Document:

EX-4.02

 Exhibit 4.02 

Execution Version 

SUPPLEMENTAL INDENTURE 

(First Mortgage Bonds) 

SOUTHWESTERN PUBLIC SERVICE COMPANY 

TO 
 U.S. BANK TRUST
COMPANY, NATIONAL ASSOCIATION 
 (successor to U.S. Bank National Association), 

as Trustee 
  

 
 This
Instrument Grants A Security Interest By A Utility. 
 This Instrument Contains After-Acquired Property Provisions.

 The following addresses for the parties to this Supplemental Indenture No. 9 are set out in Section 108 of the Indenture hereinafter
referred to: 
  

			
	Trustee:	  	Company:
		
	U.S. Bank Trust Company, National Association	  	Southwestern Public Service Company
	(successor to U.S. Bank National Association)	  	790 South Buchanan
	 U.S. Bank Corporate Trust Services
 60
Livingston Avenue, EP-MN-WS3C
 St. Paul, MN 55107-2292

Facsimile No. 651-495-8097

Attention: Joshua A. Hahn
	  	Amarillo, Texas 79101

  
  

Supplemental Indenture No. 9 

Dated as of May 1, 2022 

Supplemental to the Indenture 

dated as of August 1, 2011 

Filed as Texas Utility Security Instrument File No. 11-0022610194 

as supplemented by Supplemental Indentures filed with the Texas Secretary of State 

Filed with New Mexico Secretary of State on August 2, 2011, as Public Utility Filing No. 599, 

as supplemented by Supplemental Indentures filed with the New Mexico Secretary of State 

 
  

Establishing the Securities of Series No. 9, 

Designated 5.15% First Mortgage Bonds, Series No. 9 due 2052 

 SUPPLEMENTAL INDENTURE NO. 9, dated as of May 1, 2022 between
SOUTHWESTERN PUBLIC SERVICE COMPANY, a corporation duly organized and existing under the laws of the State of New Mexico (hereinafter sometimes called the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
a national banking association, as trustee (as successor to U.S. Bank National Association) (hereinafter sometimes called the “Trustee”) under the Indenture, dated as of August 1, 2011 (hereinafter called the “Original
Indenture”), as previously supplemented and as further supplemented by this Supplemental Indenture No. 9. The Original Indenture and any and all indentures and all other instruments supplemental thereto are hereinafter sometimes
collectively called the “Indenture.” U.S. Bank National Association, a national banking association, the original Trustee, is also executing this Supplemental Indenture solely for the purpose of Article Two. 

Recitals of the Company 

The Original Indenture was authorized, executed and delivered by the Company to provide for the issuance from time to time of its Securities
(such term and all other capitalized terms used herein without definition having the meanings assigned to them in the Original Indenture), to be issued in one or more series as contemplated therein, and to provide security for the payment of the
principal of and premium, if any, and interest, if any, on the Securities. The Original Indenture has been filed in the office of the Secretary of State of the State of New Mexico and in the office of the Secretary of State of the State of Texas,
and notices with respect to such filings have been recorded in each county in New Mexico and each county in Texas in which the Company owns real property that is used or intended to be used in or in connection with the Electric Utility Business, as
more fully set forth in Schedule A hereto. 
 The Company has heretofore executed and delivered to the Trustee the Supplemental
Indentures referred to in Schedule B hereto for the purpose of establishing a series of securities. 
 The Company desires to
establish a new series of Securities to be designated “5.15% First Mortgage Bonds, Series No. 9 due 2052,” such series of Securities to be hereinafter sometimes called “Series No. 9.” 

The Company has duly authorized the execution and delivery of this Supplemental Indenture No. 9 to establish the Securities of Series
No. 9 and has duly authorized the issuance of such Securities; and all acts necessary to make this Supplemental Indenture No. 9 a valid agreement of the Company, and to make the Securities of Series No. 9 valid obligations of the
Company, have been performed. 
 Granting Clauses 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE NO. 9 WITNESSETH, that, in consideration of the premises and of the
purchase of the Securities by the Holders thereof, and in order to secure the payment of the principal of and premium, if any, and interest, if any, on all Securities from time to time Outstanding and the performance of the covenants contained
therein and in the Indenture and to declare the terms and conditions on 

  
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which such Securities are secured, the Company hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, pledges, sets over and confirms to the Trustee, and grants to the
Trustee a security interest in and lien on, the following: 
 Granting Clause First 

All right, title and interest of the Company, as of the date of the execution and delivery of this Supplemental Indenture No. 9, in and
to all property (other than Excepted Property), real, personal and mixed, located in the State of Texas or in the State of New Mexico and used or intended to be used in or in connection with the Electric Utility Business (whether or not such use is
the sole use of such property), including all right, title and interest of the Company in and to the following property (other than Excepted Property) so located and so used or intended to be so used: (a) all real property owned in fee,
easements, servitudes, rights of way and other rights and interests in or relating to real property used or intended to be used in or in connection with the Electric Utility Business or relating to the occupancy or use of such real property,
including but not limited to that described in Schedule C hereto, provided that the Lien hereof shall not extend to or encumber the fee owner’s interest in any land or interest in land in which the Company holds only a
leasehold interest; (b) all plants, generators, turbines, engines, boilers, fuel handling and transportation facilities, air and water pollution control and sewage and solid waste disposal facilities, whether or not control or disposal of such
substances is the exclusive function or purpose of such facilities, and other machinery and facilities for the generation of electric energy; (c) all switchyards, lines, towers, substations, transformers and other machinery and facilities for
the transmission of electric energy; (d) all lines, poles, conduits, conductors, meters, regulators and other machinery and facilities for the distribution of electric energy; (e) all buildings, offices, warehouses and other structures
used or intended to be used in or in connection with the Electric Utility Business; (f) all pipes, cables, insulators, ducts, tools, computers and other data processing and/or storage equipment and other equipment, apparatus and facilities used
or intended to be used in or in connection with the Electric Utility Business; (g) any or all of the foregoing properties in the process of construction; and (h) all other property, of whatever kind and nature, ancillary to or otherwise
used or intended to be used in conjunction with any or all of the foregoing or otherwise, directly or indirectly, in furtherance of the Electric Utility Business; 

Granting Clause Second 

Subject to the applicable exceptions permitted by Section 709(d), Section 1203 and Section 1205 of the Original Indenture, all
right, title and interest of the Company in and to all property (other than Excepted Property) of the kind and nature described in Granting Clause First which may be hereafter acquired by the Company, it being the intention of the Company that all
such property acquired by the Company after the date of the execution and delivery of this Supplemental Indenture No. 9 shall be as fully embraced within and subjected to the Lien hereof as if such property were owned by the Company as of the
date of the execution and delivery of this Supplemental Indenture No. 9; 

  
 3 

 Granting Clause Third 

All other property of whatever kind and nature subjected or required to be subjected to the Lien of the Indenture by any of the provisions
thereof; 
 Excepted Property 

Expressly excepting and excluding, however, from the Lien and operation of the Indenture all Excepted Property of the Company, whether now
owned or hereafter acquired; 
 TO HAVE AND TO HOLD all such property, real, personal and mixed, unto the Trustee, its successors in
trust and their assigns forever; 
 SUBJECT, HOWEVER, to (a) Existing Liens, (b) Acquisition Liens, (c) Retained
Interests and (d) any other Permitted Liens; 
 IN TRUST, NEVERTHELESS, for the equal and ratable benefit and security of the
Holders from time to time of all Outstanding Securities without any priority of any such Security over any other such Security; 

PROVIDED, HOWEVER, that the right, title and interest of the Trustee in and to the Mortgaged Property shall cease, terminate and become
void in accordance with, and subject to the conditions set forth in, Article Eight of the Original Indenture; otherwise the Indenture, and the estate and rights thereby granted shall be and remain in full force and effect; and 

THE PARTIES HEREBY FURTHER COVENANT AND AGREE as follows: 

ARTICLE ONE 
 Securities
of Series No. 9 
 There are hereby established the Securities of Series No. 9, which shall have the terms and characteristics
set forth below (the lettered subdivisions set forth below corresponding to the lettered subdivisions of Section 301 of the Original Indenture): 

(a)    the title of the Securities of Series No. 9 shall be “5.15% First Mortgage Bonds, Series No. 9 due
2052”; 
 (b)    the Securities of Series No. 9 shall initially be authenticated and delivered in the
aggregate principal amount of $200,000,000. The Securities of Series No. 9 may be reopened and additional Securities of Series No. 9 may be issued in excess of the amount initially authenticated and delivered, provided that such additional
Securities of Series No. 9 will contain the same terms (including the Stated Maturity and interest payment terms), except for the public offering price, the issue date and, if applicable, the first interest accrual and payment dates, as the
other Securities of Series No. 9. Any such additional Securities of Series No. 9, together with the Securities of Series No. 9 initially authenticated, shall constitute a single series for purposes of the Indenture and shall be
limited to an aggregate principal amount of $800,000,000; 

  
 4 

 (c)    interest on the Securities of Series No. 9 shall be payable
to the Persons in whose names such Securities (or one or more Predecessor Securities) are registered at the close of business on the Regular Record Date for such interest, except as otherwise expressly provided in the form of such Securities
attached as Exhibit A hereto; 
 (d)    the principal of the Securities of Series No. 9 shall be payable on
June 1, 2052, the Stated Maturity for Series No. 9; 
 (e)    the Securities of Series No. 9 shall bear
interest at a rate of 5.15% per annum; interest shall accrue on the Securities of Series No. 9 from May 31, 2022 or the most recent date to which interest has been paid or duly provided for; the Interest Payment Dates for such Securities
shall be June 1 and December 1 in each year, commencing December 1, 2022 and the Regular Record Dates with respect to the Interest Payment Dates for such Securities shall be May 15 and November 15 in each year, respectively
(whether or not a Business Day); 
 (f)    the Corporate Trust Office of U.S. Bank Trust Company, National Association
in New York, New York shall be the place at which (i) the principal of, premium, if any, and interest, if any, on the Securities of Series No. 9 shall be payable, (ii) registration of transfer of such Securities may be effected,
(iii) exchanges of such Securities may be effected and (iv) notices and demands to or upon the Company in respect of such Securities and the Indenture may be served; and U.S. Bank Trust Company, National Association shall be the Security
Registrar for such Securities; provided, however, that the Company reserves the right to change, by one or more Officer’s Certificates, any such place or the Security Registrar; and provided, further, that the Company reserves the right to
designate, by one or more Officer’s Certificates, its office in Minneapolis, Minnesota as any such place or itself as the Security Registrar; 

(g)    the Securities of Series No. 9 shall be redeemable at the option of the Company at any time prior to their
maturity at the redemption prices and in accordance with the notice requirements specified in the form of such Securities attached as Exhibit A hereto; 

(h)    not applicable; 

(i)    the Securities of Series No. 9 shall be issuable in denominations of $2,000 and integral multiples of $1,000
in excess thereof; 
 (j)    not applicable; 

(k)    not applicable; 

(l)    not applicable; 

(m)    not applicable; 

  
 5 

 (n)    not applicable; 

(o)    not applicable; 

(p)    not applicable; 

(q)    the Securities of Series No. 9 are to be initially registered in the name of Cede & Co., as nominee
for The Depository Trust Company (the “Depositary”). Such Securities shall not be transferable or exchangeable, nor shall any purported transfer be registered, except as follows: 

 

	 	(i)	 such Securities may be transferred in whole, and appropriate registration of transfer effected, if such
transfer is by such nominee to the Depositary, or by the Depositary to another nominee thereof, or by any nominee of the Depositary to any other nominee thereof, or by the Depositary or any nominee thereof to any successor securities depositary or
any nominee thereof; and 

  

	 	(ii)	 such Securities may be exchanged for definitive Securities registered in the respective names of the beneficial
holders thereof, and thereafter shall be transferable without restriction, if: 

  

	 	(A)	 the Depositary, or any successor securities depositary, shall have notified the Company and the Trustee that it
is unwilling or unable to continue to act as securities depositary with respect to such Securities or the Depositary has ceased to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and the Trustee shall not have
been notified by the Company within ninety (90) days of the identity of a successor securities depositary with respect to such Securities; or 

  

	 	(B)	 the Company shall have delivered to the Trustee a Company Order to the effect that such Securities shall be so
exchangeable on and after a date specified therein; or 

  

	 	(C)	 (1) an Event of Default shall have occurred and be continuing, (2) the Trustee shall have given notice of
such Event of Default pursuant to Section 1002 of the Original Indenture and (3) there shall have been delivered to the Company and the Trustee an Opinion of Counsel to the effect that the interests of the beneficial owners of such
Securities in respect thereof will be materially impaired unless such owners become Holders of definitive Securities; 

(r)    not applicable; 

(s)    no service charge shall be made for the registration of transfer or exchange of the Securities of Series
No. 9; provided, however, that the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the exchange or transfer; 

  
 6 

 (t)    not applicable; and 

 

	 	(u)	 (i) If the Company shall have caused the Company’s indebtedness in respect of any Securities of Series
No. 9 to have been satisfied and discharged prior to the Maturity of such Securities, as provided in Section 801 of the Original Indenture, the Company shall, promptly after the date of such satisfaction and discharge, give a notice to
each Person who was a Holder of any of such Securities on such date stating (A)(1) the aggregate principal amount of such Securities and (2) the aggregate amount of any money (other than amounts, if any, deposited in respect of accrued
interest on such Securities) and the aggregate principal amount of, the rate or rates of interest on, and the aggregate fair market value of, any Eligible Obligations deposited pursuant to Section 801 of the Original Indenture with respect to
such Securities and (B) that the Company will provide (and the Company shall promptly so provide) to such Person, or any beneficial owner of such Securities holding through such Person (upon written request to the Company sent to an address
specified in such notice), such other information as such Person or beneficial owner, as the case may be, reasonably may request in order to enable it to determine the federal income tax consequences to it resulting from the satisfaction and
discharge of the Company’s indebtedness in respect of such Securities. Thereafter, the Company shall, within forty-five (45) days after the end of each calendar year, give to each Person who at any time during such calendar year was a
Holder of such Securities a notice containing (X) such information as may be necessary to enable such Person to report its income, gain or loss for federal income tax purposes with respect to such Securities or the assets held on deposit in
respect thereof during such calendar year or the portion thereof during which such Person was a Holder of such Securities, as the case may be (such information to be set forth for such calendar year as a whole and for each month during such year)
and (Y) a statement to the effect that the Company will provide (and the Company shall promptly so provide) to such Person, or any beneficial owner of such Securities holding through such Person (upon written request to the Company sent to an
address specified in such notice), such other information as such Person or beneficial owner, as the case may be, reasonably may request in order to enable it to determine its income, gain or loss for federal income tax purposes with respect to such
Securities or such assets for such year or portion thereof, as the case may be. The obligation of the Company to provide or cause to be provided information for purposes of income tax reporting by any Person as described in the first two sentences
of this paragraph shall be deemed to have been satisfied to the extent that the Company has provided or caused to be provided substantially comparable information pursuant to any requirements of the Internal Revenue Code of 1986, as amended from
time to time (the “Code”) and United States Treasury regulations thereunder. 

  

	 	(ii)	 Notwithstanding the provisions of subparagraph (i) above, the Company shall not be required to give any
notice specified in such subparagraph or to otherwise furnish any of the information contemplated therein if the Company shall have 

  
 7 

	 	
delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize income, gain or loss for federal income tax purposes as a result of the
satisfaction and discharge of the Company’s indebtedness in respect of such Securities and such Holders will be subject to federal income taxation on the same amounts and in the same manner and at the same times as if such satisfaction and
discharge had not occurred. 

  

	 	(iii)	 Anything in this clause (u) to the contrary notwithstanding, the Company shall not be required to give any
notice specified in subparagraph (i) or to otherwise furnish the information contemplated therein or to deliver any Opinion of Counsel contemplated by subparagraph (ii) if the Company shall have caused Securities of Series No. 9 to be
deemed to have been paid for purposes of the Indenture, as provided in Section 801 of the Original Indenture, but shall not have effected the satisfaction and discharge of its indebtedness in respect of such Securities pursuant to such Section.

 The Securities of Series No. 9 shall be substantially in the form attached hereto as Exhibit A and shall have
such further terms as are set forth in such form. 
 ARTICLE TWO 

Succession of Trustee 

U.S. Bank National Association, a national banking association (“USB”), and U.S. Bank Trust Company, National Association, a
national banking association (“USBTC”), hereby confirm that USB has contributed, assigned, transferred and conveyed to USBTC, all rights, title and interests of USB in, to and under the Indenture and has transferred, assigned and
conveyed to USBTC the obligations of USB thereunder, and USBTC has accepted the same and agreed to undertake, perform and discharge such obligations, in each case effective as of January 28, 2022. Accordingly, USBTC is the Trustee under the
Indenture effective as of January 28, 2022. The Company is hereby authorized to execute and file such instruments and notices as may be reasonably necessary or desirable to record the foregoing. 

ARTICLE THREE 

Miscellaneous Provisions 

This Supplemental Indenture No. 9 is a supplement to the Original Indenture. As previously supplemented and further supplemented by this
Supplemental Indenture No. 9, the Original Indenture is in all respects ratified, approved and confirmed, and the Original Indenture, all previous supplements thereto and this Supplemental Indenture No. 9 shall together constitute one and
the same instrument. 
 If any provision of this Supplemental Indenture No. 9 limits, qualifies or conflicts with the duties imposed by
any of Sections 310 to 317, inclusive, of the Trust Indenture Act through operation of Section 318(c), such imposed duties shall control. 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture
No. 9 to be duly executed as of the day and year first above written. 
  

			
	 SOUTHWESTERN PUBLIC SERVICE

COMPANY

		
	By:	 	 /s/ Paul A. Johnson

		 	Name: Paul A. Johnson
		 	Its: Vice President and Treasurer

  

					
	STATE OF MINNESOTA	  	)	  	
		  	) ss.	  	
	COUNTY OF SCOTT	  	)	  	

 This instrument was acknowledged before me on the 24 day of May, 2022, by Paul A. Johnson, the Vice President and
Treasurer of Southwestern Public Service Company, a New Mexico corporation, on behalf of said corporation. 
  

	
	 /s/ Kristin Lynn Westlund

	Name: Kristin Lynn Westlund
	Notary Public, State of Minnesota
	My commission expires: January 31, 2026

 (Seal, if any) 

 
			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, Trustee
		
	By:	 	 /s/ Joshua A. Hahn

		 	Name: Joshua A. Hahn
		 	Its: Vice President

  

					
	STATE OF MINNESOTA	  	)	  	
		  	) ss.	  	
	COUNTY OF RAMSEY	  	)	  	

 This instrument was acknowledged before me on the 24th day of May 2022, by Joshua A. Hahn, a Vice
President of U.S. Bank Trust Company, National Association, a national banking association, on behalf of said national banking association. 
  

	
	 /s/ Kristi M. Pardee

	Name: Kristi M. Pardee
	Notary Public, State of Minnesota
	My commission expires: January 31, 2026

 (Seal, if any) 

  

			
	Solely for purposes of Article Two:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Joshua A. Hahn

		 	Name: Joshua A. Hahn
		 	Its: Vice President

  

					
	STATE OF MINNESOTA	  	)	  	
		  	) ss.	  	
	COUNTY OF RAMSEY	  	)	  	

 This instrument was acknowledged before me on the 24th day of May 2022, by Joshua A. Hahn, a Vice
President of U.S. Bank National Association, a national banking association, on behalf of said national banking association. 
  

	
	 /s/ Kristi M. Pardee

	Name: Kristi M. Pardee
	Notary Public, State of Minnesota
	My commission expires: January 31, 2026

 (Seal, if any) 

 EXHIBIT A 

FORM OF SECURITY 
 (See
legend at the end of this Security for 
 restrictions on transfer) 

SOUTHWESTERN PUBLIC SERVICE COMPANY 

5.15% First Mortgage Bond, Series No. 9 due 2052 
  

							
		 	 Original Interest Accrual Date:
	  	[                ]	  	
		 	 Interest Rate:
	  	5.15% per annum	  	
		 	 Stated Maturity:
	  	June 1, 2052	  	
		 	 Interest Payment Dates:
	  	June 1 and December 1	  	
		 	 Regular Record Dates:
	  	May 15 and November 15	  	
		 	 CUSIP No.:
	  	845743 BW2	  	

 This Security is not a Discount Security 

within the meaning of the within-mentioned Indenture 
  

 
  

					
	 Principal Amount
	  	 	  	 Registered No.

			
	 $
	  		  	

 SOUTHWESTERN PUBLIC SERVICE COMPANY, a corporation duly organized and existing under the laws of the State of
New Mexico (herein called the “Company,” which term includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to , or registered assigns, the principal sum of Dollars on the
Stated Maturity specified above, and to pay interest thereon from the Original Interest Accrual Date specified above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on the
Interest Payment Dates specified above in each year, commencing December 1, 2022 and at Maturity, at the Interest Rate per annum specified above, until the principal hereof is paid or duly provided for. The interest so payable, and paid or duly
provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date specified
above (whether or not a Business Day) next preceding such Interest Payment Date. Notwithstanding the foregoing, interest payable at Maturity shall be paid to the Person to whom principal shall be paid. Except as otherwise provided in said Indenture,
any such interest not so paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Securities of this series not less than 15 days prior to such Special Record Date,
or be paid in such other manner as permitted by the Indenture. 

 Payment of the principal of this Security and interest hereon at Maturity shall be made upon
presentation of this Security at the Corporate Trust Office of U.S. Bank Trust Company, National Association in New York, New York, or at such other office or agency as may be designated for such purpose by the Company from time to time. Payment of
interest on this Security (other than interest at Maturity) shall be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, except that if such Person shall be a securities
depositary, such payment may be made by such other means in lieu of check as shall be agreed upon by the Company, the Trustee and such Person. Payment of the principal of and interest on this Security, as aforesaid, shall be made in such coin or
currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and issuable
in one or more series under and equally secured by an Indenture, dated as of August 1, 2011 (the “Original Indenture” and such Indenture as supplemented or amended from time to time thereafter, together with any constituent
instruments establishing the terms of particular Securities, being herein called the “Indenture”), between the Company and U.S. Bank Trust Company, National Association as trustee (herein called the “Trustee,” which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the property mortgaged, pledged and held in trust, the nature and extent of the security and the
respective rights, limitations of rights, duties and immunities of the Company, the Trustee and the Holders of the Securities thereunder and of the terms and conditions upon which the Securities are, and are to be, authenticated and delivered and
secured. The acceptance of this Security shall be deemed to constitute the consent and agreement by the Holder hereof to all of the terms and provisions of the Indenture. This Security is one of the series designated above. 

If any Interest Payment Date, any Redemption Date or the Stated Maturity shall not be a Business Day (as hereinafter defined), payment of the
amounts due on this Security on such date may be made on the next succeeding Business Day; and, if such payment is made or duly provided for on such Business Day, no interest shall accrue on such amounts for the period from and after such Interest
Payment Date, such Redemption Date or Stated Maturity, as the case may be, to such Business Day. 
 Prior to December 1, 2051 (six
months prior to the Stated Maturity) (the “Par Call Date”), the Company may redeem the Securities of this series at its option, in whole or in part, at any time and from time to time, at a Redemption Price (expressed as a percentage of
principal amount and rounded to three decimal places) equal to the greater of: 
 (1) (a) the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Securities of this series matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 35 basis points less (b) interest accrued to the Redemption Date, and 

 (2) 100% of the principal amount of the Securities of this series to be redeemed, plus, in
either case, accrued and unpaid interest thereon to, but excluding, the Redemption Date. 
 On or after the Par Call Date, the Company may redeem the
Securities of this series at its option, in whole or in part, at any time and from time to time, at a Redemption Price equal to 100% of the principal amount of the Securities of this series being redeemed plus accrued and unpaid interest thereon to,
but excluding, the Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date, the yield determined by the Company in
accordance with the following two paragraphs. 
 The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such
time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after
such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as
applicable: 
 (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the
“Remaining Life”); or 
 (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields—one
yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life—and shall interpolate to the Par Call Date
on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or 
 (3) if there is no such
Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity
or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

If on the third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate
based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity
that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury 

 
securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company
shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the
criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for
such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be
based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. The Company’s actions and
determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error. The Trustee shall have no duty to determine, or verify the calculation of, the Redemption Price. 

In lieu of the time periods set forth in Section 504 of the Original Indenture, notices of redemption with respect to the Securities
shall be given not less than 10 days nor more than 60 days prior to the Redemption Date. 
 If an Event of Default shall occur and be
continuing, the principal of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the Trustee to enter into one or more supplemental indentures for the
purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities of all series then
Outstanding under the Indenture, considered as one class; provided, however, that if there shall be Securities of more than one series Outstanding under the Indenture and if a proposed supplemental indenture shall directly affect the rights of the
Holders of Securities of one or more, but less than all, of such series, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series so directly affected, considered as one class,
shall be required; and provided, further, that if the Securities of any series shall have been issued in more than one Tranche and if the proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more,
but less than all, of such Tranches, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Securities of all Tranches so directly affected, considered as one class, shall be required; and provided,
further, that the Indenture permits the Trustee to enter into one or more supplemental indentures for limited purposes without the consent of any Holders of Securities. The Indenture also contains provisions permitting the Holders of a majority in
principal amount of the Securities then Outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

 As provided in the Indenture and subject to certain limitations therein set forth, this
Security or any portion of the principal amount hereof will be deemed to have been paid for all purposes of the Indenture and to be no longer Outstanding thereunder, and, at the election of the Company, the Company’s entire indebtedness in
respect thereof will be satisfied and discharged, if there has been irrevocably deposited with the Trustee or any Paying Agent (other than the Company), in trust, money in an amount which will be sufficient and/or Eligible Obligations, the principal
of and interest on which when due, without regard to any reinvestment thereof, will provide moneys which, together with moneys so deposited, will be sufficient to pay when due the principal of and interest on this Security when due. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the corporate office of U.S. Bank Trust Company, National Association in New York, New York, or such other office or agency as may be designated by the Company from
time to time, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series of authorized denominations and of like tenor and aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only as registered Securities, without coupons, and in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of the same series, of any
authorized denominations, as requested by the Holder surrendering the same, and of like tenor upon surrender of the Security or Securities to be exchanged at the office of U.S. Bank Trust Company, National Association in New York, New York, or such
other office or agency as may be designated by the Company from time to time. 
 No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the absolute owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 The Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York
(including without limitation Section 5-1401 of the New York General Obligations Law or any successor to such statute), except to the extent that the Trust Indenture Act of 1939, as then in effect or any
successor statute shall be applicable and except to 

 
the extent that the law of any jurisdiction wherein any portion of the property mortgaged pursuant to the Indenture or any indenture supplemental thereto is located shall mandatorily govern the
attachment, perfection, priority or enforcement of the lien of the Indenture and all indentures supplemental thereto with respect to such portion of the mortgaged property. 

As used herein, “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which the offices of the Trustee
in The City of New York, New York, or other city in which is located any office or agency maintained for the payment of principal or interest on this Security, are generally authorized or required by law or executive order to remain closed. All
other terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 As
provided in the Indenture, no recourse shall be had for the payment of the principal of or premium, if any, or interest on any Securities, or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness
represented thereby, or upon any obligation, covenant or agreement under the Indenture, against, and no personal liability whatsoever shall attach to, or be incurred by, any incorporator, shareholder, officer or director, as such, past, present or
future of the Company or of any predecessor or successor corporation (either directly or through the Company or a predecessor or successor corporation), whether by virtue of any constitutional provision, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Indenture and all the Securities are solely corporate obligations and that any such personal liability is hereby expressly waived and released
as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the Securities. 
 Unless the
certificate of authentication hereon has been executed by the Trustee or an Authenticating Agent by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	 SOUTHWESTERN PUBLIC SERVICE

COMPANY

		
	By:	 	  

	Name:	 	Paul A. Johnson
	Its:	 	Vice President and Treasurer

 CERTIFICATE OF AUTHENTICATION 

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

Dated: 
  

			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By	 	  

		 	Authorized Officer

 Unless this certificate is presented by an authorized representative of The Depository
Trust Company, a New York Corporation (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 This Security may
not be transferred or exchanged, nor may any purported transfer be registered, except (i) this Security may be transferred in whole, and appropriate registration of transfer effected, if such transfer is by Cede & Co., as nominee for
DTC (the “Depositary”), to the Depositary, or by the Depositary to another nominee thereof, or by any nominee of the Depositary to any other nominee thereof, or by the Depositary or any nominee thereof to any successor securities
depositary or any nominee thereof; and (ii) this Security may be exchanged for definitive Securities registered in the respective names of the beneficial holders hereof, and thereafter shall be transferable without restrictions
if: (A) the Depositary, or any successor securities depositary, shall have notified the Company and the Trustee that it is unwilling or unable to continue to act as securities depositary with respect to the Securities and the Trustee shall
not have been notified by the Company within ninety (90) days of the identity of a successor securities depositary with respect to the Securities; or (B) the Company shall have delivered to the Trustee a Company Order to the effect that
the Securities shall be so exchangeable on and after a date specified therein or (C) (1) an Event of Default shall have occurred and be continuing, (2) the Trustee shall have given notice of such Event of Default pursuant to
Section 1002 of the Original Indenture and (3) there shall have been delivered to the Company and the Trustee an Opinion of Counsel to the effect that the interests of the beneficial owners of such Securities in respect thereof will be
materially impaired unless such owners become Holders of definitive Securities. 
 FOR VALUE RECEIVED the undersigned hereby sells,
assigns and transfers unto 
  

	
	  
 [please insert
social security or other identifying number of assignee]

	
	  
 [please print or
typewrite name and address of assignee]

 the within Security of SOUTHWESTERN PUBLIC SERVICE COMPANY and does hereby irrevocably constitute and
appoint                , Attorney, to transfer said Security on the books of the within-mentioned Company, with full power of substitution in the premises. 

 

			
	Dated:	 	  

 Notice: The signature to this assignment must correspond with the name as written upon the face of the Security in every
particular without alteration or enlargement or any change whatsoever. 

 SCHEDULE A 

TEXAS COUNTY RECORDINGS 

The Indenture dated as of August 1, 2011, granted by Southwestern Public Service Company to U.S. Bank National Association, Trustee (predecessor-in-interest to U.S. Bank Trust Company, National Association, the current Trustee), was filed with the Secretary of State of the State of Texas on August 2,
2011 as Utility Security Instrument No. 11-0022610194. 
 In accordance with Texas Business and
Commerce Code Section 261.011, a Notice of Utility Security Instrument Affecting Real Property was thereafter recorded in each Texas county in which any of the Mortgaged Property consisting of real property was located as of the Effective Date
of such Indenture. The following table sets forth recording information relating to the recordation, in each of the specified Texas counties, of such Notice of Utility Security Instrument Affecting Real Property: 

 

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Andrews
	 	 8/3/11
	 	 112770
	 	 N/A
	 	 N/A

	 Armstrong
	 	 8/3/11
	 	 2011276
	 	 53
	 	 790

	 Bailey
	 	 8/3/11
	 	 201100016286
	 	 N/A
	 	 N/A

	 Borden
	 	 8/3/11
	 	 111124
	 	 N/A
	 	 N/A

	 Briscoe
	 	 8/3/11
	 	 11271
	 	 N/A
	 	 N/A

	 Carson
	 	 8/3/11
	 	 1100000862
	 	 N/A
	 	 N/A

	 Castro
	 	 8/3/11
	 	 59278
	 	 335
	 	 796

	 Cochran
	 	 8/3/11
	 	 13897
	 	 N/A
	 	 N/A

	 Cottle
	 	 8/3/11
	 	 2011-291
	 	 194
	 	 708

	 Crosby
	 	 8/3/11
	 	 235843
	 	 N/A
	 	 N/A

	 Dallam
	 	 8/2/11
	 	 164351
	 	 149
	 	 384

	 Deaf Smith
	 	 8/3/11
	 	 1493
	 	 N/A
	 	 N/A

	 Ector
	 	 8/3/11
	 	 201100011005
	 	 N/A
	 	 N/A

	 Floyd
	 	 8/3/11
	 	 110857
	 	 N/A
	 	 N/A

  
 Schedule A-1 

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Foard
	 	 8/3/11
	 	 68419
	 	 247
	 	 71

	 Gaines
	 	 8/3/11
	 	 20113945
	 	 N/A
	 	 N/A

	 Garza
	 	 8/3/11
	 	 111229
	 	 N/A
	 	 N/A

	 Gray
	 	 8/3/11
	 	 019194
	 	 N/A
	 	 N/A

	 Hale
	 	 8/3/11
	 	 2011002855
	 	 N/A
	 	 N/A

	 Hansford
	 	 8/3/11
	 	 78454
	 	 382
	 	 511

	 Hartley
	 	 8/3/11
	 	 100087
	 	 N/A
	 	 N/A

	 Hemphill
	 	 8/3/11
	 	 059371
	 	 N/A
	 	 N/A

	 Hockley
	 	 8/3/11
	 	 00002996
	 	 N/A
	 	 N/A

	 Hutchinson
	 	 8/3/11
	 	 343845
	 	 1664
	 	 137

	 Lamb
	 	 8/3/11
	 	 1442
	 	 N/A
	 	 N/A

	 Lipscomb
	 	 8/3/11
	 	 N/A
	 	 502
	 	 782

	 Lubbock
	 	 8/3/11
	 	 2011026116
	 	 N/A
	 	 N/A

	 Lynn
	 	 8/3/11
	 	 20112298
	 	 N/A
	 	 N/A

	 Midland
	 	 8/3/11
	 	 15266
	 	 N/A
	 	 N/A

	 Moore
	 	 8/2/11
	 	 0176902
	 	 702
	 	 18

	 Motley
	 	 8/3/11
	 	 N/A
	 	 102
	 	 237

	 Ochiltree
	 	 8/3/11
	 	 95434
	 	 N/A
	 	 N/A

	 Oldham
	 	 8/3/11
	 	 11429
	 	 N/A
	 	 N/A

	 Parmer
	 	 8/3/11
	 	 51211
	 	 N/A
	 	 N/A

	 Potter
	 	 8/2/11
	 	 01200092
	 	 N/A
	 	 N/A

	 Randall
	 	 8/2/11
	 	 2011012189
	 	 N/A
	 	 N/A

	 Roberts
	 	 8/3/11
	 	 044416
	 	 N/A
	 	 N/A

	 Sherman
	 	 8/3/11
	 	 23551
	 	 297
	 	 756

  
 Schedule A-2 

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Swisher
	 	 8/3/11
	 	 2011-0678
	 	 392
	 	 314

	 Terry
	 	 8/3/11
	 	 252458
	 	 N/A
	 	 N/A

	 Wheeler
	 	 8/3/11
	 	 N/A
	 	 640
	 	 738

	 Wilbarger
	 	 8/3/11
	 	 00112766
	 	 636
	 	 602

	 Yoakum
	 	 8/3/11
	 	 20111463
	 	 N/A
	 	 N/A

  
 Schedule A-3 

 NEW MEXICO COUNTY RECORDINGS 

The Indenture dated as of August 1, 2011, granted by Southwestern Public Service Company to U.S. Bank National Association, Trustee (predecessor-in-interest to U.S. Bank Trust Company, National Association, the current Trustee), was filed with the Secretary of State of the State of New Mexico on
August 2, 2011 under the Public Utility Act, receiving Public Utility Filing No. 599. Concurrently with such filing, a Uniform Commercial Code financing statement, to which a copy of such Indenture was appended as an exhibit, was filed in
the Uniform Commercial Code records of the Secretary of State of the State of New Mexico on August 2, 2011 as UCC Filing No. 20110012866J. 

In accordance with New Mexico Statutes Annotated, 1978,
Section 62-13-11, a Notice of Filing of Indenture with New Mexico Secretary of State, to which a copy of such Indenture was appended as an exhibit, was thereafter
recorded in each New Mexico county in which any of the Mortgaged Property consisting of real property was located as of the Effective Date of such Indenture. The following table sets forth recording information relating to the recordation, in each
of the specified New Mexico counties, of such Notice of Filing of Indenture with New Mexico Secretary of State: 
  

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Chaves
	 	8/3/11	 	 340593
	 	N/A	 	N/A
	 Curry
	 	8/3/11	 	 110005245
	 	N/A	 	N/A
	 Eddy
	 	8/3/11	 	 1107879
	 	N/A	 	N/A
	 Lea
	 	8/3/11	 	 33578
	 	N/A	 	N/A
	 Quay
	 	8/3/11	 	 201108030006
	 	N/A	 	N/A
	 Roosevelt
	 	8/3/11	 	 20112258
	 	N/A	 	N/A

  
 Schedule A-4 

 The following table sets forth recording information relating to the recordation, in each of
the specified New Mexico counties, of a Notice of Filing of Supplemental Indenture with the New Mexico Secretary of State with respect to Supplemental Indenture No. 1: 
  

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Chaves
	 	8/8/11	 	 340698
	 	N/A	 	N/A
	 Curry
	 	8/8/11	 	 110005352
	 	N/A	 	N/A
	 Eddy
	 	8/8/11	 	 1107998
	 	N/A	 	N/A
	 Lea
	 	8/8/11	 	 33734
	 	N/A	 	N/A
	 Quay
	 	8/8/11	 	 201108080003
	 	N/A	 	N/A
	 Roosevelt
	 	8/8/11	 	 20112316
	 	N/A	 	N/A

 The following table sets forth recording information relating to the recordation, in each of the specified New
Mexico counties, of a Notice of Filing of Supplemental Indenture with the New Mexico Secretary of State with respect to Supplemental Indenture No. 2: 
  

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Chaves
	 	6/18/14	 	389726	 	N/A	 	N/A
	 Curry
	 	6/18/14	 	157778190	 	N/A	 	N/A
	 Eddy
	 	6/18/14	 	1824479	 	N/A	 	N/A
	 Lea
	 	6/18/14	 	39612	 	N/A	 	N/A
	 Quay
	 	6/18/14	 	20149266515	 	N/A	 	N/A
	 Roosevelt
	 	6/18/14	 	20141875	 	N/A	 	N/A

  
 Schedule A-5 

 The following table sets forth recording information relating to the recordation, in each of
the specified New Mexico counties, of a Notice of Filing of Supplemental Indenture with the New Mexico Secretary of State with respect to Supplemental Indenture No. 3: 
  

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Chaves
	 	6/18/14	 	389727	 	N/A	 	N/A
	 Curry
	 	6/18/14	 	157778191	 	N/A	 	N/A
	 Eddy
	 	6/18/14	 	1824480	 	N/A	 	N/A
	 Lea
	 	6/18/14	 	39613	 	N/A	 	N/A
	 Quay
	 	6/18/14	 	20149266516	 	N/A	 	N/A
	 Roosevelt
	 	6/18/14	 	20141876	 	N/A	 	N/A

 The following table sets forth recording information relating to the recordation, in each of the specified New
Mexico counties, of a Notice of Filing of Supplemental Indenture with the New Mexico Secretary of State with respect to Supplemental Indenture No. 4: 
  

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Chaves
	 	8/19/16	 	407833	 	N/A	 	N/A
	 Curry
	 	8/19/16	 	189674134	 	N/A	 	N/A
	 Eddy
	 	8/19/16	 	22399408	 	N/A	 	N/A
	 Lea
	 	8/19/16	 	411897	 	N/A	 	N/A
	 Quay
	 	8/19/16	 	20167359981	 	N/A	 	N/A
	 Roosevelt
	 	8/19/16	 	20162074	 	N/A	 	N/A

  
 Schedule A-6 

 The following table sets forth recording information relating to the recordation, in each of
the specified New Mexico counties, of a Notice of Filing of Supplemental Indenture with the New Mexico Secretary of State with respect to Supplemental Indenture No. 5: 
  

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Chaves
	 	8/17/17	 	410921	 	N/A	 	N/A
	 Curry
	 	8/17/17	 	202655927	 	N/A	 	N/A
	 Eddy
	 	8/17/17	 	28402333	 	N/A	 	N/A
	 Lea
	 	8/17/17	 	422035	 	N/A	 	N/A
	 Quay
	 	8/17/17	 	20176648665	 	N/A	 	N/A
	 Roosevelt
	 	8/17/17	 	20174088	 	N/A	 	N/A

 The following table sets forth recording information relating to the recordation, in each of the specified New
Mexico counties, of a Notice of Filing of Supplemental Indenture with the New Mexico Secretary of State with respect to Supplemental Indenture No. 6: 
  

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Chaves
	 	11/9/2018	 	421224	 	N/A	 	N/A
	 Curry
	 	11/9/2018	 	238400985	 	N/A	 	N/A
	 Eddy
	 	11/9/2018	 	30117445	 	N/A	 	N/A
	 Lea
	 	11/9/2018	 	428097	 	N/A	 	N/A
	 Quay
	 	11/9/2018	 	2018742751	 	N/A	 	N/A
	 Roosevelt
	 	11/9/2018	 	20188167	 	N/A	 	N/A

  
 Schedule A-7 

 The following table sets forth recording information relating to the recordation, in each of
the specified New Mexico counties, of a Notice of Filing of Supplemental Indenture with the New Mexico Secretary of State with respect to Supplemental Indenture No. 7: 
  

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Chaves
	 	6/24/2019	 	587629	 	N/A	 	N/A
	 Curry
	 	6/24/2019	 	296613778	 	N/A	 	N/A
	 Eddy
	 	6/24/2019	 	38230015	 	N/A	 	N/A
	 Lea
	 	6/24/2019	 	499118	 	N/A	 	N/A
	 Quay
	 	6/24/2019	 	2019263318	 	N/A	 	N/A
	 Roosevelt
	 	6/24/2019	 	20195502	 	N/A	 	N/A

  
 Schedule A-8 

 The following table sets forth recording information relating to the recordation, in each of
the specified New Mexico counties, of a Notice of Filing of Supplemental Indenture with the New Mexico Secretary of State with respect to Supplemental Indenture No. 8: 
  

									
	 COUNTY
	 	 DATE
	 	 RECEPTION NUMBER
	 	 BOOK/FILM
	 	 PAGE

	 Chaves
	 	5/28/20	 	601136	 	N/A	 	N/A
	 Curry
	 	5/28/20	 	302849885	 	N/A	 	N/A
	 Eddy
	 	5/22/20	 	39694827	 	N/A	 	N/A
	 Lea
	 	5/27/20	 	501778	 	N/A	 	N/A
	 Quay
	 	5/20/20	 	2020744582	 	N/A	 	N/A
	 Roosevelt
	 	5/29/20	 	20206889	 	N/A	 	N/A

  
 Schedule A-9 

 SCHEDULE B 
  

											
	 Date of
 Supplemental

Indenture
	  	Series of Bonds	  	Principal Amount
Issued	 	  	Principal Amount
Outstanding	 
	 August 3, 2011
	  	1	  	$	400,000,000	 	  	$	400,000,000	 
	 June 1, 2014
	  	2	  	$	250,000,000	 	  	$	0	 
	 June 1, 2014
	  	3	  	$	350,000,000	 	  	$	350,000,000	 
	 August 1, 2016
	  	4	  	$	300,000,000	 	  	$	300,000,000	 
	 August 1, 2017
	  	5	  	$	450,000,000	 	  	$	450,000,000	 
	 October 1, 2018
	  	6	  	$	300,000,000	 	  	$	300,000,000	 
	 June 1, 2019
	  	7	  	$	300,000,000	 	  	$	300,000,000	 
	 May 1, 2020
	  	8	  	$	600,000,000	 	  	$	600,000,000	 

  
 Schedule B-1 

 SCHEDULE C 

DESCRIPTION OF PROPERTY 

A. FEE TITLE 
 The property referred to in
Granting Clause Second of the Indenture includes, without limitation, the Company’s right, title and interest in and to the land acquired by the Company including the lands described in the following deeds into the Company and referenced
recorded documents (the “Lands”), together with all property related, used or appurtenant thereto of the kind and nature described in Granting Clause First (other than Excepted Property) (“Fee Title”): 

The following properties are in the State of Texas: 

Floyd County, Texas 
  

					
	SPS Id. No.	 	Common Name	 	 Deed into Southwestern Public

Service Company Recorded at

			
	5269	 	Callahan Substation	 	Volume or Book 0142, Page 0764 et seq., and as Document No. 2021000853, Official Public Records, Floyd County, Texas executed by Judy K. Dunlap, dated September 15, 2021 and recorded September 17,
2021,

 as to the following property: 

A 0.98 acre tract of land out of the J.R. Powell Survey, Floyd County, Texas further being out of a tract of land described in that certain
instrument recorded in Volume 275, page 68, as filed in the Office of the County Clerk of Floyd County, Texas, said tract of land having been surveyed on the ground by Furman Land Surveyors, Inc. and being described by metes and bounds as follows:

 (Bearings and Distances are Grid UTM Coordinate System-Zone 14N, NAD (1983) using GPS relative positioning techniques based on an
OPUS solution from May 24, 2021. Combined Scale Factor = 1.00010679) 
 COMMENCING at a 5/8 inch iron rod with aluminum cap found and
accepted for the Southwest corner of said J.R. Powell Survey, same being the common corner of League 1 and 4 Callahan County School Land Survey, and the G.S. Wilson Survey, Floyd County, said 5/8 inch iron rod also being the Southwest corner of an
existing Southwestern Public Service Company substation, being described in that certain instrument recorded in Volume 100, page 47, as filed in the Office of the County Clerk of Floyd County, from whence a
1⁄2 inch iron rod with cap stamped “RPLS 5759” found for the Southeast corner of said J.R. Powell Survey bears S. 88° 36’ 08” E. (Base Line)
1952.56 feet; 
 THENCE, N. 00° 52’ 39” E. 126.04 feet along the West line of said J.R. Powell Survey, same being the East line
of said League 1 to a 1⁄2 inch iron rod with cap stamped “FURMAN RPLS” set for the Northwest corner of said existing substation and being the Southwest
corner and BEGINNING CORNER of this tract of land; 

  
 Schedule C-1 

 THENCE, N. 00° 52’ 39” E. 180.80 feet along the West line of said J.R. Powell
Survey to a 1⁄2 inch iron rod with cap stamped “FURMAN RPLS” set for the Northwest corner of this tract of land; 

THENCE, S. 88° 36’ 03” E. 235.10 feet to a
1⁄2 inch iron rod with cap stamped “FURMAN RPLS” set for the Northeast corner of this tract of land; 

THENCE, S. 00° 53’ 05” W. 180.80 feet to a
1⁄2 inch rod with aluminum cap found and accepted for the Northeast corner of said existing substation, same being the Southeast corner of this tract of land; and

 THENCE N. 88° 35’ 03” W. 235.07 feet along the North line of said existing substation to the POINT OF BEGINNING, 

containing 0.98 acres, more or less. 

Hale County, Texas 
  

					
	SPS Id. No.	  	Common Name	  	 Deed into Southwestern Public

Service Company Recorded at

			
	5275	  	Holloman Property	  	Document No. 2019-000758, Official Public Records, Hale County, Texas executed by Randal Wayne Holloman aka Randall W. Holloman, dated March 12, 2019 and recorded March 15, 2019, which is now Southwestern Public
Service Company pursuant to the conversion of Hale Petersburg Wind, LLC to Hale Petersburg, Inc., and the merger of Hale Petersburg, Inc. into Southwestern Public Service Company, as recited in Affidavit recorded under Document No. 2020-000737,
Official Public Records, Hale County, Texas,

 as to the following property: 

Being a 22.151 acre tract out of the Southeast part of the East 280 acres of the North 440 acres of Survey No. 18, Block R, Hale County,
Texas, and more particularly described by metes and bounds as follows: 
 BEGINNING at a 1 inch rod found in the East line and 1,651.9 feet
North of a spike found for the Southeast corner of Survey No. 18, Block R, Hale County, Texas, said rod being the Southeast corner of the East 280 acres of the North 440 acres of said survey; 

THENCE, West 1,681.55 feet along the South line of the North 440 acres of said survey and partially along old fence line to a 1⁄2 inch steel rod; 
 THENCE, North, at 227 feet pass 4 feet
West of the Northwest corner of a well house, in all, 571.64 feet to a 1⁄2 inch steel rod; 

THENCE, North 89° 51’ 05” East 1,681.56 feet, passing 1 foot North of the most Westerly power pole and passing on the North side
of the most Easterly power pole, to a 1⁄2 inch steel rod set in the East line of said survey; and 

  
 Schedule C-2 

 THENCE, South 576 feet along the East line of said survey to the PLACE OF BEGINNING, and

 containing 22.151 acres, more or less. 

Moore County, Texas 
  

					
	SPS Id. No.	  	Common Name	  	 Deed into Southwestern Public

Service Company Recorded at

			
	5271	  	Four Way Substation	  	Document No. 0203579, Volume 0847, Page 0719 et seq., Official Public Records, Moore County, Texas executed by Amarillo National Bank and Frances Diane Neal, Co-Trustees of The
Terry Thompson, Jr. Trust, dated December 15, 2020 and recorded December 16, 2020,

 as to the following property: 

A tract of land out of Section 19, Block 44, H.&T.C. Co. Survey, Moore County, Texas, also being out of that certain tract of land
described in that certain instrument recorded in Volume 441, Page 308 as filed in the Real Property Records of Moore County, Texas, said tract of land having been surveyed on the ground by Furman Land Surveyors, Inc. on June 25, 2020 and being
described by metes and bounds as follows: 
 Bearings and Distances are Grid UTM Coordinate System-Zone 14N, NAD (1983) using GPS
relative positioning techniques based on an OPUS solution on June 25, 2020. Combined Scale Factor = 1.00030540 (Grid Distance/1.00030540 = Ground Distance) 

COMMENCING at a 5/8 inch iron rod with cap stamped “Topographic” found for the Southwest comer of said Section 19 from whence a 1-1/4 inch iron pipe found for the Northwest corner of said Section 19 bears N. 02° 17’ 28” E. (Base Line) 5370.37 feet; 

THENCE, N. 02° 17’ 28” E. 80.02 feet along the West line of said Section 19 to a
1⁄2 inch iron rod with cap stamped “Furman RPLS” set in the North
Right-of-Way line of Highway 1913 as described in that certain instrument recorded in Volume 118, Page 175 as described in the Deed Records of Moore County, Texas, also
being the Southwest and BEGINNING CORNER of this tract of land, from whence a 4x4 concrete monument found bears N. 57° 32’ 43” E. 1.13 feet; 

THENCE, N. 02° 17’ 28” E. 661.68 feet along the West line of said Section 19 to a
1⁄2 inch iron rod with a cap stamped “Furman RPLS” set for the Northwest comer of this tract of land; 

THENCE, S. 87° 46’ 31” E. 545.52 feet to a
1⁄2 inch iron rod with a cap stamped “Furman RPLS” set for the Northeast corner of this tract of land; 

THENCE, S. 02° 17’ 28” W. 661.68 feet to a
1⁄2 inch iron rod with a cap stamped “Furman RPLS” set in the aforementioned North
Right-of-Way line of Highway 1913, same being the Southeast comer of this tract of land; and 

  
 Schedule C-3 

 THENCE, N. 87° 46’ 31” W. 545.52 feet along the said North Right-of-Way line of Highway 1913 to the POINT OF BEGINNING, and 

containing 8.28 acres, more or less. 

Potter County, Texas 
  

					
	SPS Id. No.	  	Common Name	  	 Deed into Southwestern Public

Service Company Recorded at

			
	5272	  	Center Port Substation	  	Document No. 2020 OPR 0015702, Official Public Records, Potter County, Texas executed by Bill Titcomb, Sr., Sr. Vice President of Ray C. Johnson Testamentary Trust created under the Last Will and Testament of Racy C. Johnson,
Deceased by The Herring National Bank, Successor Trustee and Ray Charles Johnson, III, dated December 3, 2020 to be effective December 4, 2020, and recorded December 7, 2020,

 as to the following property: 

A tract of land out of Section 94, Block 2, A.B. & M. Survey, Potter County, Texas, also being out of that certain tract of land
described in that certain instrument recorded in Volume 2553, Page 2 as filed in the Official Public Records of Potter County, Texas, said tract of land having been surveyed on the ground by Furman Land Surveyors, Inc. on November 20, 2020 and
being described by metes and bounds as follows: 
 Bearings and Distances are Grid UTM Coordinate System-Zone 14N, NAD (1983) using GPS
relative positioning techniques based on an OPUS solution on December 16, 2014. Combined Scale Factor = 1.00019712 (Grid Distance/1.00019712 = Ground Distance) 

COMMENCING at a railroad spike found and accepted for the Southwest corner of said Section 94, from whence a
1⁄2 inch iron rod with demolished cap found for the Northwest corner of said Section 94 bears N. 01°40’17” E. (Base Line) 5270.39 feet; 

THENCE, S. 88 °35’ 05” E. 173.21 feet along the South line of said Section 94 to a point being the Southeast corner of that
certain 10.81 ± acre tract of land described in that certain instrument recorded in Volume 2869, Page 705 as filed in the Official Public Records of Potter County, Texas; 

THENCE, N. 01° 49’ 13” E. along the East line of said 10.81 ± acre tract of land to a
1⁄2 inch iron rod with cap stamped “Furman RPLS” set in the North
Right-of-Way line of N.E. 24th Avenue as it exists on the ground, same being the Southwest and BEGINNING CORNER of this tract of land; 

THENCE, N. 01° 49’ 13” E. 471.42 feet along the East line of said 10.81 ± acre tract of land to a 1⁄2 inch iron rod with cap stamped “Furman RPLS” set for the Northwest corner of this tract of land; 

THENCE, S. 88° 35’ 05” E. 471.42 feet to a
1⁄2 inch iron rod with cap stamped “Furman RPLS” set for the Northeast corner of this tract of land; 

  
 Schedule C-4 

 THENCE, S. 01° 49’ 13” W. 471.42 feet to a
1⁄2 inch iron rod with cap stamped “Furman RPLS” set in the said North
Right-of-Way line of N.E. 24th Avenue, same being the Southeast corner of this tract of land; and 

THENCE, N. 88° 35’ 05” W. 471.42 feet along the said North
Right-of-Way line of N.E. 24th Avenue to the POINT OF BEGINNING, and 

containing 5.10 acres of land, more or less. 
  

					
	SPS Id. No.	  	Common Name	  	 Deed into Southwestern Public

Service Company Recorded at

			
	5274	  	 Lawrence Park Substation

Parcel 2
	  	Document No. 2020 OPR 0015687, Official Public Records, Potter County, Texas executed by H & H Entertainment Properties, L.L.C., dated December 4, 2020, and recorded December 7, 2020,

 as to the following property: 

All of Lots 3 and 4 and South 115.80 feet of Lot 5, Block 33 of Lawrence Park Addition Unit No. 23, an addition to the City of Amarillo,
Potter County, Texas, according to the map or plat thereof, recorded in Volume 1030, Page 135, of the Deed Records of Potter County, Texas. 

Randall County, Texas 
  

					
	SPS Id. No.	  	Common Name	  	 Deed into Southwestern Public

Service Company Recorded at

			
	5273	  	Farmers Substation Parcel 2	  	Document No. 2021008682, Official Public Records, Randall County, Texas executed by Amarillo Economic Development Corporation, a Texas nonprofit corporation, dated May 13, 2021, and recorded April 14, 2021,

 as to the following property: 

A tract of land out of Section 182, Block 2, A.B. & M. Survey, Randall County, Texas, also being out of that certain 102.47 ±
acre tract of land described in that certain instrument recorded in Clerks File N. 2019009902 as filed in the Official Public Records of Randall County, Texas, said tract of land having been surveyed on the ground by Furman Land Surveyors, Inc. on
January 6, 2021 and being described by metes and bounds as follows: 
 BEGINNING at a 1⁄2 inch iron pipe found as called for being a jog corner of said 102.47 ± acre tract of land, same being the Northeast corner of that certain 1.3 ± acre tract of land described in that certain
instrument recorded in Volume 550, Page 191 as filed in the Deed Records of Randall County, Texas, also being the most Northerly Northwest and BEGINNING CORNER of this tract of land; 

  
 Schedule C-5 

 THENCE, S. 89° 41’ 02” E. 29.87 feet to a
1⁄2 inch iron rod with cap stamped “RPLS 4263” found for a jog corner of said 102.47 ± acre tract of land, same being the Northeast corner of this
tract of land; 
 THENCE, S. 00 °03’ 26” W. 434.76 feet to a 1⁄2 inch iron rod with cap stamped “FURMAN RPLS” set for the Southeast corner of this tract of land; 

THENCE, N. 89° 41’ 02” W. 311.46 feet to a
1⁄2 inch iron rod with cap stamped “FURMAN RPLS” set in the West line of said 102.47 ± acre tract of land, same being a point in the East Right-of-Way line of S. Georgia Street, as it exists on the ground, same being the Southwest corner of this tract of land; 

THENCE, N. 00° 03’ 26” E. 263.09 feet along the West line of said 102.47 ± acre tract of land, same being the said East Right-of-Way line of S. Georgia Street to a 1⁄2 inch iron rod with cap stamped “RPLS
4263” found in the South line of aforementioned 1.3± acre tract of land and being the most Southerly Northwest corner of this tract of land; 

THENCE, S. 89° 41’ 02” E. (Base Line) 281.58 feet along the common line of said 102.47 ± acre tract of land and said 1.3
± acre tract of land to a 1⁄2 inch iron pipe found as called for at the Southeast corner of said 1.3 ± acre tract of land and being a jog corner of
this tract of land; and 
 THENCE, N. 00° 03’ 44” E. 171.67 feet along the common line of said 102.47 ± acre tract of
land and said 1.3 ± acre tract of land to the POINT OF BEGINNING, and 
 containing 2.00 acres of land, more or less. 

[The remainder of this page intentionally left blank] 

  
 Schedule C-6 

 The following properties are in the State of New Mexico: 

Eddy County, New Mexico 
 The
following described real estate in Eddy County, New Mexico: 
 Caveman Substation 

SPS Id No: 5270 
 CAVEMAN SUBSTATION SUMMARY REVIEW PLAT AS FILED
IN CABINET 8, SLIDE 172 IN THE OFFICE OF THE COUNTY CLERK OF EDDY COUNTY NEW MEXICO, BEING A 7.00 ACRE TRACT OF LAND OUT OF SECTION 26, TOWNSHIP 21 SOUTH, RANGE 26 EAST, OF THE NEW MEXICO PRINCIPAL MERIDIAN, EDDY COUNTY, NEW MEXICO, FURTHER BEING
OUT OF A TRACT OF LAND DESCRIBED IN THAT CERTAIN INSTRUMENT RECORDED IN BOOK 1122, PAGE 848, AS FILED IN THE OFFICE OF THE COUNTY CLERK OF EDDY COUNTY, NEW MEXICO SAID TRACT OF LAND HAVING BEEN SURVEYED ON THE GROUND BY FURMAN LAND SURVEYORS, INC.
AND BEING DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 
 (BEARINGS AND DISTANCES ARE GRID UTM COORDINATE SYSTEM-ZONE 13N, NAD (1983) USING GPS RELATIVE
POSITIONING TECHNIQUES BASED ON AN OPUS ON MARCH 8, 2021. COMBINED SCALE FACTOR = 0.99951399) 
 BEGINNING AT A 1/2 INCH IRON ROD WITH CAP STAMPED
“PS 15701 PS 25645” SET IN THE NORTH LINE OF SAID SECTION 26 FOR THE NORTHEAST CORNER OF THIS TRACT OF LAND FROM WHENCE A BRASS GLO MONUMENT FOUND AND ACCEPTED FOR THE NORTH QUARTER CORNER OF SAID SECTION 26 BEARS S. 89° 02’
19” W. (BASE LINE) 1280.00 FEET, ALSO FROM WHENCE A 1/2 INCH IRON ROD FOUND FOR THE NORTHEAST CORNER OF SAID TRACT OF LAND DESCRIBED IN BOOK 1122, PAGE 849 SAME BEING THE NORTHWEST CORNER OF A TRACT OF LAND DESCRIBED IN THAT CERTAIN INSTRUMENT
RECORDED IN BOOK 1121, PAGE 82, AS FILED IN THE OFFICE OF THE COUNTY CLERK OF EDDY COUNTY, NEW MEXICO BEARS N. 89° 02’ 19” E. 61.07 FEET; 

THENCE S. 08° 06’ 32” W. 200.51 FEET TO A 1/2 INCH IRON ROD WITH CAP STAMPED “PS 15701 PS 25645” SET; THENCE S. 08° 36’
08” W. 310.72 FEET TO A 1/2 INCH IRON ROD WITH CAP STAMPED “PS 15701 PS 25645” SET; 
 THENCE S. 18° 25’ 08” W. 122.19 FEET TO
A 1/2 INCH IRON ROD WITH CAP STAMPED “PS 15701 PS 25645” SET BEING THE SOUTHEAST CORNER OF THIS TRACT OF LAND; 
 THENCE N. 80° 57’
48” W. 235.84 FEET TO A CORNER FENCE POST; 
 THENCE S. 88° 39’ 25” W. 210.59 FEET TO A 1/2 INCH IRON ROD WITH CAP STAMPED “PS 15701
PS 25645” SET BEING THE SOUTHWEST CORNER OF THIS TRACT OF LAND; 
 THENCE N. 00° 58’ 23” W. 580.14 FEET TO A 1/2 INCH IRON ROD WITH CAP
STAMPED “PS 15701 PS 25645” SET IN THE NORTH LINE OF SAID SECTION 26 AND BEING THE NORTHWEST CORNER OF THIS TRACT OF LAND; 
 THENCE N. 89°
02’ 19” E. 566. 74 FEET ALONG THE NORTH LINE OF SAID SECTION 26 TO THE PLACE OF BEGINNING. 
 REFERENCE TO ACREAGE IS FOR INFORMATIONAL PURPOSES
ONLY 
 ACCESS ROAD DESCRIPTION 

  
 Schedule C-7 

 AN EASEMENT BEING OUT OF SECTION 26, TOWNSHIP 21 SOUTH, RANGE 26 EAST, OF THE NEW MEXICO PRINCIPAL MERIDIAN,
EDDY COUNTY, NEW MEXICO, SAID EASEMENT HAVING BEEN SURVEYED ON THE GROUND BY FURMAN LAND SURVEYORS, INC. AND BEING DESCRIBED BY METES AND BOUNDS AS FOLLOWS: 

(BEARINGS AND DISTANCES ARE GRID UTM COORDINATE SYSTEM-ZONE 13N, NAD (1983) USING GPS RELATIVE POSITIONING TECHNIQUES BASED ON AN OPUS ON MARCH 8,
2021. 
 COMBINED SCALE FACTOR = O.99951399) 
 COMMENCING AT A
1/2 INCH IRON ROD FOUND FOR THE NORTHEAST CORNER OF A TRACT OF LAND DESCRIBED IN THAT CERTAIN INSTRUMENT RECORDED IN BOOK 1122, PAGE 849, AS FILED IN THE OFFICE OF THE COUNTY CLERK OF EDDY COUNTY, NEW MEXICO SAID TRACT OF LAND DESCRIBED IN BOOK
1122, PAGE 849 SAME BEING THE NORTHWEST CORNER OF A TRACT OF LAND DESCRIBED IN THAT CERTAIN INSTRUMENT RECORDED IN BOOK 1121, PAGE 82, AS FILED IN THE OFFICE OF THE COUNTY CLERK OF EDDY COUNTY, NEW MEXICO. WHENCE A BRASS GLO MONUMENT FOUND AND
ACCEPTED FOR THE NORTHEAST CORNER OF SAID SECTION 26 BEARS N. 89° 02’ 19E. (BASE LINE) 1341.41 FEET; 
 THENCE S. 00° 29’ 41”E.
944.59 FEET ALONG THE EAST LINE OF SAID TRACT OF LAND DESCRIBED IN BOOK 1122, PAGE 849 SAME BEING THE WEST LINE OF SAID TRACT OF LAND DESCRIBED IN BOOK 1121, PAGE 82 TO A POINT FOR THE BEGINNING CORNER OF THIS EASEMENT; 

THENCE S. 00° 29’ 41”E. 50.02 FEET ALONG THE EAST LINE OF SAID TRACT OF LAND DESCRIBED IN BOOK 1122, PAGE 849 SAME BEING THE WEST LINE OF SAID
TRACT OF LAND DESCRIBED IN BOOK 1121, PAGE 82 TO A POINT; 
 THENCE N. 88° 42’ 20”W. 614.32 FEET TO A POINT; 

THENCE N. 05° 24’ 49”E. 393.02 FEET TO A POINT BEING IN THE SOUTHERLY LINE OF A 7.00± ACRE TRACT OF LAND (SIMULTANEOUSLY SURVEYED); 

THENCE N. 88° 39’ 25”E. 50.35 FEET TO ALONG THE SOUTHERLY LINE OF SAID 7.0O± ACRE TRACT OF LAND (SIMULTANEOUSLY SURVEYED) TO A POINT;

 THENCE S. 05° 24’ 49”W. 312.19 FEET TO A POINT; 

THENCE S. 43° 42’ 47”E. 46.60 FEET TO A POINT; 

THENCE S. 88° 42’ 20“E. 523.70 FEET TO THE POINT OF BEGINNING. 

[The remainder of this page intentionally left blank] 

  
 Schedule C-8Document

Exhibit 10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between Zeno Management, Inc., a Delaware corporation (the “Company”) and a wholly owned subsidiary of Zentalis Pharmaceuticals, Inc. (the “Parent”), and Cam Gallagher (“Executive”), and shall be effective as of May 30, 2022 (the “Effective Date”).
WHEREAS, the Company and Executive are parties to that certain Employment Agreement effective as of October 1, 2020 (the “Prior Agreement”); and
WHEREAS, the Company desires to continue to employ Executive, and Executive desires to continue employment with the Company, on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree as follows:
1.Definitions.  As used in this Agreement, the following terms shall have the following meanings:

        (a)    “Board” means the Board of Directors of the Company.

        (b)    “Cause” means any of the following:
(i)     Executive’s unauthorized use or disclosure of confidential information or trade secrets of the Company or its affiliates or any material breach of a written agreement between Executive and the Company or any affiliate, including without limitation a material breach of any employment, confidentiality, non-compete, non-solicit or similar agreement; 
(ii)     Executive’s commission of, indictment for or the entry of a plea of guilty or nolo contendere by Executive to, a felony under the laws of the United States or any state thereof or any crime involving dishonesty or moral turpitude (or any similar crime in any jurisdiction outside the United States); 
(iii)     Executive’s gross negligence or willful misconduct or Executive’s willful or repeated failure or refusal to substantially perform assigned duties; 
(iv)    any act of fraud, embezzlement, material misappropriation or dishonesty committed by Executive against the Company or its affiliates; or 
(v)     any misconduct (including acts, omissions or statements that constitute misconduct) by Executive which the Company reasonably determines to be materially detrimental or damaging to the reputation, operations, prospects or business relations of the Company or its affiliates;
provided, however, that prior to the determination that “Cause” under clauses (i), (iii), (iv) or (v) of this Section 1(b) has occurred, the Company shall (A) provide to Executive and his counsel in writing, in reasonable detail, the reasons for the determination that such “Cause” exists, (B) afford Executive a reasonable opportunity to remedy any such breach, (C) provide Executive an 
|US-DOCS\132103605.4||

opportunity to be heard prior to the final decision to terminate Executive’s employment hereunder for such “Cause” and (D) make any decision that such “Cause” exists in good faith.
The foregoing definition shall not in any way preclude or restrict the right of the Company or any successor or affiliate thereof to discharge or dismiss Executive for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of this Agreement, to constitute grounds for termination for Cause.
(c)    “Change in Control” shall have the meaning ascribed to such term in the Zentalis Pharmaceuticals, Inc. 2020 Incentive Award Plan.

        (d)    “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations and other interpretive guidance issued thereunder.
    (e)    “Good Reason” means the occurrence of any of the following events or conditions without Executive’s written consent:

(i)a change in Executive’s position or responsibilities that represents a substantial reduction in his position or responsibilities as in effect immediately prior thereto; the assignment to Executive of any duties or responsibilities that are materially inconsistent with such position or responsibilities; or any removal of Executive from or failure to reappoint or reelect Executive to any of such positions, including Executive’s position as a member of the Board or the board of directors of Parent, except in connection with the termination of Executive’s services for Cause, as a result of his Permanent Disability or death, or by Executive other than for Good Reason;

            (ii)    a material reduction in Executive’s annual base salary; 
            (iii)    the Company requiring Executive (without Executive’s consent) to be based at any place outside a fifty (50)-mile radius of his then-current place of employment with the Company prior to any such relocation, except for reasonably required travel on the Company’s business; or
            (iv)    any material breach by the Company or any affiliate of its obligations to Executive under any applicable employment or services agreement between Executive and the Company or such affiliate.
    Executive must provide written notice to the Company of the occurrence of any of the foregoing events or conditions without Executive’s written consent within sixty (60) days of the occurrence of such event.  The Company or any successor or affiliate shall have a period of thirty (30) days to cure such event or condition after receipt of written notice of such event from Executive.  Executive’s Separation from Service by reason of resignation from employment with the Company for Good Reason must occur within thirty (30) days following the expiration of the foregoing thirty (30) day cure period.  
    (f)    “Involuntary Termination” means (i) Executive’s Separation from Service by reason of Executive’s discharge by the Company other than for Cause, or (ii) Executive’s Separation from Service by reason of Executive’s resignation of employment with the Company for Good Reason.  Executive’s Separation from Service by reason of Executive’s death or discharge by the Company following Executive’s Permanent Disability shall not constitute an Involuntary Termination.  
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    (g)    Executive’s “Permanent Disability” shall be deemed to have occurred if Executive shall become physically or mentally incapacitated or disabled or otherwise unable fully to discharge his duties hereunder for a period of ninety (90) consecutive calendar days or for one hundred twenty (120) calendar days in any one hundred eighty (180) calendar-day period.  The existence of Executive’s Permanent Disability shall be determined by the Company on the advice of a physician chosen by the Company and the Company reserves the right to have Executive examined by a physician chosen by the Company at the Company’s expense.
                  (h)     “Separation from Service,” with respect to Executive, means Executive’s “separation from service,” as defined in Treasury Regulation Section 1.409A-1(h).    
        (i)    “Stock Awards” means all stock options, restricted stock and such other awards granted pursuant to the Company’s stock option and equity incentive award plans or agreements and any shares of stock issued upon exercise thereof, including the Options and the RSUs.
2.    Services to Be Rendered.  
    (a)    Duties and Responsibilities.  Executive shall serve as President of the Company.  In the performance of such duties, Executive shall report directly to, and shall be subject to the direction of, the Chief Executive Officer of the Company (the “CEO”) and to such limits upon Executive’s authority as the CEO may from time to time impose. In the event of the CEO’s unavailability or incapacity, Executive shall report directly to the Board. Executive hereby consents to serve as an officer and/or director of the Company, Parent or any subsidiary or affiliate thereof without any additional salary or compensation, if so requested by the Board or the CEO. Executive shall be employed by the Company on a full-time basis. Executive shall work remotely from his home office, or such other locations as mutually agreed upon by the CEO and Executive from time to time.  Executive will be expected to travel to the Company’s locations as needed in connection with his duties.  Executive shall be subject to and comply with the policies and procedures generally applicable to senior executives of the Company to the extent the same are not inconsistent with any term of this Agreement.
    (b)    Exclusive Services.  Executive shall at all times faithfully, industriously and to the best of his ability, experience and talent perform all of the duties that may be assigned to Executive hereunder and shall devote substantially all of his productive time and efforts to the performance of such duties.  Subject to the terms of the Proprietary Information and Inventions Agreement referred to in Section 5(b), this shall not preclude Executive from (i) serving on industry, trade, civic, or charitable boards or committees; (ii) managing personal, family and other investments; (iii) serving in an advisory capacity for any entity; or (iv) serving on the board of directors or other similar governance body of any entity; provided that such activities do not interfere with his duties to the Company, as determined in good faith by the CEO or the Board. 
    (c)    Board Service. Executive shall continue to serve as a member of the Board following the Effective Date.
3.Compensation and Benefits.  The Company shall pay or provide, as the case may be, to Executive the compensation and other benefits and rights set forth in this Section 3.
3
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(a)Base Salary.  The Company shall pay to Executive a base salary of $560,000 per year, payable in accordance with the Company’s usual pay practices (and in any event no less frequently than monthly).  Executive’s base salary shall be subject to review for increase annually by and at the sole discretion of the Board or its designee.
(b)Annual Bonus.  Executive shall participate in any annual bonus plan that the Board or its designee may approve for the senior executives of the Company.    In addition to Executive’s base salary, Executive may be eligible to earn, for each fiscal year of the Company ending during the term of Executive’s employment with the Company, an annual cash performance bonus under the Company’s bonus plan, as approved from time to time by the Board.  Executive’s target bonus under any such annual bonus plan shall be fifty percent (50%) of Executive’s base salary actually paid for the year to which such annual bonus relates (the “Target Bonus”).  Executive’s actual annual bonus will be determined on the basis of Executive’s and/or the Company’s or its affiliates’ attainment of financial or other performance criteria established by the Board or its designee in accordance with the terms and conditions of such bonus plan.  Except as otherwise provided in this Agreement, Executive must be employed by the Company on the date of payment of such annual bonus in order to be eligible to receive such annual bonus.  Executive hereby acknowledges and agrees that nothing contained herein confers upon Executive any right to an annual bonus in any year, and that whether the Company pays Executive an annual bonus and the amount of any such annual bonus will be determined by the Company in its sole discretion.  Executive’s annual bonus for 2022 shall be determined based on the Target Bonus specified above and without pro-ration for Executive’s part-time employment prior to the Effective Date.
 
(c)Benefits.  Executive shall be entitled to participate in benefits under the Company’s benefit plans and arrangements, including, without limitation, any employee benefit plan or arrangement made available in the future by the Company to its senior executives, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. The Company shall have the right to amend or delete any such benefit plan or arrangement made available by the Company to its senior executives and not otherwise specifically provided for herein.  
(d)    Expenses.  The Company shall reimburse Executive for reasonable out-of-pocket business expenses incurred in connection with the performance of his duties hereunder, subject to such policies as the Company may from time to time establish, and Executive furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures.  For the avoidance of doubt, air travel will be reimbursed for business class travel.  
(e)    Paid Time Off.  Executive shall be entitled to such periods of paid time off (“PTO”) each year as provided from time to time under the Company’s PTO policy and as otherwise provided for senior executive officers; provided, however, that Executive shall be entitled to a minimum of twenty (20) days of PTO per year. 
(f)Equity Awards.

        (i)    On the Effective Date, Executive will be granted stock options (the “Options”) to purchase 333,218 number of shares of the common stock of Parent (representing 0.585% of the outstanding shares of Parent common stock on the date of grant). The Options will 
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have an exercise price equal to the fair market value of Parent’s common stock on the date of grant. The Options will be subject to the terms and conditions of the Zentalis Pharmaceuticals, Inc. 2020 Incentive Award Plan pursuant to which they will be granted and Executive’s award agreement. The Options shall vest over a four (4)-year vesting schedule, with twenty-five percent (25%) of the Options vesting on the first anniversary of the Effective Date and the remaining Options vesting in equal monthly installments over the three (3) years thereafter, subject to Executive’s continued employment or service through the applicable vesting date.

        (ii)    On the Effective Date, Executive will be granted restricted stock units (the “RSUs”) with respect to 111,072 shares of the common stock of Parent (representing 0.195% of the outstanding shares of Parent common stock on the date of grant). The RSUs will be subject to the terms and conditions of the Zentalis Pharmaceuticals, Inc. 2020 Incentive Award Plan pursuant to which they will be granted and Executive’s award agreement. The RSUs shall vest in four (4) equal annual installments on each of the first four (4) anniversaries of the Effective Date, subject to Executive’s continued employment or service through the applicable vesting date. 
(g)Equity and Other Benefit Plans.  Executive shall be entitled to participate in any equity or other employee benefit plan that is generally available to senior executive officers of the Company.  Except as otherwise provided in this Agreement, Executive’s participation in and benefits under any such plan shall be on the terms and subject to the conditions specified in the governing document of the particular plan.
4.    Severance.  Executive shall be entitled to receive benefits upon a Separation from Service only as set forth in this Section 4:
(a)    At-Will Employment; Termination.  The Company and Executive acknowledge that Executive’s employment is and shall continue to be at-will, as defined under applicable law, and that Executive’s employment with the Company may be terminated by either party at any time for any or no reason, with or without notice.  If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided in this Agreement.  Executive’s employment under this Agreement shall be terminated immediately on the death of Executive.  
(b)    Severance Upon Involuntary Termination.   Subject to Sections 4(d) and 9(o) and Executive’s continued compliance with Section 5, if Executive’s employment is Involuntarily Terminated, Executive shall be entitled to receive, in lieu of any severance benefits to which Executive may otherwise be entitled under any severance plan or program of the Company, the benefits provided below:
    (i)    the Company shall pay to Executive his fully earned but unpaid base salary, when due, through the date of Executive’s Involuntary Termination at the rate then in effect, accrued and unused PTO, plus all other benefits, if any, under any Company group retirement plan, nonqualified deferred compensation plan, equity award plan or agreement, health benefits plan or other Company group benefit plan to which Executive may be entitled pursuant to the terms of such plans or agreements at the time of Executive’s Involuntary Termination (the “Accrued Obligations”);
    (ii)    Executive shall be entitled to receive severance pay in an amount equal to (A) Executive’s monthly base salary as in effect immediately prior to the date of 
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Executive’s Involuntary Termination, multiplied by (B) twelve (12), which amount shall be payable in a lump sum sixty (60) days following Executive’s Involuntary Termination;
(iii)    Executive shall be entitled to receive Executive’s Target Bonus for the year in which Executive’s Involuntary Termination occurs, prorated for the portion of the year that has expired prior to the date of Executive’s Involuntary Termination, which amount shall be payable in a lump sum sixty (60) days following Executive’s Involuntary Termination; 
    (iv)     for the period beginning on the date of Executive’s Involuntary Termination and ending on the date which is twelve (12) full months following the date of Executive’s Involuntary Termination (or, if earlier, (A) the date on which the applicable continuation period under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) expires or (B) the date Executive becomes eligible to receive the equivalent or increased healthcare coverage by means of subsequent employment or self-employment) (such period, the “COBRA Coverage Period”), if Executive and/or his eligible dependents who were covered under the Company’s health insurance plans as of the date of Executive’s Involuntary Termination elect to have COBRA coverage and are eligible for such coverage, the Company shall pay for or reimburse Executive on a monthly basis for an amount equal to (1) the monthly premium Executive and/or his covered dependents, as applicable, are required to pay for continuation coverage pursuant to COBRA for Executive and/or his eligible dependents, as applicable, who were covered under the Company’s health plans as of the date of Executive’s Involuntary Termination (calculated by reference to the premium as of the date of Executive’s Involuntary Termination) less (2) the amount Executive would have had to pay to receive group health coverage for Executive and/or his covered dependents, as applicable, based on the cost sharing levels in effect on the date of Executive’s Involuntary Termination.  If any of the Company’s health benefits are self-funded as of the date of Executive’s Involuntary Termination, or if the Company cannot provide the foregoing benefits in a manner that is exempt from Section 409A (as defined below) or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of the Public Health Service Act), instead of providing the payments or reimbursements as set forth above, the Company shall instead pay to Executive the foregoing monthly amount as a taxable monthly payment for the COBRA Coverage Period (or any remaining portion thereof).  Executive shall be solely responsible for all matters relating to continuation of coverage pursuant to COBRA, including, without limitation, the election of such coverage and the timely payment of premiums.  Executive shall notify the Company immediately if Executive becomes eligible to receive the equivalent or increased healthcare coverage by means of subsequent employment or self-employment.
        (v)    (A) in the event of Executive’s Involuntary Termination within eighteen (18) months following a Change in Control, the Target Bonus payable pursuant to clause (iii) shall not be subject to proration, which amount shall be payable as provided in clause (iii) above, and (B) in the event of Executive’s Involuntary Termination at any time following a Change in Control, all of Executive’s Stock Awards will vest on an accelerated basis effective as of the date of Executive’s Involuntary Termination. The foregoing provisions are hereby deemed to be a part of each Stock Award and to supersede any less favorable provision in any agreement or plan regarding such Stock Award (and, for the avoidance of doubt, if any Stock Award is subject to more favorable vesting pursuant to any agreement or plan regarding such Stock Award, such more favorable provisions shall continue to apply and shall not be limited by this clause (v)).
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 (c)    Termination for Cause, Voluntary Resignation Without Good Reason, Death or Termination for Permanent Disability.  In the event of Executive’s termination of employment as a result of Executive’s discharge by the Company for Cause, Executive’s resignation without Good Reason, Executive’s death or Executive’s termination of employment following Executive’s Permanent Disability, the Company shall not have any other or further obligations to Executive under this Agreement (including any financial obligations) except that Executive shall be entitled to receive the Accrued Obligations.  The foregoing shall be in addition to, and not in lieu of, any and all other rights and remedies which may be available to the Company under the circumstances, whether at law or in equity.
(d)    Release.  As a condition to Executive’s receipt of any post-termination benefits pursuant to Section 4(b) above, Executive (or, in the event of Executive’s incapacity as a result of his Permanent Disability, Executive’s legal representative) shall execute and not revoke a general release of all claims in favor of the Company and its affiliates (the “Release”) in the form attached hereto as Exhibit A.  In the event the Release does not become effective within the fifty-five (55) day period following the date of Executive’s Involuntary Termination, Executive shall not be entitled to the aforesaid payments and benefits.  
        (e)    Exclusive Remedy.  Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits, bonuses and other amounts hereunder (if any) accruing after the termination of Executive’s employment shall cease upon such termination.  In the event of Executive’s termination of employment with the Company, Executive’s sole remedy shall be to receive the payments and benefits described in this Section 4.  In addition, Executive acknowledges and agrees that he is not entitled to any reimbursement by the Company for any taxes payable by Executive as a result of the payments and benefits received by Executive pursuant to this Section 4, including, without limitation, any excise tax imposed by Section 4999 of the Code.  Any payments made to Executive under this Section 4 shall be inclusive of any amounts or benefits to which Executive may be entitled pursuant to the Worker Adjustment and Retraining Notification Act, 29 U.S.C. Sections 2101 et seq., and the Department of Labor regulations thereunder, or any similar state statute.
        (f)    No Mitigation.  Except as otherwise provided in Section 4(b)(iv) above, Executive shall not be required to mitigate the amount of any payment provided for in this Section 4 by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Section 4 be reduced by any compensation earned by Executive as the result of employment by another employer or self-employment or by retirement benefits; provided, however, that loans, advances or other amounts owed by Executive to the Company may be offset by the Company against amounts payable to Executive under this Section 4.  
(g)    Termination of offices and Directorships; Return of the Company’s Property.  Upon termination of the Executive’s employment for any reason, unless otherwise specified in a written agreement between the Executive and the Company, the Executive shall be deemed to have resigned from all offices, directorships, and other employment positions, if any, then held with the Company, and shall take all actions reasonably requested by the Company to effectuate the foregoing. In addition, in the event of Executive’s termination of employment for any reason, the Company shall have the right, at its option, to require Executive to vacate his offices prior to or on the effective date of separation and to cease all activities on the Company’s behalf.  Upon Executive’s termination of employment in any manner, as a condition to 
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Executive’s receipt of any severance benefits described in this Agreement, Executive shall immediately surrender to the Company all lists, books and records of, or in connection with, the Company’s business, and all other property belonging to the Company, it being distinctly understood that all such lists, books and records, and other documents, are the property of the Company.  Executive shall deliver to the Company a signed statement certifying compliance with this Section 4(g) prior to the receipt of any severance benefits described in this Agreement.
5.    Certain Covenants.

(a)Noncompetition.  Except as may otherwise be approved by the Board, during the term of Executive’s employment, Executive shall not have any ownership interest (of record or beneficial) in, or have any interest as an employee, salesman, consultant, officer or director in, or otherwise aid or assist in any manner, any firm, corporation, partnership, proprietorship or other business that engages in any county, city or part thereof in the United States and/or any foreign country in a business which competes directly or indirectly (as determined by the Board) with the Company’s business in such county, city or part thereof, so long as the Company, or any successor in interest of the Company to the business and goodwill of the Company, remains engaged in such business in such county, city or part thereof or continues to solicit customers or potential customers therein; provided, however, that Executive may own, directly or indirectly, solely as an investment, securities of any entity which are traded on any national securities exchange if Executive (i) is not a controlling person of, or a member of a group which controls, such entity; or (ii) does not, directly or indirectly, own one percent (1%) or more of any class of securities of any such entity. 
(b)Confidential Information.  Executive and the Company have entered into the Company’s standard proprietary information and inventions assignment agreement (the “Proprietary Information and Inventions Agreement”), a copy of which is attached hereto as Exhibit B.  Executive agrees to perform each and every obligation of Executive therein contained.
(c)Solicitation of Employees.  During the term of Executive’s employment or service and for one (1) year thereafter (the “Restricted Period”), Executive will not, either directly or through others, solicit or attempt to solicit any employee, independent contractor or consultant of the Company or its affiliates to terminate his relationship with the Company or its affiliates in order to become an employee, consultant or independent contractor to or for any other person or entity, or otherwise encourage or solicit any employee of the Company or its affiliates to leave the Company or such affiliates for any reason or to devote less than all of any such employee’s efforts to the affairs of the Company; provided that the foregoing shall not affect any responsibility Executive may have as an employee of the Company with respect to the bona fide hiring and firing of Company personnel. 
(d)Solicitation of Consultants.  Executive shall not during the term of Executive’s employment or service and for the Restricted Period, directly or indirectly, hire, solicit or encourage to cease work with the Company or any of its affiliates any consultant then under contract with the Company or any of its affiliates.
(e)Nondisparagement.  Executive agrees that neither he nor anyone acting by, through, under or in concert with him shall disparage or otherwise communicate negative statements or opinions about the Company, Parent, or their respective board members, officers, employees or businesses.  The Company agrees that neither its Board members nor officers, nor the board members or officers of Parent, shall disparage or otherwise communicate negative statements or opinions about Executive.  Except as may be required by law, neither Executive, nor any member of Executive’s family, nor anyone else acting by, through, under or in concert with Executive will disclose to any individual or entity (other than Executive’s legal or tax advisors) the terms of this Agreement.  
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(f)Rights and Remedies Upon Breach.  If Executive breaches or threatens to commit a breach of any of the provisions of this Section 5 (the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity:
(i)Specific Performance.  The right and remedy to have the Restrictive Covenants specifically enforced by any court having equity jurisdiction, all without the need to post a bond or any other security or to prove any amount of actual damage or that money damages would not provide an adequate remedy, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide adequate remedy to the Company; and
(ii)Accounting and Indemnification.  The right and remedy to require Executive (A) to account for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits derived or received by Executive or any associated party deriving such benefits as a result of any such breach of the Restrictive Covenants; and (B) to indemnify the Company against any other losses, damages (including special and consequential damages), costs and expenses, including actual attorneys’ fees and court costs, which may be incurred by them and which result from or arise out of any such breach or threatened breach of the Restrictive Covenants. 
(g)    Severability of Covenants/Blue Pencilling.  If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard to the invalid portions.  If any court determines that any of the Restrictive Covenants, or any part thereof, are unenforceable because of the duration of such provision or the area covered thereby, such court shall have the power to reduce the duration or area of such provision and, in its reduced form, such provision shall then be enforceable and shall be enforced.  Executive hereby waives any and all right to attack the validity of the Restrictive Covenants on the grounds of the breadth of their geographic scope or the length of their term.
(h)    Enforceability in Jurisdictions.  The Company and Executive intend to and do hereby confer jurisdiction to enforce the Restrictive Covenants upon the courts of any jurisdiction within the geographical scope of such covenants.  If the courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of the breadth of such scope or otherwise, it is the intention of the Company and Executive that such determination not bar or in any way affect the right of the Company to the relief provided above in the courts of any other jurisdiction within the geographical scope of such covenants, as to breaches of such covenants in such other respective jurisdictions, such covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and independent covenants.
(i)    Whistleblower Provision.  Nothing herein shall be construed to prohibit Executive from communicating directly with, cooperating with, or providing information to, any government regulator, including, but not limited to, the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, or the U.S. Department of Justice.  Executive acknowledges that the Company has provided Executive with the following notice of immunity rights in compliance with the requirements of the Defend Trade Secrets Act: (i) Executive shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of proprietary information that is made in confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, (ii) Executive shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of proprietary information that is made in a 
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complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (iii) if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the proprietary information to Executive’s attorney and use the proprietary information in the court proceeding, if Executive files any document containing the proprietary information under seal, and does not disclose the proprietary information, except pursuant to court order.
(j)    Definitions.  For purposes of this Section 5, the term “Company” means not only Zeno Management, Inc., but also Parent as well as any company, partnership or entity which, directly or indirectly, controls, is controlled by or is under common control with Zeno Management, Inc.
6.    Insurance; Indemnification.  
    (a)    Insurance.  The Company shall have the right to take out life, health, accident, “key-man” or other insurance covering Executive, in the name of the Company and at the Company’s expense in any amount deemed appropriate by the Company.  Executive shall assist the Company in obtaining such insurance, including, without limitation, submitting to any required examinations and providing information and data required by insurance companies.
    (b)    Indemnification.  Executive will be provided with indemnification against third party claims related to his work for the Company to the maximum extent permitted by Delaware law.  The Company shall provide Executive with directors and officers liability insurance coverage at least as favorable as that which the Company may maintain from time to time for members of the Board and executive officers.
7.    Arbitration.  Any dispute, claim or controversy based on, arising out of or relating to Executive’s employment or this Agreement shall be settled by final and binding arbitration in New York, New York, before a single neutral arbitrator in accordance with the JAMS Employment Arbitration Rules and Procedures (the “Rules”), and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction.  The Rules may be found online at www.jamsadr.com and will be provided to Executive upon request.  If the parties are unable to agree upon an arbitrator, one shall be appointed by JAMS in accordance with its Rules.  Each party shall pay the fees of its own attorneys, the expenses of its witnesses and all other expenses connected with presenting its case; provided, however, Executive and the Company agree that, to the extent permitted by law, the arbitrator may, in his or her discretion, award reasonable attorneys’ fees to the prevailing party.  Other costs of the arbitration, including the cost of any record or transcripts of the arbitration, JAMS administrative fees, the fee of the arbitrator, and all other fees and costs, shall be borne by the Company.  This Section 7 is intended to be the exclusive method for resolving any and all claims by the parties against each other for payment of damages under this Agreement or relating to Executive’s employment; provided, however, that Executive shall retain the right to file administrative charges with or seek relief through any government agency of competent jurisdiction, and to participate in any government investigation, including but not limited to (a) claims for workers’ compensation, state disability insurance or unemployment insurance; (b) administrative claims brought before any state or federal governmental authority; provided, however, that any appeal from an award or from denial of an award of wages and/or waiting time penalties shall be arbitrated pursuant to the terms of this Agreement; and (c) claims for administrative relief from the United States Equal Employment Opportunity Commission and/or any similar state agency in any applicable jurisdiction); provided, further, that Executive shall 
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not be entitled to obtain any monetary relief through such agencies other than workers’ compensation benefits or unemployment insurance benefits.  This Agreement shall not limit either party’s right to obtain any provisional remedy, including, without limitation, injunctive or similar relief, from any court of competent jurisdiction as may be necessary to protect their rights and interests pending the outcome of arbitration, including without limitation injunctive relief, in any court of competent jurisdiction.  Seeking any such relief shall not be deemed to be a waiver of such party’s right to compel arbitration.  Both Executive and the Company expressly waive their right to a jury trial.
8.    General Relationship.  Executive shall be considered an employee of the Company within the meaning of all federal, state and local laws and regulations including, but not limited to, laws and regulations governing unemployment insurance, workers’ compensation, industrial accident, labor and taxes.
9.    Miscellaneous.
(a)    Modification; Prior Claims.  This Agreement and the Proprietary Information and Inventions Agreement (and the other documents referenced therein) set forth the entire understanding of the parties with respect to the subject matter hereof, and supersede all existing agreements between them concerning such subject matter, including the Prior Agreement.  This Agreement may be amended or modified only with the written consent of Executive and an authorized representative of the Company.  No oral waiver, amendment or modification will be effective under any circumstances whatsoever.
(b)    Assignment; Assumption by Successor.  The rights of the Company under this Agreement may, without the consent of Executive, be assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially all of the assets or business of the Company.  The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and to agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place; provided, however, that no such assumption shall relieve the Company of its obligations hereunder.  As used in this Agreement, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law or otherwise.
(c)    Survival.  The covenants, agreements, representations and warranties contained in or made in Sections 4, 5, 6, 7 and 9 of this Agreement shall survive Executive’s termination of employment.
(d)    Third-Party Beneficiaries.  Except as expressly set forth herein, this Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement.
(e)    Waiver.  The failure of either party hereto at any time to enforce performance by the other party of any provision of this Agreement shall in no way affect such party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of any provision hereof be deemed to be a waiver by such party of any other breach of the same or any other provision hereof.
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(f)    Section Headings.  The headings of the several sections in this Agreement are inserted solely for the convenience of the parties and are not a part of and are not intended to govern, limit or aid in the construction of any term or provision hereof.
(g)    Notices.  Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated:  (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by email, telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt.  Notice shall be sent to Executive at the address listed on the Company’s personnel records and to the Company at its principal place of business, or such other address as either party may specify in writing.
(h)    Severability.  All Sections, clauses and covenants contained in this Agreement are severable, and in the event any of them shall be held to be invalid by any court, this Agreement shall be interpreted as if such invalid Sections, clauses or covenants were not contained herein.
(i)    Governing Law and Venue.  This Agreement is to be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof.  Except as provided in Sections 5 and 7, any suit brought hereon shall be brought in the state or federal courts sitting in New York, New York, the parties hereto hereby waiving any claim or defense that such forum is not convenient or proper.  Each party hereby agrees that any such court shall have in personam jurisdiction over it and consents to service of process in any manner authorized by New York law.
(j)    Non-transferability of Interest.  None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement shall be assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death of Executive.  Any attempted assignment, transfer, conveyance, or other disposition (other than as aforesaid) of any interest in the rights of Executive to receive any form of compensation to be made by the Company pursuant to this Agreement shall be void.
(k)    Gender.  Where the context so requires, the use of the masculine gender shall include the feminine and/or neuter genders and the singular shall include the plural, and vice versa, and the word “person” shall include any corporation, firm, partnership or other form of association.
(l)    Counterparts; Facsimile or .pdf Signatures.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement.  This Agreement may be executed and delivered by facsimile or by .pdf file and upon such delivery the facsimile or .pdf signature will be deemed to have the same effect as if the original signature had been delivered to the other party.
(m)    Construction.  The language in all parts of this Agreement shall in all cases be construed simply, according to its fair meaning, and not strictly for or against any of the parties hereto.  Without limitation, there shall be no presumption against any party on the ground that such party was responsible for drafting this Agreement or any part thereof.
(n)    Withholding and Other Deductions.  All compensation payable to Executive hereunder shall be subject to such deductions as the Company is from time to time required to make pursuant to law, governmental regulation or order.
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(o)    Code Section 409A.  
        (i)    This Agreement is not intended to provide for any deferral of compensation subject to Section 409A of the Code, and, accordingly, the severance payments payable under Section 4(b)(ii), (iii) and (v) shall be paid no later than the later of:  (A) the fifteenth (15th) day of the third month following Executive’s first taxable year in which such amounts are no longer subject to a substantial risk of forfeiture, and (B) the fifteenth (15th) day of the third month following first taxable year of the Company in which such amounts are is no longer subject to substantial risk of forfeiture, as determined in accordance with Code Section 409A and any Treasury Regulations and other guidance issued thereunder.  To the extent applicable, this Agreement shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder.  Each series of installment payments made under this Agreement is hereby designated as a series of “separate payments” within the meaning of Section 409A of the Code.   For purposes of this Agreement, all references to Executive’s “termination of employment” shall mean Executive’s Separation from Service.  
        (ii)    If Executive is a “specified employee” (as defined in Section 409A of the Code), as determined by the Company in accordance with Section 409A of the Code, on the date of Executive’s Separation from Service, to the extent that the payments or benefits under this Agreement are subject to Section 409A of the Code and the delayed payment or distribution of all or any portion of such amounts to which Executive is entitled under this Agreement is required in order to avoid a  prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion deferred pursuant to this Section 9(o)(ii) shall be paid or distributed to Executive in a lump sum on the earlier of (A) the date that is six (6)-months following Executive’s Separation from Service, (B) the date of Executive’s death or (C) the earliest date as is permitted under Section 409A of the Code.  Any remaining payments due under the Agreement shall be paid as otherwise provided herein.
(iii)To the extent applicable, this Agreement shall be interpreted in accordance with the applicable exemptions from Section 409A of the Code.  If Executive and the Company determine that any payments or benefits payable under this Agreement intended to comply with Sections 409A(a)(2), (3) and (4) of the Code do not comply with Section 409A of the Code, Executive and the Company agree to amend this Agreement, or take such other actions as Executive and the Company deem reasonably necessary or appropriate, to comply with the requirements of Section 409A of the Code and the Treasury Regulations thereunder (and any applicable transition relief) while preserving the economic agreement of the parties.  To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner that no payments payable under this Agreement shall be subject to an “additional tax” as defined in Section 409A(a)(1)(B) of the Code.
(iv)Any reimbursement of expenses or in-kind benefits payable under this Agreement shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s taxable year following the taxable year in which Executive incurred the expenses.  The amount of expenses reimbursed or in-kind benefits payable during any taxable year of Executive’s shall not affect the amount eligible for reimbursement or in-kind benefits payable in any other taxable year of Executive’s, and 
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Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for any other benefit.
[Signature Page Follows]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.
                    Zeno Management, Inc.

                    By:     /s/ Kimberly Blackwell            
                        Name:     Kimberly Blackwell, M.D.        
                        Title:     President and Chief Executive Officer

                    Executive

                          /s/ Cam Gallagher                
                        Cam Gallagher
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Exhibit 10.1

EXHIBIT A
GENERAL RELEASE OF CLAIMS

    

|US-DOCS\132103605.4||

Exhibit 10.1

EXHIBIT B
PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT
[ATTACHED]

|US-DOCS\132103605.4||

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