Document:

imgn_Ex10_28

		

			Exhibit 10.28

		

		
			CHANGE IN CONTROL SEVERANCE AGREEMENT
		

		
			This Agreement is entered into as of the 30th day of March, 2015 (the “Effective Date”) by and between ImmunoGen, Inc., a Massachusetts corporation (the “Company”), and Anna Berkenblit (the “Executive”).
		

		
			WHEREAS, the Company recognizes that the Executive’s service to the Company is very important to the future success of the Company;
		

		
			WHEREAS, the Executive desires to enter into this Agreement to provide the Executive with certain financial protection in the event that his employment terminates under certain conditions following a change in control of the Company; and
		

		
			WHEREAS the Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company to enter into this Agreement.
		

		
			NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows:
		

			
	
			
				 1.
			Definitions.

			
	
			
				 (a)
			Cause.  For purposes of this Agreement, “Cause” shall mean that the Executive has (i) willfully committed an act or omission that materially harms the Company; (ii) been grossly negligent in the performance of the Executive’s duties to the Company; (iii) willfully failed or refused to follow the lawful and proper directives of the Board; (iv) been convicted of, or pleaded guilty or nolo contendere, to a felony; (v) committed an act involving moral turpitude that is or is reasonably expected to be injurious to the Company or its reputation; (vi) committed an act relating to the Executive’s employment or the Company involving, in the good faith judgment of the Board, material fraud or theft; (vii) breached any material provision of this Agreement or any nondisclosure or non-competition agreement between the Executive and the Company, as all of the foregoing may be amended prospectively from time to time; or (viii) breached a material provision of any code of conduct or ethics policy in effect at the Company, as all of the foregoing may be amended prospectively from time to time.

		
			(b)Change in Control.  For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the following events; provided that “Change in Control” shall be interpreted in a manner, and limited to the extent necessary, so that it will not cause adverse tax consequences for either party with respect to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulations 1.409A-3(i)(5), and any successor statute, regulation and guidance thereto:
		

		
			 
		

		
			(i)Ownership.  Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities (excluding for this purpose any such voting securities held by the Company or its Affiliates (as defined in the Company’s 2006 Employee, Director and Consultant Equity Incentive Plan) or by any employee benefit 

		 

 

		

			 

		

plan of the Company) pursuant to a transaction or a series of related transactions which the Board does not approve; or
		

		
			 
		

		
			(ii)Merger/Sale of Assets.  (A) A merger or consolidation of the Company whether or not approved by the Board, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; or (B) the stockholders of the Company approve an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; or
		

		
			 
		

		
			(iii)Change in Board Composition.  A change in the composition of the Board, as a result of which fewer than a majority of the directors are Incumbent Directors.  “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of November 11, 2006, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company).
		

		
			 
		

		
			(c)Disability.  For purposes of this Agreement, “Disability” shall mean that the Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under a Company-sponsored group disability plan.  Whether the Executive has a Disability will be determined by a majority of the Board based on evidence provided by one or more physicians selected by the Board and approved by the Executive, which approval shall not be unreasonably withheld.  In any case, if a disability is determined to trigger the payment of any “deferred compensation” as defined in Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), disability shall be determined in accordance with Section 409A of the Code.
		

		
			(d)Good Reason.  For purposes of this Agreement, “Good Reason” shall mean the occurrence of one or more of the following without the Executive’s consent: (i) a change in the principal location at which the Executive performs his duties for the Company to a new location that is at least forty (40) miles from the prior location; (ii) a material change in the Executive's authority, functions, duties or responsibilities as an executive of the Company, which would cause his position with the Company to become of less responsibility, importance or scope than his highest position with the Company at any time from the date of this Agreement to immediately prior to the Change in Control, provided,  however, that such material change is not in connection with the termination of the Executive's employment by the Company for Cause or death or Disability and further provided that it shall not be considered a material change if the 

		 

 

		

			 

		

Company becomes a subsidiary of another entity and the Executive continues to hold a position in the subsidiary that is at least as high (in both title and scope of responsibilities) as the highest position he held with the Company at any time from the date of this Agreement to immediately prior to the Change in Control; (iii) a material reduction in the Executive’s annual base salary or (iv) a material reduction in the Executive’s target annual bonus as compared to the target annual bonus set for the previous fiscal year.
		

			
	
			
				 2.
			Term of Agreement.  The term of this Agreement (the "Term") shall commence on the Effective Date and shall continue in effect for two (2) years; provided,  however, that commencing on second anniversary of the Effective Date and continuing each anniversary thereafter, the Term shall automatically be extended for one (1) additional year unless, not later than nine (9) months before the conclusion of the Term, the Company or the Executive shall have given notice not to extend the Term; and further provided,  however, that if a Change in Control shall have occurred during the Term, the Term shall expire on the last day of the twelfth (12th) month following the month in which such Change in Control occurred.  Notice of termination or termination of this Agreement shall not constitute Cause or Good Reason (both terms as defined above).

			
	
			
				 3.
			Termination; Notice; Severance Compensation.

			
	
			
				 (a)
			In the event that within a period of two (2) months before or twelve (12) months following the consummation of a Change in Control the Company elects to terminate the Executive’s employment other than for Cause (but not including termination due to the Executive’s Disability), then the Company shall give the Executive no less than sixty (60) days advance notice of such termination (the “Company’s Notice Period”); provided that the Company may elect to require the Executive to cease performing work for the Company so long as the Company continues the Executive’s full salary and benefits during the Company’s Notice Period.

			
	
			
				 (b)
			In the event that within a period of two (2) months before or twelve (12) months following the consummation of a Change in Control the Executive elects to terminate his employment for Good Reason, then the Executive shall give the Company no less than thirty (30) days and no more than sixty (60) days advance notice of such termination (the “Executive’s Notice Period”); provided that the Company may elect to require the Executive to cease performing work for the Company so long as the Company continues the Executive’s full salary and benefits during the Executive’s Notice Period.  In order to effect a termination for Good Reason pursuant to this Agreement, the Executive must notice his intent to terminate for Good Reason not later than ninety (90) days following the occurrence of the Good Reason.

			
	
			
				 (c)
			In the event that within a period of two (2) months before or twelve (12) months following the consummation of a Change in Control the Executive’s employment with the Company is terminated by the Company other than for Cause (but not including termination due to the Executive’s death or Disability), or by the Executive for Good Reason, then, contingent upon the Executive’s execution of a release of claims against the Company in substantially the form attached hereto as Exhibit A (the “Release”) the Executive shall be entitled to, in addition to any amounts due to the Executive for services rendered prior to the termination date:

		
			

		 

 

		

			 

		

		

			
	
			
				
			(i)  a lump sum payment from the Company in an amount equal to one and one-half (1.5) times the sum of the Executive's Annual Salary and the Executive’s target annual bonus for the fiscal year in which the termination occurs (without giving effect to any event or circumstance constituting Good Reason) at one hundred percent (100%) of such target annual bonus, which shall be paid on the sixtieth (60th) day following the Executive’s termination of employment, provided that the Release is executed and effective by then or the Executive shall forfeit the payment of such amount;

			
	
			
				
			(ii)  all outstanding options, restricted stock and other similar rights held by the Executive, which shall become one hundred percent (100%) vested; and

		
			(iii)  continuation of medical insurance coverage for the Executive and the Executive’s family subject to and in accordance with Section 4980B of the Code (“COBRA”), and subject to the Executive’s payment of the applicable COBRA coverage premium (“COBRA Coverage Premium”) during the applicable COBRA coverage period (“COBRA Period”); and
		

		
			(iv)  payment to the Executive of a taxable amount on a monthly basis equal to the COBRA Premium for eighteen (18) months from the Separation Date; provided that the Company shall have no obligation to provide such benefit if the Executive fails to elect COBRA benefits in a timely fashion or if the Executive becomes eligible for medical coverage with another employer; and provided that if the COBRA Period is otherwise (i.e., for reasons not described in the immediately preceding proviso) earlier terminated under applicable law during the period that the Executive would otherwise be entitled to receive the benefit under this subsection (v), the Company will continue to pay to the Executive the same taxable amount it paid on a monthly basis during the COBRA Period each month for the remainder of the relevant period.
		

		
			For purposes of this Agreement, “Annual Salary” shall mean the Executive’s annual base salary then in effect or, if higher, in effect at the time of the Change in Control, excluding reimbursements and amounts attributable to stock options and other non-cash compensation; and the “Severance Compensation” shall mean the compensation set forth in (i), (ii), and (iv) above.
		

			
	
			
				 (d)
			If any of the benefits set forth in this Agreement are deferred compensation as defined in Section 409A of the Code, any termination of employment triggering payment of such benefits must constitute a “separation from service” under Section 409A of the Code before, subject to subsection (e) below, a distribution of such benefits can commence.  For purposes of clarification, this paragraph shall not cause any forfeiture of benefits on the part of the Executive, but shall only act as a delay until such time as a “separation from service” occurs. In addition, the Company Notice Period and the Executive Notice Period shall be interpreted and administered in accordance with Section 409A of the Code and the “separation from service” rules thereunder.  In particular, if a waiver of the Company Notice Period or the Executive Notice Period triggers a “separation from service,” such waiver shall constitute a termination and any amounts due to the Executive over the remaining portion of the applicable notice period shall be deemed additional 

		 

 

		

			 

		

	severance under Section 3(c)(ii) of this Agreement and paid accordingly.  In addition, any applicable notice or release periods and dates of payment shall be adjusted accordingly.

			
	
			
				 (e)
			Notwithstanding any other provision with respect to the timing of payments, if, at the time of the Executive’s termination, the Executive is deemed to be a “specified employee” (within the meaning of Code Section 409A, and any successor statute, regulation and guidance thereto) of the Company, then solely to the extent necessary to comply with the requirements of Code Section 409A, any payments to which the Executive may become entitled under this Agreement which are subject to Code Section 409A (and not otherwise exempt from its application) will be withheld until the first (1st) business day of the seventh (7th) month following the termination of the Executive’s employment, at which time the Executive shall be paid an aggregate amount equal to the accumulated, but unpaid, payments otherwise due to the Executive under the terms of this Agreement.

			
	
			
				 (f)
			If any payment or benefit the Executive would receive under this Agreement, when combined with any other payment or benefit the Executive receives pursuant to a Change in Control (“Payment”) would (i) constitute a “parachute payment” within the meaning of Code Section 280G, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be either (x) the full amount of such Payment or (y) such less amount as would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state, and local employments taxes, income taxes, and the Excise Tax results in the Executive’s receipt, on an after-tax basis, of the greater amount of the Payment, notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.  The Company shall, in a manner compliant with Code Section 409A, determine in good faith which payment(s) or benefit(s) to reduce based on what provides the best economic result for the Executive.  The Company shall provide the Executive with sufficient information to support its determination and to allow the Executive to file and pay any required taxes.

			
	
			
				 4.
			No Duplication of Compensation.  The Severance Compensation shall replace, and be provided in lieu of, any severance or similar compensation that may be provided to the Executive under any other agreement or arrangement in relation to termination of employment; provided,  however, that this prohibition against duplication shall not be construed to otherwise limit the Executive’s rights to payments or benefits provided under any pension plan (as defined in Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended), deferred compensation, stock, stock option or similar plan sponsored by the Company.  This Agreement supersedes any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof which may have been made by either party.

			
	
			
				 5.
			No Mitigation.  If the Executive's employment with the Company terminates following a Change in Control, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to Section 3 or Section 15.  Except as set forth in Section 4, the amount of any payment or benefit provided for in this Agreement shall not be reduced by any compensation earned by the Executive as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Company, or otherwise.

		
			

		 

 

		

			 

		

		

			
	
			
				 6.
			Confidentiality, Non-Competition, and Assignment of Inventions.  The Company’s obligations under this Agreement are contingent upon the Executive’s execution of the Company’s Proprietary Information, Inventions, and Competition Agreement (the “Proprietary Information Agreement”).  The parties agree that the obligations set forth in the Proprietary Information Agreement shall survive termination of this Agreement and termination of the Executive’s employment, regardless of the reason for such termination.

			
	
			
				 7.
			Enforceability.  If any provision of this Agreement shall be deemed invalid or unenforceable as written, this Agreement shall be construed, to the greatest extent possible, or modified, to the extent allowable by law, in a manner which shall render it valid and enforceable.  No invalidity or unenforceability of any provision contained herein shall affect any other portion of this Agreement.

			
	
			
				 8.
			Notices.  Except as otherwise specifically provided herein, any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (i)  by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt.  Notices to the Executive shall be sent to the last known address in the Company's records or such other address as the Executive may specify in writing.  Notices to the Company shall be sent to the Company's Chairman of the Board (or if the Chairman of the Board is also the CEO, to the Company’s Lead Director), or to such other Company representative as the Company may specify in writing.

			
	
			
				 9.
			Claims for Benefits.  All claims by the Executive for benefits under this Agreement shall be directed to and determined by the Board and shall be in writing.  Any denial by the Board of a claim for benefits under this Agreement shall be delivered to the Executive in writing and shall set forth the specific reasons for the denial and the specific provisions of this Agreement relied upon.  The Board shall afford a reasonable opportunity to the Executive for a review of the decision denying a claim and shall further allow the Executive to appeal to the Board a decision of the Board within sixty (60) days after notification by the Board that the Executive's claim has been denied.  In no event shall the Board’s claims or appeals determination be given any deference or weight in any subsequent legal proceeding.

			
	
			
				 10.
			Modifications and Amendments.  The terms and provisions of this Agreement may be modified or amended only by written agreement executed by the Company and the Executive.  The Company and the Executive agree that they will jointly execute an amendment to modify this Agreement to the extent necessary to comply with or be exempt from the requirements of Code Section 409A, or any successor statute, regulation and guidance thereto; provided that no such amendment shall increase the total financial obligation of the Company under this Agreement.

			
	
			
				 11.
			Waivers and Consents.  The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by a written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar.  Each such waiver or consent shall be effective only in the 

		 

 

		

			 

		

	specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

			
	
			
				 12.
			Binding Effect; Assignment.  The Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of the Executive upon the Executive’s death and (b) any successor of the Company.  Any such successor of the Company will be deemed substituted for the Company under the terms of the Agreement for all purposes.  For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  None of the rights of the Executive to receive any form of compensation payable pursuant to the Agreement may be assigned or transferred except by will or the laws of descent and distribution.  Any other attempted assignment, transfer, conveyance or other disposition of the Executive’s right to compensation or other benefits will be null and void.

			
	
			
				 13.
			Governing Law.  This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the law of the Commonwealth of Massachusetts, without giving effect to the conflict of law principles thereof.

			
	
			
				 14.
			Jurisdiction and Service of Process.  Any legal action or proceeding with respect to this Agreement shall be brought in the courts of the Commonwealth of Massachusetts or of the United States of America for the District of Massachusetts.  By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts.

			
	
			
				 15.
			Attorneys’ Fees.  The Company shall pay to the Executive all legal fees and expenses incurred by the Executive in disputing in good faith any issue hereunder relating to the termination of the Executive's employment, in seeking in good faith to obtain or enforce any benefit or right provided by this Agreement.  Such payments shall be made within five (5) business days after delivery of the Executive's written requests for payment accompanied with such evidence of fees and expenses incurred as the Company reasonably may require.

			
	
			
				 16.
			Withholding.  The Company is authorized to withhold, or to cause to be withheld, from any payment or benefit under the Agreement the full amount of any applicable withholding taxes.

			
	
			
				 17.
			Tax Consequences.  The Company does not guarantee the tax treatment or tax consequences associated with any payment or benefit arising under this Agreement.

			
	
			
				 18.
			Acknowledgment.  The Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of the Agreement, and is knowingly and voluntarily entering into the Agreement.

			
	
			
				 19.
			Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

		
			

		 

 

		

			 

		

		

			
	
			
				 20.
			Section 409A.  The parties hereto intend that the payments and benefits provided by this Agreement shall comply with or be exempt from the requirements of Code Section 409A and related regulations and Treasury pronouncements, and this Agreement shall be interpreted accordingly.  Each separately identified payment or benefit hereunder shall be deemed to be a separately determinable payment for purposes of Code Section 409A, and each payment to be made in installments shall be deemed a series of separate payments.  If any provision provided herein could result in the imposition of an additional tax under the provisions of Code Section 409A, the Executive and the Company agree that such provision will be reformed to avoid imposition of any such additional tax in the manner that the Executive and the Company mutually agree is appropriate to comply with or be exempt from Code Section 409A.

			
	
			
				 21.
			Reimbursements.  To the extent there are any reimbursements of expenses under this Agreement including, without limitation, under Section 15 hereof, payments with respect to such reimbursements shall be made no later than on or before the last day of the calendar year following the calendar year in which the relevant expense is incurred.  The amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year and any such reimbursements may not be exchanged or liquidated for any other benefit or payment.

		
			 
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties have executed and delivered this Change in Control Severance Agreement as of the day and year first above written.
		

		
			COMPANY:
		

		
			IMMUNOGEN, INC.
		

		
			 
		

		
			/s/ Daniel M. Junius
		

		
			Name: Daniel M. Junius
		

		
			Title: President and Chief Executive Officer
		

		
			 
		

		
			 
		

		
			EXECUTIVE:
		

		
			 
		

		
			______/s/ Anna Berkenblit________________
		

		
			Name:  Anna Berkenblit
		

		
			

		 

 

		

			 

		

Exhibit A
		

		
			 
		

		
			GENERAL RELEASE
		

		
			 
		

		
			1.General Release.  In consideration of the payments and benefits to be made under that certain Change in Control Severance Agreement, dated ______________, 20__, (the “Agreement”), Anna Berkenblit (the “Executive”), with the intention of binding the Executive and the Executive's heirs, executors, administrators and assigns, does hereby release, remise, acquit and forever discharge ImmunoGen, Inc. (the “Company”) and each of its subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers, directors, executives, agents, attorneys, employees and employee benefits plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys' fees and liabilities of whatever kind or nature in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected which the Executive, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, against any Company Released Party in any capacity, including, without limitation, any and all claims (i) arising out of or in any way connected with the Executive's service to any member of the Company Affiliated Group (or the predecessors thereof) in any capacity, or the termination of such service in any such capacity, (ii) for severance or vacation benefits, unpaid wages, salary or incentive payments, (iii) for breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional infliction of emotional harm or other tort and (iv) for any violation of applicable state and local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment practices), any and all claims based on the Employee Retirement Income Security Act of 1974 (“ERISA”), any and all claims arising under the civil rights laws of any federal, state or local jurisdiction, including, without limitation, Title VII of the Civil Rights Act of 1964 (“Title VII”), the Age Discrimination in Employment Act (“ADEA”), the Americans with Disabilities Act (“ADA”), Sections 503 and 504 of the Rehabilitation Act the Family and Medical Leave Act, the Massachusetts Fair Employment Practices Act, and any and all claims under any whistleblower laws or whistleblower provisions of other laws.
		

		
			 
		

		
			2.No Admissions.  The Executive acknowledges and agrees that this General Release is not to be construed in any way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied.
		

		
			 
		

		
			3.Application to all Forms of Relief.  This General Release applies to any relief no matter how called, including, without limitation, wages, back pay, front pay, compensatory damages, liquidated damages, punitive damages for pain or suffering, costs and attorney's fees and expenses.
		

		
			 
		

		
			4.Specific Waiver.  The Executive specifically acknowledges that his acceptance of the terms of this General Release is, among other things, a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA, the Massachusetts Fair Employment 

		 

 

		

			 

		

Practices Act and any state or local law or regulation in respect of discrimination of any kind; provided, however, that nothing herein shall be deemed, nor does anything herein purport, to be a waiver of any right or claim or cause of action which by law the Executive is not permitted to waive.
		

		
			 
		

		
			5.No Complaints or Other Claims.  The Executive acknowledges and agrees that he has not, with respect to any transaction or state of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal.  This General Release does not: (i) prohibit or restrict Executive from communicating, providing relevant information to or otherwise cooperating with the U.S. Equal Employment Opportunity Commission or any other governmental authority with responsibility for the administration of fair employment practices laws regarding a possible violation of such laws or responding to any inquiry from such authority, including an inquiry about the  existence of this General Release or its underlying facts, or (ii) require Executive to notify the Company of such communications or inquiry.
		

		
			 
		

		
			6.Conditions of General Release.
		

		
			 
		

		
			(a)   Terms and Conditions.  From and after the date of termination of employment, the Executive shall abide by all the terms and conditions of this General Release and the terms and any conditions set forth in any employment or confidentiality agreements signed by the Executive, which is incorporated herein by reference.
		

		
			 
		

		
			(b)   Confidentiality.  The Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or any legal process, or as is necessary in connection with any adversarial proceeding against any member of the Company Affiliated Group (in which case the Executive shall cooperate with the Company in obtaining a protective order at the Company's expense against disclosure by a court of competent jurisdiction), communicate, to anyone other than the Company and those designated by the Company or on behalf of the Company in the furtherance of its business, any trade secrets, confidential information, knowledge or data relating to any member of the Company Affiliated Group, obtained by the Executive during the Executive's employment by the Company that is not generally available public knowledge (other than acts by the Executive in violation of this General Release).  This confidentiality obligation is in addition to, and not in lieu of, any other contractual, statutory and common law confidentiality obligation of the Executive to the Company.
		

		
			 
		

		
			(c)   Return of Company Material.  The Executive represents that he has returned to the Company all Company Material (as defined below).  For purposes of this Section 6(c), "Company Material" means any documents, files and other property and information of any kind belonging or relating to (i) any member of the Company Affiliated Group, (ii) the current and former suppliers, creditors, directors, officers, employees, agents and customers of any of them or (iii) the businesses, products, services and operations (including without limitation, business, financial and accounting practices) of any of them, in each case whether tangible or intangible (including, without limitation, credit cards, building and office access cards, keys, computer equipment, cellular telephones, pagers, electronic devices, hardware, manuals, files, documents, 

		 

 

		

			 

		

records, software, customer data, research, financial data and information, memoranda, surveys, correspondence, statistics and payroll and other employee data, and any copies, compilations, extracts, excerpts, summaries and other notes thereof or relating thereto), excluding only information (x) that is generally available public knowledge or (y) that relates to the Executive's compensation or Executive benefits.
		

		
			 
		

		
			(d)   Cooperation.  Following the date of termination of employment, the Executive shall reasonably cooperate with the Company upon reasonable request of the Board of Directors and be reasonably available to the Company with respect to matters arising out of the Executive's services to the Company Affiliated Group.
		

		
			 
		

		
			(e)   Nondisparagement.  The Executive acknowledges and agrees that he shall not make any statements that are professionally or personally disparaging about or adverse to the interests of the Company or any Company Released Party, including, but not limited to, any statements that disparage in any way whatsoever the Company’s products, services, businesses, finances, financial condition, capabilities or other characteristics.
		

		
			 
		

		
			(f)   Ownership of Inventions, Non-Disclosure, Non-Competition and Non-Solicitation.  The Executive expressly acknowledges and agrees that the Proprietary Information, Inventions, and Competition Agreement executed by him is incorporated herein by reference, and shall survive the execution of this General Release in full force and effect pursuant to its terms.
		

		
			 
		

		
			(g)   No Representation.  The Executive acknowledges that, other than as set forth in this General Release and the Agreement, (i) no promises have been made to him and (ii) in signing this General Release the Executive is not relying upon any statement or representation made by or on behalf of any Company Released Party and each or any of them concerning the merits of any claims or the nature, amount, extent or duration of any damages relating to any claims or the amount of any money, benefits, or compensation due the Executive or claimed by the Executive, or concerning the General Release or concerning any other thing or matter.
		

		
			 
		

		
			(h)   Injunctive Relief.  In the event of a breach or threatened breach by the Executive of this Section 6, the Executive agrees that the Company shall be entitled to injunctive relief in a court of appropriate jurisdiction to remedy any such breach or threatened breach, the Executive acknowledging that damages would be inadequate or insufficient.
		

		
			 
		

		
			7.Voluntariness.  The Executive agrees that he is relying solely upon his own judgment; that the Executive is over eighteen years of age and is legally competent to sign this General Release; that the Executive is signing this General Release of his own free will; that the Executive has read and understood the General Release before signing it; and that the Executive is signing this General Release in exchange for consideration that he believes is satisfactory and adequate.
		

		
			 
		

		
			8.Legal Counsel.  The Executive acknowledges that he has been informed of the right to consult with legal counsel and has been encouraged to do so.
		

		
			 
		

		
			

		 

 

		

			 

		

		

		
			9.Complete Agreement/Severability.  Other than the agreements and/or obligations specifically referenced as surviving herein, this General Release constitutes the complete and final agreement between the parties and supersedes and replaces all prior or contemporaneous agreements, negotiations, or discussions relating to the subject matter of this General Release.  All provisions and portions of this General Release are severable.  If any provision or portion of this General Release or the application of any provision or portion of the General Release shall be determined to be invalid or unenforceable to any extent or for any reason, all other provisions and portions of this General Release shall remain in full force and shall continue to be enforceable to the fullest and greatest extent permitted by law.
		

		
			 
		

		
			10.Acceptance.  The Executive acknowledges that he has been given a period of twenty-one (21) days within which to consider this General Release, unless applicable law requires a longer period, in which case the Executive shall be advised of such longer period and such longer period shall apply.  The Executive may accept this General Release at any time within this period of time by signing the General Release and returning it to the Company.
		

		
			 
		

		
			11.Revocability.  This General Release shall not become effective or enforceable until seven (7) calendar days after the Executive signs it.  The Executive may revoke his acceptance of this General Release at any time within that seven (7) calendar day period by sending written notice to the Company.  Such notice must be received by the Company within the seven (7) calendar day period in order to be effective and, if so received, would void this General Release for all purposes.
		

		
			 
		

		
			12.Governing Law.  Except for issues or matters as to which federal law is applicable, this General Release shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Massachusetts without giving effect to the conflicts of law principles thereof.
		

		
			 
		

		
			
		

		
			IN WITNESS WHEREOF, the Executive has executed this General Release as of the date last set forth below.
		

		
			 
		

		
			EXECUTIVE
		

		
			 
		

		
			 
		

		
			_______________________________Date: __________________________
		

		
			 
		

		
			Name: Anna BerkenblitEX-4.1

 Exhibit 4.1 
  

 
  

WESTAR ENERGY, INC. 
 TO

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

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

 
 FORTY-SEVENTH
SUPPLEMENTAL INDENTURE 
 to Original Mortgage Filed with Shawnee County Register of Deeds on July 

1, 1939, at Book 778 Page 216 

Dated as of March 6, 2017 

First Mortgage Bonds, 3.10% Series due 2027 
  

 
  

 TABLE OF CONTENTS 
  

 
  

 
  

 

					
	 Parties
	  	 	1	 
	 Recitals
	  	 	1	 
	 Granting Clause
	  	 	5	 
	 Habendum
	  	 	7	 
	 Exceptions and Reservations
	  	 	8	 

  

			
	 	  	PAGE

ARTICLE I 

DESCRIPTION OF BONDS OF THE 3.10% SERIES
DUE 2027 
  

					
	 Section 1. General Description of Bonds of the 3.10% Series due 2027
	  	 	8	 
	 Section 2. Denominations of Bonds of the 3.10% Series due 2027 and Privilege of
Exchange
	  	 	9	 
	 Section 3. Form of Bonds of the 3.10% Series due 2027
	  	 	10	 
	 Section 4. Execution and Form of Temporary Bonds of the 3.10% Series due
2027
	  	 	19	 

 ARTICLE II 

ISSUE OF BONDS OF THE 3.10% SERIES DUE
2027 
  

					
	 Section 1. Limitation as to Principal Amount of Bonds of the 3.10% Series due
2027
	  	 	19	 
	 Section 2. Execution and Delivery of Bonds of the 3.10% Series due 2027
	  	 	19	 
	 Section 3. Additional Bonds of the 3.10% Series due 2027
	  	 	19	 

 ARTICLE III 

REDEMPTION AND SUBSTITUTION OF BONDS OF
THE 3.1% SERIES DUE 2027 
  

					
	 Section 1. Optional Redemption of Bonds of the 3.10% Series due 2027
	  	 	20	 
	 Section 2. Substitution of Bonds of the 3.10% Series due 2027
	  	 	22	 

 ARTICLE IV 

ADDITIONAL COVENANTS 
  

					
	 Section 1. Title to Mortgaged Property
	  	 	23	 
	 Section 2. To Retire Certain Portions of Bonds upon Release of All or Substantially All
of the Electric Properties
	  	 	24	 

  
 ii 

 ARTICLE V 

AMENDMENTS AND RESERVATIONS OF RIGHTS TO
AMEND THE ORIGINAL INDENTURE 
  

					
	 Section 1. So Long as Bonds Issued Prior to January 1, 1997 Remain
Outstanding
	  	 	25	 
	 Section 2. Facsimile Signatures
	  	 	28	 
	 Section 3. Reservation of Right to Amend Article VII
	  	 	28	 
	 Section 4. Reservation of Right to Delete Certain Requirements and Conditions

	  	 	31	 
	 Section 5. Issuance of Variable Rate Bonds
	  	 	32	 
	 Section 6. Substitution of Bonds
	  	 	32	 
	 Section 7. Addition of a Governing Law Clause
	  	 	33	 
	 Section 8. Event of Default for Failure to Pay Final Judgments in Excess of
$100,000
	  	 	33	 
	 Section 9. Net Earnings Test in Connection with Property Acquisitions
	  	 	33	 
	 Section 10. Addition of Nuclear Fuel
	  	 	33	 
	 Section 11. Modernization of the Original Indenture
	  	 	34	 

 ARTICLE VI 

MISCELLANEOUS PROVISIONS 
  

					
	 Section 1. Acceptance of Trust
	  	 	35	 
	 Section 2. Responsibility and Duty of Trustee
	  	 	35	 
	 Section 3. Parties to Include Successors and Assigns
	  	 	35	 
	 Section 4. Benefits Restricted to Parties and to Holders of Bonds and
Coupons
	  	 	36	 
	 Section 5. Execution in Counterparts
	  	 	36	 
	 Section 6. Titles of Articles Not Part of the Forty-Seventh Supplemental
Indenture
	  	 	36	 

  

					
	 TESTIMONIUM
	  	 	S-1	 
	 SIGNATURES AND SEALS
	  	 	S-2	 
	 ACKNOWLEDGEMENTS
	  	 	S-3	 

 APPENDIX A 
  

					
	 DESCRIPTION OF PROPERTIES
	  			

  
 iii 

 FORTY-SEVENTH SUPPLEMENTAL INDENTURE, dated as of the 6th day of March, Two Thousand and Seventeen, made by and between Westar Energy, Inc., formerly The Kansas Power and Light Company, a corporation organized and existing under the laws of the State of
Kansas (hereinafter called the “Company”), party of the first part, and The Bank of New York Mellon Trust Company, N.A., a national banking association whose mailing address is 2 North La Salle Street, Chicago, Illinois 60602
(hereinafter called the “Trustee”), as Trustee (as successor to Harris Trust and Savings Bank), under the Mortgage and Deed of Trust dated July 1, 1939, hereinafter mentioned, party of the second part; 

WHEREAS, the Company has heretofore executed and delivered to the Trustee its Mortgage and Deed of Trust dated July 1, 1939 (hereinafter
referred to as the “Original Indenture”), to provide for and to secure the issue of First Mortgage Bonds of the Company, issuable in series, and to declare the terms and conditions upon which the Bonds (as defined in the
Original Indenture) are to be issued thereunder; and 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee Forty-Six Supplemental Indentures, in addition to the Forty-Second Supplemental (Reopening) Indenture, supplemental to said Original Indenture, of which Forty-Five provided for the issuance thereunder of series of
the Company’s First Mortgage Bonds, and there is set forth below information with respect to such Supplemental Indentures as have provided for the issuance of Bonds, and the principal amount of Bonds which remain outstanding as of March 6,
2017: 
  

											
	 Supplemental

Indenture
	  	 Date
	  	 Series of

First Mortgage

Bonds

Provided For
	  	Principal
Amount
Issued	 	  	 Principal

Amount

Outstanding

	Supplemental Indenture	  	July 1, 1939	  	3-1/2% Series
Due 1969	  	$	26,500,000	 	  	None
	Second
Supplemental Indenture	  	April 1, 1949	  	2-7/8% Series
Due 1979	  	 	10,000,000	 	  	None
	Fourth
Supplemental Indenture	  	October 1, 1949	  	2-3/4% Series
Due 1979	  	 	6,500,000	 	  	None
	Fifth
Supplemental Indenture	  	December 1, 1949	  	2-3/4% Series
Due 1984	  	 	32,500,000	 	  	None
	Seventh
Supplemental Indenture	  	December 1, 1951	  	3-1/4% Series
Due 1981	  	 	5,250,000	 	  	None
	Eighth
Supplemental Indenture	  	May 1, 1952	  	3-1/4% Series
Due 1982	  	 	4,750,000	 	  	None

  
 1 

											
	 Supplemental

Indenture
	  	 Date
	  	 Series of

First Mortgage

Bonds

Provided For
	  	Principal
Amount
Issued	 	  	 Principal

Amount

Outstanding

	Ninth
Supplemental Indenture	  	October 1, 1954	  	3-1/8% Series Due 1984	  	 	8,000,000	 	  	None
	Tenth
Supplemental Indenture	  	September 1, 1961	  	4-3/4% Series Due 1991	  	 	13,000,000	 	  	None
	Eleventh
Supplemental Indenture	  	April 1, 1969	  	7-5/8% Series Due 1999	  	 	19,000,000	 	  	None
	Twelfth
Supplemental Indenture	  	September 1, 1970	  	8-3/4% Series Due 2000	  	 	20,000,000	 	  	None
	Thirteenth
Supplemental Indenture	  	February 1, 1975	  	8-5/8% Series Due 2005	  	 	35,000,000	 	  	None
	Fourteenth
Supplemental Indenture	  	May 1, 1976	  	8-5/8% Series Due 2006	  	 	45,000,000	 	  	None
	Fifteenth
Supplemental Indenture	  	April 1, 1977	  	5.90% Pollution Control Series Due 2007	  	 	32,000,000	 	  	None
	Sixteenth
Supplemental Indenture	  	June 1, 1977	  	8-1/8% Series Due 2007	  	 	30,000,000	 	  	None
	Seventeenth
Supplemental Indenture	  	February 1, 1978	  	8-3/4% Series Due 2008	  	 	35,000,000	 	  	None
	Eighteenth Supplemental Indenture	  	January 1, 1979	  	6-3/4% Pollution Control Series Due 2009	  	 	45,000,000	 	  	None
	Nineteenth
Supplemental Indenture	  	May 1, 1980	  	8-1/4% Pollution Control Series Due 1983	  	 	45,000,000	 	  	None
	Twentieth
Supplemental Indenture	  	November 1, 1981	  	16.95% Series Due 1988	  	 	25,000,000	 	  	None
	Twenty-First
Supplemental Indenture	  	April 1, 1982	  	15% Series
Due 1992	  	 	60,000,000	 	  	None
	Twenty-Second
Supplemental Indenture	  	February 1, 1983	  	9-5/8% Pollution Control Series Due 2013	  	 	58,500,000	 	  	None

  
 2 

											
	 Supplemental

Indenture
	  	 Date
	  	 Series of

First Mortgage

Bonds

Provided For
	  	Principal
Amount
Issued	 	  	 Principal

Amount

Outstanding

	Twenty-Third
Supplemental Indenture	  	July 1, 1986	  	8-1/4% Series Due 1996	  	 	60,000,000	 	  	None
	Twenty-Fourth
Supplemental Indenture	  	March 1, 1987	  	8-5/8% Series Due 2020	  	 	50,000,000	 	  	None
	Twenty-Fifth
Supplemental Indenture	  	October 15, 1988	  	9.35% Series Due 1998	  	 	75,000,000	 	  	None
	Twenty-Sixth
Supplemental Indenture	  	February 15, 1990	  	8-7/8% Series Due 2000	  	 	75,000,000	 	  	None
	Twenty-Seventh
Supplemental Indenture	  	March 12, 1992	  	7.46% Demand Series	  	 	370,000,000	 	  	None
	Twenty-Eighth
Supplemental Indenture	  	July 1, 1992	  	7-1/4% Series Due 1999	  	 	125,000,000	 	  	None
		  		  	8-1/2% Series Due 2022	  	 	125,000,000	 	  	None
	Twenty-Ninth
Supplemental Indenture	  	August 20, 1992	  	7-1/4% Series
Due 2002	  	 	100,000,000	 	  	None
	Thirtieth
Supplemental Indenture	  	February 1, 1993	  	6% Pollution Control Revenue Refunding Series Due 2033	  	 	58,500,000	 	  	None
	Thirty-First
Supplemental Indenture	  	April 15, 1993	  	7.65% Series Due 2023	  	 	100,000,000	 	  	None
	Thirty-Second
Supplemental Indenture	  	April 15, 1994	  	7-1/2% Series Pollution Control Revenue Refunding Due 2032	  	 	75,500,000	 	  	75,500,000

  
 3 

											
	 Supplemental

Indenture
	  	 Date
	  	 Series of

First Mortgage

Bonds

Provided For
	  	Principal
Amount
Issued	 	  	 Principal

Amount

Outstanding

	Thirty-Third
Supplemental Indenture	  	August 11, 1997	  	6-7/8% Convertible Series Due 2004 7-1/8% Convertible Series Due 2009	  	 
 
	370,000,000
 150,000,000
	 
  
	  	 None

None

	Thirty-Fourth
Supplemental Indenture	  	June 28, 2000	  	9-1/2% Series Due 2003	  	 	397,800,000	 	  	None
	Thirty-Fifth
Supplemental Indenture	  	May 10, 2002	  	7-7/8% Series Due 2007	  	 	365,000,000	 	  	None
	Thirty-Sixth
Supplemental Indenture	  	June 1, 2004	  	5.00% Series Pollution Control Refunding Revenue Due 2033	  	 	58,340,000	 	  	None
	Thirty-Seventh
Supplemental Indenture	  	June 17, 2004	  	6.00% Series Due 2014	  	 	250,000,000	 	  	None
	Thirty-Eighth
Supplemental Indenture	  	January 18, 2005	  	5.15% Series Due 2017	  	 	125,000,000	 	  	None
		  		  	5.95% Series Due 2035	  	 	125,000,000	 	  	None
	Thirty-Ninth
Supplemental Indenture	  	June 30, 2005	  	5.10% Series Due 2020	  	 	250,000,000	 	  	250,000,000
		  		  	5.875% Series Due 2036	  	 	150,000,000	 	  	None
	Fortieth
Supplemental Indenture	  	May 15, 2007	  	6.10% Series Due 2047	  	 	150,000,000	 	  	None
	Forty-First
Supplemental Indenture	  	November 25, 2008	  	 8.625% Series

Due 2018
	  	 	300,000,000	 	  	None
	Forty-Second
Supplemental Indenture	  	March 1, 2012	  	 4.125% Series

Due 2042
	  	 	250,000,000	 	  	250,000,000
	Forty-Second
Supplemental (Reopening) Indenture	  	May 17, 2012	  	 4.125% Series

Due 2042
	  	 	300,000,000	 	  	300,000,000

  
 4 

											
	 Supplemental

Indenture
	  	 Date
	  	 Series of

First Mortgage

Bonds

Provided For
	  	Principal
Amount
Issued	 	  	 Principal

Amount

Outstanding

	Forty-Third
Supplemental Indenture	  	March 28, 2013	  	 4.10% Series

Due 2043
	  	 	430,000,000	 	  	430,000,000
	Forty-Fourth
Supplemental Indenture	  	August 19, 2013	  	 4.625% Series

Due 2043
	  	 	250,000,000	 	  	250,000,000
	Forty-Fifth
Supplemental Indenture	  	November 13, 2015	  	 3.25% Series

Due 2025
 4.25% Series

Due 2045
	  	 
 
	250,000,000
 300,000,000
	 
  
	  	 250,000,000

300,000,000

	Forty-Sixth
Supplemental Indenture	  	June 20, 2016	  	2.55% Series Due 2026	  	 	350,000,000	 	  	350,000,000

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

WHEREAS, the Company desires by this Forty-Seventh Supplemental Indenture (hereinafter referred to as this “Supplemental
Indenture”) to supplement the Original Indenture and to provide for the creation of a new series of bonds under the Original Indenture to be designated “First Mortgage Bonds, 3.10% Series due 2027” (hereinafter called
“Bonds of the 3.10% Series due 2027”); and the Original Indenture provides that certain terms and provisions, as determined by the Board of Directors of the Company, of the Bonds of any
particular series may be expressed in and provided by the execution of an appropriate supplemental indenture; and 
 WHEREAS, the Company in
the exercise of the powers and authority conferred upon and reserved to it under the provisions of the Original Indenture and indentures supplemental thereto, and pursuant to appropriate resolutions of its Board of Directors, has duly resolved and
determined to make, execute and deliver to the Trustee a supplemental indenture in the form hereof for the purposes herein provided; and 

WHEREAS, all conditions and requirements necessary to make this Supplemental Indenture a valid, binding and legal instrument have been done,
performed and fulfilled, and the execution and delivery hereof have been in all respects duly authorized; 

  
 5 

 NOW, THEREFORE, THIS INDENTURE WITNESSETH: That, in consideration of the premises and of the
mutual covenants herein contained and of the sum of One Dollar duly paid by the Company to the Trustee at or before the time of the execution of these presents, and of other valuable considerations, the receipt whereof is hereby acknowledged, and in
order further to secure the payment of the principal of and interest and premium, if any, on all Bonds at any time issued and outstanding under the Original Indenture as amended by all indentures supplemental thereto (hereinafter sometimes
collectively called the “Indenture”) according to their tenor, purpose and effect, and to declare certain terms and conditions upon and subject to which Bonds are to be issued and secured, the Company has executed and delivered this
Supplemental Indenture, and by these presents grants, bargains, sells, warrants, aliens, releases, conveys, assigns, transfers, mortgages, pledges, sets over and ratifies and confirms unto The Bank of New York Mellon Trust Company, N.A., as Trustee,
and to its successors in trust under the Indenture forever, all and singular the following described properties (in addition to all other properties heretofore specifically subjected to the lien of the Indenture and not heretofore released from the
lien thereof), that is to say: 
 FIRST. 

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

SECOND. 
 Also all
transmission and distribution systems used for the transmission and distribution of electricity, steam, water, gas and other agencies for light, heat, cold or power, or any other purpose whatsoever, whether underground or overhead or on the surface
or otherwise of the Company, or which, subject to the provisions of Article XII of the Original Indenture, the Company may hereafter acquire, including all poles, posts, wires, cables, conduits, mains, pipes, tubes, drains,

  
 6 

 
furnaces, switchboards, transformers, insulators, meters, lamps, fuses, junction boxes, water pumping stations, regulator stations, town border metering stations and other electric, steam, water
and gas fixtures and apparatus. 
 THIRD. 

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

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

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

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

  
 7 

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

IN TRUST, NEVERTHELESS, upon the terms and trusts in the Original Indenture, and the indentures supplemental thereto, including this
Supplemental Indenture, set forth, for the equal and proportionate benefit and security of all present and future holders of the Bonds and coupons issued and to be issued thereunder, or any of them, without preference of any of said Bonds and
coupons of any particular series over the Bonds and coupons of any other series by reason of priority in the time of issue, sale or negotiation thereof, or by reason of the purpose of issue or otherwise howsoever, except as otherwise provided in
Section 2 of Article IV of the Original Indenture. 
 AND IT IS HEREBY COVENANTED, DECLARED AND AGREED, by and between the parties
hereto for the benefit of those who shall hold the Bonds and coupons, or any of them, to be issued under the Indenture as follows: 

ARTICLE I 

DESCRIPTION OF BONDS OF THE 3.10% SERIES
DUE 2027 
 Section 1. General Description of Bonds of the
3.10% Series due 2027. The Bonds of the 3.10% Series due 2027 to be executed, authenticated and delivered under and secured by the Original Indenture shall be designated as “First Mortgage Bonds, 3.10% Series
due 2027” of the Company. The Bonds of the 3.10% Series due 2027 shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to, all of the terms, conditions and covenants of the
Indenture and subject to all the terms, conditions and covenants of this Supplemental Indenture. 

  
 8 

 Bonds of the 3.10% Series due 2027 shall mature on April 1, 2027 and shall bear interest at
the rate of 3.10 percent (3.10%) per annum payable semi-annually on the first day of April and October in each year, commencing October 1, 2017. Every Bond of the 3.10% Series due 2027 shall be dated the date of authentication of such Bond
except that, notwithstanding the provisions of Section 6 of Article II of the Original Indenture, if any Bond of the 3.10% Series due 2027 shall be authenticated at any time subsequent to the record date (as hereinafter in this Section defined)
for any interest payment date but prior to the day following such interest payment date, it shall be dated as of the day following such interest payment date, provided, however, if at the time of authentication of any Bond of the 3.10%
Series due 2027 interest shall be in default on any Bonds of the 3.10% Series due 2027, such Bond shall be dated as of the day following the interest payment date to which interest has previously been paid in full or made available for payment in
full on outstanding Bonds of the 3.10% Series due 2027, as the case may be, or, if no interest has been paid or made available for payment, as of the date of initial authentication and delivery of such Bond. Every Bond of the 3.10% Series due 2027
shall bear interest from the April 1 or October 1 immediately preceding the date thereof, unless such Bond shall be dated prior to October 1, 2017, in which case it shall bear interest from March 6, 2017. 

The person in whose name any Bond of the 3.10% Series due 2027 is registered at the close of business on any record date with regard to any
interest payment date shall be entitled to receive the interest payable thereon on such interest payment date notwithstanding the cancellation of such Bond upon the transfer or exchange thereof subsequent to such record date and prior to the day
following such interest payment date, unless the Company shall default in the payment of the interest due on such interest payment date, in which case such defaulted interest shall be paid to the person in whose name such Bond is registered on the
date of payment of such defaulted interest. The term “record date” as used in this Section with regard to any April 1 and October 1 interest payment date shall mean the close of business on the immediately preceding
March 15 and September 15, respectively, or if such day is not a business day, the business day immediately preceding such day. The Bonds of the 3.10% Series due 2027 shall be payable as to principal, premium, if any, and interest, in any
coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, at the agency of the Company in the City of Chicago, Illinois, or at the option of the holder thereof at the agency of the
Company in the Borough of Manhattan, The City of New York, provided that at the option of the Company interest may be paid by check mailed to the holder at such holder’s registered address. 

Section 2. Denominations of Bonds of the 3.10% Series due
2027 and Privilege of Exchange. The Bonds of the 3.10% Series due 2027 shall be registered bonds without coupons of the minimum denominations of $2,000 and of

  
 9 

 
any integral multiples of $1,000 in excess thereof, numbered consecutively from R-1. Bonds of the 3.10% Series due 2027 may each be interchanged for other
Bonds within the same Series in authorized denominations and in the same aggregate principal amounts, without charge, except for any tax or governmental charge imposed in connection with such interchange. 

Section 3. Form of Bonds of the 3.10% Series due
2027. The Bonds of the 3.10% Series due 2027, and the Trustee’s Certificate with respect thereto, shall be substantially in the following forms, respectively: 

[Form of Bond appears on following page] 

  
 10 

 [FORM OF LEGEND FOR GLOBAL SECURITY] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE OR ANY SUPPLEMENT THERETO. 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP 95709TAP5 

WESTAR ENERGY, INC. 

(Incorporated under the laws of the State of Kansas) 

FIRST MORTGAGE BOND, 3.10% Series due 2027 

DUE APRIL 1, 2027 
  

			
	No. R-1	  	$300,000,000.00

 WESTAR ENERGY, INC., a corporation organized and existing under the laws of the State of Kansas (hereinafter
called the “Company”, which term shall include any successor corporation as defined in the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered assigns, on the first day
of April 2027, the principal sum of THREE-HUNDRED MILLION DOLLARS ($300,000,000.00) in any coin or currency of the United States of America which at the time of payment is legal tender for public and

  
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private debts, and to pay interest thereon in like coin or currency from the first day of April and October immediately preceding the date of this Bond, unless such Bond shall be dated prior to
October 1, 2017, in which case from March 6, 2017 at the rate of 3.10 percent (3.10%) per annum, payable semi-annually, on April 1 and October 1 of each year, commencing October 1, 2017, until maturity, or, if this Bond
shall be duly called for redemption or submitted for repurchase, until the redemption date or repurchase date, as the case may be, or, if the Company shall default in the payment of the principal or premium hereof, until the Company’s
obligation with respect to the payment of such principal or premium shall be discharged as provided in the Indenture hereinafter mentioned. The interest payable on any April 1 or October 1 interest payment date as aforesaid will be paid to
the person in whose name this Bond is registered at the close of business on the immediately preceding March 15 and September 15, respectively, or if such day is not a business day, the business day immediately preceding such day (the
“record date”), unless the Company shall default in the payment of the interest due on such interest payment date, in which case such defaulted interest shall be paid to the person in whose name this Bond is registered on the
date of payment of such defaulted interest. Principal of, premium, if any, and interest on, this Bond are payable at the agency of the Company in the City of Chicago, Illinois in immediately available funds, or at the option of the holder thereof at
the agency of the Company in the Borough of Manhattan, The City of New York, provided that at the option of the Company interest may be paid by check mailed to the holder at such holder’s registered address. 

This Bond is one of a duly authorized issue of Bonds of the Company (herein called the “Bonds”), in unlimited aggregate
principal amount, of the series hereinafter specified, all issued and to be issued under and equally and ratably secured by a Mortgage and Deed of Trust, dated July 1, 1939 (the “Original Mortgage”), executed by the
Company to The Bank of New York Mellon Trust Company, N.A. (herein called the “Trustee”), as Trustee (as successor to Harris Trust and Savings Bank), as amended by indentures supplemental thereto including the Forty-Seventh
indenture supplemental thereto dated as of March 6, 2017 (herein called the “Supplemental Indenture”), between the Company and the Trustee (said Original Mortgage, as so amended, being herein called the
“Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the properties mortgaged and pledged, the nature and extent of the security, the rights of the bearers or
registered owners of the Bonds and of the Trustee in respect thereto, and the terms and conditions upon which the Bonds are, and are to be, secured. The Bonds may be issued in series, for various principal sums, may mature at different times, may
bear interest at different rates and may otherwise vary as in the Indenture provided. This Bond is one of a series designated as the “First Mortgage Bonds, 3.10% Series due 2027” (herein called “Bonds of the
3.10% Series due 2027”) of the Company, issued under and secured by the Indenture executed by the Company to the Trustee. Additional Bonds of the 3.10% Series due 2027 may be issued, at the option of the Company,
without the consent of any holder of the Bonds of the 3.10% Series due 2027, at any time and from time to time in unlimited aggregate principal amount. 

  
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 To the extent permitted by, and as provided in the Indenture, modifications or alterations of the
Indenture or of any indenture supplemental thereto, and of the rights and obligations of the Company and of the holders of the Bonds and coupons, may be made with the consent of the Company by an affirmative vote of not less than 60% in principal
amount of the Bonds entitled to vote then outstanding, at a meeting of Bondholders called and held as provided in the Indenture, and by an affirmative vote of not less than 60% in principal amount of the Bonds of any series entitled to vote then
outstanding and affected by such modification or alteration, in case one or more but less than all of the series of Bonds then outstanding under the Indenture are so affected. No modification or alteration shall be made which will affect the terms
of payment of the principal of or premium, if any, or interest on, this Bond, which are unconditional. The Company has reserved the right to make certain amendments to the Indenture, without any consent or other action by holders of the Bonds of
this series (i) to the extent necessary from time to time to qualify the Indenture under the Trust Indenture Act of 1939, (ii) to delete the requirement that the Company meet a net earnings test as a condition to authenticating additional Bonds
or merging into another company, (iii) to make certain other amendments which make the provisions for the release of mortgaged property less restrictive and (iv) to make certain other amendments, all as more fully provided in the Indenture
and in the Supplemental Indenture. In addition, once all Bonds issued prior to January 1, 1997 are no longer outstanding, the Company will be permitted to issue additional Bonds in an amount equal to 70% of the value of net bondable property
additions not subject to an unfunded prior lien, as provided in the Original Mortgage. 
 This Bond is subject to redemption by the Company,
at its option, on or after January 1, 2027 at any time in whole, or from time to time in part, at a redemption price equal to 100% of the principal amount of the Bond to be redeemed, plus accrued and unpaid interest on the principal amount of
the Bond to be redeemed to but excluding the redemption date. 
 This Bond is subject to redemption by the Company prior to January 1,
2027 at any time in whole, or from time to time in part, at a price equal to the greater of: (a) 100% of the principal amount of the Bond to be redeemed, plus accrued and unpaid interest on the principal amount of the Bond to be redeemed to but
excluding the redemption date, or (b) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the Bond to be redeemed that would be due if the Bond matured on
January 1, 2027 (not including any portion of payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis at the Adjusted Treasury Rate plus fifteen (15) basis points, plus accrued and
unpaid interest on the principal amount of the Bond to be redeemed to but excluding the redemption date, in each of cases (a) and (b) as provided in the Supplemental Indenture. 

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

The redemption price will be calculated assuming a 360-day year consisting of twelve 30-day months. 
 A notice of redemption may provide that the optional redemption described in such notice
is conditioned upon the occurrence of certain events before the redemption date. Such notice of conditional redemption will be of no effect unless all such conditions to the redemption have occurred before the redemption date or have been waived by
the Company. If any of these events fail to occur and are not waived by the Company, the Company will be under no obligation to redeem the Bonds or pay the holders thereof any redemption proceeds, and the Company’s failure to so redeem the
Bonds will not be considered a default or event of default under the Indenture. In the event that any of these conditions fail to occur and are not waived by the Company, the Company will promptly notify the Trustee in writing that the conditions
precedent to such redemption have failed to occur and the Bonds will not be redeemed. 
 Unless the Company defaults in payment of the
redemption price, on and after the redemption date, interest will cease to accrue on the Bonds or portions of the Bonds called for redemption. 

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

“Business Day” means any day that is not a day on which banking institutions in New York City are authorized or
required by law or regulation to close. 
 “Comparable Treasury Issue” means the United States Treasury
security selected by the Quotation Agent as having a maturity comparable to the remaining term of this Bond (assuming, for this purpose, that this Bond matured on January1, 2027) that would be used, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Bond (assuming, for this purpose, that this Bond matured on January 1, 2027). 

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

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

 

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

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

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

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

  
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 The Company or a successor entity may deliver to the Trustee in substitution for any Bonds of the
3.10% Series due 2027, mortgage bonds or other similar instruments as set forth in the Indenture. 
 Subject to the preceding sentence, no
recourse shall be had for the payment of the principal of or premium, if any, or interest on this Bond, or for any claim based hereon or on the Indenture or any indenture supplemental thereto, against any incorporator, or against any stockholder,
director or officer, past, present or future, of the Company, or of any predecessor or successor corporation, as such, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability, whether at common law, in equity, by any constitution, statute or otherwise, of incorporators, stockholders, directors or officers being
released by every owner hereof by the acceptance of this Bond and as part of the consideration for the issue hereof, and being likewise released by the terms of the Indenture. 

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

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

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

			
	WESTAR ENERGY, INC.
		
	By:	 	  

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

  

	
	Attest:
	
	  

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

 [SIGNATURE PAGE TO GLOBAL NOTE] 

  
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 TRUSTEE’S CERTIFICATE 

This Bond is one of the Bonds, of the series designated herein, described in the within-mentioned Mortgage and Deed of Trust dated
July 1, 1939 and Supplemental Indenture dated as of March     , 2017. 
  

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

		
	By:	 	  

	Authorized Signatory

 [TRUSTEE’S CERTIFICATE TO GLOBAL NOTE] 

  
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 Section 4. Execution and Form of
Temporary Bonds of the 3.10% Series due 2027. Until Bonds of the 3.10% Series due 2027 in definitive form are ready for delivery, the Company may execute, and upon its request in writing the
Trustee shall authenticate and deliver, in lieu thereof, Bonds of the 3.10% Series due 2027 in temporary form, as provided in Section 9 of Article II of the Original Indenture. 

ARTICLE II 
 ISSUE
OF BONDS OF THE 3.10% SERIES DUE 2027 

Section 1. Limitation as to Principal Amount of Bonds of
the 3.10% Series due 2027. The total principal amount of Bonds of the 3.10% Series due 2027 which may be authenticated and delivered hereunder is not limited except as the Original Indenture and this
Supplemental Indenture limit the principal amount of Bonds which may be issued thereunder. 

Section 2. Execution and Delivery of Bonds of the 3.10%
Series due 2027. Bonds of the 3.10% Series due 2027 for the aggregate principal amount of $300,000,000 may forthwith be executed by the Company and delivered to the Trustee and shall be authenticated by the Trustee and
delivered (either before or after the filing or recording hereof) to or upon the order of the Company, upon receipt by the Trustee of the resolutions, certificates, instruments and opinions required by Article III of the Original Indenture. 

Section 3. Additional Bonds of the 3.10% Series due 2027. The Bonds
of the 3.10% Series due 2027 need not be issued at the same time. Subject to the limitations of the Original Indenture and this Supplemental Indenture with respect to the principal amount of Bonds which may be issued thereunder, the Company may,
from time to time, at its option and without the consent of any holder of the Bonds of the 3.10% Series due 2027, reopen the 3.10% Series due 2027 for issuance of additional Bonds of the 3.10% Series due 2027 (such Bonds, “Additional
Bonds”); provided that if the Additional Bonds are not fungible with the previously issued Bonds of the 3.10% Series due 2027 for United States federal income tax purposes, the Additional Bonds will have a separate CUSIP number,
and further provided that Additional Bonds shall rank pari passu with any outstanding Bonds of the 3.10% Series due 2027, shall be consolidated with and treated as a single series with the outstanding Bonds of the 3.10% Series
due 2027 for all purposes, and shall have terms and conditions identical to those of the other outstanding Bonds of the 3.10% Series due 2027, except that Additional Bonds may differ with respect to: 

(i)    the date of issuance; 

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

(iii)    the first interest payment date; 

  
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 (iv)    the issue price; and 

(v)    any adjustments necessary in order to conform to and ensure compliance with the Securities Act of 1933 (or other
applicable securities laws), which are not adverse in any material respect to the holder of any outstanding Bonds of the 3.10% Series due 2027. 

Additional Bonds of the 3.10% Series due 2027 executed by the Company and delivered to the Trustee shall be authenticated by the Trustee and
delivered (either before or after the filing or recording hereof) to or upon the order of the Company, upon receipt by the Trustee of the resolutions, certificates, instruments and opinions required by Article III of the Original Indenture. 

ARTICLE III 

REDEMPTION AND SUBSTITUTION OF BONDS OF
THE 3.10% SERIES DUE 2027 
 Section 1. Optional Redemption
of Bonds of the 3.10% Series due 2027. 

(1)    Optional Redemption of Bonds of the 3.10% Series due
2027. Prior to January 1, 2027, the Company may, at its option, redeem the Bonds of the 3.10% Series due 2027 at any time in whole, or from time to time in part, after giving the required notice under subsection (2) of this Article
III, Section 1, at a redemption price equal to the greater of: (a) 100% of the principal amount of the Bonds of the 3.10% Series due 2027 to be redeemed, plus accrued and unpaid interest on Bonds of the 3.10% Series due 2027 to be redeemed to
but excluding the redemption date or (b) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the Bonds of the 3.10% Series due 2027 to be redeemed that would be
due if such Bonds matured on January 1, 2027 (not including any portion of payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis at the Adjusted Treasury Rate plus fifteen
(15) basis points, plus accrued and unpaid interest on those Bonds of the 3.10% Series due 2027 to be redeemed to but excluding the redemption date. 

On or after January 1, 2027, the Company may, at its option, redeem the Bonds of the 3.10% Series due 2027 at any time in whole, or from
time to time in part, after giving the required notice under subsection (2) of this Article III, Section 1, at a redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus accrued and unpaid interest on the
Bonds to be redeemed to but excluding the redemption date. 
 The redemption price will be calculated assuming a 360-day year consisting of twelve 30-day months. 
 Unless the
Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Bonds of the 3.10% Series due 2027 or portions of the Bonds of the 3.10% Series due 2027 called for redemption. 

  
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 (2)    Notice of Redemption. Subject to the provisions
of Article V of the Original Indenture, in the case of redeeming all or any portion of the Bonds of the 3.10% Series due 2027, the Company shall cause notice of redemption to be given (1) at least thirty days and not more than sixty days prior
to the date of redemption, to the registered owners of such Bonds of the 3.10% Series due 2027 at their addresses as the same shall appear on the transfer register of the Company; and (2) stating, among other things, the redemption price (or if
not then ascertainable, the manner of calculation thereof) and date. 
 Notwithstanding the foregoing, a notice of redemption may provide
that the optional redemption described in such notice is conditioned upon the occurrence of certain events before the date of redemption. Such notice of conditional redemption will be of no effect unless all such conditions to the redemption shall
have occurred before the redemption date or shall have been waived by the Company. If any of these events fail to occur and are not waived by the Company, the Company will be under no obligation to redeem the Bonds of the 3.10% Series due 2027 or
pay the holders thereof any redemption proceeds and the Company’s failure to so redeem the Bonds of the 3.10% Series due 2027 will not be considered a default or event of default under the Indenture. In the event that any of these conditions
fail to occur or are not waived by the Company, the Company will promptly notify the Trustee in writing that the conditions precedent to such redemption have failed to occur and the Bonds of the 3.10% Series due 2027 will not be redeemed. 

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

“Business Day” means any day that is not a day on which banking institutions in New York City are authorized or
required by law or regulation to close. 
 “Comparable Treasury Issue” means the United States Treasury
security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Bonds of the 3.10% Series due 2027 (assuming, for this purpose, that the Bonds of the 3.10% Series due 2027 matured on January 1, 2027) that
would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds of the 3.10% Series due 2027 (assuming, for
this purpose, that the Bonds of the 3.10% Series due 2027 matured on January1, 2027). 

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

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

 

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

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

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

In connection with any redemption of the Bonds of the 3.10% Series due 2027 occurring prior to January 1, 2027, the Company shall give
the Trustee notice of the redemption price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation. 

Section 2. Substitution of Bonds of the 3.10% Series due
2027. The Company may deliver to the Trustee in substitution for any Bonds of the 3.10% Series due 2027, mortgage bonds or other similar secured instruments of the Company or any successor entity, whether by merger, combination or
acquisition of all or substantially all of the assets of the Company, or otherwise, issued under a mortgage and deed of trust or similar instrument of the Company or any successor entity in like principal amount of like term and bearing the same
rate of interest and having the same interest payment dates and same redemption provisions as the Bonds of the 3.10% Series due 2027 and which are otherwise substantially similar to the Bonds of the 3.10% Series due 2027 (such substituted bonds
hereinafter being referred to in this Article III, Section 2 as the “3.10% Series due 2027 Substituted Mortgage Bonds”). The 3.10% Series due 2027 Substituted Mortgage Bonds may only be
delivered to the Trustee upon receipt by the Trustee of (i) a letter from Moody’s (as hereinafter defined), dated within ten days prior to 

  
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the date of delivery of the 3.10% Series due 2027 Substituted Mortgage Bonds, stating that its rating of the 3.10% Series due 2027 Substituted Mortgage Bonds is at least equal to its then current
rating on the Bonds of the 3.10% Series due 2027, (ii) a letter from S&P (as hereinafter defined), dated within ten days prior to the date of delivery of the 3.10% Series due 2027 Substituted Mortgage Bonds, stating that its rating to the 3.10%
Series due 2027 Substituted Mortgage Bonds is at least equal to its then current rating on the Bonds of the 3.10% Series due 2027, (iii) an opinion of counsel, which may be counsel to the Company or any successor entity, that such substitution will
not result in the recognition of capital gain or loss for U.S. federal income tax purposes to the holders of the Bonds of the 3.10% Series due 2027, (iv) an opinion of counsel which may be counsel to the Company or any successor entity, to the
effect that the 3.10% Series due 2027 Substituted Mortgage Bonds shall have been duly and validly authorized, executed, authenticated, and delivered and shall constitute the valid, legally binding and enforceable obligations of the Company or any
successor entity enforceable in accordance with their terms, except as limited by bankruptcy, insolvency or other laws affecting the enforcement of mortgagees’ and other creditors’ rights and shall be entitled to the benefit of the
mortgage and deed of trust or other similar instrument pursuant to which they shall have been issued and (v) such other certificates and documents with respect to the issuance and delivery of the 3.10% Series due 2027 Substituted Mortgage Bonds
as may be required by law or as the Trustee may reasonably request. 
 “Moody’s” means Moody’s Investors Service,
Inc., a corporation organized and existing under the laws of the State of Delaware, its successors and their assigns, except that if such corporation shall be dissolved or liquidated or shall no longer perform the functions of a securities rating
agency, then the term “Moody’s” shall be deemed to refer to any other nationally recognized securities rating agency selected by the Company. 

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

ARTICLE IV 

ADDITIONAL COVENANTS 

The Company hereby covenants, warrants and agrees: 

Section 1. Title to Mortgaged Property. That the Company is lawfully seized and
possessed of all of the mortgaged property described in the granting clauses of this Supplemental Indenture; that it has good, right and lawful authority to mortgage the same as provided in this Supplemental Indenture; and that such

  
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mortgaged property is, at the actual date of the initial issue of the Bonds of the 3.10% Series due 2027 and at the date of issuance of any Additional Bonds, as applicable, free and clear of any
deed of trust, mortgage, lien, charge or encumbrance thereon or affecting the title thereto prior to the Indenture, except as set forth in the granting clauses of the Original Indenture, the Thirty-Second Supplemental Indenture, the Thirty-Ninth
Supplemental Indenture, the Forty-Second Supplemental Indenture, the Forty-Second Supplemental (Reopening) Indenture, the Forty-Third Supplemental Indenture, the Forty-Fourth Supplemental Indenture, the Forty-Fifth Supplemental Indenture, the
Forty-Sixth Supplemental Indenture and this Supplemental Indenture. 
 Section 2. To Retire
Certain Portions of Bonds upon Release of All or Substantially All of the Electric Properties. So long as any Bonds of any series
originally issued prior to January 1, 1997 are outstanding, in the event all or substantially all of the electric properties shall have been released as an entirety from the lien of the Original Indenture, the Company will, at any time or from
time to time within six months after the date of such release, retire Bonds outstanding under the Original Indenture in an aggregate principal amount equal to the fair value of the electric properties so released pursuant to Section 3 of
Article VII of the Original Indenture, as stated in the engineer’s certificate required by Section 3(b) of said Article VII, and the proceeds of the electric properties so released pursuant to Section 5 of said Article VII.
Such retirement of Bonds shall be effected in either one or both of the following methods: 
 (a)    By the withdrawal
pursuant to Section 2 of Article VIII of the Original Indenture of any moneys deposited with the Trustee pursuant to Sections 3(d), 4(d) and 5 of Article VII of the Original Indenture upon such release; or 

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

The Bonds to be so retired pursuant to such Section 3 of Article VII of the Original Indenture shall include a principal amount of Bonds
of each Series then outstanding in the same ratio to the aggregate principal amount of all Bonds so retired as the aggregate principal amount of all Bonds of each Series outstanding immediately prior to such release bears to the total principal
amount of all Bonds then outstanding. 
 Section 3. The Bonds of the 3.10% Series due
2027 shall be subject to the following provision: 
 The Company agrees (i) to
provide the Trustee with such reasonable information as it has in its possession to enable the Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding requirements described in Section 1471(b) of the
US Internal Revenue Code of 

  
 24 

 
1986 (the “Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof
(“Applicable Law”), and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law, for which the Trustee shall not have any
liability. 
 ARTICLE V 

AMENDMENTS AND RESERVATIONS OF RIGHTS TO
AMEND THE ORIGINAL INDENTURE 

Section 1. So Long as Bonds Issued Prior to January 1,
1997 Remain Outstanding. So long as any of the Bonds of any series originally issued prior to January 1, 1997 shall remain outstanding: 

(a)    Notwithstanding the provisions of Section 4 of Article III of the Original Indenture, no Bonds shall be
authenticated and delivered pursuant to the provisions of Article III of the Original Indenture and issued upon the basis of net bondable value of property additions for an aggregate principal amount in excess of sixty percent (60%) of the net
bondable value of property additions not subject to an unfunded prior lien. 
 For the purposes of Subsections (e) and (f) of the
definition of “net bondable value of property additions not subject to an unfunded prior lien,” contained in Article I of the Original Indenture, and Subdivisions 8 and 9 of clause (a) of Section 4 of Article III of the Original
Indenture, in all computations made with respect to a period subsequent to April 1, 1949, the deductions therein referred to shall in each case be ten-sixths (10/6ths) of the respective amounts mentioned,
in lieu of ten-sevenths (10/7ths). 
 (b)    Notwithstanding the provisions of
Section 3(a) of Article VIII of the Original Indenture, no moneys received by the Trustee pursuant to Section 5(a) of Article III of the Original Indenture shall be paid over by the Trustee in an amount in excess of sixty percent (60%) of
the net bondable value of property additions not subject to an unfunded prior lien, and for the purposes of Section 3 of Article VII of the Original Indenture, the amount of cash required to be deposited by the Company pursuant to
Subsection (d) of said Section 3 of Article VII shall not be reduced in an amount in excess of sixty percent (60%) of the net bondable value of property additions not subject to an unfunded prior lien. 

(c)    For the purposes of clauses (c) and (d) of the definition of “net bondable value of property
additions subject to an unfunded prior lien,” contained in Article I of the Original Indenture, and Subsection 7 of clause (a) of Section 4 of Article III of the Original Indenture, in all computations made with respect to a period
subsequent to April 1, 1949, the deductions therein referred to shall in each case be ten-sixths (10/6ths) of the respective amounts mentioned, in lieu of
ten-sevenths (10/7ths). 

  
 25 

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

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

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

(D)    In case the Company shall have acquired any acquired plant or systems or shall have been
consolidated or merged with any other corporation, within or after the particular 

  
 26 

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

(ii)    The term “minimum charge for depreciation” as used herein
shall mean an amount equal to (A) fifteen percent (15%) of the total operating revenues of the Company after deducting therefrom an amount equal to the aggregate cost to the Company of electric energy, gas and water purchased for resale to
others and rentals paid for, or other payments made for the use of, property owned by others and leased to or operated by the Company, the maintenance of which and depreciation on which are borne by the owners, less (B) an amount equal to the
expenditures for maintenance and repairs to the plants and property of the Company and included or reflected in its operating expense accounts. 

  
 27 

 (iii)    The terms “net earnings
available for interest, depreciation and property retirement” and “net earnings of another corporation available for interest,
depreciation and property retirement” as contained in Article I of the Original Indenture, when used with respect to any property or with respect to another corporation, shall mean the net earnings of such property
or the net earnings of such other corporation, as the case may be, computed in the manner provided in Subsections (a), (b), (c) and (d) hereof. 

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

Section 2. Facsimile Signatures. All of the Bonds of the 3.10% Series due 2027 and of any series
initially issued after the initial issuance of Bonds of the 3.10% Series due 2027 shall, from time to time, be executed on behalf of the Company by its Chairman of the Board, Chief Executive Officer, President or one of its Vice Presidents whose
signature, notwithstanding the provisions of Section 12 of Article II of the Original Indenture, may be by facsimile, and its corporate seal (which may be in facsimile) shall be thereunto affixed and attested by its Secretary or one of its
Assistant Secretaries whose signature, notwithstanding the provisions of the aforesaid Section 12, may be by facsimile. 
 In case any
of the officers who have signed or sealed any of the Bonds of the 3.10% Series due 2027 or of any series initially issued after the initial issuance of Bonds of the 3.10% Series due 2027 manually or by facsimile shall cease to be such officers of
the Company before such Bonds so signed and sealed shall have been actually authenticated by the Trustee or delivered by the Company, such Bonds nevertheless may be authenticated, issued and delivered with the same force and effect as though the
person or persons who so signed or sealed such Bonds had not ceased to be such officer or officers of the Company; and also any such Bonds may be signed or sealed by manual or facsimile signature on behalf of the Company by such persons as at the
actual date of the execution of any of such Bonds shall be the proper officers of the Company, although at the nominal date of any such Bond any such person shall not have been such officer of the Company. 

Section 3. Reservation of Right to Amend Article VII. The
Company reserves the right subject to appropriate corporate action, but without the consent or other action of holders of bonds of any series created after January 1, 1997, to 

  
 28 

 
make such amendments to the Original Indenture, as supplemented, as shall be necessary in order to amend Article VII thereof by adding thereto a Section 8 and a Section 9 to read as
follows: 
 “SECTION 8. Notwithstanding any other provision of this Indenture, unless an event of default shall have
happened and be continuing, or shall happen as a result of the making or granting of an application to release mortgaged property permitted by this Section 8, the Trustee shall release from the lien of this Indenture any mortgaged property if
the fair value to the Company of all of the property constituting the trust estate (excluding the mortgaged property to be released but including any mortgaged property to be acquired by the Company with the proceeds of, or otherwise in connection
with, such release) equals or exceeds an amount equal to 10/7ths of the aggregate principal amount of outstanding Bonds and prior lien bonds outstanding at the time of such release, upon receipt by the Trustee of: 

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

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

“(c)    in case any bondable property is being acquired by the Company with the proceeds of, or
otherwise in connection with, such release, an engineer’s certificate, dated the date of such release, as to the fair value to the Company, as of the date not more than 90 days prior to the date of such release, of the bondable property being
so acquired (and if within six months prior to the date of acquisition by the Company of the bondable property being so acquired, such bondable property has been used or operated by a person or persons other than the Company in a business similar to
that in which it has been or is to be used or operated by the Company, and the fair value to the Company of such bondable property, as set forth in such certificate, is not less than $25,000 and not less than 1% of the aggregate principal amount of
Bonds at the time outstanding, such certificate shall be an independent appraiser’s certificate); 

  
 29 

 “(d)    an officer’s certificate, dated the date of
such release, stating the aggregate principal amount of outstanding Bonds and prior lien bonds outstanding at the time of such release, and stating that the fair value to the Company of all of the property constituting the trust estate (excluding
the mortgaged property to be released but including any bondable property to be acquired by the Company with the proceeds of, or otherwise in connection with, such release) stated on the independent appraiser’s certificate filed pursuant to
Section 8(c) equals or exceeds an amount equal to 10/7ths of such aggregate principal amount; 

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

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

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

  
 30 

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

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

“(e)    an opinion of counsel, dated the date of such release, as to compliance with conditions
precedent.” 
 The Company also reserves the right subject to appropriate corporate action, but without the consent or other action of
holders of Bonds of any series created after January 1, 1997 to amend, modify or delete any other provision of the Original Indenture, as supplemented, as may be necessary in order to effectuate the intents and purposes contemplated by the
foregoing Sections 8 and 9. 
 Section 4. Reservation of Right to Delete
Certain Requirements and Conditions. The Company reserves the right subject to appropriate corporate action, but without the consent or other action of holders of Bonds of any series created after January 1,
1997 to: 
 (a)    delete as a condition to the authentication of additional Bonds pursuant to Sections 4, 5 or 6 of
Article III of the Original Indenture the requirement to file or deposit with the Trustee the officers’ certificate described in Section 3(b) of Article III of the Original Indenture; 

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

  
 31 

 (c)    delete as a condition to the release of property pursuant to
Section 3 of Article VII of the Original Indenture, the requirement to obtain an independent engineer’s certificate under the circumstances set forth in Section 3(c) of Article VII; and 

(d)    amend, modify or delete any other provision of the Original Indenture, as supplemented, as may be necessary in
order to effectuate the intents and purposes contemplated by this Section 4. 

Section 5. Issuance of Variable Rate Bonds. The Company reserves the right,
subject to appropriate action, but without any consent or other action by holders of Bonds of the 3.10% Series due 2027, or of any subsequent series of bonds, to clarify the ability of the Company to issue variable rate bonds under the Original
Indenture, notwithstanding any provision of the Original Indenture to the contrary. The Company may make such other amendments to the Original Indenture as may be necessary or desirable in the opinion of the Company to effect the foregoing. 

Section 6. Substitution of Bonds. The Company reserves the right, subject to appropriate
action, but without any consent or other action by holders of Bonds of the 3.10% Series due 2027, or of any subsequent series of bonds, to amend the Original Indenture as may be necessary in order to permit the Company to deliver to the Trustee in
substitution for any bonds issued under the Original Indenture (except Bonds of the 3.10% Series due 2027, which are subject to Article III, Section 2 hereof), mortgage bonds or other similar instruments of the Company or any successor entity,
whether by merger, combination or acquisition of all or substantially all of the assets of the Company, or otherwise, issued under a mortgage and deed of trust or similar instrument of the Company or any successor entity in like principal amount of
like term and bearing the same rate of interest as the original bonds (such substituted bonds hereinafter being referred to as the “Substituted Mortgage Bonds”). The Substituted Mortgage Bonds may only be delivered to
the Trustee upon receipt by the Trustee of (i) if the original bonds were rated by Moody’s, a letter from Moody’s, dated within ten days prior to the date of delivery of the Substituted Mortgage Bonds, stating that its rating of the
Substituted Mortgage Bonds is at least equal to its then current rating on the original bonds, (ii) if the original bonds were rated by S&P, a letter from S&P, dated within ten days prior to the date of delivery of the Substituted
Mortgage Bonds, stating that its rating to the Substituted Mortgage Bonds is at least equal to its then current rating on the original bonds, (iii) an opinion of counsel which may be counsel to the Company or any successor entity, to the effect
that the Substituted Mortgage Bonds shall have been duly and validly authorized, executed, authenticated, and delivered and shall constitute the valid, legally binding and enforceable obligations of the Company or any successor entity enforceable in
accordance with their terms, except as limited by bankruptcy, 

  
 32 

 
insolvency or other laws affecting the enforcement of mortgagees’ and other creditors’ rights and shall be entitled to the benefit of the mortgage and deed of trust or other similar
instrument pursuant to which they shall have been issued and (iv) such other certificates and documents with respect to the issuance and delivery of the Substituted Mortgage Bonds as may be required by law or as the Trustee may reasonably
request. The Company may make such other amendments to the Original Indenture as may be necessary or desirable in the opinion of the Company to effect the foregoing. 

Section 7. Addition of a Governing Law Clause. The Company reserves the
right, subject to appropriate action, but without any consent or other action by holders of Bonds of the 3.10% Series due 2027, or of any subsequent series of bonds, to amend the Original Indenture to add the following new section: 

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

Section 8. Event of Default for Failure to Pay Final
Judgments in Excess of $100,000. The Company reserves the right, subject to appropriate action, but without any consent or other action by holders of Bonds of the 3.10% Series due 2027, or of any subsequent
series of bonds, to amend the Original Indenture to delete Article IX, Section 1(j). The Company may make such other amendments to the Original Indenture as may be necessary or desirable in the opinion of the Company to effect the foregoing. 

Section 9. Net Earnings Test in Connection with Property
Acquisitions. The Company reserves the right, subject to appropriate action, but without any consent or other action by holders of Bonds of the 3.10% Series due 2027, or of any subsequent series of bonds, to amend the Original
Indenture to delete Article IV, Section 14(b) and reserves the right to further amend, modify or delete any other provision of the Original Indenture, as supplemented, as may be necessary in order to effectuate the intents and purposes contemplated
by this Section 9. 
 Section 10. Addition of Nuclear Fuel. The Company
reserves the right, subject to appropriate action, but without any consent or other action by holders of Bonds of the 3.10% Series due 2027, or of any subsequent series of bonds, to amend the Original Indenture to (i) add Nuclear Fuel to the
definition of “Property Additions”; provided that there shall be no restrictions under the Original Indenture on the application of any controls, liens, regulations, easements, restrictions, exceptions or reservations
by any governmental authority on the Nuclear Fuel, (ii) to allow the Company to at any time, unless the Company is in default in the payment of the interest on any of the bonds then outstanding or there is an ongoing event of default without
any release or consent by, or report to, the Trustee, sell or otherwise dispose of, free from the lien of the Original Indenture, any Nuclear Fuel which shall have become old, inadequate, obsolete, worn out,

  
 33 

 
unfit, unadapted, unserviceable, undesirable or unnecessary for use in the operations of the Company upon the replacement or substitution of such Nuclear Fuel with other Nuclear Fuel of at least
equal value and subject to the lien of the Original Indenture and (iii) to further amend, modify or delete any other provision of the Original Indenture, as supplemented, as may be necessary in order to effectuate the intents and purposes
contemplated by this Section 10. 
 The term ‘Nuclear Fuel’ shall mean (a) any fuel element, including
nuclear fuel and associated means (and any similar or analogous device or substance), whether or not classified as fuel and whether or not chargeable to operating expenses, comprising or intended to comprise, or formerly comprising, the core, or
other part, of a nuclear reactor or any similar or analogous device, (b) any fuel element, including nuclear fuel, and associated means (and any similar or analogous device or substance) while in the process of fabrication or preparation and
special nuclear or other materials held for use in such fabrication or preparation, (c) any substances or materials formerly comprising such nuclear fuel and associated means (or any similar or analogous device or substance) and which
substances or materials are undergoing or have undergone reprocessing and (d) uranium, thorium, plutonium, and any other substance or material from time to time used or selected for use by the Company as fuel material, or as potential fuel
material, in a nuclear reactor or any similar or analogous device. 
 Section 11. Modernization of
the Original Indenture. The Company reserves the right, subject to appropriate action, but without any consent or other action by holders of Bonds of the 3.10% Series due 2027, or of any subsequent series of bonds, to
amend the Original Indenture to: 
 (i)    Eliminate maintenance and improvement fund requirements; 

(ii)    Simplify the provisions for release of obsolete property, de minimis property releases and
substitution of property and unfunded property; 
 (iii)    Permit additional terms of bonds or forms of
bond in supplemental indentures, including terms for uncertificated and global securities (or definitive securities in lieu thereof) and medium-term notes; 

(iv)    Make any changes necessary to conform the Mortgage with the requirements of the Trust Indenture
Act; 
 (v)    Add defeasance provisions providing for covenant and legal defeasance options; 

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

  
 34 

 (vii)    Provide for direction to the trustee under the
Mortgage to vote pledged prior lien bonds for specified amendments to the prior lien mortgage; 

(viii)    Provide broader investment directions to the trustee or permitting the Company to direct
investment of money held by the Trustee, so long as there is no event of default under the Mortgage; 

(ix)    Amend the definition of “Excepted Property” to exclude property which generally cannot be
mortgaged without undue administrative burden (i.e. automobiles), but allowing the Company to subject Excepted Property to the Mortgage; 

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

ARTICLE VI 

MISCELLANEOUS PROVISIONS 

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

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

Section 3. Parties to Include Successors and Assigns. Whenever in this
Supplemental Indenture either of the parties hereto is named or referred to, such reference shall, subject to the provisions of Articles XII and XIII of the Original Indenture, be deemed to include the successors and assigns of such party, and all
the covenants and agreements in this Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee, shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns
of such parties, whether so expressed or not. 

  
 35 

 Section 4. Benefits Restricted to Parties
and to Holders of Bonds and Coupons. Nothing in this Supplemental Indenture, expressed or implied, is intended or shall be construed, to confer upon, or to give to, any person, firm or corporation,
other than the parties hereto and the holders of the Bonds and coupons outstanding under the Indenture, any right, remedy or claim under or by reason of this Supplemental Indenture or any covenant, condition, stipulation, promise or agreement
hereof, and all the covenants, conditions, stipulations, promises and agreements in this Supplemental Indenture contained by and on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the
Bonds and of the coupons outstanding under the Indenture. 
 Section 5. Execution in
Counterparts. This Supplemental Indenture may be executed in several counterparts, and all such counterparts executed and delivered, each as an original, shall constitute but one and the same instrument. 

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

  
 36 

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

							
		 		 	WESTAR ENERGY, INC.
				
		 		 	By:	 	  

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

  

			
	ATTEST:
		
	By:	 	  

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

  

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

		
	By:	 	  

		
	By:	 	  

  
 S-1 

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

				
		 		 	By:	 	  

		 		 		 	Valere Boyd, Vice President

  

			
	 ATTEST:

		
	By:	 	  

		 	Gonzalo Urey, Vice President

  

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

		
	By:	 	  

		
	By:	 	  

  
 S-2 

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

 BE IT REMEMBERED, that on this          day of March, 2017,
before me, the undersigned, a Notary Public within and for the County and State aforesaid, personally came Anthony D. Somma and Larry D. Irick, of Westar Energy, Inc., a corporation duly organized, incorporated and existing under the laws of the
State of Kansas, who are personally known to me to be such officers, and who are personally known to me to be the same persons who executed as such officers the within instrument of writing, and such persons duly acknowledged the execution of the
same to be the act and deed of said corporation. 
 IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal on
the day and year last above written. 
  

							
		 		 		 	
                       
                         

Notary Public
 My Commission Expires
                                

  
 S-3 

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

 BE IT REMEMBERED, that on this          day of March, 2017,
before me, the undersigned, a Notary Public within and for the County and State aforesaid, personally came Anthony D. Somma, and Larry D. Irick, of Westar Energy, Inc., a corporation duly organized, incorporated and existing under the laws of the
State of Kansas, who are personally known to me to be such officers, being by me respectively duly sworn, did each say that the said Anthony D. Somma is Senior Vice President, Chief Financial Officer and Treasurer and that the said Larry D. Irick is
Vice President, General Counsel and Corporate Secretary of said corporation, that the consideration of and for the foregoing instrument was actual and adequate, that the same was made and given in good faith, for the uses and purposes therein set
forth and without any intent to hinder, delay, or defraud creditors or purchasers. 
 IN WITNESS WHEREOF, I have hereunto subscribed my name
and affixed my official seal on the day and year last above written. 
  

							
		 		 		 	
                       
                         

Notary Public
 My Commission Expires
                                

  
 S-4 

 APPENDIX A 

to 
 FORTY-SEVENTH SUPPLEMENTAL
INDENTURE 
 Dated as of March 6, 2017 

Westar Energy, Inc. 
 to 

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

(as successor to 
 Harris Trust and
Savings Bank) 
  
  

DESCRIPTION OF PROPERTIES 
 LOCATED
IN THE STATE OF KANSAS 
 FIRST 

PARCELS OF REAL ESTATE 
  

 
 DOUGLAS
COUNTY 
 Lot Number 2, in Replat of Alvamar Terrace, an addition to the City of Lawrence, Douglas County, Kansas also known as 1844 Kasold Drive,
Lawrence, Kansas. 
 GREENWOOD COUNTY 

All Lots Twelve (12), Thirteen (13) and Fourteen (14) in block Sixty-Seven (67) of the Town Company Addition to the City of Eureka, Greenwood
County, Kansas. 
 AND 
 The western  1⁄2 of alley located between the eastern property boundary of Lots Twelve (12), Thirteen (13) and Fourteen (14), Block Sixty-Seven (67), of the Town
Company’s Addition, City of Eureka, Greenwood County, Kansas and the western property boundary of Lots Five (5), Six (6) and Seven (7), Block Sixty-Seven (67) of Town Company’s Addition, City of Eureka, Greenwood County, Kansas.

  
 A-1 

 MARION COUNTY 

The Northwest Quarter (NW/4) of the Northwest Quarter (NW/4) of Section 9, Township 21 South, Range 4 East of the 6th P.M., Marion County, Kansas; containing 40.17 acres, more or less; subject to road purposes in the North and on the West thereof. 

RENO COUNTY 
 A tract in Northwest Quarter
Section 11, Township 23 South, Range 6 West of the 6th P.M., described as follows: Commencing at the Northeast corner of the Northwest Quarter of said Section 11, Township 23 South,
Range 6 West of the 6th P.M., for a place of beginning; thence West 115 feet, thence South 194 1⁄2 feet;
thence East 115 feet; thence North 194 1⁄2 feet to the place of beginning, City of Hutchinson, Reno County, Kansas. 

  
 A-2

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