Document:

Exhibit 4.4(p) 34th Supplemental Indenture

Exhibit 4.4(p)

NORTHWESTERN CORPORATION
TO
THE BANK OF NEW YORK MELLON
(formerly The Bank of New York)
AND
Philip L. Watson
As Trustees under Mortgage and
Deed of Trust, dated as of
October 1, 1945, with NorthWestern Corporation
THIRTY-FOURTH SUPPLEMENTAL INDENTURE
Providing, among other things, for
the increase in the maximum amount to be
secured by such Mortgage and Deed of Trust
Dated as of January 1, 2015

53

THIRTY-FOURTH SUPPLEMENTAL INDENTURE
THIS THIRTY-FOURTH SUPPLEMENTAL INDENTURE, dated as of January 1, 2015, between NORTHWESTERN CORPORATION, a corporation duly incorporated and existing under the laws of the State of Delaware (hereinafter called the “Company”), having its principal office at 3010 West 69th Street, Sioux Falls, South Dakota, 57108, and THE BANK OF NEW YORK MELLON (formerly The Bank of New York) (hereinafter called the “Corporate Trustee”), a corporation of the State of New York, whose principal corporate trust office is located at 101 Barclay Street, New York, New York, 10286 (successor to MORGAN GUARANTY TRUST COMPANY OF NEW YORK (formerly Guaranty Trust Company of New York)), and Philip L. Watson, whose post office address is c/o The Bank of New York Mellon, 101 Barclay Street, New York, New York, 10286 (successor to Arthur E. Burke, Karl R. Henrich, H.H. Gould, R. Amundsen, P.J. Crowley, W.T. Cunningham, Douglas J. MacInnes, MaryBeth Lewicki and Ming Ryan) (said Philip L. Watson being hereinafter sometimes called the “Co-Trustee”, and the Corporate Trustee and the Co-Trustee being hereinafter together sometimes called the “Trustees”), as Trustees under the Mortgage and Deed of Trust, dated as of October 1, 1945 (hereinafter called the “Mortgage” and, together with any indentures supplemental thereto, the “Indenture”), which Mortgage was executed and delivered by The Montana Power Company, a corporation of the State of New Jersey (hereinafter called the “Company-New Jersey”), as indirect predecessor under the Mortgage to the Company (the Company being successor under the Mortgage to NorthWestern Energy, L.L.C. (hereinafter called “NorthWestern Energy”), formerly known as The Montana Power, L.L.C., a limited liability company of the State of Montana, and NorthWestern Energy being the successor under the Mortgage to The Montana Power Company, a corporation of the State of Montana (hereinafter called the “Company-Montana”)), to Guaranty Trust Company of New York and Arthur E. Burke, as Trustees, to secure the payment of bonds issued or to be issued under and in accordance with the provisions of the Mortgage, reference to which Mortgage is hereby made, this instrument (hereinafter called the “Thirty-fourth Supplemental Indenture”) being supplemental thereto;
WHEREAS, by the Mortgage, the Company-New Jersey covenanted that it would execute and deliver such supplemental indenture or indentures and such further instruments and do such further acts as might be necessary or proper to carry out more effectually the purposes of the Indenture and to make subject to the lien of the Indenture any property thereafter acquired, made or constructed and intended to be subject to the lien thereof; and
WHEREAS, the Company-New Jersey executed and delivered to the Trustees its First Supplemental Indenture, dated as of May 1, 1954 (hereinafter called the “First Supplemental Indenture”), and its Second Supplemental Indenture, dated as of April 1, 1959 (hereinafter called the “Second Supplemental Indenture”); and
WHEREAS, the Company-New Jersey was merged into the Company-Montana on November 30, 1961, and to evidence the succession of the Company-Montana to the Company-New Jersey for purposes of the bonds and the Indenture and the assumption by the Company-Montana of the covenants and conditions of the Company-New Jersey in the bonds and in the Indenture contained and to enable the Company-Montana to have and exercise the powers and rights of the Company-New Jersey under the Indenture in accordance 

with the terms thereof, the Company-Montana executed and delivered to the Trustees its Third Supplemental Indenture, dated as of November 30, 1961 (hereinafter called the “Third Supplemental Indenture”); and
WHEREAS, the Company-Montana executed and delivered to the Trustees its Fourth Supplemental Indenture, dated as of April 1, 1970 (hereinafter called the “Fourth Supplemental Indenture”); its Fifth Supplemental Indenture, dated as of April 1, 1971 (hereinafter called the “Fifth Supplemental Indenture”); its Sixth Supplemental Indenture, dated as of March 1, 1974 (hereinafter called the “Sixth Supplemental Indenture”); its Seventh Supplemental Indenture, dated as of December 1, 1974 (hereinafter called the “Seventh Supplemental Indenture”); its Eighth Supplemental Indenture, dated as of July 1, 1975 (hereinafter called the “Eighth Supplemental Indenture”); its Ninth Supplemental Indenture, dated as of December 1, 1975 (hereinafter called the “Ninth Supplemental Indenture”); its Tenth Supplemental Indenture, dated as of January 1, 1979 (hereinafter called the “Tenth Supplemental Indenture”); its Eleventh Supplemental Indenture, dated as of October 1, 1983 (hereinafter called the “Eleventh Supplemental Indenture”); its Twelfth Supplemental Indenture, dated as of January 1, 1984 (hereinafter called the “Twelfth Supplemental Indenture”); its Thirteenth Supplemental Indenture, dated as of December 1, 1991 (hereinafter called the “Thirteenth Supplemental Indenture”); its Fourteenth Supplemental Indenture, dated as of January 1, 1993 (hereinafter called the “Fourteenth Supplemental Indenture”); its Fifteenth Supplemental Indenture, dated as of March 1, 1993 (hereinafter called the “Fifteenth Supplemental Indenture”); its Sixteenth Supplemental Indenture, dated as of May 1, 1993 (hereinafter called the “Sixteenth Supplemental Indenture”); its Seventeenth Supplemental Indenture, dated as of December 1, 1993 (hereinafter called the “Seventeenth Supplemental Indenture”); its Eighteenth Supplemental Indenture, dated as of August 5, 1994 (hereinafter called the “Eighteenth Supplemental Indenture”); its Nineteenth Supplemental Indenture, dated as of December 16, 1999 (hereinafter called the “Nineteenth Supplemental Indenture”); and its Twentieth Supplemental Indenture, dated as of November 1, 2001 (hereinafter called the “Twentieth Supplemental Indenture”); and
WHEREAS, the Company-Montana was merged into NorthWestern Energy (under its then name, The Montana Power, L.L.C.) on February 13, 2002; and to evidence the succession of NorthWestern Energy (under its then name, The Montana Power, L.L.C.) to the Company-Montana for purposes of the bonds and the Indenture and the assumption by NorthWestern Energy (under its then name, The Montana Power, L.L.C.) of the covenants and conditions of the Company-Montana in the bonds and in the Indenture contained and to enable NorthWestern Energy (under its then name, The Montana Power, L.L.C.) to have and exercise the powers and rights of the Company-Montana under the Indenture in accordance with the terms thereof, NorthWestern Energy (under its then name, The Montana Power, L.L.C.) executed and delivered to the Trustees its Twenty-first Supplemental Indenture, dated as of February 13, 2002 (hereinafter called the “Twenty-first Supplemental Indenture”); and
WHEREAS, NorthWestern Energy changed its name from The Montana Power, L.L.C. to NorthWestern Energy, L.L.C. on March 19, 2002; and
WHEREAS, NorthWestern Energy transferred, subject to the Lien of the Indenture, substantially all of the Mortgaged and Pledged Property as an entirety to the Company on November 20, 2002 (the “Transfer Date”), and to evidence the succession of the Company to NorthWestern Energy for purposes of the bonds and the Indenture and the assumption by the Company of the covenants and conditions of NorthWestern Energy in the bonds and in the Indenture contained and to enable the Company to have and exercise the powers and rights of NorthWestern Energy under the Indenture in accordance with the terms thereof, the Company executed and delivered to the Trustees its Twenty-second Supplemental Indenture, dated as of November 15, 2002 (hereinafter called the “Twenty-second Supplemental Indenture”); and 

WHEREAS, the Company executed and delivered to the Trustees its Twenty-third Supplemental Indenture, dated as of February 1, 2003 (hereinafter called the “Twenty-third Supplemental Indenture”); its Twenty-fourth Supplemental Indenture, dated as of November 1, 2004 (hereinafter called the “Twenty-fourth Supplemental Indenture”); its Twenty-fifth Supplemental Indenture, dated as of April 1, 2006 (hereinafter called the “Twenty-fifth Supplemental Indenture”); its Twenty-sixth Supplemental Indenture, dated as of September 1, 2006 (hereinafter called the “Twenty-sixth Supplemental Indenture”); its Twenty-seventh Supplemental Indenture, dated as of March 1, 2009 (hereinafter called the “Twenty-seventh Supplemental Indenture”); its Twenty-eighth Supplemental Indenture, dated as of October 1, 2009 (hereinafter called the “Twenty-eighth Supplemental Indenture”); its Twenty-ninth Supplemental Indenture, dated as of May 1, 2010 (hereinafter called the “Twenty-ninth Supplemental Indenture”); its Thirtieth Supplemental Indenture, dated as of August 1, 2012 (hereinafter called the “Thirtieth Supplemental Indenture”); its Thirty-first Supplemental Indenture, dated as of December 1, 2013 (hereinafter called the “Thirty-first Supplemental Indenture”); its Thirty-second Supplemental Indenture, dated as of November 1, 2014 (hereinafter called the “Thirty-second Supplemental Indenture”) and its Thirty-third Supplemental Indenture, dated as of November 1, 2014 (hereinafter called the “Thirty-third Supplemental Indenture”); and
WHEREAS, the Mortgage and the First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, Fifteenth, Sixteenth, Seventeenth, Eighteenth, Nineteenth, Twentieth, Twenty-first, Twenty-second, Twenty-third, Twenty-fourth, Twenty-fifth, Twenty-sixth, Twenty-seventh, Twenty-eighth, Twenty-ninth, Thirtieth, Thirty-first, Thirty-second and Thirty-third Supplemental Indentures were recorded in the official records of various counties and states as required by the Indenture; and
WHEREAS, the Company expects to record this Thirty-fourth Supplemental Indenture in the official records of various counties and states as required by the Indenture; and
WHEREAS, an instrument dated March 15, 1955 was executed by the Company-New Jersey appointing Karl R. Henrich as Co-Trustee in succession to said Arthur E. Burke, resigned, under the Mortgage and by Karl R. Henrich accepting the appointment as Co-Trustee under the Mortgage in succession to said Arthur E. Burke, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated June 29, 1962 was executed by the Company-Montana appointing H.H. Gould as Co-Trustee in succession to said Karl R. Henrich, resigned, under the Mortgage and by H.H. Gould accepting the appointment as Co-Trustee under the Mortgage in succession to said Karl R. Henrich, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated June 22, 1973 was executed by the Company-Montana appointing R. Amundsen as Co-Trustee in succession to said H.H. Gould, resigned, under the Mortgage and by R. Amundsen accepting the appointment as Co-Trustee under the Mortgage in succession to said H.H. Gould, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated July 1, 1986 was executed by the Company-Montana appointing P.J. Crowley as Co-Trustee in succession to said R. Amundsen, resigned, under the Mortgage and by P.J. Crowley accepting the appointment as Co-Trustee under the Mortgage in succession to said R. Amundsen, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, by the Eighteenth Supplemental Indenture, the Company-Montana appointed (i) W.T. Cunningham as Co-Trustee in succession to said P.J. Crowley, resigned, under the Mortgage and W.T. Cunningham accepted the appointment as Co-Trustee under the Mortgage in succession to said P.J. Crowley, 

and (ii) The Bank of New York Mellon as Corporate Trustee in succession to Morgan Guaranty Trust Company of New York, resigned, under the Mortgage and The Bank of New York Mellon accepted the appointment as Corporate Trustee under the Mortgage in succession to said Morgan Guaranty Trust Company of New York, which supplemental indenture was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, an instrument dated March 29, 1999 was executed by the Company-Montana appointing Douglas J. MacInnes as Co-Trustee in succession to said W.T. Cunningham, resigned, under the Mortgage and by Douglas J. MacInnes accepting the appointment as Co-Trustee under the Mortgage in succession to said W.T. Cunningham, which instrument was recorded in various counties in the states of Montana, Idaho and Wyoming; and
WHEREAS, by the Twenty-third Supplemental Indenture, the Company appointed MaryBeth Lewicki as Co-Trustee in succession to said Douglas J. MacInnes, removed, under the Mortgage and MaryBeth Lewicki accepted the appointment as Co-Trustee under the Mortgage in succession to said Douglas J. MacInnes; and
WHEREAS, by the Twenty-fifth Supplemental Indenture, the Company appointed Ming Ryan as Co-Trustee in succession to said MaryBeth Lewicki, removed, under the Mortgage and Ming Ryan accepted the appointment as Co-Trustee under the Mortgage in succession to said Mary Beth Lewicki; and
WHEREAS, by the Thirtieth Supplemental Indenture, the Company appointed Philip L. Watson as Co-Trustee in succession to said Ming Ryan, removed, under the Mortgage and Philip L. Watson accepted the appointment as Co-Trustee under the Mortgage in succession to said Ming Ryan; and
WHEREAS, the Company-New Jersey, the Company-Montana or the Company has heretofore issued, in accordance with the provisions of the Mortgage, the following series of First Mortgage Bonds:

	
			
	Series
	Principal
Amount
Issued
	Principal Amount
Outstanding

	2-7/8% Series due 1975 
	$40,000,000
	NONE

	3-1/8% Series due 1984 
	6,000,000
	NONE

	4-1/2% Series due 1989 
	15,000,000
	NONE

	8-1/4% Series due 1974 
	30,000,000
	NONE

	7-1/2% Series due 2001 
	25,000,000
	NONE

	8-5/8% Series due 2004
	60,000,000
	NONE

	8-3/4% Series due 1981
	30,000,000
	NONE

	9.60% Series due 2005
	35,000,000
	NONE

	9.70% Series due 2005
	65,000,000
	NONE

	9-7/8% Series due 2009
	50,000,000
	NONE

	11-3/4% Series due 1993
	75,000,000
	NONE

	10/10-1/8% Series due 2004/2014
	80,000,000
	NONE

	8-1/8% Series due 2014
	41,200,000
	NONE

	7.70% Series due 1999 
	55,000,000
	NONE

	8-1/4% Series due 2007
	55,000,000
	NONE

	8.95% Series 2022 
	50,000,000
	NONE

	Secured Medium-Term Notes 
	68,000,000
	NONE

	7% Series due 2005 
	50,000,000
	NONE

	6-1/8% Series due 2023 
	90,205,000
	NONE

	5.90% Series due 2023
	80,000,000
	NONE

	0% Series due 1999 
	210,321,007
	NONE

	7.30% Series due 2006
	150,000,000
	NONE

	Collateral (2002) Series due 2006 
	280,000,000
	NONE

	Collateral (2004) Series A due 2009
	90,000,000
	NONE

	Collateral (2004) Series B due 2011
	72,000,000
	NONE

	Collateral (2004) Series C due 2014
	161,000,000
	NONE

	4.65% Series due 2023 (Twenty-seventh)..........
	170,205,000
	170,205,000

	6.04% Series due 2016 (Twenty-eighth)............
	150,000,000
	150,000,000

	6.34% Series due 2019 (Twenty-ninth) .............
	250,000,000
	250,000,000

	5.71% Series due 2039 (Thirtieth) ...................
	55,000,000
	55,000,000

	5.01% Series due 2025 (Thirty-first)................
	161,000,000
	161,000,000

	4.15% Series due 2042 (Thirty-second).............
	60,000,000
	60,000,000

	4.30% Series due 2052 (Thirty-third)................
	40,000,000
	40,000,000

	3.99% Series due 2028 (Thirty-fourth).............
	35,000,000
	35,000,000

	4.85% Series due 2043 (Thirty-fifth)...............
	15,000,000
	15,000,000

	4.176% Series due 2044 (Thirty-sixth).............
	450,000,000
	450,000,000

which bonds are also hereinafter sometimes called “Bonds of the First through Thirty-sixth Series”, respectively; and
WHEREAS, Section 120 of the Mortgage provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Indenture, whether such power, privilege or right is in any way restricted or is unrestricted, may be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted or to additional restriction if already restricted, and the Company may enter into any further covenants, limitations or restrictions for the benefit of any one or more series of bonds issued thereunder; or the Company may cure any ambiguity contained therein or in any supplemental indenture or correct or supplement any provision 

therein or in any supplemental indenture which may be defective or inconsistent with any other provision therein or in any supplemental indenture; or the Company may make other changes to the provisions thereof or of any supplemental indenture or add new provisions thereto or to any supplemental indenture or eliminate provisions therefrom or from any supplemental indenture, provided that the same does not adversely affect the interests of the Holders of any of the bonds then Outstanding in any material respect; or the Company may (in lieu of establishment by Resolution as provided in Section 8 of the Mortgage) establish the terms and provisions of any series of bonds other than the First Series; each by an instrument in writing executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to record in all of the states in which any property at the time subject to the lien of the Indenture shall be situated; and
WHEREAS, Section 2 of Article II of the Sixteenth Supplemental Indenture provides that, until an indenture or indentures supplemental to the Mortgage shall be executed and delivered by the Company to the Trustees pursuant to authorization by the Board of Directors of the Company and filed for record in all counties in which the Mortgaged and Pledged Property is located, increasing or decreasing the amount of future advances made to the Company or future obligations payable incurred by the Company (therein called Future Mortgage Debt) which, after the date thereof, may be outstanding at any time and secured by the mortgage of real property created by the Mortgage, as supplemented, in the State of Montana (therein called the Montana Real Property Lien), the Montana Real Property Lien may secure Future Mortgage Debt in an amount (the “Maximum Amount”) not to exceed One Billion Dollars ($1,000,000,000); and
WHEREAS, pursuant to and in accordance with Section 2 of Article II of the Sixteenth Supplemental Indenture, the Company increased the Maximum Amount to One Billion Four Hundred Eighty Million Dollars ($1,480,000,000) by executing and delivering and filing for record the Thirty-second Supplemental Indenture in all counties in which the Mortgaged and Pledged Property referenced therein is located; and
WHEREAS, the Board of Directors of the Company has authorized an additional increase in the Maximum Amount; and
WHEREAS, pursuant to and in accordance with Section 2 of Article II of the Sixteenth Supplemental Indenture, the Company now desires to increase the Maximum Amount to Two Billion Dollars ($2,000,000,000), effective upon the filing for record of this Thirty-fourth Supplemental Indenture in all counties in which the Mortgaged and Pledged Property is located; and
WHEREAS, the execution and delivery by the Company of this Thirty-fourth Supplemental Indenture have been duly authorized by the Board of Directors of the Company by appropriate Resolutions of said Board of Directors.
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
That the Company, in consideration of the premises and of $1.00 to it duly paid by the Trustees at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in further evidence of assurance of the estate, title and rights of the Trustees and in order further to secure the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Indenture, according to their tenor and effect and the performance of all the provisions of the Indenture (including any modification made as in the Mortgage provided) and of said bonds, and to confirm the lien of the Mortgage, as heretofore supplemented, on certain after-acquired property, hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, pledges, sets over and confirms (subject, however, to Excepted Encumbrances as defined in Section 6 of the Mortgage, as heretofore supplemented) unto Philip L. Watson, Co-Trustee, and (to the extent of its legal capacity to hold the same for the purposes 

hereof) to The Bank of New York Mellon, the Corporate Trustee, as Trustees under the Indenture, and to their successor or successors in said trust, and to said Trustees and their successors and assigns forever, all the following described properties of the Company located in the State of Montana, namely:
CASCADE COUNTY
BLACK EAGLE LANDS
PARCEL I: BLACK EAGLE DAM
Tract 1:
SECTION 1 TOWNSHIP 20 NORTH, RANGE 3 EAST, AND SECTION 6, TOWNSHIP 20 NORTH, RANGE 4 EAST, M.P.M.
Tracts 3 and 4 of Certificate of Survey No. 3681 as filed in the office of the Clerk and Recorder of Cascade County, Montana, on August 25, 1999.  (Deed reference: Reel 329 Document 321)
Tract 2:
SECTIONS 5 AND 6, TOWNSHIP 20 NORTH, RANGE 4 EAST, M.P.M.
Tract 1 of Certificate of Survey No. 2230 as filed in the office of the Clerk and Recorder of Cascade County, Montana, on July 1, 1987.  (Deed reference: Reel 329 Document 321)
Tract 3:
Beginning at a point in Lot 1 of said Section 6, Township 20 North, Range 4 East, MPM, on a line bearing South 29°14' West 1904.98 feet from the Southwest corner of Section 32, Township 21 North, Range 4 East, MPM; and running Thence North 42°20' West, 90.00 feet; Thence North 47°40' East, 96.64 feet; Thence North 53°18' East, 192.65 feet; Thence North 68°57' East, 489.90 feet; Thence North 21°14' West, 100.48 feet; Thence North 68°46' East, 450.50 feet; Thence South 21°14' East 555.21 feet, to a point from which the southwest corner of Section 32, T21N, R4E, MPM, bears North 10°26' West, 1525.55 feet; Thence South to the low water line of the Missouri River; Thence Westerly along the low water line of the Missouri River to a point South of the point of beginning; Thence North to the point of beginning.  (Deed reference: Book 136, Page 545)
Tract 4:
All that portion of Government Lots 5 and 6 in Section 5, Township 20 North, Range 4 East, and All that portion of Government Lot 8 in Section 6, Township 20 North, Range 4 East, Cascade County, Montana, described as follows: Beginning at the southwest corner of Lot 2, Section 5, Township 20 North, Range 4 East, thence West 1200 feet; thence South 65°0'West, 1642.0 feet to a corner which is 200 feet upstream from the line of the crest of Black Eagle Dam produced, thence North 25°0'West, 172 feet, more or less, the South shore of the Missouri River; thence Northeasterly along said South shore of the Missouri River to its intersection with the North and South center line of Section 5, Township 20 North, Range 4 East; thence South along said North and South center line to the point of beginning.   (Deed reference: Book 136, Page 545)
EXCEPT therefrom that portion of land being the former St. Paul, Minneapolis and Manitoba Railway granted to the City of Great Falls by deed recorded July 18, 1994 on Reel 263 Document 334 being Certificate of Survey No. 2999.  

AND EXCEPT therefrom that portion of land conveyed to Sunlight Development by deed recorded October 3, 1989 on Reel 214 Document 1369 (and confirmation deed recorded on Reel 215 Document 249), now owned by State of Montana Department of Fish, Wildlife and Parks by deed recorded December 22, 1989 on Reel 216, Document 1239, records of Cascade County, Montana.
RAINBOW LANDS
Township 21 North, Range 4 East, MPM, Cascade County, Montana
Section 27:
A tract of land in the NE1⁄4 of Section 27, Township 21 North, Range 4 East, PMM, Cascade County, Montana, and being more particularly described as follows: Beginning at the East quarter corner of Section 27; Thence North 88°09'00" West along the centerline of Section 27, a distance of 341.47 feet; Thence North 01°40'00" East, a distance of 654.84 feet; Thence North 87°37'01" West, a distance of 336.86 feet; Thence North 01°40'00" East, a distance of 986.90 feet; Thence South 86°32'53" East, a distance of 667.05 feet to a point on the East line of Section 27; Thence South 01°15'32" West, a distance of 1626.30 feet to the point of beginning.  Certificate of Survey No. S-0004225. (Recording Reference: COS S-0004225  R-0096802)
W1⁄2E1⁄2SE1⁄4, SW1⁄4SE1⁄4, S1⁄2SW1⁄4, E1⁄2E1⁄2SE1⁄4, EXCEPTING THEREFROM that portion included in Tracts 1 and 2 of Certificate of Survey No. 3641 as filed in the office of the Clerk and Recorder of Cascade County, Montana on June 2, 1999, and Tract 2A Certificate of Survey No. S-0003950 filed May 31, 2002.  Further excepting that portion conveyed to Great Northern Railway Co. by deed recorded March 20, 1944 in Book 177, Page 303 and excepting that portion conveyed to the St. Paul, Minneapolis, Manitoba Railway Co. by deed recorded September 30, 1901 in Book 31, Page 399, records of Cascade County, Montana.  (Recording Reference: Reel 329, Document No. 321)
Section 28:
S1⁄2SW1⁄4, W1⁄2SW1⁄4SE1⁄4, E1⁄2SW1⁄4SE1⁄4, SE1⁄4SE1⁄4 , EXCEPTING THEREFROM that portion included in Amendment to Tract 2 of Certificate of Survey No. 3641 as filed in the office of the Clerk and Recorder of Cascade County, Montana on June 2, 1999 and Tract 2A Certificate of Survey No. S-0003950 filed May 31, 2002.  (Recording Reference: Reel 329, Document No. 321)
Section 33:
Lots 1 and 2, and the NW1⁄4NW1⁄4  (Recording Reference: Reel 329, Document No. 321)
Section 34:
Lots 1, 2, 3, 4, 6, 7, 8 & 9, EXCEPTING THEREFROM the South 20 acres of Lots 8 and 9, and also EXCEPTING THEREFROM that portion conveyed to St. Paul, Minneapolis and Manitoba Railway Company by Book 43, Page 130 and that portion included in Amendment to Tract 1 of Certificate of Survey No. 3641 filed June 2, 1999 as filed in the office of the Clerk and Recorder of Cascade County, Montana.  Further excepting: Tract D of Survey filed June 28, 1989 on Survey No. 2418; Tract A of Survey filed June 28, 1989 on Survey No. 2417; Survey No. 621 filed August 30, 1976; Any portion in the Agritech Park Addition; That portion of land conveyed to Cascade County for road purposes, by deed recorded December 31, 1969 on Reel 61, Document 7319, all records of Cascade County, Montana.  (Recording Reference: Reel 329, Document No. 321)
Section 34:

Certificate of Survey No. 621 as filed of record in the office of the Clerk and Recorder of Cascade County, Montana on August 30, 1976, described as follows: A tract of land located within Lot 8 of Section 34, Township 21 North, Range 4 East, PMM, Cascade County, Montana, and being more particularly described as follows: Beginning at a point on the South boundary line of Montana Power Company property, Section 34, Township 21 North, Range 4 East, which point bears North 89°59' West, 381.85 feet from the NW corner of the SW1⁄4NW1⁄4SW1⁄4 of Section 35, Township 21 North, Range 4 East and being the true point of beginning; Thence from the true point of beginning South 325.07 feet; Thence North 89°59' West, 250 feet to the East right-of-way line of an existing county road having a right-of-way width of 100 feet; Thence North 1°30' West, 48.25 feet along the said East right-of-way line to the point of curve of a 17°24' curve to the left; thence along said 17°24' curve, 198.97 feet to the point of tangent of said 17°24' curve at which point the right-of-way width of said county road changes from 100 feet to 60 feet; Thence South 53°52' West, 20.0 feet along the right-of-way change to the East right-of-way line of the said 60 feet right-of-way and being the point of curve of a 18°32' curve to the left; thence along said 18°32' curve, 117.98 feet to the point of tangent of said 18°32' curve; Thence North 58°00' West, 44.03 feet along said East right-of-way line to a point on the South boundary line of Montana Power Company property; thence South 89°59' East, 453.82 feet along the said Montana Power boundary line to the true point of beginning.  (Recording Reference: Reel 329, Document No. 321)
Section 35:
Lots 1, 2, 3 & 4, EXCEPTING THEREFROM the South 20 acres of Lot 1.  (Recording Reference: Reel 329, Document No. 321)
RYAN LANDS
Township 21 North, Range 5 East, MPM, Cascade County, Montana
Section 17: 
Lots 1, 2 & 3, SE1⁄4SE1⁄4, N1⁄2S1⁄2  (Recording Reference: Reel 329 Document 321)
Section 18: 
Lot 5  (Recording Reference: Reel 329 Document 321)
Section 19: 
Lots 3, 5, 6, 7 & 8, NW1⁄4NE1⁄4, SE1⁄4NW1⁄4 and the NE1⁄4SW1⁄4, EXCEPTING THEREFROM that
portion of land 60' wide conveyed to Cascade County by deed recorded May 23, 1923 in Book 115, Page 273.  (Recording Reference: Reel 329 Document 321)

Section 20: 

Lots 1, 2 & 3  (Recording Reference: Reel 329 Document 321)

Township 21 North, Range 5 East, MPM, Cascade County, Montana

Section 19: Lots 9, 10, 11 & 12  

Section 20: Lots 4, 5, 6 & 7  

Section 30:  Lot 6 

Except therefrom that portion of lands conveyed to Sunlight Development by deed recorded May 20, 1988 on Reel 202, Document 735, records of Cascade County, Montana.  (Recording Reference: Book 136, Page 545)

COCHRANE LANDS
Township 21 North, Range 4 East, Montana Principal Meridian, Cascade County, Montana:
Section 24: 
All that portion Southeast of the Southeasterly line of the Great Northern Railway right of way as said right of way existed March 25, 1929.  (Recording Reference: Reel 329 Document 321)
Section 25: 
Lots 1, 2, 3, & 4, the NW1⁄4NW1⁄4  (Recording Reference: Reel 329 Document 321)
Section 26: 
Lots 1, 2, 6 & 7, the W1⁄2NE1⁄4, the NE1⁄4NE1⁄4, the S1⁄2NW1⁄4, and the N1⁄2SW1⁄4, EXCEPT therefrom that portion of land conveyed to St. Paul, Minneapolis and Manitoba Railway Company by deeds recorded June 9, 1906 in Book 37, Page 531 recorded and Book 48, Page 8, recorded on June 12, 2006, located in the NW1⁄4NW1⁄4 of Section 25 and that portion conveyed by deed recorded November 11, 1905 in Book 43, Page 130, as to the NW1⁄4SW1⁄4 of Section 26, and further a portion conveyed to the Great Northern Railway Company by deed recorded June 13, 1946 in Book 186, Page 433 as to a part in the SW1/4NW1/4 of Section 26.  FURTHER excepting all that portion conveyed to St. Paul, Minneapolis and Manitoba Railway Company by deed September 30, 1901 in Book 31, Page 399 as to Section 26.  (Recording Reference: Reel 329 Document 321)
Township 21 North, Range 5 East, Montana Principal Meridian, Cascade County, Montana:
Section 19: 
Lot 4  (Recording Reference: Reel 329 Document 321)
Section 30: 
Lot 1  (Recording Reference: Reel 329 Document 321)
Township 21 North, Range 4 East, Cascade County, Montana
Section 25: 
Lots 5, 6, 7 and 8  (Recording Reference: Book 136 Page 545)
Section 26: 
Lots 3, 4, and 5, EXCEPT therefrom those portions of land conveyed to Sunlight Development by deed recorded May 20, 1988 on Reel 202, Document 734 and deed recorded May 20, 1988 on Reel 202, Document 735, records of Cascade County, Montana.  (Recording Reference: Book 136 Page 545)

Township 21 North, Range 5 East, Cascade County, Montana
Section 30: 
Lots 2 and 5, EXCEPT therefrom those portions of land conveyed to Sunlight Development by deed recorded May 20, 1988 on Reel 202, Document 734 and deed recorded May 20, 1988 on Reel 202, Document 735, records of Cascade County, Montana.  (Recording Reference: Book 136 Page 545)
MORONY LANDS
Township 21 North, Range 5 East, MPM, Cascade County, Montana
Section 10:
Tract No. 1:
Beginning at the South quarter section corner of said Section 10, being the Southeast corner of the SE1⁄4SW1⁄4 of said Section 10, and running thence Northerly on the mid-section line North 0°06' West 205.9 feet to a point; Thence Westerly on a line South 89°54' West 93.0 feet; Thence Southwesterly on a line South 44°54' West 289.2 feet to a point on the South section line of said Section 10; Thence Easterly on a line North 89°54' East 297.0 feet upon said section line to the point of beginning.  (Recording Reference Reel 329, Document 321)
Tract No. 2:
Beginning at a point on the South line of the SE1⁄4SW1⁄4 of said Section 10, 398.5 feet West of the South quarter corner of said Section 10; Thence Northwesterly on a line North 45°06' West 60.0 feet; Thence Westerly on a line South 89°54' West 66.5 feet; Thence Southwesterly on a line South 44°54' West 60.0 feet to the South line of said Section 10; Thence Easterly on said section line North 89°54' East 150.0 feet to the point of beginning.  (Recording Reference Reel 329, Document 321)
Tract No. 3:
Beginning at a point on the South line of the SE1⁄4SW1⁄4 of said Section 10, 620.0 feet West of the South quarter corner of said Section 10; Thence Northerly on a line North 0°06' West 40.0 feet; Thence Westerly on a line South 89°54' West 90.0 feet; Thence Southerly on a line South 0°06" East 40.0 feet to said South line of Section 10; Thence Easterly on said section line North 89°54' East 90.0 feet to the point of beginning. (Recording Reference Reel 329, Document 321)
Section 11:
Lots 5 and 8, EXCEPTING THEREFROM the East 660 feet as previously conveyed by Book 216, Page 208.  (Recording Reference Reel 329, Document 321)

Lot 7, EXCEPTING THEREFROM that portion included in Certificate of Survey No. 3594 as filed in the office of the Clerk and Recorder of Cascade County, Montana on January 13, 1999.  Further excepting that portion of land conveyed to Cascade County for highway by deed recorded March 6, 1941 in Book 168, Page 63, records of Cascade County, Montana. (Recording Reference Reel 329, Document 321)
Section 14:

Lots 1, 3 and 4, W1⁄2NW1⁄4NE1⁄4 and Lot 2, EXCEPTING THEREFROM that portion included in Certificate of Survey No. 3594 as filed in the office of the Clerk and Recorder of Cascade County, Montana on January 13, 1999.  Further excepting that portion of land conveyed to Cascade County for highway by deed recorded March 6, 1941 in Book 168, Page 63, records of Cascade County, Montana.  (Recording Reference Reel 329, Document 321)
Section 15:
Lots 1, 2, 3 & 4, EXCEPTING THEREFROM that portion included in Tract 1 of Certificate of Survey No. 3595 as filed in the office of the Clerk and Recorder of Cascade County, Montana on January 13, 1999, it being the intent to except land within the description as set forth in said Certificate of Survey and not to except land to the original low water line of the river.  (Recording Reference Reel 329, Document 321)
Lots 5, 10 and 11.  (Recording Reference Reel 329, Document 321)
Section 16:
Lots 1, 2, 3 and SW1⁄4SW1⁄4  (Recording Reference Reel 329, Document 321)
N1⁄2S1⁄2, NE1⁄4  (Recording Reference Reel 329, Document 321)
Section 21:
Lots1 and 2  (Recording Reference Reel 329, Document 321)
Section 22:
Lot 2  (Recording Reference Reel 329, Document 321)
Township 21 North, Range 5 East, MPM, Cascade County, Montana
Section 15: 
Lots 6, 7, 8, 9 & 12  (Recording Reference Book 136, Page 545)
Section 21: 
Lots 3, 4, 5 & 6  (Recording Reference Book 136, Page 545)
Section 22: 
Lot 1, Excepting therefrom that portion of land conveyed to Sunlight Development by deed recorded May 20, 1988 on Reel 202, Document 733, records of Cascade County, Montana.  (Recording Reference Book 136, Page 545)
CHOUTEAU COUNTY
CARTER’S FERRY LANDS
Township 22 North, Range 5 East, MPM, Chouteau County, Montana:
Section 25: 
Lot 4
(Recording Reference: Book F66-99 of Deeds, Pages 38-45)

Township 22 North, Range 6 East, MPM, Chouteau County, Montana:
Section 30: 
Lot 5
(Recording Reference: Book F66-99 of Deeds, Pages 38-45)

GALLATIN COUNTY
HEBGEN LANDS
Township 12 South, Range 4 East, M.P.M, Gallatin County, Montana
Section 6: 
NE1/4NW1/4NW1/4SW1/4 EXCEPTING THEREFROM that portion included in the Cozy Corners Subdivision as recorded in the office of the Clerk and Recorder, Gallatin County, Montana in Plat Book J, Page 16 on September 22, 1975.  (Recording Reference: Patent recorded September 17, 1973, Book 21, Page 400)
Section 8: 
SW1/4NW1/4, SW1/4 according to Book 77 of Deeds, Page 621, EXCEPTING THEREFROM the following: (i) that part of the E1/2SW1/4, SW1/4SW1/4 lying and being above the elevation of 6534.87 feet above sea level, being that portion conveyed to Trevor S. Povah in Book 142 of Deeds, Page 348; (ii) the SW1/4NW1/4 being that portion conveyed to Gerald Pearl Yetter and Helga Iris Yetter in Book 146 of Deeds, Page 550; and (iii) the NW1/4SW1/4, being that portion conveyed to the United States of America in Film 20, Page 131.  (Recording References: Deed recorded July 11, 1934, Book 77, Page 621; Grant Deed recorded April 29, 1963, Book 142, Page 348; Grant Deed recorded November 9, 1964 in Book 146, Page 550; Warranty Deed recorded June 28, 1973, Film 20, Page 131)
Section 9: 
W1/2SE1/4, S1/2SW1/4, N1/2SW1/4, and SE1/4SE1/4
Section 11: 
That part of Section 11, more particularly described as being all that part of the E1/2SW1/4 and the S1/2SE1/4 lying south of a certain meander line described as follows: to-wit: Beginning at a point on the West boundary line of said Section 11, from which point the Northwest corner of said Section 11, bears North 0°20’ West, 2490.5 feet, and running thence North 67°31’ East, 163.5 feet; thence South 28°09’ East, 739.0 feet; thence South 67°20’ East, 362.5 feet; thence North 61°12’ East, 294.0 feet; thence South 42°47’ West, 261.5 feet; thence South 24°37’ East, 459.3 feet; thence South 65°28’ East, 249.5 feet; thence South 65°50’ East, 397.0 feet; thence North 56°00’ East, 251.0 feet; thence South 66°53’ East, 211.0 feet; thence South 49°44’ East, 148.5 feet; thence South 74°48’ West, 215.5 feet; thence South 41°18’ West, 254.0 feet; thence South 34°03’ East, 335.5 feet; thence South 48°50’ East, 546.5 feet; thence North 63°18’ East, 224.0 feet; thence South 41°15’ East, 258.5 feet; thence South 62°58’ East, 384.0 feet; thence North 8°50’ East, 226.5 feet; thence South 28°06’ East, 383.0 feet; thence North 69°54’ East, 468.0 feet; thence North 38°06’ East, 253.5 feet; thence South 21°35’ 

West, 445.0 feet to a pointon the South boundary line of said Section 11, from which point the Southeast corner of said Section 11, bears South 89°56’ East, 1500.8 feet.  (Recording Reference: Deed recorded July 11, 1934, Book 77, Page 621)
Section 12: 
That part of Section 12, more particularly described as being all that part of the SE1/4 lying South of a certain meander line described as follows, to-wit: Beginning at the South one quarter corner of said Section 12, and running thence North 47°53’ East, 106.8 feet; thence North 87°50’ East, 178.0 feet; thence North 31°30’ East, 349.5 feet; thence North 47°14’ East, 576.5 feet; thence North 34°07’ East, 287.0 feet; thence North 41°21’ East, 957.5 feet; thence North 33°18’ East, 1170.0 feet; thence South 79°36’ East, 338.5 feet to the East one quarter corner of said Section 12, EXCEPTING THEREFROM that portion conveyed to E.S. Armstrong in Book 92 of Deeds, Page 552.  (Recording References: Deed recorded July 11, 1934, Book 77, Page 621; Grant Deed recorded February 2, 1946, Book 92, Page 552)
Section 13: 
SW1/4NE1/4, NW1/4, NE1/4SW1/4, S1/2SW1/4, SE1/4 according to Book 77 of Deeds, Page 621, EXCEPTING THEREFROM the following: (i) the N1/2NW1/4, being that portion conveyed to Lulu D. Kerzenmacher in Book 86 of Deeds, Page 379, (ii) the SW1/4SE1/4SE1/4, being that portion conveyed to Wm. H. Reif in Book 88 of Deeds, Page 499; (iii) S1/2S1/2SW1/4SE1/4, being that portion conveyed to Wm. H. Reif in Book 90 of Deeds, Page 39; and (iv) SE1/4SE1/4SE1/4, being that portion conveyed to the successors of David Keith in Film 201, Page 3324. (Recording References: Deed recorded July 11, 1934, Book 77, Page 621; Deed of Distribution recorded August 10, 1949, Book 9, Page 99; Deed recorded October 19, 1942, Book 86, Page 379; Deed recorded October 28, 1943, Book 88, Page 499; Quit Claim Deed recorded September 11, 1944, Book 90, Page 39; Replacement Grant Deed recorded August 11, 1999, Film 201, Page 3324)
Section 14: 
E1/2NW1/4. W1/2NE1/4 and all that part of the NE1/4NE1/4 lying South of a certain meander line described as follows, to-wit: Beginning at a point on the North boundary line of said Section 14, from which point the Northeast corner of said Section 14, bears South 89°56’ East, 1500.8 feet; and running thence South 21°35’ West, 18.5 feet; thence South 75°57’ East, 410.5 feet; thence South 49°35’ East, 428.0 feet; thence South 87°13’ East. 466.0 feet; thence East 320.5 feet to a point on the East boundary line of said Section 14, from which point the Northeast corner of said Section 14, bears North 0°01’ West, 418.5 feet. (Recording Reference: Deed recorded July 11, 1934, Book 77, Page 621)
Section 16: 
N1/2N1/2 (Recording Reference: Deed recorded July 11, 1934, Book 77, Page 621)
Township 12 South, Range 5 East, M.P.M, Gallatin County, Montana
Section 7: 
That part of Section 7, more particularly described as being all that part of Lots 2, 3, 4 and SE1/4SW1/4 lying South of a certain meander line described as follows, to-wit: Beginning at the West one quarter corner of Said Section 7, and running thence North 75°55’ East, 86.8 feet; thence South 86°35’ East, 235.0 feet; thence North 12°26’ East, 187.0 feet; thence South 49°15’ East, 244.0 feet; thence South 73°48’ East, 605.5 feet; thence South 11°48’ East, 491.8 feet; thence South 06°51’ East, 570.5 feet; 

thence South 27°37’ East, 555.0 feet; thence South 47°36’ East, 666.0 feet; thence North 37°15’ East, 229.0 feet; thence North 80°55’ East, 199.0 feet; thence South 41°18’ East 273.0 feet; thence South 35°57’ West, 298.4 feet; thence South 12°47’ East, 188.0 feet; thence South 35°45’ East, 113.0 feet to a point on the South boundary line of Section 7, From which point the South one quarter corner of said Section 7, bears North 89°45’ East, 416.5 feet. EXCEPTING THEREFROM that portion conveyed to E.S. Armstrong in Deed recorded in Book 92 of Deeds, Page 552. (Recording References: Deed recorded July 11, 1934, Book 77, Page 621; Grant Deed recorded February 2, 1946, Book 92, Page 552)
Section 18: 
S1/2NW1/4, N1/2SW1/4, W1/2SE1/4 according to Book 77 of Deeds, Page 621, EXCEPTING THEREFROM the following (i) the W1/2SE1/4, being that portion conveyed to Sam Eagle in Book 88 of Deeds, Page 527; and (ii) the NE1/4SE1/4NW1/4, being that portion conveyed to E.S. Armstrong in Book 88 of Deeds, Page 554. (Recording References: Deed recorded July 11, 1934, Book 77, Page 621; Quit Claim Deed recorded November 22, 1943, Book 88, Page 554; Deed recorded November 12, 1943, Book 88, Page 527)
LEWIS & CLARK COUNTY
HAUSER LANDS
TOWNSHIPS 10 AND 11 NORTH, RANGE 1 WEST, M.P.M, LEWIS AND CLARK COUNTY, MONTANA:
That part of United States Mineral Entry No. 222, being Lot No. 38 also described as Mineral Survey No. 171, described as follows: Commencing at Corner NO.1 of said Mineral Entry and running thence North 32° East, 250 feet; thence South 32° East, 120 feet; thence South 74°30' East, 190 feet; thence South 41° East, 150 feet to the South boundary of said entry; thence along the South boundary of said Entry to corner No.1, the place of beginning. (Recording Reference: Decree of Condemnation recorded January 12, 1910 in Book 64 at page 587)
TOWNSHIP 11 NORTH, RANGES 1 AND 2 WEST, M.P.M., LEWIS AND CLARK COUNTY, MONTANA:
That part of United States Mineral Entry No. 632, also described as Mineral Survey No. 530, described as follows: Commencing at Corner No. 21 of said Mineral Entry and running thence North 50° West, 1642 feet to the Missouri River; thence North 44° East, 240 feet; thence South 40°15' East, 994 feet; thence South 58°15' East, 616 feet; thence South 53° east, 320 feet; thence North 83° West, 310 feet, to the place of beginning. (Recording Reference: Decree of Condemnation recorded January 12, 1910 in Book 64 at page 587)
TOWNSHIP 11 NORTH, RANGE 2 WEST, M.P.M., LEWIS AND CLARK COUNTY, MONTANA:
That part of United States Mineral Entry No. 181, being Lot No. 40 as designated by the Surveyor General described as follows: Commencing South 35°45' West, 355 feet distant from Corner NO.1 of said entry and running thence South 30° West, 345 feet; thence South 25°30' West, 415 feet; thence South 16°30' East, 680 feet; thence South 58° East, 620 feet; thence South 67 East, 920 feet; thence South 63° East, 500 feet; thence South 24°30' East. 360 feet; thence South 10° West, 195 feet; thence South 84°45' West, 480 feet to the Western boundary of said entry; thence along the Western boundary of said entry to the place of beginning, LESS AND EXCEPTING THEREFROM that portion 

conveyed to Sunlight Development Company in Book M10 at page 7673. (Recording Reference: Decree of Condemnation recorded January 12, 1910 in Book 64 at page 587)
That part of United States Mineral Entry No. 180, being Lot No. 39 as designated by the Surveyor General described as follows: Commencing at Corner NO.3 of said entry and running thence North 84°45' East, 480 feet; thence South 10° West, 565 feet; thence South 19° East, 940 feet; thence South 34°30' East, 340 feet; thence South 1° East, 440 feet; thence North 58° East, 360 feet; thence South 74° East, 55 feet; thence South 19° West, 390 feet; thence South 53° East, 460 feet; thence South 66° East, 540 feet; thence South 59° East, 440 feet; thence South 16° East, 85 feet; thence South 86°45' West, 270 feet; thence North 63°15' West, 983 feet; thence North 46°45' West, 429 feet; thence North 19° West, 2667 feet to Corner No.3, the place of beginning, LESS AND EXCEPTING THEREFROM that portion conveyed to Sunlight Development Company in Book M10 at page 7673. (Recording Reference: Decree of Condemnation recorded January 12, 1910 in Book 64 at page 587)
That part of Mineral Entry No. 1646 in Sections 3, 4, 5, 9, 10 and 11, described as follows, to-wit: Commencing at the Northwest corner of the NE1/4SE1/4 of said Section 5, Township 11 North, Range 2 West, M.P.M.; running thence East 1120 feet; thence South 19° East, 1232 feet; thence South 71°30' East, 433 feet; thence South 2° West, 834 feet; thence South 44° East, 1636 feet; thence South 42° West, 260 feet; thence South 56°30' East, 1906 feet; thence South 51°30' East, 1766 feet; thence East 440 feet; thence South 50° East, 370 feet; thence South 73° West, 470 feet; thence South 60° East, 1310 feet; thence South 25° West, 180 feet; thence South 70°30' East, 1040 feet; thence North 87° East, 1540 feet; thence North 79° East, 1700 feet; thence North 83° East, 2500 feet; thence North 54°30' East, 850 feet; thence North 88°30' East, 1920 feet; thence North 38° East, 420 feet; thence North 67° East, 450 feet; thence South 37° West, 660 feet; thence South 76°30' East, 690 feet; thence South 150 feet to the bank of the Missouri River; thence along the bank of the Missouri River in a Westerly and Northerly direction to a point on the River lying on the East and West center line of Section 5, Township 11 North, Range 2 West, M.P.M. and thence East along said East and West center line to the point of beginning, LESS AND EXCEPTING THEREFROM that portion conveyed in Book 117 of Deeds at page 76.  (Recording References: Decree of Condemnation recorded January 12, 1910 in Book 64 at page 587; Quit Claim Deed recorded May 29, 1937 in Book 117 of Deeds at page 75)
Section 5: 
Government Lot 13, LESS AND EXCEPTING THEREFROM that portion conveyed to Sunlight Development Company in Book M8 at page 9008 and further LESS AND EXCEPTING THEREFROM that portion conveyed to The United States of America in General Warranty Deed recorded April 2, 2010 in Book M41 at page 7641.  (Recording Reference: Warranty Deed recorded April 18, 1900 in Book 40 of Deeds at page 524; Quiet Title Decree BDV-98-500)
That part of Section 5, described as follows: Commencing at the Northeast corner of Lot 6 in said Section 5, running thence West 920 feet; thence South 41°30' West, 190 feet; thence North 60° West, 325 feet; thence South 18° East, 215 feet; thence South 45°30' East, 230 feet; thence South 44° West 180 feet; thence South 68°30' East, 480 feet; thence South 14° West, 360 feet; thence South 36°30' West 600 feet; thence South 51° West, 415 feet; thence South 77° West, 420 feet; thence South 31°30'East, 340 feet; thence South 15°30' West, 300 feet; thence South 36°30'  West, 250 feet to the South line of the NW1/4SW1/4; thence East along said South line of the NW1/4SW1/4 and Lot 7, a distance of 1115 feet; thence North 31° West 65 feet; thence North 51° East, 470 feet; thence South 43°30' East, 270 feet; thence North 385 feet; thence North 60°30' East 240 feet; thence South 46°30' East, 105 feet; thence South 12°30' West, 600 feet to the South line of Lot 7; thence East 80 feet along 

said South line of Lot 7 to the left bank of the Missouri River; thence following down the left bank of the Missouri River, or the East line of Lots 6 and 7, to the place of beginning. (Recording Reference: Quit Claim Deed recorded July 14, 1921 in Book 91 of Deeds at page 257) 
Section 8:
Government Lot 1. (Recording References: Quit Claim Deed recorded March 16, 1907 in Book 55 of Deeds at page 373; Bargain & Sale Deed recorded November 9, 1906 in Book 18 of Deeds at page 567)
Government Lots 2 and 6, LESS AND EXCEPTING THEREFROM that portion conveyed to Sunlight Development Company in Book M8 at page 9008. (Recording References: Quit Claim Deed recorded September 23, 1905 in Book 51 of Deeds at page 595; Quit Claim Deed recorded September 23, 1905 in Book 55 of Deeds at page 173; Quit Claim Deed recorded March 16, 1907 in Book 55 of Deeds at page 351; Grant Deed recorded February 26, 1905 in Book 56 of Deeds at page 626)
Government Lots 4, 5 and 8, LESS AND EXCEPTING THEREFROM that portion conveyed to Sunlight Development Company in Book M8 at page 9008. (Recording Reference: Warranty Deed recorded April 18, 1900 in Book 40 of Deeds at page 524)
Section 9: 
Government Lots 1, 2 and 3, LESS AND EXCEPTING THEREFROM that portion conveyed to Sunlight Development Company in Book M8 at page 9008. (Recording References: Quit Claim Deed recorded September 23, 1905 in Book 51 of Deeds at page 595; Quit Claim Deed recorded September 23, 1905 in Book 55 of Deeds at page 173; Quit Claim Deed recorded March 16, 1907 in Book 55 of Deeds at page 351; Grant Deed recorded February 26, 1905 in Book 56 of Deeds at page 626)
Government Lots 4 and 5, LESS AND EXCEPTING THEREFROM that portion conveyed to Sunlight Development Company in Book M8 at page 9008. (Recording References: Quit Claim Deed recorded October 1, 1906 in Book 59 of Deeds at page 129; Bargain & Sale Deed recorded November 9, 1906 in Book 18 of Deeds at page 567; Deed recorded March 16, 1907 in Book 55 of Deeds at page 372)
Section 10:
Government Lots 5, 6, 7 and 8. (Recording References: Quit Claim Deed recorded October 1, 1906 in Book 59 of Deeds at page 129; Bargain & Sale Deed recorded November 9, 1906 in Book 18 of Deeds at page 567; Deed recorded March 16, 1907 in Book 55 of Deeds at page 372)
Section 14:
Government Lots 1, 2 and the SE1/4SE1/4, LESS AND EXCEPTING THEREFROM that portion thereof conveyed in Book 255 of Deeds at page 166, that portion conveyed by Book M7 at page 1920, that portion conveyed by Book M7 at page 5667 that portion conveyed by Book M10 at page 7674 and that portion conveyed by Book M8 at page 9008. (Deed Reference: Quit Claim Deed recorded November 9, 1906 in Book 59 of Deeds at page 142)
Section 17:
All that part of the W1/2NE1/4 and SE1/4NE1/4, described as follows, to-wit: Beginning at the Southwest corner of said Northeast quarter, running thence East 319 feet; thence North 19°25' East, 284 feet; thence North 29°18' East, 390 feet; thence North 52°15' East, 322 feet; thence North 37°01' East, 399 feet; thence north 59°49' East, 256 feet; thence North 62°00' East, 145 feet, more or less, 

to the North line of the SE1/4NE1/4 of said Section; thence West on said North line 128 feet, more or less, to the Northwest corner of said SE1/4NE1/4; thence due North 1320 feet, more or less, to the North line of said Section; thence West along last mentioned North line 1320 feet, more or less, to the quarter section corner on said last mentioned North line; thence South 2640 feet, more or less, to the point of beginning, LESS AND EXCEPTING THEREFROM that portion conveyed in Book 126 of Deeds at page 447 and further less and excepting therefrom that portion conveyed in Book M33 at page 3014 (Recording Reference: Warranty Deed recorded March 12, 1943 in Book 58 of Deeds at page 45)
Mineral Entry No. 392, embracing the NE1/4NE1/4 of Government Lot 1 and the E1/2W1/2 of Government Lot 1, LESS AND EXCEPTING THEREFROM that portion thereof conveyed in Deed recorded in Book M33 at page 3013 (Recording Reference: Bargain & Sale Deed recorded April 14, 1915 in Book 80 of Deeds at page 245; Quit Claim Deed recorded September 12, 1916 in Book 81 of Deeds at page 19; Quit Claim Deed recorded September 12, 1916 in Book 81 of Deeds at page 20)
Section 18:
S1/2SE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 126 of Deeds at page 230 and that portion conveyed by Deed recorded in Book 126 of Deeds at page 253. (Recording Reference: Warranty Deed recorded April 8, 1907 in Book 63 of Deeds at page 25)
Section 19:
Government Lots 2, 3, 4, NE1/4SW1/4, SE1/4NW1/4 and N1/2NE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 126 of Deeds at page 230 and that portion conveyed by Deed recorded in Book 126 of Deeds at page 253. (Recording Reference: Warranty Deed recorded April 8, 1907 in Book 63 of Deeds at Page 25)
That part of the SW1/4NE1/4 and W1/2SE1/4 that lies within and beneath the high water flood line of the lake or reservoir made by the dam, and more particularly described as follows: Beginning at a point bearing West 498.02 feet from the Northeast corner of the SW1/4NE1/4 of said Section 19; running thence South 10°30' East, 968.25 feet; thence South 59° West, 1165 feet; thence South 15° East, 868 feet; thence South 23°54' West, 556.5 feet; thence North 2899.43 feet along the center line of said Section 19 to the Northwest corner of said SW1/4NE1/4; thence East 821.98 feet along the Northern boundary line of said SW1/4NE1/4, to the point of beginning. (Recording References: Warranty Deed recorded December 30, 1907 in Book 61 of Deeds at page 586; Warranty Deed recorded January 18, 1908 in Book 61 of Deeds at page 608) 
Government Lot 1 and the NE1/4NW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 126 of Deeds at page 230 and that portion conveyed by Deed recorded in Book 126 of Deeds at page 253 (Recording Reference: Warranty Deed recorded February 26, 1906 in Book 60 of Deeds at page 254; Sheriffs Deed recorded July 9, 1919 in Book 45 of Deeds at page 191)
SE1/4SW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Quit Claim Deed recorded May 14, 1945 in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded July 3, 1909 in Book 65 of Deeds at Page 276)
That part of the S1/2NE1/4, more particularly described as being a strip of land 30 feet in width, lying 15 feet on either side of a center line described as follows: Beginning at a point from which point the 

East one quarter corner of said Section 19 bears South 76°39' East, 1570 feet and running thence South 69°20' East, 758 feet to a point, from which point the East one quarter corner of said Section 19 bears South 83°22' East, 824 feet.  (Recording Reference: Quitclaim Deed recorded October 7, 1958 in Book 205 of Deeds at page 192)
Section 23:
Government Lots 2, 3 and 4, LESS AND EXCEPTING THEREFROM that portion conveyed Deed recorded in Book 255 of Deeds at page 162, that portion conveyed by Deed recorded in Book M9 at page 7659, that portion conveyed by Deed recorded in Book M8 at page 9008 and that portion conveyed by Deed recorded in Book M10 at page 7674. (Recording Reference: Warranty Deed recorded June 27, 1906 in Book 61 of Deeds at page 84)
Section 24:
Government Lots 1, 2 and 3, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book M8 at page 9008. (Recording Reference: Quit Claim Deed recorded June 28, 1905 in Book 56 of Deeds at page 476: Trustee's Deed recorded June 28, 1905 in Book 56 of Deeds at page 478)
Section 26:
Government Lots 1, 2, 3, 4, 5, 6, 7 and 8 and the SE1/4, NW1/4NW1/4, SE1/4NE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 61 of Deeds at page 221, that portion conveyed by Deed recorded in Book M4 at page 9917 and that portion conveyed by Deed recorded in Book M9 at page 7659. (Recording Reference: Quit Claim Deed recorded June 28, 1905 in Book 56 of Deeds at page 476; Trustee's Deed recorded June 28, 1905 in Book 56 of Deeds at page 478)
Section 27:
E1/2SE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 61 of Deeds at page 221. (Recording Reference: Quit Claim Deed recorded June 28, 1905 in Book 56 of Deeds at page 476; Trustee's Deed recorded June 28, 1905 in Book 56 of Deeds at page 478)
SE1/4NE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 255 of Deeds at page 168, that portion conveyed by Deed recorded in Book M4 at page 5634, that portion conveyed by Deed recorded in Book M7 at page 7390 and that portion conveyed by Deed recorded in Book M9 at page 2201. (Recording Reference: Warranty Deed recorded June 27, 1906 in Book 61 of Deeds at page 84)
Section 30:
Government Lots 1, 2 and 3, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Bargain and Sale Deed recorded May 18, 1906 in Book 18 of Deeds at Page 554)
NE1/4NW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded July 3, 1909 in Book 65 of Deeds at page 276)
Section 35:

Government Lots 1, 5, 6 and 7 and the N1/2NE1/4, LESS AND EXCEPTING THEREFROM all that portion conveyed by Deed recorded in Book 61 of Deeds at page 221. (Recording Reference: Quit Claim Deed recorded June 28, 1905 in Book 56 of Deeds at page 476; Trustee's Deed recorded June 28, 1905 in Book 56 of Deeds at page 478)
That part of Section 35, particularly described as follows, to-wit: Commencing on the West bank of the Missouri River at a point where the South line of Lot 1 of Section 35 intersects said River; running thence West on the said South line of said Lot, 34 rods; thence South 45° East, 67 rods, thence East 34 rods to the bank of the Missouri River; thence down the West bank of said River to the place of beginning, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 61 of Deeds at page 221. (Recording Reference: Quit Claim Deed recorded June 28, 1905 in Book 56 of Deeds at page 476; Trustee's Deed recorded June 28, 1905 in Book 56 of Deeds at page 478)
That certain Mineral Entry No. 3442 known as Government Lot 4, LESS AND EXCEPTING THEREFROM that portion conveyed in Deed recorded in Book 208 of Deeds at page 172. (Recording Reference: Quit Claim Deed recorded November 28, 1906 in Book 59 of Deeds at page 151; Grant Deed recorded November 14, 1906 in Book 61 of Deeds at page 253)
Section 36:
Government Lots 1 and 2 and the NE1/4SW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 56 of Deeds at page 476. (Recording Reference: Quit Claim Deed recorded June 28, 1905 in Book 56 of Deeds at page 476; Trustee's Deed recorded June 28, 1905 in Book 56 of Deeds at page 478)
TOWNSHIPS 11 & 12 NORTH, RANGE 2 WEST, M.P.M., LEWIS AND CLARK COUNTY, MONTANA:
Parcel 2 of Hauser Dam Minor Subdivision, the Plat of which was filed September 13, 1999 as Document No, 603147 (Recording Reference: Quit Claim Deed recorded November 26, 1907 in Book 59 of Deeds at page 325; Warranty Deed recorded April 2, 1987 in Book M7 at page 7767)
TOWNSHIP 11 NORTH, RANGE 3 WEST, M.P.M., LEWIS AND CLARK COUNTY, MONTANA:
Section 22:
NW1/4, SE1/4, E1/2SW1/4 and SW1/4SW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded July 17, 1906 in Book 60 of Deeds at page 396)
NE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188, (Recording Reference: Warranty Deed recorded October 19, 1905 in Book 60 of Deeds at page 122)
Section 23:
S1/2NW1/4NE1/4, S1/2N1/2NW1/4NE1/4, S1/2NE1/4NW1/4 and the S1/2N1/2NE1/4NW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 126 of Deeds at page 246.  (Recording Reference: Warranty Deed recorded February 26, 1906 in Book 60 of Deeds at page 256)

SW1/4SE1/4 and that part of the SE1/4SW1/4 that lies South of the Prickley Pear Creek. (Recording Reference: Grant Deed recorded September 23, 1905 in Book 56 of Deeds at page 515; Warranty Deed recorded September 23, 1905 in Book 60 of Deeds at page 91)
NE1/4SE1/4 and the E1/2NE1/4 (Recording Reference: Warranty Deed recorded September 27, 1905 in Book 60 of Deeds at page 100)
SW1/4NE1/4, SE1/4NW1/4, NE1/4SW1/4, NW1/4SE1/4 and that part of the SE1/4SW1/4 lying and being on the North side of Prickley Pear Creek. (Recording Reference: Warranty Deed recorded February 26, 1906 in Book 60 of Deeds at page 253)
SE1/4SE1/4 (Recording Reference: Warranty Deed recorded February 26, 1906 in Book 60 of Deeds at page 257)
SW1/4NW1/4 and the NW1/2SW1/4 (Recording Reference: Warranty Deed recorded October 19, 1905 in Book 60 of Deeds at page 122)
SW1/4SW1/4 (Recording Reference: Warranty Deed recorded July 17, 1906 in Book 60 of Deeds at page 396)
Section 24:
SW1/4SE1/4 (Recording Reference: Warranty Deed recorded September 23, 1905 in Book 60 of Deeds at page 92)
SE1/4SE1/4, NE1/4NE1/4SE1/4 and the S1/2NE1/4SE1/4 (Recording Reference: Warranty Deed recorded September 27, 1905 in Book 60 of Deeds at page 99)
SW1/4SW1/4 (Recording Reference: Warranty Deed recorded February 26, 1906 in Book 60 of Deeds at page 257)
E1/2NW1/4 and the NE1/4SW1/4 (Recording Reference: Warranty Deed recorded February 26, 1906 in Book 60 of Deeds at page 250)
N1/2NE1/4 and the SW1/4NE1/4 (Recording Reference: Warranty Deed recorded February 26, 1906 in Book 60 of Deeds at page 254; Sheriffs Deed recorded July 9, 1919 in Book 45 at page 191)
W1/2NW1/4 and the NW1/4SW1/4 (Recording Reference: Warranty Deed recorded February 26, 1906 in Book 60 of Deeds at page 249)
SE1/4SW1/4 (Recording Reference: Warranty Deed recorded September 23, 1905 in Book 60 of Deeds at page 90: Grant Deed recorded September 23, 1905 in Book 56 of Deeds at page 516)
SE1/4NE1/4, NW1/4SE1/4 and the NW1/4NE1/4SE1/4 (Recording Reference: Warranty Deed recorded September 27, 1905 in Book 60 of Deeds at page 98)
Section 25:
W1/2NW1/4, NW1/4SW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded February 26, 1906 in Book 60 of Deeds at page 257)

E1/2NE1/4 and the NE1/4SE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded February 26
NE1/4NW1/4 and the N1/2SE1/4NW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded September 23, 1905 in Book 60 of Deeds at page 90; Grant Deed recorded September 23, 1905 in Book 56 of Deeds at page 516)
W1/2NE1/4 and the NW1/4SE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded September 23, 1905 in Book 60 of Deeds; at page 92)
NE1/4SW1/4 and the S1/2SE1/4SE1/4NW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded April 9, 1906 in Book 60 of Deeds at page 303)
Section 26:
E1/2NE1/4 and the NE1/4SE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded February 26, 1906 in Book 60 of Deeds at page 257)
W1/2NE1/4, W1/2SE1/4, E1/2NW1/4 and the NE1/4SW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded September 23, 1905 in Book 60 of Deeds at page 91; Grant Deed recorded September 23, 1905 in Book 56 of Deeds at page 516)
W1/2NW1/4 and the NW1/4SW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at page 188. (Recording Reference: Warranty Deed recorded July 17, 1906 in Book 60 of Deeds at page 396)
Section 27: 
N1/2 and the NE1/4SE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Deed recorded in Book 133 of Deeds at Page 188. (Recording Reference: Warranty Deed recorded July 16, 1906 in Book 60 of Deeds at page 396)
HOLTER LANDS
TOWNSHIP 12 NORTH, RANGE 3 WEST, M.P.M., LEWIS AND CLARK COUNTY, MONTANA:
Section 2:
Government lots 10 and 11 (Recording Reference: Warranty Deed recorded February 24, 1908 in Book 58 of Deeds at page 16; Quit Claim Deed recorded March 7, 1944 in Book 130 of Deeds at page 261)
Government lots 6, 7, 8, 9 and 12, N1/2SE1/4, SW1/4SE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed in Book M5 at page 610. (Recording Reference: Warranty Deed recorded January 27, 1916 in Book 80 of Deeds at page 535)
Section 3:

SE1/4NE1/4, E1/2SE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book M8 at page 7876. (Recording Reference: Warranty Deed recorded February 24, 1908 in Book 58 of Deeds at page 16)
That part of the SW1/4NE1/4 described as follows: Beginning at a point bearing West 1420 feet from the East quarter corner of said Section 3; running thence North 45° East, 141.40 feet; thence South 100 feet; thence West 100 feet to the point of beginning. (Recording Reference: Warranty Deed recorded June 5, 1908 in Book 64 of Deeds at page 62)
Section 11:
Government Lots 2, 3, 4, 8, 9 and 10, NW1/4NW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book M8 at page 7876. (Recording Reference; Warranty Deed recorded February 24, 1908 in Book 58 of Deeds at page 16)
Government Lot 7 and that part of Government Lot 6 described as follows: Beginning at a point bearing West 400 feet from the East quarter corner of said Section 11; running thence North 31°13' West, 1543.50 feet; thence West 120 feet; thence South 740 feet to the right bank of the Missouri River; thence following up the right bank of the Missouri River to a point at the junction of the South line of said Lot 6 and the right bank of the Missouri River; thence East 230 feet to the point of beginning, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 271 of Deeds at page 600. Also that part of the NE1/4NE1/4 described as follows: Beginning at a point bearing West 1200 feet from the Southeast corner of the NE1/4NE1/4 of said Section 11; running thence North 25°38' West, 277.30 feet; thence South 250 feet; thence East 120 feet to the point of beginning.  (Recording Reference: Warranty Deed recorded June 5, 1908 in Book 64 of Deeds at page 62)
Government Lots 1 and 5, LESS AND EXCEPTING THEREFROM that portion conveyed in Book M5 at page 610 (Recording Reference: Warranty Deed recorded January 27, 1916 in Book 80 of Deeds at page 535)
That part of the NE1/4NE1/4 described as follows: Commencing at the section corner common to Sections 1, 2, 11 and 12, being a brass cap monument; run South 89°56' West, 1340.2 feet along the North line of Section 11 to an iron pin; thence South 997.4 feet to a point, said point being the true point of beginning; thence continuing South 61.6 feet to an iron pin; thence South 25°38' East, 277.3 feet to an iron pin; thence South 31°13' East, 130.5 feet to a point; thence North 23°54' West, 462.9 feet to the point of beginning. (Recording Reference: Quit Claim Deed recorded March 15, 1973 in Book 271 of Deeds at page 605)
Section 12:
Government Lot 2, LESS AND EXCEPTING THEREFROM that portion conveyed in Book M8 at page 7876. (Recording Reference: Warranty Deed recorded February 24, 1908 in Book 58 of Deeds at page 16)
Sections 13 and 14:
Those certain placer mining claims designated by the Surveyor General as Survey No. 4108 and Survey No. 4109, LESS AND EXCEPTING THEREFROM that portion conveyed by Book M8 at page 7876. (Recording Reference: Bargain and Sale Deed recorded December 2, 1916 in Book 78 of Deeds at page 111)
TOWNSHIP 13 NORTH, RANGE 3 WEST, M.P.M., LEWIS AND CLARK COUNTY, MONTANA:

Section 1:
Government Lots 5, 6, 7 and 8, E1/2SW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 139 of Deeds at page 119. (Recording Reference: Bargain and Sale Deed recorded March 7, 1916 in Book 79 of Deeds at page 500)
Section 2:
Government Lot 2, LESS AND EXCEPTING THEREFROM that portion conveyed in Book 139 of Deeds at page 119. (Recording Reference: Quit Claim Deed recorded October 21, 1907 in Book 59 of Deeds at page 304; Quit Claim Deed recorded November 27, 1907 in Book 59 of Deeds at page 327; Quit Claim Deed recorded August 14, 1926 in Book 81 of Deeds at page 312; Quit Claim Deed recorded December 29, 1949 in Book 155 of Deeds at page 100)
All that portion of Government Lots 4, 5, 8 and 9 and the S1/2SW1/4 and the NE1/4SW1/4, described as follows: Beginning at a meander corner on the left bank of the Missouri River, said meander corner being described in notes filed in the Surveyor General's office, as follows: 43.45 chains South 0°32' East from the Northeast corner of Section 2, Township 13 North, Range 3 West, on line between Sections 1 and 2, set a granite stone 18" x 12" x 8" twelve inches in the ground for meander corner fractions, Sections 1 and 2 marked L.C. on North face with one groove on East face and raised a mound of stone 2 foot base, 1-1/2 feet high, South of corner; pits impracticable; thence South 0°32' East, on section line between Sections 1 and 2, 528.7 feet to the Southeast corner of the NE1/4SE1/4 of Section 2; thence West 216 feet along the South line of the NE1/4SE1/4 of Section 2; thence North 44°30' West, 420 feet; thence North 65°07’ West, 366 feet; thence North 58°25' West, 230 feet; thence North 69°43' West, 160 feet; thence South 47°00' West, 245 feet; thence North 26°27 West, 290 feet; thence South 49°55' West, 312 feet; thence South 83°32' West 170 feet; thence North 30°35' East, 165 feet; thence 4°39' East, 210 feet; thence South 72°49' West, 420 feet; thence North 83°28' West, 280 feet; thence North 57°27’ West, 342 feet; thence North 61°01' West, 308 feet; thence North 40°57’ West, 260 feet; thence North 36°35' West 197 feet; thence North 68°00' West, 100 feet; thence North 23°35' East, 100 feet; thence North 18°10' West, 270 feet; thence North 9°19' East, 660 feet; thence North 35°15' West, 171.9 feet to a point on the North line of the SI/2NW1/4 of Section 2, Township 13 North, Range 3 West, said point being North 89°25' East, 1877.5 feet from the Northwest corner of the SW1/4NW1/4 of Section 2, measured along the North line of the S1/2NW1/4 of Section 2, Township 13 North, Range 3 West; thence North 89°25' East along the said line 135 feet, more or less, to the Missouri River, thence in a Southeasterly direction along the meanders of said river to the point of beginning. (Recording Reference: Affidavit with November 24, 1925 Decree of Condemnation attached, recorded October 16, 1998 in Book M21 at page 2152)
All of Government Lot 5. (Recording Reference: Affidavit with November 24, 1925 Decree of Condemnation attached, recorded October 16, 1998 in Book M21 at page 2152)
Section 11:
Government Lots 1, 2, 3, 4, 5, 6, 7, 8 and 9, SE1/4NW1/4, NW1/4NE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 139 of Deeds at page 119 and that portion conveyed by Book 155 of Deeds at page 100. (Recording Reference: Bargain and Sale Deed recorded March 7, 1916 in Book 79 of Deeds at page 500)
Section 13:
Government Lots 1, 2, 3,4, 7, 8, 9, 10, 11 and 12, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 139 of Deeds at page 119 and that portion conveyed by Book 217 of Deeds 

at page 183. (Recording Reference: Bargain and Sale Deed recorded March 7, 1916 in Book 79 of Deeds at page 500)
Government Lots 5 and 6, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 217 of Deeds at page 183. (Recording Reference: Warranty Deed recorded February 21, 1916 in Book 82 of Deeds at page 69)
Section 14:
Government Lots 6 and 7, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 217 of Deeds at page 183. (Recording Reference: Warranty Deed recorded February 21, 1916 in Book 82 of Deeds at page 69)
Section 25:
A tract of land in the SE1/4SE1/4, described as follows: Beginning at a point bearing East 2330 feet from the South quarter corner of said Section 25; running thence North 58°30' East 363.60 feet; thence South 190 feet; thence West 310 feet to the point of beginning. (Recording Reference: Warranty Deed recorded June 5, 1908 in Book 64 of Deeds at page 62)
Section 36:
A tract of land described as follows: Beginning East 2244 feet from the Southwest corner of Section 36, Township 13 North, Range 3 West; running thence the following courses: West 201.12 feet; thence North 12°00' East, 510 feet; thence North 33°00' East 1460 feet; thence North 24°15' East, 793 feet; thence North 25°45' East, 1070 feet; thence North 29°15' East, 1047.59 feet; thence North 53°00' East. 250 feet; thence East 320 feet; thence South 123.43 feet; thence following up the left bank of the Missouri River, to the place of beginning.  (Recording Reference: Patent recorded March 17, 1908 in Book 58 of Deeds at page 36)
TOWNSHIP 14 NORTH, RANGE 3 WEST, M.P.M., LEWIS AND CLARK COUNTY, MONTANA:
Section 4:
SW1/4SW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 229 of Deeds at page 352. (Recording Reference: Quit Claim Deed recorded August 21, 1908 in Book 59 of Deeds at page 408)
Section 5:
Government Lots 13 and 14. (Recording Reference: Warranty Deed recorded November 16, 1907 in Book 61 of Deeds at page 536)
Tract 4 of Holter Dam Minor Subdivision, the Plat of which was filed September 13, 1999 as Document No. 603145. (Recording Reference: Warranty Deed recorded November 22, 1907 in Book 61 of Deeds at page 538)
Section 8:
Government Lots 2, 3, SW1/4NE1/4, NW1/4SE1/4, N1/2NE1/4NW1/4 and such portions of the NE1/4SW1/4, SW1/4SE1/4 and NE1/4SE1/4 as may be overflowed by the elevation of the waters of the Missouri River to the height of 3,570 feet above sea level, determined from the Missouri River Commission bench marks set along said River which portions are more particularly described as 

follows: A tongue of land in the NE1/4SW1/4 of said Section 8, beginning at a point where said flood elevation line level intersects the East line of said forty, which point is distant from the Southeast corner of said forty, 470 feet North thereof; thence on said flood elevation line level into said forty to a point where the said line again intersects the said East line of said forty, which point is distant Northerly from the first named point of intersection 340 feet; also, a second tongue of land last named forty, beginning at a point where said flood elevation line level intersects the North line of said forty, which point is distant 800 feet East from the Northwest corner thereof; thence into said forty along said flood elevation line level to a point where the same again intersects said North line, which said last named point is distant 60 feet Easterly from said first named point of intersection; also, a tongue of land in the Southwest quarter of the Southeast quarter of said Section 8, beginning at a point where said flood elevation line level intersects the North line of said forty, which point is distant 570 feet Eastward from the Northwest corner thereof; thence on said flood elevation line level into said forty to a point where said flood elevation line level again intersects said North line thereof, which last named point is distant from said first named point of intersection 240 feet Easterly; also, a certain other tongue of land in the NE1/4SE1/4 of said Section 8, beginning at a point where said flood elevation line level intersects the West line of said forty, which point is distant 560 feet Northerly from the Southwest corner of said forty; thence along said flood elevation line level and across said forty to a point where said last named flood elevation line level intersects the East line of said forty, said point being distant Northerly 1210 feet from the Southeast corner thereof, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 218 of Deeds at page 187, that portion conveyed by Book M7 at page 7391, that portion conveyed by Book M9 at page 7463 and Tract 5 of Holter Dam Minor Subdivision, the Plat of which was filed September 13, 1999 as Document No. 603145/MS. (Recording Reference: Quit Claim Deed recorded October 21, 1907 in Book 59 of Deeds at page 305; Warranty Deed recorded January 25, 1908 in Book 61 of Deeds at page 618)
SE1/4NW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book M7 at page 7391 and that portion conveyed by Book M9 at page 7463. (Recording Reference: Quit Claim Deed recorded October 21, 1907 in Book 59 of Deeds at page 305)
Government Lot 1. (Recording Reference: Quit Claim Deed recorded August 21, 1908 in Book 59 of Deeds at page 408)
Section 9:
Government Lots 1, 2, 3, 6, 7 and 10, E1/2NE1/4, SE1/4SE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 229 of Deeds at page 349. (Recording Reference: Warranty Deed recorded November 16, 1907 in Book 61 of Deeds at page 536)
Government Lots 4, 5, 8 and 9 and such portions of the W1/2SW1/4 as may be overflowed by the elevation of the waters of the Missouri River to the height of 3,570 feet above sea level, determined from the Missouri River Commission bench marks set along said River which portions are more particularly described as follows: A certain tract of land situate in the Northwest corner of the NW1/4SW1/4 of said Section 9, beginning at a point where said flood elevation line level intersects the West line of said forty, which point is distant 1210 feet North from the Southwest corner thereof; thence along said flood elevation line level to a point where the same intersects the North line of said forty, which last named point is distant 1190 feet West from the Northwest corner thereof; also a tongue of land situate in the SW1/4SW1/4 of said Section 9, beginning at a point where said flood elevation line level intersects the East line of said forty, which point is distant 580 feet South from the Northeast corner of said forty; thence into said forty along said flood elevation line level to a point of outlet where the same intersects the East line of said forty, which point is distant 130 feet 

South of said first named point of intersection; also a certain other tract of land situate in the last named forty, beginning at a point where said flood elevation line level intersects the East line of said forty, which point is distant 1120 feet South of the Northeast corner thereof, and running into and across the same along the level of said last named line to a point where the same intersects the South Line of said forty, which point is distant East 1260 feet from the Southwest corner thereof, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 126 of Deeds at page 48. (Recording Reference: Warranty Deed recorded January 25, 1908 in Book 61 of Deeds at page 618)
Section 10:
That portion of the SW1/4NW1/4, W1/2SW1/4, SE1/4SW1/4 below a height of 3,570 feet above sea level as indicated by the Missouri River Commission bench marks. (Recording Reference: Warranty Deed recorded November 2, 1917 in Book 66 at page 195)
Section 14:
NW1/4SW1/4, SE1/4SW1/4, Government Lot 1, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 233 of Deeds at page 470, that portion conveyed by Book M7 at page 2443 and that portion conveyed by Book M17 at page 5366. (Recording Reference: Warranty Deed recorded November 16, 1907 in Book 61 of Deeds at page 536)
Section 15:
NW1/4NW1/4, NE1/4NW1/4, SE1/4NW1/4, SW1/4NE1/4, NE1/4SE1/4, Government Lots 1, 2, 3, 4 and 5, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 233 of Deeds at page 470, that portion conveyed by Book 238 of Deeds at page 599, that portion conveyed by Book M7 at page 2443 and that portion conveyed by Book M17 at page 5366. (Recording Reference: Warranty Deed recorded November 16, 1907 in Book 61 of Deeds at page 536)
Government Lots 6, 7 and 8. (Recording Reference: Warranty Deed recorded June 5, 1908 in Book 64 of Deeds at page 62)
Section 16:
A tract of land described as follows: Beginning at the Southeast corner of Section 16, Township 14 North, Range 3 West, and running thence in the following course: West 430 feet; thence North 44°30' West, 3065 feet; thence North 58°10' West, 665 feet; thence North 27°10’ West, 1050 feet; thence South 66°00' West, 935 feet; thence North 39°30' East, 780 feet; thence South 72°30' West, 740 feet; thence North 49°45' East, 745 feet; thence North 10°15' East, 560 feet; thence South 41°15' East, 640 feet; thence North 60°15' East, 670 feet; thence North 47°30' West, 1365.1 feet; thence East 1475.2 feet; thence South 1320 feet; thence East 590 feet; thence following up the left bank of the Missouri River to the intersection of the left bank of the Missouri River and East line of Section 16; thence South 917.4 feet to the Southeast corner of Section 16, or the place of beginning. (Recording Reference: Patent recorded March 17, 1908 in Book 58 at page 36)
Government Lots 1 and 4. (Recording Reference: Warranty Deed recorded November 16, 1907 in Book 61 of Deeds at page 536)
Government Lot 2. (Recording Reference: Warranty Deed recorded January 25, 1908 in Book 61 of Deeds at page 618)
Section 21:

A tract or parcel of land in the NE1/4NE1/4NE1/4 which land is further described as follows: Beginning at a point which is the Section corner of Sections 15, 16, 21 and 22, Township 14 North, Range 3 West, M.P.M., thence South 0°30' West along the West Section line of Section 22, a distance of 275 feet; thence North 70°30' West, a distance of 295 feet; thence North 49°24' West a distance of 270 feet, more or less to an intersection with the South line of Section 16, Township 14 North, Range 3 West; thence South 89°57' East along said Section line 485 feet, more or less, to the point of beginning. (Recording Reference: Bargain and Sale Deed recorded October 6, 1917 in Book 86 of Deeds at page 321)
Section 22:
Government Lots 1, 2, 3 and 4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 217 of Deeds at page 183. (Recording Reference: Warranty Deed recorded January 25, 1908 in Book 61 of Deeds at page 616)
Government Lot 5, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 217 of Deeds at page 183. (Recording Reference: Quit Claim Deed recorded August 21, 1908 in Book 59 of Deeds at page 408) 
Government Lot 6, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 217 of Deeds at page 183 (Recording Reference: Quit Claim Deed recorded November 12, 1909 in Book 59 of Deeds at page 600)
Government Lot 7, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 139 of Deeds at page 119. (Recording Reference: Bargain and Sale Deed recorded July 23, 1907 in Book 18 at page 586)
Section 23:
Government Lots 1, 2, 3, 4, 5, 6, 7, 8 and 9, NW1/4NE1/4, SW1/4NW1/4, E1/2E1/2, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 139 of Deeds at page 119 and that portion conveyed by Book 217 of Deeds at page 183. (Recording References: Bargain and Sale Deed recorded March 26, 1908 in Book 64 of Deeds at page 23; Quit Claim Deed recorded August 16, 1947 in Book 139 of Deeds at page 119)
Section 26:
Government Lots 1, 2, 3, 4, 5, 6, 7 and 8, NW1/4NE1/4, SW1/4SE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 139 of Deeds at page 119 and that portion conveyed by Book 217 of Deeds at page 183. (Recording References: Bargain and Sale Deed recorded July 23, 1907 in Book 18 at page 586; Deed recorded April 13, 1908 in Book 58 of Deeds at page 55)
Section 27:
Government Lots 1, 4, 5, 7, 8, 11, 12 and 13, NE1/4NE1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 139 of Deeds at page 119. (Recording References: Bargain and Sale Deed recorded March 26, 1908 in Book 64 of Deeds at page 23)
Government Lots 2, 3, 6, 9, 10 and 14, E1/2NW1/4, SW1/4NW1/4 and NW1/4SW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 217 of Deeds at page 183. (Recording References: Grant Deed recorded April 13, 1908 in Book 58 of Deeds at page 55)
Section 34:

Government Lots 1, 2, 3, 7, 8, 12 and 13, SE1/4NW1/4, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 139 of Deeds at page 119 and that portion conveyed by Book 217 of Deeds at page 183. (Recording References: Bargain and Sale Deed recorded July 23, 1907 in Book 18 at page 586; Grant Deed recorded April 13, 1908 in Book 58 at page 55)
NW1/4NE1/4. (Recording References: Bargain and Sale Deed recorded March 26, 1908 in Book 64 of Deeds at page 23: Quit Claim Deed recorded August 16, 1947 in Book 139 of Deeds at page 119)
Section 35:
Government Lots 1, 4, 5 and 8, E1/2, LESS AND EXCEPTING THEREFROM that portion conveyed by book 139 of Deeds at page 119. (Recording Reference: Grant Deed recorded May 5, 1908 in Book 64 of Deeds at page 45)
Government Lots 2, 3, 6 and 7, LESS AND EXCEPTING THEREFROM that portion conveyed by Book 217 at page 183. (Recording Reference: Grant Deed recorded April 13, 1908 in Book 58 of Deeds at page 55)
MADISON COUNTY
MADISON LANDS
Township 4 South, Range 1 West, M.P.M., Madison County, Montana
Section 34: 
That part of the SW1/4SW1/4NE1/4 described as follows, to-wit: Beginning at the Northwest corner of the SE1/4 of said Section; thence East 221 feet; thence North 71°08’West, 233 feet; thence South 74.6 feet to the Place of Beginning, AND that part of the E1/2SE1/4 described as follows, to wit: Beginning at the Southeast corner of said Section; thence West, 1124 feet; thence North 68°19’ West, 209 feet; thence North 2155 feet; thence South 82°54’ East, 256 feet; thence North 81°15’ East, 722.5 feet; thence North 56°57’ East, 420 feet; thence South 00°03’ West, 2540 feet to the place of beginning, AND that part of the W1/2SE1/4 described as follows, to-wit: Beginning at a point whence the quarter corner on the Southern boundary of said Section bears South 76°27’ West, 768.7 feet; thence North 29°32’ West, 613.7 feet; thence North 07°49’ West 769 feet; thence North 71°02’ West, 217.4 feet; thence North 53°45’W, 167 feet; thence Northerly, along the Western boundary of said quarter, 994.6 feet to the Northwest corner of said quarter section; thence Easterly along the Northern boundary line of said quarter, 220.7 feet; thence South 71°18’ East, 69.2 feet; thence South 10°55’ East, 680.8 feet; thence North 69°27’ East, 817 feet; thence South 82°54’ East, 133 feet; thence South, 2155 feet; thence North 68°19’ West, 367.3 feet; thence South 84°50’ West, 230.2 feet to the place of beginning, AND that part of the SW1/4 described as follows, to-wit; Beginning at a point on the Eastern boundary of said quarter, whence the quarter corner on the South boundary of said Section 34 bears South, 1645.4 feet; thence North 53°45’ West, 469 feet; thence North 03°10’ East, 639.5 feet; thence North 60°02’ East, 158 feet; thence East, 206 feet; thence South, 994.6 feet to the place of beginning.  (Recording Reference; Deed recorded October 10, 1903, Book 73, Page 36)
That part of the SE1/4SE1/4NW1/4 described as follows, to-wit: Beginning at the Northwest corner of the SE1/4 of said section; thence North 74.6 feet; thence North 71°08’ West, 51 feet; thence South 60°02’ West, 182 feet; thence East 206 feet to the place of beginning.  (Recording Reference: Warranty Deed recorded August 7, 1903, Book 72, Page 581)
Section 35: 

S1/2SE1/4, SE1/4SW1/4  (Recording Reference: Deed recorded April 30, 1903, Book 72, Page 462)
NE1/4SW1/4, SW1/4SW1/4, N1/2SE1/4 and that part of the S1/2NE1/4 described as follows, to-wit: Beginning at a point on the Eastern boundary line of said quarter, whence the Northeast corner of said quarter bears North, 1585.5 feet; thence North 85°15’ West 165.5 feet; thence North 75°11’ West, 1009 feet; thence South 30°03’ West, 612.4 feet; thence South 76°04’ West, 284.5 feet; thence South 61°15’ West, 348 feet; thence North 55°30’ West, 308 feet; thence North 26°32’ West, 504.6 Feet; thence South 36°57’ West, 237.5 feet to a point on the Westerly boundary line of said quarter, whence the northwest corner of said quarter bears North 1648.1 feet; thence Southerly along the Western boundary line of said quarter 1036 feet to the Southwest corner of said quarter section; thence Easterly along the Southern boundary line of said quarter section , 2650 feet to the Southeast corner of said quarter section; thence Northerly along the Eastern boundary line of said quarter section 1054.5 feet to the place of beginning, AND that part of the S1/2NW1/4 described as follows, to-wit: Beginning at a point on the eastern boundary line of said quarter section, whence the Northeast corner of said quarter section bears North 1648.1 feet; thence South 36°57’ West, 355.5 feet; thence South 61°25’ West, 342.3 feet; thence North 42°41’ West, 547 feet; thence South 75°42’ West, 346 feet; thence South 57°50’ West, 237 feet; thence South 46°24’ West, 985 feet; thence South 62°55’ West, 310 feet to a point on the Southern boundary line of said quarter section, whence the Southwest corner of said quarter section bears West 230 feet; thence easterly along the southern boundary line of said quarter section 2410 feet to the Southeast corner of said quarter section; thence Northerly along the Eastern boundary line of said quarter section 1038 feet to the place of beginning, AND that part of the NW1/4SW1/4 described as follows, to-wit: Beginning at a point on the Northern boundary line of said SW1/4, whence the Southwest corner of the NW1/4 of said section bears West, 230 feet; thence Easterly along the Northern boundary line of said SW1/4, 1093 feet to the Northeast corner of the NW1/4SW1/4 of said section; thence South, 1320 feet to the Southeast corner of the NW1/4SW1/4 of said section; thence West, 1320 feet to the Southwest corner of the NW1/4SW1/4 of said section; thence Northerly along the Western boundary line of said section, 1204 feet; thence North 62°55’ East, 255 feet to the place of beginning.  (Recording reference: Deed recorded September 16, 1903, Book 72, Page 628)
Section 36: 
E1/2NE1/4, SE1/4, E1/2SW1/4 EXCEPTING THEREFROM that portion conveyed to James D. Kenworthy and Mary E. Kenworthy by Grant Deed recorded in Book 280, Page 705 and depicted on Certificate of Survey No. 460.  (Recording Reference: Grant Deed recorded February 25, 1904, Book 64, Page 444; Grant Deed recorded September 18, 1981, Book 280, Page 705)
W1/2SW1/4 and that part of the W1/2NE1/4 described as follows, to-wit: Beginning at the Southwest corner of the NE1/4 of said Section 36; thence Easterly along the Southern boundary line of the said W1/2NE1/4 of said section 1321.5 feet; thence Northerly along the Eastern boundary line of said W1/2NE1/4 of said section, 2200 feet; thence South 70°48’ West, 243 feet; thence South 45°36’ West, 344.5 feet; thence South 84°22’ West, 332.4 feet; thence South 44°West, 379 feet; thence South 72°44’ West, 220.4 feet; thence South 82°19’ West, 40.5 feet; thence South 1487 feet to the place of beginning, AND that part of the NW1/4 described as follows, to-wit: Beginning at a point on the East boundary line of said quarter, whence the Northeast corner of said quarter bears North 1188 feet; thence South 82°19’ West, 407.5 feet; thence North 87°48’ West, 276.5 feet; thence South 52°24’ West, 402.6 feet; thence North 36°35’ West, 321.8 feet; thence South 84°22’ West, 344 feet; thence North 78°41’ West, 442.6 feet; thence South 69°35’ West, 347.2 feet; thence South 35°55’ West, 389.7 feet; thence North 85°15’ West, 119.5 feet to a point on the Western boundary line of said quarter whence the Northwest corner of said quarter bears North 1585.5 feet; thence South 1054.5 feet to the Southwest corner of 

said quarter section; thence Easterly along the Southerly boundary line of said quarter 2640 feet to the Southeast corner of said quarter section; thence Northerly, along the Eastern boundary line of said quarter 1487 feet to the place of beginning.  (Recording Reference: Deed recorded September 16, 1903, Book 72, Page 628)
N1/2NW1/4 and SE1/4NW1/4: That portion of property lying between the Southern boundary of Tract A1 of the Ennis Lake Minor Subdivision Plat Book 4, of Plats, Page 301, and the northern shoreline of Ennis Lake.  (Recording Reference: Quit Claim Deed recorded November 25, 2002, Book 476, Page 916)
Township 4 South, Range 1 East, M.P.M, Madison County, Montana
Section 20: 
Nunn Lode Mining Claim designated by the Surveyor General as Survey No. 8500 as defined and described in the Patent from the United States recorded in Book 112 of Patents, Page 345.  (Recording Reference: Deed recorded May 13, 1929, Book 117, Page 193)
Section 31: 
That part of the SW1/4, described as follows, to wit: Beginning at a point on the Southern boundary line of said quarter section whence the Northwest corner of Section 6 in Township 5 South, Range 1 East, M.P.M., bears West 1382 feet, thence North 42°19’ West, 98 feet; thence North 08°30’ West, 843.2 feet; thence North 03°55’ East, 823.5 feet; thence North 18°23’ West, 546.4 feet; thence North 01°10’ East, 332.5 feet; thence North 07°38’ East, 61.5 feet; thence Westerly along the Northern boundary line of said quarter 1098 feet to the Northwest corner of said quarter, thence South 00°07’ East, along the Montana Principal Meridian 2640 feet to the SW corner of said Section, thence Easterly along the Southern boundary line of said quarter section 1382 feet to the Place of beginning, AND That part of the NW1/4 described as follows, to wit:  Beginning at a point on the Western boundary line of said quarter whence the Northwest corner of said quarter bears North 00°07’ West, 130.5 feet; thence South 00°07’ East, along the Montana Principal Meridian 2565 feet to the Southwest corner of the said quarter; thence Easterly along the Southern boundary line of said quarter 1098 feet; thence North 07°38’ East, 464.3 feet; thence North 46°08’ West, 388 feet; thence North 15°41’ West, 112.2 feet; thence North 57°23’ West, 156 feet; thence North 43°26’ West, 449 feet; thence North 39°02’ West, 190.5 feet; thence North 11°21’ West, 217 feet; thence North 14°56’ East, 80.4 feet; thence North 03°04’ West, 400.5 feet; thence North 04°24’ East, 95.5 feet; thence North 42°31’ East, 154.8 feet; thence North 34° West, 390 feet; thence South 72°51’ West, 173 feet to the place of beginning.  (Recording Reference: Final Order of Condemnation recorded November 1, 1905, Book 75, Page 69)
That part of the SW1/4, described as follows, to-wit: Beginning at a point on the East side of the Madison River whence the Northwest corner of Section 31, Township 4 South, Range 1 East, M.P.M., bears North 42°50’ West, 610 feet; thence North 62°25’ East, 100 feet; thence North 71°06 East, 49 feet; thence 77°40’ East, 300 feet; thence North 46°08’ East, 100 feet; thence North 50°39’ West, 323 feet; thence North 51°39’ East, 35.5 feet; thence Westerly along the Northern boundary line of said Section, 1198 feet; thence South 42°50’ East, 610 to the place of beginning.  (Recording Reference: Warranty Deed recorded May 4, 1911, Book 80, Page 258)
Township 5 South, Range 1 West, M.P.M., Madison County, Montana
Section 1: 

Gov’t Lots 1, 2, 3, 4, S1/2NW1/4, SW1/4, S1/2SE1/4  (Recording Reference: Final Order of Condemnation recorded November 1, 1905, Book 75, Page 69)
S1/2NE1/4, N1/2SE1/4  (Recording Reference: Deed recorded September 22, 1903, Book 73, Page 3)
Section 2: 
S1/2NE1/4, SE1/4, E1/2SE1/4NW1/4, E1/2NE1/4SW1/4  (Recording Reference: Warranty Deed recorded October 14, 1904, Book 73, Page 404)
S1/2SW1/4, NW1/4SW1/4, SW1/4NW1/4, W1/2SE1/4NW1/4, W1/2NE1/4SW1/4 (Recording Reference: Warranty Deed recorded March 31, 1903, Book 72, Page 429)
Gov’t Lots 1, 2, 3, and 4  (Recording Reference: Deed recorded December 12, 1903, Book 73, Page 109)
Section 3: 
That part of the NE1/4 described as follows, to-wit: Beginning at a point on the Northern boundary of said quarter, whence the quarter corner on the Southern boundary line of Section 34 in Township 4 South, Range 1 West of the M.P.M., bears West, 1512 feet; thence Easterly along the Northern boundary of said quarter, 1124 feet to the Northeast corner of said quarter section; thence South 01°45’ East, 2683 feet along the Eastern boundary of said quarter to the Southeast corner of said quarter section; thence West, along the Southern boundary of said quarter, 2200 feet; thence North 12°12’ East, 1507.7 feet; thence North 35°59’ East, 1836 feet; thence North 06°04’ East, 107.7 feet; thence North 31°13’ West, 118.8 feet to the place of beginning.  (Recording Reference: Warranty Deed recorded October 10, 1903, Book 73, Page 36)
SE1/4 EXCEPTING THEREFROM, that portion conveyed to Spencer A. Kuykendall and Fae Erlene Kuykendall in Deed recorded in Book 221, Page 544.  (Recording Reference: Warranty Deed recorded October 15, 1903, Book 73, Page 46: Grant Deed recorded May 7, 1968, Book 221, Page 544)
That part of the E1/2E1/2SW1/4 described as follows, to-wit: Beginning at quarter corner on the southern boundary line of said section; thence West 258.5 feet; thence North 00°07’ West, 831.8 feet; thence North 19°07’ East, 415 feet; thence North 00°53’ East, 590.4 feet: thence North 30°04 East, 10 feet; thence Southerly along the Eastern boundary line of said quarter 1821 feet to the place of beginning.  (Recording Reference: Final Order of Condemnation recorded November 1, 1905, Book 75, Page 69)
Section 10: 
That part of the E1/2SE1/4 described as follows, to-wit: Beginning at the quarter section corner on the Eastern boundary line of said section; thence South 1499.3 feet; thence South 63°12’ West, 313 feet; thence North 60°05’ West, 625 feet; thence South 89°45’ West, 508.3 feet; thence North, 1320 feet; thence Easterly along the Northern boundary line of said quarter 1320 feet to the place of beginning.  (Recording Reference: Warranty Deed recorded December 30, 1903, Book 73, Page 131)
E1/2SW1/4, SW1/4SW1/4, NW1/4SE1/4, EXCEPTING THEREFROM that portion conveyed to Win-Del Ranches in Deed recorded in Book 209, Page 382.  (Recording Reference: Warranty Deed recorded February 25, 1904, Book 73, Page 199; Final Order of Condemnation recorded November 1, 1905, Book 75, Page 69; Warranty Deed recorded November 6, 1912, Book 86, Page 341; Quit Claim Deed recorded December 22, 1964, Book 209, Page 382.)

E1/2SE1/4NW1/4 (Recording Reference: Warranty Deed recorded March 31, 1903, Book 72, Page 429)
NE1/4 (Recording Reference: Warranty Deed recorded October 10, 1903, Book 73, Page 46)
Section 11: 
NE1/4, NW1/4 and that part of the SW1/4 described as follows, to-wit: Beginning at the Northwest corner of the SW1/4 of said section; thence Easterly, along the Northern boundary line of said quarter, 2610.5 feet; thence Southerly along the Easterly boundary line of said quarter, 1210 feet; thence South 85°21’ West, 956.3 feet; thence North 74°31’ West, 1146.4 feet; thence South 31°27’ West, 471.5 feet; thence South 63°12’ West, 343.4 feet; thence Northerly along the Western boundary line of said quarter, 1499.3 feet to the place of beginning, AND that part of SE1/4 described as follows, to wit: Beginning at the Northeast corner of the SE1/4 of said section; thence Southerly along the Eastern boundary line of said quarter, 1679 feet; thence South 51°32’ West, 754 feet; thence South 41°18’ West, 618.8 feet; thence South 81°07’ West, 322.3 feet; thence North 49°15’ West, 584.5 feet; thence North 33°03’ West, 1291 feet; thence South 85°21’ West, 57 feet; thence Northerly along the Western boundary line of said quarter 1210 feet; thence Easterly along the Northern boundary line of said quarter 2521 feet to the place of beginning.  Recording Reference: Deed, recorded September 22, 1903, Book 73, Page 4.)
Section 12: 
NE1/4NW1/4, NW1/4NE1/4 and that part of the SE1/4NE1/4 described as follows, to wit: Beginning at a point on the Southern boundary line of the NE1/4NE1/4 of said section whence the Southeast corner of the NE1/4NE1/4 of said section bears East 767.4 feet; thence West 552.6 feet; thence South 416.5 feet: thence North 74°07’ East, 190 feet; thence North 49°12’ East, 410 feet; thence North 32°22’ East, 114 feet to the place of beginning. Also that part of the SW1/4NE1/4 described as follows, to-wit: Beginning at a point on the Western boundary line of the SW1/4NE1/4 of said section whence the Southwest corner of the NE1/4 of said section bears South 642 feet; thence North 61°21’ East, 265 feet; thence North 75°13’ East, 279 feet; thence North 83°28’ East, 348.3 feet; thence South 85°30’ East, 374.5 feet; thence North 74°07’ East, 101 feet; thence North 416.5 feet; thence West 1320 feet; thence South 653 feet to the place of beginning. Also that part of the NE1/4NE1/4 described as follows, to-wit: Beginning at the Northeast corner of Section 12, thence Southerly along the Eastern boundary line of said section 12, 207.2 feet; thence South 36°35’ West, 714.3 feet; thence South 32°22’ West, 641.3 feet; thence West 552.0 feet; thence North 1320 feet; thence Easterly along the Northern boundary line of said Section 12, 1320 feet to the place of beginning. Also that part of the SE1/4NW1/4 described as follows, to-wit: Beginning at a point on the Southern boundary line of the SE1/4NW1/4 of said Section 12, whence the Northeast corner of the SW1/4 of said section bears East 399 feet; thence North 13°17’ West, 30 feet; thence North 07°55’ East, 346.4 feet; thence North 45°50’ East, 243.3 feet; thence North 61°21’ East, 207.8 feet; thence North 678 feet to the Northeast corner of the SE1/4NW1/4 of said Section 12; thence West 1320 feet; thence South 1320 feet; thence East 921 feet to the place of beginning. Also that part of the N1/2SW1/4 described as follows, to-wit: Beginning at a point on the Southern boundary line of the N1/2SW1/4 of said Section 12 whence the Northwest corner of the SE1/4SW1/4 if said section bears West 764.5 feet; thence North 30° East, 511 feet; thence North 15°02’ West, 341.2 feet; thence North 07°08’ East, 334.2 feet; thence North 13°17’ West, 224.8 feet; thence Westerly along the Northern boundary line of the said N1/2SW1/4 of said Section, 2241 feet; thence Southerly along the Western boundary line of said Section, 1314 feet; thence East 2084.5 feet to the place of beginning.  (Recording Reference: Final Order of Condemnation recorded November 1, 1905, Book 75, Page 69)

That part of the SW1/4SW1/4 described as following, to-wit: Beginning at the Northwest corner of the SW1/4SW1/4 of said Section 12; thence East, 1320 feet; thence South, 1084 feet; thence North 37°54’ West, 484.8 feet; thence North 71°51’ West, 1084 feet; thence North 365 feet to the place of beginning.  (Recording Reference: Warranty Deed recorded October 14, 1904, Book 73, Page 404)
Township 5 South, Range 1 East, M.P.M, Madison County, Montana
Section 6: 
Gov’t Lots 4 and 5; and that part of Gov’t Lots 6 and 7, described as follows, to-wit: Beginning at the Southwest corner of said Lot 7 identical with the Southwest corner of said Section 6; thence Northerly along the Western boundary line of said Section 6, 2659 feet: thence Easterly along the Northern boundary line of said Lot 6, 1219.5 feet to the Northeast corner of said Lot 6; thence South 00°50’ East, along the Eastern boundary line of said Lot 6, 1020 feet; thence South 47°20’ West, 92.2 feet; thence South 37°15’ West, 387 feet; thence South 24°02’ West, 735.9 feet; thence South 15°45’ West, 345 feet; thence South 49°40’ West, 410 feet; thence North 89°45’ West, 226 feet to the place of beginning.  (Recording Reference: Final Order of Condemnation recorded November 1, 1905, Book 75, Page 69)
That part of the E1/2SW1/4 described as follows, to-wit: beginning at the Northwest corner of the E1/2SW1/4 of Section 6 in Township 5 South, Range 1 East, M.P.M.; thence South 00°50’ East, 1020 feet; thence North 47°20’ East, 608 feet; thence North 07°28’ West, 613 feet; thence West 383 feet to the place of beginning.  (Recording Reference: Warranty Deed recorded November 3, 1903, Book 73, Page 65)
That part of the SE1/4NW1/4 and Gov’t Lot 3 described as follows, to-wit: Beginning at a point on the Southern boundary line of the SE1/4NW1/4 of said Section; whence the quarter corner on the West boundary line of said Section, bears West 1602.5 feet; thence N 07°28’ West, 405 feet; thence North 11°63’ West, 1191.2 feet; thence North 29°15’ East, 887.3 feet; thence North 42°19’ West, 532 feet; thence West 200.7 feet; thence South 00°50’ East, 2734 feet; thence East 383 feet to the place of beginning.  (Recording Reference: Warranty Deed recorded December 1, 1903, Book 71, Page 128) 
Section 7: 
That part of the NW1/4NW1/4 described as follows, to-wit: Beginning at the Northwest corner of said Section; thence South 89°45’ East, 226 feet; thence South 49°40’ West, 296.5 feet; thence Northerly along the Western boundary line of said Section, 207.2 feet to the place of beginning.  (Recording Reference: Final Order of Condemnation recorded November 1, 1905, Book 75, Page 69)
SANDERS COUNTY

THOMPSON FALLS LANDS

Township 21 North, Range 29 West, MPM, Sanders County, Montana:

Section 7:

All of Lots 1, 2, 3, 4, 5, 7, 8, 9 and 12, EXCEPTING THEREFROM that portion conveyed by Quitclaim Deed at Book 73 of Deeds, Page 250. (Recording References: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140; Quitclaim Deed recorded March 17, 1961, Book 73 of Deeds, Page 

250)

That part of Lot 6 lying Southerly of that land area consisting of (i) Donlan's Second Addition to Thompson Falls as shown on the Plat recorded at Plat Book 1, Page 17; (ii) the land conveyed by Deed recorded at Book 22 of Deeds, Page 34; and (iii) the land conveyed by Deed recorded at Book 26 of Deeds, Page 10.  (Recording References: Plat of Donlan's Second Addition to Thompson Falls recorded October 6, 1909, Plat Book 1, Page 17; Deed recorded October 10, 1909, Book 18 of Deeds, Page 74; Deed recorded August 28, 1913, Book 22 of Deeds, Page 34; Deed recorded July 17, 1919, Book 23 of Deeds, Page 424; Deed recorded March 29, 1918, Book 26 of Deeds, Page 10; Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

That part of the N1/2NE1/4 lying Westerly of that land area consisting of (i) Parcel 1 of Certificate of Survey No. 2035RB filed for record August 4, 1999 and (ii) Tract 1 of Certificate of Survey No. 2043RB filed for record August 25, 1999.  (Recording References: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140; Certificate of Survey No. 2035RB filed August 4, 1999; Certificate of Survey No. 2043RB filed August 25, 1999)

Section 8:

All of Lots 1, 5 and 9, EXCEPTING THEREFROM that part of Government Lot 1 conveyed by Warranty Deed recorded at Micro No. 561.  (Recording References: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140; Warranty Deed recorded October 21, 1991, Microfilm No. 561)

That part of Lot 4 described as follows, to-wit: Beginning at the West quarter corner of said Section 8, same being the Southwest corner of said Lot 4; thence running north 504.3 feet to a point on the South line of Block 4, Donlan's Addition to the Town of Thompson Falls; thence South 71°29' East, 237.08 feet to the Southeast corner of said block; thence South 18°31' West, 34.16 feet; thence South 72°02' East, 181 feet; thence South 80°00' East, 196.4 feet; thence North 86°11' East, 353.6 feet; thence South 88°41' East, 267.2 feet; thence South 82°41' East, 121.7 feet to a point on the East line of said Lot 4; thence along said line South 214.34 feet to a point established at high water mark on the North bank of the Clark's Fork of the Columbia River; thence South to the water of said river; thence following said waters in a Westerly direction to the intersection of the South line of said Lot 4; thence West along said South line to the West quarter corner of said Section 8, the point of beginning.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

That portion of Lots 2 and 3 embraced within the Original Townsite of the Town of Thompson Falls, Montana, and within the first survey thereof, but not surveyed and platted into lots by such first survey.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

That part of the SE1/4SE1/4 described as follows, to-wit: Beginning at the Southeast corner of said Section 8, and running thence North 89°54'15" West, 96.1 feet; thence North 337.2 feet; thence North 33°15' West, 141.2 feet; thence North 29°55'30" West, 97.0 feet; thence North 37°52' West, 97.6 feet; thence North 39°29' West, 124.9 feet; thence North 69° 29' West, 214.1 feet; thence North 69°58' West, 162.5 feet; thence North 63°50' West, 284.4 feet; thence North 53°00' West, 162.5 feet; thence North 46°08' West, 284.1 feet; thence North 74°51' West, 31.3 feet to the West line of said SE1/4SE1/4 of Section 8; thence Northerly 48.9 feet, more or less, along said West line to the Northwest corner of said SE1/4SE1/4, thence Easterly 1,329.25 feet, more or less, along the North line of said tract to the Northeast corner thereof, said point being on the East line of said Section 8; thence South 1,320 feet, more or less, along said East line to the Southeast corner of Section 8, the point of beginning.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

That part of Lots 6, 7 and 10 described as follows, to-wit: Beginning at a certain pine tree blazed on four sides which tree is 3,244.3 feet South and 1,646.6 feet East of the Northwest corner of said Section 8; thence South 41°25' West 697.2 feet; thence South 71°29' East, 196.66 feet to a point on the West line of Mill Street Extension; thence South 18°31' West, 30 feet along said street line; thence North 71°29' West, 216.61 feet; thence South 60°44' West, 329.75 feet; thence South 81°47' West, 222.5 feet to a 6" fir tree blazed on four sides; thence South 81°47' West, 80 feet, more or less, to a point on the low water line on the South side of the Clark's Fork of the Columbia River; thence Northeasterly along said low water line to a point; thence South 18°00' East, 75 feet, more or less to said blazed pine tree, the place of beginning.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

A tract of land lying West of Mill Street extension and North of the Montana Power Company road, being a tract of approximately 1.25 acres in the Northeast corner of that part of the fractional Southwest quarter of Section 8, Township 21 North, Range 29 West, which lies South of the Clark's Fork of the Columbia River and West of the 30 foot strip of land deeded by John and Michael Herman, trustees, to Sanders County, for Highway purposes.  (Recording Reference: Deed recorded June 6, 1958, Book 68 of Deeds, Page 500)

Section 9:

Lot 2  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

Section 13:

That portion of Lots 1 and 2, lying between the Northern Pacific Railway Company's right-of-way on the North and the Clark's Fork of the Columbia River on the South.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

That portion of Lot 3 and the SW1/4SW1/4, lying below the 2,405 elevation contour according to the U.S. Government Survey datum at Thompson Falls.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

That portion of Lots 4 and 5, lying between the Clark's Fork of the Columbia River and that certain meander line described as follows, to-wit: Beginning at the Government Survey Meander corner on the left bank of said river and on the South line of said Section 13, and running thence North 37°22' East, 167 feet; thence North 35°10' East, 317 feet; thence North 49°48' East, 305 feet; thence North 62°57' East, 311.9 feet; thence North 68°30' East, 158.3 feet; thence North 72°10' East, 158.2 feet; thence North 74°02' East, 297.7 feet; thence North 81°07' East, 905.5 feet; thence South 87°47' East, 273.4 feet; thence North 88°50' East, 282.7 feet; thence North 75°15' East, 221.7 feet; thence South 80°12' East, 170.2 feet to the Government Survey Meander corner on the South bank of said river and on the East line of said Section 13.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, page 140)

Section 17:

That portion of the NE1/4NE1/4 described as follows, to-wit: Beginning at the Northeast corner of said Section 17, and running thence West 32.3 feet; thence South 43°42' East, 46.75 feet; thence North 33.8 feet to the said Northeast corner of Section 17, the point of beginning.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

Section 22:

That portion of Lots 1, 2, 3, and 4, lying between the Clark's Fork of the Columbia River and that certain meander line described as follows; to-wit: Beginning at a point on the North line of said Section 22, same being the North line of Lot 4, 100 feet East of the Northwest corner of said Section or 225.1 feet West of the Government Meander corner established on the left bank of the said river; thence South 66°15' East, 90.8 feet; thence South 61°47' East, 261.5 feet; thence South 65°40' East, 201.5 feet; thence South 77°05' East, 121.4 feet; thence South 61°10' East, 157.3 feet; thence South 61°00' East, 155 feet; thence South 53°35' East, 108 feet; thence South 49°45' East, 95.5 feet; thence South 78°10' East, 126.3 feet; thence North 85°08' East, 148 feet; thence South 70°26' East, 143.41 feet; thence South 88°25' East, 139.3 feet; thence South 76°50' East, 172.4 feet; thence South 77°05' East, 174.3 feet; thence South 78°35' East, 170.3 feet; thence South 74°53' East, 143 feet; thence South 80°00' East 100 feet; thence South 81°43' East 233 feet; thence South 71°28' East, 505.5 feet; thence South 82°13' East, 1,290.3 feet; thence South 71°08' East, 689.04 feet to a point on the East line of said Section 22, same being the East line of Lot 1, which point bears North 1,144.76 feet from the East quarter corner of said Section or bears South 100 feet from the Government Meander corner established on said East line of said Section and the left bank of said river.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

That portion of Lots 5, 6, and 7, lying between the Clark's Fork of the Columbia River and that certain meander line described as follows, to-wit: Beginning at a point on the East line of said Section 22, the same being the East line of said Lot 5, South 0°02' East, 843.5 feet from the Northeast corner of said Lot 5 and Section 22; and running thence North 75°00' West, 619 feet; thence South 87°12' West, 397.5 feet; thence North 85°00' West, 243.8 feet; thence North 78°27' West, 615 feet; thence North 78°18' West, 483.9 feet; thence North 84°34' West, 372.9 feet; thence North 64°00' West, 206.7 feet; thence North 82°30' West, 317.5 feet; thence North 83°24' West, 193.3 feet; thence North 77°37' West, 323.7 feet; thence North 63°53' West, 407.5 feet to the Government Survey Meander corner established on the North line of said Section 22 and on the right bank of said river, the terminal point.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

Section 23:

That portion of Lots 1 and 2, lying between the Clark's Fork of the Columbia River and that certain meander line described as follows, to-wit: Beginning at a point on the East line of said Section 23, same being the East line of said Lot 1, South 1,115.4 feet from the Northeast corner of said Section and Lot 1, and running thence South 76°14' West, 110.5 feet; thence South 85°15' West, 135 feet; thence North 84°45' West, 331.4 feet; thence South 79°05' West, 403 feet; thence South 83°00' West, 362.7 feet to a point on the West line of Lot 1; thence South 83°00' West, 46.6 feet; thence South 85°49' West, 233.4 feet; thence South 83°25' West, 400 feet; thence South 85°49' West, 233.4 feet; thence South 88°35' West, 495.5 feet; thence North 89°28' West, 155.6 feet to the terminal point on the West line of said Lot 2, said point being South 1,280 feet from the North quarter corner of said Section 23.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, page 140)

That portion of Lots 5, 6, 7, and 8, lying between the Clark's Fork of the Columbia River and that certain meander line described as follows, to-wit: Beginning at a point on the West line of said Section 23 and Lot 5, North 1,144.76 feet from the West quarter corner of said Section 23; thence South 71°30' East, 264 feet; thence South 75°30' East, 528 feet; thence South 85°30' East, 858 feet; thence North 88°30' East, 726 feet; thence East, 2,490 feet; thence South 57°22' East, 401 feet; thence North 30°00' West, 250 feet; thence North 68°53' East, 277.5 feet to the Government Survey Meander corner on the East line of said Section 23 and Lot 8, the terminal point.  (Recording Reference: Deed recorded 

April 5, 1929, Book 31 of Deeds, Page 140)

Section 24:

That portion of Lot 4, lying between the Clark's Fork of the Columbia River and that certain meander line described as follows, to-wit: Beginning at a point on the North line of said Section 24 and Lot 4, North 89°03' East, 1,374 feet from the Northwest corner of said Section 24; and running thence South 21°00' West, 231 feet; thence South 46°30' West, 160.2 feet; thence South 50°04' West, 270.5 feet; thence South 45°40' West, 276.3 feet; thence South 62°52' West, 284.4 feet; thence South 59°37' West, 598.8 feet to the terminal point on the West line of said Section and Lot, said point being South 1,102.4 feet from the said Northwest corner of said Section and Lot.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

That portion of Lot 5, lying between the Clark's Fork of the Columbia River and that certain meander line described as follows, to-wit: Beginning at a point on the West line of said Section 24 and Lot 5, same being the Government Meander corner on left bank of river, North 808.5 feet from the West quarter of said Section 24; thence North 75°45' East, 225 feet; thence North 60°33' East, 642 feet; thence North 58°45' East, 272 feet to the terminal point on the North line of said Lot 5, which point bears West 3,083 feet from the Northeast corner of said Lot 5.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

Subdivision Lots in the County of Sanders, State of Montana:

Original Townsite of Thompson Falls:

Block 7:

That portion of Block 7, Original Townsite of Thompson Falls, consisting of Lots 1 to 17 inclusive, contained within the following described boundary as follows, to-wit: Beginning at the Southeast corner of Block 7 and running thence North 18°33' East, 113.29 feet to a point on the East line of said block; thence through said block North 72°15' West, 420.80 feet and North 82°41' West, 50.5 feet to a point on the West line of said Block 7; thence South 100 feet to the Southwest corner of said block; thence South 71°27' East, 471.2 feet along the South line of said block to the Southeast corner of same, the point of beginning, EXCEPTING THEREFROM that portion of Lot 13, Block 7 conveyed by Deed recorded in Book 105 of Deeds, Page 405.  (Recording References: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140; Deed recorded May 8, 1959, Book 70 of Deeds, Page 390; Deed recorded November 5, 1985, Book 105 of Deeds, Page 405)

Block 13:

That portion of Lots 1 to 13, inclusive, in Block 13, Original Townsite of Thompson Falls, contained within the following described boundary, to-wit: Beginning at the Southeast corner of said Lot 1; thence Northerly 100 feet to a point on the East line of said Lot 1; thence Westerly 328.3 feet through said Lots to a point on the West line of said Lot 13; thence Southerly 28 feet to the Southwest corner of said Lot 13; thence Easterly along South line of said Lots to the Southeast corner of said Lot 1, the point of beginning.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

All of Lots 29 to 41, inclusive, in Block 13, Original Townsite of Thompson Falls.  (Recording Reference: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140)

Block 14:

All of Block 14, in Original Townsite of Thompson Falls, consisting of Lots 1 to 23, inclusive, EXCEPTING THEREFROM that portion of Block 14 conveyed by Warranty Deed recorded at Micro No. 561.  (Recording References: Deed recorded April 5, 1929, Book 31 of Deeds, Page 140; Warranty Deed recorded October 21, 1991, Microfilm No. 561)

Donlan's Second Addition to Thompson Falls:

Block 5:

All of Lots 6 to 10, inclusive, in Block 5, Donlan's Second Addition to Thompson Falls.

A parcel of land located in the N1/2NE1/4 of Section 7, Township 21 North, Range 29 West, M.P.M., Sanders County, Montana, further described as Lot 1 on Certificate of Survey No. 2641, on file in the office of the Clerk and Recorder of Sanders County, Montana.  (Recorded 12/16/2009, Instrument No. 282210, Micro No. 68049)

Lot 11, Lot 12 and Lot 13 of Block 5 of Donlan's Addition to Thompson Falls, Sanders County, Montana, according to the map or plat thereof on file in the office of the Clerk and Recorder of Sanders County, Montana.  (Recorded 12/22/2010, Instrument No. 286184, Micro No. 71170)

A portion of land located in the SW1/4 of Section 4, Township 21 North, Range 29 West, PMM, Sanders County, Montana, further described as Parcel A on Certificate of survey No. 3135, on file in the office of the Clerk and Recorder of Sanders County, Montana.  (Recorded 9/6/2011, Instrument No. 288448, Micro No. 73076)

A parcel of land in the NE1/4NE1/4 of Section 7, Township 21 North, Range 29 West, PMM, Sanders County, Montana, further described as follows: Beginning at a point 220 feet South and 20 feet West of the Section corner common to Sections 5, 6, 7, and 8; thence West 150 feet; thence South 49°15' West, 187 feet; thence East 285 feet; thence North 120 feet to the point of beginning.  (Recorded 9/26/2011, Instrument No. 288617, Micro No. 73227)

A portion of the NE1/4NE1/4 of Section 7, Township 21 North, Range 29 West, PMM, Sanders County, Montana, further described as follows: Beginning at a point 340 feet South and 40 feet West of the corner common to Sections 5, 6, 7 and 8' thence West 248 feet; thence South 49°15' West, 122.6 feet; thence East 330 feet; thence North 80 feet to the point of beginning. TOGETHER WITH all right, title and interest in vacated portion of the alley as disclosed by Resolution No. 598, filed for record at Miscellaneous No. 6382, Sanders County records.  (Recorded 9/30/2011, Instrument No. 288673, Micro No 73275)

Together with all other property, real, personal and mixed, of the kind or nature specifically mentioned in the Mortgage, as heretofore supplemented, or of any other kind or nature (whether or not located in the State of Montana), acquired by the Company after the date of the execution and delivery of the Mortgage, as heretofore supplemented (except any herein or in the Mortgage, as heretofore supplemented, expressly excepted), now owned or, subject to the provisions of subsection (I) of Section 87 of the Mortgage, as heretofore supplemented, hereafter acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) and wheresoever situated, including (without in anywise limiting or impairing by the enumeration of the same the scope and intent of the foregoing, or of any general description contained in the Indenture) all lands, power sites, flowage rights, water rights, water locations, water 

appropriations, ditches, flumes, reservoirs, reservoir sites, canals, raceways, dams, dam sites, aqueducts and all other rights or means for appropriating, conveying, storing and supplying water; all rights of way and roads; all plants for the generation of electricity by steam, water and/or other power; all powerhouses, gas plants, street lighting systems, standards and other equipment incidental thereto, telephone, radio and television systems, air-conditioning systems and equipment incidental thereto, water works, water systems, steam heat and hot water plants, substations, lines, service and supply systems, bridges, culverts, tracks, ice or refrigeration plants and equipment, offices, buildings and other structures and the equipment thereof, all machinery, engines, boilers, dynamos, electric, gas and other machines, regulators, meters, transformers, generators, motors, electrical, gas and mechanical appliances, conduits, cables, water, steam heat, gas or other pipes, gas mains and pipes, service pipes, fittings, valves and connections, pole and transmission lines, wires, cables, tools, implements, apparatus, furniture and chattels; all franchises, consents or permits, all lines for the transmission and distribution of electric current, gas, steam heat or water for any purpose including towers, poles, wires, cables, pipes, conduits, ducts and all apparatus for use in connection therewith; all real estate, lands, easements, servitudes, licenses, permits, franchises, privileges, rights of way and other rights in or relating to real estate or the occupancy of the same and (except as herein or in the Mortgage, as heretofore supplemented, expressly excepted) all the right, title and interest of the Company in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property hereinbefore or in the Mortgage, as heretofore supplemented, described.
TOGETHER with all and singular the tenements, hereditaments, prescriptions, servitudes and appurtenances belonging or in anywise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 57 of the Mortgage) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and every part and parcel thereof.
IT IS HEREBY AGREED by the Company that, subject to the provisions of subsection (I) of Section 87 of the Mortgage, as heretofore supplemented, all the property, rights and franchises acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the date hereof, except any herein or in the Mortgage, as heretofore supplemented, expressly excepted, shall be and are as fully granted and conveyed hereby and as fully embraced within the lien hereof and the lien of the Mortgage, as heretofore supplemented, as if such property, rights and franchises were now owned by the Company and were specifically described herein and conveyed hereby.
PROVIDED that the following are not and are not intended to be now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, hypothecated, affected, pledged, set over or confirmed hereunder and are hereby expressly excepted from the lien and operation of the Mortgage, as supplemented, viz:  (1) cash, shares of stock, bonds, notes and other obligations and other securities not specifically pledged, paid, deposited, delivered or held under the Mortgage, as supplemented, or covenanted so to be; (2) merchandise, equipment, apparatus, materials or supplies held for the purpose of sale or other disposition in the usual course of business; fuel, oil and similar materials and supplies consumable in the operation of any of the properties of the Company; all aircraft, tractors, rolling stock, trolley coaches, buses, motor coaches, automobiles, motor trucks, and other vehicles and materials and supplies held for the purpose of repairing or replacing (in whole or part) any of the same; (3) bills, notes and accounts receivable, judgments, demands and choses in action, and all contracts, leases and operating agreements not specifically pledged under the Mortgage, as supplemented, or covenanted so to be; the Company’s contractual rights or other interest in or with respect to tires not owned by the Company; (4) the last day of the term of any lease or leasehold which may be or become subject to the lien of the Mortgage, as supplemented; (5) electric energy, gas, steam, water, ice, and other materials or products generated, manufactured, produced, purchased or 

acquired by the Company for sale, distribution or use in the ordinary course of its business; all timber, minerals, mineral rights and royalties and all Gas and Oil Production Property, as defined in Section 4 of the Mortgage, as supplemented; (6) the Company’s franchise to be a corporation; and (7) any property heretofore released pursuant to any provisions of the Indenture and not heretofore disposed of by the Company-New Jersey, the Company-Montana, NorthWestern Energy or the Company; provided, however, that the property and rights expressly excepted from the lien and operation of the Mortgage, as supplemented, in the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the event and as of the date that either or both of the Trustees or a receiver or trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XIII of the Mortgage by reason of the occurrence of a Default as defined in Section 65 thereof.
TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed by the Company as aforesaid, or intended so to be, unto the Co-Trustee and (to the extent of its legal capacity to hold the same for the purposes hereto) unto the Corporate Trustee, as Trustees, and their successors and assigns forever.
IN TRUST NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth in the Mortgage, as supplemented, this Thirty-fourth Supplemental Indenture being supplemental thereto.
AND IT IS HEREBY COVENANTED by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage, as supplemented, shall affect and apply to the property hereinbefore described and conveyed and to the estate, rights, obligations and duties of the Company and the Trustees and the beneficiaries of the trust with respect to said property, and to the Trustees and their successors as Trustees of said property in the same manner and with the same effect as if the said property had been owned by the Company-New Jersey at the time of the execution of the Mortgage, and had been specifically and at length described in and conveyed to the Trustees, by the Mortgage as a part of the property therein stated to be conveyed.
SUBJECT NEVERTHELESS, to the limitation permitted by subsection (I) of Section 87 of the Mortgage, as supplemented, namely, that notwithstanding the foregoing, the Mortgage, as supplemented, shall not become or be or be required to become or be a lien upon any of the properties or franchises owned by the Company on the Transfer Date or thereafter acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) except (a) those acquired by it from NorthWestern Energy, and improvements, extensions and additions thereto and renewals and replacements thereof, (b) the property made and used by the Company as the basis under any of the provisions of the Indenture for the authentication and delivery of additional bonds or the withdrawal of cash or the release of property or a credit under Section 39 or Section 40 of the Indenture, and (c) such franchises, repairs and additional property as may be acquired, made or constructed by the Company (1) to maintain, renew and preserve the franchises covered by the Indenture, or (2) to maintain the property mortgaged and intended to be mortgaged under the Indenture as an operating system or systems in good repair, working order and condition, or (3) in rebuilding or renewal of property, subject to the Lien under the Indenture, damaged or destroyed, or (4) in replacement of or substitution for machinery, apparatus, equipment, frames, towers, poles, wire, pipe, tools, implements and furniture, subject to the Lien thereunder, which shall have become old, inadequate, obsolete, worn out, unfit, unadapted, unserviceable, undesirable or unnecessary for use in the operation of the property mortgaged and intended to be mortgaged thereunder; provided, however, that said limitation permitted by subsection (I) of Section 87 of the Mortgage, as supplemented, shall not apply to the Colstrip Property (as defined in the Twenty-ninth Supplemental Indenture), which pursuant to the Twenty-ninth Supplemental Indenture was expressly made subject to the Lien of the Mortgage, as supplemented, and constitutes Mortgaged and Pledged Property.

The Company further covenants and agrees to and with the Trustees and their successors in said trust under the Indenture, as follows:
ARTICLE I
Increase in the Maximum Amount
Section 1.01.    Pursuant to and in accordance with the terms of Section 2 of Article II of the Sixteenth Supplemental Indenture, the amount of One Billion Four Hundred Eighty Million Dollars ($1,480,000,000) referenced in Section 2.01 of the Thirty-second Supplemental Indenture is hereby increased to Two Billion Dollars ($2,000,000,000).  This Section 1.01 shall become effective upon the filing for record of this Thirty-fourth Supplemental Indenture in all counties in which the Mortgaged and Pledged Property is located.
ARTICLE II
Miscellaneous Provisions
Section 2.01. The terms defined in the Mortgage, as heretofore supplemented, shall, for all purposes of this Thirty-fourth Supplemental Indenture, have the meanings specified in the Mortgage, as heretofore supplemented.
Section 2.02. The Trustees hereby accept the trusts herein declared, provided, created or supplemented and agree to perform the same upon the terms and conditions herein and in the Mortgage, as heretofore supplemented, set forth and upon the following terms and conditions:
The Trustees shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Thirty-fourth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. In general, each and every term and condition contained in Article XVII of the Mortgage shall apply to and form part of this Thirty-fourth Supplemental Indenture with the same force and effect as if the same were herein set forth in full with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this Thirty-fourth Supplemental Indenture.
Section 2.03. Whenever in this Thirty-fourth Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles XVI and XVII of the Mortgage, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Thirty-fourth Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustees shall, subject as aforesaid, bind and inure to the respective benefit of the respective successors and assigns of such parties, whether so expressed or not.
Section 2.04. Nothing in this Thirty-fourth Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the holders of the bonds and coupons Outstanding under the Indenture, any right, remedy or claim under or by reason of this Thirty-fourth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Thirty-fourth Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the bonds and coupons Outstanding under the Indenture.

Section 2.05. This Thirty-fourth Supplemental Indenture shall be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.
[Signature Page to the Thirty-fourth Supplemental Indenture]
11911850v4

[Signature Page to the Thirty-fourth Supplemental Indenture]
IN WITNESS WHEREOF, NORTHWESTERN CORPORATION has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents, and its seal to be attested by its Corporate Secretary or one of its Assistant Corporate Secretaries for and in its behalf, and THE BANK OF NEW YORK MELLON, in token of its acceptance of the trust hereby created, has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents or one of its Assistant Vice Presidents, and its corporate seal to be attested by one of its Assistant Vice Presidents, Assistant Secretaries or Assistant Treasurers, and Philip L. Watson, for all like purposes, has hereunto set his hand and affixed his seal, as of the day and year first above written.

NORTHWESTERN CORPORATION

By: /s/ Brian B. Bird                    
Brian B. Bird
Vice President and Chief Financial Officer
[SEAL]
Attest:
/s/ Emily Larkin                
Emily Larkin
Assistant Corporate Secretary
Executed, sealed and delivered by
NORTHWESTERN CORPORATION 
in the presence of:

/s/ Emilie Ng                    

/s/ Dan Rausch                

[Acknowledgment to the Thirty-fourth Supplemental Indenture]
STATE OF SOUTH DAKOTA    )
) ss.
COUNTY OF MINNEHAHA    )
This instrument was acknowledged before me on this 30th day of January, 2015, by Brian B. Bird, Vice President and Chief Financial Officer, of NORTHWESTERN CORPORATION, a Delaware corporation.

/s/ Nancy Thompson            
Notary Public

[SEAL]
NANCY THOMPSON
NOTARY PUBLIC
SOUTH DAKOTA
MCE 3/20/18

[Signature Page to the Thirty-fourth Supplemental Indenture]

THE BANK OF NEW YORK MELLON,
   as Corporate Trustee

By: /s/ Latoya S. Elvin            
Name:  Latoya S. Elvin
Title:      Vice President
[SEAL]
Attest:
Jose Alcantara                    
Name: Jose Alcantara
Title:  Vice President

Executed, sealed and delivered by
THE BANK OF NEW YORK MELLON
in the presence of:

/s/ Glenn Mitchell                

/s/ Adam Turkel                

[Acknowledgment to the Thirty-fourth Supplemental Indenture]
11911850v4
STATE OF NEW JERSEY    )
) ss.
COUNTY OF PASSAIC    )
This instrument was acknowledged before me on this 30th day of January, 2015, by Latoya S. Elivn, Vice President of THE BANK OF NEW YORK 
MELLON, a New York corporation.

  /s/ David J. O’Brien                
Notary Public
David J. O’Brien
ID # 2437452
NOTARY PUBLIC
STATE OF NEW JERSEY
My Commission Expires August 15, 2018

[Signature Page to the Thirty-fourth Supplemental Indenture]
11911850v4
/s/ Philip L. Watson            
Philip L. Watson, as Co-Trustee

Executed, sealed and delivered by
Philip L. Watson in the presence of:

 /s/ Beatta Harvin                 

 /s/ James Briggs                

[Acknowledgment to the Thirty-fourth Supplemental Indenture]
11911850v4
STATE OF NEW YORK    )
) ss.
COUNTY OF NEW YORK    )
This instrument was acknowledged before me on this 30th day of January, 2015, by Philip L. Watson, as Co-Trustee under the Mortgage and Deed of Trust dated as of October 1, 1945, with NorthWestern Corporation.

  /s/ Danny Lee                
Notary Public
DANNY LEE, NOTARY PUBLIC
State of New York, NO. 01LE6161129
Qualified in New York County
Commission Expires February 20, 2015Exhibit 10.20

 

THE TRAVELERS SEVERANCE PLAN

(As Amended and Restated effective January 1, 2015)

 

 

THE TRAVELERS SEVERANCE PLAN

(As amended and restated effective January 1, 2015)

 

I.                                        PURPOSE AND APPLICATION

 

I.1         Purpose:  The purpose of the Plan is to provide severance payments to certain employees of the Company and of those Affiliates that have adopted this Plan in the event such employees’ employment is terminated in specified circumstances.

 

I.2         Application:  The Plan as set forth herein applies to Employees who are provided a Written Notice of Termination on or after January 1, 2015.  This Plan document supersedes and replaces any severance plan, program or policy maintained by an Employer prior to January 1, 2015.

 

II.                                   DEFINITIONS

 

The following words and phrases, when used herein, unless their context clearly indicates otherwise, shall have the following respective meanings.

 

II.1                            “Administrator” means the Company, acting through the person, persons or committee delegated administrative authority pursuant to Article V.

 

II.2                            “Affiliate” means an entity on whose board of directors or other governing body the Company (directly or indirectly through one or more subsidiaries) has representation by virtue of its ownership of capital stock or other interest.  However, under no circumstances does the term “Affiliate” include any venture capital company in which the Company or an Affiliate may, from time to time, have invested.

 

II.3                            “Code” means the Internal Revenue Code of 1986 as amended.

 

II.4                            “Company” means The Travelers Companies, Inc. or any successor corporation by merger, consolidation or purchase or otherwise that elects to adopt the Plan.

 

II.5                            “Conduct Harmful or Prejudicial to the Company” means any act or omission by an Employee, whether or not occurring during the course of employment, that the Administrator, in its sole discretion, determines to be detrimental to the interests of the Company or an Affiliate, including, but not limited to, any violation of (i) the Company’s Code of Business Conduct and Ethics, (ii) any Employer policy relating to illegal drugs, discrimination, sexual or other discriminatory harassment, alcohol, misconduct, gambling, possession or use of firearms or other weapons, theft, destruction or misuse of company property, misrepresentations, falsifying records, conflicts of interest, use of insider information, use or disclosure of confidential information, intellectual property and inventions assignment, bribes, threats or harm to coworkers or business associates, or (iii) any provision of a written agreement between Employee and the Company or an Affiliate.

 

II.6                            “Confidential Separation Agreement” means an agreement stating the terms of an Employee’s separation from employment that is executed by an Employee within the time limits

 

 

established by the Employer, in form and substance satisfactory to the Employer, and which includes a general release and waiver of claims.  The Confidential Separation Agreement shall include a non-solicitation clause, pursuant to which the Employee agrees, for a period of time to be specified in the Confidential Separation Agreement, not to solicit certain people or groups of people to discontinue their business and/or their employment relationship with the Company or any Affiliate, and may also include other terms determined by the Employer such as post-employment obligations of non-disparagement, confidentiality and/or cooperation.  A Confidential Separation Agreement may also be referred to as a “Waiver and Release.”

 

II.7                            “Employee” means any person who, as of the date of Termination of Employment, is employed by an Employer as a non-temporary, Regular Status Full-Time Employee or Regular Status Part-Time Employee under classifications established and applied in the ordinary course of business by the Employer. The term “Employee” shall not include any individual (i) who performs services for the Company or an Affiliate through, or is paid by, a third party (including but not limited to a third-party temporary agency or an employee leasing or staffing agency), or (ii) who is classified by the Employer as an independent contractor or consultant, a temporary employee or as having any status other than a Regular Status Full-Time Employee or Regular Status Part-Time Employee (regardless of whether such individual is subsequently determined to be a common-law employee or an employee for any other purpose).

 

II.8                            “Employer” means the Company and each Affiliate that, with the approval of the Executive Vice President - Human Resources of the Company, has adopted the Plan.  In the event an Employer ceases to be an Affiliate for any reason (including, but not limited to, the sale or disposition of the stock of the Employer by the Company or an Affiliate), the Employer shall immediately cease to be an Employer.

 

II.9                            “Offer of Continued Employment” means a job offer to an Employee by the Company or an Affiliate prior to the Employee’s Termination of Employment (or, in the case of a sale or transfer of all or any portion of the business operation of the Company or an Affiliate, an offer by the purchaser or transferee or any affiliate of such purchaser or transferee, or, in the case of the outsourcing of a job function to a third-party service provider, an offer by the third-party service provider or an affiliate of such provider) for a position (i) with base compensation equal to or greater than the Employee’s then current base compensation; and (ii) which allows the Employee to work at his/her then current work site or within thirty (30) miles of his/her current work site (or, in the case of virtual office employees, within thirty (30) miles from the office to which the Employee is assigned) or at a location that is closer to the Employee’s current residence than is the Employee’s current work site.  In the case of a sale or transfer of all or any portion of the business operation of the Company or an Affiliate (by means of a stock or asset disposition, merger, or similar transaction), the sale or transfer agreement may explicitly or implicitly modify the definition of “Offer of Continued Employment” for purposes of this Plan.

 

II.10                     “Reduction in Force” or “RIF” means a Termination of Employment initiated by an Employer solely due to a reduction in force or the elimination of an Employee’s position, as determined by the Administrator, in its sole discretion.

 

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II.11                     “Regular Status, Full-Time Employee” means a non-temporary Employee who is classified by an Employer as Regular Status, Full-Time and who works a regular schedule of hours which is at least the customary number of hours per week assigned by his/her office.

 

II.12                     “Regular Status, Part-Time Employee” means a non-temporary Employee who is classified by an Employer as Regular Status, Part-Time and who works a regular schedule of hours which is less than the customary number of hours per week assigned by his/her office.

 

II.13                     “Severance Payments” or “Severance Benefits” means the benefits provided to an Employee who, in accordance with Article III, is eligible for such benefits in the amount and form set forth in the applicable Severance Benefit Schedule.

 

II.14                     “Severance Benefit Schedule” or “Schedule” means the schedules attached hereto and incorporated herein, as amended from time to time, which set forth the amount, form of, and additional conditions for entitlement to Severance Benefits payable under this Plan.

 

II.15                     “Termination of Employment” means, for purposes of determining an Employee’s entitlement to Severance Payments under this Plan, a complete severance of an Employee’s employment relationship with the Company and all Affiliates (as reflected on the books and records of the Company).  Accordingly, a transfer of an Employee’s employment between the Company and an Affiliate, or among Affiliates, will not constitute a Termination of Employment.  In the event of an authorized leave of absence (including a disability leave), a Termination of Employment will be deemed to have occurred during or at the end of such leave in accordance with the employment policies of the Employer in effect and as amended from time to time.

 

An Employee who, in conjunction with a sale or transfer of all or any portion of the business operation of the Company or an Affiliate (by means of a stock or asset disposition, merger, or similar transaction), transfers employment to the purchaser or transferee or to any affiliate of such purchaser or transferee, or is given an Offer of Continued Employment by the purchaser or transferee or any affiliate of such purchaser or transferee, shall not be treated as having incurred a Termination of Employment for purposes of this Plan. In addition, an Employee shall not be treated as having incurred a Termination of Employment merely because such Employee’s Employer ceases to be an Employer and/or an Affiliate under this Plan.

 

An Employee who, in connection with the outsourcing of a job function to a third-party service provider, transfers employment to the third-party service provider or an affiliate of such provider, or is given an Offer of Continued Employment by the third-party service provider or an affiliate of such provider, shall not be treated as having incurred a Termination of Employment for purposes of this Plan.

 

Notwithstanding the foregoing, an Employee will not experience a Termination of Employment unless the termination of the employment relationship also qualifies as a “separation from service” under Code § 409A.

 

II.16                     “Voluntary Termination” means a Termination of Employment initiated by the Employee. An Employee will be treated as having a Voluntary Termination if: (i) the Employee resigns from employment for any reason, even if the Employee’s resignation occurs after the Employee receives a Written Notice of Termination (unless the Employer has authorized such

 

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early resignation and agreed in writing with the Employee to a new date of Termination of Employment due to a RIF), or (ii) the Employee declines an Offer of Continued Employment, whether that Offer of Continued Employment was made before or after Written Notice of Termination was provided to the Employee.

 

II.17                     “Waiver and Release” has the same meaning as “Confidential Separation Agreement” (see Section II.6).

 

II.18                     “Written Notice of Termination” means a formal, written communication from an Employer to the Employee informing the Employee that his/her employment will be terminated on a date certain in the future.

 

II.19                     “Years of Service” means an Employee’s full years of service based on the applicable service date as reflected for the Employee in the Company’s human resource system.  The service date reflects (i) the first day of the current period of continuous service of the Employee or (ii) the adjusted service date for an Employee who has had a break in service and is eligible for service restoration based on the terms of the Travelers Pension Plan or any prior applicable pension plan.

 

Notwithstanding the foregoing, if an Employee received severance benefits from the Company or an Affiliate for a previous period of employment, that Employee will be eligible for Severance Benefits with respect to Years of Service commencing with the Employee’s most recent date of employment with the Company or an Affiliate (while it is an affiliate) and not based on the adjusted service date.  For purposes of the preceding sentence, benefits paid under the Travelers Pension Plan (or a predecessor pension plan) with respect to any previous period of employment will not be considered severance benefits with respect to such previous period of employment.

 

III.                              ELIGIBILITY FOR SEVERANCE PAYMENTS

 

III.1                       Reduction in Force:  If, in the discretion of the Administrator, an Employee experiences a Termination of Employment due to a Reduction in Force and is otherwise eligible to receive, and is not excluded from receiving, Severance Benefits under this Plan, and if the Employee executes a Confidential Separation Agreement, including a general release and waiver of claims, the Employee will be eligible for the Severance Payments specified in the applicable Severance Benefit Schedule, to the extent and in accordance with the applicable Severance Benefit Schedule and this Plan.

 

III.2                       Conduct Harmful or Prejudicial to the Company:  An Employee who has a Termination of Employment and who has engaged in Conduct Harmful or Prejudicial to the Company, as determined within the sole discretion of the Administrator, shall not be entitled to any Severance Benefits hereunder.  If the Administrator determines that an Employee has engaged in Conduct Harmful and Prejudicial to the Company after Severance Benefits have commenced to be paid to such Employee, the Employer may immediately cease payment of any remaining Severance Benefits and demand repayment of any Severance Benefits already paid to the Employee. The Employee must promptly repay such Severance Benefits and, if not promptly repaid, the

 

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Employer may deduct the value of Severance Benefits already paid from any other form of compensation or payments payable to such Employee, to the extent permitted by applicable law.

 

III.3                       Voluntary Termination:  An Employee who experiences a Voluntary Termination shall not be eligible to receive any Severance Benefits hereunder.

 

III.4                       Employment or Other Agreements:  An Employee whose employment is terminated under circumstances that entitle that Employee to receive payments upon separation of employment pursuant to a written employment or other separation agreement shall not be eligible to receive any Severance Benefits hereunder, unless such written agreement is authorized by the Administrator and expressly states that the Employee is eligible for Severance Benefits under this Plan in addition to such other benefits that may be provided by the written agreement. Any agreement between the Company or an Affiliate and an Employee that provides for payment to the Employee solely in support of a post-employment non-competition restriction shall not be an agreement “to receive payments upon separation of employment” for purposes of this Section III.4.

 

III.5                       Termination for Unsatisfactory Performance.  An Employee who is terminated for unsatisfactory performance, as determined within the sole discretion of the Administrator, shall not be eligible to receive any Severance Benefits hereunder, even if the Employer chooses not to replace such Employee or fill the Employee’s position.

 

III.6                       Death:   An Employee who dies after receiving Written Notice of Termination but before executing a Confidential Separation Agreement shall not be eligible to receive any Severance Benefits hereunder.

 

III.7                       Disability and Other Leaves of Absence: An Employee who is on a personal leave of absence at the time of, or commencing after, the date the Employer provides a Written Notice of Termination will not be treated as having had a Termination of Employment due to a RIF.  An Employee who is on an approved disability leave of absence will be treated as having had a Termination of Employment due to a RIF only if either (a) a Written Notice of Termination is provided to the Employee prior to the start of the Employee’s disability leave and the Employee remains on the approved disability leave (pursuant to the Employer’s leave or other policies) at the date of Termination of Employment specified in the Written Notice of Termination; or (b) the Employee is on approved disability leave (pursuant to the Employer’s leave or other policies) when the Employer provides a Written Notice of Termination and each of the following conditions are met: (i) prior to his/her Termination of Employment (as determined pursuant to the Employer’s leave or other policies), the Employee provides the Employer with written notice of his/her intent to return to work for the Company or an Affiliate, along with a physician’s certification that the Employee is able to return to work, and (ii) the Employee does not receive an Offer of Continued Employment by the Company or an Affiliate within sixty (60) days after the date the Employer receives written notice of the Employee’s intent to return to work.

 

III.8                       Other Terminations:  An Employee shall not be eligible to receive any Severance Benefits if the severance of his/her employment relationship with the Company and its Affiliates is not considered a Termination of Employment due to a RIF for purposes of this Plan; further, an Employee whose Termination of Employment is not described in Section III.1 shall not be

 

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eligible to receive Severance Benefits even if the Termination of Employment is not excluded under Sections III.2, III.3, III.4, III.5, III.6 or III.7.

 

III.9                       Employer Option to Accelerate Termination of Employment and Reduce or Eliminate Benefits:  If, after receiving a Written Notice of Termination from an Employer but before the date of Termination of Employment, an Employee engages in Conduct Harmful or Prejudicial to the Company, voluntarily resigns, becomes employed with an employer that is not the Company or an Affiliate, dies, is insubordinate, performs in an unsatisfactory manner, or otherwise becomes ineligible to receive benefits under this Plan, the Employer has the option to accelerate the Employee’s Termination of Employment date, effective on an earlier date than stated in the Written Notice of Termination, and (i) treat the new, earlier Termination of Employment as a termination for reasons other than a RIF, such that the Employee is no longer eligible for Severance Benefits; or (ii) reduce the Employee’s Severance Benefits such that they are determined by reference to the earlier Termination of Employment date, even if the Employee has already executed his/her Confidential Separation Agreement.

 

IV.                               PAYMENT AND CLAIMS PROCEDURES

 

IV.1                        Withholding:  The Employer shall withhold from the Severance Benefits paid hereunder all federal and state income and FICA taxes and any other amounts it reasonably believes to be required or authorized to be withheld.

 

IV.2                        Death of Employee After Becoming Eligible:  If an Employee dies after receiving Written Notice of Termination and after executing a Confidential Separation Agreement, but before receiving full payment of Severance Benefits, the Employer shall pay the remaining amounts due to the Employee’s estate, unless the Employee designates a different payee on a form and in such manner as is prescribed by the Administrator.  Any payee will be required to execute a Confidential Separation Agreement similar to that required of the Employee, as if the Employee had not died, in order to receive payment of any remaining Severance Benefits not otherwise required to be paid by law.

 

IV.3                        Effect on Other Benefits:  The period for which Severance Benefits may be computed and the payments provided under this Plan shall not constitute employment, compensation or salary for purposes of determining participation in or the benefits under this or any other benefit plan of the Company or an Affiliate, unless otherwise expressly provided under the terms of such plan.  An Employee’s entitlement to other types of benefits (e.g., retirement benefits or stay pay) will not affect an Employee’s entitlement to, or the amount of, Severance Benefits under the Plan, except as expressly provided by the governing plan or by written agreement.

 

IV.4                        Reduction for Debt:  The amounts payable to an Employee under this Plan in accordance with an applicable Severance Benefit Schedule are subject to reduction for any amounts the Employee owes to the Company or an Affiliate as determined by the Administrator, to the extent such reduction or offset is consistent with applicable law, including Code § 409A in the case of any deferred compensation that is subject to Code § 409A.

 

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IV.5                        Modified Severance Benefits:  Notwithstanding any other provisions of this Plan or the provisions of any Severance Benefit Schedule to the contrary, and subject to Section VI.1 with respect to any Employee for whom compensation and benefits must be approved and adopted by the Compensation Committee of the Company’s Board of Directors, an Employer may, in its sole discretion exercised prior to the date of an Employee’s Termination of Employment, agree to provide severance benefits to such Employee who has a Termination of Employment due to a RIF that are less than or in excess of the Severance Benefits, if any, otherwise payable under this Plan. An Employer shall have no obligation to provide additional benefits to any Employee under this Section IV.5 and need not make benefit grants under this Section on a uniform basis to similarly-situated Employees.

 

IV.6                        Statutory or Other Severance Pay Benefits:  If any Employee is entitled to a severance benefit or mandatory termination notice provisions pursuant to international, federal, provincial, state, local or other applicable regulation, statute, or other governmental order or rule, or common law, on account of Employee’s Termination of Employment, the Severance Benefit under this Plan may be reduced, in the sole discretion of the Employer, by the amount of such statutory or other severance or notice requirement.

 

IV.7                        Severance Claim Procedure:

 

(a)                                 Written Notice of Amount of Severance Benefits

 

No later than ten (10) days after an Employee’s Termination of Employment due to a Reduction in Force, or such other point in time as determined by the Administrator, the Administrator will provide the Employee with a written notice (“Notice”) of the amount of Severance Benefits payable to the Employee under the Plan and what conditions the Employee must meet to receive payment of Severance Benefits (e.g., execution of a Confidential Separation Agreement).

 

(b)                                 Claim for Benefits

 

If an Employee is denied Severance Benefits or objects to the amount of benefits provided, the Employee may file a written claim for benefits with the Administrator objecting to the denial of benefits or the amount of benefits payable under the Plan. Such a written claim must be filed within ninety days after the Employee’s Termination of Employment.

 

Not later than ninety (90) days after receipt of such claim, the Administrator will render a written decision on the claim to the Employee.  If the claim is denied in whole or in part, such decision will include: the reasons for the denial; a description of any additional material or information necessary for the Employee to perfect the claim; an explanation as to why such information or material is necessary; and an explanation of the Plan’s claim procedure.

 

(c)                                  Appeal of Administrative Committee’s Determination

 

No later than sixty (60) days after receiving the Administrator’s written decision, if the Employee disagrees with the decision and wants to pursue the matter

 

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further, the Employee or the Employee’s representative must file with the Administrator a written request for review of the Administrator’s decision.  No later than sixty (60) days after the Administrator’s receipt of the request for review, the Administrator should render a final written decision on the claim, which decision will include the specific reasons for the decision, including references to specific Plan provisions where appropriate.

 

The Administrator may extend the ninety (90)- and sixty (60)- day periods during which the Administrator should respond to the claimant by up to an additional ninety (90) or sixty (60) days, respectively, if special circumstances so require and if notice of such extension is given to the Employee prior to the expiration of the initial ninety (90)- or sixty (60)- day period.  Failure on the part of the Employee to respond to an Administrator’s written decision on a timely basis as described above, will be regarded by the Employer as a waiver of any continued rights under the Severance Claim Procedures described in this Section.

 

Any failure by the Administrator to respond to a written request for review shall be deemed a denial of the request, based on the same grounds identified in the initial written decision of the Administrator.

 

IV.8                        Statute of Limitations

 

The claims procedure in Section IV.5 is mandatory.  If an Employee has completed the entire claims procedure and still disagrees with the outcome of the Employee’s claim, the Employee may commence a civil action under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The Employee must commence such civil action within one year of the date of the final denial under Section IV.5(c) above.  If the Employee does not commence such civil action within one year of the date of the final decision, the Employee will waive all rights to relief under ERISA.

 

V.                                    PLAN ADMINISTRATION

 

V.1                             Administration:  The Company, in its capacity as Administrator of the Plan, shall have overall responsibility for the administration and operation of the Plan, including the authority and discretion to:

 

(a)                                 construe and interpret this document (or any form or other document established for use in the administration of the Plan);

 

(b)                                 determine all questions, whether legal or factual, arising in the administration, interpretation and application of the Plan, including, but not limited to the entitlement of any Employee to Severance Payments and, subject to the Employer’s exercise of discretion under Section III.9, the amount of Severance Payments to be made to any Employee, and the decisions of the Administrator shall be final and binding upon the Employee and the Employer;

 

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(c)                                  communicate the Plan and its eligibility requirements to Employees;

 

(d)                                 prepare and furnish to Employees all information required under Federal law or provisions of the Plan to be furnished to them;

 

(e)                                  have prepared and filed all reports or other information required under Federal law to be provided to any governmental entity; and

 

(f)                                   hear, review and determine claims for benefits.

 

The Company, in its capacity as sponsor of the Plan (or any other Employer under the circumstances described in Section VI.1, and in its capacity as sponsor of the Plan), is responsible for determining the form and substance of any Confidential Separation Agreement required as a condition to the receipt of Severance Benefits under the Plan.  Such Confidential Separation Agreement, to the extent it provides Severance Benefits to the Employee, will be deemed to form part of the Plan once executed by the Employee, and the Company, as Administrator of the Plan, will have the authority and discretion specified above with respect to such Confidential Separation Agreement.

 

V.2                             Delegation of Authority:  The Company, by action of its chief executive officer, may delegate authority to a person, persons or committee to act on behalf of the Company in its capacity as Administrator of the Plan.  In the absence of such delegation, the Executive Vice President — Human Resources shall act on behalf of the Company in its capacity as Administrator of the Plan.  Any person or committee with authority delegated by the Company (including a delegation pursuant to the default provision of the prior sentence) may further delegate, from time to time, authority to such person or persons as he/she/it deems advisable and may revoke any such delegation of authority.  Any action by a delegate in the exercise of delegated authority shall be action on behalf of the Administrator and shall have the same force and effect as if such action was taken by the Company in its capacity as Administrator of the Plan.

 

V.3                             Exercise of Authority:  The Company, in its capacity as Administrator of the Plan, and any person or committee who acts on behalf of the Administrator, may exercise authority in its/his/her full discretion, subject only to the duties imposed under ERISA.  This discretionary authority includes, but is not limited to, the authority specified in Section V.1. The exercise of authority will be binding upon all persons; and it is intended that the exercise of authority be given deference in all courts of law to the greatest extent allowed under law, and that it not be overturned or set aside by any court of law unless found to be arbitrary and capricious.

 

VI.                               MISCELLANEOUS PROVISIONS

 

VI.1                        Amendment and Termination:  The Company, in its capacity as sponsor of the Plan, may at any time and without prior notice, amend or terminate this Plan or any Severance Benefit Schedule.  Any amendment or termination of this Plan or Severance Benefit Schedule shall be by written instrument signed by the Company’s Executive Vice President — Human Resources.

 

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Any Affiliate may, with the approval of the Company’s Executive Vice President - Human Resources, adopt this Plan and become an Employer hereunder or withdraw from the Plan.  Each Employer under this Plan may, in its capacity as sponsor of the Plan and with the approval of the Company’s Executive Vice President - Human Resources, design, adopt and amend its own Severance Benefit Schedule and Confidential Separation Agreement, which shall include a general release and waiver of claims.  The adoption, amendment or termination of a Schedule by an Employer hereunder shall be by written instrument signed by an officer of the Employer and the Company’s Executive Vice President - Human Resources.  By adopting the Plan, each Employer consents to:

 

(a)                                 administration of the Plan by the Company; and

 

(b)                                 any amendment adopted by the Company, except as provided above with respect to its own Severance Benefit Schedule or Confidential Separation Agreement.

 

Notwithstanding any other provision of this Plan, no amendment or modification affecting an Employee whose compensation and benefits must be approved and adopted by the Compensation Committee of the Company’s Board of Directors shall be effective unless and until such amendment or modification has been so approved and adopted. The Company by amendment or termination of the Plan, or any Employer by amendment of its Severance Benefit Schedule, or by withdrawal from the Plan, may reduce or eliminate any Severance Benefits that have not been fully paid prior to the date the amendment, termination or withdrawal is executed.  Notwithstanding the foregoing, however, an amendment, termination or withdrawal may not reduce or eliminate any Severance Benefits that are conditioned upon execution of a Confidential Separation Agreement after the Employee has been provided a copy of the Confidential Separation Agreement for his/her signature.

 

VI.2                        Source of Payment:  Severance Benefits payable under this Plan to any Employee shall be paid directly out of the general assets of such Employee’s Employer.  An Employer is not responsible for (and has no contractual obligation with respect to) Severance Benefits payable to an Employee who is or was employed with another Employer.  If an Employee is concurrently employed with two or more Employers, each will be responsible for the Severance Benefit attributable to employment with that Employer.

 

VI.3                        Governing Law/Forum:  This Plan, to the extent not preempted by ERISA or any other federal law, shall be governed by and construed in accordance with the laws of Minnesota, without giving effect to its conflict of law rules.  The Plan is intended to be an employee welfare benefit plan within the meaning of Section 3(1) of ERISA.  All controversies, disputes, and claims arising under or relating to the Plan must be submitted to the United States District Court for the District of Minnesota, unless the parties to any such dispute agree to submit the matter to arbitration on terms and conditions mutually agreed upon. Any person that participates in the Plan, or asserts an entitlement to any right or benefit under the Plan, thereby consents to the exercise of personal jurisdiction over him or her by the United States District Court for the District of Minnesota and waives any argument that that forum is not a convenient forum in which to resolve the lawsuit.

 

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VI.4                        Interests Not Transferable:  Except as to withholding of any tax under the laws of the United States or any state or locality, no Severance Benefits payable at any time under the Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment, or other legal process, or encumbrance of any kind.  Any attempt to alienate, sell, transfer, assign, pledge or otherwise encumber any such Severance Benefits, whether currently or thereafter payable, shall be void.  No person shall, in any manner, be liable for or subject to the debts or liabilities of any person entitled to such benefits.  If any person shall attempt to, or shall alienate, sell, transfer, assign, pledge or otherwise encumber his Severance Benefits under the Plan, or if by any reason of his bankruptcy or other event happening at any time, such benefits would devolve upon any other person or would not be enjoyed by the person entitled thereto under the Plan, then the Administrator, in its sole discretion, may terminate the interest in any such benefits of the person entitled thereto under the Plan and hold or apply them for or to the benefit of such person entitled thereto under the Plan or such person’s spouse, children or other dependents, or any of them, in such manner as the Administrator may deem proper.

 

VI.5                        Employment Rights:  Establishment of the Plan shall not be construed in any way to modify an Employee’s at-will employment relationship, or to give any Employee the right to be retained in the Company’s or any Affiliate’s service or to any benefits not specifically provided by the Plan.  The right of an Employer to terminate the employment relationship of an Employee (or to accelerate the termination date) will not in any way be affected by the terms of this Plan or any Confidential Separation Agreement.

 

VI.6                        Severability:  Any provision herein that may be unenforceable will be deemed severed from the remainder hereof, with such remaining provisions being given full force and effect.

 

VI.7                        Gender and Number:  Words in the masculine gender shall include the feminine, and the plural shall include the singular and the singular shall include the plural.

 

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THE TRAVELERS SEVERANCE PLAN

(As amended and restated January 1, 2015)

 

Severance Benefit Schedule A

 

This Schedule A applies to Terminations of Employment due to a Reduction in Force.  Except as otherwise expressly provided in this Schedule A, in order to be eligible for the Severance Benefits detailed below, the Employee must first execute a Confidential Separation Agreement, including a general release and waiver of all claims, in the form provided to the Employee by the Employer.  Any Employee covered by Schedule B will not be eligible for the Severance Benefit described in this Schedule A.

 

It is the intention of the Company that the benefits provided under this Schedule A qualify for certain exceptions from coverage under Code Section 409A (and the regulations or other applicable guidance thereunder), such as the exception for short-term deferrals, involuntary separation pay plans and the payment or reimbursement of reasonable outplacement and reasonable moving expenses, and the provisions of this Schedule A should be interpreted consistent with that intent.

 

I.                                        Amount of Severance Benefit

 

The Employee will be eligible to receive a Severance Benefit in an amount equal to two (2) weeks of his/her base salary in effect as of the date of Termination of Employment for each full Year of Service, with a minimum amount equal to four (4) weeks of base salary and a maximum amount equal to fifty-two (52) weeks of base salary.  However, in no event will an Employee’s Severance Benefit exceed two times the lesser of (i) the Employee’s annualized compensation for the calendar year immediately preceding the calendar year of his or her Termination of Employment; or (ii) the maximum amount that may be taken into account under a qualified pension plan under Code § 401(a)(17) for the year of his or her Termination of Employment.  To the extent that an Employee’s Severance Benefit would otherwise exceed the foregoing limitation, the amount of the Employee’s Severance Benefit will be reduced to comply with that limitation.

 

The Employee will receive this Severance Benefit in periodic payments (paid in accordance with the Employer’s payroll practices) beginning as soon as reasonably practicable following the date on which the Employee has a Termination of Employment due to a RIF, provided that payments will be withheld until the period for cancellation or revocation of the Confidential Separation Agreement (as described in the Confidential Separation Agreement) has expired without cancellation or revocation, and the first payment will include any such withheld payments. Payments will continue until the total payments made to the Employee equal the full Severance Benefit calculated above.  For certainty under Code § 409A, in all cases the Severance Benefit will be paid in full by the end of the second calendar year following the calendar year of the Employee’s Termination of Employment.

 

If the Employee is re-employed by the Company or an Affiliate at a date after payment of Severance Benefits has commenced under this Schedule A, as a condition of re-employment any payments outstanding under the terms of this Plan will cease.

 

II.                                   Possible Reduction in Severance Benefits and Adjustment in Separation Date

 

The Severance Benefits described above are subject to all the terms and conditions of the Plan and may be reduced or eliminated under various circumstances outlined in Articles III and IV of the Plan, including but not limited to when the Employee, after being informed of his/her Termination of Employment, engages in insubordinate conduct, is disruptive in the workplace, engages in conduct that otherwise damages the morale of his/her work unit or the office as a whole, produces a significantly or consistently inferior work product, abandons his/her job by taking repeated unapproved absences, accepts employment with another employer, voluntarily resigns employment, or otherwise engages in conduct that causes the Employee to become ineligible under the Plan.  The Employer has the right to accelerate the Employee’s date of Termination of Employment, and to reduce or eliminate the severance benefits as provided in Article III or IV of the Plan, even if the Employee has already executed his/her Confidential Separation Agreement.

 

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III.                              Relocation

 

An Employee who has relocated to his/her current work site at the request of the Employer or as part of an initial offer of employment and who, within twenty-four (24) months of such relocation, or, in the case of an initial offer of employment, within twenty-four (24) months of such offer of employment, has a Termination of Employment due to a RIF, will receive relocation benefits corresponding to the then current employee relocation plan of the Employer that is closest to the plan originally provided to Employee if: (i) the Employee relocates within three (3) months of the date of Termination of Employment; and (ii) in such relocation, the Employee moves to a primary residence in one of the forty-eight (48) contiguous states within the United States of America.  The cost, direction and limits of this relocation benefit will be determined under the applicable relocation plan; provided that, in no event will the relocation benefit be available for expenses incurred beyond the end of the second calendar year following the calendar year of the Employee’s Termination of Employment (and in no event will reimbursement occur later than the end of the third calendar year following the calendar year of the Employee’s Termination of Employment).  An Employee will be considered to have relocated on the date on which he/she has actually physically relocated to a new location.  As a condition of receiving relocation under this Schedule A, the Employer may require the Employee to provide proof of a rental or lease agreement or of an offer of purchase for property in the new location.

 

IV.                               Outplacement Services

 

An Employee who has a Termination of Employment due to a RIF will receive, at the Employer’s expense, professional outplacement services.  The cost, duration and content of these services shall be determined by the Employer and may be modified from time to time without notice to the general Employee population; provided that, in no event will outplacement services extend beyond the end of the second calendar year following the calendar year of the Employee’s Termination of Employment (and in no event will reimbursement occur later than the end of the third calendar year following the calendar year of the Employee’s Termination of Employment).

 

The Employee will not be required to sign a Confidential Separation Agreement as a condition to receiving such outplacement services.  An Employee who has a Voluntary Termination after receiving Written Notice of Termination, but before the Termination of Employment date specified in the Written Notice of Termination, will receive no additional outplacement services.

 

No other benefits are available under this Schedule A on account of an Employee’s Termination of Employment.

 

All capitalized terms used in this Schedule A, not otherwise defined in this Schedule A, have the meanings given to them in the Plan.

 

13

 

THE TRAVELERS SEVERANCE PLAN

(As amended and restated effective January 1, 2015)

 

Severance Benefit Schedule B

 

Executive Severance Policy

 

This Schedule B applies to Terminations of Employment due to a Reduction in Force (“RIF”) that occur on or after January 1, 2015 with respect to any Employee who is classified by the Employer as serving in a position of Executive Vice President, Senior Vice President or Vice President.  For purposes of this Schedule B, an Employee serving the Employer in a position of Vice Chairman will be considered an Executive Vice President.  In order to be eligible for the Severance Benefits described below, the Employee must first execute a Confidential Separation Agreement, including a general release and waiver of all claims, in the form provided to the Employee by the Employer.  Any Employee covered by this Schedule B will not be eligible for the Severance Benefit described in Schedule A.

 

For purposes of this Schedule B, “total monthly cash compensation” equals one twelfth (1/12) of the Employee’s annual base salary in effect at the time of his/her Termination of Employment plus one twelfth (1/12) of the Employee’s “average bonus.”  An Employee’s “average bonus” for this purpose is calculated by reference to the bonus, if any, he/she received under the annual incentive cash bonus plan of the Company for the two annual bonus periods that ended with or immediately prior to the date that the Written Notice of Termination was provided to the Employee.  If the Employee was eligible to receive a bonus for both of such bonus periods, then his/her “average bonus” is the sum of the bonuses received for such bonus periods (which may be zero if he/she did not receive a bonus for either such period) divided by two. If the Employee was eligible to receive a bonus for only one bonus period (for example, because he/she was recently employed), then his/her “average bonus” equals the amount of the bonus received for such bonus period (which may be zero if he/she did not receive a bonus for such period).  If the Employee was not eligible to receive a bonus for either of such bonus periods, then his/her “average bonus” is zero.

 

For purposes of this Schedule B, any amount to be paid to an Employee that is expressed as a “monthly amount” will be paid in accordance with the payroll practices of the Company.  For example, in the case of semi-monthly payroll, a monthly amount will be divided into two substantially equal payments to be paid semi-monthly.

 

I.                                        Amount of Severance Benefit — Executive Vice Presidents

 

This Section I of Schedule B applies to Terminations of Employment due to RIF of Employees who are Executive Vice Presidents.

 

The Employee will be eligible to receive a Severance Benefit in an amount equal to the number of months specified in the chart below (determined based on his/her Years of Service at Termination of Employment) multiplied by his/her total monthly cash compensation:

 

	
 
    	
 
    	
Years of Service
    	
 
    
	
 
    	
 
    	
Less than 5
    	
 
    	
5 but less than 10
    	
 
    	
10 or more
    	
 
    
	
Months of Severance Benefit
    	
 
    	
18
    	
 
    	
21
    	
 
    	
24
    	
 
    

 

The Severance Benefit will be paid as follows:

 

A.                                  No amount will be paid until the first payroll date following the six (6) month anniversary of the Employee’s Termination of Employment.

 

B.                                  On the first payroll date following the six (6) month anniversary of the Employee’s Termination of Employment, or as soon as reasonably practicable thereafter, the Employee will receive a single

 

14

 

lump-sum payment equal to one-half of his/her annual base salary in effect at Termination of Employment.

 

C.                                  Starting with the first payroll date following the six (6) month anniversary of the Employee’s Termination of Employment and continuing for a total of six (6) months, the Employee will receive a monthly amount equal to one twelfth (1/12) of his/her annual base salary in effect at the time of his/her Termination of Employment.

 

D.                                  On the first payroll date following the one year anniversary of the Employee’s Termination of Employment, or as soon as reasonably practicable thereafter, the Employee will receive a single lump-sum payment equal to his/her total Severance Benefit calculated above, reduced by the previous payments made to the Employee under Sections I.B. and I.C.

 

II.                                   Amount of Severance Benefit — Senior Vice Presidents

 

This Section II of Schedule B applies to Terminations of Employment due to RIF of Employees who are Senior Vice Presidents.

 

The Employee will be eligible to receive a Severance Benefit in an amount equal to the number of months specified in the chart below (determined based on his/her Years of Service at Termination of Employment) multiplied by his/her total monthly cash compensation:

 

	
 
    	
 
    	
Years of Service
    	
 
    
	
 
    	
 
    	
Less than 5
    	
 
    	
5 but less than 10
    	
 
    	
10 or more
    	
 
    
	
Months of Severance Benefit
    	
 
    	
12
    	
 
    	
15
    	
 
    	
18
    	
 
    

 

The Severance Benefit will be paid as follows:

 

A.                                  No amount will be paid until the first payroll date following the six (6) month anniversary of the Employee’s Termination of Employment.

 

B.                                  On the first payroll date following the six (6) month anniversary of the Employee’s Termination of Employment, or as soon as reasonably practicable thereafter, the Employee will receive a single lump-sum payment equal to one-half of his/her annual base salary in effect at Termination of Employment.

 

C.                                  Starting with the first payroll date following the six (6) month anniversary of the Employee’s Termination of Employment and continuing for a total of six (6) months, the Employee will receive a monthly amount equal to one twelfth (1/12) of his/her annual base salary in effect at the time of his/her Termination of Employment.

 

D.                                  On the first day payroll date following the one year anniversary of the Employee’s Termination of Employment, or as soon as reasonably practicable thereafter, the Employee will receive a single lump-sum payment equal to his/her total Severance Benefit calculated above, reduced by the previous payments made to the Employee under Sections II.B. and II.C.

 

III.                              Amount of Severance Benefit — Vice Presidents

 

This Section III of Schedule B applies to Terminations of Employment due to RIF of Employees who are Vice Presidents.

 

The Employee will be eligible to receive a Severance Benefit in an amount equal to the number of months specified in the chart below (determined based on his/her Years of Service at Termination of Employment) multiplied by his/her total monthly cash compensation:

 

15

 

	
 
    	
 
    	
Years of Service
    	
 
    
	
 
    	
 
    	
Less than 5
    	
 
    	
5 but less than 10
    	
 
    	
10 or more
    	
 
    
	
Months of Severance Benefit
    	
 
    	
6
    	
 
    	
9
    	
 
    	
12
    	
 
    

 

The Severance Benefit will be paid as follows:

 

A.                                    Starting with the first payroll date following the Employee’s Termination of Employment, or as soon as reasonably practicable thereafter, the Employee will receive a monthly amount equal to one twelfth (1/12) of his/her annual base salary in effect at the time of his/her Termination of Employment, provided that monthly payments will be withheld until the period for cancellation or revocation of the Confidential Separation Agreement (as described in the Confidential Separation Agreement) has expired without cancellation or revocation, and the first payment will include any such withheld payments.  Payments will continue until the total payments made to the Employee equal the full Severance Benefit calculated above (the final payment may be reduced as necessary so that the total payments do not exceed the Severance Benefit) or until twelve (12) monthly payments have been made, whichever occurs first.  For certainty under Code § 409A, in all cases the Severance Benefit will be paid in full by the end of the second calendar year following the calendar year of the Employee’s Termination of Employment).

 

B.                                  On the first payroll date following the one year anniversary of the Employee’s Termination of Employment, or as soon as reasonably practicable thereafter, if the Severance Benefit has not already been paid in full, the Employee will receive a single lump-sum payment equal to his/her total Severance Benefit calculated above, reduced by the previous payments made to the Employee under Section III.A.

 

Any cash payments made under Section III of this Severance Benefit Schedule B are intended to be exempt from Code § 409A under the separation pay provisions of Treasury Regulation Section 1.409A-1(b)(9)(iii).  Accordingly, notwithstanding any contrary provision in this Severance Benefit Schedule B, the aggregate payments made to any Employee pursuant to Section III will not exceed two times (2x) the lesser of (i) the Employee’s annualized compensation for the calendar year immediately preceding the calendar year of his or her Termination of Employment, or (ii) the maximum amount that may be taken into account under a qualified plan under Code § 401(a)(17) for the year of his or her Termination of Employment.  For clarity, notwithstanding any provision of this Severance Benefit Schedule B to the contrary, an Employee who has a Severance Benefit payable pursuant to Section III shall not be entitled to any amount in excess of the lesser of (i) or (ii) that would otherwise have been payable to the Employee under the terms of Section III.

 

IV.                               Possible Reduction in Severance Benefits and Adjustment in Separation Date

 

The Severance Benefits described above are subject to all the terms and conditions of the Plan and may be reduced or eliminated under various circumstances outlined in Articles III and IV of the Plan, including but not limited to when the Employee, after being informed of his/her Termination of Employment, engages in insubordinate conduct, is disruptive in the workplace, engages in conduct that otherwise damages the morale of his/her work unit or the office as a whole, produces a significantly or consistently inferior work product, abandons his/her job by taking repeated unapproved absences, accepts employment with another employer, voluntarily resigns employment, or otherwise engages in conduct that causes the Employee to become ineligible under the Plan.  The Employer has the right to accelerate the Employee’s date of Termination of Employment, and to reduce or eliminate the severance benefits as provided in Article III or IV of the Plan, even if the Employee has already executed his/her Confidential Separation Agreement.

 

V.                                    Relocation

 

An Employee who has relocated to his/her current work site at the request of the Employer or as part of an initial offer of employment and who, within twenty-four (24) months of such relocation, or, in the case of an initial offer of employment, within twenty-four (24) months of such offer of employment, has a Termination of Employment due to a RIF, will receive relocation benefits corresponding to the then current

 

16

 

employee relocation plan of the Employer that is closest to the plan originally provided to Employee if: (i) the Employee relocates within three (3) months of the date of Termination of Employment; and (ii) in such relocation, the Employee moves to a primary residence in one of the forty-eight (48) contiguous states within the United States of America.  The cost, direction and limits of this relocation benefit will be determined under the applicable relocation plan; provided that, in no event will the relocation benefit be available for expenses incurred beyond the end of the second calendar year following the calendar year of the Employee’s Termination of Employment (and in no event will reimbursement occur later than the end of the third calendar year following the calendar year of the Employee’s Termination of Employment).  An Employee will be considered to have relocated on the date on which he/she has actually physically relocated to a new location.  As a condition of receiving relocation under this Schedule B, the Employer may require the Employee to provide proof of a rental or lease agreement or of an offer of purchase for property in the new location.

 

VI.                               Outplacement Services

 

An Employee who has a Termination of Employment due to a RIF will receive, at the Employer’s expense, professional outplacement services.  The cost, duration and content of these services shall be determined by the Employer and may be modified from time to time without notice to the general Employee population; provided that, in no event will outplacement services extend beyond the end of the second calendar year following the calendar year of the Employee’s Termination of Employment (and in no event will reimbursement occur later than the end of the third calendar year following the calendar year of the Employee’s Termination of Employment).

 

The Employee will not be required to sign a Confidential Separation Agreement as a condition to receiving such outplacement services.  An Employee who has a Voluntary Termination after receiving Written Notice of Termination, but before the Termination of Employment date specified in the Written Notice of Termination, will receive no additional outplacement services.

 

Any cash payments made under this Severance Benefit Schedule B that are deferred compensation subject to Code § 409A(a) are intended to satisfy the requirements of paragraphs (2), (3) and (4) of Code § 409A(a). With respect to any installment payment, each installment is intended to be treated as a separate payment for purposes of analysis under Code § 409A.

 

No other benefits are available under this Schedule B on account of an Employee’s Termination of Employment.

 

All capitalized terms used in this Schedule B, not otherwise defined in this Schedule B, have the meanings given to them in the Plan.

 

17

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