Document:

Exhibit 10.11

 

EMPLOYMENT CONTRACT

 

The
undersigned:

 

1.                         The private limited company NKF ELECTRONICS B.V., hereinafter
referred to as: ‘NKF’, with its
registered office in Amsterdam and its principal place of business in (2801 DD)
Gouda at Zuidelijk Halfrond 4, duly represented in this matter by Mr. Ed
Ludwig, CEO of Optelecom-NKF, Inc. and a Director of NKF Electronics B.V.
under the Articles of Association;

 

and

 

2.                         Mr. ROLAND
MARIA CATHARINA CONRAD HOOGHIEMSTRA, date of birth August 13,
1967, resident in (2622 LE) Delft at Botswanastraat 25, hereinafter referred to
as: ‘Employee’;

 

Hereinafter
jointly referred to as: ‘the parties’.

 

WHEREAS

 

A        On June 1, 1991 Employee entered the employment of (the legal
predecessor of) NKF for an indefinite period of time.

 

B         On March 8, 2005 the shares in NKF were
transferred to Optelecom Inc., located in Germantown, Maryland (United States
of America), whose name was subsequently changed to Optelecom-NKF, Inc.,
hereinafter referred to as: ‘Optelecom’.

 

C         Employee is part of the so-called ‘key personnel’ at NKF and Optelecom
wishes to bind Employee to NKF for an extended period of time.

 

D        The
Collective Bargain Agreement for management level personnel in the metal and
electronics sector (in Dutch: “CAO voor het hogere personeel in de
metaalelektro”) is applicable (hereinafter referred to as: “CAO”).

 

E         The
parties wish to extend the employment contract between them for an indefinite
period on the following terms, which will apply between the parties effective
from April 1, 2005.

 

 

DECLARE TO HAVE AGREED AS FOLLOWS:

 

Clause 1 Commencement and duration

 

1                            The parties agree that the employment contract
between them will be extended for an indefinite period effective from April 1,
2005.

 

2                            For the purpose of determining Employee’s length
of service June 1, 1991 will be the commencement date of the employment.

 

3                            This employment contract is extended for an indefinite period and can be terminated by
either party in writing and effective from the end of any calendar month,
subject to the statutory notice period (article 7:672 of the Dutch Civil Code).

 

4                            This employment contract will in any case be terminated
without prior notice being necessary on the first day of the month following
the month in which the employee attains pensionable age.

 

Clause 2 Function and
responsibilities

 

1                            Effective from April 1, 2005 Employee is employed
in the position of “Vice President Sales and Marketing, EMEA Area” and in this
position he is a member of the management-team of NKF. The Employee undertakes
to perform all the activities associated with this position.

 

2                            Employee undertakes to take or refrain from any
actions as required in the pursuit of his responsibilities as a good employee
and undertakes to be fully committed to NKF and to represent and promote the
company’s interests to the best of his ability.

 

3                            Employee will be based in Gouda. Employee
nonetheless undertakes to perform work or his activities in places other than
the usual workplace and/or at times other than the 

 

 

usual
working hours if this is required in the best interest of NKF, unless this
cannot reasonably be expected from the Employee as a result of special
circumstances.

 

Clause 3 Working hours and salary

 

1                            The working hours are 40 hours a week. The start
and finish times will be determined in consultation with NKF.

 

2                            The Employee’s gross annual salary has been
set at EUR 85,000 inclusive of holiday allowance, exclusive of other emoluments
starting on April 1, 2005. The Employee will receive the salary in twelve
equal monthly instalments, paid no later than the last day of each calendar
month. Possible salary increases will be implemented in accordance with the
CAO.

 

3                            Employee undertakes to work overtime, if circumstances
so demand. Overtime hours are not remunerated separately. Any overtime
remuneration is deemed to be incorporated in the Employee’s salary

 

4                            Employee is offered the opportunity to participate
in the Optelecom Inc. ‘Corporate Incentive Plan’.

 

Clause 4 Holiday allowance, leave days,
scheduled hours off and ADV (reduction in working
hours) days

 

1                            Employee will receive a holiday allowance on a
monthly basis with the payment of the gross annual salary in accordance with
the provisions of Clause 3, subclause 2. The holiday year runs from 1 July to
30 June of the next year.

 

2                            Each calendar year the Employee is entitled to
27 leave days. Contrary to the provisions of Article 7:638 of the Dutch
Civil Code, NKF will determine the holiday dates in consultation with Employee
and as much as possible in accordance with the wishes of Employee unless the
company’s interest

 

 

dictates
otherwise. Each calendar year Employee is entitled to a contiguous holiday
period of no less than two consecutive weeks. By determining the holidays the
stipulations of the CAO are respected / taken into account.

 

3                            Employee is entitled to 13 ADV days per year
in accordance with the arrangement included in the CAO.

 

Clause 5 Illness

 

1                            If Employee is prevented from performing his duties
as  a result of illness, he will be entitled to receive the salary
stipulated in Clause 3 for a maximum period of 52 weeks for the duration of the
employment contract.

 

2                            If Employee’s illness continues beyond the period
stipulated in subclause 1, Employee will be entitled to receive a payment in
accordance with the stipulations in the CAO, for the duration of the employment
contract.

 

3                            In respect of illness notification, illness and/or
occupational disability, Employee will act in accordance with the NKF
regulations.

 

Clause 6 Expenses

 

1                            An allowance for any potential business expenses
that cannot be submitted in a separate claim, Employee, provided he is actively
performing his duties, will receive an amount of EUR 200 per month, to be paid
with the salary payment for the month in question. If the tax inspector and/or
the employed persons’ insurance administration agency should at any time decide
that the reimbursement referred to in this subclause was (partially) subject to
wage tax and/or social security contributions, the mandatory deductions will be
made at that time and will be at Employee’s expense. Starting from that moment,
any future compensation will be reduced to a level where payment is not subject
to taxation.

 

 

2                            NKF will pay for the purchase and operating expenses
of a mobile telephone, taking into account the relevant (tax-related) statutory
provisions. Employee must use the mobile telephone mostly for business
purposes. Employee is obliged to return the mobile telephone to NKF at NKF’s
first request to that effect.

 

3                            NKF will provide Employee with a computer and
peripherals at its own expense, exclusively in the context of and for the
performance of the agreed work, provided Employee is actively performing his
duties.

 

4                            If Employee is unable to actively perform his duties
for a period exceeding 3 months, irrespective of the reasons, he will not be
entitled to the allowance and reimbursements described in this Clause

 

Clause 7 Leased car

 

NKF
will provide Employee with a car for the performance of his duties at a lease
price of EUR 850 per month exclusive of VAT, in accordance with the lease
arrangement that applies within NKF. Employee will receive a copy of the lease
arrangement, which will constitute part of the employment contract between the
parties. Employee is obliged to return the car to NKF no later than the date on
which the employment contract between the parties is terminated.

 

Clause 8 Pension

 

Employee
will continue to participate in the (compulsory) sectoral pension fund: ’Stichting
Bedrijfstakpensioenfonds voor de

 

 

‘Stichting
Bedrijfstakpensioenfonds voor de Metalektro’ (Sectoral
Pension Fund for the Metal and Electronics Sector). At present the
employee’s share (40%) of the pension contribution is deducted from his salary
on a monthly basis. A separate policy has been taken out for the remaining
amount. By mutual arrangement, NKF and Employee will ensure a correct
adjustment to/transfer of the current pension scheme.

 

Clause 9 Other Insurances

 

1                            Employee participates in the group health
insurance policy NKF has taken out for him and his family. Employee has been
furnished with a copy of the policy terms. Employee accepts the fact that the
policy terms may change from time to time. NKF pays 50% of the premium for this
insurance policy to a maximum of 50% of the premium applicable to standard
class 3 health insurance. The Employee’s personal contribution to this policy
is deducted from his salary on a monthly basis.

 

2                            Employee participates in the WAO (Invalidity Insurance Act) shortfall
insurance policy and the WAO excess insurance policy NKF has taken out for its
employees. Effective from the date
this contract is signed the
premiums for the WAO shortfall insurance will be fully paid by the employee
(whose share in these premiums will be deducted by NKF from his salary in equal
monthly instalments) and the premium for the WAO excess insurance will be fully
paid by NKF.

 

Clause 10 Additional activities

 

For
the duration of his employment, Employee is prohibited from engaging in paid or
unpaid additional activities in any way and/or form, without prior written
permission from NKF.

 

 

Clause 11 Signing bonus

 

Upon
acceptance of his appointment as Vice President Sales and Marketing, EMEA Area
and after signing this employment contract, Employee will receive a bonus
consisting of a participating interest in the Option plan for 10,000 options
valued as of April 1, 2005. The ‘Stock Option Plan’ regulations apply to
this participating interest. A copy of these regulations is attached to this
contract.

 

Clause 12 Third-party remuneration

 

Employee
will not accept monies or other remuneration from third parties in respect of
his work for NKF and/or companies affiliated with NKF.

 

Clause 13 Confidentiality

 

Both
during the term of the employment contract and after its termination -
irrespective of the way in which and the reason why the employment contract was
terminated - Employee is prohibited from passing on to third parties, either
directly or indirectly, in any form or in any manner, any aspect of the
knowledge he has acquired in respect of the business and interests of NKF
and/or its affiliated companies, its customers and other business relations,
all this in the broadest meaning of the word, unless the performance of his
duties demands that third parties are informed of such matters.

 

Clause 14 Documents and other items made available by
NKF

 

1                            In the event of his suspension and in the event
of the termination of the employment contract, irrespective of the way in which
and

 

 

the
reason why the employment contract was terminated, Employee will return all NKF
property in his possession, as well as all documents that are in any way
related to NKF and/or its affiliated companies, its customers and other
business relations, all this in the broadest meaning of the word, as well as
copies of such documents and property, at NKF’s first request to this effect.
Employee will return all items made available to him by NKF no later than the
last day of the employment contract.

 

2                            Upon termination of the employment contract,
Employee will return any items he has on loan from NKF. Employee may be held
responsible for any damage to or loss of the items loaned to him and/or made
available to him. NKF reserves the right to deduct any amounts Employee is
liable for in respect of the compensation of such damage/loss from the final
salary payment due to the Employee at the end of his employment.

 

Clause 15 Publication

 

Employee
is not permitted to publish information/articles or give lectures and/or
perform any other public speaking engagements in which he uses information he
has acquired in the course of his work for NKF or that relates to the content
of his work for NKF, without express prior written permission from NKF.

 

Clause 16 Intellectual property rights

 

1                            All rights to intellectual
property, products, works and/or
services developed by 

 

 

Employee
during the term of his employment contract are the property of NKF,
irrespective of whether the intellectual property was created during or after
working hours and irrespective of whether the creation and/or invention and/or
contrivance of intellectual property is/was directly or indirectly inherent in
the nature of the agreed work.

 

2                            Employee is obliged to notify NKF forthwith of all intellectual property
and to provide all information and/or fulfil all formalities required to enable
NKF to register and/or obtain said intellectual property rights and, where
necessary, to register the intellectual property rights in the name of NKF
after initial registration in the Employee’s name. Unless prescribed otherwise
by law, Employee will not be entitled to have his name registered in respect of
the intellectual property.

 

3                            Employee is not entitled to exploit any products,
works and/or services he has developed during the term of his employment
contract in any way - both during and after the aforementioned period - or to
allow others to exploit such products, works and/or services.

 

4                            Employee’s salary is deemed to include a reimbursement
for the (potential) loss of any intellectual property. Employee acknowledges
that this is the case.

 

Clause 17 Non-competition clause

 

1                            For a period of one year after termination of
the employment contract, irrespective of the way in which and the reason why
the employment contract was terminated, Employee is prohibited from starting,
managing, co-managing or employing someone to manage a business that is similar
or related to the business of NKF and/or its affiliated companies in Europe or
in any other place in which or to which NKF and/or companies affiliated with
NKF trade and/or manufacture products and/or provide services, or from being
directly or indirectly involved in or having a financial interest, in any form,
in such companies, or to work for such companies in any way, either for

 

 

remuneration
or otherwise, or to have any share of such companies of any nature other than
shares in a company that is listed on the stock exchange, without prior written
permission from NKF. NKF will only refuse to give such written permission if
failure to enforce the non-competition clause would be severely detrimental to
the interests of NKF and/or companies affiliated with NKF.

 

2                            Until such time as NKF releases Employee from
the provisions of the previous subclause, NKF will pay Employee, after
termination of the employment contract, a month-to-month allowance that is
equal to 1/12 of the final salary (excluding emoluments) for the duration of
the non-competition clause. Employee will deduct any income received from other
sources in this period from this allowance. ‘Other income’ refers to income
from employment and/or social security. Employee will not be entitled to any
payment if he contravenes the non-competition clause, if he is dismissed
instantly, if the employment contract is dissolved as a result of an urgent
reason or if the employment contract is terminated as a result of Employee
attaining the pensionable age.

 

3                            Neither is Employee allowed to employ staff members
and/or persons who are or were employed by NKF and/or by companies affiliated
with NKF in the period up to two years prior to the termination of Employee’s
employment contract, or to encourage such persons to terminate their employment
with NKF, for a period of two years after termination of his employment.

 

 

Clause 18 Penalty clause

 

If
Employee acts in a manner that contravenes the provisions of Articles 10, 13,
15 and 17 he will, contrary to the provisions of Article 7:650 of the
Dutch Civil Code, forfeit to NKF an immediately payable penalty that is not
subject to any further reminder, notice of default or intervention by the
courts of EUR 5,000 per infringement, to be increased by an amount of EUR 250
for each day or part-day the infringement continues and without prejudice to
NKF’s option to claim reimbursement of the full damages, as well as compliance,
in lieu of this penalty. Payment of the penalty stipulated in this clause does
not release Employee from the obligations stipulated in clauses 10, 13, 15 and
17.

 

Clause 19 Applicable law

 

Dutch
law applies to this contract and to all disputes, agreements, arrangements,
conditions, guidelines and the like arising from this contract.

 

Clause 20 Final provisions

 

1                            Employee will comply with the general regulations
and/or policy rules that apply at NKF, for instance rules or
regulations relating to good order, health and safety, and with all measures
taken by NKF with a view to the good order and proper proceedings within the
company.

 

2                            Announcements to employees that are made by
means of a written confirmation of the announcement in question posted in the
appointed places or published in the personnel newsletter must be considered to
have been made to each individual employee.

 

3                            NKF may ask Employee to submit to a

 

 

search
by members of the security service. Employee agrees to cooperate with such
searches.

 

4                            The Collective Bargain Agreement (CAO) for management
level personnel in the metal and electronics sector applies to this employment
contract. A copy of the CAO is available at the human resources department and
the various company departments and will be provided upon request.

 

5                            All arrangements, conditions, guidelines etc, referred
to in this contract or listed in this contract as being applicable are deemed
to form part of this contract, unless the contrary has been expressly
stipulated. Among other things, these arrangements include the NKF personnel
guide. A copy of this guide is available for perusal at the human resources
department and at the various company departments and will be provided upon
request.

 

6                            If
one or more of the emoluments listed in this contract must be considered
taxable or liable for the payment of social security contributions within the
meaning of the Wages and Salaries Tax Act and/or social security legislation,
the relevant wage tax and the employee component of the social security
contributions will be at the expense of Employee.

 

7                            NKF reserves the right, within the bounds of reasonableness,
to make changes, additions or adjustments to this employment contract and to
the arrangements, conditions etc., including the NKF personnel guide, that this
contract refers to if, in NKF’s opinion, (compelling) circumstances give NKF
cause to do so.

 

8                            This contract replaces all previous contracts and/or
(verbal) arrangements.

 

9                            This employment contract can only be deviated
from in writing and any amendments will only be valid if they have been signed
for approval by both parties.

 

 

	
  10

  	
  This employment contract
  will be translated into English. In the event of any lack of clarity or
  discrepancy between the text of the Dutch and English employment contract,
  the text of the Dutch employment contract will prevail.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Agreed and signed in
  duplicate in Delft on 12-6-2005

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  on behalf of
  NKF Electronics B.V.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Edmund Ludwig

  	
   

  	
   

  
	
   

  	
  Mr. Edmund Ludwig

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ R.M.C.C. Hooghiemstra

  	
   

  	
   

  
	
   

  	
  on behalf of the Employee

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Mr. R.M.C.C Hooghiemstra

  	
   

  	
   

  

 

 

First Amendment to Employment Contract

 

This
amendment (“Amendment”) is entered into as of January 17, 2008 between
Optelecom-NKF B.V. (formerly NKF Electronics B.V.), a private limited company
incorporated in the Netherlands (the “Company”), and Conrad Maria Catharina
Joseph Hooghiemstra (“Executive”).

 

The
parties hereby agree as follows:

 

1.              Prior
Employment Contract.  The parties have previously
entered into an employment contract effective April 1, 2005, (the “Agreement”).
The parties now wish to amend the Agreement as stated herein.

 

2.              Amendment:

 

2.1        The parties hereby amend Paragraph 1 of Clause 2,
Position and Responsibilities of the Agreement to add the following:
Additionally, effective from April 1, 2007, Mr. Hooghiemstra will
assume the position of Vice President of Engineering of Optelecom-NKF, Inc.,
reporting to the Chief Operating Officer.

 

2.2        The parties hereby amend Paragraph 2 of Clause 3,
Working hours and Salary, of the Agreement to increase Executive’s annual gross
salary from EUR 95,000 to EUR 115,000, effective as of January 1, 2008.

 

3.              Continuing
Effect of Agreement:  The parties hereto agree
that the terms and provisions of the Agreement, as amended by this Amendment,
shall remain in full force and effect. Except as specifically modified by this
Amendment, the terms and provisions of the Employment Agreement shall continue
and be binding on the parties hereto. In the event of any conflict between the
provisions of the Employment Agreement and the provisions of this Amendment,
the provisions of this Amendment shall control. The provisions of the
Employment Agreement and this Amendment constitute the entire agreement between
the parties concerning the Executive’s employment arrangement with the Company,
and may not be amended or modified except by a written agreement between the
parties.

 

To
evidence their agreement to the terms of this Amendment, Executive has signed
and Company has caused its duly authorized representative to sign this
Amendment as of January 17, 2008

 

 

	
  Optelecom-NKF
  B.V.:

  	
   

  	
  Executive:

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ Edmund Ludwig

  	
   

  	
  /s/
  Conrad M.O.J. Hoogheimstra

  
	
   

  	
  Edmund
  Ludwig

  	
   

  	
  Conrad
  M. O. J. Hoogheimstra

  

 

 

First Amendment to Employment Contract

 

This amendment (“Amendment”) is entered into as of January 17,
2008 between Optelecom-NKF B.V. (formerly NKF Electronics B.V.), a private
limited company incorporated in the Netherlands (the “Company”), and Roland
Maria Catharina Conrad Hooghiemstra (“Executive”).

 

The
parties hereby agree as follows:

 

1.              Prior Employment Contract. The parties
have previously entered into an employment contract effective April 1,
2005 (the “Agreement”). The parties now wish to amend the Agreement as stated
herein.

 

2.              Amendment:

 

2.1        The parties hereby amend Paragraph 1 of Clause 2,
Position and Responsibilities of the Agreement to add the following:
Additionally, effective from April 1, 2007, Mr. Hooghiemstra will
assume the position of Vice President of Sales and Marketing of Optelecom-NKF, Inc.
reporting to the Chief Operating Officer.

 

2.2        The parties hereby amend Paragraph 2 of Clause 3,
Working hours and salary, of the Agreement to increase Executive’s annual gross
salary from EUR 95,000 to EUR 115,000, effective as of January 1, 2008.

 

3.              Continuing Effect of Agreement: The parties
hereto agree that the terms and provisions of the Agreement, as amended by this
Amendment, shall remain in full force and effect. Except as specifically
modified by this Amendment, the terms and provisions of the Employment
Agreement shall continue and be binding on the parties hereto. In the event of
any conflict between the provisions of the Employment Agreement and the
provisions of this Amendment, the provisions of this Amendment shall control.
The provisions of the Employment Agreement and this Amendment constitute the
entire agreement between the parties concerning the Executive’s employment
arrangement with the Company, and may not be amended or modified except by a
written agreement between the parties.

 

To
evidence their agreement to the terms of this Amendment, Executive has signed
and Company has caused its duly authorized representative to sign this
Amendment as of January 17, 2008

 

 

	
  Optelecom-NKF
  B.V.:

  	
   

  	
  Executive:

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ Edmund Ludwig

  	
   

  	
  /s/
  Roland M.C.C. Hoogheimstra

  
	
   

  	
  Edmund
  Ludwig

  	
   

  	
  Roland
  M. C. C. HoogheimstraQuickLinks
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EXHIBIT 4.7.1(qq)    
    

Upon recording, return to:

Ms. Shawne M. Keenan

Sutherland Asbill & Brennan LLP

999 Peachtree Street, N.E.

Atlanta, Georgia 30309-3996  

PURSUANT TO §44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED, THIS INSTRUMENT EMBRACES,

COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED PROPERTY OF THE GRANTOR  

 

OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION),

GRANTOR,

to

U.S. BANK NATIONAL ASSOCIATION,

TRUSTEE 

FORTY-SECOND SUPPLEMENTAL

INDENTURE  

Providing for the

Amendment of Section 1.1 of the Original Indenture 

Dated
as of February 5, 2008 

 

NOTE TO THE CLERK OF SUPERIOR COURT AND TAX COMMISSIONER: THIS INSTRUMENT IS A MODIFICATION OF THE ORIGINAL INDENTURE (AS IT HAS BEEN HERETOFORE SUPPLEMENTED, THE "EXISTING
INDENTURE"). THIS INSTRUMENT DOES NOT INCREASE THE PRINCIPAL BALANCE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE, NOR DOES IT EXTEND THE MATURITY DATE OF ANY OBLIGATION UNDER THE EXISTING
INDENTURE. PURSUANT TO O.C.G.A. § 48-6-65(a), NO ADDITIONAL INTANGIBLE RECORDING TAX IS DUE UPON THE RECORDING OF THIS INSTRUMENT. ALL INTANGIBLE RECORDING
TAXES DUE IN CONNECTION WITH ALL OBLIGATIONS SECURED BY THE EXISTING INDENTURE HAVE BEEN PAID.  

 

 

        THIS FORTY-SECOND SUPPLEMENTAL INDENTURE, dated as of February 5, 2008, is between OGLETHORPE POWER
CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an
electric membership corporation organized and existing under the laws of the State of Georgia, as Grantor (hereinafter called the "Company"), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as successor to SunTrust Bank, formerly SunTrust Bank, Atlanta, as Trustee (in such capacity, the "Trustee"). 

        WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of March 1, 1997 (hereinafter
called the "Original Indenture"), for the purpose of securing its Existing Obligations and providing for the authentication and delivery of Additional Obligations by the Trustee from time to time
under the Original Indenture (capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Original Indenture); 

        WHEREAS, the Original Indenture has heretofore been amended and supplemented by forty-one Supplemental Indentures (the
Original Indenture, as heretofore, hereby and hereafter supplemented and modified, hereinafter sometimes called the "Indenture"), and the Original Indenture and the forty-one Supplemental
Indentures have been recorded as set forth on Schedule 1 attached hereto; 

        WHEREAS, the Company desires to amend Section 1.1 of the Indenture to adopt an updated definition of Title Evidence included in
first mortgage bond indentures adopted by electric generation and transmission cooperatives since the year 2000, for the purpose of allowing the Company to benefit from cost and time efficiencies
afforded by the updated Title Evidence definition; 

        WHEREAS, the Company desires to execute and deliver this Forty-Second Supplemental Indenture, in accordance with the provisions of the
Original Indenture, for the purpose of so amending Section 1.1 of the Original Indenture; 

        WHEREAS, Section 12.1 K of the Original Indenture provides that, without the consent of the Holders of any of the Obligations at
the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee, may enter into Supplemental Indentures, subject to the conditions set forth in Section 12.1 K, to make
any change in the Indenture that, in the reasonable judgment of the Trustee, will not materially and adversely affect the rights of Holders; 

        WHEREAS, the Trustee has determined that the amendment to Section 1.1 of the Original Indenture provided for herein will not
materially and adversely affect the rights of Holders; and 

        WHEREAS, the execution and delivery of this Forty-Second Supplemental Indenture has been in all respects duly authorized by the Company; 

        NOW, THEREFORE, THIS FORTY-SECOND SUPPLEMENTAL INDENTURE WITNESSETH, that, to amend Section 1.1 of the Original Indenture pursuant
to Section 12.1 K of the Original Indenture, the Company does hereby covenant and agree to and with the Trustee as follows: 

 
 

ARTICLE I    
    
    AMENDMENT OF ORIGINAL INDENTURE    
    

        Section 1.1    Amendment of Section 1.1 of the Original
Indenture.    Section 1.1 of the Original Indenture is hereby amended to replace the current definition of "Title Evidence" in its entirety, such that the
definition of "Title Evidence" in Section 1.1, as amended, will read in its entirety as follows: 

        "Title Evidence" means, with respect to any real property: 

        A.    an
Opinion of Counsel or attorney's certificate of title to the effect that the Company or the owner-lessor of the property in the case of real property described in
paragraph C of the definition of "Property Additions" has title, whether fairly deducible of record or based upon prescriptive rights, as in the opinion of Counsel is satisfactory for the use
thereof in connection with the operations of the Company, and Counsel in giving such 

1

 

opinion
may disregard any irregularity or deficiency in the record evidence of title which, in the opinion of such Counsel, can be cured by proceedings within the power of the Company or does not
substantially impair the usefulness of such property for the purpose of the Company and may base such opinion upon his own investigation or upon affidavits, certificates, abstracts of title,
statements or investigations made by Persons in whom such Counsel has confidence or upon examination of a certificate or guaranty of title or policy of title insurance in which he has confidence, and,
without limiting the foregoing, Counsel may rely solely upon an Officers' Certificate as to matters regarding the use or usefulness of such property for the purpose of, or in the operations of, the
Company; or 

        B.    a
mortgagee's policy of title insurance (or a commitment to issue a mortgagee's policy of title insurance containing only standard conditions to issuance or such other
conditions to issuance as are satisfactory to the Trustee) in the amount of the Cost to the Company of the land on the date of acquisition and included in Property Additions, issued in favor of the
Trustee by an entity authorized to insure title in the state in which the real property is located, showing the Company as the owner of the subject property and insuring the lien of this Indenture; 

and
with respect to any personal property or any other property that may constitute fixtures or real property solely as a consequence of being affixed to or erected on either (i) real property
that was owned by the Company prior to the Cut-Off Date or (ii) real property that was acquired by the Company after the Cut-Off Date and as to which the Company has
previously provided Title Evidence to the Trustee as described in either paragraph A or B above, an Officers' Certificate stating that the Company owns such personal property, fixtures or real
property and that the Company continues to have title satisfactory for the use thereof in connection with the operations of the Company to the real property referred to in clause (i) or
(ii) above, as the case may be; and, with respect to any property described in paragraph C of the definition of "Property Additions," an Officers' Certificate stating that the Company
has a valid leasehold interest in, and is possessed of, such property. 

 
 

ARTICLE II    
    
    MISCELLANEOUS    
    

        Section 2.1    Supplemental Indenture.    This Forty-Second
Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture, and shall form a part thereof, and the Original Indenture, as heretofore
supplemented and as hereby supplemented and amended, is hereby confirmed. All references herein to Sections, definitions or other provisions of the Original Indenture shall be to such Sections,
definitions and other provisions as they may be amended or modified from time to time pursuant to the Indenture. All capitalized terms used in this Forty-Second Supplemental Indenture shall have the
same meanings ascribed to them in the Original Indenture, except in cases where the context clearly indicates otherwise. 

        Section 2.2    Recitals.    All recitals in this
Forty-Second
Supplemental Indenture are made by the Company only and not by the Trustee; and all of the provisions contained in the Original Indenture, in respect of the rights, privileges, immunities, powers and
duties of the Trustee shall be applicable in respect hereof as fully and with like effect as if set forth herein in full. 

        Section 2.3    Counterparts.    This Forty-Second
Supplemental
Indenture may be executed in several counterparts, each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts, or as many of them as the Company and the
Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. 

        [Signatures
on Next Page.] 

2

 

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

	 	Company:	 	OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP

CORPORATION), an electric membership

corporation organized under the laws of the State of Georgia
	

 	
 	

By:	

/s/ Thomas A. Smith
 Thomas A. Smith

President and Chief Executive Officer

	

Signed, sealed and delivered

by the Company in the presence of:	
 	

Attest:	

/s/ Patricia N. Nash
 Patricia N. Nash

Secretary
	

/s/ Anne F. Appleby
 Witness	
 	

 	

[CORPORATE SEAL]
	

/s/ Jo Ann Smith
 Notary Public	
 	

 	

 
	

(Notarial Seal)	
 	

 	

 
	

My commission expires:    8/11/09                        	
 	

 	

 

        [Signatures
Continued on Next Page.] 

3

 
        [Signatures
Continued from Previous Page] 

	
Trustee:	
 	

U.S. BANK NATIONAL ASSOCIATION,
 a national banking association
	

 	
 	

By:	

/s/ Jack Ellerin
 Authorized Agent
	Signed and delivered

by the Trustee in the

presence of:	 	 	 
	

/s/ Muriel Shaw
 Witness	
 	

 	

 
	

/s/ Lynda W. Spann
 Notary Public	
 	

 	

 
	

(Notarial Seal)	
 	

 	

 
	

My commission expires:    5/9/08                        	
 	

 	

 

4

  Schedule 1  

RECORDING INFORMATION

FOR

                                    COUNTY, GEORGIA 

	DOCUMENT
 
	 	RECORDING INFORMATION
	 	DATE OF RECORDING

	Indenture	 	 	 	 
	

First Supplemental Indenture	
 	

 	
 	

 
	

Second Supplemental Indenture	
 	

 	
 	

 
	

Third Supplemental Indenture	
 	

 	
 	

 
	

Fourth Supplemental Indenture	
 	

 	
 	

 
	

Fifth Supplemental Indenture	
 	

 	
 	

 
	

Sixth Supplemental Indenture	
 	

 	
 	

 
	

Seventh Supplemental Indenture	
 	

 	
 	

 
	

Eighth Supplemental Indenture	
 	

 	
 	

 
	

Ninth Supplemental Indenture	
 	

 	
 	

 
	

Tenth Supplemental Indenture	
 	

 	
 	

 
	

Eleventh Supplemental Indenture	
 	

 	
 	

 
	

Twelfth Supplemental Indenture	
 	

 	
 	

 
	

Thirteenth Supplemental Indenture	
 	

 	
 	

 
	

Fourteenth Supplemental Indenture	
 	

 	
 	

 
	

Fifteenth Supplemental Indenture	
 	

 	
 	

 
	

Sixteenth Supplemental Indenture	
 	

 	
 	

 
	

Seventeenth Supplemental Indenture	
 	

 	
 	

 
	

Eighteenth Supplemental Indenture	
 	

 	
 	

 
	

Nineteenth Supplemental Indenture	
 	

 	
 	

 
	

Twentieth Supplemental Indenture	
 	

 	
 	

 
	

Twenty-First Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Second Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Third Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Fourth Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Fifth Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Sixth Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Seventh Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Eighth Supplemental Indenture	
 	

 	
 	

 
	

Twenty-Ninth Supplemental Indenture	
 	

 	
 	

 
	

Thirtieth Supplemental Indenture	
 	

 	
 	

 

	

Thirty-First Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Second Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Third Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Fourth Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Fifth Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Sixth Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Seventh Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Eighth Supplemental Indenture	
 	

 	
 	

 
	

Thirty-Ninth Supplemental Indenture	
 	

 	
 	

 
	

Fortieth Supplemental Indenture	
 	

 	
 	

 
	

Forty-First Supplemental Indenture	
 	

 	
 	

 

QuickLinks

EXHIBIT 4.7.1(qq)

ARTICLE I AMENDMENT OF ORIGINAL INDENTURE

ARTICLE II MISCELLANEOUS

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