Document:

Exhibit 4.1

 

EXECUTION VERSION

 

 

THIRD SUPPLEMENTAL INDENTURE

 

between

 

WESTPAC BANKING CORPORATION

 

and

 

THE BANK OF NEW YORK MELLON

 

as Trustee

 

Dated as of August 10, 2022

 

     

     

    

 

THIRD SUPPLEMENTAL INDENTURE

 

THIRD
SUPPLEMENTAL INDENTURE, dated as of August 10, 2022 (the “Third Supplemental Indenture”), between WESTPAC
BANKING CORPORATION (ABN 33 007 457 141), a company incorporated in the Commonwealth of Australia under the Corporations Act 2001 of Australia
and registered in New South Wales (the “Company”), and THE BANK OF NEW YORK MELLON, a New York banking corporation,
as trustee (the “Trustee”).

 

RECITALS:

 

WHEREAS,
the Company and the Trustee are parties to a Fourth Amended and Restated Subordinated Indenture, dated as of November 3, 2021
(the “Base Indenture” and, as supplemented by this Third Supplemental Indenture, the “Indenture”),
relating to the issuance from time to time by the Company of Securities in one or more series as therein provided;

 

WHEREAS, Section 11.1(5) of
the Base Indenture provides that the Company may enter into a supplemental indenture to establish the forms or terms of Securities of
any series as permitted by Sections 2.1 and 3.1 therein;

 

WHEREAS,
in connection with the issuance of the Notes (as defined herein), the Company has duly authorized the execution and delivery of this Third
Supplemental Indenture to establish the forms and terms of the Notes as hereinafter described; and

 

WHEREAS,
all conditions and requirements of the Base Indenture necessary to make this Third Supplemental Indenture a valid, binding and
legal instrument in accordance with its terms have been performed and fulfilled by the parties hereto.

 

NOW, THEREFORE, for and in
consideration of the premises and other good and valuable consideration, receipt of which is hereby acknowledged by the parties hereto,
the parties hereto hereby agree as follows:

 

Article I

DEFINITIONS

 

Section 1.01            General
Definitions. For purposes of this Third Supplemental Indenture:

 

(a)            Capitalized
terms used herein without definition shall have the meanings specified in the Base Indenture;

 

(b)            All
references to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of the Base Indenture;
and

 

    	 	2	 

     

    

 

(c)            The
terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Third Supplemental
Indenture as a whole and not to any particular Article, Section or other subdivision.

 

Article II

THE Notes

 

Section 2.01           Title
of Securities. There shall be a series of Securities of the Company designated the “5.405% Subordinated Notes due 2033”
(the “Notes”).

 

Section 2.02           Limitation
of Aggregate Outstanding Principal Amount. The aggregate Outstanding Principal Amount of the Notes shall initially be limited to US$1,000,000,000.
The Company may from time to time, without the consent of the Holders of the Notes, create and issue additional notes having the same
terms and conditions as the Notes in all respects or in all respects except for the Issue Date, the issue price and, if applicable, the
first date on which interest accrues and the first payment of interest thereon (“Additional Notes”). Additional Notes
issued in this manner will be consolidated with, and will form a single series with, the Notes, unless such Additional Notes will not
be treated as fungible with the Notes for U.S. federal income tax purposes. The Notes and any such Additional Notes would rank equally
and ratably.

 

Section 2.03           Principal
Payment Date. The Outstanding Principal Amount of the Notes (together with any accrued and unpaid interest) shall be payable in a
single installment on August 10, 2033 which date shall be the Stated Maturity of the Notes.

 

Section 2.04           Interest
and Interest Rates.

 

(a)            From
and including August 10, 2022 (the “Issue Date”), to but excluding the interest payment date on August 10,
2032 (the “Reset Date”), the Notes will bear interest on the Outstanding Principal Amount at a rate of 5.405% per year,
and on and after the Reset Date until the Outstanding Principal Amount of the Notes shall have been paid or duly provided for, the Notes
will bear interest on the Outstanding Principal Amount at a fixed rate per year equal to the 1-Year U.S. Treasury Rate plus the Spread
(rounded to three decimal places with 0.0005 rounded upwards) (each as defined below). Interest will accrue on a Note from and including
the Issue Date. Interest on the Notes shall be payable semi-annually in arrears on February 10 and August 10 of each year, beginning
on February 10, 2023. Interest on a Note will be paid to the Person in whose name that Note was registered at the close of business
on the January 26 and July 26, as the case may be, whether or not a Business Day, prior to the applicable Interest Payment Date,
except that in the case of the Interest Payment Date that is also the Stated Maturity of the Notes, the interest due on such date will
be paid to the Person to whom principal is payable upon surrender of such Note at a Place of Payment. Interest will be computed on the
basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period less than a full interest period
shall be computed on the basis of a 360-day year consisting of twelve 30-day months and the actual days elapsed in a partial month in
such period. Subject to Section 6.1(b) of the Indenture, any payment of principal or interest required to be made on an Interest
Payment Date that is not a Business Day shall be made on the next succeeding Business Day, and no interest will accrue on that payment
for the period from and after such Interest Payment Date to the date of payment on the next succeeding Business Day. For purposes of the
Notes, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized or obligated by law or executive order
to close.

 

    	 	3	 

     

    

 

(b)            “1-Year
U.S. Treasury Rate” is calculated by the calculation agent as an interest rate expressed
as a percentage determined to be the per annum rate equal to the yield to maturity for U.S. Treasury securities with a maturity of one
year as published in the most recent H.15.

 

(c)            “H.15”
means the daily statistical release designated as such, or any successor publication, published by the Board of Governors of the United
States Federal Reserve System that establishes yield on actively traded U.S. Treasury securities under the caption “Treasury constant
maturities”, or any successor site or publication that establishes yield on actively traded U.S. Treasury securities, and “most
recent H.15” means the H.15 which includes a yield to maturity for U.S. Treasury securities with a maturity of one year published
closest in time but prior to the Reset Determination Date.

 

(d)            “Reset
Business Day” means a day on which commercial banks and foreign exchange markets settle payments and are open for general business
(including dealing in foreign exchange and foreign currency deposits) in Sydney, Australia, New York, New York and London, United Kingdom.

 

(e)            “Reset
Determination Date” means the second Reset Business Day immediately preceding the Reset Date.

 

(f)            “Spread”
means 2.680 per cent per year, being the difference between the re-offer yield on August 3, 2022 and the Benchmark 10-Year Treasury
Yield at the time of pricing on August 3, 2022.

 

Section 2.05            Place
of Payment. The Place of Payment where the Notes may be presented or surrendered for payment, where the Notes may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and the Indenture may
be served initially shall be the Corporate Trust Office of the Trustee maintained for that purpose in the Borough of Manhattan, City of
New York.

 

    	 	4	 

     

    

 

Section 2.06            Redemption.
The Company shall have the right to redeem the Notes pursuant to Sections 13.1 and 13.6 of the Indenture.

 

Section 2.07            Form.
The Notes shall be issued initially as Registered Securities (as defined in the Indenture) in the form of one or more permanent notes
in global form, without coupons, substantially in the form attached hereto as Exhibit A, deposited with The Bank of New York Mellon,
as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture.

 

Section 2.08            Denomination.
The Notes shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. The Notes shall be
numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Officers of the Company executing
the same may determine with the approval of the Trustee.

 

Section 2.09            Depositary.
The Depository Trust Company shall be the initial Depositary for the Notes, until a successor shall have been appointed and become such
pursuant to the applicable provisions of the Indenture, and thereafter, “Depositary” shall mean or include such successor.

 

Section 2.10            Discharge.
The provisions of Article VII of the Indenture will apply to the Notes.

 

Section 2.11            Status,
Non-Viability, Conversion and Write-off. The provisions of Articles IV, V and VI of the Indenture will apply to the Notes.

 

Article III

MISCELLANEOUS

 

Section 3.01            Integral
Part; Effect of Supplement on Indenture. This Third Supplemental Indenture constitutes an integral part of the Indenture. Except for
the supplements made by this Third Supplemental Indenture, the Base Indenture shall remain in full force and effect as executed.

 

Section 3.02            Adoption,
Ratification and Confirmation. The Indenture, as supplemented by this Third Supplemental Indenture, is in all respects hereby adopted,
ratified and confirmed.

 

Section 3.03            Trustee
Not Responsible for Recitals. The recitals in this Third Supplemental Indenture shall be taken as statements of the Company, and the
Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or adequacy of this Third
Supplemental Indenture.

 

    	 	5	 

     

    

 

Section 3.04            Counterparts.
This Third Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original but such counterparts
shall together constitute but one instrument.

  

Section 3.05            Separability.
In case any provision of this Third Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 3.06            Governing
Law. This Third Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York, including
all matters of construction, validity and performance, without regard to conflict of law principles, except for the provisions relating
to Articles IV, V and VI of the Base Indenture and any provisions of the Base Indenture and the Notes which relate to, or define terms
used in, such Articles, which shall be governed by and construed in accordance with the laws of the State of New South Wales, Commonwealth
of Australia.

 

[signature page follows]

 

    	 	6	 

     

    

 

IN
WITNESS WHEREOF, the Company and the Trustee have executed this Third Supplemental Indenture as of the date first above written.

  

	 	WESTPAC BANKING CORPORATION
	 	 	 
	 	By:	/s/ Yvette Adiguzel
	 	 	Name: Yvette Adiguzel
	 	 	Title: Tier 1 Attorney
	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 	 
	 	By:	/s/ Francine Kincaid 
	 	 	Name: Francine Kincaid
	 	 	Title: Vice President

 

[Signature Page to Third Supplemental Indenture]

 

    	 		 

     

    

 

Exhibit A

 

(FORM OF FACE OF NOTE)

 

[THIS SECURITY IS IN GLOBAL
FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE
IN GLOBAL FORM, SUBJECT TO THE FOREGOING.

 

UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, 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 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.]1

 

	No.	CUSIP No. 961214 FG3	 
	 	ISIN No. US961214FG36	 

 

WESTPAC BANKING CORPORATION

 

5.405%
Subordinated Note due 2033

 

WESTPAC
BANKING CORPORATION, a company incorporated in the Commonwealth of Australia under the Corporations Act 2001 of the Commonwealth of Australia
and registered in New South Wales (the “Company”, which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                                    or
registered assigns, the principal sum of                        (US$                        )
(such initial principal amount being the Outstanding Principal Amount at the Issue Date (as defined below) under paragraph (a) of
the definition of Outstanding Principal Amount in the Indenture) as such initial principal amount may be reduced due to Conversion or
Write-off upon the occurrence of a Non-Viability Trigger Event in accordance with Article V and Article VI of the Indenture
or otherwise reduced in accordance with paragraph (c) of the definition of Outstanding Principal Amount in the Indenture, on August 10,
2033 (the “Stated Maturity”).

 

 

1
Insert in Global Notes only

 

    	 	A-1	 

     

    

 

From and including August 10, 2022 (the “Issue Date”), to but
excluding the interest payment date on August 10, 2032 (the “Reset Date”), this Note will bear interest on the
Outstanding Principal Amount at a rate of 5.405% per year, and on and after the Reset Date until the Outstanding Principal Amount of the
Notes shall have been paid or duly provided for, this Note will bear interest on the Outstanding Principal Amount at a fixed rate per
year equal to the 1-Year U.S. Treasury Rate plus the Spread (rounded to three decimal places with 0.0005 rounded upwards) (each as defined
below). Interest will accrue on this Note from and including the Issue Date. Interest on the Notes shall be payable semi-annually in arrears
on February 10 and August 10 of each year (each such date, an “Interest Payment Date”), beginning on February 10,
2023. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for
any period less than a full interest period shall be computed on the basis of a 360-day year consisting of twelve 30-day months and the
actual days elapsed in a partial month in such period. Subject to Section 6.1(b) of the Indenture, any payment of principal
or interest required to be made on an Interest Payment Date that is not a Business Day shall be made on the next succeeding Business Day,
and no interest will accrue on that payment for the period from and after such Interest Payment Date to the date of payment on the next
succeeding Business Day. For purposes hereof, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday
that is not a day on which banking institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized or
obligated by law or executive order to close.

 

“1-Year
U.S. Treasury Rate” is calculated by the calculation agent as an interest rate expressed as a percentage determined to
be the per annum rate equal to the yield to maturity for U.S. Treasury securities with a maturity of one year as published in the most
recent H.15.

 

“H.15”
means the daily statistical release designated as such, or any successor publication, published by the Board of Governors of the United
States Federal Reserve System that establishes yield on actively traded U.S. Treasury securities under the caption “Treasury constant
maturities”, or any successor site or publication that establishes yield on actively traded U.S. Treasury securities, and “most
recent H.15” means the H.15 which includes a yield to maturity for U.S. Treasury securities with a maturity of one year published
closest in time but prior to the Reset Determination Date.

 

    	 	A-2	 

     

    

 

“Reset Business Day”
means a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing
in foreign exchange and foreign currency deposits) in Sydney, Australia, New York, New York and London, United Kingdom.

 

“Reset Determination
Date” means the second Reset Business Day immediately preceding the Reset Date.

 

“Spread”
means 2.680 per cent per year, being the difference between the re-offer yield on August 3, 2022 and the Benchmark 10-Year
Treasury Yield at the time of pricing on August 3, 2022.

 

Interest
on this Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the close of business on the January 26 or July 26 (whether or not a Business Day), as the case may
be, next preceding such Interest Payment Date, at the office or agency maintained for such purpose pursuant to the Indenture; provided,
however, that at the option of the Company, interest on this Note may be paid (i) by check mailed to the address of the Person
entitled thereto as it shall appear on the Register or (ii) to a Holder of US$1,000,000 or more in aggregate Outstanding
Principal Amount of the Notes by wire transfer to an account maintained by the Person entitled thereto as specified in the Register. Any
interest on this Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest shall instead be payable to the Person in whose name this Note is registered on the Special Record
Date or other specified date in accordance with the Indenture. Notwithstanding the foregoing, interest payable on an Interest Payment
Date that is also the Stated Maturity of this Note will be paid at such office or agency to the Person to whom the principal hereof is
payable, upon surrender of this Note at such office or agency.

 

This Note shall not be entitled
to any benefit under the Indenture hereinafter referred to or be valid or become obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by or on behalf of the Trustee.

 

The provisions of this Note,
including the provisions relating to Conversion or possible Write-off upon the occurrence of a Non-Viability Trigger Event, are continued
on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this
place.

 

    	 	A-3	 

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed on this 10th day of August, 2022.

 

		WESTPAC BANKING CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
herein and issued under the within-mentioned Indenture.

 

		 	 	The Bank of New York Mellon, as Trustee
	 	 	 	 	 
	Dated: 	 	 	By:	 
	 	 	 	 	Authorized Signatory

 

    	 	A-4	 

     

    

 

(FORM OF REVERSE OF
NOTE)

 

This
Note is one of a duly authorized series of securities of the Company, issued and to be issued in one or more series under and pursuant
to a Fourth Amended and Restated Subordinated Indenture, dated as of November 3, 2021 (the “Base Indenture”),
duly executed and delivered between the Company and The Bank of New York Mellon, as trustee (the “Trustee”, which term
includes any successor trustee under the Indenture (as defined below)), as supplemented by the Third Supplemental Indenture, dated as
of August 10, 2022, between the Company and the Trustee (the “Third Supplemental Indenture” and, together with
the Base Indenture, the “Indenture”), to which Indenture and all Indentures supplemental thereto reference is hereby
made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company
and the Holders of the Notes. This Note is one of a series of securities designated on the face hereof (the “Notes”).
The Notes are issued pursuant to the Indenture and are limited in aggregate Outstanding Principal Amount to US$1,000,000,000; provided,
however, that the Company may from time to time, without the consent of the Holders of the Notes, create and issue additional notes
having the same terms and conditions as the Notes in all respects or in all respects except for the Issue Date, the issue price and, if
applicable, the first date on which interest accrues and the first payment of interest thereon. Additional notes issued in this manner
will be consolidated with, and will form a single series with, the Notes, unless such additional notes will not be treated as fungible
with the Notes for U.S. federal income tax purposes. The Notes and any such additional notes would rank equally and ratably.

 

In
accordance with Articles V and VI of the Indenture, this Note is subject, upon the occurrence of a Non-Viability Trigger Event, to Conversion
or possible Write-off. If this Note is Converted following a Non-Viability Trigger Event, it is likely that the Maximum Conversion
Number will apply and limit the number of Ordinary Shares to be issued. In this case, the value of the Ordinary Shares received is likely
to be significantly less than the Outstanding Principal Amount of this Note. The Australian Dollar may depreciate in value against the
U.S. dollar by the time of Conversion. In that case, the Maximum Conversion Number is more likely to apply. If Conversion of this
Note (or a percentage of the Outstanding Principal Amount of this Note) does not occur for any reason within five ASX Business Days after
the Non-Viability Trigger Event Date, this Note (or a percentage of the Outstanding Principal Amount of this Note to be Converted) will
be Written-off and the Holder’s rights in relation to this Note (including with respect to payments of interest or accrued interest,
and the repayment of Outstanding Principal Amount and, upon Conversion, the receipt of Ordinary Shares issued in respect of this Note)
will be immediately and irrevocably written-off and terminated with effect on and from the Non-Viability Trigger Event Date.

 

    	 	A-5	 

     

    

 

In the case of Conversion,
the Company will allot and issue to each Holder of this Note the Conversion Number of Ordinary Shares for this Note (subject always to
the Conversion Number being no greater than the Maximum Conversion Number).

 

Conversion
Number means:

 

	Conversion Number for this Note	=	Outstanding Principal Amount of this Note (translated into Australian Dollars in accordance with paragraph (b) of the definition of Outstanding Principal Amount in the Indenture where the calculation date shall be the Non-Viability Trigger Event Date)
	P x VWAP

 

where:

 

Outstanding
Principal Amount has the meaning given to it in Section 1.1 of the Indenture, as adjusted
in accordance with Section 6.13 of the Indenture.

 

P
means 0.99

 

VWAP
means the VWAP during the VWAP Period, as adjusted in accordance with Article VI of the Indenture

 

Maximum
Conversion Number means a number calculated according to the following formula:

 

	Maximum Conversion Number for this Note	=	Outstanding Principal Amount of this Note (translated into Australian Dollars in accordance with paragraph (b) of the definition of Outstanding Principal Amount in the Indenture where the calculation date shall be the ASX Business Day prior to the Issue Date of this Note)
	0.20 x Issue Date VWAP

 

where:

 

Outstanding
Principal Amount has the meaning given to it in Section 1.1 of the Indenture, as adjusted
in accordance with Section 6.13 of the Indenture.

 

Issue
Date VWAP means the VWAP during the period of 20 ASX Business Days on which trading in Ordinary Shares took place immediately
preceding but not including the Issue Date of this Note, as adjusted in accordance with Article VI of the Indenture.

 

    	 	A-6	 

     

    

 

If this Note is Converted
following a Non-Viability Trigger Event, it is likely that the Maximum Conversion Number will apply and limit the number of Ordinary Shares
to be issued. In this case, the value of the Ordinary Shares received is likely to be significantly less than the Outstanding Principal
Amount of this Note. The Australian Dollar may depreciate in value against the U.S. dollar by the time of Conversion. In that case, the
Maximum Conversion Number is more likely to apply.

 

In accordance with Section 5.4(a) of
the Indenture, subject to any Write-off, the Holder of this Note (including each holder of beneficial interests in this Note in global
form) by its purchase or holding of this Note shall be deemed to have irrevocably agreed that, upon Conversion, it consents to becoming
a holder of Ordinary Shares and agrees to be bound by the constitution of the Company.

 

In accordance with Section 6.10
of the Indenture, Ordinary Shares issuable upon Conversion may be sold for the benefit of the Holder of this Note.

 

In accordance with Sections
13.1 and 13.6 of the Indenture, pursuant to the procedures set forth in Article XIII of the Indenture, if the Company has received
the prior written approval of APRA (approval is at the discretion of APRA and may or may not be given and Holders should not expect that
APRA’s prior written approval will be given for any redemption of Notes), the Company may redeem the Notes, in whole, but not in
part, at its option on the Reset Date, and upon the occurrence of an Adverse Tax Event or a Regulatory Event, provided that the Company
has obtained, in the case of an Adverse Tax Event, a supporting opinion of legal or tax advisers of recognized standing in Australia (or,
if a Relevant Transaction occurs and the home jurisdiction for tax purposes of such other entity is not Australia, legal or tax advisers
of recognized standing in such other jurisdiction) or, in the case of a Regulatory Event, a supporting opinion of advisers of recognized
standing in Australia or confirmation from APRA, and (i) before or concurrently with such redemption, the Company replaces
this Note with a capital instrument which is of the same or better quality (for the purposes of the Prudential Standards) than this Note
and the replacement of this Note is done under conditions that are sustainable for the income capacity of the Company (for the purposes
of the Prudential Standards), or (ii) the Company obtains confirmation from APRA that APRA is satisfied having regard to the
capital position of the Company and the Group that the Company does not have to replace this Note.

 

Before
the Company may redeem this Note, the Company must give the Holder of this Note at least 30 days’ written notice and not
more than 60 days’ written notice of its intention to redeem this Note. Upon surrender of this Note for redemption in accordance
with said notice, this Note shall be paid by the Company at the Redemption Price for this Note, which shall equal 100% of the Outstanding
Principal Amount of this Note. Except as provided in the next succeeding paragraph, the Company will pay to the Holder of this Note redeemed
in accordance with Article XIII of the Indenture accrued but unpaid interest to, but excluding, the Redemption Date.

 

    	 	A-7	 

     

    

 

If this Note is called for
redemption and shall not be so paid upon surrender hereof for redemption, the Outstanding Principal Amount shall, until paid, bear interest
from the Redemption Date at the rate prescribed herein.

 

In
the event of the occurrence of any Event of Default, no remedy against the Company (including, without limitation, any right to sue for
a sum of damages which has the same economic effect as an acceleration of the Company’s payment obligations) shall be available
to the Trustee or any Holder of this Note for the recovery of amounts owing in respect of this Note or in respect of any breach by the
Company of any obligation, condition or provision binding on it under the terms of this Note other than as set forth in the Base Indenture.
A Holder of this Note has no right to accelerate payment or exercise any other remedies (including any right to sue for damages) as a
consequence of any default other than as set forth in the Base Indenture. In the event of a Winding-Up in Australia (but not in
any other jurisdiction), this Note will become immediately due and payable, unless it has been Converted or Written-off. This shall be
the only circumstance in which the payment of principal on this Note may be accelerated.

 

In accordance with Section 12.8
of the Indenture, the Company will pay all amounts that it is required to pay in respect of this Note without withholding or deduction
for, or on account of, any present or future taxes, duties, assessments or other governmental charges imposed or levied by or on behalf
of the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein, unless such withholding or deduction
is required by law. In that event, the Company will pay such additional amounts as may be necessary so that the net amount received by
the Holder of this Note, after such withholding or deduction, will equal the amount that the Holder of this Note would have received in
respect of this Note without such withholding or deduction; provided that the Company will pay no additional amounts in respect of this
Note for or on account of:

 

		(1)	any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact
that the Holder, or the beneficial owner, of this Note was a resident, domiciliary or national of, or engaged in business or maintained
a permanent establishment or was physically present in, the Commonwealth of Australia or any political subdivision or taxing authority
thereof or therein or otherwise had some connection with the Commonwealth of Australia or any political subdivision or taxing authority
thereof or therein other than merely holding this Note or receiving payments under this Note;

 

		(2)	any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact
that the Holder of this Note presented this Note for payment in the Commonwealth of Australia, unless the Holder was required to present
this Note for payment and it could not have been presented for payment anywhere else;

 

    	 	A-8	 

     

    

 

		(3)	any tax, duty, assessment or other governmental charge that would not have been imposed but for the fact
that the Holder of this Note presented this Note for payment more than 30 days after the date such payment became due and was provided
for, whichever is later, except to the extent that the Holder would have been entitled to the additional amounts on presenting this Note
for payment on any day during that 30 day period;

 

		(4)	any estate, inheritance, gift, sale, transfer, personal property or similar tax, duty, assessment or other
governmental charge;

 

		(5)	any tax, duty, assessment or other governmental charge which is payable otherwise than by withholding
or deduction;

 

		(6)	any tax, duty, assessment or other governmental charge that would not have been imposed if the Holder,
or the beneficial owner, of this Note complied with the Company’s request to provide information concerning his, her or its nationality,
residence or identity or to make a declaration, claim or filing or satisfy any requirement for information or reporting that is required
to establish the eligibility of the Holder, or the beneficial owner, of this Note to receive the relevant payment without (or at a reduced
rate of) withholding or deduction for or on account of any such tax, duty, assessment or other governmental charge;

 

		(7)	any tax, duty, assessment or other governmental charge that would not have been imposed but for the Holder,
or the beneficial owner, of this Note being an associate of the Company’s for purposes of Section 128F of the Income Tax Assessment
Act 1936 of the Commonwealth of Australia, as amended, or any successor act (the “Australian Tax Act”) (other than
in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered scheme under the Corporations
Act 2001 of the Commonwealth of Australia, as amended, or any successor act);

 

		(8)	any tax, duty, assessment or other governmental charge that is imposed or withheld as a consequence of
a determination having been made under Part IVA of the Australian Tax Act (or any modification thereof or provision substituted therefor)
by the Australian Commissioner of Taxation that such tax, duty, assessment or other governmental charge is payable in circumstances where
the Holder, or the beneficial owner, of this Note is a party to or participated in a scheme to avoid such tax which the Company was not
a party to;

 

		(9)	any tax, duty, assessment or other governmental charge to, or to a third party on behalf of, a Holder
of this Note, or any beneficial owner of any interest in, or rights in respect of, this Note, upon, with respect to, or by reason of,
such Person being issued Ordinary Shares;

 

    	 	A-9	 

     

    

 

		(10)	any tax, duty, assessment or other governmental charge arising under or in connection with Section 1471
to 1474 of the U.S. Internal Revenue Code of 1986, as amended, including any regulations or official interpretations issued, agreements
(including, without limitation, intergovernmental agreements) entered into or non-U.S. laws enacted with respect thereto (“FATCA”);
or

 

		(11)	any combination of the foregoing.

 

Subject to the foregoing,
additional amounts will also not be payable by the Company with respect to any payment on this Note to any Holder who is a fiduciary or
partnership or other than the sole beneficial owner of such payment to the extent that payment would, under the laws of the Commonwealth
of Australia or any political subdivision or taxing authority thereof or therein, be treated as being derived or received for tax purposes
by a beneficiary or settler of that fiduciary or member of that partnership or a beneficial owner, in each case, who would not have been
entitled to those additional amounts had it been the actual Holder of this Note.

 

If, as a result of the Company’s
consolidation or merger with or into an entity organized under the laws of a country other than the Commonwealth of Australia or a political
subdivision of a country other than the Commonwealth of Australia or the sale, conveyance or transfer by the Company of all or substantially
all its assets to such an entity, such an entity assumes the obligations of the Company, such entity will pay additional amounts on the
same basis, except that references to “the Commonwealth of Australia” (other than in clause (7) above) will be treated
as references to both the Commonwealth of Australia and the country in which such entity is organized or resident (or deemed resident
for tax purposes).

 

The
Company, and any other Person to or through which any payment with respect to this Note may be made, shall be entitled to withhold or
deduct from any payment with respect to this Note amounts required to be withheld or deducted under or in connection with FATCA,
and Holders and beneficial owners of this Note shall not be entitled to receive any gross up or other additional amounts on account of
any such withholding or deduction.

 

All references in this Note
to the payment of the principal of or interest on this Note shall be deemed to include the payment of additional amounts to the extent
that, in that context, additional amounts are, were or would be payable as provided above.

 

    	 	A-10	 

     

    

 

The
Indenture contains provisions permitting the Company and the Trustee, with the written consent of the Holders of not less than a majority
of the aggregate Outstanding Principal Amount (calculated as provided in the Indenture) of the Securities of each series adversely
affected thereby to add any provisions to or to change or eliminate any provisions of the Indenture or any supplemental indenture or to
modify the rights of the Holders of the Securities of each such series, provided that, without the consent of the Holder of each
Outstanding Security so affected, no such modification shall (a) change the Stated Maturity of the principal of, or any instalment
of interest on, any Security, provided that the Stated Maturity for the Securities may not be earlier than the fifth anniversary of the
Issue Date of such series of Securities or reduce the Outstanding Principal Amount of any Security or the rate of interest thereon payable
upon the redemption thereof, or change the coin or currency in which any Security or the interest thereon is payable, or impair the right
to institute suit for the enforcement of any such payment on or after the Stated Maturity of any Security (or, in the case of redemption,
on or after the Redemption Date), or (b) reduce the percentage in Outstanding Principal Amount of the Securities of any series,
the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver
(of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the Indenture,
or (c) change any obligation of the Company to maintain an office or agency in the places and for the purposes specified in
Section 12.2 of the Indenture, or (d) except to the extent provided in Section 11.1(8) of the Indenture, make
any change in Section 8.2, 8.7, 8.10 or 11.2 of the Indenture except to increase any percentage or to provide that certain other
provisions of the Indenture cannot be modified or waived except with the consent of the Holders of each Outstanding Security affected
thereby, or (e) modify any Conversion or Write-off provision, or (f) modify the provisions of Article IV
of the Indenture with respect to the subordination of Outstanding Securities of any series in a manner adverse to the Holders thereof.
In addition, no amendment to the terms and conditions of a Security that at the time of such amendment qualifies as Tier 2 Capital is
permitted without the prior written consent of APRA if such amendment may affect the eligibility of the Notes as Tier 2 Capital as described
in the Prudential Standards. Any such consent given by the Holder of this Note shall be conclusive and binding upon such Holder and all
future Holders of this Note and of any Notes issued on registration hereof, the transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent is made upon this Note.

 

Upon
surrender for registration of transfer of this Note, the Company shall execute and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, a new Note or Notes of like tenor and authorized denominations for an equal aggregate
Outstanding Principal Amount in exchange herefor, subject to the limitations provided in the Indenture. Every Note presented or
surrendered for registration of transfer or for exchange shall (if so required by the Company, the Registrar or the Trustee) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Registrar and the Trustee duly executed
by the Holder thereof or his attorney duly authorized in writing. No service charge shall be made for any registration of transfer or
for any exchange of this Note, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration or transfer or exchange of this Note, other than exchanges pursuant to Section 3.4
of the Indenture not involving any transfer.

 

    	 	A-11	 

     

    

 

Prior to due presentment of
this Note 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 Note is registered as the owner hereof for all purposes (subject to the provisions hereof with respect to determination of the
Person to whom interest is payable).

 

Reference is made to the Indenture
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Notes and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future
director, officer, employee, agent, member, manager, trustee or stockholder, as such, of the Company or any successor Person shall have
any liability for any obligations of the Company or any successor Person, either directly or through the Company or any successor Person,
under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation, whether
by virtue of any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise. By accepting a Note, each Holder agrees to the provisions of Section 1.13 of the Indenture and waives and
releases all such liability. Such waiver and release shall be part of the consideration for the issue of the Notes.

 

The
Notes of this series shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. [This Global
Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture.]2
At the option of the Holder, the Notes (except a Note in global form) may be exchanged for other Notes, of any authorized denominations
and of a like aggregate Outstanding Principal Amount containing identical terms and provisions, upon surrender of the Notes to
be exchanged at such office or agency.

 

All terms used in this Note
that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

 

2
Insert in Global Notes only

 

    	 	A-12	 

     

    

 

THE
INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICT OF LAW PRINCIPLES, except for Articles IV, V and VI of the Base Indenture, AND THE
PROVISIONS OF THIS NOTE RELATING TO ARTICLES IV, V AND VI of the BASE Indenture, which shall be governed by and construed in accordance
with the laws of the State of New South Wales, Commonwealth of Australia.

 

    	 	A-13	 

     

    

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED the undersigned registered Holder
hereby sell(s), assign(s) and transfer(s) unto

 

Insert Taxpayer Identification No.

 

 

Please print or typewrite name and address including zip code of assignee

 

 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer such Note on the books
of the Company with full power of substitution in the premises.

 

	Your Signature:	 
	 	 	 
	By:	 	 
	 	 	 
	Date:	 	 
	 	 	 
	Signature Guarantee:	 
	 	 	 
	By:	 	 
	 	(Participant in a Recognized Signature

Guaranty Medallion Program)	 
	 	 	 
	Date:	 	 

 

    	 	A-14Document

EMPLOYMENT SEPARATION AND GENERAL RELEASE

This separation agreement and general release (hereinafter referred to as the “Agreement”) is entered into on this 3rd day of June, 2022 (“Effective Date”) in the state of Colorado, between JOEL BLADOW and his heirs, marital community, successors and assigns, and representatives (hereinafter collectively referred to as “Employee”) and TRI-STATE GENERATION AND TRANSMISSION ASSOCIATION, INC., a corporation in the state of Colorado, together with its affiliates, related companies, related organizations, and their successors and assigns (hereinafter referred to as the “Company”). 

RECITALS 
1. Employee started his employment with the Company on December 10, 2006. Employee is currently in the position of Senior Vice President, Transmission in its Headquarters office in Westminster, Colorado. 
2. The parties have mutually agreed to terminate the Employee’s employment as a result of a Company-directed elimination of Employee’s job position effective June 3rd, 2022 (“Separation Date”). This separation is not due to any fault or wrongdoing of Employee. 
3. The Company delivered, and Employee received a copy of this Agreement on May 31st, 2022. All references to “days” herein shall mean “calendar” days, unless specifically stated otherwise.
THEREFORE, in consideration for the acts, payments, covenants, and mutual agreements herein described and agreed to be performed, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employee and Company agree to the foregoing recitals and as follows: 
SECTION I 
Following the revocation period in Section V(G), the Company covenants and agrees to provide Employee as consideration for Employee's promises and covenants set forth in this Agreement, the following: 
A.Four Hundred Fourteen Thousand Four Hundred Dollars and No Cents [$414,400.00], which is equal to fifty-two (52) weeks salary at Employees regular rate of pay. This payment shall be subject to all withholdings as required by state and federal law. This payment will be paid in two equal installments of Two Hundred Seven Thousand Two Hundred Dollars and No Cents [$207,200.00] as follows. The first shall be paid no later than ten (10) days following the revocation period provided for in Section V of this Agreement. The second installment will be paid upon Employee’s request, but no sooner than December 31, 2022, or latest of January 31, 2023.
B.A net payment amount of Fifteen Thousand Dollars and No Cents [$15,000.00] to be used for the cost of continuation of health insurance benefits or as the Employee determines of their own accord. This payment will be grossed up at the IRS and State supplemental withholding rate.
Employee will receive a $4,000 credit to the business Career Transformations to be used for outplacement benefit services. This amount will be available to the Employee only if they contact Career Transformations and engage in the outplacement benefits services. 
Page 1            Joel Bladow Employment Separation and General Release Agreement

C.Said payments are payable within ten (10) calendar days following the revocation period identified in Section V(G) of this Agreement, or as otherwise specified herein, via direct deposit electronic funds transfer to Employee’s recipient accounts on file with Company’s payroll department. These payments will be reported on Employee’s 2022 or 2023 Form W-2, pursuant to federal and state law. 
The Employee agrees that this consideration is in excess of any pay or benefits that Employee was already entitled to receive, vested, or accrued as of and on the Separation Date, including, but not limited to, earned wages, paid-time-off, defined benefit plan, and 401k before the execution of this Agreement.  It is specifically understood and agreed that the payment or acceptance of the consideration under this Section does not constitute and is not to be construed as an admission of wrongdoing of the Company’s or Employee’s part. Company agrees that all health and welfare benefits that were provided to Employee shall, unless otherwise extended by their nature, continue through June 30, 2022. 
On the Separation Date, Employee will be paid final wages, accrued but unused vacation and personal leave time (PLT), and $150 bonus for each year of service pursuant to the retirement award. Any 401k deduction will be taken out of Employee’s final paycheck (including vacation and PLT payout); provided, however; only required tax and social security will be taken out of the separation payment, and no other elected deductions will be taken out of the separation payment.
Company’s payment obligations hereunder shall survive Employee’s death; and, in the event of Employee’s death, all separation payments, vested, and extended benefits in-effect, due and payable to Employee hereunder shall be paid in accordance with Employee’s beneficiary designations on file with the Company. 
Any Company breach of this Section I (A) and/or (B) by not promptly curing a failure or delay in making payment or otherwise, shall be deemed material and significant and shall entitle the Employee to seek payment of all amounts due to Employee under this Agreement, and notwithstanding anything to the contrary, revokes and relieves Employee (and Employee’s heirs, executors, administrators, successors, and assigns) from, and renders void all waivers, discharges, and releases granted by Employee under this Agreement, plus entitles Employee the right to recover damages including, without limitation, reasonable attorneys' fees, and costs.
SECTION II 
In exchange for the valuable consideration provided herein, the sufficiency of which is hereby acknowledged, Employee hereby agrees to the following: 
A. Employee agrees that separation from his employment with the Company effective at the close of normal headquarters office business hours on the Separation Date. 
B. Except for the payments and benefits referred to in Section I of this Agreement and Employee's vested benefits, Employee expressly acknowledges and agrees that Employee has been paid all wages and other benefits due, and that the Company is not otherwise indebted to Employee for any other wages, benefits, benefit plans including, without limitation, health, 
Page 2            Joel Bladow Employment Separation and General Release Agreement

dental, and disability insurance (except any rights to COBRA continuation coverage that Employee may elect), severance, reimbursements, or other monies or damages. 
C. Employee shall return all Company property in Employee’s possession not later than June 6th, 2022. By signing this Agreement, Employee represents and warrants that Employee has complied with this Section II C. Upon employee’s request, Company will release Employee-owned pre-employment cell phone number for Employee’s continued use after Separation Date.
D. Employee does hereby forever release, discharge, cancel, waive, and acquit, for Employee and Employee's heirs, executors, administrators, and assigns, any and all rights, claims, demands, and causes of action, obligations, damages, penalties, fees, costs, expenses, and liability that Employee has, had, or may hereafter have against the Company and all its current or former affiliates, subsidiaries, agents, officers, owners, employees, attorneys, successors, and assigns, and their respective shareholders, officers, directors, managers, employees, and agents (collectively, “Company-Released Parties”), arising out of, or by reason of any cause, matter, or thing whatsoever existing as of the date of execution of this Agreement, WHETHER KNOWN TO THE PARTIES AT THE TIME OF EXECUTION OF THIS AGREEMENT OR NOT. 
E. THIS FULL WAIVER AND RELEASE OF ALL CLAIMS includes without limitation, any claims, demands, or causes of action arising out of, or relating in any manner whatsoever to Employee's employment and/or termination of employment with the Company, and includes, BUT IS NOT LIMITED TO any charge, claim, lawsuit, or other proceeding arising under the employment relationship, Title VII of the Civil Rights Act of 1964 and its amendments, the Age Discrimination in Employment Act of 1967, the Labor Management Relations Act, the Employee Retirement Income Security Act of 1974, the Civil Rights Act of 1991, the Colorado Civil Rights Act or similar state law or regulation, the Americans with Disabilities Act, the Consolidated Omnibus Budget Reconciliation Act, the state or federal Occupational Safety and Health Acts, Family and Medical Leave Act, Health Insurance Portability and Accountability Act of 1996, or any other federal, state, or local statute, regulation, ordinance, or common law. To the extent that federal or state law could make the foregoing waiver and release invalid as to a particular claim, Employee hereby waives and releases any right to receive any relief because of any legal action brought by Employee or on Employee's behalf arising out of Employee's employment with the Company or the termination of that employment. This release does not waive any right that may not be waived by law and does not relate to claims for vested employee benefits or claims due to Company’s breach of Section I above or any other Company obligations hereunder. 
F. Except as may otherwise be prohibited by law, Employee covenants and agrees not to institute, or cause to be instituted, any legal proceeding against the Company or any of its current or former affiliates, subsidiaries, agents, officers, owners, employees, attorneys, successors, and assigns premised upon any legal theory or claim whatsoever including, without limitation, contract, tort, wrongful discharge, personal injury, fraud, or deceit arising out of or relating to the employment and termination of employment with the Company, except to enforce the terms of this Agreement. 
G. Employee further agrees to dismiss with prejudice or withdraw any administrative complaints, grievances, lawsuits, or other legal actions that Employee may have already filed against the Company. 
H. This Agreement shall not be construed to prohibit Employee from providing information to the DOL, U.S. Securities and Exchange Commission (SEC), Occupational Safety and Health Administration (OSHA), or testifying in any civil or criminal proceedings, even if such information or testimony being provided relates to the claims or matters covered by this 
Page 3            Joel Bladow Employment Separation and General Release Agreement

Agreement. This Agreement shall not be construed as a waiver or withdrawal of any safety concerns that Employee has or may have reported to the DOL, or withdrawal of any participation by Employee in any DOL proceedings. Notwithstanding anything to the contrary in this paragraph, Employee hereby waives and releases any right to receive any relief because of Employee's participation in any investigation or proceeding of the DOL or any federal, state, or local government agency or court. 
I. This release does not impair Employee's right to file a charge or complaint with any federal, state, or local enforcement agency. Except as may otherwise be prohibited by law, the parties agree that this Agreement may be pleaded as a complete bar to any action or suit before any administrative body or court with respect to any complaint, charge, or claim arising under any federal, state, local, or other law relating to any possible claim that existed or may have existed as a result of the Employee's employment or termination of employment against the Company-Released Parties at any time up through the date of this Agreement. 
J. Employee acknowledges that Employee will be liable for the payment of any and all federal, state, and local taxes that may be due as a result of the monetary consideration received pursuant to this Agreement.
K. The parties shall not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action, which may, directly or indirectly, disparage the other party or any of its subsidiaries, members, or affiliates or their respective officers, directors, employees, advisors, businesses or reputations. Notwithstanding the foregoing, nothing in this Agreement shall preclude the parties from making truthful statements that are required by applicable law, regulation, or legal process. All Company statements, including any references or recommendations, regarding the Employee will provide that Employee’s separation was due to elimination of Employee’s job position and not due to any fault or wrongdoing of the Employee.
L. The Employee agrees not to disclose any proprietary information obtained because of, or in connection with, the Employee’s employment with the Company to any other persons. There shall be no non-compete or condition that effects the Employee, in any way whatsoever, from seeking future employment anywhere in a different, same or related industry as the Company, contracting or hiring on with the Company, any member, affiliate, competitor, customer, or supplier of the Company. Employee is not prohibited from using any skills, knowledge, know-how, training, and methods used, acquired or gained during employment with the Company, acquired or generally known outside the Company, in Employee’s professional education and training, or in the public domain, without disclosing Company’s proprietary or confidential information, as such is defined or excluded in Section IV below.  This provision does not apply to any support provided the Company as required under Section M below.

M. Employee Agrees to provide reasonable support to the Company for those matters before the Federal Energy Regulatory Commission (FERC) as of the effective date of this Agreement that Employee has previously filed testimony on, but such support shall not impose undue hardship on the Employee; nor shall Employee be required to spend more than 10 hours in any calendar month providing such support. This obligation requires Employee to review, advise, and provide additional information to respond to FERC matters related to Employee’s testimony. Employee will be paid a consulting fee equal to his existing rate of pay on the date of separation for hours 
Page 4            Joel Bladow Employment Separation and General Release Agreement

spent providing support. Company will provide reasonable notice to Employee of one week prior to requiring support unless both Employee and Company agree on a different notice period. Requests for Employee’s support as defined in this Section, and all communication related to this support, shall be made by the Company’s General Counsel or designated personnel in the legal and regulatory department. To the extent Employee is subpoenaed to lawfully testify at a hearing, deposition or otherwise associated FERC proceeding that is the subject to this Section M, Employee agrees to provide whatever time is necessary to complete the testimony, and all time will be paid at the consulting rate of pay. Any time spent in preparation for such hearing, deposition or FERC proceeding will counted toward the 10 hours per month that have been committed by Employee. The Company agrees to pay all travel expense and necessary attorney’s fees, or provide representation to the Employee, in addition to making available all documents, special software tools and related material to Employee to prepare for such support and participation in any legal proceeding. This obligation for Employee to provide support will end on December 31, 2022.  
SECTION III  
The parties agree to hold in strict confidence the terms and conditions of this Agreement, except that Employee may disclose that this Agreement may or may not exist, and that Employee’s job position was eliminated without Employee’s fault or wrongdoing whatsoever. The parties covenant and agrees that they will not, either directly or through any other person, agent, or representative, publicly, or privately discuss or disclose the nature or content of this Agreement with any non-party to this Agreement, except that said terms can be revealed if required by federal or state law, and Employee may disclose the terms of this Agreement to accountants, attorneys, or other consultants, but only for the purpose of obtaining financial and/or legal advice, and the Company may disclose the terms of this Agreement to employees with a need to know to implement the Agreement. If a party discloses the terms of this Agreement to such persons, the party remains responsible for ensuring that the recipients of the confidential severance and settlement terms protect the confidentiality of those terms. Any breach of the provisions of this section shall be deemed material and significant and shall entitle the non-breaching party to recover damages including, without limitation, reasonable attorneys' fees, and costs. 

SECTION IV 
By execution of this Agreement, Employee avows the following statements are true:
A. Except as expressly permitted in Section II(I), Employee hereby agrees to hold in confidence, and not to disclose to or use for the benefit of Employee or any person, firm, or corporation, any Confidential Information [as hereinafter defined in Section IV(B)] of the Company, without the Company's prior written authorization in each particular case. The Company and Employee hereby acknowledge and agree that any default by Employee under Sections IV(A)-(B) of this Agreement, whether or not such default is continuing, will cause irreparable damage to the Company in an amount difficult to ascertain. Accordingly, in addition to any other relief to which the Company may be entitled, at law or in equity, the Company shall be entitled to such equitable relief as may be ordered by any court of competent jurisdiction including, but not limited to, an injunction restraining any violation of Sections IV(A)-(B) of this Agreement, and without bond, security, or the proof of actual damages. The obligations of Sections IV(A)-(B) of this Agreement shall survive any expiration or termination of this Agreement. 
Page 5            Joel Bladow Employment Separation and General Release Agreement

B. For the purposes of this Agreement, the term “Confidential Information" shall mean all information, material, and trade secrets related to the present or reasonably anticipated business of the Company which are either (i) proprietary to the Company, or (ii) received from a third party by the Company under an obligation of confidence, in each case which Employee has obtained or may, directly or indirectly, obtain knowledge of or access to, through or as a result of Employee's relationship with the Company. Without limiting the generality of the foregoing, Confidential Information shall include, but is not limited to, the following types of information and other information of a similar nature (whether or not reduced to writing or still in development): information relating to regulatory proceedings, personnel information relating to current or former Company employees, attorney-client privileged communications, data relating to the Company workforce demographics, Company investment information, employee files, discoveries, ideas, inventions, research methods, practices, processes, systems, formulae, projects, improvements, concepts, knowledge, software in various state of development, designs, drawings, specifications, techniques, models, data, source code, object code, patent claims, documentation, diagrams, flow charts, research, economic and financial analyses, developments, procedures, “know-how,” member names and other information related to members, supplier and vendor names and related information, pricing policies, financial information, and any and all notes, memoranda, analyses, and summaries derived from Confidential Information. Confidential Information shall include information constituting a “trade secret” as defined by Colorado law. Confidential Information shall also include any information described above that the Company obtains from another party and that the Company treats as proprietary or designates as Confidential Information, whether or not owned or developed by the Company. The term “Confidential Information” does not include information which (i) prior to delivery of such information to Employee was lawfully in Employee’s possession, knowledge, skills, and educational and experience background; (ii) was or becomes generally available to the public or Employee’s profession(s), other than as a result of a disclosure by Employee in breach of this Agreement; (iii) becomes available to Employee from a source not known by Employee to be bound by an obligation of confidentiality to Company with respect to such information; or (iv) the circumstances of Employee’s separation as the elimination of Employee’s job position due to no fault or wrongdoing of Employee whatsoever.
SECTION V 
In addition to the General Release contained in Section II, you knowingly, voluntarily, and irrevocably discharge and release Company from any claims arising under the Age Discrimination in Employment Act (ADEA). By execution of this Agreement, Employee avows that pursuant to the federal Older Workers Benefit Protection Act of 1990 the following statements are true:
A. Employee has been given the opportunity to read and has in fact read this entire Agreement and has had all questions regarding its meaning answered satisfactorily. 
B. Employee is being advised through this Agreement to consult with an attorney before executing this Agreement. 
Page 6            Joel Bladow Employment Separation and General Release Agreement

C. Employee fully understands the contents of this Agreement and understands that it is a FULL WAIVER AND RELEASE OF ALL CLAIMS against the Company. 
D. That this FULL WAIVER AND RELEASE OF ALL CLAIMS is given in return for valuable consideration, as provided under the terms of this Agreement. 
E. Employee enters into this Agreement knowingly and voluntarily in exchange for the promises referred to in this Agreement and no other representations have been made to Employee to induce or influence the execution of this Agreement. 
F. Employee has been given at least forty-five (45) calendar days from the Separation Date to decide whether to execute this Agreement. If Employee returns the signed Agreement prior to expiration of the 45-day period, Employee acknowledges that Employee is knowingly and voluntarily waiving any right Employee may have to review the Agreement for a longer period. 
G. Employee has seven calendar days from execution in which to revoke this Agreement. Revocation must be made by notifying the following person in writing: 
Chad Orvis, 
Senior Manager, People and Culture 
1100 W. 116th Avenue, 
Westminster, Colorado, 80234
corvis@tristategt.org

no later than the close of the revocation period. This Agreement shall not become effective or enforceable until the foregoing revocation period has expired without revocation.
SECTION VI 
This Agreement shall be governed in all respects, whether as to validity, construction, capacity, performance, or otherwise, by the laws of the state of Colorado, and no action involving this Agreement may be brought except in the district courts of Colorado, or by arbitration, as provided in Section IX. 
SECTION VII 
This Agreement, and the individual covenants and agreements referred to herein, constitute the entire agreement between the parties pertaining to the subject matter hereof, and supersedes any and all prior understandings, representations, warranties, and agreements between the parties hereto, or any of them, pertaining to the subject matter hereof, and may be modified only by written agreement signed by all of the parties hereto. 
SECTION VIII 
Any provision of this Agreement, which is held, after the date of the execution of this Agreement, to be illegal, invalid, or unenforceable by a court or agency of competent jurisdiction under present or future laws that apply to this Agreement, those provisions shall be fully severable, and the remaining provisions shall continue in full force and effect without being impaired in any manner whatsoever. In place of any severed provision, the parties agree to substitute a legal, valid, and enforceable provision that is as similar as possible to the severed provision. 
Page 7            Joel Bladow Employment Separation and General Release Agreement

SECTION IX

Any controversy or claim arising out of, or relating to, this Agreement, or its breach, shall be settled by arbitration, in accordance with the rules then established, of the American Arbitration Association, and judgment on the award rendered may be entered in any court having jurisdiction.  Any judgement on the award rendered before the American Arbitration Association shall include an award for prevailing party attorneys’ fees.

SECTION X
This Agreement, including any amendments, may be executed in one or more counterparts, including facsimile, email, photocopy, electronic signature transmission of executed counterpart, all of which taken together shall constitute one and the same instrument effective as an original.
I have carefully read the above and I execute it voluntarily, fully understanding and accepting the provisions of this Agreement in its entirety and without reservation after having had sufficient time and opportunity to consult with my legal advisors prior to executing this Agreement.  I have been advised to consult with an attorney prior to executing this Agreement.  In agreeing to sign this Agreement, I have not relied on any statements or explanation made by the Company other than as expressly provided herein pursuant to Section VII.  I have had at least forty-five (45) calendar days from the date of receipt to consider this Agreement.  I understand that if I do not return this Agreement signed by me to the Company upon the expiration of the 45-day consideration period, this offer will expire.  I understand that I may revoke and cancel the Agreement within seven (7) calendar days after signing it by serving written notice upon Company. I understand that if I do not revoke and cancel as provided herein, this Agreement remains effective as of the Effective Date stated in the first paragraph above, and the separation payments required from Company herein will be paid in accordance with the schedule set forth herein, regardless of the date signed by the Company representative below.

By: /s/ Joel Bladow     Date:6/27/2022

Joel Bladow

Tri-State Generation and Transmission 

By: /s/ Duane Highley     Date: 7/6/2022
Duane Highley
Chief Executive Officer

Page 8            Joel Bladow Employment Separation and General Release Agreement

EXHIBIT A:

SEPARATION INFORMATION 
PURSUANT TO OLDER WORKERS BENEFIT PROTECTION ACT

A.    EXECUTIVE PERSONNEL

    1.    Decisional Unit

The group of employees from which layoff and retention decisions were made:

    Executive personnel in the Westminster office

    2.    Eligibility Factors

    Factors considered in making layoff and retention decisions within the Decisional Unit:  

Continued need for job functions at the Company

Employees eligible for separation pay:  All employees selected for reduction-in-force.

    3.    Time Limit

    For employees aged 40 and older, a release must be signed and returned within 45-days after the employee’s last day of employment, and the employee may revoke the release within 7 days after signing.  For all other employees, a release must be signed and returned within 14 days after the employee’s last day of employment.

4.Individual Data

(a)     Job titles and ages of those selected for layoff from the Decisional Unit:

Senior Vice President, Transmission            63
Senior Vice President, Energy Management        63
Senior Vice President, CTO and Member Relations    52

 (b)    Job titles and ages of those not selected for layoff from the Decisional Unit:

Senior Vice President, General Counsel        70            
Senior Vice President, Chief Financial Officer    63
Senior Vice President, Generation            59
Senior Vice President, Policy & Compliance/COO    59
Senior Vice President, People and Culture/CHRO    57
Chief Energy Innovations Officer            54

Page 9            Joel Bladow Employment Separation and General Release Agreement

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