Document:

EX-4.1

 Exhibit 4.1 

PURSUANT TO THE TERMS OF SECTION 1 OF THIS WARRANT, ALL OR A PORTION OF THIS WARRANT MAY HAVE BEEN EXERCISED OR CANCELED, AND THEREFORE THE ACTUAL NUMBER
OF WARRANT SHARES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF. ANY TRANSFEREE OF THIS WARRANT SHOULD CONTACT SCYNEXIS, INC. IN ADVANCE OF ACQUIRING THIS WARRANT TO BE APPRISED OF THE ACTUAL NUMBER OF SHARES
THAT MAY BE ACQUIRED PURSUANT TO THE EXERCISE OF THIS WARRANT 
 SCYNEXIS, INC. 

Warrant to Purchase Common Stock 
 Warrant
No.: 2016-             
 Number of Shares of Common Stock:
             
 Date of Issuance: June
            , 2016 (“Issuance Date”) 
 SCYNEXIS, Inc., a Delaware corporation
(the “Company”), certifies that, for good and valuable consideration, the receipt and sufficiency of which are acknowledged,              the registered holder hereof or
its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Common Stock
(including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or times on or after the date hereof (the “Exercisability Date”), but not after 5:30
p.m., New York Time, on the Expiration Date (as defined below),             (            ) fully paid and nonassessable
shares of Common Stock (as defined below) (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 17. This Warrant is one of a series of
warrants to purchase shares of Common Stock (collectively, the “Warrants”) issued on June             , 2016 (the “Issuance Date”), pursuant to the
Company’s Registration Statement on Form S-3 (No. 333- 207705) (as amended) (the “Registration Statement”). 
 1.
EXERCISE OF WARRANT. 
 (a) Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation,
the limitations set forth in Section 1(e)), this Warrant may be exercised by the Holder on any day on or after the Exercisability Date, in whole or in part (but not as to fractional shares), by (i) delivery of a written notice, in the form
attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant and (ii) if (A) a registration statement registering the issuance of the Warrant Shares under the
Securities Act of 1933, as amended (the “Securities Act”), is effective and available for the issuance of the Warrant Shares, or an exemption from registration under the Securities Act is available for the issuance of the Warrant
Shares, payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or wire transfer of
immediately available funds (a “Cash Exercise”) or (B) the provisions of Section 1(d) are available and this Warrant is exercised pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall not be required to
surrender this Warrant in order to effect an exercise hereunder; provided, however, that in the event that this Warrant is exercised in full or for the remaining unexercised portion hereof, the Holder shall deliver this Warrant to the Company for
cancellation within a reasonable time after such exercise. On or before the first Trading Day following the date on which the Company has received the Exercise Notice (the date upon which the Company has received the Exercise Notice, the
“Exercise Date”), the Company shall transmit by facsimile or e-mail transmission an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder and the Company’s
transfer agent for the Common Stock (the “Transfer Agent”). The Company shall deliver any 

  
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objection to the Exercise Notice on or before the second Trading Day following the date on which the Company has received the Exercise Notice. On or before the third Trading Day following the
date on which the Company has received the Exercise Notice, so long as the Holder delivers the Aggregate Exercise Price (or notice of a Cashless Exercise) on or prior to the second (2nd) Trading Day following the date on which the Company has
received the Exercise Notice (the “Share Delivery Date”) (provided that if the Aggregate Exercise Price has not been delivered by such date, the Share Delivery Date shall be one (1) Trading Day after the Aggregate Exercise Price (or
notice of a Cashless Exercise) is delivered), the Company shall, (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program (the “FAST
Program”) and so long as the certificates therefor are not required to bear a legend regarding restriction on transferability, upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is
entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal At Custodian system, or (Y), if the Transfer Agent is not participating in the FAST Program or if the certificates
are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the
Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of the Exercise Notice, so long as the Holder delivers the Aggregate Exercise Price (or notice of a Cashless
Exercise) on or prior to the second (2nd) Trading Day following the date on which the Company has received the Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with
respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this
Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise,
then the Company shall as soon as practicable and in no event later than three Trading Days after any such submission and at its own expense, issue a new Warrant (in accordance with Section 7(e)) representing the right to purchase the number of
Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant has been and/or is exercised. The Company shall pay any and all taxes and other expenses of the
Company (including overnight delivery charges) that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax
which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder or an affiliate thereof. The Holder shall be responsible for all other tax
liability that may arise as a result of transferring this Warrant or Warrant Shares upon exercise hereof to a third party. While this Warrant remains outstanding, the Company shall maintain a transfer agent that participates in the DTC Fast
Automated Securities Transfer Program.
 (b) Exercise Price. For purposes of this Warrant, “Exercise Price” means
$3.00 per share of Common Stock, subject to adjustment as provided herein. 
 (c) Failure to Timely Deliver Shares. In addition to
any other rights available to a Holder, if the Company fails to deliver to the Holder the Warrant Shares by the third Trading Day after the Exercise Date, and if after such third Trading Day the Holder purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three Trading Days after
the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased
less the Exercise Price (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Common Stock) shall terminate, or (ii) promptly honor its obligation to deliver to the
Holder a certificate or certificates representing such Common Stock and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the per
share closing price of the Company’s Common Stock on the date of the event giving rise to the Company’s obligation to deliver such certificate. 

  
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 (d) Cashless Exercise. Notwithstanding anything contained herein to the contrary, if a
registration statement registering the issuance of the Warrant Shares under the Securities Act is not effective or available for the issuance of the Warrant Shares, the Holder may, in its sole discretion, exercise this Warrant in whole or in part
and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock
determined according to the following formula (a “Cashless Exercise”): 
  

					
	Net Number =	 	
(A x B) - (A x C)
	  	
		 	B	  	

 For purposes of the foregoing formula: 

 

			
	A =	 	the total number of shares with respect to which this Warrant is then being exercised.
		
	B =	 	the Weighted Average Price of the shares of Common Stock (as reported by Bloomberg) on the date immediately preceding the date of the Exercise Notice.
		
	C =	 	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 The Company hereby covenants and agrees that the Warrant Shares issued in a Cashless Exercise shall be deemed
to have been acquired by the Holder pursuant to Section 3(a)(9) of the Securities Act. For purposes of Rule 144(d) promulgated under the Securities Act, as in effect on the date hereof, assuming the Holder is not an affiliate of the Company, it is
intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the closing date of the offering pursuant to
which the Company was obligated to issue this Warrant. 
 (e) Limitations on Exercises. (1) The Company shall not effect the
exercise of this Warrant, and the Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such exercise, such Holder (together with such Holder’s affiliates and any other Persons acting as a group
together) would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number
of shares of Common Stock beneficially owned by such Person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but
shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Person and its affiliates and (ii) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), it being acknowledged that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act, and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in
(1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2) a more recent public announcement by the Company or
(3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, where such request indicates that it is being
made pursuant to this Warrant, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of securities of the Company, including the 

  
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Warrants, by the Holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may increase or
decrease the Maximum Percentage to any other percentage not in excess of 14.99% specified in such notice; provided, that (i) any such increase will not be effective until the 61st day after such notice is delivered to the Company and
(ii) any such increase or decrease will apply only to the Holder and not to any other holder of Warrants. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 1(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give
effect to such limitation. 
 (f) No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall
be issued upon the exercise of this Warrant. As to any fraction of a share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such final fraction in an amount equal to
such fraction multiplied by the Exercise Price. 
 2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price
and the number of Warrant Shares shall be adjusted from time to time as follows: 
 (a) Adjustment upon Subdivision or Combination of
Shares of Common Stock. If the Company at any time on or after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number
of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by
combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and
the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 2(a) shall become effective at the close of business on the date the subdivision or combination becomes effective. 

(b) Other Events. If any event occurs of the type contemplated by the provisions of Section 2(a) but not expressly provided for by
such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features to the holders of the Company’s equity securities), then the Company’s Board of Directors
will make an appropriate adjustment in the Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder; provided, that no such adjustment pursuant to this Section 2(b) will increase the Exercise Price or
decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2. 
 (c) Notwithstanding anything to the
contrary in this Warrant, in no event shall the Exercise Price be reduced below the par value of the Company’s Common Stock 
 3.
RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise
(including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
“Distribution”), at any time after the issuance of this Warrant, then, in each such case: 
 (a) any Exercise Price in
effect immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date,
to a price determined by multiplying such Exercise Price by a fraction of which (i) the numerator shall be the Weighted Average Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the
Distribution (as determined in 

  
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good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator shall be the Weighted Average Price of the shares of Common Stock on
the Trading Day immediately preceding such record date; and 
 (b) the number of Warrant Shares shall be increased to a number of shares
equal to the number of shares of Common Stock obtainable immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution multiplied by the reciprocal
of the fraction set forth in the immediately preceding paragraph (a); provided, that in the event that the Distribution is of shares of Common Stock or common stock of a company whose common shares are traded on a national securities exchange
or a national automated quotation system (“Other Shares of Common Stock”), then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of an increase in the number of Warrant Shares, the terms of
which shall be identical to those of this Warrant, except that such warrant shall be exercisable into the number of shares of Other Shares of Common Stock that would have been payable to the Holder pursuant to the Distribution had the Holder
exercised this Warrant immediately prior to such record date and with an aggregate exercise price equal to the product of the amount by which the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the terms of
the immediately preceding paragraph (a) and the number of Warrant Shares calculated in accordance with the first part of this paragraph (b). 

4. PURCHASE RIGHTS. FUNDAMENTAL TRANSACTIONS. 

(a) Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time prior to the Expiration Date the
Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”),
then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that to the extent that the Holder’s right to participate in any such Purchase Right would
result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such
extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage, at which time the Holder shall be granted such
right to the same extent as if there had been no such limitation). 
 (b) Fundamental Transactions. Upon the occurrence of any
Fundamental Transaction, the Successor Entity to succeed, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the
Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. Upon
consummation of the Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation of the Fundamental Transaction, in lieu of the
shares of the Common Stock (or other securities, cash, assets or other property purchasable upon the exercise of the Warrant prior to such Fundamental Transaction), such shares of stock, securities, cash, assets or any other property whatsoever
(including warrants or other purchase or subscription rights), if any, that the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Warrant been exercised immediately prior to such Fundamental
Transaction, as adjusted in accordance with the provisions of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of shares of Common
Stock are entitled to receive securities or other assets with respect to or in exchange for shares of 

  
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Common Stock (a “Corporate Event”), the Company shall make appropriate provision to ensure that the Holder will thereafter have the right to receive upon an exercise of this
Warrant within 90 days after the consummation of the Fundamental Transaction but, in any event, prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities, cash, assets or other property) purchasable upon the
exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been entitled to
receive upon the happening of such Fundamental Transaction had the Warrant been exercised immediately prior to such Fundamental Transaction and shall be applied without regard to any limitations on the exercise of this Warrant. Provision made
pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Required Holders. The provisions of this Section 4(b)(ii) shall apply similarly and equally to successive Fundamental Transactions and Corporate
Events and shall be applied without regard to any limitations on the exercise of this Warrant. Notwithstanding the foregoing, in the event of a Fundamental Transaction, at the request of the Holder delivered before the consummation of such
Fundamental Transaction, the Company (or the Successor Entity) shall purchase this Warrant from the Holder by paying to the Holder, within five (5) Business Days after such request (or, if later, on the date of consummation of the Fundamental
Transaction) cash in an amount equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. 

5. RESERVATION OF WARRANT SHARES. The Company covenants that it will at all times reserve and keep available out of the aggregate of
its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of shares of Common Stock which are then issuable and
deliverable upon the exercise of this entire Warrant, free from preemptive or any other contingent purchase rights of Persons other than the Holder (taking into account the adjustments and restrictions in Section 2). Such reservation shall
comply with the provisions of Section 1. The Company covenants that all shares of Common Stock so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and
validly authorized, issued and fully paid and nonassessable. The Company will take all such actions as may be necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed. 
 6.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the
holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of
the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends
or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as
imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

7. REGISTRATION AND REISSUANCE OF WARRANTS. 

(a) Registration of Warrant. The Company shall register this Warrant, upon the records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary. The Company shall also register any transfer, exchange, reissuance or cancellation of any portion of this Warrant in the Warrant Register. 

  
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 (b) Transfer of Warrant. This Warrant may be offered for sale, sold, transferred or
assigned without the consent of the Company, except as may otherwise be required by applicable securities laws. Subject to applicable securities laws, if this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company
together with all applicable transfer taxes, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(e)), registered as the Holder may request, representing the right to
purchase the number of Warrant Shares being transferred by the Holder and, if less then the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(e)) to the Holder
representing the right to purchase the number of Warrant Shares not being transferred. 
 (c) Lost, Stolen or Mutilated Warrant. Upon
receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company
in customary form or the provision of reasonable security by the Holder to the Company and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance
with Section 7(e)) representing the right to purchase the Warrant Shares then underlying this Warrant. 
 (d) Exchangeable for
Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company together with all applicable transfer taxes, for a new Warrant or Warrants (in accordance with Section 7(e))
representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the
time of such surrender; provided, however, that the Company shall not be required to issue Warrants for fractional shares of Common Stock hereunder. 

(e) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new
Warrant shall (i) be of like tenor with this Warrant, (ii) represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued
pursuant to Section 7(b) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the
number of Warrant Shares then underlying this Warrant), (iii) have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date and (iv) have the same rights and conditions as this Warrant. 

8. NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in
accordance with the information set forth in the Warrant Register. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including, in reasonable detail, a description of such action and the
reason or reasons therefore. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the
calculation of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to
any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock or (C) for determining rights to
vote with respect to any Fundamental Transactions, dissolution or liquidation; provided, that in each case, such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder. 

9. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Amended and Restated
Articles of Incorporation, Amended and Restated Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the
generality of the foregoing, the 

  
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Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall use all
reasonable efforts to take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant and (iii) shall, so
long as any of the Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of the Warrants, the number of shares of
Common Stock as shall from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations on exercise). 

10. AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Required Holders; provided, that no such action may increase the exercise price of any
Warrant or decrease the number of shares or class of stock obtainable upon exercise of any Warrant without the written consent of the Holder. No such amendment shall be effective to the extent that it applies to less than all of the holders of the
Warrants then outstanding. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any Warrants unless the same consideration (other than the reimbursement of legal fees) also is
offered to all holders of the Warrants, including the Holder. 
 11. GOVERNING LAW. This Warrant shall be governed by and construed
and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. 

12. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and all the Investors and shall not be
construed against any person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

13. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the
Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile within two Trading Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and
the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within five Trading Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company
shall, within two Trading Days submit via facsimile (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic
calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the
Holder of the results no later than 10 Trading Days from the time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all
parties absent demonstrable error. The expenses of the investment bank and accountant will be borne by the Company unless the investment bank or accountant determines that the determination of the Exercise Price or the arithmetic calculation of the
Warrant Shares by the Holder was incorrect, in which case the expenses of the investment bank and accountant will be borne by the Holder. 

14. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in
addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any
failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder may cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The
Company 

  
 A-8 

 
therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to seek an injunction
restraining any breach. Notwithstanding the foregoing or anything else herein to the contrary, other than as expressly provided in Section 1(c) hereof, if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise of
this Warrant as required pursuant to the terms hereof, the Company shall have no obligation to pay to the Holder any cash or other consideration or otherwise “net cash settle” this Warrant. 

15. LIMITATION ON LIABILITY. No provisions hereof, in the absence of affirmative action by the Holder to purchase Warrant Shares
hereunder, shall give rise to any liability of the Holder to pay the Exercise Price or as a shareholder of the Company (whether such liability is asserted by the Company or creditors of the Company). 

16. SUCCESSORS AND ASSIGNS. This Warrant shall bind and inure to the benefit of and be enforceable by the Company and the Holder and
their respective permitted successors and assigns. 
 17. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms
shall have the following meanings: 
 (a) “Black Scholes Value” means the value of this Warrant based on the
Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day immediately following the first public announcement of the applicable Fundamental Transaction, or, if the Fundamental Transaction is
not publicly announced, the date the Fundamental Transaction is consummated, for pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of
such date of request, (ii) an expected Volatility obtained from the HVT function on Bloomberg as of the day immediately following the public announcement of the applicable Fundamental Transaction, or, if the Fundamental Transaction is not publicly
announced, the date the Fundamental Transaction is consummated, (iii) the underlying price per share used in such calculation shall be the highest Weighted Average Price during the five (5) Trading Days prior to the closing of the Fundamental
Transaction, (iv) a zero cost of borrow and (v) a 360 day annualization factor. 
 (b) “Bloomberg” means Bloomberg LP.

 (c) “Common Stock” means (i) the Company’s shares of Common Stock, $0.001 par value per share, and
(ii) any share capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock.

(d) “Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible into or
exercisable or exchangeable for shares of Common Stock. 
 (e) “Eligible Market” means The New York Stock Exchange, Inc.,
the NYSE MKT or The Nasdaq Stock Market. 
 (f) “Expiration Date” means the five (5) year anniversary of the Issuance Date
or, if such date falls on a day other than a Trading Day or on which trading does not take place on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange
or securities market on which the Common Stock is then traded (a “Holiday”), the next date that is not a Holiday. 

(g) “Fundamental Transaction” means that the Company shall, directly or indirectly, in one or more related transactions,
(i) consolidate or merge with or into another Person, (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, (iii) allow another Person to make a
purchase, tender or exchange offer that is accepted by the holders of more than 50% of either the outstanding shares of Common Stock (not including any shares of Common Stock held by 

  
 A-9 

 
the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), (iv) consummate a stock purchase agreement or
other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not
including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock purchase agreement or other business combination), (v) reorganize,
recapitalize or reclassify its Common Stock or (vi) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock. 

(h) “Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities. 
 (i) “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person
and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of
consummation of the Fundamental Transaction. 
 (j) “Person” means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 

(k) “Principal Market” means The Nasdaq Global Market.

(l) “Required Holders” means the holders of the Warrants representing at least a majority of shares of Common Stock
underlying the Warrants then outstanding. 
 (m) “Successor Entity” means the Person (or, if so elected by the Required
Holders, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Required Holders, the Parent Entity) with which such Fundamental Transaction shall have been entered into. 

(n) “Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is
not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded; provided that “Trading Day” shall not include any day on which the
Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not
designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York Time). 

(o) “Volatility” means the arithmetic mean of the historical Volatility for the 10, 30 and 50 Trading Day periods ending on
the next succeeding Trading Day following the date of such first public announcement, obtained from the HVT or similar function on Bloomberg. 

(p) “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price for such
security on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange on which the Common Stock is then traded, during the period beginning at 9:30:01 a.m.,
New York City time, and ending at 4:00:00 p.m., New York City time, as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the
over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York City time, as reported by Bloomberg, or, if no dollar volume-weighted
average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the 

  
 A-10 

 
lowest closing ask price of any of the market makers for such security as reported in the “pink sheets” by OTC Markets Inc. If the Weighted Average Price cannot be calculated for such
security on such date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company and the Required Holders. If the Company and the Required Holders are
unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 13 with the term “Weighted Average Price” being substituted for the term “Exercise Price.” All such
determinations shall be appropriately adjusted for any share dividend, share split or other similar transaction during such period. 

[Signature Page Follows] 

  
 A-11 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be
duly executed as of the Issuance Date set out above. 
  

					
	SCYNEXIS, INC.
		
	By:	 	          

		 	Name:	 	
		 	Title:	 	

  
 A-12 

 EXHIBIT A 

EXERCISE NOTICE 
 TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 WARRANT TO PURCHASE COMMON STOCK 

SCYNEXIS, INC. 
 The undersigned holder
hereby exercises the right to purchase             of the shares of Common Stock (“Warrant Shares”) of SCYNEXIS, Inc., a Delaware corporation (the
“Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. 

1. Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check one): 

 ̈ Cash Exercise under Section 1(a). 

 ̈ Cashless Exercise under Section 1(d) (provided the conditions therein are satisfied).

 2. Cash Exercise. If the Holder has elected a Cash Exercise, the Holder shall pay the sum of
$         to the Company in accordance with the terms of the Warrant. 
 3. Delivery of
Warrant Shares. The Company shall deliver to the holder             Warrant Shares in accordance with the terms of the Warrant. 

4. Representations and Warranties. By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that
in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted
to be owned under Section 1(e) of this Warrant to which this notice relates. 
 Date:
                ,                  

 
         Name of Registered Holder 

 

					
	By:	 	      

		 	Name:	 	
		 	Title :	 	

  
 A-13 

 ACKNOWLEDGMENT 

The Company hereby acknowledges this Exercise Notice. 

 

					
	SCYNEXIS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 A-14Exhibit

8-K Exhibit 4.1

THIS FOURTEENTH SUPPLEMENTAL INDENTURE, dated as of June 1, 2016 (the “Supplemental Indenture”), is made by and between NORTHWESTERN CORPORATION (formerly known as NorthWestern Public Service Company), a corporation organized and existing under the laws of the State of Delaware (the “Company”), the post office address of which is 3010 West 69th Street, Sioux Falls, South Dakota 57108, and THE BANK OF NEW YORK MELLON (formerly known as The Bank of New York (successor to JPMorgan Chase Bank, N.A. (successor by merger to The Chase Manhattan Bank (National Association)))) (the “Trustee”), as Trustee under the General Mortgage Indenture and Deed of Trust dated as of August 1, 1993, hereinafter mentioned, the post office address of which is 101 Barclay Street, New York, New York 10286;
WHEREAS, the Company has heretofore executed and delivered its General Mortgage Indenture and Deed of Trust dated as of August 1, 1993 (the “Original Indenture”), to the Trustee, for the security of the Bonds of the Company issued and to be issued thereunder (the “Bonds”); and 
WHEREAS, the Company has heretofore executed and delivered to the Trustee thirteen indentures supplemental to the Original Indenture, the first dated as of August 15, 1993, the second dated as of August 1, 1995, each of the third, fourth and fifth dated as of September 1, 1995, the sixth dated as of February 1, 2003, the seventh dated as of November 1, 2004, the eighth dated as of May 1, 2008, the ninth dated as of May 1, 2010, the tenth dated as of August 1, 2012, the eleventh dated as of December 1, 2013, the twelfth dated as of December 1, 2014 and the thirteenth dated as of September 1, 2015 (the Original Indenture, as supplemented and amended by the aforementioned thirteen supplemental indentures and by this Supplemental Indenture, being hereinafter referred to as the “Indenture”); and 
WHEREAS, the Company desires to create a new series of Bonds to be issued under the Indenture, to be known as First Mortgage Bonds, 2.80% Series, due 2026 (the “First Mortgage Bonds of the 2.80% Series” or “First Mortgage Bonds”), which First Mortgage Bonds of the 2.80% Series are to be issued on the basis of Property Additions pursuant to Section 4.03 of the Indenture; and 
WHEREAS, the Company, in the exercise of the powers and authority conferred upon and reserved to it under the provisions of the Indenture, and pursuant to appropriate resolutions of the 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;
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
THAT the Company, in consideration of the acceptance or the purchase and ownership (as applicable) from time to time of the First Mortgage Bonds of the 2.80% Series and the service by the Trustee and its successors, under the Indenture and of One Dollar to it, duly paid by the Trustee at or before the ensealing and delivery of these presents, the receipt whereof is 

1

8-K Exhibit 4.1

hereby acknowledged, hereby covenants and agrees to and with the Trustee and its successors in the trust under the Indenture, for the benefit of those who shall hold the Bonds as follows:
ARTICLE I
DESCRIPTION OF FIRST MORTGAGE BONDS, 2.80% SERIES DUE 2026
Section 1.The Company hereby creates a new series of Bonds to be known as “First Mortgage Bonds, 2.80% Series due 2026.”  The First Mortgage Bonds of the 2.80% Series 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, as supplemented and modified.  The aggregate principal amount of First Mortgage Bonds of the 2.80% Series, which may be authenticated and delivered under the Indenture (except for First Mortgage Bonds of the 2.80% Series authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other First Mortgage Bonds of the 2.80% Series pursuant to the Indenture and except for First Mortgage Bonds of the 2.80% Series which, pursuant to the Indenture, are deemed never to have been authenticated and delivered under the Indenture) is limited to $60,000,000.00.  
The commencement of the first interest period for the First Mortgage Bonds of the 2.80% Series shall be June 15, 2016.  The First Mortgage Bonds of the 2.80% Series shall mature on June 15, 2026, and shall bear interest at the rate of 2.80% per annum, from June 15, 2016 or from the most recent date to which interest has been paid or duly provided for, payable semi-annually on the 15th day of December and the 15th day of June (each, an “Interest Payment Date”) in each year, commencing December 15, 2016.  Any interest on any First Mortgage Bond of the 2.80% Series which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such First Mortgage Bond of the 2.80% Series (or one or more Predecessor Bonds) is registered at the close of business on the May 31st or November 30th, as the case may be (whether or not a Business Day) next preceding such Interest Payment Date. The First Mortgage Bonds of the 2.80% Series shall bear interest at the Default Rate under the circumstances set forth in the form of such Bond set forth in Section 3 of this Article I.  
Section 2.The First Mortgage Bonds of the 2.80% Series shall be issued only as registered Bonds without coupons of the denomination of $1,000, or any integral multiple of $1 in excess of $1,000, appropriately numbered.  The First Mortgage Bonds of the 2.80% Series may be exchanged, upon surrender thereof, at the office or agency of the Company in the Borough of Manhattan, The City of New York, State of New York, for one or more First Mortgage Bonds of the 2.80% Series of other authorized denominations, for the same aggregate principal amount, subject to the terms and conditions set forth in the Indenture.
First Mortgage Bonds of the 2.80% Series may be exchanged or transferred without expense to the Holder thereof except that any taxes or other governmental charges required to be paid with respect to such transfer or exchange shall be paid by the Holder requesting such transfer or exchange as a condition precedent to the exercise of such privilege, other than exchanges pursuant to Section 3.04, 5.06 or 14.06 of the Indenture, not involving any transfer.
    

2

8-K Exhibit 4.1

The Trustee shall not register the transfer of any First Mortgage Bond of the 2.80% Series unless it receives a certificate in the form attached hereto as Appendix A.
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under applicable law or under this Supplemental Indenture with respect to any transfer of any interest in a First Mortgage Bond of the 2.80% Series other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
Section 3.The First Mortgage Bonds of the 2.80% Series and the Trustee’s Certificate of Authentication shall be substantially in the following forms respectively:

[Remainder of page Intentionally Blank]

3

8-K Exhibit 4.1

[FORM OF BOND OF THE 2.80% SERIES DUE 2026]

THIS FIRST MORTGAGE BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED OR PLEDGED UNLESS REGISTERED PURSUANT TO THE PROVISIONS OF SUCH ACT OR AN EXEMPTION THEREFROM IS AVAILABLE, EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH AN EXEMPTION IS REQUIRED BY LAW.
NORTHWESTERN CORPORATION
(Incorporated under the laws of the State of Delaware)
FIRST MORTGAGE BOND, 2.80% SERIES DUE 2026
	
		
	No. R-
$___________
	[Date]
PPN: 668074 F@1

For Value Received, the undersigned, NorthWestern Corporation (herein called the “Company,” which term shall include any Successor Corporation, as defined in the Indenture hereinafter referred to), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to [____________], or registered assigns, the principal sum of [_______] Dollars (or so much thereof as shall not have been redeemed) on June 15, 2026, with interest (computed on the basis of a 360-day year of twelve 30‐day months) (a) on the unpaid balance hereof at the rate of 2.80% per annum (“Interest Rate”) from June 15, 2016, or from the most recent date to which interest has been paid or duly provided for, payable semiannually, on the 15th day of June and December in each year, commencing December 15, 2016, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make‐Whole Amount, at a rate per annum from time to time equal to the greater of (i) Interest Rate plus 2% or (ii) 2% over the rate of interest publicly announced by The Bank of New York Mellon from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).  Reference is hereby made to the further provisions of this First Mortgage Bond set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
[FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION]
This is one of the First Mortgage Bonds of the series designated therein referred to in the within-mentioned Indenture and Supplemental Indenture dated as of June 1, 2016.

THE BANK OF NEW YORK MELLON,
AS TRUSTEE 

By _____________________________________
     Authorized Signatory 

4

8-K Exhibit 4.1

Payments of principal of, interest on and any Make-Whole Amount with respect to this First Mortgage Bond are to be made in lawful money of the United States of America at The Bank of New York Mellon in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this First Mortgage Bond.  Any interest on this First Mortgage Bond which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name this First Mortgage Bond (or one or more Predecessor Bonds) is registered at the close of business on the May 31st or November 30th, as the case may be (whether or not a Business Day) next preceding such Interest Payment Date.
This First Mortgage Bond is one of a series of First Mortgage Bonds, 2.80% Series due 2026 (herein called the “First Mortgage Bonds”) issued pursuant to the Fourteenth Supplemental Indenture dated as of June 1, 2016 (as from time to time amended, the “Supplemental Indenture”), between the Company and the Trustee named therein which amends and supplements the General Mortgage Indenture and Deed of Trust dated as of August 1, 1993, executed by the Company (under its then name, NorthWestern Public Service Company) to The Chase Manhattan Bank (National Association), the predecessor to The Bank of New York Mellon, as Trustee (the “Trustee”) (as amended and supplemented from time to time, 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 Holders of the Bonds and of the Trustee in respect thereof, 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 provided in the Indenture.  The First Mortgage Bonds are also entitled to the benefits thereof and the Bond Purchase Agreement dated as of June 15, 2016 between the Company and the purchasers (the "Purchasers") of the First Mortgage Bonds listed in Schedule A thereto (the “Bond Purchase Agreement”).  The Purchaser of this First Mortgage Bond will be deemed, by its acceptance hereof, to have made the representation set forth in Section 6.2 of the Bond Purchase Agreement.  Unless otherwise indicated, capitalized terms used in this First Mortgage Bond shall have the respective meanings ascribed to such terms in the Supplemental Indenture.
This First Mortgage Bond is a registered First Mortgage Bond and, as provided in Section 3.05 of the Indenture but subject to the provisions of the Supplemental Indenture, upon surrender of this First Mortgage Bond for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new First Mortgage Bond for a like principal amount will be issued to, and registered in the name of, the transferee.  The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this First Mortgage Bond is registered as the absolute owner hereof for the purpose of receiving payment and for all other purposes, and neither the Company, the Trustee nor any agent of the Company or the Trustee will be affected by any notice to the contrary.
This First Mortgage Bond is subject to optional redemption, in whole or from time to time in part, at the times and on the terms specified in the Supplemental Indenture, but not otherwise.

5

8-K Exhibit 4.1

If an Event of Default occurs and is continuing, the principal of this First Mortgage Bond may be declared or otherwise become due and payable in the manner and upon the conditions provided for in the Indenture, at the price equal to the outstanding principal amount thereof, together with interest accrued on such principal amount.  
This First Mortgage 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 form of certificate endorsed hereon shall have been signed by or on behalf of The Bank of New York Mellon, the Trustee under the Indenture, or a successor trustee thereto under the Indenture, or by an authenticating agent duly appointed by the Trustee in accordance with the terms of the Indenture.
IN WITNESSETH WHEREOF, NorthWestern Corporation has caused this First Mortgage Bond to be signed (manually or by facsimile signature) in its name by an Authorized Executive Officer, as defined in the Indenture, and its corporate seal (or a facsimile thereof) to be hereto affixed and attested (manually or by facsimile signature) by an Authorized Executive Officer, as defined in the Indenture.
Dated:
NORTHWESTERN CORPORATION

BY                         
Authorized Executive Officer

ATTEST:

By_________________________________
     Authorized Executive Officer

6

8-K Exhibit 4.1

ARTICLE II
ISSUE OF FIRST MORTGAGE BONDS OF THE 2.80% SERIES 
Section 1.The Company hereby exercises the right to obtain the authentication of $60,000,0000 principal amount of Bonds pursuant to the terms of Section 4.03 of the Indenture. All such Bonds shall be First Mortgage Bonds of the 2.80% Series.  
Section 2.Such First Mortgage Bonds may be authenticated and delivered prior to the filing for recordation of this Supplemental Indenture.
ARTICLE III
REDEMPTION 
Section 4.Whenever the Company shall propose to redeem less than all of the Outstanding First Mortgage Bonds of the 2.80% Series on any Redemption Date, the Bond Registrar, instead of selecting by lot, shall select the serial numbers of the First Mortgage Bonds of the 2.80% Series to be redeemed (in whole or in part) by prorating, as nearly as may be, the aggregate principal amount of the First Mortgage Bonds of the 2.80% Series to be redeemed among the Holders of the First Mortgage Bonds of the 2.80% Series according to the principal amount thereof registered in their respective names. In any such pro ration, the Bond Registrar shall make such adjustments, reallocations and eliminations as it shall deem proper to the end that the principal amount of the First Mortgage Bonds of the 2.80% Series so prorated to any Holder of the First Mortgage Bonds of the 2.80% Series shall be $1,000 or an integral multiple of $1 in excess thereof, by increasing or decreasing or eliminating the amount which would be allocable to any such Holder on the basis of exact proportion by an amount not exceeding $1. The Bond Registrar in its discretion may determine the particular First Mortgage Bonds of the 2.80% Series (if there are more than one) registered in the name of any Holder which are to be redeemed, in whole or in part.  In any determination by pro ration pursuant to this Section, First Mortgage Bonds of the 2.80% Series registered in the name of the Company shall not be considered Outstanding and shall be excluded in making the determination of the First Mortgage Bonds of the 2.80% Series to be redeemed.
Notice of redemption of any First Mortgage Bonds of the 2.80% Series shall be given as provided in Section 5.04 of the Original Indenture.  If given by mail, the mailing of such notice shall be a condition precedent to redemption, provided that any notice which is mailed in the manner provided in Section 5.04 of the Original Indenture shall be conclusively presumed to have been duly given whether or not the Holders receive such notice, and failure to give such notice by mail, or any defect in such notice, to the Holder of any such Bond designated for redemption in whole or in part shall not affect the validity of the redemption of any other such Bond.
Except for the determination of the serial numbers of the First Mortgage Bonds of the 2.80% Series to be redeemed (in whole or in part) by pro ration as provided in this Section when less than all of the First Mortgage Bonds of the 2.80% Series are to be redeemed on any Redemption Date and except for the changes in the giving of notice of redemption as provided in this Section, the procedures for redemption of the First Mortgage Bonds shall be as provided in Article Five of the Original Indenture.
    

7

8-K Exhibit 4.1

Section 2.    Maturity.  As provided therein, the entire unpaid principal balance of the First Mortgage Bonds of the 2.80% Series shall be due and payable on June 15, 2026.
Section 3.    Optional Redemption.  The Company may, at its option, upon notice as provided below, redeem at any time all, or from time to time any part of, the First Mortgage Bonds of the 2.80% Series in an amount not less than $1,000,000 in the case of a partial redemption, at (i) 100% of the principal amount so redeemed, and (ii) if the Redemption Date is earlier than March 15, 2026 the Make-Whole Amount determined for the redemption with respect to such principal amount.  The Company will give each holder of First Mortgage Bonds to be redeemed written notice of each optional redemption under this Section 3 not less than 30 days and not more than 60 days prior to the date fixed for such redemption.  Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the First Mortgage Bonds to be redeemed on such date, the principal amount of each First Mortgage Bond held by such Holder to be redeemed (determined in accordance with Article III Section 4), and the interest to be paid on the Redemption Date with respect to such principal amount being redeemed, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount, if any, due in connection with such redemption (calculated as if the date the Company provides notice of the redemption to the Trustee in accordance with Section 5.02 of the Original Indenture were the date of the redemption), setting forth the details of such computation.  Two Business Days prior to such Redemption Date, the Company shall deliver to the Trustee and to each Holder of First Mortgage Bonds to be redeemed a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount, if any, as of the specified Redemption Date.  The Trustee shall have no responsibility for any such calculation.
Section 4.    Allocation in the Event of Partial Redemption.  Subject to Article III, Section 1 above, in the case of each partial redemption of the First Mortgage Bonds of the 2.80% Series, the principal amount of the First Mortgage Bonds of the 2.80% Series to be redeemed shall be allocated among all of the First Mortgage Bonds of the 2.80% Series at the time Outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for redemption.
Section 5.    Maturity; Surrender, Etc.  In the case of each redemption of First Mortgage Bonds pursuant to this Article III, the principal amount of each First Mortgage Bond to be redeemed shall mature and become due and payable on the date fixed for such redemption (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any.  From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue.  Any First Mortgage Bond paid or redeemed in full shall be surrendered to the Trustee and cancelled and shall not be reissued, and no First Mortgage Bond shall be issued in lieu of any redeemed principal amount of any First Mortgage Bond.
Section 6.    Purchase of First Mortgage Bonds.  Notwithstanding anything contained herein or in the Original Indenture to the contrary, the Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the 

8

8-K Exhibit 4.1

Outstanding First Mortgage Bonds except (a) upon the payment or redemption of the First Mortgage Bonds in accordance with the terms of the Indenture or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the Holders of all First Mortgage Bonds at the time Outstanding upon the same terms and conditions.  Any such offer shall provide each Holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 15 Business Days.  If the Holders of more than 10% of the principal amount of the First Mortgage Bonds then Outstanding accept such offer, the Company shall promptly notify the remaining Holders of such fact and the expiration date for the acceptance by Holders of First Mortgage Bonds of such offer shall be extended by the number of days necessary to give each such remaining Holder at least 5 Business Days from its receipt of such notice to accept such offer.  The Company and the Trustee hereby agree that for each such Holder that accepts such offer, any consent given as a condition to acceptance of such offer by such Holder shall be void and of no force or effect except solely as to such Holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other Holders of First Mortgage Bonds that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such Holder.  The Company will promptly cancel all First Mortgage Bonds acquired by it or any Affiliate pursuant to any payment or redemption of First Mortgage Bonds pursuant to any provision of the Indenture and no First Mortgage Bonds may be issued in substitution or exchange for any such First Mortgage Bonds, except pursuant to Section 5.06 of the Original Indenture.
Section 7.    Make-Whole Amount.  
“Make-Whole Amount” means, with respect to any First Mortgage Bond, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such First Mortgage Bond over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero.  For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:
“Called Principal” means, with respect to any First Mortgage Bond, the principal of such First Mortgage Bond that is to be redeemed pursuant to Article III Section 3.
“Discounted Value” means, with respect to the Called Principal of any First Mortgage Bond, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on such First Mortgage Bonds is payable) equal to the Reinvestment Yield with respect to such Called Principal.
“Reinvestment Yield” means, with respect to the Called Principal of any First Mortgage Bond, .50% (50 basis points) over the yield to maturity implied by (i) the yields reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued 

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8-K Exhibit 4.1

actively traded on the run U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  
In the case of each determination under clause (i) or clause (ii), as the case may be, of the preceding paragraph, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the applicable U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the applicable U.S. Treasury security with the maturity closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable First Mortgage Bond.
“Remaining Average Life” means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.
“Remaining Scheduled Payments” means, with respect to the Called Principal of any First Mortgage Bond, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of such First Mortgage Bonds, then (solely for the purpose of determining the Remaining Scheduled Payments) the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Article III Section 3.
“Settlement Date” means, with respect to the Called Principal of any First Mortgage Bond, the date on which such Called Principal is to be redeemed pursuant to Article III Section 3.
Section 8.    No Surrender.  Notwithstanding the terms of Section 5.06 of the Original Indenture, the Holders shall not be required to surrender their First Mortgage Bonds in connection with a redemption under Section 5.06 of the Original Indenture as is contemplated by Article VI.

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8-K Exhibit 4.1

ARTICLE IV.
AMENDMENTS TO ORIGINAL INDENTURE
Section 1. Section 1.03 of the Original Indenture is amended by adding at the end thereof the following additional paragraph:
Notwithstanding anything herein to the contrary, with respect to each Net Earnings Certificate required at any time at which (a) any of the First Mortgage Bonds are Outstanding under this Indenture, and (b) any bonds are outstanding under the Company’s Mortgage and Deed of Trust, dated as of October 1, 1945 relating to the Company’s utility property in the states of Montana and Wyoming (the “Montana Mortgage”), the “Adjusted Net Earnings of the Company” shall be, and shall be stated in such Net Earnings Certificate to be, the lesser of (A) the amount (for the applicable period selected in accordance with paragraph (a) of this Section 1.03) determined in accordance with paragraph (a) of this Section 1.03 (and the other provisions of this Section 1.03 that are relevant to such paragraph) on the basis of (i) the items set forth in clauses (i) and (ii) of paragraph (a) of this Section 1.03 being such portions of such items of the Company as have been reasonably allocated by the Company to or from the Mortgaged Property as a plant or plants and an operating system or operating systems in a manner consistent with the manner of allocation utilized and/or to be utilized by the Company in making calculations of the “Adjusted Net Earnings of the Company” under and as defined in the Montana Mortgage, and (ii) the item set forth in clause (iv) of paragraph (a) of this Section 1.03 being calculated without regard to income derived by the Company from any electric and/or gas utility business of the Company in which the Mortgaged Property is not utilized (but otherwise in accordance this Section 1.03), and (B) the amount (for the applicable period selected in accordance with paragraph (a) of this Section 1.03) determined in accordance with paragraph (a) of this Section 1.03 (and the other provisions of this Section 1.03 that are relevant to such paragraph) without any allocation or distinction as to the derivation of the items set forth in any of the clauses of paragraph (a) of this Section 1.03, other than allocation or distinction between (i) the electric and/or gas utility business or businesses in which the Company is engaged (whether or not the Mortgaged Property is utilized in connection therewith), and (ii) the other business or businesses (if any) in which the Company is engaged (with such other business or businesses being given effect under the item set forth in clause (iv) of paragraph (a) of this Section 1.03).  Each such Net Earnings Certificate shall contain a statement of the signers of such Net Earnings Certificate that, in the opinion of such signers, the allocations made in the calculations of “Adjusted Net Earnings of the Company” as set forth in such Net Earnings Certificate are in accordance with the requirements of this final paragraph of this Section 1.03.
Section 2. Notwithstanding Section 1.16 of the Original Indenture, (x) in any case where any Interest Payment Date of any First Mortgage Bond shall not be a Business Day at any Place of Payment, then  subject to clause (y) payment of interest need not be made at such Place of Payment on such date but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date and, if such payment is made or duly provided for on such Business Day, no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date to such Business Day and (y) any payment of principal of or Make‐Whole Amount on any First Mortgage Bond

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8-K Exhibit 4.1

(including principal due on the Redemption Date or Stated Maturity of such First Mortgage Bond) and the accrued interest thereon that is due on a date that is not a Business Day  at any Place of Payment need not be made at such Place of Payment on such date but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the scheduled due date, except that the additional days elapsed shall be included in calculating the accrued interest due on such next succeeding Business Day.
ARTICLE V.
THE TRUSTEE 
The Trustee hereby accepts the trusts hereby declared and provided, and agrees to perform the same upon the terms and conditions in the Indenture set forth and upon the following terms and conditions:
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the due execution hereof by the Company 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 Eleven of the Indenture shall apply to this Supplemental Indenture with the same force and effect as if the same were herein set forth in full, with such omissions, variations and modifications thereof as may be appropriate to make the same conform to this Supplemental Indenture.
ARTICLE VI.
HOME OFFICE PAYMENT
So long as any Purchaser (as such term is defined in the Bond Purchase Agreement) or its nominee shall be the Holder of any First Mortgage Bond, and notwithstanding anything contained in the Indenture or in such First Mortgage Bond to the contrary, the Company will pay all sums becoming due on such First Mortgage Bond for principal, Make‐Whole Amount or premium, if any, and interest by the method and at the address specified for such purpose below such Holder’s name in Schedule A to the Bond Purchase Agreement dated as of June 15, 2016, or by such other method or at such other address as such Holder shall have from time to time specified to the Company and the Trustee in writing for such purpose, without the presentation or surrender of such First Mortgage Bond (notwithstanding the provisions of Section 5.06 of the Original Indenture) unless such Bond is to be paid or redeemed in full, in which case, as a condition to such payment, such Bond shall be presented and surrendered at the place of payment most recently designated by the Company pursuant to Section 3.05 of the Indenture.  Prior to any sale or other disposition of any First Mortgage Bond held by any such Holder, such Holder, by its acceptance of a First Mortgage Bond, agrees that it will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such First Mortgage Bond to the Trustee in exchange for a new First Mortgage Bond or First Mortgage Bonds of the 2.80% Series in a principal amount giving effect to such payments of principal and interest pursuant to Section 3.05 of the Indenture, and in either case shall promptly notify the Company and the Trustee of the name and address of the transferee of any such First Mortgage Bond so sold or disposed of.  The Trustee shall not be liable or responsible to any such Holder or transferee or to the Company or to any other Person for any act 

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or omission to act on the part of the Company or any such Holder in connection with this Article VI. The Company will indemnify and save the Trustee harmless against any liability resulting from any such act or omission and against any liability resulting from any action taken by the Trustee in accordance with this Article VI. The Company will afford the benefits of this Article VI to any Institutional Investor that is the direct or indirect transferee of any First Mortgage Bond purchased by any such Purchaser or its nominee and that has made the same agreement relating to such First Mortgage Bond as is contemplated by this Article VI.  
ARTICLE VII.
ADDITIONAL PROPERTY
The Company hereby confirms, acknowledges and states that the property described on Appendix B attached hereto is subject to the Lien of the Indenture pursuant to Granting Clause Second of the Original Indenture; and, for the avoidance of any doubt, the Company hereby grants, bargains, sells, conveys, assigns, transfers, mortgages, pledges, sets over and confirms to the Trustee, and grants to the Trustee a security interest in, all right, title and interest of the Company in and to such property, as security for the payment of the principal of, premium, if any, and interest, if any, on all Bonds issued under the Indenture and Outstanding (as defined in the Indenture), when payable in accordance with the provisions thereof, and as security for the performance by the Company of, and compliance by the Company with, the covenants and conditions of the Indenture, TO HAVE AND TO HOLD all such property on the same terms as all other property subject to the Lien of the Indenture.
ARTICLE VIII.
MISCELLANEOUS PROVISIONS 
Section 1.    Except as otherwise defined herein or below, all capitalized terms used in this Supplemental Indenture have the meanings stated in the Indenture.
“Default Rate” means that rate of interest per annum that is the greater of (i) 2% per annum above the rate of interest stated in clause (a) of the first paragraph of the First Mortgage Bond or (ii) 2% over the rate of interest publicly announced by The Bank of New York Mellon in New York, New York as its “base” or “prime” rate.
“Institutional Investor” means with respect to any First Mortgage Bonds of the 2.80% Series (a) any original purchaser of a First Mortgage Bond of the 2.80% Series, (b) any holder of a First Mortgage Bond of the 2.80% Series holding (together with one or more of its affiliates) more than 5% of the aggregate principal amount of the First Mortgage Bonds of the 2.80% Series then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any First Mortgage Bond of the 2.80% Series.
“Related Fund” means, with respect to any holder of any First Mortgage Bond of the 2.80% Series, any fund or entity that (i) invests in Securities or bank loans, and (ii) is advised or 

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8-K Exhibit 4.1

managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor.
 “Securities” or “Security” shall have the meaning specified in Section 2(1) of the Securities Act.
“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.
“Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.
Section 2.    This Supplemental Indenture may be simultaneously executed in any number of counterparts, each of which when so executed shall be deemed to be an original; but such counterparts shall together constitute but one and the same instrument.

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8-K Exhibit 4.1

IN WITNESS WHEREOF, said NorthWestern Corporation has caused this Supplemental Indenture to be executed on its behalf by an Authorized Executive Officer as defined in the Indenture, and its corporate seal to be hereunto affixed and said seal to be attested by an Authorized Executive Officer as defined in the Indenture; and The Bank of New York Mellon, in evidence of its acceptance of the trusts hereby created, has caused this Supplemental Indenture to be executed on its behalf by one of its Vice Presidents and its corporate seal to be hereunto affixed and said seal to be attested by one of its Vice Presidents; all as of the 15th day of June, 2016.

NORTHWESTERN CORPORATION

By  /s/ Brian Bird                                              
      Brian Bird
      Vice President and Chief Financial Officer

CORPORATE SEAL

ATTEST:

/s/ Timothy P. Olson                             
Timothy Olson
Corporate Secretary

                            

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8-K Exhibit 4.1

THE BANK OF NEW YORK MELLON

By  /s/ Francine Kincaid                           
      Francine Kincaid
      Vice President

CORPORATE SEAL

ATTEST:

/s/                                                                      
Vice President

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8-K Exhibit 4.1

STATE OF SOUTH DAKOTA     )
)SS.
COUNTY OF MINNEHAHA    )

BE IT REMEMBERED, that on this 9th day of June, 2016, before me, Nancy Thompson, a Notary Public within and for the County and State aforesaid, personally came Brian Bird, the Vice President and Chief Financial Officer of NorthWestern Corporation, a Delaware corporation, who is personally known to me to be such officer, and who is personally known to me to be the same person who executed as such officer the within instrument of writing, and such person duly acknowledged that he signed, sealed and delivered the said instrument as his free and voluntary act as such Vice President and Chief Financial Officer, and as the free and voluntary act of NorthWestern Corporation for the uses and purposes therein set forth.

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal on the day and year last above written.

(NOTARIAL SEAL)                    /s/ Nancy Thompson                          
Notary Public

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8-K Exhibit 4.1

STATE OF NEW YORK         )
)SS.
COUNTY OF NEW YORK        )

BE IT REMEMBERED, that on this 15th day of June, 2016, before me, Cristopher J. Traina, a Notary Public within and for the State aforesaid, personally came Francine Kincaid, a Vice President of The Bank of New York Mellon, a New York banking corporation, who is personally known to me to be such officer, and who is personally known to me to be the same person who executed as such officer the within instrument of writing, and such person duly acknowledged that she signed, sealed and delivered the said instrument as her free and voluntary act as such Vice President, and as the free and voluntary act of The Bank of New York Mellon for the uses and purposes therein set forth.

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal on the day and year last above written.

(NOTARIAL SEAL)                    /s/ Christopher J. Traina                                 
Notary Public

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8-K Exhibit 4.1

APPENDIX A
ASSIGNMENT CERTIFICATE
In connection with the undersigned’s assignment and transfer to the assignee identified below of that certain First Mortgage Bond of the 2.80% Series issued by the Company to the undersigned dated ________________:
Assignee’s social security or tax I.D. number: ___________________________
Assignee’s name: _____________________________
Assignee’s address and zip code: ___________________________
___________________________
___________________________
the undersigned hereby certifies that such First Mortgage Bond of the 2.80% Series is being transferred as specified below:
CHECK ONE
(1) ☐    to the Company or a Subsidiary thereof;
(2) ☐    pursuant to an effective registration statement under the Securities Act of 1933; or
(3) ☐    pursuant to an exemption from the registration requirements of the Securities Act of 1933. 
Unless one of items (1) through (3) above is checked, the Trustee or Bond Registrar will refuse to register the above-referenced First Mortgage Bond of the 2.80% Series in the name of any person other than the registered Holder thereof; provided, however, that if item (3) is checked, the Company may reasonably require, prior to the registration of any such transfer of the First Mortgage Bond of the 2.80% Series, additional information to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
If none of the foregoing items are checked, the Trustee or Bond Registrar shall not be obligated to register the First Mortgage Bond of the 2.80% Series in the name of any person other than the Holder thereof unless and until the conditions to any such transfer of registration set forth therein and in the Fourteenth Supplemental Indenture shall have been satisfied.
Signed:  ___________________________________
Name of Holder:____________________________
Name of Signatory:__________________________
Title of Signatory:___________________________
Dated:___________________

SIGNATURE GUARANTEE

_____________________________ 
APPENDIX B

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8-K Exhibit 4.1

The following properties, located in the following counties of the State of South Dakota, are subject to the Lien of the Indenture pursuant to Granting Clause Second of the Original Indenture:

SPINK COUINTY, SOUTH DAKOTA

NWE-ZELL TOWER ADDITION, as part of the Northeast Quarter (NE1/4) of Section Thirty-five (S35), Township One Hundred Seventeen North (T.117 N.), Range Sixty-six West (R.66 W.) of the Fifth (5th) Principal, Faulk County, South Dakota, containing 2.81 acres more or less. (Street Address: 37189 - 171st Street, Zell, SD 57469)

NWE DAKOTA ACCESS SUBSTATION ADDITION, A PART OF Masat Subdivision Lot One (1), situated in the South One half (S1/2) of the Southwest Quarter (SW1/4) of Section Seven (S7), Township One Hundred Fifteen North (T.115 N.), Range Sixty-three West (R.63 W.) of the Fifth (5th) Principal Meridian, Spink County, South Dakota, containing 2.22 acres more or less. (Street Address: 38816 - 180th Street, Tulare, SD 57476)

TURNER COUNTY, SOUTH DAKOTA

Lot Two (2) of Marion Industrial Park Addition, an Addition to the City of Marion, Turner County, South Dakota, ACCORDING TO THE RECORD PLAT THEREOF. Subject to easements, restrictions and reservation of record. (Street Address: 102 Broadway Circle, Marion, SD 57043)

CLARK COUNTY, SOUTH DAKOTA

NWE CLARK JCT. SUBSTATION SECTION ADDITION, a part of the Southeast Quarter (SE1/4) of the Southeast Quarter (SE1/4) of Section Thirty-six (S36), Township One Hundred Seventeen North (T.117 N.), Range Fifty-eight West (R.58 W.) of the Fifth (5th) Principal Meridian, Clark County, South Dakota, containing 3.67 acres more or less. (Street Address: 1606 - 427th Street, Clark, SD 57225)

LINCOLN COUNTY, SOUTH DAKOTA

Lot 17A, of the Plat of Lots 15A and 17A, Block 7, Reserve Addition to the City of Sioux Falls, Lincoln County, South Dakota, according to the record plat thereof. (Street Address: 3010 West 69th Street, Sioux Falls, SD 57108)

BEETHOVEN WIND PROJECT -- BON HOMME, CHARLES MIX, DOUGLAS & HUTCHINSON COUNTIES, SOUTH DAKOTA
The 80 MW wind generating facility located near Tripp, South Dakota, at the intersection of Hutchinson, Charles Mix, and Bon Homme Counties, approximately 115 km southwest of Sioux Falls, commonly known as the Beethoven Wind Farm, including the following lease and easement rights: 

TRACT 1

Wind Energy Lease and Wind Easement Agreement effective June 30, 2014, by and between Charlotte Cihak, a single person; Bradley Cihak, a single person; and Brittany Cihak, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective June 30, 2014 and recorded July 1, 2014 as Book ER10, Page 373, Official Public Records, Bon Homme County, South Dakota. First Amendment to Real Property Contracts Assignment and Assumption Agreement dated April 1, 2015, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded May 5, 2015 in Book M35, Page 314, Official Public Records, Bon Homme County, South Dakota.

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8-K Exhibit 4.1

TRACT 2

Wind Energy Lease and Wind Easement Agreement effective July 1, 2013, by and between Clearfield Hutterian Brethren, Inc., a South Dakota Domestic Nonprofit Corporation and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective July 1, 2013 and recorded November 7, 2013 as Book ER10, Page 272, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota.

TRACT 3

Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Darren M. Fechner and Heather J. Fechner, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded November 26, 2013 as Book ER10, Page 280, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota.
Wind Turbine Waiver Agreement executed between B & H Wind, LLC and Darren M. and Heather J. Fechner, husband and wife, dated September 12, 2014 & recorded September 24, 2014 at 10:30 am in Book M35, Page 210 of Misc. Records; as assigned by Second Amendment to Real Property Contracts Assignment and Assumption Agreement dated July 6, 2015 by and between B&H Wind, LLC, a South Dakota limited liability company and Beethoven Wind, LLC, a Delaware limited liability company recorded on July 24, 2015 in Book M35, Page 366, Bon Homme County, South Dakota.
TRACT 4
Transmission Easement Agreement effective November 21, 2013, by and between Ella Roth and Walter Roth, wife and husband and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Transmission Easement Agreement effective November 21, 2013 and recorded November 25, 2013 in Book ER10, Page 277, Official Public Records, Bon Homme County, South Dakota, and as amended by Amendment to Transmission Easement Agreement, effective March 28, 2014 and recorded June 17, 2015 in Book ER10, Page 420, Official Public Records, Bon Hornme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota.
TRACT 5
Wind Energy Lease and Wind Easement Agreement effective September 1, 2009, by and between Keith L. Frey and Betty L. Frey, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective September 1, 2009 and recorded May 5, 2011 as Book ER10, Page 89, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota.;
Wind Energy Lease and Wind Easement Agreement effective June 1, 2010, by and between Lester C. Frey, a single person; Keith Frey and Betty L. Frey, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective June 1, 2010 and recorded June 14, 2011 as Book ER10, Page 144, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota. Partial Release of Wind Energy Lease and Wind Easement Agreement dated June 19, 2015 by 

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8-K Exhibit 4.1

Beethoven Wind, LLC and recorded in Book ER10, Page 422, Official Public Records, Bon Homme County, South Dakota.
TRACT 6
Transmission. Easement Agreement effective November 20, 2013, by and between Carol Mae Slack, a life estate interest and Ronnie Buchholz, a life estate interest and Jeffrey D. Slack, as remainderman and Kristi L. Leisinger, as remainderman, as tenants in common and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Transmission Easement Agreement effective November 20, 2013 and recorded November 25, 2013 as Book ER10, Page 278, Official Public Records, Bon Homme County, South Dakota, and as amended by Amendment to Transmission Easement Agreement, dated March 30, 2014, evidenced by Memorandum of Transmission Easement Agreement, effective March 30, 2014, and recorded August 31, 2015, in Book ER10, Page 428, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota.
TRACT 7
Transmission Easement Agreement effective October 7, 2013, by and between Melvin L. Finck and Shirley M. Finek, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Transmission Easement Agreement effective October 7, 2013 and recorded November 26, 2013 as Book ER10, Page 279, Official Public Records, Bon Homme County, South Dakota. Amendment to Transmission Easement Agreement by and between Melvin L. Finck and Shirley M. Finck by and between Beethoven Wind, LLC, dated March 27, 2014 evidenced by a Memorandum of Amendment to Transmission Easement Agreement dated March 27, 2014 and recorded June 24, 2015 as Book ER10, Page 423, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota.
TRACT 8
Wind Energy Lease and Wind Easement Agreement dated March 1, 2011, by and between Michael J. Fechner and Lila Fechner, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded November 7, 2013 as Book ER10, Page 271, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota.
TRACT 9
Transmission Easement Agreement effective November 20, 2013, by and between Sherlyn S. Povondra and Dennis Povondra, wife and husband and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Transmission Easement Agreement effective November 20, 2013 and recorded November 22, 2013 as Book ER10, Page 274, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota. Amendment to Transmission Easement Agreement dated March 28, 2014 by Sherlyn S. Povondra and Dennis Povondra in favor of Beethoven Wind, LLC, as evidenced by Memorandum of Amendment to Transmission Easement Agreement, effective March 28, 2014, recorded June 24, 2015 in Book E10, Page 424, Official Public Records, Bon Homme County, South Dakota.

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8-K Exhibit 4.1

TRACT 10
Transmission Easement Agreement effective November 21, 2013, by and between Leroy Roth and Judy Roth, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Transmission Easement Agreement effective November 21, 2013 and recorded November 22, 2013 as Book ER10, Page 275, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota. Amendment to Transmission Easement Agreement dated March 28, 2014 evidenced by a Memorandum of Amendment to Transmission Easement Agreement dated March 28, 2014, recorded June 25, 2015 in Book ER10, Page 425, Register of Deeds, Bon Homme County, South Dakota.
TRACT 11
Transmission Easement Agreement effective November 21, 2013, by and between Walter Roth and Ella Roth, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Transmission Easement Agreement effective November 21, 2013 and recorded November 25, 2013 as Book ER10, Page 277, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota. Amendment to Transmission Easement Agreement by and between Ella Roth and B&H Wind, LLC dated March 28, 2014, recorded June 17, 2015 in  Book ER10, Page 421, Register of Deeds, Bon Homme County, South Dakota.
TRACT 12
Wind Energy Lease and Wind Easement Agreement effective February 1, 2011, by and between Arlo A. & Maydean Dewald and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective February 1, 2011 and recorded May 31, 2011 as Book ER10, Page 120, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota; Second Amendment to Real Property Contracts Assignment and Assumption Agreement dated July 6, 2015 by and between B&H Wind, LLC, a South Dakota limited liability company and Beethoven Wind, LLC, a Delaware limited liability company recorded on July 24, 2015 in Book M35, Page 366, Bon Homme County, South Dakota.
Transmission Easement Agreement effective April 26, 2014, by and between Arlo A. & Maydean M. Dewald, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Transmission Easement Agreement effective April, 26, 2014 and recorded April 28, 2014 as Book ER10, Page 305, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota.
TRACT 13
Wind Energy Lease and Wind Easement Agreement effective February 1, 2011, by and between Arlo A. & Maydean Dewald and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective February 1, 2011 and recorded May 31, 2011 as Book ER10, Page 120, Official Public Records, Bon Homme County, South Dakota. Real Property Contracts Assignment and Assumption dated August 19, 2014, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded September 9, 2014 in Book M35, Page 204, Official Public Records, Bon Homme County, South Dakota; Second Amendment to Real Property Contracts Assignment and Assumption Agreement effective July 6, 2015, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded July 24, 2015 in Book M35, Page 366, Official Public Records, Bon Homme County, South Dakota.

23

8-K Exhibit 4.1

Transmission Easement Agreement effective April 26, 2014, by and between Lennis & Judy Mehlhaff, husband and wife; and Arlo A. & Maydean M. Dewald, husband and wife, as seller in Contract for Deed and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Transmission Easement Agreement effective April 26, 2014 and recorded April 28, 2014 as Book ER10, Page 304, Official Public Records, Bon Homme County, South Dakota. First Amendment to Real Property Contracts Assignment and Assumption Agreement dated April 1, 2015, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded May 5, 2015 in Book M35, Page 314, Official Public Records, Bon Homme County, South Dakota.
TRACT 14
Wind Energy Lease and Wind Easement Agreement effective January 1, 2011, by and between Susanne M. Beesley and Billy P. Beesley, wife and husband, and Hannele Mueller, a single person, and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2011 and recorded May 18, 2011 as Book E8, Page 486, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 15
Wind Energy Lease and Wind Easement Agreement effective January 1, 2011, by and between Bietz Farms, a Partnership and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2011 and recorded April 14, 2011 as Book E8, Page 454, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 16
Wind Energy Lease and Wind Easement Agreement effective January 1, 2014, by and between Geraldine Brezina, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2014 and recorded March 17, 2014 as Book E9, Page 136, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 17
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Mary E. Castro, Trustee of the Mary E. Castro Revocable Trust and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wirid Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 18, 2011 as Book ES, Page 485, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 18
Wind Energy Lease and Wind Easement Agreement effective February 1, 2011, by and between Verletta H. Wittmeier, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective February 1, 2011 and recorded April 14, 2011 as Book ES, Page 453, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota. Second 

24

8-K Exhibit 4.1

Amendment to Real Property Contracts Assignment and Assumption Agreement dated July 10, 2015, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded July 21, 2015 in Book M29, Page 378, Register of Deeds, Hutchinson County, South Dakota.
Wind Energy Lease and Wind Easement Agreement effective February 1, 2011, by and between Luella W. Gaiser, a single person, and Steven A. Dewald and Marcia J. Dewald, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective February 1, 2011 and recorded July 20, 2012 as Book E8, Page 593, Register of Deeds, Hutchinson County, South Dakota Second Amendment to Real Property Contracts Assignment and Assumption Agreement dated July 10, 2015, by and between 13 & H Wind, LLC, and Beethoven Wind, LLC, recorded in Book M29, Page 378, Register of Deeds, Hutchinson County, South Dakota.
TRACT 19
Wind Energy Lease and Wind Easement Agreement effective June 1, 2011, by and between Betty J. Stoebner and Rick R. Stoebner, wife and husband, Barbara Goehring and Merlin J. Goehring, wife and husband, and Kay W. Reimnitz and Boyd A. Reimnitz, wife and husband and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective June 1, 2011 and recorded July 20, 2012 as Book E8, Page 594, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 20
Wind Energy Lease and Wind Easement Agreement dated June 1, 2011, by and between Kathleen K. Hahn and Lennis R. Hahn, wife and husband and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective June 1, 2011 and recorded August 30, 2012 as Book E8, Page 605, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement effective August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 21
Wind Energy Lease and Wind Easement Agreement effective October 1, 2013, by and between Robert J. Heisinger and Rachel Heisinger, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective October 1, 2013 and recorded November 7, 2013 as Book E9, Page 120, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 22
Wind Energy Lease and Wind Easement Agreement effective January 1, 2012, by and between Leroy H. Isaak Trust, Leroy H. Isaak as the Trustee and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2012 and recorded March 17, 2014 as Book E9, Page  135, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.

25

8-K Exhibit 4.1

TRACT 23
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Lehr Living Trust and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 18, 2011 as Book E8, Page 484, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts. Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 24
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Ronald L. Leischner and Elaine M. Leischner, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 18, 2011 as Book E8,  Page 487, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 25
Wind Energy Lease and Wind Easement Agreement effective January 1, 2014, by and between Henry J. Lippert and Sherry A. Lippert, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2014 and recorded March 17, 2014 as Book E9,  Page 134, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 26
Wind Energy Lease and Wind Easement Agreement effective January 1, 2014, by and between an undivided 1/3 interest in Timothy L. Maag and Peggy A. Maag, Trustees under the Timothy L. & Peggy A. Maag Revocable Trust established July 9, 2011; an undivided 1/3 interest in Donald D. Maag and Janice M. Maag, husband and wife; and an undivided 1/3 interest in Glenn E. Maag and Barb A. Maag, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2014 and recorded March 17, 2014 as Book E9, Page 137, Register of Deeds, Hutchinson County, South Dakota; as amended by First Amendment to Wind Energy and Wind Easement Agreement and Amendments to Memorandums of Wind Energy Lease and Wind Easement Agreement dated August 31, 2015 and recorded on September 10, 2015 in Book E9, Page 237, Register of Deeds, Hutchinson County, South Dakota. Partial Release by Quit Claim Deed, recorded March 20, 2014 in Book DK, Page 259, Register of Deeds, Hutchinson County, South Dakota, as corrected by that certain Correction Deed recorded September 9, 2015 as Book DL, Page 276, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book  M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 27
Wind Energy Lease and Wind Easement Agreement effective June 1, 2011, by and between Richard J. Mayer and Beth Mayer, as tenants in common, subject to a life estate in favor of Richard J. Mayer and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective June 1, 2011 and recorded July 20, 2012 as Book E8, Page 595, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by 

26

8-K Exhibit 4.1

and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 28
Wind Energy Lease and Wind Easement Agreement effective August 1, 2014, by and between Jarrod L. Nuss and Ronda G. Nuss, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective August 1, 2014 and recorded October 16, 2014 as Book E9, Page 175, Register of Deeds, Hutchinson County, South Dakota. First Amendment to Real Property Contracts Assignment and Assumption Agreement dated April 1, 2015, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded May 5, 2015 in Book M29, Page 330, Register of Deeds, Hutchinson County, South Dakota.
Wind Energy Lease and Wind Easement Agreement effective August 1, 2014, by and between Jarrod L. Nuss and Ronda G. Nuss, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind. Energy Lease and Wind Easement Agreement effective August 1, 2014 and recorded September 24, 2014 as Book 58,  Page 195, Register of Deeds, Charles Mix County, South Dakota. First Amendment to Real Property Contracts Assignment and Assumption Agreement dated April 1, 2015, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded May 5, 2015 in Book M29, Page 330, Register of Deeds, Charles Mix County, South Dakota. First Amendment to Real. Property Contracts Assignment and Assumption Agreement dated April 1, 2015, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded May 5, 2015 in Book 59, Page 95, Register of Deeds, Charles Mix County, South Dakota.
TRACT 29
Wind Energy Lease and Wind Easement Agreement effective January 1, 2014, by and between Dallas Olson Farms and Services LLC, a South Dakota limited liability company and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2014 and recorded March 13, 2014 as Book E9, Page 133, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 30
Wind Energy Lease and Wind Easement Agreement effective January 1, 2011, by and between Harvey Wormsbecher and Betty L. Wormsbecher, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2011 and recorded August 30, 2012 as Book E8, Page 607, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153,  Register of Deeds, Hutchinson County, South Dakota.
TRACT 31
Wind Energy Lease and Wind Easement Agreement effective June 1, 2011, by and between Emily J. Bickett and Lonny D. Bickett, wife and husband and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective June 1, 2011 and recorded July 20, 2012 as Book E8, Page  596, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.

27

8-K Exhibit 4.1

TRACT 32
Wind Energy Lease and Wind Easement Agreement effective October 1, 2013, by and between Bietz Farms, a Partnership and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective October 1, 2013 and recorded November 7, 2013 as Book E9, Page 119, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 33
Wind Energy Lease and Wind Easement Agreement effective July 1, 2013, by and between Clearfield Hutterian Brethren, Inc., a South Dakota domestic nonprofit corporation and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective July 1, 2013 and recorded November 7, 2013 as Book E9, Page 118, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.

TRACT 34
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Michael J. Fechner and Lila Fechner, husband and wife, and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 11, 2011 as Book E8, Page  458, Register of Deeds, Hutchinson County, South Dakota. B & H Wind, LLC conveys and quit claims its interest in and to the South 16 acres of the W1/2SW1/4-33-97-61 to Michael J. Fechner and Lila Fechner, husband and wife, pursuant to Quitclaim Deed dated February 28, 2014, and recorded April 8, 2014 in Book DK, page 292. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
Wind Energy Lease and Wind Easement Agreement effective March 1, 2014, by and between Michael J. Fechner and Lila Fechner, husband and wife, and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2014 and recorded April 8, 2014 as Book E9, Page 139, Register of Deeds, Hutchinson County, South Dakota. Second Amendment to Real Property Contracts Assignment and Assumption Agreement dated July 10, 2015, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded in Book M29, Page 378, Register of Deeds, Hutchinson County, South Dakota.
TRACT 35
Wind Energy Lease and Wind Easement Agreement effective October 1, 2013, by and between Robert J. Heisinger and Rachel Heisinger, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective October 1, 2013 and recorded November 7, 2013 as Book E9, Page 120, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
Transmission Easement Agreement effective November 6, 2013, by and between Robert J. Heisinger and Rachel Heisinger, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by 

28

8-K Exhibit 4.1

Memorandum of Wind Energy Lease and Wind Easement Agreement effective November 6, 2013 and recorded November 7, 2013 as Book E9, Page 121, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota. Amendment to Transmission Easement Agreement dated March 27, 2014 as evidenced of record by that certain Memorandum of Amendment to Transmission Easement Agreement dated March 27, 2014 and recorded on June 24, 2015 in Book E9, Page 222, Register of Deeds, Hutchinson County, South Dakota.
TRACT 36
Wind Energy Lease and Wind Easement Agreement effective June 1, 2011, by and Leroy A. Hieb Revocable Living Trust, Leroy A. Hieb and Ruby D. Hieb, as Trustees and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective June 1, 2011 and recorded July 20, 2012 as Book E8, Page 596, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 37
Wind Energy Lease and Wind Easement Agreement effective February 1, 2011, by and Donald D. Hight and Cindy Jo Hight, husband and wife; and Lester Frey, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective February 1, 2011 and recorded April 14, 2011 as Book E8, Page 455, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 38
Wind Energy Lease and Wind Easement Agreement effective January 1, 2011, by and between David C. Mogck and Candyce S. Mogck, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2011 and recorded April 14, 2011 as Book E8, Page 449, Register of Deeds, Hutchinson County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 39
Wind Energy Lease and Wind Easement Agreement effective November 1, 2011, by and between Lloyd Petzoldt, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective November 1, 2011 and recorded August 30, 2012 as Book E8, Page 606, Register of Deeds, Hutchinson County, South Dakota. Quit Claim Deed dated February 28, 2014, whereby the East 700 feet of the South 775 feet of the PANE1/4-33-97-61 is released from said Easement, as recorded in Book DK, page 260 on March 20, 2014. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 9, 2014 in Book M29, page 153, Register of Deeds, Hutchinson County, South Dakota.
TRACT 40
Wind Energy Lease and Wind Easement Agreement effective January 1, 2011, by and between Rodger L. Brandt and Sandy A. Brandt, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2011 and recorded May 

29

8-K Exhibit 4.1

18, 2011 as Book 55,  Page 82, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 41
Wind Energy Lease and Wind Easement Agreement effective July 1, 2013, by and between Clearfield Hutterian Brethren, Inc., a South Dakota domestic nonprofit corporation and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective July 1, 2013 and recorded November 26, 2013 as Book 57, Page 231, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 42
Wind Energy Lease and Wind Easement Agreement effective January 1, 2011, by and between Keith L. Frey and Betty L. Frey, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2011 and recorded July 24, 2012 as Book 56, Page  205, Official Public Records, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 43
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Allen Friederich, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 18, 2011 as Book 55, Page 85, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 44
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Allen Friederich, a single person, Jerry Friederich and Karen Friederich, husband and wife, Barbara Janis, a single person, Randy Friederich and Joleyn Friederich, husband and wife, Denis Friederich and Lorrie Friederich, husband and wife, as tenants in common, subject to a Life Estate of Bertha Friederich, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded July 24, 2012 as Book 56, Page 207 Official Public Records, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 45
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Sheldon K. Friederich and Gail M. Friederich, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 18, 2011 as Book 55,  Page 86, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and 

30

8-K Exhibit 4.1

Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 46
Wind Energy Lease and Wind Easement Agreement effective June 1, 2011, by and between Kathleen K. Hahn and Lennis R. Hahn, wife and husband and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective June 1, 2011 and recorded August 30, 2012 as Book 56,  Page 248, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 47
Wind Energy Lease and Wind Easement Agreement effective January 1, 2012, by and between Leroy FL Isaak Trust, Leroy H. Isaak as the Trustee and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2012 and recorded March 12, 2014 as Book 58, Page 60, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 48
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between David G. Potas and Sean F. Potas, Trustees of the David G. Potas Revocable Trust dated June 13, 2000 and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 18, 2011 as Book 55, Page 80, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 49
Wind Energy Lease and Wind Easement Agreement effective June 1, 2011, by and between Betty J. Stoebner and Rick R. Stoebner, wife and husband, Barbara Goehring and Merlin J. Goehring, wife and husband, and Kay W. Reimnitz and Boyd A. Reimnitz, wife and husband and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement dated June 1, 2011 and recorded July 24, 2012 as Book 56, Page 210, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 50
Wind Energy Lease and Wind Easement Agreement effective June 1, 2011, by and between Dennis Bitterman, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective June 1, 2011 and recorded July 24, 2012 as Book 56, Page 206, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota; and the Second Amendment to Real Property Contracts Assignment and Assumption Agreement by and between B & H Wind, LLC 

31

8-K Exhibit 4.1

and Beethoven Wind, LLC, recorded on July 24, 2015 in Book 59, page 162, Register of Deeds, Charles Mix County, South Dakota.
TRACT 51
Wind Easement and Setback Waiver effective August 15, 2014, by and between Freier Farms, Inc., a South Dakota corporation and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Easement and Setback Waiver effective August 15, 2014 and recorded September 4, 2014 as Book 58, Page 180, Register of Deeds, Charles Mix County, South Dakota. First Amendment to Real Property Contracts Assignment and Assumption Agreement dated April 1, 2015, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded May 5, 2015 in Book 59, Page 95, Register of Deeds, Charles Mix County, South Dakota.
TRACT 52
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Douglas R. Freier, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 18, 2011 as Book 55, Page 78, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 53
Wind Energy Lease and Wind Easement Agreement effective January 1, 2014, by and between Glenn R. Hartman and Marilyn J. Martman, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2014 and recorded February 21, 2014 as Book  58, Page 26, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 54
Wind Energy Lease and Wind Easement Agreement effective January 1, 2014, by and between Myron L. Kraft and Janet L. Kraft, as Co-Trustees of The Myron L. Kraft and Janet L. Kraft Joint Revocable Living Trust and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2014 and recorded March 12, 2014 as Book 58, Page 59, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 55
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Ronald L. Leischner and Elaine M. Leischner, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 18, 2011 as Book 55, Page 81, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.

32

8-K Exhibit 4.1

TRACT 56
Wind Energy Lease and Wind Easement Agreement effective January 1, 2014, by and between undivided 1/3 interest vested in Timothy L. Maag and Peggy A. Maag, Trustees under the Timothy L. & Peggy A. Maag Revocable Trust established July 9, 2011; undivided 1/3 interest vested in Donald D. Maag and Janice M. Maag, husband and wife; undivided 1/3 interest vested in Glenn E. Maag and Barb A. Maag, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2014 and recorded March 12, 2014 as Book 58, Page 61, Register of Deeds, Charles Mix County, South Dakota; as amended by First Amendment to Wind Energy and Wind Easement Agreement and Amendments to Memorandums of Wind Energy Lease and Wind Easement Agreement dated August 31, 2015 and recorded on September 10, 2015 in Book 59, Page 191, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 57
Wind Energy Lease and Wind Easement Agreement effective February 1, 2011, by and between Brian Mogck and Denise Mogck, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective February 1, 2011, and recorded July 24, 2012 as Book 56, Page 209, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 58
Wind Energy Lease and Wind Easement Agreement effective January 1, 2014, by and between Henry J. Peters and Lorraine E. Peters, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2014 and recorded February 21, 2014 as Book 58,  Page 27, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 59
Wind Energy Lease and Wind Easement Agreement effective January 1, 2014, by and between Steve Peters and Carolyn F. Peters, husband and wife and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective January 1, 2014 and recorded February 21, 2014 as Book 58,  Page 28, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 60
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between David G. Potas and Sean F. Potas, Trustees of the Sean F. Potas Revocable Trust dated June 13, 2000 and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 18, 2011 as Book 55, Page 79, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.

33

8-K Exhibit 4.1

TRACT 61
Wind Energy Lease and Wind Easement Agreement effective June 1, 2011, by and between Barry D. Schmidt and Debra A. Schmidt, husband and wife, Thomas A. Schmidt and Connie J. Schmidt, husband and wife, Amy L. Wonnenberg and Dan Wonnenberg, wife and husband, as tenants in common, Subject to the life estate of Delores M. Schmidt and Maynard W. Schmidt, husband and wife, and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective June 1, 2011 and recorded July 24, 2012 as Book 56, Page 208, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 62
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Jason M. Streyle, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March 1, 2011 and recorded May 18, 2011 as Book 55, Page 83, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota;
Wind Energy Lease and Wind Easement Agreement effective March 1, 2011, by and between Jason M. Streyle, a single person, James M. Streyle and Jalynne M. Streyle, husband and wife, and Denise M. Mostek and Scott A. Mostek, wife and husband, as tenants in common and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective March. 1, 2011 and recorded May 18, 2011 as Book 55, Page 84, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 63
Wind Energy Lease and Wind Easement Agreement effective July 1, 2013, by and between Clearfield Hutterian Brethren, Inc., a South Dakota domestic nonprofit corporation and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective July 1, 2013 and recorded November 26, 2013 as Book 57, Page 231, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 64
Wind Energy Lease and Wind Easement Agreement effective October 1, 2013, by and between John R. Erck, a single person and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective October 1, 2013 and recorded November 26, 2013 as Book 57, Page 229, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 65
Wind Energy Lease and Wind Easement Agreement effective October 1, 2013, by and between Cindy Jo Hight and Donald D. Hight, wife and husband and B & H Wind, LLC, a South Dakota limited liability company, as evidenced by Memorandum of Wind Energy Lease and Wind Easement Agreement effective October 1, 2013 and recorded 

34

8-K Exhibit 4.1

November 26, 2013 as Book 57, Page 230, Register of Deeds, Charles Mix County, South Dakota. Real Property Contracts Assignment and Assumption Agreement dated August 19, 2014 by and between B & H Wind, LLC and Beethoven Wind, LLC, recorded on September 4, 2014 in Book 58, page 183, Register of Deeds, Charles Mix County, South Dakota.
TRACT 66
Wind Easement and Setback Waiver effective August 15, 2014, by and between Marvin D. Lau and Alma J. Lau, Trustees of the Marvin D. & Alma J. Lau Family Trust, an undivided one-half interest, and Gregg T. Ehresmann, Trustee of the Lester C. Ehresmann Revocable Living Trust Agreement effective May 4, 1996,an undivided one-half interest (together with their successors, assigns and heirs) and 13 & H Wind, LLC, a South Dakota limited liability company, recorded September 24, 2014 as Book 58, Page 196, Register of Deeds, Charles Mix County, South Dakota. First Amendment to Wind Easement and Setback Waiver dated July 30, 2015 by and between an undivided one-half interest: Marvin D. Lau and Alam J. Lau, trustees of the Marvin D. & Alma J. Lau Family Trust, and an undivided one-half interest: Gregg R. Ehresmann, trustee of the Lester C. Ehresmann Revocable Living Trust Agreement dated May 4, 1996 and Beethoven Wind, LLC (as successor in interest to B&H Wind, LLC recorded on August 31, 2015 in Book 59, Page 185, Register of Deeds, Charles Mix County, South Dakota. First Amendment to Real Property Contracts Assignment and Assumption Agreement dated April 1, 2015, by and between B & H Wind, LLC, and Beethoven Wind, LLC, recorded May 5, 2015 in Book 59, Page 95, Register of Deeds, Charles Mix County, South Dakota.
TRACT 67
Setback Waiver Agreement dated September 14, 2015 by and between Pleasant View Cemetery Association and Beethoven Wind, LLC, as evidenced by Memorandum of Setback Waiver effective September 14, 2015 and recorded September 16, 2015 in Book M29, Page 411, Hutchinson County, South Dakota
The foregoing interests encumber the following real property: 
TRACT 1
The South Half of the Southwest Quarter (S1/2SW1/4) of Section Eight (8) in Township Ninety-six (96) North of Range Sixty (60) West of the 5th P.M., in Bon Homme County, South Dakota, excepting highways.
TRACT 2
The West Half of the West Half of the Northeast Fractional Quarter (W1/2W1/2NEfr1/4) of Section Five (5) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
The Southeast Quarter of the Southwest Quarter (SE1/4SW1/4) including Lot Twelve (12) of the Southeast Quarter of the Southwest Quarter (SE1/4SW1/4) all in Section Five (5) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota, excepting highways.
Government Lots Three (3), Four (4) and Five (5) of Section Five (5) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
Government Lot Six (6) including Lot A of Lot Six (6) all in Section Five (5) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
The Northeast Quarter of the Northwest Quarter (NE1/4NW1/4) and the Southeast Quarter of the Northwest Quarter (SE1/4NW1/4) of Section Eight (8) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.

35

8-K Exhibit 4.1

Government Lot One (1) also described as Northwest Quarter of the Northwest Quarter (NW1/4NW1/4) of Section Eight (8) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
TRACT 3
The North Half of the North Half of the Northeast Quarter (N1/2N1/2NE1/4) of Section Four (4) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M. in Bon Homme County, South Dakota.
TRACT 4
The West Half of the Southeast Quarter (W1/2SE1/4) of Section Eleven (11) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
TRACT 5
PARCEL 1:
The Northwest Fractional Quarter (NWfr1/4) described as Lots Three (3) and Four (4) and the South Half of the Northwest Quarter (S1/2NW1/4) of Section Four (4) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota, excepting highways.
PARCEL 2:
The Southwest Quarter (SW1/4) of Section Four (4) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota, excepting highways.
PARCEL 3:
The Southeast Quarter (SE1/4) of Section Four (4) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
PARCEL 4:
The East Half of the Northeast Fractional Quarter (E1/2NEfr1/4) of Section Five (5) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5d1 P.M., in Bon Homme County, South Dakota.
PARCEL 5:
The East Half of the West Half of the Northeast Fractional Quarter (E1/2W1/2NEfrl/4) of Section Five (5) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
PARCEL 6:
The Southeast Quarter (SE1/4) of Section Five (5) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota, excepting highways.
TRACT 6
The Southwest Fractional Quarter (SWfrl/4) of Section Seven (7) in Township Ninety-six (96) North of Range Sixty (60) West of the 5th P.M., in Bon Homme County, South Dakota.

36

8-K Exhibit 4.1

TRACT 7
The South Half of the Southeast Quarter (S1/2SE1/4) of Section Seven (7) in Township Ninety-six (96) North of Range Sixty (60) West of the 5th P.M., in Bon Homme County, South Dakota, excepting highways.
TRACT 8
The West Half of the Northwest Fractional Quarter (W1/2NWfrl/4) of Section Three (3) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M. in Bon Homme County, South Dakota.
The Northeast Fractional Quarter (NEfr1/4) excepting the North Half of the North Half of the Northeast Quarter (N1/2N1/2NE1/4) of Section Four (4) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M. in Bon Homme County, South Dakota.
TRACT 9
The Southwest Quarter (SW1/4) of Section Three (3) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
TRACT 10
The West Half of the Northwest Quarter (W1/2NW1/4) including vacated highway ROW of Section Ten (10) of Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
TRACT 11
PARCEL 1:
The Southwest Quarter (SW1/4) including the Thirty-three Feet (33') vacated ROW of Section Ten (10) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
PARCEL 2:
The Southeast Quarter (SE1/4) of Section Ten (10) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
TRACT 12
PARCEL 1:
INTENTIONALLY DELETED.
PARCEL 2:
The Southwest Quarter (SW1/4) of Section Eleven (11) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
PARCEL 3:
The East Half of the Southeast Quarter (E1/2SE1/4) of Section Eleven (11) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota, excepting Cemetery.

37

8-K Exhibit 4.1

PARCEL 4:
The East Half of the Southwest Quarter (E1/2SW1/4) of Section Twelve (12) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
PARCEL 5:
The Southeast Quarter (SE1/4) of Section Twelve (12) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
TRACT 13
Parcel 1:
The Southwest Quarter of the Southwest Quarter (SW1/4SW1/4) of Section Twelve (12) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota.
Parcel 2:
The East Half of the Southeast Quarter (E1/2SE1/4) of Section Eleven (11) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota, excepting Cemetery.
Parcel 3:
The Southeast Quarter of the Northeast Quarter (SE1/4NE1/4) of Section Fourteen (14) in Township Ninety-six (96) North of Range Sixty-one (61) West of the 5th P.M., in Bon Homme County, South Dakota, excepting highways.
TRACT 14
The Northeast Quarter (NE1/4) Section Twenty-Nine (29), Township Ninety-seven (97) North, Range Sixty- one (61), West of the 5th P.M. Hutchinson County, South Dakota.
Except:
Mueller Tracts One (1) and Two (2) in Section Twenty-Nine (29), Township Ninety-seven (97) North, Range Sixty-one (61), West of the 5th P.M. Hutchinson County, South Dakota.
TRACT 15
The SW'/4 and the SE'/4 of Section 22; AND
The NW'/4 of Section 27;
ALL BEING IN Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 16
The S1/2NE1/4 of Section 22, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 17
The NW1/4 of Section 22, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.

38

8-K Exhibit 4.1

TRACT 18
Parcel 1:
The E1/2 of SE1/4 of Section 21, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
Parcel 2:
The W1/2 of SE1/4 of Section 21, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 19
The N1/2NW1/4 and Government Lots 1 and 2, of Section 29, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 20
Platted Lot 2B in Section 32, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 21
The NE1/4 and SE1/4 of Section 27, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 22
Lot 1 and Lot 2A of Section 32, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 23
All that real property located in Hutchinson County, South Dakota, described as follows:
The Northeast Quarter (NE1/4) of Section Twenty-One (21), Township Ninety-Seven North (97N), Range Sixty-One (61), West of the 5th P.M., and the Southwest Quarter (SW1/4) of the Southwest Quarter (SW1/4) of Section Sixteen (16), Township Ninety-Seven North (97N), Range Sixty-One (61), West of the 5th P.M., all in the County of Hutchinson, State of South Dakota;
And
The Southwest Quarter (SW1/4) of Section Twenty One (21), Township Ninety-Seven North (97N), Range Sixty-One (61), West of the 5th P.M., in the County of Hutchinson, State of South Dakota;
And
The Northwest Quarter (NW1/4) of Section Twenty-One (21), Township Ninety-Seven North (97N), Range Sixty-One (61), West of the 5th P.M., in the County of Hutchinson, State of South Dakota;
Except
Tract A in the Northeast Quarter (NE1/4) of Section Twenty-One (21), in Township Ninety-Seven North (97N), Range Sixty-One (61), West of the 5th P.M

39

8-K Exhibit 4.1

TRACT 24
Government Lots 1, 2 and 3, in Section 30, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 25
The N1/2NE1/4 of Section 22, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 26

All that real property located in the County of Hutchinson, in the State of South Dakota, described as follows:
Lot 3, 4 and 5, of Section 29, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota, containing 67.87 acres more or less.
Less and except the following:
The south 575 feet of the Southeast Quarter (SE1/4) of Section Twenty-Nine (29), Township Ninety-Seven (97), North Range Sixty-one (61), West of the 5th P.M., containing 3.40 acres more or less
TRACT 27
Mueller's Tracts 1 and 2 in the NE1/4 of Section 29, Township 97 North, Range 61 West 511, P.M., in Hutchinson County, South Dakota.
TRACT 28
The Southwest fractional Quarter (SW1/4) (also described as Government Lot 1, and the Northwest Quarter of the Southwest Quarter, and the East Half of the Southwest Quarter) of Section 28, Township 97 North, Range 61 West 5th P.M., in Hutchinson and Charles Mix County, South Dakota.
TRACT 29
The S1/2NW1/4 of Section 28, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 30
All that real property located in Hutchinson County, South Dakota, described as follows:
The North Half of the Northwest Quarter (N1/2NW1/4) of Section Twenty Eight (28), Township Ninety-Seven (97) North, Range 61 West 5th P.M less and except the following tract:
Beginning at the North East corner of the North West Quarter of Section Twenty Eight (28) of Township Ninety Seven (97) North, of Range Sixty One (61) West, thence west along the section line sixteen (16) rods, thence south twenty (20) rods, thence east sixteen (16) rods to the east line of said quarter section, thence north along said line twenty (20) rods to the place of beginning.
TRACT 31
The W1/2NW1/4 of Section 33, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.

40

8-K Exhibit 4.1

TRACT 32
The S1/2SW1/4 of Section 27;
AND
The NE1/4,  the NW1/4, and the SW1/4 of Section 34; 
ALL BEING IN Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 33
The E1/2SW1/4 of Section 33, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 34
As to Wind Energy Lease and Wind Easement Agreement effective March 1, 2011: The West Half of the Southwest Quarter (W1/2SW1/4) of Section Thirty-Three (33), Township Ninety-Seven (97) North, Range Sixty-One (61) West, 5th P.M., in Hutchinson County South Dakota, except the South 16 acres of the West Half of the Southwest Quarter (W1/2SW1/4) of Section Thirty-Three (33), Township Ninety-Seven (97) North, Range Sixty-One (61), West 5th P.M., in Hutchinson County, South Dakota.
As to Wind Energy Lease and Wind Easement Agreement effective March 1, 2014: The South 16 acres of the West Half of the Southwest Quarter (W1/4SW1/4) of Section Thirty-Three (33), Township Ninety-Seven (97) North, Range Sixty-One (61), West 5th P.M., in Hutchinson County, South Dakota.
TRACT 35
The SE1/4 of Section 33, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 36
The E1/2NW1/4 of Section 33, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 37
Government Lots 3 and 4 and the E1/2SE1/4 of Section 32, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 38
The W1/2NE1/4 of Section 33, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota.
TRACT 39
The E1/2NE1/4 of Section 33, Township 97 North, Range 61 West 5th P.M., in Hutchinson County, South Dakota, less and except the east 700 feet of the south 775 feet of the East Half of the Northeast Quarter (E1/2 NE1/4) of Section Thirty-three (33), Township Ninety-seven (97) North, Range Sixty-one (61) West of the 5th P.M., Hutchinson County, South Dakota.

41

8-K Exhibit 4.1

TRACT 40
Parcel 1:
The south one-half of the southwest quarter (S1/2SW1/4), Section twenty-nine (29), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
Parcel 2:
The west one-half of the southwest quarter (W1/2SW1/4), the northeast quarter of the southwest quarter (NE1/4SW1/4) and Lot five (5), Section thirty-two (32), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 41
Parcel 1:
The southwest quarter of the southwest quarter (SW1/4SW1/4), Section one (1), Township ninety-six (96) North, Range sixty-two (62) West of the Fifth Principal Meridian;
Parcel 2:
Lots three (3) and four (4), the south one-half of the northwest quarter (S1/2NW1/4) and the northwest quarter of the southwest quarter (NW1/4SW1/4), less 1 square acre of land in the extreme northwest corner of the NW1/4NW1/4 or Lot 4, Section One (1), Township ninety-six (96) North, Range sixty-two (62) West of the Fifth Principal Meridian;
also described as
The northwest quarter (NW1/4) and the northwest quarter of the southwest quarter (NW1/4SW1/4), less 1 square acre of land in the extreme northwest corner of the NW1/4NW1/4 or Lot 4, Section one (1), Township ninety-six (96) North, Range sixty-two (62) West of the Fifth Principal Meridian; all in Charles Mix County, South Dakota.
TRACT 42
Parcel 1:
The west one-half of the northwest quarter (W1/2NW1/4), the northeast quarter of the northwest quarter (NE1/4NW1/4), and Lot six (6), Section thirty-two (32), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
Parcel 2:
Northeast Quarter (NE1/4) of Section One (1), Township Ninety-Six (96) North, Range Sixty-Two (62), West of the 5th P.M., Charles Mix County, South Dakota, also described as Lots 1 and 2 and the South Half of the Northeast Quarter (S1/2 NE 1/4) of Section One (1), Township Ninety-Six (96) North, Range Sixty-Two (62), West of the 5th P.M., Charles Mix County, South Dakota.
TRACT 43
Parcel 1:
The east one-half of the northeast quarter (E1/2NE1/4), Section thirty-one (31), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian;

42

8-K Exhibit 4.1

Parcel 2:
Lot three (3), Section thirty-one (31), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian; also described as The northwest quarter of the southwest quarter (NW1/4SW1/4), Section thirty-one (31), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 3:
Lot four (4) and the southeast quarter of the southwest quarter (SE1/4SW1/4), Section thirty-one (31), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 4:
The north one-half of the southeast quarter (N1/2SE1/4), Section thirty-one (31), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 5:
The northeast quarter of the southwest quarter (NE1/4SW1/4), Section thirty-one (31), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 6:
The south one-half of the southeast quarter (S1/2SE1/4), Section thirty-one (31), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian;
all in Charles Mix County, South Dakota.
TRACT 44
Lots one (1) and two (2), the southwest quarter of the northeast quarter (SW1/4NE1/4) and the west one-half of the southeast quarter (W1/2SE1/4), Section six (6), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 45
The west one-half of the northeast quarter (W1/2NE1/4), Section thirty-one (31), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 46
The northwest quarter of the northeast quarter (NW1/4NE1/4), less the west 10 acres thereof, and Lot 7-A, less the west 10 acres thereof, all in Section thirty-two (32), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 47
Lot eight (8) and Lot 7-B, Section thirty-two (32), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.

43

8-K Exhibit 4.1

TRACT 48
Parcel 1:
Lots three (3), four (4), five (5) and the southeast quarter of the northwest quarter (SE1/4NW1/4), Section six (6), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
Parcel 2:
Lots six {6) and seven (7) and the east one-half of the southwest quarter (E1/2SW1/4), Section six (6), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
Parcel 3:
The southwest quarter of the southwest quarter (SW1/4SW1/4), Section thirty-six (36), Township ninety-seven (97) North, Range sixty-two (62) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 49
The southeast quarter of the northwest quarter (SE1/4NW1/4), the west ten acres (W-10 A) of the northwest quarter of the northeast quarter (NW1/4NE1/4), and the west ten acres (W-10 A) of Lot 7-A, all in Section thirty-two (32), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 50
Parcel 1
Lot one (1) and the southeast quarter of the northeast quarter (SE1/4NE1/4), Section twenty-five (25), Township ninety-seven (97) North, Range sixty-two (62) West of the Fifth Principal Meridian;
also described as
The east one-half of the northeast quarter (E1/2NE1/4), Section twenty-five (25), Township ninety-seven (97) North, Range sixty-two (62) West of the Fifth Principal Meridian;
Parcel 2:
The west one-half of the northeast quarter (W1/2NE1/4), Section twenty-five (25), Township ninety-seven (97) North, Range sixty-two (62) West of the Fifth Principal Meridian;
Parcel 3:
Lot eight (8) and the southeast quarter of the northwest quarter (SE1/4NW1/4), Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian;
also described as:
The south one-half of the northwest quarter (S1/2NW1/4), Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian;
all in Charles Mix County, South Dakota.

44

8-K Exhibit 4.1

TRACT 51
The south one-half of the northeast quarter (S1/2NE1/4), Section thirty-six (36), Township ninety-seven (97) North, Range sixty two (62) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 52
The north one-half of the northeast quarter (N1/2NE1/4), Section thirty-six (36), Township ninety-seven (97) North, Range sixty-two (62) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 53
The southeast quarter (SE1/4) and the east one-half of the southwest quarter (E1/2SW1/4), Section one (1), Township ninety-six (96) North, Range sixty-two (62) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
TRACT 54
Parcel 1:
Lot nine (9) of Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
also described as
The northwest quarter of the southwest quarter (NW1/4SW1/4) of Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
Parcel 2:
Lot ten (10), Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
also described as
The southwest quarter of the southwest quarter (SW1/4SW1/4) of Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 55
Lots four (4) and five (5), except the south 20 acres of Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 56
Lot Six (6), Seven (7) and the Southwest Quarter of the Southeast Quarter (SW1/4SE1/4) of Section twenty-nine (29), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota containing 100 acres more or less, subject to easements and restrictions of record.
Less and except the following:
The South 584.83 feet of the Southeast Quarter (SE1/4) of Section Twenty-Nine (29), Township Ninety-Seven (97), North Range Sixty-One (61) West, of the 5`11 P.M., less the West 2227 feet of the Southeast Quarter (SE1/4) of Section Twenty-Nine (29), Township Ninety-Seven (97), North Range Sixty-One (61) West, of the 51" P.M., containing 2.75 acres more or less.

45

8-K Exhibit 4.1

TRACT 57
Parcel 1:
The east one-half of the southwest quarter (E1/2SW1/4), Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
Parcel 2:
The northeast quarter of the southeast quarter (NE1/4SE1/4) and the south ten acres (S 10 acres) of Lot four (4), Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 58
Parcel 1:
The east one-half of the northwest quarter (E1/2NW1/4), Section thirty-one (31), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
Parcel 2:
The south one-half of the northwest quarter (S1/2NW1/4), Section thirty-six (36), Township ninety-seven (97) North, Range sixty-two (62) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 59
Lots one (1) and (2), Section thirty-one (31), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 60
The southeast quarter (SE1/4), Section thirty-six (36), Township ninety-seven (97) North, Range sixty-two (62) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 61
The northwest quarter of the southeast quarter (NW1/4 SE1/4) and the south ten acres (S-10 A) of Lot five (5), Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 62
Parcel 1
The southeast quarter of the southeast quarter (SE1/4SE1/4), Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 2:
The southwest quarter of the southeast quarter (SW1/4SE1/4), Section thirty (30), Township ninety-seven (97) North, Range sixty-one (61) West of the Fifth Principal Meridian;
all in Charles Mix County, South Dakota.

46

8-K Exhibit 4.1

TRACT 63
Parcel 1:
The east one-half of the southwest quarter (E1/2SW1/4), Section twelve (12), Township ninety-six (96) North, Range sixty-two (62) West of the Fifth Principal Meridian;
Parcel 2:
The northeast quarter (NE1/4), Section twelve (12), Township ninety-six (96) North, Range sixty-two (62) West of the Fifth Principal Meridian;
Parcel 3:
The northwest quarter (NW1/4), Section twelve (12), Township ninety-six (96) North, Range sixty-two (62) West of the Fifth Principal Meridian;
Parcel 4:
The southeast quarter (SE1/4), Section twelve (12), Township ninety-six (96) North, Range sixty-two (62) West of the Fifth Principal Meridian;
Parcel 5:
The west one-half of the southeast quarter (W1/2SE1/4), Section thirteen (13), Township ninety-six (96) North, Range sixty-two (62) West of the Fifth Principal Meridian;
Parcel 6:
The northwest quarter (NW1/4), Section thirteen (13), Township ninety-six (96) North, Range sixty-two (62) West of the Fifth Principal Meridian;
Parcel 7:
Lots eight (8) and eleven (11) and the southwest quarter of the northwest quarter (SW1/4NW1/4), Section five (5), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 8:
Lots nine (9) and ten (10), Section five (5), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 9:
Lot seven (7), Section five (5), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 10:
The southeast quarter of the southeast quarter (SE1/4SE1/4), Section six (6), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian;

47

8-K Exhibit 4.1

Parcel 11:
Lot seven (7), Section seven (7), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 12:
Lot two (2), Section eight (8), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 13:
The southeast quarter of the northeast quarter (SE1/4NE1/4) and the northeast quarter of the southeast quarter (NE1/4SE1/4), Section six (6), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 14:
The northwest quarter of the northeast quarter (NW1/4NE1/4) and the northeast quarter of the northwest quarter (NE1/4NW1/4), Section seven (7), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian;
Parcel 15: See Tract 41
Parcel 16: 
See Tract 41
Parcel 17:
The northwest quarter of the northeast quarter (NW1/4NE1/4) and the west eighty (W-80) rods of Lot seven (7), less Clearfield Tract 1, Section eighteen (18), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota (approximately 68 acres).
All in Charles Mix County, South Dakota.
TRACT 64
Lot six (6) and the southwest quarter of the northeast quarter (SW1/4NE1/4), and Lot nine (9) and the southeast quarter of the northwest quarter (SE1/4NW1/4), Section seven (7), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.
TRACT 65
Lot eight (8), Section seven (7), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota;
TRACT 66
Lots ten (10) and eleven (11), the east one-half of the southwest quarter (E1/2SW1/4), Lots four (4) and five (5) and the west one-half of the southeast quarter (W1/2SE1/4), Section seven (7), Township ninety-six (96) North, Range sixty-one (61) West of the Fifth Principal Meridian, Charles Mix County, South Dakota.

48

8-K Exhibit 4.1

TRACT 67
All that real property located in Hutchinson County, South Dakota, described as follows:
That part of the North Half of the Northwest Quarter (N1/2NW1/4) of Section Twenty Eight (28), in Township Ninety-Seven (97) North, Range Sixty One (61) West of the 5th P.M., described as follows:
Beginning at the North East corner of the North West Quarter of Section Twenty Eight (28) of Township Ninety Seven (97) North, of Range Sixty One (61) West, thence west along the section line sixteen (16) rods, thence south twenty (20) rods, thence east sixteen (16) rods to the east line of said quarter section, thence north along said line twenty (20) rods to the place of beginning. Containing two (2) acres of land. Said parcel to be used by Pleasant View Cemetery Association for a public cemetery.

49

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