Document:

EXHIBIT 4.4

 

After recording, return by mail to:

 

Sutherland Asbill & Brennan LLP

999 Peachtree Street, N.E.

Atlanta, Georgia 30309-3996

Attn: Ms. Shawne M. Keenan

 

PURSUANT TO §44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED, THIS INSTRUMENT EMBRACES,

COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED PROPERTY OF OGLETHORPE POWER CORPORATION

 

 

 

OGLETHORPE POWER CORPORATION

(AN ELECTRIC MEMBERSHIP CORPORATION)

and

MURRAY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY,

GRANTORS

to

U.S. BANK NATIONAL ASSOCIATION,

TRUSTEE

 

DEED TO SECURE DEBT, SECURITY AGREEMENT

AND SIXTY-SIXTH SUPPLEMENTAL INDENTURE

 

Relating to

the Conveyance of Security Title to Certain Property of the Grantors Located, and the Recording

of the Indenture, in Murray County, Georgia and Whitfield County, Georgia, and

Confirming the Lien of the Indenture with respect to certain After-Acquired Property

 

Dated as of April 25, 2013

 

FIRST MORTGAGE OBLIGATIONS

 

 

 

NOTE TO THE CLERK OF SUPERIOR COURT AND TAX COMMISSIONER OF GEORGIA:  THIS INSTRUMENT ONLY ADDS ADDITIONAL SECURITY FOR ORIGINAL INDEBTEDNESS SECURED BY THE EXISTING INDENTURE.  THIS INSTRUMENT DOES NOT INCREASE THE PRINCIPAL BALANCE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE, NOR DOES IT EXTEND THE MATURITY DATE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE.  PURSUANT TO O.C.G.A. § 48-6-65(A), NO ADDITIONAL INTANGIBLE RECORDING TAX IS DUE UPON THE RECORDING OF THIS INSTRUMENT.  THIS INSTRUMENT SUPPLEMENTS AND MODIFIES THE EXISTING INDENTURE AS TO WHICH THE MAXIMUM INTANGIBLES RECORDING TAX HAS PREVIOUSLY BEEN PAID.

 

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THIS DEED TO SECURE DEBT, SECURITY AGREEMENT AND SIXTY-SIXTH SUPPLEMENTAL INDENTURE (hereinafter referred to as this “Deed to Secure Debt and Supplemental Indenture”), dated as of April 25, 2013, is among OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an electric membership corporation organized and existing under the laws of the State of Georgia, as a grantor (the “Company”), MURRAY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY, a public corporation created and existing under the laws of the State of Georgia, as a grantor (the “Authority”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as successor to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such capacity, the “Trustee”).

 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of March 1, 1997 (the “Original Indenture”), a conformed copy of which is attached hereto as Exhibit A, and such Original Indenture is incorporated herein by reference, for the purpose of securing its Existing Obligations and providing for the authentication and delivery of Additional Obligations by the Trustee from time to time under the Original Indenture (capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Original Indenture as provided in Section 1 hereof);

 

WHEREAS, (i) the Company has heretofore executed and delivered to the Trustee sixty-five Supplemental Indentures (the Original Indenture, as heretofore, hereby and hereafter supplemented and modified, the “Indenture”), (ii) the Original Indenture and all prior Supplemental Indentures have been recorded as set forth on Schedule 1, (iii) conformed copies of the all prior Supplemental Indentures are attached hereto as Exhibit B to the counterpart of this Deed to Secure Debt and Supplemental Indenture that will be recorded in Murray County, Georgia and Whitfield County, Georgia, and (iv) such Supplemental Indentures are incorporated herein by reference;

 

WHEREAS, the Company is acquiring, as of even date herewith, certain interests in real property located in Murray County, Georgia, comprised of two natural gas-fired combined cycle power generation plants located on a 45.32-acre site in Murray County, Georgia, together with certain appurtenant easements located in Whitfield County, Georgia, all as more particularly described on Exhibit C attached hereto (the “Project”);

 

WHEREAS, the Company’s interest in the Project consists of (a) a sub-leasehold interest in the land described on Exhibit C attached hereto (the “Site”), pursuant to that certain Lease Agreement dated as of May 15, 2001 between the Authority as lessor, and Murray I and Murray II, LLC (formerly known as KGen Murray I and II, LLC and prior to that as Duke Energy Murray, LLC) (the “Original Lessee”) as lessee (as amended and assigned, the “Bond Lease”), the Bond Lease being evidenced of record by that certain Memorandum of Lease, dated as of June 5, 2001, recorded on August 2, 2004 in Deed Book 525, Page 32, in Murray County, Georgia, and recorded on August 6, 2004 in Deed Book 4305, Page 278, Whitfield County, Georgia, the sub-leasehold interest having been assigned by the Original Lessee to the Company pursuant to that certain Assignment and Assumption Agreement, dated as of April 25, 2013, to be recorded on or about the date hereof in Murray County, Georgia and Whitfield County,

 

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Georgia (the “Assignment and Assumption Agreement”), and (b) a leasehold interest in the improvements located thereon, pursuant to the terms and conditions of the Bond Lease;

 

WHEREAS, the Authority’s interest in the Project consists of a ground leasehold interest in the Site and ownership of all improvements located on the Site pursuant to that certain Ground Lease dated December 6, 2000, between City of Dalton as landlord, and the Original Lessee as tenant (as amended and assigned, the “Ground Lease”), the Ground Lease being evidenced of record by that certain Short Form Ground Lease, dated December 6, 2000, recorded on December 22, 2000 in Deed Book 368, Page 245, in Murray County, Georgia, and recorded on December 28, 2000 in Deed Book 3370, Page 333, Whitfield County, Georgia, as amended by Amendment to Short Form of Ground Lease recorded August 2, 2004 in Deed Book 524, Page 663, in Murray County, Georgia, and recorded on August 6, 2004 in Deed Book 4305, Page 157, Whitfield County, Georgia, the ground lease interest having been assigned by the Original Lessee to the Authority pursuant to Assignment and Assumption Agreement, dated June 1, 2001, recorded August 2, 2004, in Deed Book 525, Page 29, Murray County, Georgia, and recorded August 6, 2004 in Deed Book 4305, Page 275, Whitfield County, Georgia;

 

WHEREAS, prior to the date hereof, the Company did not have a property interest in any real property located in Murray County, Georgia or Whitfield County, Georgia;

 

WHEREAS, the Company desires to execute and deliver this Deed to Secure Debt and Supplemental Indenture, in accordance with the provisions of the Original Indenture, for the purpose of subjecting, conveying and confirming to the Trustee the lien of the Indenture with respect to certain additional property described herein;

 

WHEREAS, Section 13.5 of the Original Indenture requires the Company to cause all Supplemental Indentures and other instruments of further assurance to be promptly recorded, registered and filed, all in such manner and in such places, as may be required by law fully to preserve and protect the rights of the Holders and the Trustee under the Indenture to all property comprising the Trust Estate;

 

WHEREAS, Section 12.1 of the Original Indenture provides that, without the consent of the Holders of any of the Obligations at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may enter into Supplemental Indentures for the purposes and subject to the conditions set forth in said Section 12.1, including to better assure, convey and confirm unto the Trustee any property subjected to the lien of the Indenture, including its interests in the Project;

 

WHEREAS, the Authority desires to execute and deliver this Deed to Secure Debt and Supplemental Indenture, in accordance with the provisions of the Original Indenture, for the purpose of subjecting, conveying and confirming to the Trustee a limited, non-recourse lien and security title as herein provided with respect to certain its interests in the Project;

 

WHEREAS, all acts and proceedings required by law necessary to constitute this Deed to Secure Debt and Supplemental Indenture a valid deed to secure debt, security agreement and contract for the security of the Obligations, in accordance with the terms of this Deed to Secure Debt and Supplemental Indenture, have been done and taken; and the execution and delivery of

 

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this Deed to Secure Debt and Supplemental Indenture have been in all respects duly authorized by the Authority and the Company; and

 

WHEREAS, in connection with the financing of the Project, the Authority issued its $500,000,000 Taxable Industrial Development Revenue Bonds (Duke Energy Murray LLC Project), Series 2001 (the “Bonds”) the obligation of which have been assumed and all of which Bonds are currently held by the Company (in that capacity, the “Bondholder”), which joins in this Deed to Secure Debt and Supplemental Indenture in that capacity to express its consent hereto.

 

GRANTING CLAUSES

 

NOW, THEREFORE, THIS DEED TO SECURE DEBT AND SIXTY-SIXTH SUPPLEMENTAL INDENTURE WITNESSES, that, to secure the payment of the principal of (and premium, if any) and interest on the Outstanding Secured Obligations, to confirm the lien of the Indenture upon the Trust Estate, including property purchased, constructed or otherwise acquired by the Company since the date of execution of the Original Indenture and including its interests in the Project (including under the Bond Lease and all property described on Exhibit C attached hereto), to secure performance of the covenants therein and herein contained, and in consideration of the premises thereof and hereof, the Company by these presents does grant, bargain, sell, alienate, remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all property, rights, privileges and franchises (other than Excepted Property or Excludable Property) of the Company, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Original Indenture, wherever located, including all such property, rights, privileges and franchises acquired since the date of execution of the Original Indenture, including, without limitation, its interests in the Project (including under the Bond Lease and all property described on Exhibit C attached hereto), subject to all exceptions, reservations and matters of the character referred to in the Indenture, and does grant a security interest therein for the purposes expressed herein and in the Original Indenture subject in all cases to Sections 5.2 and 11.2 B of the Original Indenture and to the rights of the Company under the Original Indenture, including the rights set forth in Article V thereof; but expressly excepting and excluding from the lien and operation of the Indenture all properties of the character specifically excepted as “Excepted Property” or “Excludable Property” in the Original Indenture to the extent contemplated thereby.

 

NOW, THEREFORE, THIS DEED TO SECURE DEBT AND SUPPLEMENTAL INDENTURE ALSO WITNESSETH, that, to secure the payment of the principal of (and premium, if any) and interest on the Outstanding Secured Obligations, to subject, convey and confirm the lien of the Indenture upon its interests in the Project and all property described on Exhibit C attached hereto, including all of its interests under the Ground Lease and the Bond Lease, to secure performance of the covenants therein and herein contained, the Authority by these presents does grant, bargain, sell, alienate, remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm to the Trustee, and its successors and assigns in the trust created thereby and hereby, in trust, all property, rights, privileges and franchises (other than Excepted Property or Excludable Property) of the Authority with respect to the Project and all property described on Exhibit C, including all of its interests under the

 

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Ground Lease and the Bond Lease, whether now owned or hereafter acquired, of the character described in the Granting Clauses of the Original Indenture, wherever located, including all such property, rights, privileges and franchises acquired since the date of execution hereof, subject to all exceptions, reservations and matters of the character referred to in the Indenture, and does grant a security interest therein for the purposes expressed herein and in the Original Indenture subject in all cases to Sections 5.2 and 11.2 B of the Original Indenture and to the rights of the Company under the Original Indenture, including the rights set forth in Article V thereof; but expressly excepting and excluding from the lien and operation of the Indenture all properties of the character specifically excepted as “Excepted Property” or “Excludable Property” in the Original Indenture to the extent contemplated thereby.  All of the foregoing shall constitute a portion of the “Trust Estate” under the Indenture.

 

PROVIDED, HOWEVER, that if, upon the occurrence of an Event of Default, the Trustee, or any separate trustee or co-trustee appointed under Section 9.14 of the Original Indenture or any receiver appointed pursuant to statutory provision or order of court, shall have entered into possession of all or substantially all of the Trust Estate, all the Excepted Property described or referred to in Paragraphs A through H, inclusive, of “Excepted Property” in the Original Indenture then owned or thereafter acquired by the Authority with respect to the Project, including the Bond lease, the Ground Lease and the and all property described on Exhibit C, and of the Company, shall immediately, and, in the case of any Excepted Property described or referred to in Paragraphs I, J, L, N and P of “Excepted Property” in the Original Indenture (excluding the property described in Section 2 of Exhibit B in the Original Indenture), upon demand of the Trustee or such other trustee or receiver, become subject to the lien of the Indenture to the extent permitted by law, and the Trustee or such other trustee or receiver may, to the extent permitted by law, at the same time likewise take possession thereof, and whenever all Events of Default shall have been cured and the possession of all or substantially all of the Trust Estate shall have been restored to the Authority and the Company, such Excepted Property shall again be excepted and excluded from the lien of the Indenture to the extent and otherwise as hereinabove set forth and as set forth in the Indenture.

 

The Company may, however, pursuant to the Granting Clause Third of the Original Indenture, subject to the lien of the Indenture any Excepted Property or Excludable Property, whereupon the same shall cease to be Excepted Property or Excludable Property.

 

TO HAVE AND TO HOLD all such property, rights, privileges and franchises hereby and hereafter (by a Supplemental Indenture or otherwise) granted, bargained, sold, alienated, remised, released, conveyed, assigned, transferred, mortgaged, hypothecated, pledged, set over or confirmed as aforesaid, or intended, agreed or covenanted so to be, together with all the tenements, hereditaments and appurtenances thereto appertaining (said properties, rights, privileges and franchises, including any cash and securities hereafter deposited or required to be deposited with the Trustee (other than any such cash which is specifically stated in the Indenture not to be deemed part of the Trust Estate) being part of the Trust Estate), unto the Trustee, and its successors and assigns in the trust herein created by the Indenture, forever.

 

SUBJECT, HOWEVER, to (i) Permitted Exceptions and (ii) to the extent permitted by Section 13.6 of the Original Indenture as to property hereafter acquired (a) any duly recorded or perfected prior mortgage or other lien that may exist thereon at the date of the acquisition thereof

 

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by the Company and (b) purchase money mortgages, other purchase money liens, chattel mortgages, conditional sales agreements or other title retention agreements created by the Company at the time of acquisition thereof.

 

BUT IN TRUST, NEVERTHELESS, with power of sale, for the equal and proportionate benefit and security of the Holders from time to time of all the Outstanding Secured Obligations without any priority of any such Obligation over any other such Obligation and for the enforcement of the payment of such Obligations in accordance with their terms.

 

UPON CONDITION that, until the happening of an Event of Default and subject to the provisions of Article V of the Original Indenture, and not in limitation of the rights elsewhere provided in the Original Indenture, including the rights set forth in Article V of the Original Indenture, the Company shall be permitted to (i) possess and use the Trust Estate, except cash, securities, Designated Qualifying Securities and other personal property deposited, or required to be deposited, with the Trustee, (ii) explore for, mine, extract, separate and dispose of coal, ore, gas, oil and other minerals, and harvest standing timber, and (iii) receive and use the rents, issues, profits, revenues and other income, products and proceeds of the Trust Estate.

 

UPON FURTHER CONDITION that this Deed to Secure Debt and Supplemental Indenture imposes no obligations upon the Authority beyond the limited, non-recourse lien and security title represented hereby, and all affirmative obligations with respect to the Project (and the Trust Estate as an entirety), including but not limited to preservation of collateral and maintenance of insurance, are solely those of the Company; but, provided further, that the Authority acknowledges that any Event of Default under the Indenture constitutes a default hereunder, even though the Authority is not a party to those documents.

 

THE INDENTURE, INCLUDING THIS DEED TO SECURE DEBT AND SUPPLEMENTAL INDENTURE, is intended to operate and is to be construed as a deed passing title to the Trust Estate and is made under the provisions of the laws of the State of Georgia relating to deeds to secure debt, and not as a mortgage or deed of trust, and is given to secure the Outstanding Secured Obligations.  Should the indebtedness secured by the Indenture be paid according to the tenor and effect thereof when the same shall become due and payable and should the Company perform all covenants contained in the Indenture in a timely manner, then the Indenture shall be canceled and surrendered.

 

GENERAL PROVISIONS

 

Section 1.                                          Supplemental Indenture and Incorporation by Reference; Waivers.

 

This Deed to Secure Debt and Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture, and shall form a part thereof, and the Original Indenture, as heretofore supplemented (as reflected in Schedule 1 attached hereto), and as hereby supplemented and modified, is hereby confirmed.  All references herein to Sections, definitions or other provisions of the Original Indenture shall be to such Sections, definitions and other provisions as they may be amended or modified from time to time pursuant to the Indenture.  All capitalized terms used in this Sixty-Sixth Supplemental Indenture shall have the

 

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same meanings assigned to them in the Original Indenture, except in cases where the context clearly indicates otherwise.

 

The Company desires to cause the Project to qualify as a Property Addition under the Indenture, and specifically to meet the requirements set forth in Paragraph C of the Indenture’s definition of “Property Additions,” and consequently has requested that the Authority grant to the Trustee, as security for all Obligations issued under the Indenture, a non-recourse lien and security title in and to the real and personal property constituting the Project, including its interests under the Ground Lease and the Bond Lease.

 

The Company desires additionally to confirm that its interest in the Project under the Bond Lease is subject to the lien of the Indenture, and to take and confirm such other acts as may be necessary to qualify the Project as a Property Addition under the Indenture.

 

The Authority agrees and acknowledges that the provisions of the Indenture shall govern the terms of this Deed to Secure Debt and Supplemental Indenture and the limited recourse grant by the Authority hereunder, including the provisions of the Indenture relating to releases of property, Events of Defaults and rights and remedies of the Trustee and the Holders upon an Event of Default, waivers and supplements.  The Authority shall not be a required party to any consent or waiver under, or modification or amendment of, the Indenture, any Supplemental Indenture or any Obligation, other than modification or amendment expressly to the scope of the limited recourse grant by the Authority contained in this Deed to Secured Debt and Supplemental Indenture.  Any waiver or consent under, or modification or amendment to, the Indenture, any Supplemental Indenture or any Obligation, not expressly amending or modifying the scope of the limited recourse grant by the Authority contained in this Deed to Secure Debt and Supplemental Indenture shall not alter or impair the limited recourse grant by the Authority contained in this Deed to Secure Debt and Supplemental Indenture, which will remain absolute and unconditional as described below.

 

The limited recourse grant by the Authority contained in this Deed to Secure Debt and Supplemental Indenture is absolute and unconditional regardless of (i) the validity, legality or enforceability of the Obligations or of any instrument evidencing the Obligations; (ii) whether or not the Obligations are presently existing, are incurred hereafter from time to time, are otherwise secured, are discharged in a bankruptcy or other insolvency proceedings or are contested by any other party; or (iii) the bankruptcy, insolvency, reorganization of, or the appointment of a trustee or receiver for, the Company.  The Trustee shall not be under any obligation to resort to any other portion of the Trust Estate held by it as a condition precedent to the Trustee’s right to pursue remedies against the Trust Estate granted by the Authority hereunder. The Authority hereby waives any right to interpose any and all defenses which might constitute legal or equitable defenses to the Trustee’s rights under this Deed to Secure Debt and Supplemental Indenture, including all suretyship defenses, exoneration, alteration of the underlying obligations and any action or inaction on the part of the Trustee, and waives any counterclaim or right of offset of any nature and description which it may have or which may exist between and among the Trustee, the Company and/or the Authority.  The Authority hereby waives any right to be subrogated to the rights of the Trustee or the Holders with respect to the Obligations, and waives any right to and agrees that it will not institute or take any action against the Company seeking reimbursement or indemnification by the Company with respect to any remedies taken by the

 

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Trustee or the Holders in connection with the limited recourse grant by the Company contained in this Mortgage and Supplemental Indenture.

 

Section 2.                                          Non-Recourse Liability of Authority.

 

WITH RESPECT TO THE AUTHORITY, THE SATISFACTION OF THE OUTSTANDING SECURED OBLIGATIONS (AND, WHEN AUTHENTICATED AND DELIVERED, ADDITIONAL OBLIGATIONS) SHALL BE HAD SOLELY FROM THE TRUST ESTATE, INCLUDING THE ADDITIONAL PROPERTY DESCRIBED HEREIN.  NO RECOURSE WILL BE HAD AGAINST THE AUTHORITY FOR THE ENFORCEMENT OF ANY OBLIGATION, PROMISE, OR AGREEMENT CONTAINED IN THIS DEED TO SECURE DEBT AND SUPPLEMENTAL INDENTURE FOR ANY CLAIM BASED THEREON OR OTHERWISE IN RESPECT THEREOF, AGAINST THE AUTHORITY OR ANY OTHER ASSETS OF THE AUTHORITY, OR ANY DIRECTOR, OFFICER OR EMPLOYEE, AS SUCH, IN HIS/HER INDIVIDUAL CAPACITY, PAST, PRESENT OR FUTURE, OF THE AUTHORITY OR OF ANY SUCCESSOR CORPORATION, EITHER DIRECTLY OR THROUGH THE AUTHORITY OR ANY SUCCESSOR CORPORATION, WHETHER BY VIRTUE OF ANY CONSTITUTIONAL PROVISION, STATUE OR RULE OF LAW OR BY THE ENFORCEMENT OF ANY ASSIGNMENT OR PENALTY OR OTHERWISE.

 

Section 3.                                          Ground Lease and Bond Lease.

 

The Authority represents that each of the Ground Lease and the Bond Lease is in full force and effect as of the date hereof and has not been cancelled or modified.  The Authority further represents that, to the best of its knowledge, no event of default under either of the Ground Lease or Bond Lease has occurred and that no condition exists thereunder which, with the passage of time, could constitute an event of default.

 

Section 4.                                          Recitals.

 

All recitals in this Deed to Secure Debt and Supplemental Indenture are made by the Company only and not by the Trustee; and all of the provisions contained in the Original Indenture, in respect of the rights, privileges, immunities, powers and duties of the Trustee, shall be applicable in respect hereof as fully and with like effect as if set forth herein in full.

 

Section 5.                                          Successors and Assigns.

 

Whenever in this Deed to Secure Debt and Supplemental Indenture any of the parties hereto is named or referred to, this shall, subject to the provisions of Articles IX and XI of the Original Indenture, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Deed to Secure Debt and Supplemental Indenture contained by or on behalf of the Company, by or on behalf of the Authority or by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so expressed or not.

 

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Section 6.                                          No Rights, Remedies, Etc.

 

Nothing in this Deed to Secure Debt and Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the Holders of the Outstanding Secured Obligations, any right, remedy or claim under or by reason of this Deed to Secure Debt and Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof.

 

Section 7.                                          Counterparts.

 

This Deed to Secure Debt and Supplemental Indenture may be executed in several counterparts, each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts, or as many of them as the Company, the Authority and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument.

 

Section 8.                                          Security Agreement; Mailing Address.

 

To the extent permitted by applicable law, this Deed to Secure Debt and Supplemental Indenture shall be deemed to be a Security Agreement and Financing Statement whereby the Authority grants to the Trustee a security interest in all of the Project that is personal property or fixtures under the Uniform Commercial Code, as adopted or hereafter adopted in one or more of the states in which any part of the Project is situated and the Company grants to the Trustee a security interest in all of the Trust Estate that is personal property or fixtures under the Uniform Commercial Code, as adopted or hereafter adopted in one or more of the states in which any part of the properties of the Company are situated.

 

The mailing address of the Company, as debtor, is:

 

2100 East Exchange Place

Tucker, Georgia 30084-5336

 

The mailing address of the Authority, as debtor, is:

 

Chairman

Murray County Industrial Development Authority

Murray County Courthouse Annex

121 N. Fourth Avenue

Chatsworth, Georgia 30705

 

With a copy to:

 

William W. Keith, P.C.

Attorney at Law

101 North 4th Avenue

P.O. Box 12385

Chatsworth, Georgia 30705-1385

 

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and the mailing address of the Trustee, as secured party, is:

 

U.S. Bank National Association

Attention:  Corporate Trust Services

1349 West Peachtree Street, NW

Suite 1050, Two Midtown Plaza

Atlanta, Georgia 30309

 

[Signatures on Next Page]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Deed to Secure Debt and Security Agreement and Sixty-Sixth Supplemental Indenture, to be duly executed under seal as of the day and year first above written.

 

 

	
Company and Bondholder:
    	
 
    	
OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP   CORPORATION), an electric membership corporation organized   under the laws of the State of Georgia
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Elizabeth B. Higgins
    
	
 
    	
 
    	
 
    	
Thomas   A. Smith
    
	
 
    	
 
    	
 
    	
President   and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signed,   sealed and delivered
    	
 
    	
Attest:
    	
/s/   Patricia N. Nash
    
	
by   the Company in the presence of:
    	
 
    	
 
    	
Patricia   N. Nash
    
	
 
    	
 
    	
 
    	
Secretary
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Thomas J. Brendiar
    	
 
    	
[CORPORATE   SEAL]
    
	
Witness
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Sharon H. Wright
    	
 
    	
 
    	
 
    
	
Notary   Public
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
My   commission expires:
    	
October 14,   2015
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
[NOTARIAL   SEAL]
    	
 
    	
 
    	
 
    
							

 

[Signatures Continue on Next Page]

 

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[Signatures Continued from Previous Page]

 

 

	
Authority:
    	
 
    	
MURRAY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY, created pursuant   to the provisions of Georgia Laws 1966, p. 963 et seq.,   as amended
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Lamar A. Dunn
    
	
 
    	
 
    	
 
    	
Chairman
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed,   sealed and delivered
    	
 
    	
Attest:
    	
/s/   Robert S. Angela
    
	
by   the Company in the presence of:
    	
 
    	
 
    	
Secretary
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Bill Keith
    	
 
    	
[CORPORATE   SEAL]
    
	
Witness
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Lisa Kicklighter
    	
 
    	
 
    	
 
    
	
Notary   Public
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
My   commission expires:
    	
January 26,   2015
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
[NOTARIAL   SEAL]
    	
 
    	
 
    	
 
    
							

 

[Signatures Continue on Next Page]

 

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[Signatures Continued from Previous Page]

 

 

	
Trustee:
    	
 
    	
U.S. BANK NATIONAL ASSOCIATION, a national   banking association
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Jack Ellerin
    
	
 
    	
 
    	
 
    	
Authorized   Agent
    
	
 
    	
 
    	
 
    	
 
    
	
Signed   and delivered
    	
 
    	
 
    	
 
    
	
by   the Trustee in the presence of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Muriel Shaw
    	
 
    	
 
    	
 
    
	
Witness
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Mary Easton
    	
 
    	
 
    	
 
    
	
Notary   Public
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
My   commission expires:
    	
April 15,   2014
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
[NOTARIAL   SEAL]
    	
 
    	
 
    	
 
    

 

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Exhibit A

 

A CONFORMED COPY OF THE ORIGINAL INDENTURE

 

Filed only in Murray County, Georgia and Whitfield County, Georgia

 

 

Exhibit B

 

COPIES OF THE PRIOR SIXTY-FIVE SUPPLEMENTAL INDENTURES

 

Filed only in Murray County, Georgia and Whitfield County, Georgia

 

 

Exhibit C

 

LEGAL DESCRIPTION OF MURRAY COUNTY AND WHITFIELD COUNTY PROPERTY

 

TRACT A:

 

All that tract or parcel of land situate, lying and being in Land Lots 21 and 22 of the 13th Land District and the Third Section of Murray County, Georgia, and being more particularly described as follows:

 

Commencing at a “PK” nail placed at the intersection of centerlines of Looper’s Bridge Road and River Bend Road, said point being the POINT OF REFERENCE;

 

THENCE, from the said POINT OF REFERENCE, South 50 degrees 37 minutes 17 seconds East for a distance of 5712.41 feet to a 1/2 inch rebar set;

 

THENCE, South 42 degrees 56 minutes 18 seconds East for a distance of 640.86 feet to a 1/2 inch rebar set, said point being the POINT OF BEGINNING;

 

THENCE, from the said POINT OF BEGINNING, North 01 degrees 11 minutes 01 seconds West for a distance of 342.42 feet to a 1/2 inch rebar set;

 

THENCE North 28 degrees 03 minutes 15 seconds West for a distance of 96.58 feet to a 1/2 inch rebar set;

 

THENCE North 53 degrees 32 minutes 28 seconds West for a distance of 489.27 feet to a 1/2 inch rebar set;

 

THENCE North 21 degrees 46 minutes 37 seconds West for a distance of 304.34 feet to a 1/2 inch rebar set;

 

THENCE North 08 degrees 17 minutes 17 seconds West for a distance of 510.36 feet to a 1/2 inch rebar set;

 

THENCE along a curve to the right having a radius of 452.20 feet and an arc length of 168.90 feet, being subtended by a chord of South 80 degrees 53 minutes 35 seconds East for a distance of 167.92 feet to a 1/2 inch rebar set;

 

THENCE South 70 degrees 10 minutes 34 seconds East for a distance of 325.26 feet to a 1/2 inch rebar set;

 

THENCE South 01 degrees 11 minutes 01 seconds East for a distance of 314.27 feet to a 1/2 inch rebar set;

 

THENCE North 88 degrees 48 minutes 59 seconds East for a distance of 1449.58 feet to a 1/2 inch rebar set;

 

THENCE South 82 degrees 30 minutes 30 seconds East for a distance of 253.63 feet to a 1/2 inch rebar set;

 

THENCE South 01 degrees 11 minutes 01 seconds East for a distance of 396.02 feet to a 1/2 inch rebar set;

 

THENCE South 40 degrees 59 minutes 12 seconds West for a distance of 217.19 feet to a 1/2 inch rebar set;

 

THENCE South 31 degrees 11 minutes 25 seconds West for a distance of 225.03 feet to a 1/2 inch rebar set;

 

THENCE South 12 degrees 17 minutes 32 seconds West for a distance of 306.29 feet to a 1/2 inch rebar set;

 

THENCE along a curve to the right having a radius of 1000.41 feet and an arc length of 327.03 feet, being subtended by a chord of South 83 degrees 05 minutes 47 seconds West for a distance of 325.58 feet to a 1/2 inch rebar set;

 

THENCE North 87 degrees 32 minutes 19 seconds West for a distance of 908.12 feet to a half inch rebar, said point being the POINT OF BEGINNING.

 

1

 

Said tract or parcel of land contains 45.32 acres, more or less.

 

Said tract or parcel of land shown as “Tract A” on that certain ALTA/ACSM Land Title Survey of Murray Generating Station prepared for KGEN Murray I and II LLC, Oglethorpe Power Corporation, Murray County Industrial Development Authority and First American Title Insurance Company by Donaldson Garrett & Associates, Inc, bearing the seal of John M. Story, Georgia Registered Land Surveyor No. 2266, dated June 28, 2004, signed July 16, 2004, last revised January 3, 2011, Drawing No. NC-523-04”D.

 

TOGETHER WITH:

 

(a) That certain Access and Utility Easement Agreement dated December 6, 2000 by the City of Dalton and Duke Energy Murray, LLC, filed June 15, 2001 and recorded June 18, 2001 in Deed Book 385, Page 276, Murray Records; and filed and recorded June 21, 2001 in Deed Book 3477,Page 321, Whitfield records; as amended by Amendment to Access and Utility Easement Agreement dated June 1, 2001 and filed and recorded August 2, 2004 in Deed Book 524, Page 675, Murray records, and filed and recorded August 6, 2004 in Deed Book 4305, Page 169, Whitfield records;

 

(b) That certain Electric Transmission Line Right-of-way and Easement Agreement dated December 6, 2000 by the City of Dalton and Duke Energy Murray, LLC, filed June 15, 2001 and recorded June 18, 2001 in Deed Book 385, page 356, Murray Records; and filed and recorded June 21, 2001 in Deed Book 3478, Page 52, Whitfield records; as amended by Amendment to Electric Transmission Line Right-of-way and Easement Agreement dated June 1, 2001 and filed and recorded August 2, 2004 in Deed Book 524, Page 688, Murray records, and filed and recorded August 6, 2004 in Deed Book 4305, Page 182, Whitfield records;

 

(c) That certain Natural Gas Pipeline Right-of-way and Easement Agreement dated December 6, 2000 by the City of Dalton and Duke Energy Murray, LLC, filed June 15, 2001 and recorded June 18, 2001 in Deed Book 385, Page 331, Murray Records; and filed and recorded June 21, 2001 in Deed Book 3478, Page 27, Whitfield records; as amended by Amendment to Natural Gas Pipeline Right-of-way and Easement Agreement dated June 1, 2001 and filed and recorded August 2, 2004 in Deed Book 524, Page 697, Murray records, and filed and recorded August 6, 2004 in Deed Book 4305, Page 191, Whitfield records; and

 

(d) That certain Water Supply and Waste Water Pipeline Right-of-way and Easement Agreement dated December 6, 2000 by the City of Dalton and Duke Energy Murray, LLC, dated filed and recorded June 15, 2001 in Deed Book 385, Page 305, Murray Records; and filed and recorded June 21, 2001 in Deed Book 3478, Page 1, Whitfield records; as amended by Amendment to Water Supply and Waste Water Pipeline Right-of-way and Easement Agreement dated June 1, 2001 and filed and recorded August 2, 2004 in Deed Book 524, Page 711, Murray records, and filed and recorded August 6, 2004 in Deed Book 4305, Page 205, Whitfield records.

 

2

 

SCHEDULE 1

 

RECORDING INFORMATION

FOR

                         COUNTY, GEORGIA

 

	
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3EXHIBIT 10.1

 

OGLETHORPE POWER CORPORATION

 

EXECUTIVE INCENTIVE PAYMENT PLAN

 

This is the amended and restated OGLETHORPE POWER CORPORATION EXECUTIVE INCENTIVE PAYMENT PLAN (the “Plan”), executed by Oglethorpe Power Corporation, a Georgia corporation (hereinafter the “Corporation”), this 25th day of March, 2013.

 

WITNESSETH:

 

WHEREAS, the Corporation desires to continue to provide incentives to one or more of its key executives to encourage them to remain in the employ of the Corporation; and

 

WHEREAS, one of the means selected by the Corporation to offer such incentives is through the adoption of an unfunded nonqualified deferred compensation plan to benefit only a select group of management or highly compensated personnel; and

 

WHEREAS, the Corporation desires to amend and restate the Plan;

 

NOW, THEREFORE, the Corporation hereby adopts the following amended and restated version of the Plan, effective as of the date hereof:

 

ARTICLE I
 DEFINITIONS

 

1.1                               Definitions.  As used in this instrument, the following terms shall have the meaning hereinafter set forth:

 

(a)                                 “Beneficiary” shall mean a person entitled to benefits hereunder as beneficiary of a deceased Participant or as beneficiary of a deceased Beneficiary.

 

(b)                                 “Board” shall mean the Board of Directors of the Corporation.

 

(c)                                  “Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(d)                                 “Committee” shall mean the duly appointed Compensation Committee of the Board of Directors.

 

(e)                                  “Disability” shall mean that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months.

 

(f)                                   “Distribution Event” shall mean the Participant’s retirement, death, Disability, termination of employment or other event giving rise to the Participant’s right to a distribution of all or a portion of his or her accrued benefits under this Plan, as more fully described in the Participation Agreement, which shall be consistent with the provisions of Code Section 409A.

 

 

(g)                                  “Executive” shall mean any person employed by the Corporation who is identified by the Corporation as being a member of a select group of the Corporation’s management.

 

(h)                                 “Normal Retirement Age” shall mean age sixty-five (65).

 

(i)                                     “Participant” shall mean any Executive who is designated by the Corporation as eligible to participate in the Plan and who actually participates in the Plan.

 

(j)                                    “Participation Agreement” shall mean the agreement executed by the Corporation and the Participant, under which the Participant agrees to participate in the Plan and setting forth the terms of such participation, including, without limitation, the amount of deferred compensation to be contributed to the Plan, the applicable Distribution Events, the vesting and forfeiture provisions and the term of such participation. Unless the Board of Directors shall otherwise direct, a Participation Agreement may be executed on behalf of the Corporation by the Chairman of the Board, the President and Chief Executive Officer or the Chief Operating Officer.

 

(k)                                 “Plan” shall mean the Oglethorpe Power Corporation Executive Incentive Payment Plan set forth herein.

 

1.2                               Rules of Interpretation.

 

(a)                                 Where necessary or appropriate to the meaning hereof, the singular shall be deemed to include the plural, the plural to include the singular, the masculine to include the feminine and neuter, the feminine to include the masculine and neuter, and the neuter to include the masculine and feminine.

 

(b)                                 This Plan has been executed for the benefit of the Participants and their Beneficiaries, subject to the claims of the Corporation’s creditors and other limitations set forth hereinabove. So far as possible, this Plan shall be interpreted and administered in a manner consistent with this intent and with the intention of the Corporation that this Plan shall at all times fully comply with the requirements of the law. The Corporation’s reasonable determination of the interpretation of the provisions of this Plan shall be binding upon the Corporation, the Participants and Beneficiaries hereunder and all other persons.

 

ARTICLE II
 ELIGIBILITY AND PARTICIPATION

 

2.1                               Eligibility.  No employee of the Corporation shall be eligible to participate in this Plan unless he or she is an Executive selected by the Board of Directors.

 

2.2                               Participation.  Each Executive selected to participate in the Plan shall enter the Plan immediately upon being designated and executing a Participation Agreement in such form as is required by the Corporation.

 

 

ARTICLE III
 DEFERRED COMPENSATION, INVESTMENTS AND FORFEITURES

 

3.1                               Participant Accounts.

 

(a)                                 The Corporation shall cause an account to be kept in the name of each Participant which shall reflect the value of the deferred payments, designating what portion is vested and nonvested from time to time. Until and except to the extent that deferred compensation hereunder is distributed to or vested in a Participant (or Beneficiary) from time to time in accordance with the Participation Agreement and orders of the Corporation, the interest of each Participant and Beneficiary therein shall be contingent only. The account of a Participant, even if vested, shall be subject to forfeiture as provided in the Participation Agreement.

 

(b)                                 Title to and beneficial ownership of any assets, whether cash or investments, which the Corporation may set aside or earmark to meets its deferred compensation obligations hereunder, shall at all times remain in the Corporation, and no Participant or Beneficiary shall under any circumstances acquire any property interest in any specific assets of the Corporation. To the extent that any person acquires a right to receive a payment from the Corporation under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Corporation. Hence the right of a Participant or Beneficiary to receive a distribution from the Plan shall be an unsecured claim against the general assets of the Corporation, and neither the Participant nor Beneficiary shall have any rights in or against any specific assets of the Corporation. All amounts credited to a Participant’s account hereunder shall constitute general assets of the Corporation and may be disposed of by the Corporation at such times and for such purposes as it may deem appropriate.

 

3.2                               Setting Aside of Assets to Meet the Corporation’s Plan Obligations. In order to meet its deferred obligations hereunder, the Corporation shall each year set aside or earmark funds in an amount equal to the total amounts allocated and deferred for such year under this Article III

 

3.3                               Investment of Funds.

 

(a)                                 Funds set aside or earmarked to meet the Corporation’s deferred obligation hereunder may be kept in cash, or invested and reinvested, in the discretion of the Corporation. The Corporation may permit the Participant to suggest or direct the investment of such funds, but ownership of the funds shall remain with the Corporation, and the investment authority given to a Participant shall not constitute an incident of ownership with respect to such investments. The degree of authority over investment decisions shall be set forth in the Participation Agreement.

 

(b)                                 Except as provided in paragraphs (a) and (d) of this Section 3.3, and as otherwise permitted in the Participation Agreement, the investment of funds set aside or earmarked to meet the Corporation’s obligations hereunder shall generally be made in stocks, bonds, insurance policies or other assets selected by the Committee in its sole discretion; provided, however, that no portion of such funds shall be invested in any securities of the Corporation or any of its affiliates. In the exercise of the foregoing discretionary investment powers, the Committee may engage investment counsel, and, if it so desires, may delegate to such counsel full or limited authority to select the securities in which the funds are to be invested.

 

 

The cost of any such service shall be charged as an expense of administering the Plan and paid from the invested funds unless otherwise provided in the Participation Agreement.

 

(c)                                  The income and gains and losses, both realized and unrealized, from investments made pursuant to paragraph (b), net of any expenses properly chargeable thereto, shall be determined at least annually at the close of the year by the Corporation. An amount equal to the net income or loss as so determined shall be allocated among the accounts of the Participants concerned in proportion to the values of their accounts at the beginning of the year or as may otherwise be appropriate. Amounts so allocated shall increase or decrease, as the case may be, the future benefits receivable by such Participants or their Beneficiaries.

 

(d)                                 In the event a Distribution Event occurs and the deferred benefits are to be paid in installments rather than in a lump sum, the Corporation shall set aside funds in an amount equal to the unpaid balance of such obligation. Funds so set aside may be kept in cash, or invested and reinvested in the discretion of the Corporation, except that the Corporation may permit the Participant to indicate how such funds are to be invested (including investment in money market or savings accounts or bonds). The total amount payable to the Participant shall be appropriately adjusted by an amount equal to the net income or loss on such funds, determined in accordance with the principles of paragraphs (b) and (c) above.

 

3.4                               Distribution Events.  The Corporation shall determine and set forth, in a Participant’s Participation Agreement, the Distribution Event or Events applicable to such Participant, consistent with the distribution events set forth in Code Section 409A. In no event shall the Participation Agreement set forth a Distribution Event with respect to amounts that are subject to Code Section 409A that is not permitted under Code Section 409A. Upon the occurrence of a Distribution Event, the Corporation shall determine the benefits payable to the Participant or his or her Beneficiary, using the last available value of each of such assets. The last available value shall be determined by reference to the regularity and frequency of valuation of particular assets, such as daily valuation of marketable securities or periodic valuations of real estate. The amount of benefits so determined shall then be paid to the Participant or Beneficiary in cash or other property according to the terms of the Participation Agreement.

 

3.5                               Beneficiaries.  Each Participant shall have the right to designate Beneficiaries who are to succeed to his or her contingent right to receive future payments hereunder in the event of his or her death, pursuant to the provisions set forth in Article V of this Plan. A Beneficiary may also designate Beneficiaries with respect to his or her interest in any benefits to be paid hereunder.

 

3.6                               Forfeitures.  The right of a Participant or Beneficiary to receive a payment of deferred benefits under this Plan, even if such right is otherwise fully vested, shall be forfeited upon the occurrence of any of the events of forfeiture set forth in the Participation Agreement.

 

3.7                               No Fiduciary Relationship.  Nothing contained herein shall be deemed to create a trust of any kind or create any fiduciary relationship. Funds invested hereunder shall continue for all purposes to be a part of the general funds of the Corporation, and no person other than the Corporation shall by virtue of the provisions of this Plan have any interest in such funds.

 

 

ARTICLE IV
 ADMINISTRATION

 

4.1                               Plan Administrator.  The Corporation is the plan administrator and has the authority to control and manage the operation and administration of the Plan and the discretion to interpret the terms and intent of the Plan. The Corporation shall make such rules, regulations, interpretations, and shall take such other actions to administer the Plan as the Corporation may deem appropriate. In administering the Plan, the Corporation shall act in a nondiscriminatory manner with respect to Participants and Beneficiaries.

 

4.2                               Delegation of Authority.  The Board of Directors may delegate any administrative duties of the Corporation hereunder to its designee. Unless the Board of Directors shall determine otherwise, all actions that could otherwise be taken by the Board of Directors hereunder may be and shall be taken by the Committee. Whenever action is required by the Corporation hereunder, the same may be taken by any individual designated by the Committee as agent for the purpose. Should it become necessary to perform some act hereunder and there is no direction in this Plan, the Corporation shall exercise its discretion in a manner that is consistent with the purpose of this Plan; and in so acting the Corporation and its agents shall be fully protected and shall be absolved from all liability except from fraud or bad faith. With respect to the administration of the Plan, the Board of Directors delegates to Jami Reusch and Homerzelle Gentry all duties with respect to the daily administration of the Plan and its installation. The signature of both of them shall be sufficient to bind the Corporation in connection with the administration of the Plan, including the establishment of any and all corporate accounts with Salomon Smith Barney or any other entity for the holding and investment of any assets earmarked pursuant to this Plan, including the execution of client agreements and any and all other documents, and the taking of any and all actions, that they deem necessary or appropriate to ensure the efficient administration of this Plan.

 

4.3                               Records and Expenses.  The books and records to be maintained for the purpose of the Plan shall be maintained by the officers and employees of the Corporation at its expense and subject to the supervision and control of the Board of Directors. All the expenses of administering the Plan shall be paid by the Corporation either from funds set aside or earmarked under the Plan or from other funds.

 

4.4                               Absence of Liability.  No member of the Board or of the Committee and no officer or employee of the Company shall be liable to any person for any action taken or omitted in connection with the administration of this Plan unless attributable to his or her own fraud or willful misconduct; nor shall the Corporation be liable to any person for any such action unless attributable to fraud or willful misconduct on the part of a director, officer or employee of the Corporation.

 

ARTICLE V
 DISTRIBUTIONS

 

5.1                               Distribution of Accounts. In the event of the occurrence of a Distribution Event, as set forth in the Participation Agreement, with Distribution Events typically including the termination of a Participant’s employment, whether such termination shall occur by reason of death, Disability, retirement or other separation from service, the amount standing to such

 

 

Participant’s account in the Plan shall be distributed to or on behalf of such Participant at such time or times and in the manner provided under Section 5.2.

 

5.2                               Form of Payment. Distribution of benefits shall be made in a lump sum except as otherwise provided in the Participation Agreement or in the following sentence. Unless the Participation Agreement provides otherwise, in the event a Participant terminates employment (or his or her Beneficiary if the termination of employment is on account of the Participant’s death), he or she shall be paid the value of the Participant’s account in five (5) annual installments commencing within sixty (60) days after the Distribution Event. In the case of installment distributions, earnings and losses shall continue to be credited to the funds remaining in the account as if the Participant had not terminated employment with the Corporation. Each installment payment shall be based on the amount then credited to the Participant’s account. The final installment will be the balance of the account and any earnings or losses credited to such date.

 

5.3                               Death Benefits; Beneficiary Designation; Distribution of Death Benefits.

 

(a)                                 If a Participant or Beneficiary dies prior to receiving all of his or her account balance hereunder, then unless the Participation Agreement provides otherwise, the Participant’s or Beneficiary’s remaining account balance shall be paid to the Participant’s or Beneficiary’s designated Beneficiary in five (5) equal, annual installments commencing ninety (90) days after the Participant’s or Beneficiary’s death, as the case may be. Notwithstanding the foregoing, each annual installment payable to a Beneficiary shall be no less than Five Thousand Dollars ($5,000) (or the Participant’s remaining account balance, if it is less than $5,000).

 

(b)                                 At any time and from time to time, each Participant and each Beneficiary who is receiving payments hereunder shall have the unrestricted right to designate the person who, as his or her Beneficiary, shall receive the amount payable hereunder after his or her death, and the right to revoke any such designations. Each such designation shall be evidenced by a written instrument filed with the Corporation, signed by the Participant or Beneficiary who is making the designation. No designation of Beneficiaries shall be valid unless in writing signed by the Participant or Beneficiary, dated, and filed with the Committee. Beneficiaries may be changed without the consent of any prior beneficiaries. In the event a Participant dies without having filed a beneficiary designation form with the Corporation, his or her deferred benefits payable hereunder shall be paid in the following order: (a) to the Participant’s spouse; (b) if there is no surviving spouse, then to the Participant’s children, in equal shares (with adopted children being treated as children for purposes of this Plan); and (c) if there are no surviving children, then to the Participant’s estate. The foregoing order of payment shall apply to a Beneficiary (by reference to that Beneficiary) who dies before receiving the entire benefit due under the Plan, and neither the Participant nor the Beneficiary has named a Beneficiary to receive such remaining benefits.

 

5.4                               Payment Upon Income Inclusion.  The Corporation may accelerate the time or schedule of a payment under the Plan at any time the Plan fails to meet the requirements of Code Section 409A. Such payment may not exceed the amount required to be included in income as a result of the failure to comply with the requirements of Code Section 409A.

 

 

ARTICLE VI
 SPENDTHRIFT PROVISIONS AND OTHER PARTICIPANT RIGHTS

 

6.1                               Spendthrift Clause.  No interest of any person or entity in, or right to receive a distribution under, the Plan shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment or other alienation or encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. A distribution by the estate of a deceased Participant or Beneficiary to an heir or legatee of a right to receive payments hereunder shall not be deemed an alienation, assignment or anticipation for purposes of this Section 6.1.

 

6.2                               No Guarantee of Benefits.  Nothing contained in the Plan shall constitute a guarantee by the Corporation or any other person or entity that the assets of the Corporation will be sufficient to pay any benefits hereunder.

 

6.3                               No Guarantee of Employment.  Participating in this Plan shall not give any Participant any right to be retained in the service of the Corporation or any right or claim to any benefits hereunder unless such benefits have accrued under the terms and provisions of this Plan.

 

6.4                               Unclaimed Benefit.  Each Participant shall keep the Corporation informed of his or her current address and the current address of each Beneficiary. The Corporation shall not be obligated to search for the whereabouts of any person. If the location of a Participant or a Beneficiary is not made known to the Corporation within three (3) years after the occurrence of a Distribution Event, then the Corporation shall have no further obligation to pay any benefit hereunder to such Participant or Beneficiary or anyone claiming under such Participant or Beneficiary, and such benefit shall be irrevocably forfeited.

 

ARTICLE VII
 AMENDMENT AND TERMINATION

 

7.1                               Right to Amend.  The Corporation reserves the right by action of its Board of Directors to amend this Plan at any time or times. Any amendment which is necessary to bring this Plan into conformity with applicable government laws or regulations may be made retroactively.

 

7.2                               Termination.  The Corporation has established this Plan with the bona fide intention and expectation that it will be continuing and permanent. However, the Corporation reserves the right to terminate the Plan when, in the sole opinion of the Company, such termination is advisable.

 

7.3                               Effect of Amendment or Termination.  No amendment or termination shall directly or indirectly reduce the balance of any account held hereunder as of the effective date of such amendment or termination. Upon termination of the Plan, there shall be paid to each Participant and each Beneficiary the amount of his or her account in the Plan, in accordance with the further terms of this Plan and applicable law.

 

 

ARTICLE VIII
 GENERAL PROVISIONS

 

8.1                               Claims Procedure.  The Corporation shall make a determination as to the right of any person to a benefit, and shall afford any person dissatisfied with such determination the right to a hearing thereon. Any denial by the Corporation of the claim for benefits under the Plan by a Participant or Beneficiary shall be stated in writing by the Corporation and delivered or mailed to the Participant or Beneficiary, and such notice shall set forth the specific reasons for the denial, written to the best of the Corporation’s ability in a manner that may be understood without legal or actuarial counsel. In addition, the Corporation shall afford a reasonable opportunity to any Participant whose claim for benefits has been denied for a full and fair review of the decision denying the claim.

 

8.2                               Adoption of Plan by Successor.  In the event of the merger or consolidation of the Corporation, or the transfer of the assets of the Corporation to another corporation, association, partnership, sole proprietorship, or business organization, the Plan may be adopted by the surviving corporation, association, partnership, sole proprietorship, or other business organization which employs a substantial number of the Participants of the Plan. Such adoption of the Plan shall be expressed in an agreement between such surviving or other corporation, association, partnership, sole proprietorship, or business organization and the Committee under which such other corporation, association, partnership, sole proprietorship, or business organization adopts the Plan with respect to the Participants employed by it. If, pursuant to the terms hereof, the Plan is adopted by any other corporation, association, partnership, sole ‘proprietorship, or business organization, such other corporation, association, partnership, sole proprietorship or business organization shall be deemed to succeed to the position of the Corporation under the Plan.

 

8.3                               Governing Laws.  This Plan shall be construed and enforced under the laws of the State of Georgia, and all provisions hereof shall be administered in accordance with the provisions of the laws of the State of Georgia, provided that in case of conflict between Georgia law and any applicable and binding provision of the Code, particularly Section 409A thereof, or the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the provisions of the Code or ERISA shall control.

 

8.4                               Code Section 409A.  The Plan is to be interpreted, construed and operated in accordance with the Corporation’s intent that the payments and benefits under the Plan are exempt from or comply with Code Section 409A and the regulations thereunder. The phrase “termination of employment” and similar phrases shall mean a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h). Each payment in a series will be deemed to be a separate payment for purposes of Code Section 409A. If a Participant who is a “specified employee” within the meaning of Code Section 409A is to receive a payment that is subject to the requirements of Code Section 409A on account of a separation from service, such payment will not be made during the six-month period following the Participant’s separation from service or his death, if earlier (the “409A Deferral Period”). Any amounts not paid during the 409A Deferral Period shall be paid in a lump sum on the first day following the 409A Deferral Period, and all subsequent payments will be made as otherwise scheduled. The Corporation shall have the right to amend the Plan to avoid the application of Code Section 409A or the extent the Corporation determines that is necessary or desirable to satisfy any requirement

 

 

under Code Section 409A, but the Corporation shall not be under any obligation to enter into such an amendment.

 

8.5                               Alternative Acts.  In the event it becomes impossible for the Corporation to perform any act required by this Plan, then the Corporation may perform such alternative act which most nearly carries out the intent and purpose of this Plan.

 

8.6                               Title Headings.  The headings in this Plan are solely for the convenience of reference and shall not affect its interpretation.

 

IN WITNESS WHEREOF, this Executive Incentive Payment Plan is signed by the Corporation through its duly authorized officer on the day and year first above written.

 

	
 
    	
CORPORATION
    
	
 
    	
 
    
	
 
    	
/s/   Benny W. Denham
    
	
 
    	
 
    
	
 
    	
Date:   
    	
March 25,   2013
    
	
 
    	
 
    	
 
    
	
 
    	
Printed   Name: Benny W. Denham
    
	
 
    	
 
    
	
 
    	
Title:   Chairman of the Board of Directors
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Attest:   
    	
/s/   Patricia N. Nash
    
	
 
    	
 
    	
Patricia   N. Nash, Secretary

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