Document:

PSCo Exhibit 4.01 March 2014

Exhibit 4.01

PUBLIC SERVICE COMPANY
OF COLORADO
TO
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
_____________________
Supplemental Indenture No. 24
Dated as of March 1, 2014
Supplemental to the Indenture
dated as of October 1, 1993
_____________________
Establishing the Securities of Series No. 27 
designated 4.30% First Mortgage Bonds, due 2044

SUPPLEMENTAL INDENTURE NO. 24, dated as of March 1, 2014, between PUBLIC SERVICE COMPANY OF COLORADO, a corporation duly organized and existing under the laws of the State of Colorado (hereinafter sometimes called the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as successor trustee (hereinafter sometimes called the “Trustee”) to Morgan Guaranty Trust Company of New York under the Indenture, dated as of October 1, 1993 (hereinafter called the “Original Indenture”), as previously supplemented and as further supplemented by this Supplemental Indenture No. 24.  The Original Indenture and any and all indentures and all other instruments supplemental thereto are hereinafter sometimes collectively called the “Indenture”.
Recitals of the Company
The Original Indenture was authorized, executed and delivered by the Company to provide for the issuance from time to time of its Securities (such term and all other capitalized terms used herein without definition having the meanings assigned to them in the Original Indenture), to be issued in one or more series as contemplated therein, and to provide security for the payment of the principal of and premium, if any, and interest, if any, on the Securities.  The Original Indenture has been recorded in the office of the Clerk and Recorder of each county in the State of Colorado in which the Company owns real property that is used in or in connection with the Electric Utility Business, as more fully set forth in Schedule A hereto.
The Company has heretofore executed and delivered to the Trustee the Supplemental Indentures referred to in Schedule B hereto for the purpose of establishing various series of Securities and appointing previous successor Trustees.
The Company desires to establish a new series of Securities to be designated “4.30% First Mortgage Bonds, Series No. 27 due 2044” such series of Securities to be hereinafter sometimes called “Series No. 27”.
The Company has duly authorized the execution and delivery of this Supplemental Indenture No. 24 to establish the Securities of Series No. 27 and has duly authorized the issuance of such Securities; and all acts necessary to make this Supplemental Indenture No. 24 a valid agreement of the Company, and to make the Securities of Series No. 27 valid obligations of the Company, have been performed.
Granting Clauses
NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE NO. 24 WITNESSETH, that, in consideration of the premises and of the purchase of the Securities by the Holders thereof, and in order to secure the payment of the principal of and premium, if any, and interest, if any, on all Securities from time to time Outstanding and the performance of the covenants contained therein and in the Indenture and to declare the terms and conditions on which such Securities are secured, the Company hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, pledges, sets over and confirms to the Trustee, and grants to the Trustee a security interest in, the following:
Granting Clause First
All right, title and interest of the Company, as of the date of the execution and delivery of this Supplemental Indenture No. 24, in and to property (other than Excepted Property), real, personal and mixed and wherever situated, in any case used or to be used in or in connection with the Electric Utility Business (whether or not such use is the sole use of such property), including without limitation (a) all lands and interest in land described or referred to in Schedule C hereto; (b) all other lands, easements, servitudes, licenses, permits, rights of way and other rights and interests in or relating to real property used or to be used in or in connection with the Electric Utility Business or relating to the occupancy or use of such real property, subject however, to the exceptions and exclusions set forth in clause (a) of Granting Clause First of the Original Indenture; (c) all plants, generators, turbines, engines, boilers, fuel handling and transportation facilities, air and water pollution control and sewage and solid waste disposal facilities and other machinery and facilities for the generation of electric energy; (d) all switchyards, lines, towers, substations, transformers and other machinery and facilities for the transmission of electric energy; (e) all lines, poles, conduits, conductors, meters, regulators and other machinery and facilities for the distribution of electric energy; (f) 

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all buildings, offices, warehouses and other structures used or to be used in or in connection with the Electric Utility Business; (g) all pipes, cables, insulators, ducts, tools, computers and other data processing and/or storage equipment and other equipment, apparatus and facilities used or to be used in or in connection with the Electric Utility Business; (h) any or all of the foregoing properties in the process of construction; and (i) all other property, of whatever kind and nature, ancillary to or otherwise used or to be used in conjunction with any or all of the foregoing or otherwise, directly or indirectly, in furtherance of the Electric Utility Business;
Granting Clause Second
Subject to the applicable exceptions permitted by Section 810(c), Section 1303 and Section 1305 of the Original Indenture, all property (other than Excepted Property) of the kind and nature described in Granting Clause First which may be hereafter acquired by the Company, it being the intention of the Company that all such property acquired by the Company after the date of the execution and delivery of this Supplemental Indenture No. 24 shall be as fully embraced within and subjected to the Lien hereof as if such property were owned by the Company as of the date of the execution and delivery of this Supplemental Indenture No. 24;
Granting Clause Fourth
All other property of whatever kind and nature subjected or required to be subjected to the Lien of the Indenture by any of the provisions thereof;
This Instrument shall constitute a financing statement under the Colorado Uniform Commercial Code (the “UCC”) to be filed in the real estate records, and is filed as a fixture filing under the UCC covering goods which are, or are to become, fixtures on the real property described herein, in the Original Indenture and all supplements to the Original Indenture;
Excepted Property
Expressly excepting and excluding, however, from the Lien and operation of the Indenture all Excepted Property of the Company, whether now owned or hereafter acquired;
TO HAVE AND TO HOLD all such property, real, personal and mixed, unto the Trustee, its successors in trust and their assigns forever;
SUBJECT, HOWEVER, to (a) Liens existing at the date of the execution and delivery of the Original Indenture, (b) as to property acquired by the Company after the date of the execution and delivery of the Original Indenture, Liens existing or placed thereon at the time of the acquisition thereof (including, but not limited to, the Lien of any Class A Mortgage and purchase money Liens), (c) Retained Interests and (d) any other Permitted Liens, it being understood that, with respect to any property which was at the date of execution and delivery of the Original Indenture or thereafter became or hereafter becomes subject to the Lien of any Class A Mortgage, the Lien of the Indenture shall at all times be junior, subject and subordinate to the Lien of such Class A Mortgage;
IN TRUST, NEVERTHELESS, for the equal and proportionate benefit and security of the Holders from time to time of all Outstanding Securities without any priority of any such Security over any other such Security;
PROVIDED, HOWEVER, that the right, title and interest of the Trustee in and to the Mortgaged Property shall cease, terminate and become void in accordance with, and subject to the conditions set forth in, Article Nine of the Original Indenture, and if, thereafter, the principal of and premium, if any, and interest, if any, on the Securities shall have been paid to the Holders thereof, or shall have been paid to the Company pursuant to Section 603 of the Original Indenture, then and in that case the Indenture shall terminate, and the Trustee shall execute and deliver to the Company such instruments as the 

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Company shall require to evidence such termination; otherwise the Indenture, and the estate and rights thereby granted shall be and remain in full force and effect; and
THE PARTIES HEREBY FURTHER COVENANT AND AGREE as follows:
ARTICLE ONE 
Securities of Series No. 27
There are hereby established the Securities of Series No. 27, which shall have the terms and characteristics set forth below (the lettered subdivisions set forth below corresponding to the lettered subdivisions of Section 301 of the Original Indenture):
(a)the title of the Securities of Series No. 27 shall be “4.30% First Mortgage Bonds, Series No. 27 due 2044”; 
(b)the Securities of Series No. 27 shall initially be authenticated and delivered in the aggregate principal amount of $300,000,000.  The Securities of Series No. 27 may be reopened and additional Securities of Series No. 27 may be issued in excess of the amount initially authenticated and delivered, provided that such additional Securities of Series No. 27 will contain the same terms (including the Stated Maturity and interest payment terms), except for the public offering price, issue date, and if applicable, the first interest payment date, as the other Securities of Series No. 27.  Any such additional Securities of Series No. 27, together with the Securities of Series No. 27 initially authenticated, shall constitute a single series for purposes of the Indenture and shall be limited to an aggregate principal amount of $800,000,000;
(c)interest on the Securities of Series No. 27 shall be payable to the Persons in whose names such Securities are registered at the close of business on the Regular Record Date for such interest, except as otherwise expressly provided in the form of such Securities attached as Exhibit A hereto;
(d)the principal of the Securities of Series No. 27 shall be payable on March 15, 2044, the Stated Maturity for Series No. 27;
(e)the Securities of Series No. 27 shall bear interest at a rate of 4.30% per annum; interest shall accrue on the Securities of Series No. 27 from March 10, 2014 or the most recent date to which interest has been paid or duly provided for; the Interest Payment Dates for such Securities shall be March 15 and September 15 in each year, commencing September 15, 2014, and the Regular Record Dates with respect to the Interest Payment Dates for such Securities shall be March 1 and September 1 in each year, respectively (whether or not a Business Day);
(f)the Corporate Trust Office of U.S. Bank National Association in New York, New York shall be the place at which (i) the principal of, premium, if any, and interest, if any, on the Securities of Series No. 27 shall be payable, (ii) registration of transfer of such Securities may be effected, (iii) exchanges of such Securities may be effected and (iv) notices and demands to or upon the Company in respect of such Securities and the Indenture may be served; and U.S. Bank National Association shall be the Security Registrar for such Securities; provided, however, that the Company reserves the right to change, by one or more Officer’s Certificates, any such place or the Security Registrar; and provided, further, that the Company reserves the right to designate, by one or more Officer’s Certificates, its principal office in Denver, Colorado, as any such place or itself as the Security Registrar;
(g)the Securities of Series No. 27 shall be redeemable at the option of the Company at any time prior to September 15, 2043, in whole or in part, at a “make whole” redemption price equal to the greater of (i) 100% of the principal amount thereof to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on such Securities to be redeemed (excluding the portion of any such interest accrued to but excluding the Redemption Date), discounted to but excluding the Redemption 

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Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield plus 15 basis points, plus, in each case, accrued and unpaid interest to but excluding the Redemption Date.  At any time on or after September 15, 2043, the Company may redeem the Securities of Series No. 27, in whole or in part, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date.
For purposes hereof, the following defined terms shall have the meaning ascribed to them:
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Securities of Series No. 27 that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities of Series No. 27.
“Comparable Treasury Price” means (i) the average of the Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations for such Redemption Date, or (ii) if the Trustee obtains fewer than four Reference Treasury Dealer Quotations for the Redemption Date, the average of all of the Reference Treasury Dealer Quotations for such Redemption Date.
“Independent Investment Banker” means BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc. or their respective successors or, if such firms or their successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Company.
“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States.
“Reference Treasury Dealer” means (1) each of BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Scotia Capital (USA) Inc. (or their respective affiliates which are Primary Treasury Dealers), and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. and any other Primary Treasury Dealer designated by, and not affiliated with BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated,  Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc., or their respective successors, provided, however, that if any of the foregoing, or any of their respective designees, ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute and (2) any other Primary Treasury Dealer selected by the Company after consultation with an Independent Investment Banker.
“Reference Treasury Dealer Quotations” means, for any Reference Treasury Dealer and any Redemption Date, the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to an Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the Redemption Date. 
“Treasury Yield” means, for any Redemption Date (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Yield will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the 

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Comparable Treasury Price for such Redemption Date.  The Treasury Yield for any Redemption Date shall be calculated on the third Business Day preceding such Redemption Date.
(h)not applicable;
(i)the Securities of Series No. 27 shall be issuable only in denominations of $1,000 and integral multiples in excess thereof;
(j)not applicable;
(k)not applicable;
(l)not applicable;
(m)not applicable;
(n)not applicable;
(o)not applicable;
(p)not applicable;
(q)the Securities of Series No. 27 are to be initially registered in the name of Cede & Co., as nominee for The Depository Trust Company (the “Depositary”).  Such Securities shall not be transferable or exchangeable, nor shall any purported transfer be registered, except as follows:
(i)such Securities may be transferred in whole, and appropriate registration of transfer effected, if such transfer is by such nominee to the Depositary, or by the Depositary to another nominee thereof, or by any nominee of the Depositary to any other nominee thereof, or by the Depositary or any nominee thereof to any successor securities depositary or any nominee thereof; and
(ii)such Securities may be exchanged for definitive Securities registered in the respective names of the beneficial holders thereof, and thereafter shall be transferable without restriction, if:
(A)the Depositary, or any successor securities depositary, shall have notified the Company and the Trustee that it is unwilling or unable to continue to act as securities depositary with respect to such Securities or the Depositary has ceased to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and the Trustee shall not have been notified by the Company within ninety (90) days of the identity of a successor securities depositary with respect to such Securities; or
(B)the Company shall have delivered to the Trustee a Company Order to the effect that such Securities shall be so exchangeable on and after a date specified therein; or
(C)    an Event of Default shall have occurred and be continuing, (2) the Trustee shall have given notice of such Event of Default pursuant to Section 1102 of the Original Indenture, and (3) there shall have been delivered to the Company and the Trustee an Opinion of Counsel to the effect that the interests of the beneficial owners of such Securities in respect thereof will be materially impaired unless such owners become Holders of definitive Securities;
(r)not applicable;

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(s)no service charge shall be made for the registration of transfer or exchange of the Securities of Series No. 27; provided, however, that the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the exchange or transfer;
(t)not applicable;
		
	(u)
	(i)    If the Company shall have caused the Company’s indebtedness in respect of any Securities of Series No. 27, to have been satisfied and discharged prior to the Maturity of such Securities, as provided in Section 901 of the Original Indenture, the Company shall, promptly after the date of such satisfaction and discharge, give a notice to each Person who was a Holder of any of such Securities on such date stating (A)(1) the aggregate principal amount of such Securities and (2) the aggregate amount of any money (other than amounts, if any, deposited in respect of accrued interest on such Securities) and the aggregate principal amount of, the rate or rates of interest on, and the aggregate fair market value of, any Eligible Obligations deposited pursuant to Section 901 of the Original Indenture with respect to such Securities and (B) that the Company will provide (and the Company shall promptly so provide) to such Person, or any beneficial owner of such Securities holding through such Person (upon written request to the Company sent to an address specified in such notice), such other information as such Person or beneficial owner, as the case may be, reasonably may request in order to enable it to determine the federal income tax consequences to it resulting from the satisfaction and discharge of the Company’s indebtedness in respect of such Securities.  Thereafter, the Company shall, within forty-five (45) days after the end of each calendar year, give to each Person who at any time during such calendar year was a Holder of such Securities a notice containing (X) such information as may be necessary to enable such Person to report its income, gain or loss for federal income tax purposes with respect to such Securities or the assets held on deposit in respect thereof during such calendar year or the portion thereof during which such Person was a Holder of such Securities, as the case may be (such information to be set forth for such calendar year as a whole and for each month during such year) and (Y) a statement to the effect that the Company will provide (and the Company shall promptly so provide) to such Person, or any beneficial owner of such Securities holding through such Person (upon written request to the Company sent to an address specified in such notice), such other information as such Person or beneficial owner, as the case may be, reasonably may request in order to enable it to determine its income, gain or loss for federal income tax purposes with respect to such Securities or such assets for such year or portion thereof, as the case may be.  The obligation of the Company to provide or cause to be provided information for purposes of income tax reporting by any Person as described in the first two sentences of this paragraph shall be deemed to have been satisfied to the extent that the Company has provided or caused to be provided substantially comparable information pursuant to any requirements of the Internal Revenue Code of 1986, as amended from time to time (the “Code”) and United States Treasury regulations thereunder.

(ii)    Notwithstanding the provisions of subparagraph (i) above, the Company shall not be required to give any notice specified in such subparagraph or to otherwise furnish any of the information contemplated therein if the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize income, gain or loss for federal income tax purposes as a result of the satisfaction and discharge of the Company’s indebtedness in respect of such Securities and such Holders will be subject to federal income taxation on the same amounts and in the same manner and at the same times as if such satisfaction and discharge had not occurred.
(iii)    Anything in this clause (u) to the contrary notwithstanding, the Company shall not be required to give any notice specified in subparagraph (i) or to otherwise furnish the information contemplated therein or to deliver any Opinion of Counsel contemplated by subparagraph (ii) if the Company shall have caused Securities of Series No. 27 to be deemed to have been paid for purposes of the Indenture, 

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as provided in Section 901 of the Original Indenture, but shall not have effected the satisfaction and discharge of its indebtedness in respect of such Securities pursuant to such Section.
(v)    The Securities of Series No. 27 shall be substantially in the form attached hereto as Exhibit A, and shall have such further terms as are set forth in such form.
ARTICLE TWO
Miscellaneous Provisions
This Supplemental Indenture No. 24 is a supplement to the Original Indenture.  As previously supplemented and further supplemented by this Supplemental Indenture No. 24, the Original Indenture is in all respects ratified, approved and confirmed, and the Original Indenture, all previous supplements thereto and this Supplemental Indenture No. 24 shall together constitute one and the same instrument.

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture No. 24 to be duly executed as of the day and year first above written.
	
		
	 
	PUBLIC SERVICE COMPANY OF COLORADO

	 
	 

	By:
	/s/ George E. Tyson II

	 
	Name:  George E. Tyson II

	 
	Title:  Vice President and Treasurer

	
			
	STATE OF MINNESOTA
	)
	 

	 
	)
	ss:

	COUNTY OF HENNEPIN
	)
	 

The foregoing was acknowledged before me this 3rd day of March, 2014, by George E. Tyson II, the Vice President and Treasurer of Public Service Company of Colorado, a corporation organized under the laws of Colorado, on behalf of the corporation.
Witness my hand and official seal.
My commission expires:  January 31, 2015

	
		
	By:
	/s/  Sharon M. Quellhorst

	 
	Name:  Sharon M. Quellhorst

	 
	             Notary Public

[Signature Page – Supplemental Indenture (PSCo)]

8

	
			
	 
	U.S. BANK NATIONAL ASSOCIATION,

	 
	 
	Trustee

	
		
	By:
	/s/  K. Wendy Kumar

	 
	Name:  K. Wendy Kumar

	 
	Title:    Vice President

	
			
	STATE OF NEW YORK
	)
	 

	 
	)
	ss:

	COUNTY OF KINGS
	)
	 

On the 3rd day of March, 2014, before me personally came K. Wendy Kumar, to me known, who, being by me duly sworn, did depose and say that she is a Vice President of U.S. Bank National Association, the banking association described in and which executed the foregoing instrument; and that she signed her name thereto by authority of the Board of Directors of said banking association.
	
		
	By:
	/s/  Carolyn R. Sinclair

	 
	Name:  Carolyn R. Sinclair

	 
	Notary Public, State of New York

[Signature Page – Supplemental Indenture (Trustee)]

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EXHIBIT A
FORM OF SECURITY

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

PUBLIC SERVICE COMPANY OF COLORADO 
First Mortgage Bond, Series No. 27

	
		
	Original Interest Accrual Date
Interest Rate:
Stated Maturity:
Interest Payment Dates:
Regular Record Dates:
	March 10, 2014
4.30% per annum
March 15, 2044
March 15 and September 15
March 1 and September 1

This Security is not a Discount Security
within the meaning of the within-mentioned Indenture
_________________________________________
	
				
	 
	Principal Amount
	 
	Registered No.

	 
	$
	 
	 

PUBLIC SERVICE COMPANY OF COLORADO, a corporation duly organized and existing under the laws of the State of Colorado (herein called the “Company,” which term includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to
, or registered assigns, the principal sum of 
Dollars on the Stated Maturity specified above, and to pay interest thereon from the Original Interest Accrual Date specified above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on the Interest Payment Dates specified above in each year, commencing September 15, 2014 and at Maturity, at the Interest Rate per annum specified above, until the principal hereof is paid or duly provided for.  The interest so payable, and paid or duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date specified above (whether or not a Business Day) next preceding such Interest Payment Date.  Notwithstanding the foregoing, interest payable at Maturity shall be paid to the Person to whom principal shall be paid.  Except as otherwise provided in said Indenture, any such interest not so paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Securities of this series not less than 15 days prior to such Special Record Date, or be paid in such other manner as permitted by the Indenture.

EXHIBIT A-1

Payment of the principal of this Security and interest hereon at Maturity shall be made upon presentation of this Security at the Corporate Trust Office of U.S. Bank National Association in New York, New York or at such other office or agency as may be designated for such purpose by the Company from time to time.  Payment of interest on this Security (other than interest at Maturity) shall be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, except that if such Person shall be a securities depositary, such payment may be made by such other means in lieu of check as shall be agreed upon by the Company, the Trustee and such Person.  Payment of the principal of and interest on this Security, as aforesaid, shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts.
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and issuable in one or more series under and equally secured by an Indenture, dated as of October 1, 1993 (such Indenture as originally executed and delivered and as supplemented or amended from time to time thereafter, together with any constituent instruments establishing the terms of particular Securities, being herein called the “Indenture”), between the Company and U.S. Bank National Association as successor trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the property mortgaged, pledged and held in trust, the nature and extent of the security and the respective rights, limitations of rights, duties and immunities of the Company, the Trustee and the Holders of the Securities thereunder and of the terms and conditions upon which the Securities are, and are to be, authenticated and delivered and secured.  The acceptance of this Security shall be deemed to constitute the consent and agreement by the Holder hereof to all of the terms and provisions of the Indenture.  This Security is one of the series designated above.
If any Interest Payment Date or the Stated Maturity shall not be a Business Day (as hereinafter defined), payment of the amounts due on this Security on such date may be made on the next succeeding Business Day; and, if such payment is made or duly provided for on such Business Day, no interest shall accrue on such amounts for the period from and after such Interest Payment Date or Stated Maturity, as the case may be, to such Business Day.
This Security shall be redeemable at the option of the Company at any time prior to September 15, 2043, in whole or in part, at a “make whole” redemption price equal to the greater of (i) 100% of the principal amount hereof to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on this Security to be redeemed (excluding the portion of any such accrued and unpaid interest to but excluding the Redemption Date), discounted to but excluding the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield plus 15 basis points, plus, in each case, accrued and unpaid interest to but excluding the Redemption Date.  At any time on or after September 15, 2043, the Securities shall be redeemable, in whole or in part, at 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date. For purposes hereof, the following defined terms shall have the meaning ascribed to them:
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of this Security that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Security.
“Comparable Treasury Price” means (i) the average of the Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations for such Redemption Date, or (ii) if the Trustee obtains fewer than four Reference Treasury Dealer Quotations for the Redemption Date, the average of all of the Reference Treasury Dealer Quotations for such Redemption Date.
“Independent Investment Banker” means BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc. or their respective successors or, if such firms or their successors are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Company.
“Primary Treasury Dealer” means any primary U.S. Government securities dealer in the United States.

EXHIBIT A-2

“Reference Treasury Dealer” means (1) each of BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Scotia Capital (USA) Inc. (or their respective affiliates which are Primary Treasury Dealers), and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. and any other Primary Treasury Dealer designated by, and not affiliated with BNP Paribas Securities Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated,  Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc., or their respective successors, provided, however, that if any of the foregoing, or any of their respective designees, ceases to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute and (2) any other Primary Treasury Dealer selected by the Company after consultation with an Independent Investment Banker.
“Reference Treasury Dealer Quotations” means, for any Reference Treasury Dealer and any Redemption Date, the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to an Independent Investment Banker by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the Redemption Date.
“Treasury Yield” means, for any Redemption Date (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Yield will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.  The Treasury Yield for any Redemption Date shall be calculated on the third Business Day preceding such Redemption Date.
If an Event of Default shall occur and be continuing, the principal of this Security may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the Trustee to enter into one or more supplemental indentures for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Indenture with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities of all series then Outstanding under the Indenture, considered as one class; provided, however, that if there shall be Securities of more than one series Outstanding under the Indenture and if a proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all, of such series, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series so directly affected, considered as one class, shall be required; and provided, further, that if the Securities of any series shall have been issued in more than one Tranche and if the proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all, of such Tranches, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Securities of all Tranches so directly affected, considered as one class, shall be required; and provided, further, that the Indenture permits the Trustee to enter into one or more supplemental indentures for limited purposes without the consent of any Holders of Securities.  The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities then Outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
As provided in the Indenture and subject to certain limitations therein set forth, this Security or any portion of the principal amount hereof will be deemed to have been paid for all purposes of the Indenture and to be no longer Outstanding thereunder, and, at the election of the Company, the Company’s entire indebtedness in respect thereof will be satisfied and 

EXHIBIT A-3

discharged, if there has been irrevocably deposited with the Trustee or any Paying Agent (other than the Company), in trust, money in an amount which will be sufficient and/or Eligible Obligations, the principal of and interest on which when due, without regard to any reinvestment thereof, will provide moneys which, together with moneys so deposited, will be sufficient to pay when due the principal of and interest on this Security when due.
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office of U.S. Bank National Association in New York, New York or such other office or agency as may be designated by the Company from time to time, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series of authorized denominations and of like tenor and aggregate principal amount, will be issued to the designated transferee or transferees.
The Securities of this series are issuable only as registered Securities, without coupons, and only in denominations of $1,000 and integral multiples in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of the same series, of any authorized denominations, as requested by the Holder surrendering the same, and of like tenor upon surrender of the Security or Securities to be exchanged at the office of U.S. Bank National Association, in New York, New York or such other office or agency as may be designated by the Company from time to time.
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the absolute owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
The Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York (including without limitation Section 5-1401 of the New York General Obligations Law or any successor to such statute), except to the extent that the Trust Indenture Act of 1939, as then in effect or any successor statute shall be applicable and except to the extent that the law of any jurisdiction wherein any portion of the property mortgaged pursuant to the Indenture or any indenture supplemental thereto is located shall mandatorily govern the perfection, priority or enforcement of the lien of the Indenture and all indentures supplemental thereto with respect to such portion of the mortgaged property.
As used herein, “Business Day” means any day, other than a Saturday or Sunday, which is not a day on which banking institutions or trust companies in The City of New York, New York, or other city in which is located any office or agency maintained for the payment of principal or interest on this Security, are authorized or required by law, regulation or executive order to remain closed.  All other terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.
As provided in the Indenture, no recourse shall be had for the payment of the principal of or interest on any Securities, or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented thereby, or upon any obligation, covenant or agreement under the Indenture, against, and no personal liability whatsoever shall attach to, or be incurred by, any incorporator, shareholder, officer or director, as such, past, present or future of the Company or of any predecessor or successor corporation (either directly or through the Company or a predecessor or successor corporation), whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Indenture and all the Securities are solely corporate obligations and that any such personal liability is hereby expressly waived and released as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the Securities.
Unless the certificate of authentication hereon has been executed by the Trustee or an Authenticating Agent by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

EXHIBIT A-4

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
	
			
	 
	 
	PUBLIC SERVICE COMPANY OF COLORADO

	 
	By:
	 

	 
	 
	Vice President and Treasurer

	
					
	Attest:
	 
	 
	 
	 

	 
	Assistant Secretary
	 
	 
	 

CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
	
					
	Dated:
	 
	 
	 
	 

	 
	 
	 
	 
	 

	
					
	 
	U.S. BANK
NATIONAL ASSOCIATION,
as Trustee
	OR
	U.S. BANK 
NATIONAL ASSOCIATION,
as Trustee

	
					
	By:
	 
	 
	By:
	 

	 
	Authorized Officer
	 
	 
	as Authenticating Agent

	
					
	 
	 
	 
	By:
	 

	 
	 
	 
	 
	Authorized Officer

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a limited-purpose trust company organized under the New York Banking Law (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.
This Security may not be transferred or exchanged, nor may any purported transfer be registered, except (i) this Security may be transferred in whole, and appropriate registration of transfer effected, if such transfer is by Cede & Co., as nominee for The Depository Trust Company (the “Depositary”), to the Depositary, or by the Depositary to another nominee thereof, or by any nominee of the Depositary to any other nominee thereof, or by the Depositary or any nominee thereof to any successor securities depositary or any nominee thereof; and (ii) this Security may be exchanged for definitive Securities registered in the respective names of the beneficial holders hereof, and thereafter shall be transferable without restrictions if:  (A) the Depositary, or any successor securities depositary, shall have notified the Company and the Trustee that it is unwilling or unable to continue to act as securities depositary with respect to the Securities and the Trustee shall not have been notified by the Company within ninety (90) days of the identity of a successor securities depositary with respect to the Securities; or (B) the Company shall have delivered to the Trustee a Company Order to the effect that the Securities shall be 

EXHIBIT A-5

so exchangeable on and after a date specified therein or (C) (1) an Event of Default shall have occurred and be continuing, (2) the Trustee shall have given notice of such Event of Default pursuant to Section 1102 of the Original Indenture and (3) there shall have been delivered to the Company and the Trustee an Opinion of Counsel to the effect that the interests of the beneficial owners of such Securities in respect thereof will be materially impaired unless such owners become Holders of definitive Securities.

	
	
	 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
	
					
	 
	 
	 
	 
	 

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

[please print or typewrite name and address of assignee]
	
					
	 
	 
	 
	 
	 

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

	
			
	 
	 
	 

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

EXHIBIT A-6

SCHEDULE A

The following table sets forth recording information relating to the recordation, in each of the specified Colorado counties, of the Indenture dated as of October 1, 1993, granted by Public Service Company of Colorado to Morgan Guaranty Trust Company of New York, Trustee (recording information for Supplemental Indentures is not shown in this table):

	
						
	COUNTY
	DATE
	TIME
	RECEPTION NUMBER
	BOOK/FILM
	PAGE

	Adams
	Oct. 13, 1993
	01:35 P.M.
	Reception No. B1183903
	Book 4170
	Page 324

	Alamosa
	Oct. 12, 1993
	03:00 P.M.
	Reception No. 265666
	Book 475
	Page 160

	Arapahoe
	Oct. 13, 1993
	04:07 P.M.
	Reception No. 141032
	Book 7186
	Page 383

	Archuleta
	Oct. 12, 1993
	02:21 P.M.
	Reception No. 93006202
	 
	 

	Baca
	May 16, 2013
	09:50 AM
	Reception No. 418754
	 
	 

	Bent
	Oct. 12, 1993
	11:35 A.M.
	Reception No. 278521
	Book 435
	Page 1

	Boulder
	Oct. 13, 1993
	03:04 P.M.
	Reception No. 01347991
	Film 1888
	 

	Broomfield
	Sept. 12, 2002
	02:47 P.M.
	Reception No. 20020l33l3
	 
	 

	Chaffee
	Oct. 14, 1993
	11:00 A.M.
	Reception No. 269673
	Book 539
	Page 518

	Cheyenne
	May 15, 2013
	11:39 AM
	Reception No. 236363
	 
	 

	Clear Creek
	Oct. 12, 1993
	02:25 P.M.
	Reception No. 163701
	Book 505
	Page 631

	Conejos
	Oct. 13, 1993
	09:56 A.M.
	Reception No. 205693
	Book 354
	Page 776

	Costilla
	Oct. 13, 1993
	09:00 A.M.
	Reception No. 191898
	Book 291
	Page 117

	Crowley
	Oct. 13, 1993
	08:40 A.M.
	Reception No. 148850
	Book 244
	Page 195

	Custer
	May 15, 2013
	09:18 AM
	Reception No. 221251
	 
	 

	Delta
	Oct. 13, 1993
	09:37 A.M.
	Reception No. 471619
	Book 709
	Page 50

	Denver
	Oct. 12, 1993
	11:24 A.M.
	Reception No. 9300139814
	 
	 

	Dolores
	Oct. 14, 1993
	12:50 P.M.
	Reception No. 133132
	Book 260
	Page 300

	Douglas
	Oct. 12, 1993
	03:08 P.M.
	Reception No. 9348340
	Book 1154
	Page 1

	Eagle
	Oct. 12, 1993
	04:48 P.M.
	Reception No. 518046
	Book 621
	Page 978

	Elbert
	Oct. 12, 1993
	03:01 P.M.
	Reception No. 313722
	Book 480
	Page 183

	El Paso
	Oct. 12, 1993
	01:38 P.M.
	Reception No. 002368410
	Book 6282
	Page 51

	Fremont
	Oct. 12, 1993
	01:30 P.M.
	Reception No. 608790
	Book 1154
	Page 31

	Garfield
	Oct. 12, 1993
	02:20 P.M.
	Reception No. 453596
	Book 878
	Page 193

	Gilpin
	Oct. 12, 1993
	02:20 P.M.
	Reception No. 79260
	Book 551
	Page 413

	Grand
	Oct. 12, 1993
	12:45 P.M.
	Reception No. 93010260
	 
	 

	Gunnison
	Oct. 12, 1993
	04:30 P.M.
	Reception No. 446179
	Book 733
	Page 1

	Hindsdale
	May 14, 2013
	05:20 PM
	Reception No. 100157
	 
	 

	Huerfano
	Oct. 12, 1993
	11:15 A.M.
	Reception No. 9244
	Book 21M
	Page 316

	Jefferson
	Oct. 13, 1993
	09:30 A.M.
	Reception No. 93163438
	 
	 

	Kiowa
	Oct. 12, 1993
	01:00 P.M.
	Reception No. 249124
	Book 409
	Page 40

	Kit Carson
	May 15, 2013
	09:40 AM
	Reception No. 201300563130
	 
	 

	La Plata
	Oct. 12, 1993
	03:38 P.M.
	Reception No. 655580
	 
	 

	Lake
	Oct. 12, 1993
	03:00 P.M.
	Reception No. 305501
	Book 506
	Page 635

	Larimer
	Oct. 13, 1993
	10:23 A.M.
	Reception No. 93075587
	 
	 

	Las Animas
	May 15, 2013
	09:24 AM
	Reception No. 201300720666
	 
	 

	Logan
	Oct. 12, 1993
	01:10 P.M.
	Reception No. 606328
	Book 874
	Page 484

	Mesa
	Oct. 12, 1993
	12:06 P.M.
	Reception No. 1656362
	Book 2014
	Page 129

	Mineral
	May 16, 2013
	10:40 AM
	Reception No. 68174
	 
	 

SCHEDULE A-1

	
						
	COUNTY
	DATE
	TIME
	RECEPTION NUMBER
	BOOK/FILM
	PAGE

	Moffat
	Oct. 12, 1993
	11:00 A.M.
	Reception No. 350044
	 
	 

	Montezuma
	Oct. 13, 1993
	10:10 A.M.
	Reception No. 435373
	Book 0679
	Page 756

	Montrose
	Oct. 12, 1993
	03:06 P.M.
	Reception No. 591244
	Book 862
	Page 281

	Morgan
	Oct. 12, 1993
	12:54 P.M.
	Reception No. 738426
	Book 959-60
	Page 857

	Otero
	May 15, 2013
	08:02 AM
	Reception No. 634927
	 
	 

	Ouray
	Oct. 13, 1993
	11:08 A.M.
	Reception No. 154688
	Book 221
	Page 500

	Park
	Oct. 14, 1993
	10:00 A.M.
	Reception No. 417879
	Book 504
	Page 365

	Pitkin
	Oct. 14, 1993
	03:56 P.M.
	Reception No. 362054
	Book 726
	Page 791

	Prowers
	Oct. 12, 1993
	02:00 P.M.
	Reception No. 462785
	 
	 

	Pueblo
	Oct. 12, 1993
	11:54 A.M.
	Reception No. 1021381
	Book 2685
	Page 768

	Rio Blanco
	Oct. 12, 1993
	02:18 P.M.
	Reception No. 249980
	Book 506
	Page 838

	Rio Grande
	Oct. 13, 1993
	11:46 A.M.
	Reception No. 337091
	Book 450
	Page 43

	Routt
	Oct. 12, 1993
	11:12 A.M.
	Reception No. 428347
	Book 689
	Page 2575

	Saguache
	Oct. 13, 1993
	11:05 A.M.
	Reception No. 304092
	Book 486
	Page 625

	San Juan
	Oct. 13, 1993
	10:27 A.M.
	Reception No. 136438
	Book 240
	Page 702

	San Miguel
	Oct. 12, 1993
	04:05 P.M.
	Reception No. 287896
	Book 518
	Page 813

	Sedgewick
	Oct. 12, 1993
	02:15 P.M.
	Reception No. 179877
	Book 203
	Page 55

	Summit
	Oct. 12, 1993
	01:40 P.M.
	Reception No. 453148
	 
	 

	Teller
	Oct. 13, 1993
	08:00 A.M.
	Reception No. 412373
	Book 698
	Page 104

	Washington
	Oct. 12, 1993
	11:20 A.M.
	Reception No. 802111
	Book 925
	Page 955

	Weld
	Oct. 13, 1993
	09:54 A.M.
	Reception No. 2354434
	Book 1406
	Page 1

	Yuma
	May 20, 2013
	11:59 AM
	Reception No. 00557180
	 
	 

SCHEDULE A-2

SCHEDULE B

SUPPLEMENTAL INDENTURES
	
				
	Date of
Supplemental
Indenture
	Series of Bonds
	Principal
Amount Issued
	Principal
Amount
Outstanding

	November 1, 1993
	Series No. 1
	$134,500,000
	None

	January 1, 1994
	Series No. 2 due 2001
and
Series No. 2 due 2024
	$102,667,000
$110,000,000
	None
None

	September 2, 1994
(Appointment of Successor Trustee)
	None
	None
	None

	May 1, 1996
	Series No. 3
	$125,000,000
	None

	November 1, 1996
	Series No. 4
	$250,000,000
	None

	February 1, 1997
	Series No. 5
	$150,000,000
	None

	April 1, 1998
	Series No. 6
	$250,000,000
	None

	August 15, 2002
	Series No. 7
	$48,750,000
	None

	September 1, 2002
	Series No. 8
	$600,000,000
	None

	September 15, 2002
	Series No. 9
	$530,000,000
	None

	April 1, 2003
	Series No. 10
	$600,000,000
	None

	March 1, 2003
	Series No. 11
	$250,000,000
	None

	September 15, 2003
	Series No. 12
	$250,000,000
	None

	May 1, 2003
	Series No. 13
	$350,000,000
	None

	September 1, 2003
	Series No. 14
	$300,000,000
	None

	September 1, 2003
	Series No. 15
	$275,000,000
	$275,000,000

	August 1, 2005
	Series No. 16
	$129,500,000
	$129,500,000

	August 1, 2007
	Series No. 17
	$350,000,000
	$350,000,000

	August 1, 2008
	Series No. 18 due 2018 
and 
Series No. 19 due 2038
	$300,000,000

$300,000,000
	$300,000,000

$300,000,000

	May 1, 2009
	Series No. 20 due 2019
	$400,000,000
	$400,000,000

	November 1, 2010
	Series No. 21 due 2020
	$400,000,000
	$400,000,000

	August 1, 2011
	Series No. 22 due 2041
	$250,000,000
	$250,000,000

	September 1, 2012
	Series No. 23 due 2022 
and
Series No. 24 due 2042
	$300,000,000

$500,000,000
	$300,000,000

$500,000,000

	March 1, 2013
	Series No. 25 due 2023
and
Series No. 26 due 2043
	$250,000,000

$250,000,000
	$250,000,000

$250,000,000

	March 1, 2014
	Series No. 27 due 2044
	$300,000,000
	$300,000,000

SCHEDULE B-1

SCHEDULE C

DESCRIPTION OF PROPERTY
The following properties are in the State of Colorado and the counties thereof:
SUMMIT COUNTY
Ptarmigan Substation
A parcel of land being a portion of Tract 3 and Tract 4, Amended and Restated Tract Map of Daley Ranch recorded at Reception No. 892094 on July 9, 2008 in the Summit County Clerk and Recorder's office, and located in Government Lot 4 of Section 6, Township 5 South, Range 77 West and Government Lot 1 of Section 1, Township 5 South, Range 78 West, all of the 6th Principal Meridian, County of Summit, State of Colorado, being more particularly described as follows:

BEGINNING at the Northeast corner said Section 1, whence the North Quarter corner of said Section 1 bears N89°11'58"W a distance of 2813.04 feet;

THENCE the following five (5) courses along the northerly, easterly and southerly lines of that parcel of land described at Reception No. 994235, recorded May 31, 2012 in said Summit County Clerk and Recorder's Office:
1) N89°33'46"E along the northerly line of said Government Lot 4 a distance of 1386.23 feet;
2) THENCE S00°59'15"E a distance of 614.17 feet;
3) THENCE S89°00'55"W a distance of 1102.68 feet;
4) THENCE S49°33'09"W a distance of 385.65 feet;
5) THENCE S19°28'45"W a distance of 67.17 feet;
THENCE N90°00'00"W a distance of 682.85 feet;
THENCE N00°00'00"W a distance of 807.98 feet;
THENCE N61°12'22"E a distance of 228.43 feet;
THENCE S89°11'58"E along a line being twenty-five feet (25.00') southerly of and parallel with the northerly line of said Government Lot 1 and said parcel of land described at Reception No. 994235 a distance of 504.32 feet;
THENCE N00°03'30"E along the easterly line of said Government Lot 1 a distance of 25.00 feet to the POINT OF BEGINNING.

Containing 35.201 Acres, more or less.

SCHEDULE C-1

WELD COUNTY
Monfort Substation Expansion
A parcel of land located in the Southeast Quarter of Section 32, Township 6 North, Range 65 West of the 6th Principal Meridian County of Weld, State of Colorado being more particularly described as follows:

COMMENCING at the South Quarter Corner of said Section 32, whence the Southeast Corner of said Section 32 bears S85°52'55"E a distance of 2619.18 feet;
THENCE N00°53'00"E a distance of 1243.79 feet to the southwesterly corner of that parcel of land described in Book 1392 at Reception No. 2341249 recorded July 15, 1993, in the Weld County Clerk and Recorder's office;
THENCE S89°43'35"E along the southerly line of said parcel of land described in Book 1392 at Reception No. 2341249 a distance of 351.00 feet to the POINT OF BEGINNING;
THENCE N00°16'25"E along the easterly line of said parcel of land described in Book 1392 at Reception No. 2341249 a distance of 350.00 feet;
THENCE S89°43'35"E along the prolongation of the northerly line of said parcel of land described in Book 1392 at Reception No. 2341249 a distance of 129.00 feet;
THENCE S00°16'25"W along a line being 129.00 feet easterly of and parallel with said easter1y line of that parcel of land described in Book 1392 at Reception No. 2341249 a distance of 350.00 feet;
THENCE N89°43'35"W along the prolongation of said southerly line of that parcel of land described in Book 1392 at Reception No. 2341249 a distance of 65.00 feet;
THENCE S00°16'25"W along a line being 64.00 feet easterly of and parallel with the prolongation of said easterly line of that parcel of land described In Book 1392 at Reception No. 2341249 a distance of 91.13 feet;
THENCE N87°54'24"W along the northerly line of that easement for transmission or distribution of electricity described in Book 1575, Page 688 at Reception No. 2519159 recorded November 5, 1996 in said Weld County Clerk and Recorder's Office a distance of 64.03 feet;
THENCE N00°16'25"E along the prolongation of said easterly line of that parcel of land described in Book 1392 at Reception No. 2341249 a distance of 89.09 feet to the POINT OF BEGINNING.

SCHEDULE C-2Davey 12.31.13 Ex 10.7

Exhibit 10.7

THE DAVEY TREE EXPERT COMPANY
BOARD OF DIRECTORS
REVISED DEFERRED COMPENSATION PLAN
(January 1, 2014 Restatement)
This Revised Deferred Compensation Plan (the "Plan"), previously restated as of January 1, 2012, affords the members of the Board of Directors of The Davey Tree Expert Company (the "Company") and members of the Compensation Committee, the Audit Committee, the Nominating Committee, the Finance Committee, and other committees appointed by the Board of Directors, the right to defer the receipt, to a later period of time, of all or a portion of the fees (including quarterly retainer fees, meeting fees, and such special or other fees as may be authorized by the Board of Directors, all of which are referred to herein as "Directors Compensation") payable to them by reason of their serving on the Board of Directors and, if applicable, on Committees of the Board for years beginning after December 31, 2004. The purpose of the Plan is to provide an additional incentive for services on the Board of Directors in the form of a deferred compensation arrangement comparable to those offered by publicly-held corporations. The Plan is hereby amended and restated effective as of January 1, 2014, with respect to the number of installment payments of deferred compensation. References in this Plan to a "year" are to a calendar year. The provisions of the Plan, effective as of January 1, 2014, are as follows:
		
	1.
	Election to Defer Directors Compensation

		
	(a)
	Election by Present Directors.  Each Director of the Company may elect on or before December 31 of any year to defer the receipt of the Directors Compensation attributable to services to be rendered during the following year.  A Director must make a separate election for any subsequent year.

		
	(b)
	Election by Future Directors.  Any person who is appointed to fill a vacancy on the Board of Directors, or is newly elected as a Director, and who was not a Director on the last day of the preceding year may elect within 30 days after  the Director’s term begins to defer the receipt of all or a specified portion of  the Directors Compensation with respect to services performed during the balance of the year following  the Director’s election.

		
	(c)
	Duration of an Election

		
	(d)
	 An election to defer Directors Compensation shall be irrevocable after the beginning of, and shall be effective only with respect to, the year to which it relates.

		
	(e)
	Election to Defer Less Than All Directors Compensation.  In the event that any Director of the Company elects to defer less than all of the Directors Compensation payable to   the Director for any period, the Company shall first pay the non-deferred portion of the Directors Compensation to the Director in cash and shall only commence to defer the Directors Compensation when the entire non-deferred portion has been paid to the Director in cash.

		
	(f)
	Deferral Options.  Each Director may for each year elect to defer all or a portion of  the Directors Compensation (in ten-percent increments) in the form of Share Units, as further described in Section 2(c), or cash. Once the Director has made an effective election,  the Director may not thereafter change that election or any allocation between Share Units and cash with respect to that year.

		
	2.
	Accounts

		
	(a)
	Establishment of Accounts. The Company shall establish and maintain a Share Unit Account and a Cash Account (hereinafter referred to collectively as an "account") for each Director who elects to defer  Directors Compensation, reflecting deferrals in the form of Share Units and cash, respectively, as hereinafter provided.

		
	(b)
	Deferred Cash. The Directors Compensation a Director elects to defer in the form of cash shall, subject to the provisions of Section 1(d) above, be credited to  the Director’s Cash Account on the date the Directors Compensation would otherwise have been paid to the Director. The Company shall also credit the Cash Account of each Director with interest at a rate equal to the average between (i) the prime commercial rate for unsecured short-term loans to substantial borrowers and (ii) the passbook savings rate at KeyBank NA, on April 1 and October 1.

- 1 -

		
	(c)
	Deferred Share Units. The Directors Compensation a Director elects to defer in the form of Share Units shall, subject to the provisions of Section l(d) above, be credited to  the Director’s Cash Account on the date the Directors Compensation would otherwise have been paid to the Director. On each April l and October 1, the amount in a Director's Cash Account on that date attributable to deferred Directors Compensation credited to the Cash Account pursuant to the preceding sentence of this Section 2(c) shall be transferred to the Director's Share Unit Account and converted into that number of Share Units equal to the amount transferred from the Director’s Cash Account divided by the fair market value of one share of common stock of the Company ("Company Stock") on the date of the transfer. On each Company Stock dividend payment date, dividend equivalents equal to the actual Company Stock dividends shall be credited to the Share Units in the Director's Share Unit Account, and shall in turn be converted into Share Units based upon the fair market value of the Company Stock on that date. For purposes of the Plan, the fair market value of a share of Company Stock shall be the fair market value as determined as of the most recent valuation date under the terms of The Davey Tree Expert Company 40lKSOP and ESOP for purposes of valuing participant accounts, unless otherwise determined by the Compensation Committee of the Board of Directors.

		
	(d)
	Unfunded Status of Plan. All Directors Compensation deferred and amounts credited to accounts under the terms of the Plan shall remain a part of the assets of the Company and shall be subject to the claims of its general creditors.

		
	3.
	Payment of Accounts

		
	(a)
	Time of Payment. The account for a particular Director shall be distributed in five annual installments commencing in the year following the year in which the Director retires, resigns, is removed, or otherwise ceases to be a Director, or in a single lump sum payment as directed by the Director when  the Director makes the election to defer.

		
	(b)
	Form of Distribution. The value of each account to be distributed shall be paid exclusively in the form of cash.

		
	4.
	Death of a Director

If a Director dies before  the Director’s entire account balance has been distributed,  the Director’s account balance shall be distributed to a beneficiary designated by the Director, or if no beneficiary has been designated, the Director’s  surviving spouse, or in the event there is no surviving spouse,  the Director’s estate, in a lump sum payment.
		
	5.
	Noncompetition

In the event a Director ceases to be a Director and becomes a proprietor, officer, partner, or employee of, or otherwise becomes affiliated with, any business that is in competition with the Company, the Director’s  account balance shall be paid immediately to the Director in a lump sum.
		
	6.
	Termination of Plan

This Plan may be terminated or amended at any time at the sole discretion of the Board of Directors. In the event of a termination of the Plan, the respective account balances shall be paid out under the terms of this Plan with no additional deferrals permitted.
		
	7.
	Administration

This Plan shall be administered by the Compensation Committee of the Board of Directors, which shall have the right and authority to interpret and construe the Plan and to resolve any disputes arising under the Plan, and its decisions shall be binding and conclusive upon the participants. So long as a participant continues to be a member of the Board of Directors,  the participant shall not participate in any deliberations or actions of the Compensation Committee relating exclusively to  the participant’s participation in this Plan.
		
	8.
	Non-Alienation

The amounts credited to any accounts maintained under the Plan may not be pledged, assigned, or transferred by the Director for whom such account is maintained, or by any other individual, and any purported pledge, assignment, or transfer shall be void and unenforceable.

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Revised Deferred Compensation Plan for Directors
(January 1, 2014 Restatement)

2014 ELECTION AGREEMENT
	
	
	INSTRUCTIONS: To complete this Election Agreement, please proceed as follows:
- Select one item from (1).
- If you choose (b) or (c), complete (2).  
- In all cases, complete (3) and (4).

	
								
	To:  The Davey Tree Expert Company

	 
	 
	 
	 
	 
	 
	 

	(1
	)
	 
	I elect the following in respect to Director fees to be paid to me for services performed during 2014 (select one):

	 
	 
	(a)
	 
	 
	I elect to receive cash payment for all Director fees;

	 
	 
	 
	 
	 
	OR
	 

	 
	 
	(b)
	 
	 
	I elect to defer all Director fees;
	 

	 
	 
	 
	 
	 
	OR
	 

	 
	 
	(c)
	 
	 
	I elect to receive cash payment for all meeting related fees and to defer all quarterly retainer fees.

	 
	 
	 
	 
	 
	 
	 

	(2
	)
	 
	If (b) or (c) is elected above, in regard to all such deferrals (specify in 10% increments):

	 
	 
	 
	 
	%
	of my deferrals are to be credited in the form of cash to my Cash Account

	 
	 
	 
	 
	%
	of my deferrals are to be credited in the form of Share Units to my Share Unit Account

	 
	 
	Total: 100
	%
	 
	 

	 
	 
	 
	 
	 
	 
	 

	(3
	)
	 
	With respect to deferrals made with respect to 2014, I hereby request that the balance credited to my account be distributed in (select one):

	 
	 
	 
	 
	 
	Five annual installments to be paid beginning in the year following the year in which I retire, resign, or am removed from the Board or otherwise cease to be a Director;

	 
	 
	 
	 
	 
	OR
	 

	 
	 
	 
	 
	 
	A single lump sum payment to be paid in the year following the year in which I retire, resign, or am removed from the Board or otherwise cease to be a Director;

	 
	 
	 
	 
	 
	OR
	 

	 
	 
	 
	 
	 
	A single lump sum payment to be paid in the year 20______.

	 
	 
	 
	 
	 
	 
	 

	(4
	)
	 
	I hereby designate __________________________________ as my beneficiary to receive all amounts payable under the Plan in the event of my death. This designation shall supersede any prior designation I may have made.

	
					
	 
	 
	 
	 
	 

	Date
	 
	Signature of Director

	 
	 
	 
	 
	 

	Reviewed and Accepted by the Company:
	 
	 

	 
	 
	 
	 
	 

	By:
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Name:
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Title:
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Date:
	 
	 
	 
	 

	 
	 
	 
	 
	 

- 3 -

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