustee named therein which amends and supplements the Second Amended and
Restated Indenture of Mortgage and Deed of Trust, dated as of January 1, 2011 (as amended and supplemented from time to time, the “Indenture”) and is entitled to the benefits thereof and the Bond Purchase Agreement dated
June 28, 2013 between the Company and the purchasers listed in Schedule A thereto (the “Bond Purchase Agreement”). Each Holder of this Bond will be deemed, by its acceptance hereof, to have (i) agreed to the
confidentiality provisions set forth in Section 18 of the Bond Purchase Agreement and (ii) made the representations set forth in Section 6 of the Bond Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Bond
shall have the respective meanings ascribed to such terms in the Second Supplemental Indenture. 
 This Bond shall be registered
in the name of the Holder hereof. This Bond is transferable, as provided in the Indenture, only upon the registration books of the Company maintained by the Obligation Registrar, which shall be the Trustee, kept at its principal office, upon
presentation at said office of this Bond with the written request of the registered owner hereof or his attorney duly authorized in writing, and a written instrument of transfer satisfactory to the Obligation Registrar duly executed by the
registered owner or his duly authorized attorney. 
 The Bonds shall be issued as fully registered Bonds without coupons and in
minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof. The Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to
such exchange or any transfer of a Bond. The cost, if any, of preparing each new Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in connection therewith, shall be paid by in accordance with
Section 3.06 of the Indenture. 

 This Bond is subject to optional redemption, in whole or in part, at the times and on the
terms specified in the Second Supplemental Indenture, but not otherwise. This Bond is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Second Supplemental Indenture, but not
otherwise. 
 If an Event of Default under the Indenture occurs and is continuing, the principal of this Bond may be declared or
otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Indenture. In the event that the principal of this Bond shall have been declared or otherwise become due
and payable as described in the preceding sentence, then, in addition to paying the Holder hereof the entire unpaid principal amount of this Bond and all accrued and unpaid interest hereon (including, but not limited to, interest accrued hereon at
the Default Rate), the Company shall pay to the Holder hereof (to the full extent permitted by applicable law) an amount equal to the Make-Whole Amount determined in respect of such principal amount. 

The Holder of this Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants
therein, or to take any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture and the Bond Purchase Agreement. 

All acts and proceedings required by law and by the Articles of Incorporation and Bylaws of the Company necessary to make the 2013 Series
B Bonds issued under the Indenture, when executed by the Company, authenticated and delivered by the Trustee and duly issued, the valid, binding and legal obligations of the Company, in accordance with its terms, have been done and taken.

 It is the intention of the Holder to comply with the usury laws of the Commonwealth of Virginia and of the United States of
America. This Bond is hereby expressly limited such that in no contingency or event whatsoever, whether by reason of acceleration, prepayment, or otherwise, shall the amount of interest contracted for, charged or received by the Holder for the use,
forbearance, or detention of the principal indebtedness or interest hereof, which remains unpaid from time to time, exceed the highest maximum rate permitted by applicable law. If fulfillment of any provisions hereof, at the time of performance of
such provisions shall be due, shall involve transcending the valid limits prescribed by applicable law, then, ipso facto, the obligation to be fulfilled shall be reduced to the maximum rate allowed by applicable law. If any Holder receives as
interest an amount which will exceed the maximum rate allowed by applicable law, such amount shall be applied to the reduction of the principal amount owing hereunder or on account of any other principal indebtedness owed to Holder and not to the
payment of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall be refunded. To the extent not prohibited by applicable law, determination of the maximum rate allowed
by applicable law shall at all times be made by amortizing, prorating, allocating and spreading in equal parts during the full term of this Bond, all interest at any time 

 
contracted for, charged or received from the Company in connection with this Bond, so that the actual rate of interest on account of such indebtedness is uniform throughout the term of this Bond.
The terms of this paragraph shall control and supersede any other provisions of this Bond. 
 This Bond shall be construed in
accordance with and governed by the law of the Commonwealth of Virginia. 
 No covenant or agreement contained in this Bond, the
Indenture or the Second Supplemental Indenture shall be deemed to be a covenant or agreement of any official, officer, agent or employee of the Company in his individual capacity, and no officer of the Company executing this Bond shall be liable
personally on this Bond or be subject to any personal liability or accountability by reason of the issuance of this Bond. 

This Bond shall not be entitled to any benefit under the Indenture or be valid until this Bond shall have been authenticated by the
execution by the Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon. 

 IN WITNESS WHEREOF, the Company has caused this Bond to be executed by a duly
authorized officer of the Company. 
  

			
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By:	 	  

	Name:	 	Robert L. Kees
	Title:	 	Senior Vice President and Chief Financial Officer

 This is one of the Obligations of the series designated therein referred to in the
within-mentioned Indenture. 
  

			
	BRANCH BANKING AND TRUST COMPANY as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

			
	Date of Authentication:EX-10.1

 Exhibit 10.1 

SEPARATION AND RELEASE AGREEMENT 
 This SEPARATION AND RELEASE AGREEMENT (the “Agreement”) is made and entered into effective as of the 29th day of June, 2013, by and between Brian D. Collins, a resident of Williamson County,
Tennessee (“Employee”), and Corrections Corporation of America, a Maryland corporation (the “Company”), the two jointly referred to herein as “the Parties.” 

WITNESSETH: 
 WHEREAS, Employee has submitted his voluntary resignation from employment with the Company as Executive Vice President, Chief Human Resources Officer, effective June 28, 2013; and

 WHEREAS, the Company desires to accept Employee’s resignation effective on the date set forth above; and

 WHEREAS, the Parties desire to provide for other matters as set forth in this Agreement; 

NOW, THEREFORE, for and in consideration of the mutual promises set forth herein and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and in conjunction with Employee’s resignation of employment with the Company, Employee and the Company hereby agree as follows: 

1. Compensation. In consideration of the full performance of the promises by Employee contained in this Agreement, the Company
agrees to pay Employee the gross sum of $139,050 (the equivalent of six (6) months’ salary at the same rate Employee was being paid as of June 28, 2013,), less all applicable taxes and withholdings. Payment will be made in a lump sum
and mailed to an address to be designated by Employee within 10 business days of the final execution by each party of this Agreement and the expiration of any revocation period thereof, whichever is later. Nothing herein shall be construed to affect
Employee’s Consolidated Omnibus Budget Reconciliation Act (“COBRA”) benefits or any other benefits, the continuation of which is provided by law, and which may be obtained at Employee’s own cost. Employee acknowledges and agrees
that his rights, if any, to any stock based compensation previously awarded to him will be governed exclusively by the terms of any applicable agreement relating to such awards. 

2. Full Cooperation. In consideration of the compensation provided for in Section 1 above, Employee agrees to cooperate fully
in any claim, charge and/or lawsuit which the Company may bring or which may be made or brought against the Company regarding any matter which in any way relates to Employee’s employment and/or association with the Company and/or any matter or
project with which Employee was involved during his employment and/or association with the Company regardless of when the claim, charge, and/or lawsuit may be made or filed; and Employee agrees to cooperate generally with the Company and do
everything reasonably necessary to facilitate the transition of his responsibilities. 

 To the extent Employee is required to incur out-of-pocket expenses in order to comply with
the obligations of this Section 2, the Company will reimburse Employee for reasonable out-of-pocket expenses so incurred to the extent consistent with and not prohibited by applicable law, policy and/or (in the case of a lawsuit) rules of
procedure governing the forum in which the claim, charge, and/or lawsuit is being considered and/or tried. Prior to incurring any such expense, Employee agrees to comply with any Company directives regarding preferred travel arrangements
necessitated by Employee’s compliance with Paragraph 2, including but not limited to choice of airline, lodging, and rental car. 
 3. Release, Discharge and Dismissal. In consideration of the full performance of the promises by the Company contained in this Agreement, Employee, knowingly and voluntarily agrees that he, and any
person or entity acting for, through or on his behalf, permanently releases, waives, acquits and forever discharges the Company, any direct or indirect shareholder, parent, subsidiary or affiliate of any of them, and all present and former officers,
directors, agents or employees or any of them, along with their successors, heirs and assigns (collectively, the “Released Parties”), from any and all claims Employee or such person or entity, may now have, or at any time heretofore had,
or at any other time may have against the Released Parties, whether now known or unknown, and agrees that he has not and will not institute any charge or cause of action in law or equity, in state or federal court, or with any state, federal or
local governmental agency, or with any arbitral panel, arising from or attributable to any employment practice or other act or omission whatsoever of the Released Parties, it being the intention of the parties to make this release as broad and as
general as the law permits. The only claim not released and discharged hereby is a claim based upon a breach of this Agreement. Without limiting the foregoing general terms, Employee expressly acknowledges that this release shall include any claims
against the Company and the Released Parties arising from or relating to his employment relationship with the Company including any claims arising from any alleged violation by the Company of any federal, state or local statutes, ordinances or
common laws, including but not limited to Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000e et seq.; the Equal Pay Act of 1963, as amended; 42 U.S.C. § 1981; 42 U.S.C. § 1983; the 1991 Civil Rights
Act; the Americans with Disabilities Act (“ADA”) as amended, 42 U.S.C. §§ 12101 et seq.; the Age Discrimination in Employment Act (“ADEA”); the Older Workers’ Benefits Protection Act (“OWBPA”); the
Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. §§ 1001, et seq. (except for any vested benefits under any tax qualified benefit plan); the Family and Medical Leave Act (“FMLA”), as amended,
29 U.S.C. §§ 2601 et seq.; the Genetic Information and Nondiscrimination Act (“GINA”); the Rehabilitation Act of 1973, 29 U.S.C. §§ 701 et seq.; the Sarbanes-Oxley Act of 2002; or any Tennessee state act
or law and/or city or county ordinance or law which prohibits employment discrimination as well as retaliation, including but not limited to the Tennessee Human Rights Act, Tenn. Code Ann. §§ 4-21-101 through 4-21-702; the Tennessee Public
Protection Act Tenn. Code Ann. § 50-1-304; Tennessee Disability Act, Tenn. Code Ann. §§ 8-50-103 et seq.; the Tennessee Occupational Safety and Health Act, Tenn. Code Ann. §§ 50-3-101 et seq.; Tennessee
Workers’ Compensation Law, Tenn. Code Ann. §§ 50-6-101 through 50-6-705; 

 
any claim under federal or state wage payment laws; state and federal family and medical leave acts; Tennessee common law; and any federal, state, or local laws or regulations of any kind,
whether statutory or decisional, any claim based on discrimination by reason of race, gender, national origin, handicap, religion and/or age, any claim in tort, for breach of contract, and/or any claim for wrongful discharge. 

Employee further agrees that he waives any and all right to recover any damages or compensation awarded as a result of any claim, charge
or lawsuit brought by any person or local, state or federal governmental agency on any basis whatsoever related to his former employment, including, but not limited to, the statutes, ordinances and laws set forth above. 

4. Non-Competition, Non-Solicitation and Confidentiality and Non-Disclosure. Employee acknowledges and agrees that he is, and
shall continue to be, bound by the terms of Section 6 of that certain First Amended and Restated Employment Agreement, dated as of January 1, 2012, between the Company and Employee (the “Employment Agreement”) relating to
Non-Competition, Non-Solicitation and Confidentiality and Non-Disclosure, in each case according to the terms set forth therein. 
 5. Non-Disparagement. Employee acknowledges that he has no basis for any negative statements against the Company or any other Released Party, and he agrees that he will not directly or indirectly
take any action or cause any action to be taken that would be detrimental to the interests of the Company, its employees, customers or agents, including, without limitation, making, causing, encouraging or assisting to be made, any statements,
comments or remarks, whether verbal, written or in electronic form, which might reasonably be considered by the Company to be derogatory or defamatory, or to malign, harm, defame, disparage or damage the reputation and good name of the Company, its
customers or agents. 
 6. Termination of Certain Employment Related Agreements. The Company and Employee hereby
acknowledge and agree that this Agreement shall serve to terminate all prior and/or existing agreements, understandings and arrangements related to Employee’s employment with the Company, with the exception of any stock based compensation award
agreements as referenced in Section 1 above, Sections 5.9 and 6 of the Employment Agreement as well as any other terms and conditions of the Employment Agreement that expressly survive the expiration or earlier termination of the Employment
Agreement, and the Indemnification Agreement between the Company and Employee dated September 9, 2009 (collectively, the “Continuing Agreements”). Employee hereby waives any right to notice that may exist under or be implied by the
terms of any other agreement, understanding or arrangement regarding the resignation of his employment with the Company and the right to receive any compensation or obtain the benefits of any rights now or in the future under the terms of any such
agreement, understanding or arrangement. 
 7. Acknowledgments. The compensation paid pursuant to Section 1 of this
Agreement is acknowledged by Employee to be in excess of any amount owed to Employee 

 
by the Company and in full and complete payment, accord, satisfaction and release of any and all claims and liabilities against any of the Released Parties. This Agreement shall not constitute,
or be construed as, an admission by any Released Party of any liability to, or the validity of any claim whatsoever by Employee. Employee expressly acknowledges that the Company has advised him that he may consult with an attorney should he desire
legal advice before executing this Agreement. Employee acknowledges that this is a complete and permanent waiver, release and settlement of certain legal rights. Employee further acknowledges that he has been given twenty-one (21) days in which
to consider entering into this Agreement. Employee specifically, knowingly and voluntarily waives any and all rights or claims arising under the ADEA or the OWBPA, which claims have arisen as of the date this Agreement is executed. Employee
acknowledges that this is a complete and permanent waiver, release and settlement of certain legal rights. As evidenced by his signature below, Employee agrees that he has taken such time as he feels is necessary to read and review this Agreement
and seek legal advice, and now freely, voluntarily and without coercion agrees to and understands the significance and consequences of its terms. 
 8. Breach. It is understood and agreed that the breach of any of the covenants in Sections 1 through 7 herein would constitute a material breach of this Agreement entitling either party to obtain
injunctive and/or other appropriate relief in the event of said breach, including but not limited to, the return and/or forfeiture by Employee of any and all tendered and untendered payments and benefits referenced in Section 1 of this
Agreement at the time of breach. In the event of a breach, any tendered payments must be submitted to the Company within ten (10) business days following said breach or demand of the Company. 

9. Amendments. This Agreement may not be amended, modified or supplemented except in writing signed by the parties hereto.

 10. Waiver. No waiver, delay, omission or forbearance on the part of any party to exercise any right, option, duty or
power arising from any default or breach by the other party shall affect or impair the rights of the non-defaulting party with respect to any subsequent default of the same or a different kind; nor shall any delay or omission of the non-defaulting
party to exercise any right arising from any such default affect or impair the non-defaulting party’s rights as to such default or any future default. 
 11. Severability. If any term, restriction or covenant of this Agreement is deemed invalid or unenforceable, all other terms, restrictions and covenants and the application thereof to all persons
and circumstances subject hereto shall remain unaffected to the extent permitted by law; and if any application of any term, restriction or covenant to any person or circumstance is deemed invalid or unenforceable, the application of such terms,
restriction or covenant to the other persons and circumstances shall remain unaffected to the extent permitted by law. 

 12. Revocation. Following the execution date of this Agreement, Employee shall have
seven (7) days within which to revoke this Agreement, in which case it shall become null and void. To revoke this Agreement, Employee must state his intention to revoke in writing and deliver the writing to the following address before the
close of regular business on the seventh day following his execution of the Agreement: 
 Damon Hininger, President and Chief
Executive Officer 
 Corrections Corporation of America 

10 Burton Hills Blvd. 
 Nashville, Tennessee 37215 
 Should Employee not exercise his right to revoke this Agreement
within seven (7) days following his execution of this Agreement, this Agreement shall remain in full force and effect. 

13. Headings. Captions and section headings are used herein for convenience only, and are not part of this Agreement, and shall
not by used in construing it. 
 14. Binding, Effect, Third Parties. This Agreement shall be binding upon, and inure to
the benefit of, the parties hereto and their respective successors, heirs and assigns. This Agreement shall not confer any rights or remedies upon any person other than the parties named herein and their respective successors and assigns.

 15. Governing Law. The parties agree that any disputes or controversies relating to this Agreement shall be governed
by the substantive laws of the State of Tennessee and not the choice of law rules thereof and that any suit to enforce this Agreement shall be submitted to a court of competent jurisdiction in Davidson County, Tennessee, objections to personal
jurisdiction, venue, forum non conveniens, and all other defenses and objections to this forum selection being expressly waived. 
 16. Entire Agreement. This Agreement constitutes the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and thereof and supersedes all prior
agreements (except for the Continuing Agreements) and understandings, oral or written, between the parties related to the subject matter hereof and thereof. 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth herein.

  

			
	CORRECTIONS CORPORATION OF AMERICA
		
		 	 /s/ Damon T. Hininger

		 	Damon T. Hininger
		 	President, Chief Executive Officer
	
	EMPLOYEE
		
		 	 /s/ Brian D. Collins

		 	Brian D. Collins

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