Text

Financial Assurance Requirements for Decommissioning
	ML20099E527
Person / Time
Site:	Vogtle
Issue date:	03/12/2020
From:	Whitley B; Southern Nuclear Operating Co
To:	; Document Control Desk, Office of Nuclear Reactor Regulation
References
	ND-20-0243
	Download: ML20099E527 (187)
	v • d • e

A Southern Nuclear March 12, 2020 Docket Nos.: 52-025 52-026 U.S. Nuclear Regulatory Commission Document Control Desk Washington, DC 20555-0001 Bri,m H. Whitley Southern Nuclear Director Regulato,y Aliairs Operating Company, Inc.

3535 Colonnade Parkway Birmtngham, Al 3524a re1 ws 992 7079 ND~20-0243 10 CFR 50.75(e)(3)

Southern Nuclear Operating Company Vogtle Electric Generating Plant Units 3 and 4 Financial Assurance Requirements for Decommissioning Ladies and Gentlemen:

Southern Nuclear Operating Company (SNC) holds operating licenses52-025 and 52-026 for Vogtle Electric Generating Plant (VEGP) Unit 3 and Unit 4, respectively. In accordance with 10 CFR 50.75 (e)(3), SNC is required to submit a report for each unit, no later than thirty (30) days after the NRC publishes notice in the Federal Register (85 FR 8030) under 10 CFR 52.103(a), containing certification of financial assurance for decommissioning (Enclosure 1) and copies of the financial instruments to be used (Enclosure 2). On behalf of the licensed owners of VEGP 3&4 (Georgia Power Company, Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia. and the City of Dalton), SNC submits the following in satisfaction of the requirements of 10 CFR 50.75(e)(3):

An update to the information described in COL Application, Part 1, "General and Financial Information," Appendix 1 D, "Decommissioning Fund Estimate Report," Sections 10.1, "Decommissioning Funding Calculation" and 1 D.5, "References," and A copy of the executed financial instrument that each owner intends to use.

This letter contains no regulatory commitments.

Should you have any questions, please contact Ms. Amy Chamberlain at (205) 992~6361.

I declare under penalty of perjury that the foregoing is true and correct. Executed on the 12111 of March 2020.

Respectfully submitted, Brian H. Whitley Director, Regulatory Affairs Southern Nuclear Operating Company

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4l3557l2v3 FIRST AMENDED AND REST A TED MASTER TRUST AGREEMENT FOR THE DECOMMISSIONING OF NUCLEAR PLANTS BETWEEN GEORGIA POWER COMPANY AND THE BANK OF NEW YORK MELLON, AS TRUSTEE

ARTICLE I 1.1 1.2 1.3 1.4 1.5 1.6 ARTICLE II 2.1 2.2 2.3 ARTICLE III TABLE OF CONTENTS Page TITLE - PURPOSE - POLICY - EFFECT................................................. 2 Name of Trust................................................................................................... 2 Definitions........................................................................................................ 2 Purpose............................................................................................................. 5 Effect................................................................................................................. 6 Domestic Trust.................................................................................................. 6 Trustee Not Responsible for Enforcing Contributions or for Sufficiency........................................................................................................ 6 PARTICIPATION...................................................................................... 6 Eligibility.......................................................................................................... 6 Fund Interest In Investment Accounts.............................................................. 6 Valuations......................................................................................................... 7 ADMINISTRATION OF DECOMMISSIONING PLANS....................... 7 3.1 Payment for Decommissioning Activities........................................................ 7 3.2 Payments Pursuant to NRC Direction.............................................................. 8 3.3 Responsibility for Decommissioning............................................................... 8 3.4 Reversion of Company Contributions.............................................................. 8 3.5 Payment or Reimbursement of Administrative Expenses................................ 9 3.6 Prohibition Against Assignment or Alienation................................................. 9 ARTICLE IV INVESTMENT OF TRUST ASSETS........................................................ 9 4.1 Asset Managers.....,......... :................................................................................. 9 4.2 Investment Discretion..................................................................................... 10 4.3 Limitations on Investment Discretion............................................................ 10 4.4 Responsibility for Diversification................................................................... 10 ARTICLE V RESPONSIBILITY FOR DIRECTED FUNDS....................................... 10 5.1 Responsibility for Selection of Agents........................................................... 10 5.2 Trustee Not Responsible for Investments in Directed Funds......................... 11 5.3 Investment Vehicles........................................................................................ 11 5.4 Reliance on Asset Manager............................................................................ 11 5.5 Merger of Funds............................................................................................. 11 5.6 Notification of Company in Event ofBreach................................................. 12 5.7 Definition of Knowledge................................................................................ 12 5.8 Duty to Enforce Claims.................................................................................. 12 5.9 Restrictions on Transfer.................................................................................. 12 ARTICLE VI POWERS OF ASSET MANAGERS....................................................... 12 6.1 General Powers............................................................................................... 12 6.2 Additional Powers of Trustee......................................................................... 13 ARTICLE VII RECORDS AND ACCOUNTS OF TRUSTEE....................................... 15 7.1 Records........................................................................................................... 15 7.2 Annual Account.............................................................................................. 15 7.3 Account Stated................................................................................................ 15 7.4 Judicial Accountings....................................................................................... 15 7.5 Necessary Parties............................................................................................ 15 413557l2v3

-i-

TABLE OF CONTENTS

( continued)

Page 7.6 Responsibility for Notices and Filings with the NRC and the Internal Revenue Service............................................................................................. 15 ARTICLE VIII COMPENSATION, TAXES, AND EXPENSES..................................... 16 8.1 Compensation and Expenses..........................................................................-16 8.2 Taxes............................................................................................................... 16 8.3 Allocation....................................................................................................... 16.

ARTICLE IX RESIGNATION OR REMOVAL OF TRUSTEE................................... 16 9.1 9.2 9.3 ARTICLEX Resignation or Removal................................................................................. 16 Designation of Successor Trustee................................................................... 16 Reserve for Expenses...................................................................................... 17 WITHDRAWAL OF PARTICIPATING UNITS.................................... 17 10.1 Event of Withdrawal....................................................................................... 17 10.2 Approval of Appropriate Agencies................................................................. 17 ARTICLE XI AMENDMENT OR TERMINATION..................................................... 17

11. l Amendment...................... *............................................................................... 17 11.2 Termination..................................................................................................... 17 11.3 Trustee's Authority to Survive Termination................................................... 18 11.4 U.S. Special Resolution Regime Transferability............................................ 18 ARTICLE XII AUTHORITIES........................................................................................ 18 12.1 Company......................................................................................................... 18 12.2 Investment Manager....................................................................................... 18 12.4 Continuation of Authority............................................................................... 19 12.5 No Obligation to Act on Unsatisfactory Notice............................................. 19 ARTICLE xm GENERAL PROVISIONS....................................................................... 19 13.1 Governing Law............................................................................................... 19 13.2 Entire Agreement............................................................................................ 19 13.3 Experts............................................................................................................ 20 13.4 Successor to the Trustee................................................................................. 20 13.5 Notices............................................................................................................ 20 13.6 No Waiver; Reservation of Rights.................................................................. 20

13. 7 Descriptive Headings...................................................................................... 20 13.8 Force Majeure................................................................................................. 20 13.9 Centralized Functions..................................................................................... 20 ARTICLE XIV UNDERTAKING BY COMPANY.......................................................... 21 14.1 Undertaking.................................................................................................... 21 14.2 Limitation on Undertaking............................................................................. 21 14.3 Limitation on Trustee Responsibility............................................................. 21 14.4 Sanctions......................................................................................................... 22 41355712v3

-ii-

FIRST AMENDED AND RESTATED MASTER TRUST AGREEMENT

~ This Fir~Amended and Restated Master Trust Agreement is hereby entered into this

~

day of kl:,ruo..r-... J

,,;;lo;1o, by and between Georgia Power company, a corporation organized and e~isting under the laws of the State of Georgia, and The Bank of New York Mellon, successor by operation of law to Mellon Bank, N.A., ("BNY Mellon"), as Trustee.

WITNESSETH:

WHEREAS, Georgia Power Company (hereinafter referred to as the "Company")

presently owns a portion of and operates nuclear power facilities at Plant Hatch and Plant Vogtle pursuant to nuclear facility operating licenses issued by the U.S. Nuclear Regulatory Commission; and WHEREAS, such operating licenses are expected to expire beginning in the year 2034, at which time the Company desires to begin removing the affected nuclear facilities safely from service and reducing the residual radioactivity to a level that permits termination of the applicable license; and WHEREAS, the Nuclear Regulatory Commission, pursuant to the Atomic Energy Act of 1954, as amended, and the Energy Reorganization Act of 1974, has promulgated regulations in Title 10, Chapter I of the Code of Federal Regulations, Part 50, with respect to the. radioactive decommissioning of nuclear power facilities; and WHEREAS, Section 50.75 of Title 10 of the Code of Federal Regulations requires that a holder of, or an applicant for, a license to operate a nuclear power facility provide assurance that funds will be available when needed for required radioactive decommissioning activities; and WHEREAS, the Company, as a co-licensee of nuclear power units at Plant Hatch and Plant Vogtle, is subject to such regulations governing the funding of radioactive decommissioning costs; and WHEREAS, the Company has elected to use a trust fund to provide its portion of the radioactive decommissioning costs attributable to its ownership interests in Plant Hatch and Plant Vogtle, as identified in Exhibit A attached hereto and incorporated herein by reference, and such other nuclear power facilities whose radioactive decommissioning costs are eligible for funding herein; and WHEREAS, the Company jntends to fund and maintain in trust at least its portion of the minimum funding requirements established by the Nuclear Regulatory Commission for the radioactive decommissioning of its nuclear power facilities; and WHEREAS, the Company intends that its radioactive decommissioning costs that may be funded through deductible contributions made and invested pursuant to Section 468A of the Jnternal Revenue Code of 1986, as amended, shall be held under the terms and provisions of the Master Decommissioning Trust and that any such other radioactive decommissioning costs required or permitted by the Nuclear Regulatory Commission not deductible pursuant to Section 468A of the Internal Revenue Code of 1986, as amended, may be funded through this Master Decommissioning Trust; and 41355712v3

WHEREAS, the Company and Bank South, N.A. entered into that certain Qualified Master Trust Agreement for the Decommissioning of Nuclear Plants and that certain Nonqualified Master Trust Agreement for the Decommissioning of Nuclear Plants, both of which effective January 1, 1989, which agreements were amended, consolidated, and restated in that certain Master Trust Agreement for the Decommissioning of Nuclear Plants effective June 15, 1992 between the Company and the Trustee (the "Trust Agreement"), pursuant to which, among other things, the Company established Funds for the exclusive purpose of decommissioning its nuclear power units and to constitute qualified nuclear reserve funds; WHEREAS, the Trust Agreement was subsequently amended on December 31, 1994, February 16, 2000, December 23, 2003, November 28, 2006, and March 10, 2009; WHEREAS, in Section 11.1 of the Trust Agreement, the parties specifically reserve the right to amend the Trust Agreement; WHEREAS, Company now desires to amend and restate the Trust Agreement; WHEREAS, BNY Mellon is willing to act as Trustee of the Master Decommissioning Trust upon all of the terms and conditions set forth herein; WHEREAS, the Company and BNY Mellon intend that the term "Master Decommissioning Fund,' as used throughout this Trust Agreement, shall refer simply to the aggregation of the assets of the Funds and shallnot constitute any entity separate and apart from the Funds; WHEREAS, the Company and BNY Mellon i,ntend that the term "Master Decommissioning Trust," as used throughout this Trust Agreement, shall refer collectively to the multiple trusts comprising the qualified and nonqualified funds, and shall not constitute a trust separate and apart from such trusts; and WHEREAS, the Company and BNY Mellon desire to ensure that any pooling of the assets of the Funds, in accordance with Section 2.2 of this Trust Agreement, does not create an association taxable as a corporation within the meaning of Treasury Regulations section 301.7701-2(a).

NOW, THEREFORE, the Board of Directors of Georgia Power Company and BNY Mellon, as Trustee, declare and agree that BNY Mellon shall receive, hold, and administer all sums of money and such other property acceptable to BNY Mellon as shall from time to time be contributed, paid, or delivered to it hereunder, IN TRUST, upon the terms and conditions as set forth herein.

ARTICLE I TITLE - PURPOSE - POLICY

EFFECT 1.1 Name of Trust. The master decommissioning trust established hereunder shall be known as the Master Trust for the Decommissioning of Nuclear Plants and is sometimes hereinafter referred to as the "Trust" or as the "Master Decommissioning Trust."

1.2 Definitions. Where used in this Trust Agreement, unless the context otherwise requires or unless otherwise expressly provided:

2 41355712v3

(a)

"Account Party" shall mean an officer of the Company designated to represent the Company for this purpose and any Person to whom the Trustee shall be instructed by the Company to deliver its annual account under Section 7.2.

(b)

"Accounting Period" shall mean either the twelve (12) consecutive month period coincident with the calendar year or the shorter period in any year in which the Trustee accepts appointment as Trustee hereunder or ceases to act as Trustee for any reason.

(c)

"Asset. Manager" shall mean Investment Manager&, individually or collectively as the context shall require, with respect to those assets held in an Investment Account over which it exercises, or to the extent it is authorized to exercise discretionary investment authority or control.

(d)

"Bank Business Day" shall mean a day on which the Trustee is open for business.

( e)

"Board of Directors" shall mean the Board of Directors of the Company.

(f)

"BNY Mellon Corp." has the meaning set forth in Section 6.1 (e).

(g)

"BNY Mellon Group" has the meaning set forth in Section 13.9.

(h)

"Centralized Functions" has the meaning set forth in Section 13.9.

(i)

"Code" shall mean the Internal Revenue Code of 1986, as amended from time to time, and regulations issued thereunder.

thereto.

(j)

(k)

(I)

(rn)

(n)

(o)

"Collateral" has the meaning set forth in Section 6.2(i).

"Company" shall mean Georgia Power Company, or any successor "Cross-Trading Information" has the meaning set forth in Section 6. l(e)

"Customer-Related Data" has the meaning set forth in Section 13.9.

"Data Providers" has the meaning set forth in Section 2.3.

"Data Terms Website" has the meaning set forth in Section 2.3.

(p)

"Decommission" shall mean to remove power facility safely from service and reduce radioactivity to a level that permits release property for unrestricted use and termination operating license.

(q)

"Decommissioning Costs" shall mean the Company's proportionate share of the direct and indirect expenses arising from or relating to the Decommissioning of a Participating Unit.

(r)

"Directed Fund" shall mean any Investment Account, or part thereof, subject to the discretionary management and control of any Investment Manager.

3 4l355712v3

(s)

"Discretionary Fund" shall mean any Investment Account, or part thereof, subject to the discretionary management and control of the Trustee.

(t)

"Duly Authorized Officer" has the meaning set forth in Section 12.3 (u)

"Economic Sanctions Compliance Program" shall mean a program, policy, procedure, or measure designed to prevent a violation of Sanctions.

(v)

"Equitable Share" shall mean the interest of any Fund in any Investment Account.

(w)

"Exemption" has the meaning set forth in Section 6. l(e).

(x)

"Fund" shall mean a Qualified Fund or a Nonqualified Fund.

"Nonqualified Fund" shall mean a fund established for a Participating Unit to Decommission a nuclear power facility pursuant to the Atomic Energy Act of 1954, as amended, and the Energy Reorganization Act of 1974 and the regulations thereunder, the assets of which are held by this Master Decommissioning Trust consisting of such Participating Unit's Nonqualified Assets.

(y)

"Investment Account" shall mean each pool of assets in which one or more Funds has an interest during an Accounting Period.

(z)

"Investment Manager" shall mean a bank or investment adviser who is registered as an investment adviser under the Investment Advisers Act of 1940.

(aa)

"Investment Vehicle" shall mean any common, collective, or commingled trust, investment company, corporation functioning as an investment intermediary, or other entity or arrangement to which, or pursuant to which, assets of the Master Decommissioning Trust may be transferred or in which the Master Decommissioning Trust has an interest, beneficial or otherwise.

(bb)

"Market Data" shall mean pricing or other data related to securities and other assets. Market Data includes but is not limited to security identifiers, valuations, bond ratings, classification data, and other data received from Data Providers.

(cc)

"Master Decommissioning Fund" shall mean all cash and other property contributed, paid, or delivered to the Trustee hereunder, all investments made therewith and proceeds thereof and all earnings and profits thereon, less payments, transfers, or other distributions which, at the time of reference, shall have been made by the Trustee, as authorized herein. The Master Decommissioning Fund shall include all evidences of ownership, interest, or participation in an Investment Vehicle, but shall not, solely by reason of the Master Decommissioning Fund's investment therein, be deemed to include any assets of such Investment Vehicle. In sum, the Master Decommissioning Fund shall be used merely to refer to the assets of the Funds in the aggregate and is not intended nor should it be construed to constitute a separate entity.

(dd)

"Master Decommissioning Trust" shall be used merely to refer to the trusts comprising the Funds in the aggregate and is not intended nor should it be construed to constitute a separate entity or trust.

4 41355712v3

(ee)

"Nonqualified Assets shall mean those assets of each Fund that are not deductible under Section 468A of the Code.

(ff)

"NRC" shall mean the U.S. Nuclear Regulatory Commission, an agency of the U.S. Government, or any successor thereto.

(gg)

"Participating Unit" shall mean any unit of a nuclear power facility in which the Company has an ownership interest. The Participating Units as of the date hereof are identified in Exhibit A attached hereto and incorporated herein by reference.

(hh)

"Person" shall mean the NRC, natural person, tru*st, estate, corporation of any kind or purpose, mutual company, joint-stock company, unincorporated organization, committee, board, fiduciary, or representative capacity, as the context may require.

(ii)

"Qualified Assets" shall mean those assets of each Fund that may be contributed to a Fund under Section 468A of the Code.

Gj)

"Qualified Fund" shall mean a fund established for a Participating Unit to Decommission a nuclear power facility pursuant to the Atomic Energy Act of 1954, as amended, and the Energy Reorganization Act of 1974 and the regulations thereunder the assets of which are held by this Master Decommissioning Trust consisting of such Participating Unit's Qualified Assets.

(kk)

"Sanctions" shall mean all economic sanctions laws, rules, regulations, executive orders and other requirements administered by any governmental authority of the United States (including the U.S. Department of the Treasury's Office of Foreign Assets Control) or any other applicable domestic or foreign authority with jurisdiction over the Company.

(II)

"Trust Agreement" shall mean all of the provisions of this instrument and of all other instruments amendatory hereof.

(mm) "Trustee" shall mean The Bank of New York Mellon, and its successors and assigns, including any bank or trust company into which it may hereafter be merged or consolidated. "Trustee" shall also mean any successor Trustee subsequently appointed pursuant to Section 9.2 herein.

(nn)

"Valuation Date" shall mean the last day of each calendar month.

The plural of any term shall have a meaning corresponding to the singular thereof as so defined and any neuter pronoun used herein shall include the masculine or feminine, as the context may require.

1.3 Purpose. The Master Decommissioning Trust is hereby established to fund the Decommissioning Costs of the Participating Units. Except as otherwise may be permitted by law and the terms of the Master Decommissioning Trust, at no time prior to the satisfaction of all liabilities with respect to the Decommissioning of a Participating Unit shall any part of the Equitable Share of such Participating Unit in the Master Decommissioning Trust be used for, or diverted to, any purposes other than such Decommissioning Costs, and for defraying administrative costs and other incidental expenses of the Master Decommissioning Trust.

Notwithstanding any other provision of this Trust Agreement, the Equitable Share of each 5

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Participating Unit in the Qualified Fund must be used as authorized by Section 468A and the regulations thereunder and this Trust Agreement may not be amended so as to violate Section 468A or the regulations thereunder.

1.4 Effect. All Persons at any time interested in any Participating Unit shall be bound by the provisions of this Trust Agreement and, in the event of any conflict between this Trust Agreement and the provisions of any license granted by a federal agency, or any law, order or regulation governing a Participating Unit, the provisions of this Trust Agreement shall not control, except to the extent necessary to carry out the intent and purpose of the Master Decommissioning Trust.

1.5 Domestic Trust. The Funds shall at all times be maintained as domestic trusts in the United States.

1.6 Trustee Not Responsible for Enforcing Contributions or for Sufficiency. The Trustee shall have no responsibility (a) for enforcing payment of any contribution for the Decommissioning of any Participating Unit or for the timing or amount thereof, (b) for the adequacy of the Master Decommissioning Fund or the funding standards adopted by the Company to meet or discharge any liabilities for the Decommissioning of a Participating Unit, or (c) for the satisfaction by the Company of the minimum funding standards established by the NRC for the Decommissioning of a Participating Unit.

ARTICLE II PARTICIPATION 2.1 Eligibility. The Decommissioning of any Participating Unit may be funded, in whole or in part, through this Master Decommissioning Trust to the extent the contributions to fund the Decommissioning for such Participating Unit are required or permitted under any statute, regulations or order issued by the NRC through the establishment of Qualified Funds and Nonqualified Funds, respectively, for the Participating Units, respectfully, under this Master Decommissioning Trust.

2.2 Fund Interest in Investment Accounts. The Trustee shall maintain records reflecting the Equitable Share of each Fund of each Participating Unit in each Investment Account. Each Equitable Share of each Fund of each Participating Unit in each Investment Account shall consist of separate accounts maintained solely to fund Decommissioning Costs and the administrative costs and other incidental expenses of the Equitable Share of each Participating Unit. The Company shall provide the Trustee with current information in order that the Trustee may determine such Equitable Shares. An Investment Account may be divided into one or more sub-funds or accounts or described in a different manner on any books kept or records rendered by the Trustee without in any way affecting the duties or responsibilities of the Trustee under the provisions of this Trust Agreement. Notwithstanding anything else to the contrary in this Trust Agreement, the assets of a Qualified Fund may be pooled in an Investment Account only with the assets of other Qualified Funds and the assets of a Nonqualified Fund may be pooled in an Investment Account only with the assets of other Nonqualified Funds. In no event shall the Trustee pool the assets of the Qualified Funds in an Investment Account with the assets of the Nonqualified Funds. Whenever the Trustee pools the assets of the Funds permitted in this Section 2.2, the Trustee shall treat each Fund in the Investment Account as having received or accrued a ratable portion of the net income of the Investment Account in any years. Any Investment Account undertaken as permitted in this Section 2.2 can be 6

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terminated at any time by any Fund. No Fund in an fuvestment Account may substitute for itself in such arrangement any person that is not a member of that fuvestment Account.

2.3 Valuations. The Trustee shall report the value of the assets of the Master Decommissioning Fund as of each Valuation Date and shall in the normal course issue monthly reports to the Company within twenty (20) days after each Valuation Date indicating the value of the assets of the Equitable Share allocated to each Participating Unit. The Company shall separately identify to the Trustee at the time of contribution to the Master Decommissioning Fund any amounts to be allocated to the Equitable Share of each Participating Unit. Assets will be valued at their market values at the close of business on the Valuation Date, or, in the absence of readily ascertainable market values, at such values as the Trustee shall determine in accordance with methods consistently followed and uniformly applied. fu providing Market Data related to the Fund in connection with this Agreement, the Trustee is authorized to use pricing vendors, brokers, dealers, investment managers, and other persons providing Market Data to the Trustee ("Data Providers"). The Trustee shall be entitled to rely without inquiry on all Market Data provided to it, and the Trustee shall not be liable for any losses incurred as a result of Market Data that, without Trustee's knowledge, contains errors or that is incomplete.

The Company acknowledges that certain pricing or valuation information may be based on calculated amounts rather than actual market transactions and may not reflect actual market values, and that the variance between such calculated amounts and actual market values may be material. The Trustee shall not be required to inquire into the pricing of any securities or other assets even though the Trustee may receive different prices for the same securities or assets. Market Data may be the intellectual property of the Data Providers, which may impose additional terms and conditions upon the Company's use of the Market Data. The additional terms and conditions can be found on the Data Terms

Website, at http://bnymellon.com/products/assetservicing/vendoragreement.pdf ("Data Terms Website"),

or any successor website the address of which is provided by the Trustee to the Company. The Company agrees to those terms as they are posted in the Data Terms Website from time to time.

,Anything in this Trust Agreement to the contrary notwithstanding, with respect to assets constituting part of a Directed Fund or assets included at the request of the Company as hereinabove provided, the Trustee may rely for all purposes of this Trust Agreement on the latest valuation and transaction information submitted to it by the Person responsible for the investment of assets even if such information predates the Valuation Date. The Company will cause such Person to provide the Trustee with all information needed by the Trustee to discharge its obligations to value such assets and to account under this Trust Agreement.

~RTICLEIII ADMINISTRATION OF DECOMMISSIONING PLANS 3.1 Payment for Decommissioning Activities. The Trustee shall make all payments to the Company for Decommissioning of a Participating Unit from the Fund or Funds of such Participating Unit upon presentation to the Trustee of the following:

(a)

One certificate duly executed by the Secretary of the Company attesting to the occurrence of the events with respect to a Participating Unit, and in the form set forth in the Specimen Certificate attached hereto as Exhibit B and incorporated herein by reference; and (b)

A certificate for each request for payment or reimbursement from the Equitable Share of a Participating Unit in the form set forth in the Specimen Certificate 7

41355712v3

attached hereto as Exhibit C and incorporated herein by reference, and attesting to the following conditions with respect to such Participating Unit:

(1) that Decommissioning is proceeding pursuant to a plan established in accordance with NRC regulations; and (2) that the funds withdrawn will be expended for activities undertaken pursuant to such Decommissioning plan.

_ 3.2 Payments Purs1:1ant to NRC Direction. _In the event of the Company's default or inability to direct Decommissioning activities with respect to a Participating Unit, the Trustee shall make payments from the Fund or Funds of such Participating Unit as the NRC shall direct, in writing, to provide for the payment of the costs of required activities covered by the Master Decommissioning Trust. Under such circumstances, the Trustee shall reimburse the Company, or such other Persons as specified by the NRC, from such Fund or Funds for expenditures for required activities in such amounts as the NRC specifies in writing. In addition, the Trustee shall refund to the Company such amounts as the NRC specifies in writing. Upon any payment or reimbursement made pursuant to this Section 3.2, the amount distributed from a Fund of a Participating Unit shall no longer constitute part of the Master Decommissioning Fund.

3.3 Responsibility for Decommissioning. The Trustee shall not be responsible for the Decommissioning of any Participating Units, nor for the application of the assets held in a Fund of a Participating Unit and distributed to the Company for the payment of liabilities and expenses in the Decommissioning of a Participating Unit. In the event it shall become necessary for the NRC to undertake any rights or obligations of the Company pursuant to Section 3.2 above, the Trustee shall not be liable with respect to any act or omission to act by it made in good faith at the direction of the NRC.

3.4 Reversion of Company Contributions. Subject to Section 1.3 of this Trust Agreement, at the direction of the Company, contributions to a Fund of a Participating Unit under the Master Decommissioning Trust may revert to the Company under the following circumstances:

(a)

If any contribution intended to be a Qualified Asset is determined by the Company or the Internal Revenue Service to be nondeductible under Section 468A of the Code, then such contribution, to the extent that it is determined to be nondeductible, and any earnings thereon, may be returned to the Company within a reasonable time after such determination, or transferred by the Trustee at the discretion of the Company to a Fund consisting of Nonqualified Assets or to the trustee of a separate trust adopted by the Company to hold contributions required by the NRC that are not deductible under Section 468A of the Code.

(b)

If any contribution is made by the Company by reason of a mistake of law or fact, such contribution, and any earnings thereon, may be returned to the Company within a reasonable time after discovery of such mistake of law or fact, or transferred by the Trustee at the discretion of the Company to a Fund consisting of Nonqualified Assets or to the trustee of a separate trust adopted by the Company to hold contributions required by the NRC that are not deductible under Section 468A of the Code.

8 4l3557 l2v3

3.5 Payment or Reimbursement of Administrative Expenses. On the direction of the Company, the Trustee shall pay monies from Funds of the Participating Units to pay the

.reasonable administrative costs and other incidental expenses of the Master Decommissioning Trust not otherwise authorized to be paid pursuant to this Trust. Such administrative costs or incidental expenses shall include, but not be limited to, fees arising from the Company's employment of accountants, legal counsel who may be of counsel to the Company, other specialists, and other Persons as the Company deems necessary or desirable in connection with the administration of the Master Decommissioning Trust and the Decommissioning of the Participating Units. The Company in its sole discretion may direct that the Trustee reimburse the Company for such expenses or costs paid by the Company or directly pay -the Persons rendering such administrative services. Any payments or reimbursements made pursuant to this Section 3.5 shall be allocated among the Funds of the Participating Units in the same manner as described in Section 8.3 herein. Upon any payment or reimbursement made pursuant to this Section 3.5, the amounts distributed from a Fund of a Participating Unit shall no longer constitute part of the Master Decommissioning Fund.

3.6 Prohibition Against Assignment or Alienation. Except as provided under this Section 3.6 and Section 10. l herein, no portion of a Fund of a Participating Unit shall be subject in any manner to anticipation, alienation, sale, transfer, assignment (either at law or in equity),

pledge, encumbrance, charge, garnishment, levy, execution, or other legal or equitable process, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber, charge, garnish, levy, execute, or enforce other legal or equitable process against the same shall be void.

In addition, no portion of any such Fund shall be in any manner subject to the debts, contracts, liabilities, engagements, or torts of the Company or any general or secured creditor of the Company. Notwithstanding the foregoing, the expenses for services or materials incurred by any Person in connection with the Decommissioning of a Participating Unit and for which a certificate has been submitted by the Company to the Trustee pursuant to Section 3.l(b) shall constitute a charge exclusively on behalf of such Person against the Fund or Funds of such Participating Unit until paid. Such charge shall apply only to the lesser of the amount of such certificate or the remaining assets of such Fund or Funds.

3.7 Required Notice for Certain Payments. Except for withdrawals being made under 10 CFR 50.82(a)(8) or for payments of ordinary administrative costs (including taxes) and other incidental expenses of a Fund (including legal, accounting, actuarial, and trustee expenses) in connection with the operation of a Fund pursuant to Section 3.5 hereof, no disbursement or payment may be made from a Fund until written notice of the intention to make a disbursement or payment has given the Director, Office of Nuclear Reactor Regulation at least 30 working days before the date of the intended disbursement or payment.

3.8 Payments from Nonqualified Fund. Pursuant to Authorized Instructions, the Trustee shall make payments from a Nonqualified Fund to a Qualified Fund provided, l) such payments are in cash, or in the case of a special transfer pursuant to section 468A(t) of the Code and Treas. Reg. § 1.468A-8T or any corresponding future Treasury Regulations, in cash or in securities or a combination thereof, and 2) are in accordance with any applicable contribution limitations.

ARTICLE IV INVESTMENT OF TRUST ASSETS 4.1 Asset Manaeers. Discretionary authority for the management and control of assets from time to time held in the Master Decommissioning Fund may be retained, allocated, 9

41355712v3

or delegated, as the case may be, for one or more purposes, to and among the Asset Managers by the Company, in its absolute discretion. The terms and conditions of appointment and retention of any Asset Manager shall be the responsibility of the Company. The terms and conditions of any allocation to an Asset Manager shall be the responsibility of the Company.

The Company shall promptly notify. the Trustee in writing of the appointment or removal of an Asset Manager. Any notice of appointment pursuant to this Section 4.1 shall constitute a representation and warranty that the Asset Manager has been appointed by the Company and that any Asset Manager (other than the Trustee and the Company) is an Investment Manager.

4.2 Investment Discretion. The assets of the Master Decommissioning Trust shall be invested and reinvested, without distinction between principal and income, at such time or times in such investments and pursuant to such investment strategies or courses of action and in such shares and proportions, pursuant to the investment guidelines of the Company, as the Asset Managers in their sole discretion shall deem advisable. The Asset Managers shall discharge their duties under this Trust Agreement with the care, skill, prudence, and diligence under the circumstances then prevailing that a_prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

4.3 Limitations on Investment Discretion. The Asset Managers shall be restricted to investing the Qualified Assets and the Nonqualified Assets of the Master Decommissioning Trust directly in such investments as shall not be prohibited from time to time under regulations,

orders, regulatory guides, or other pronouncements issued by the NRC or Internal Revenue Service. In addition, the Company may further limit, restrict, or impose guidelines affecting the exercise of the discretion herein above conferred on any Asset Manager. Any limitations, restrictions, or guidelines applicable to the Trustee, as Asset Manager, shall be communicated in writing to the Trustee. The Trustee shall have no responsibility with respect to the formulation of any funding policy or any investment or diversification policies embodied herein. The Company shall be responsible for communicating, and monitoring adherence to, any limitations or guidelines imposed on any other Asset Manager. Notwithstanding any other provision of this Trust Agreement to the contrary, including, without limitation, any specific or general power granted to the Trustee, including the power to invest in real property, no portion of the Master Decommissioning Fund shall be directly invested in real estate. For this purpose, direct investment in real estate includes, but is not limited to, real property, leaseholds or mineral interests but does not include indirect investments such as REITs.

4.4 Responsibility for Diversification. The Trustee shall not be responsible for determining the diversification policy of the Master Decommissioning Fund, for monitoring adherence by the Asset Managers to such policy, and for advising the Asset Managers with respect to limitations on assets contained in the Equitable Share of any Participating Unit or imposed on the Master Decommissioning Trust by any applicable statute, except with respect to any assets comprising the Discretionary Fund.

ARTICLEV RESPONSIBILITY FOR DIRECTED FUNDS 5.1 Responsibility for Selection of Agents. All transactions of any kind or nature in or from a Directed Fund shall be made upon such terms and conditions and from or through such principals and agents as the Asset Manager shall direct.

10 41355712v3

5.2 Trustee Not Responsible for Investments in Directed Funds. The Trustee shall be under no duty or obligation to review or to question any direction of any Investment Manager, or to review securities or any other property held in any Directed Fund with respect to prudence or proper diversification or compliance with any limitation on the Asset Manager's authority under the terms of the Master Decommissioning Trust, any agreement entered into between the Company and the Asset Manager or imposed by applicable law, or to make any suggestions or recommendations to the Company or the Asset Manager with respect to the retention or investment of any assets of any Directed Fund, and shall have no authority to take any action or to refrain from taking any action with respect to any asset of a Directed Fund, unless and _until it is directed to do so by the Asset Manager.

5.3 Investment Vehicles. Any Investment Vehicle, or interest therein, acquired by or transferred to the Trustee upon the directions of the Asset Manager shall be allocated to the appropriate Directed Fund, and the Trustee's duties and responsibilities under this Trust Agreement shall not be increased or otherwise affected thereby. The Trustee shall be (responsible solely for the safekeeping of the evidence of the Master Decommissioning Trust's ownership of or interest or participation in such Investment Vehicle.

5.4 Reliance on Asset Manager. The Trustee shall be required under this Trust Agreement to execute documents, to settle transactions, to take action on behalf of or in the name of the Master Decommissioning Trust and to make and receive payments on the direction of the Asset Manager. Any direction of the Asset Manager shall constitute a certification to the Trustee (a) that the transaction will not violate the prohibitions against self-dealing under Sections 468A and 4951 of the Code, (b) that the investment is authorized under the terms of this Trust Agreement and any other agreement or law affecting the Asset Manager's authority to deal with the Directed Fund, (c) that any contract, agency, joinder, adoption, participation agreement, assignment, or other document of any kind which the Trustee is required to execute to effectuate the transaction has been reviewed by the Asset Manager and, to the extent it deems advisable and prudent, its counsel, (d) that such instrument or document is in proper form for execution by the Trustee, and (e) that all other acts to peliect and protect the Master Decommissioning Trust's rights have been taken, and the Trustee shall have no duty to make any independent inquiry or investigation as to any of the foregoing before acting upon such direction. In addition, the Trustee shall not be liable for the default of any Person with respect to any investment in a Directed Fund or for the form, genuineness, validity, sufficiency, or effect of any document executed by, delivered to, or held by it for any Directed Fund on account of such investment, or if, for any reason (other than the gross negligence or willful misconduct of the Trustee) any rights of the Master Decommissioning Trust therein shall lapse or shall become unenforceable or worthless.

5.5 Merger of Funds. The Trustee shall not have any discretionary responsibility or authority to manage or control any asset held in a Directed Fund upon the resignation or removal of an Asset Manager unless and until it has been notified in writing by the Company that the Asset Manager's authority has terminated and that such Directed Fund's assets are to be integrated with the Discretionary Fund. Such notice shall not be deemed effective until two (2) Bank Business Days after it has been received by the Trustee. The Trustee shall not be liable for any losses to the Master Decommissioning Fund resulting from (a) the disposition of any investment made by the Asset Manager, (b) the retention of any illiquid or unmarketable investment or any investment which is not widely publicly traded, (c) the holding of any other investment acquired by the Asset Manager if the Trustee is unable to dispose of such investment because of any restrictions imposed by the Securities Act of 1933 or other Federal or State law, or if an orderly liquidation of such investment is impractical under prevailing conditions, (d) 11 41355712v3

failure to comply with any investment limitations imposed pursuant to Section 4.2 and 4.3, or (e) for any other violation of the terms of this Trust Agreement or applicable law as a result of the addition of Directed Fund assets to the Discretionary Fund.

5.6 Notification of Company in Event of Breach. If the Trustee has knowledge of a breach committed by an Asset Manager with respect to the duties or responsibilities delegated to an Asset Manager under the terms of this Trust Agreement or any other agreement affecting the Asset Manager's authority to deal with the Directed Fund, it shall notify the Company, and the Company shall thereafter assume full responsibility to all Persons interested in a Fund of a Participating Unit to remedy such breach.

5.7 Definition of Knowledge. While the Trustee will perform certain duties (such as custodial, reporting, recording, valuation, and bookkeeping functions). with respect to Directed Funds, such duties will not involve the exercise of any discretionary authority to manage or control the assets of the Directed Funds and will be the responsibility of officers or other employees of the Trustee who are unfamiliar with and have no responsibility for investment management. Therefore, the Company agrees that in the event that knowledge of the Trustee shall be a prerequisite to imposing a duty upon or to determining liability of the Trustee under this Trust Agreement or any statute regulating the conduct of the Trustee with respect to such Directed Funds or relieving the Company of its undertakings under Section 14.2, the Trustee will not be deemed to have knowledge of, or to have participated in, any act or omission of an Asset Manager involving the investment of assets allocated to the Directed Funds as a result of the receipt and processing of information in the course of performing such duties.

5.8 Duty to Enforce Claims. Except to the extent that any law or regulation may provide or require otherwise, the Trustee shall have no duty to commence or maintain any action, suit, or legal proceeding on behalf of the Master Decommissioning Trust on account of or with respect to any investment made in or for a Directed Fund unless the Trustee has been directed to do so by the Company or an Investment Manager, and unless the Trustee is either in possession of funds sufficient for such purpose or unless it has been indemnified by the Company or the Investment Manager, to its satisfaction, for counsel fees, costs, and other expenses and liabilities to which it, in its sole judgment, may be subjected by beginning or maintaining such action, suit, or legal proceeding.

5.9 Restrictions on Transfer. Except as otherwise specifically provided herein, nothing herein shall be deemed to empower any Asset Manager to direct the Trustee to transfer any asset of a Directed Fund to such Asset Manager.

ARTICLE VI POWERS OF ASSET MANAGERS 6.1 General Powers.

Without in any way limiting the powers and discretion conferred upon any Asset Manager by the other provisions of this Trust Agreement or by law, each Asset Manager shall be vested with the following powers and discretion with respect to the assets of the Master Decommissioning Trust subject to its management and control, and, upon the directions of the Asset Manager of a Directed Fund, the Trustee shall make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to enable such Asset Manager to carry out such powers and discretion:

12 41355712v3

(a) to sell, exchange, convey, transfer, or otherwise dispose of any property by private contract or at public auction, and no person dealing with the Asset Manager shall be bound to see to the application of the purchase money or to inquire into the validity, expediency, or propriety of any such sale or other disposition; (b) to enter into contracts or make commitments either alone or in company with others to sell or acquire property, including to engage in transactions involving financial futures, including but not limited to stock index futures, and options on financial futures; and in carrying out such transactions to open accounts to trade in and to make or take delivery of financial futures, to provide original, variation, maintenance and other required margin in the form of money, securities, or otherwise, and to exercise options, short-selling programs, foreign exchange or foreign exchange contracts, swaps and other derivative investments with third parties; (c) to vote upon any bonds, or other securities; to give general or special proxies or powers of attorney with or without power of substitution; to exercise any conversion privileges, subscription rights, or other options and to make any payments incidental thereto; to consent to or otherwise participate in corporate reorganizations or other changes affecting corporate securities and to delegate discretionary powers and to pay any assessments or charges in connection therewith; and generally to.exercise any of the powers of an owner with respect to bonds, securities or other property; (d) to purchase units or certificates issued by an investment company.

pooled trust, or comparable entity; (e) to transfer to a common, collective, pooled trust fund or mutual fund maintained by the Asset Manager, hereunder, all or part of the Master Decommissioning Fund as the Asset Manager may deem advisable, and such part or all of the Master Decommissioning Fund so transferred shall be subject to all the terms and provisions of the common, collective, pooled trust fund or mutual fund which permit the commingling. for investment purposes of such trust assets with trust assets of other trusts. The Company expressly understands and agrees that any such collective fund may provide for the lending of its securities by the collective fund trustee and that such collective fund's trustee will receive compensation from such collective fund for the lending of securities that is separate from any compensation of the Trustee hereunder, or any compensation of the collective fund trustee for the management of such collective fund. The Trustee is authorized to invest in a collective fund which invests in The Bank of New York Mellon Corporation ("BNY Mellon Corp.") stock in accordance with the terms and conditions of the Department of Labor Prohibited Transaction Exemption 95-56 (the "Exemption") granted to the Trustee and its affiliates and to use a cross-trading program in accordance with the.Exemption. The Company acknowledges receipt of the notice entitled "Cross-Trading Information", a copy of which is attached to this Trust Agreement as Exhibit E; and (f) to be reimbursed for the expenses incurred in exercising any of the foregoing powers or to pay the reasonable expenses incurred by any agent, manager, or trustee appointed pursuant thereto.

6.2 Additional Powers of Trustee. In addition, the Trustee is hereby authorized:

13 41355712v3

(a) to register any securities held in the Master Decommissioning Fund in its own name or in the name of a nominee, to hold any securities in bearer form, and to combine certificates representing such securities with certificates of the same issue held by the Trustee in other fiduciary or representative capacities or as agent for customers, or to deposit or to arrange for the deposit of such securities in any qualified central depository even though, when so deposited, such securities may be merged and held in bulk in the name of the nominee of such depository with other securities deposited therein by other depositors, or to deposit or arrange for the deposit of any securities issued by the United States Government, or any agency or instrumentality thereof, with a Federal Reserve Bank, but the books and records of the Trustee shall at all times show that all such investments are part of the Master Decommissioning Trust; (b) to employ suitable agents, depositories, and counsel, domestic or foreign, other than itself and to charge their reasonable expenses and compensation against the Master Decommissioning Fund, and to confer upon any such depository the powers conferred upon the Trustee by paragraph (a) of this Section 6.2, as well as the power to appoint subagents and depositories, wherever situated, in connection with the retention of securities or other property; (c) to deposit funds in interest bearing account deposits maintained by or savings certificates issued by the Trustee, in its separate corporate capacity, or in any other banking institution affiliated with the Trustee; (d) to compromise or otherwise adjust all claims in favor of or against the Master Decommissioning Fund, subject to the prior written consent of the Company; (e) to make any distribution or transfer of assets authorized under Article IX or Article X in cash or in kind as the Trustee, in its absolute discretion, shall determine and, in furtherance thereof, to value such assets, which valuation shall be conclusive and binding on all persons; and (f) to hold uninvested cash balances when reasonable and necessary, without incurring any liability for the payment of interest thereon, provided that in no event shall uninvested cash balances be held solely for the purpose of awaiting investment; (g) upon the consent of the Company, to temporarily invest funds awaiting investment by an Asset Manager in a separate or commingled trust fund established by the Trustee for the investment of funds for Decommissioning Costs and consisting solely of investments permitted under Section 4.3 of this Trust Agreement; (h) to lend the assets of the Master Decommissioning Fund in accordance with the terms and conditions of a separate securities lending agreement; and (i) to take all action necessary to pay for, and settle, authorized transactions, including exercising the power to borrow or raise monies from the Trustee in its corporate capacity or an affiliate. To secure expenses and advances made to settle or pay for authorized transactions, including payment for securities and disbursements, the Company grants to the Trustee a first priority security interest in the Master Decommissioning Fund, all Property therein, all income, substitutions and proceeds, whether now owned or hereafter acquired (the "Collateral"); provided that the Company 14 41355712v3

does not grant the Trustee a security interest in any securities issued by an affiliate of the Trustee (as defined in Section 23A of the Federal Reserve Act). The parties intend that as the securities intermediary with respect to the Collateral, the Trustee's security interest shall automatically be perfected when it attaches. The Trustee shall be entitled to collect from the Master Decommissioning Fund sufficient cash for reimbursement and, if such cash is insufficient, with prior notice to the Company dispose of the assets of the Master Decommissioning Fund to the extent necessary to obtain reimbursement.

To the extent the Trustee advances funds to the Master Decommissioning Fund for disbursements or to effect the settlement of purchase transactions, the Trustee shall be entitled to collect from the Master Decommissioning Fund reasonable charges established under the Trustee's standard overdraft terms, conditions and procedures, which terms, conditions and procedures shall be furnished in writing or otherwise communicated to the Duly Authorized Officer.

ARTICLE VII RECORDS AND ACCOUNTS OF TRUSTEE 7.1 Records.

The Trustee shall keep accurate and detailed accounts of all investments, receipts, disbursements, and other transactions in the Master Decommissioning Fund to fund the decommissioning costs for each Participating Unit, and all accounts, books, and records relating thereto shall be opened to inspection and audit at all reasonable times during normal business hours by any Person designated by the Company.

7.2 Annual Account. The Trustee shall, within sixty (60) days following the close of each Accounting Period, file with the Account Party in accordance with Section 13.5, a written account setting forth the receipts and disbursements of Equitable Shares of each Participating Unit under the Master Decommissioning Trust and the investments and other transactions effected by it upon its own authority pursuant to the directions of any Person as herein provided during the Accounting Period.

7.3 Account Stated. The Company agrees that it will file all objections, if any, to the Trustee's annual or other accounting in writing with the Trustee. within ninety (90) days of the filing of such annual or other account with the Account Party and that except for fraud or other such crime on behalf of the Trustee no objection to any such account may be made after such ninety (90) day period has lapsed.

7.4 Judicial Accountings. Nothing herein shall in any way limit the Trustee's right to bring any action or proceeding in a court of competent jurisdiction to settle its account or for such other relief as it may deem appropriate.

7.5 Necessary Parties. Ex.cept to the extent that any law or regulation may provide otherwise, in order to protect the Master Decommissioning Trust from the expense of litigation, no Person other than the Company shall be a necessary party in any proceeding under Section 7.4, may require the Trustee to account, or may institute any other action or proceeding against the Trustee or the Master Decommissioning Trust.

7.6 Responsibility for Notices and Filings with the NRC and the Internal Revenue Service. Ex.cept as set forth specifically on Exhibit "D" attached hereto and made a part hereof, which Exhibit D" may be amended from time to time by the parties hereto by mutual written agreement, the Trustee shall not be responsible with respect to any Participating Unit to give or apply for any notices, to make any filings, or to maintain any records required by the NRC or 15 41355712v3

the Internal Revenue Service, all of which, for purposes of this Trust Agreement, shall be the responsibility of the Company.

ARTICLE VIII COMPENSATION, TAXES, AND EXPENSES 8.1 Compensation and Expenses.

Any expenses incurred by the Trustee in connection with its administration of the Equitable Shares of each Participating Unit under the Master Decommissioning Trust, including, but not limited to, fees for legal services rendered to. the Trustee (whether. or not rendered in cqnnection with a judicjal or administrative proceeding), such compensation to the Trustee as shall be agreed upon from time to time between the Trustee and an officer of the Company, and all other proper charges and disbursements of the Trustee, may, in the sole discretion of the Company, be paid by the Company but shall otherwise be paid from the Equitable Shares of the Participating Units under the Master Decommissioning Trust. The Trustee's entitlement to reimbursement hereunder shall not be affected by the resignation or removal of the Trustee or by the termination of an Equitable Share of a Participating Unit under the Master Decommissioning Trust. Except and unless otherwise provided herein, the Trustee shall have no lien, security interest or right of set-off whatsoever upon any of the assets of the Master Decommissioning Fund for the payment of fees and expenses for services rendered by or on behalf of the Trustee under this Trust Agreement without the written consent of the Company.

8.2 Truces. All truces of any kind and all kinds whatsoever that may be levied or assessed under existing or future laws, domestic or foreign, upon the Master Decommissioning Trust or the income thereof, shall be paid from the Equitable Shares of the Participating Units under the Master Decommissioning Trust, as appropriate.

8.3 Allocation. Any true or expense which is specifically allocable to one or more Participating Units shall be charged against the Fund or Funds of such Participating Unit or Units consistent with such allocation. Any expense that is allocable to all of the Participating Units shall be charged against the appropriate Fund or Funds of all of the Participating Units under the Master Decommissioning Trust as a whole consistent with such allocation.

ARTICLE IX RESIGNATION OR REMOVAL OF TRUSTEE 9.1 Resignation or Removal. The Trustee may be removed by the Company at any

~ime upon thirty (30) days' notice in writing to the Trustee, or upon such lesser or greater notice as the Company and the Trustee may agree. The Trustee may resign at any time upon thirty (30) days' notice in writing to the Company, or upon such lesser or greater notice as the Company and the Trustee may agree.

9.2 Designation of Successor Trustee. Upon the removal or resignation of the Trustee, the Company shall either appoint a successor trustee who shall have the same powers and duties as those conferred upon the Trustee hereunder, and upon acceptance of such appointment by the successor trustee, the Trustee shall assign, transfer, and pay over the Master Decommissioning Trust to such successor trustee, or the Company shall direct the Trustee to transfer the Master Decommissioning Trust directly to the trustee of another trust designated by the Company. Any such assignment or transfer of the Master Decommissioning Trust shall be effectuated no later than the last day of the month in which the thirty (30) day notice period, as described in Section 9.1, expires. If, for any reason, the Company cannot or does not act 16 4135S712v3

promptly to appoint a successor trustee or direct the transfer of the Master Decommissioning Trust to another qualified trust in the event of the resignation or removal of the Trustee, the Trustee may apply to a court of competent jurisdiction for the appointment of a successor trustee. Any expenses incurred by the Trustee in connection therewith shall be charged to and paid from the Master Decommissioning Trust as an expense of administration.

9.3 Reserve for Expenses. The Trustee is authorized to reserve such amount which may reasonably be required for payments of its fees and expenses in connection with the settlement of its account or otherwise, and any balance of such reserve remaining after the payment of such fees and expenses shall be paid over in accordance with the directions of the Company under Section 9.2. The Trustee is authorized to invest such reserves in any investment authorized under the terms of this Trust Agreement appropriate for the temporary investment of cash reserves of trusts.

ARTICLEX WITHDRAWAL OF PARTICIPATING UNITS 10.1 Event of Withdrawal. Upon receipt of notice from the Company of a withdrawal of any Participating Unit, or any part thereof, from the Master Decommissioning Trust, the Trustee shall segregate the portion of assets of the Master Decommissioning Fund allocable to the Fund or Funds of the Participating Unit, or part thereof, and, subject to Section 1.3 of the Trust Agreement, shall dispose of such assets in accordance with the directions of the Company.

Such dispositions may include, but shall not be limited to, the transfer of all or a portion of such assets to (a) another funding method considered acceptable by the NRC for providing financial assurance of the availability of funds for Decommissioning, or (b) another funding method for financial assurance maintained by any successor to the Company incident to the transfer or disposition by the Company of all or a portion of its ownership interest with respect to a Participating Unit.

10.2 Approval of Appropriate Agencies. The Trustee may, in its absolute discretion, condition delivery, transfer, or distribution of any assets withdrawn from the Master Decommissioning Fund under this Article X upon the Trustee's receiving assurances satisfactory to it that the Company has made any notice or filings which may be required to be given the NRC or the Internal Revenue Service.

ARTICLE XI AMENDMENT OR TERMINATION 11.1 Amendment. Subject to Section 1.3, the Company reserves the right at any time and from time to time to amend, in whole or in part, any or all of the provisions of this Trust Agreement by notice thereof in writing delivered to the Trustee; provided, however, no amendment which affects the rights, duties, or responsibilities of the Trustee may be made without its prior written consent.

11.2 Termination. Subject to Section 1.3, this Trust Agreement shall terminate when all transfers and payments required or permitted to be made by the Trustee under the provisions hereof shall have been made, unless terminated earlier by the Company by written notice to the Trustee. Upon written notice from the Company that Decommissioning is complete with respect to a Participating Unit, any assets remaining in any Fund or Funds of such Participating Unit after the payment of all Decommissioning Costs, any administrative costs and any other 17 41355712v3

incidental expenses of the Master Decommissioning Trust allocable to such Fund or Funds shall be returned to the Company.

11.3 Trustee's Authority to Survive Termination. Until the final distribution of the Master Decommissioning Fund, the Trustee shall continue to have and may exercise all of the powers and discretion conferred upon it by this Trust Agreement 11.4 U.S. Special Resolution Regime Transferability.. Notwithstanding anything herein to the contrary, in the event the Trustee becomes subject to a proceeding under a U.S.

sp_ecial resolution regime, the transfer of this Ag~eement (and any intere$t and obligation in or under, and any property securing, this Agreement) from the Trustee will be effective to the same extent as the transfer would be effective under the U.S. special resolution regime if the Agreement (and any interest and obligation in or under, and any property securing, the Agreement) were governed by the laws of the United States or a state of the United States; and, in the event the Trustee or any affiliate becomes subject to a proceeding under a U.S. special resolution regime, default rights with respect to the Agreement that may be exercised against the Trustee are permitted to be exercised to no greater extent than the default rights could be exercised under the U.S. special resolution regime if the Agreement were governed by the laws of the United States or a state of the United States.

ARTICLE XII AUTHORITIES

12. l Company.

Whenever the provisions of this Trust Agreement specifically require or permit any action to be taken by the Company, such action must be authorized or ratified by the Board of Directors or by any designee or committee authorized by the Board of Directors to act on behalf of the Company. Any resolution adopted by the Board of Directors or by such authorized designee or committee or other evidence of such authorization or ratification shall be certified to the Trustee by the Secretary or an Assistant Secretary of the Company under its corporate seal, and the Trustee may rely upon any authorization so certified until revoked or modified by a further action of the Board of Directors or by such authorized designee or committee similarly certified to the Trustee.

12.2 Investment Manager. The Company shall cause each Investment Manager to furnish the Trustee from time to time with the names and signatures of those persons authorized to direct the Trustee on its behalf hereunder.

12.3 Authorized Instructions. Shall mean: (i) all directions to the Trustee from a Duly Authorized Officer (as defined below) pursuant to the terms of this Trus.t Agreement; (ii) all directions by or on behalf of the Company or the Investment Manager to the Trustee in its corporate capacity (or any of its affiliates) relating to foreign exchange; (iii) all directions by or on behalf of the Company or the Investment Manager pursuant to an agreement with Trustee (or any of its affiliates) with respect to benefit disbursement services or information or transactional services provided via a web site sponsored by the Trustee (or any of its affiliates)

(e.g., the "Workbench web site") and (iv) all directions by or on behalf of a Duly Authorized Officer pursuant to any other written agreement or procedure between Trustee (or any of its affiliates) and such Duly Authorized Officer, if such agreement or procedure specifically provides that authorized persons thereunder are deemed to be authorized to give instructions under this Trust Agreement. Authorized Instructions shall be in writing, transmitted by first class mail, overnight delivery, private courier, facsimile, or shall be an electronic transmission subject to the Trustee's policies and procedures, other institutional delivery systems or trade 18 413557l2v3

matching utilities as directed by a Duly Authorized Officer and supported by the Trustee, or other methods agreed upon in writing by the Company or the named fiduciary and the Trustee.

The Trustee may, in its discretion, accept oral directions and instructions from a Duly Authorized Officer and may require confirmation in writing. However, where the Trustee acts on an oral direction or instruction, the Trustee shall not be liable if a subsequent written confirmation fails to conform to the oral direction or instruction. Except as required by applicable law, the Trustee shall be (1) fully protected in acting in accordance with all such Authorized Instructions and in failing to act in the absence thereof, and (2) under no duty to question any direction of a Duly Authorized Officer with respect to the portion of the Master Decommissioning Fund over which such Duly Authorized Officer has authority, to review any property held in the Master Decommissioning Fund, to make any suggestions with respect to the investment, retention and reinvestment of the assets in the Master Decommissioning Fund, or to evaluate or question the performance of any Duly Authorized Officer. The Trustee shall not be responsible or liable for any diminution of value of any securities or other property held by the Trustee or its subcustodians pursuant to Authorized Instructions. In following an Authorized Instruction, the Trustee shall be fully protected and shall not be liable for the acts or omissions of any person or entity not selected or retained by the Trustee in its sole discretion, including, but not limited to, any broker-dealer or other entity designated by the Company or Investment Manager to hold property of the Master Decommissioning Fund as collateral or otherwise pursuant to an investment strategy. The Trustee shall act through one, or more than one, of its duly authorized trust officers, and the Company shall act through one or more of its duly authorized officers or employees ("Duly Authorized Officer"). The Trustee shall establish with the Duly Authorized Officer such oral, written or electronic communication procedures (or any combination of such communication procedures) or such other procedures as the Trustee and the Duly Authorized Officer deem responsible and prudent under the circumstances for the orderly administration of the Master Decommissioning Fund, and the Trustee and the Duly Authorized Officer shall follow such procedures.

12.4 Continuation of Authority. The Trustee shall have the right to assume, in the absence of written notice to the contrary, that no event terminating the authority of any Person, including any Investment Manager, has occurred.

12.5 No Obligation to Act on Unsatisfactory Notice. The Trustee shall incur no liability under this Trust Agreement for any failure to act pursuant to any notice, direction, or any other communi'cation from any Asset Manager, the Company, or any other Person or the designee of any of them unless and until it shall have received instructions in form satisfactory to it.

ARTICLE XIII GENERAL PROVISIONS 13.1 Governing Law. To the extent that state law shall not have been preempted by the provisions of any other law of the United States heretofore or hereafter enacted, this Trust Agreement shall be administered, construed and enforced according to the laws of the State of New York.

13.2 Entire Agreement. The Trustee's duties and responsibilities to any Participating Unit or any Person interested therein shall be limited to those specifically set forth in this Trust Agreement, except as may otherwise be provided by applicable law. No amendment to any agreement or instrument affecting any Participating Unit or any other document shall enlarge the Trustee's duties or responsibilities hereunder without its prior written consent.

19 4135571:M

13.3 Experts. The Trustee may consult with experts of its choice (who may be experts employed by the Company), including legal counsel, appraisers, pricing services, accountants, or actuaries, selected by it with due care as to the meaning and construction of the Trust Agreement on any provisions hereof, or concerning its powers and duties hereunder, and shall be protected for any action taken or omitted by it on the basis of its reasonable reliance on the opinion of such expert.

13.4 Successor to the Trustee.

Any successor, by merger or otherwise, to substantially all of the trust business of the Trustee shall automatically and without further action become the Trustee hereunder, subject to all the terms and conditions and entitled to all the benefits and immunities hereof.

13.5 Notices. AU notices, reports, annual accounts, and other communications to the Company, Investment Manager, or any other Person shall be deemed to have been duly given if mailed, postage prepaid, or delivered in hand to such Person at its address appearing on the records of the Trustee, which address shall be filed with the Trustee at the time of the establishment of the Master Decommissioning Trust and shall be kept current thereafter by the Company. All directions, notices, statements, objections, and other communications to the Trustee shall be deemed to have been given when received by the Trustee at its offices.

13.6 No Waiver: Reservation of Rights.

The rights, remedies, privileges, and immunities expressed herein are cumulative and are not exclusive, and the Trustee and the Company shall be entitled to claim all other rights, remedies, privileges, and immunities to which it may be entitled under applicable law, except as may be otherwise provided by this Trust Agreement.

13.7 Descriptive Headings. The captions in this Trust Agreement are solely for convenience of reference and shall not define or limit the provisions hereof.

13,8 Force Majeure. Notwithstanding anything contained in this Trust Agreement to the contrary, the Trustee shall not be responsible or liable for its failure to perform under this Trust Agreement or for any losses to the Master Decommissioning Fund resulting from any event beyond the reasonable control of the Trustee, its agents, or its subcustodians; provided that Trustee has implemented and maintained commercially reasonable practices and procedures to prevent or mitigate the reasonably foreseeable adverse effects of such an event.

This Section shall survive the termination of this Trust Agreement 13.9 Customer-Related Data.

BNY Mellon Corp., the corporate parent of BNY Mellon is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Mellon Group"). The BNY Mellon Group may centralize functions, including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, the Company consents to the disclosure of, and authorizes the Trustee to disclose, information regarding the Company and its accounts ("Customer-Related Data") to the BNY Mellon Group and to its third-party service providers who are subject to confidentiality obligations with respect to such Customer-Related Data. In addition, the BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format 20 41355712v3

that identifies Customer-Related Data with the Company.. In addition, the Trustee may disclose Customer-Related Data as required by law or at the request of any governmental or regulatory authority.

ARTICLE XIV UNDERTAKING BY COMPANY 14.1 Undertaking. In consideration of the Trustee agreeing to enter into this Trust Agreement, the Company hereby agrees to hold harmless the Trustee, individually and as trustee, and its _directors, officers, and_ employees, from and ~gainst all amounts, in~luding without limitation taxes, expenses (including reasonable counsel fees), liabilities, claims, damages, actions, suits, or other charges, incurred by or assessed against it, individually or as trustee, or its directors, officers or employees, (a) as a direct or indirect result of anything done in good faith, or alleged to have been done, by or on behalf of the Trustee in reliance upon the directions of any Investment Manager, or the Company, or anything omitted, in the absence of such directions, or (b) as a direct or indirect result of the failure of the Company, directly or indirectly, to adequately, carefully, and diligently discharge its fiduciary responsibilities with respect to the investments of Master Decommissioning Fund assets by an Investment Manager.

14.2 Limitation on Undertaking.

Anything hereinabove to the contrary notwithstanding, the Company shall have no responsibility to the Trustee under Section 14.1 if the Trustee 1) knowingly participated in or knowingly concealed any act or omission of any Person described in such Section 14.1, knowing that such act or omission constituted a breach of such person's fiduciary responsibilities, or 2) if as a result of its negligence or willful misconduct the Trustee either fails to perform any of the duties specifically undertaken by it under the provisions of this Trust Agreement or fails to act in conformity with duly given and authorized directions hereunder. In addition, the Company shall have no responsibility to the Trustee under Section 14.1 for any income or excise taxes, penalties or interest imposed against the Trustee arising from or related to any violation of the prohibitions against self-dealing set forth in the Code by the Trustee or any of the Trustee's directors, officers or employees, and the payment of any such income or excise taxes, penalties or interest shall be the sole responsibiHty of the Trustee.

14.3 Limitation on Trustee Responsibility. The Trustee shall not be responsible for any losses resulting from the deposit or maintenance of securities or other property (in accordance with market practice, custom, or regulation) with any recognized foreign or domestic clearing facility, book-entry system, centralized custodial depository, or similar organization. The Trustee shall not be responsible or liable for any losses or damages suffered by the Master Decommissioning Fund arising as a result of any act or omission or insolvency of any custodian, subtrustee or subcustodian, except to the extent the Trustee was negligent in its selection or continued retention of such entity. The Trustee shall not be liable to the Company, or the Trust for indirect, consequential or special damages arising in connection with this Agreement even if the Trustee has been advised of the possibility of such damages.

Settlements of transactions may be affected in trading and processing practices customary in the jurisdiction or market where the transaction occurs. The Company acknowledges that this may, in certain circumstances, require the delivery of cash or securities (or other property) without the concurrent receipt of securities (or other property) or cash and, in such circumstances, the Company shall have sole responsibility for nonreceipt of payment (or late payment) by the counterparty 21 41355712v3

14.4 Economic Sanctions Compliance Program. Throughout the term of this Agreement, the Company agrees it (i) shall maintain, and comply with, an Economic Sanctions Compliance Program; (ii) shall ensure that neither the Company nor any of its affiliates, directors, or officers, or Asset Managers is an individual or entity that is, or is owned or controlled by, an individual or entity that is: (A) the subject of Sanctions or an the target of investigation for Sanctions compliance, or (B) located, organized, or resident in a country or territory that is, or whose government is, the subject of Sanctions or the target of an investigation for Sanctions comp1iance; and (iii) shall not, directly or indirectly, cause or permit the use of the Funds in any manner that would result in a violation of Sanctions.

The Company will promptly provide to the Trustee such information as the Trustee reasonably requests in connection with the matters referenced in this Section 14.4, including information regarding the accounts hereunder, the assets held or to be held in the accounts, the source thereof, and the identity of any individual or entity having or claiming an interest therein.

The Trustee may decline to act or provide services in respect of any account, and talce such other actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section 14.4. If the Trustee declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by applicable law or official request, the Trustee will inform the Company thereof as soon as reasonably practicable.

[SIGNATURE PAGE FOLLOWS]

22 41355712v3

IN WITNESS

WHEREOF, the parties hereto have caused this Master Decommissioning Trust Agreement to be executed by their respective officers thereunto duly authorized and their corporat<r~l~1to be hereunto affixed and attested on the day and year first above written.

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NOTARY

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PUBLIC (Corporate Seal) --... -*-

My Co,.,., Ex:>,res A.1g 29 2021 Corporate Seal) 413557l2v3 GEORGIA POWER COMPANY BANK OF NEW YORK MELLON, Successor by operation of law to Mellon Bank, N.A.

23

EXHIBIT A MASTER DECOMMISSIONING TRUST PARTICIPATING UNITS AND OWNERSIDP INTERESTS Hatch llatch Vogtle Vogtle Vogtle Unit l Unit2 Unit 1 Unit2 Unit3 NRC Facility Operating DPR-57 NPF-5 NPF-68 NPF-81 NPF-91 License Number License Expiralion Date 8/6/34 6/13/38 1/16/47 2/9/49 1 f/6 I (est.)

Ownership Interest Percenta2e Georgia Power Company SO.I 50.l 45.7 45.7 45.7 Ogled1orpe Power 30.0 30.0 30.0 30,0 30,0 Comoration Municipal Electric 17.7 17.7 22.7 22,7 22.7 Authoritv of Georgia City of Dalton 2.2 2.2 1.6 1.6

1.6 TOTAL

100 100 100 100 100 413557!2v3 Vogtle Unit 4 NPF-92 l l/62 (est) 45.7 30.0 22.7 1.6 100

EXHIBITB MASTER DECOMMISSIONING TRUST SPECIMEN CERTIFICATE OF EVENTS Bank of New York Mellon Attention: [Trust Division]

Gentlemen:

In accordance with the terms of that certain Trust Agreement by and between Georgia Power Company and Bank of New York Mellon, as Trustee, dated - ---

~

I,

~ Secretary of Georgia Power Company, hereby certify that the following events have occurred:

l.

Georgia Power Company is required to commence the decommissioning of its

_ _____ facility, Unit ___ located at _________ _

(hereinafter called the "decommissioning"),

2 the plans and procedures for the commencement and conduct of the decommissioning have been established in accordance with regulations issued by the United States Nuclear Regulatory Commission, or its successor, and

3.

the Board of Directors of Georgia Power Company has adopted the attached resolution authorizing the commencement of the decommissioning.

Secretary of Georgia Power Company Date 41355712v-3

EXHIBITC MASTER DECOMMISSIONING TRUST SPECIMEN CERTIFICATE Bank of New York Mellon Attention: [Trust Division]

Attention: Trust Division Gentlemen:

In accordance with the terms of that certain Trust Agreement by and between Georgia Power Company and Bank of New York Mellon, as Trustee, dated ________

., I, (insert name], [insert Treasurer or Assistant Treasurer] of Georgia Power Company1 hereby certify that:

1.

decommissioning of Georgia Power Company's _________ _

facility, Unit __

_, located at _____________ is proceeding pursuant to a plan and procedures established in accordance with regulations issued by the United States Nuclear Regulatory Commission, or its successor, and

2.

the funds requested for payment or reimbursement on this

date, 4135S7!2Y--J

$ ________, will be expended for decommissioning activities pursuant to such plan.

[Insert Treasurer or Assistant Treasurer] of Georgia Power Company Date

EXHIBITD RESPONSIBILITIES OF TRUSTEE UNDER SECTION 7.6

1.

The Trustee shall be responsible for the computation, filing and payment, if required, from Equitable Shares of each Participating Unit of:

a.

federal income tax, including quarterly estimated filings and payments as required on l.R.S. Form 1120-ND "Return for Nuclear Decommissioning Funds and Certain Related Persons" for each Qualified Fund;

b.

State of Georgia Corporation income tax, including quarterly estimated filings and payments as required on Georgia Department of Revenue Income Tax Division Form 600 for each Qualified Fund.

2.

The Trustee shall be responsible for the computation and filing of:

a.

U.S. Fiduciary Income Tax Return, I.R.S. Form 1041 for each Nonqualified Fund;

b.

State of Georgia Fiduciary Income Tax Return, Georgia Department of Revenue Income Tax Division Form 501 for each Nonqualified Fund.

3.

The Trustee shall be responsible for the computation, filing and payment, if required, from Equitable Shares of each Participating Unit of Intangible Personal Property Tax for the State of Georgia or the State of New York as required.

4.

The Trustee shall be responsible for the computation, filing and payment, if required, from Equitable Shares of each Participating Unit of any other tax that is required.

41355712v3

I.

II.

m.

EXHIBITE CROSS TRADING INFORMATION As part of the Cross-Trading Program covered by the Department of Labor Prohibited Transaction Exemption ("PTE") 95-56 for BNY Mellon Gorp. and its affiliates, BNY Mellon Corp. is to provide to each affected employee benefit plan the following information:

The Existence of the Cross-Trading Program BNY Mellon Corp. has developed and intends to utilize; wherever applicable, a Cross-Trading Program for Indexed Accounts and Large Accounts as those terms are defined in PTE 95-56.

The "Triggering Events" Creating Cross-Trade Opportunities In accordance with PTE 95-56, three "Triggering Events" may create opportunities for Cross-Trading transactions. They are generally the following (see PTE 95-56 for more information):

1.

A change in the composition or weighting of the index by the independent organization creating and maintaining the index;

2.

A change in the overall level of investment in an Indexed Account as a result of investments and withdrawals on the Indexed Account's opening date, where the Indexed Account is a bank collective fund, or on any relevant date for non-bank collective funds; provided, however, a change in an Indexed Account resulting from investments or withdrawals of assets of BNY Mellon Corp.'s own plans (other than BNY Mellon Corp.'s defined contributions plans under which participants may direct among various investment options, including Indexed Accounts) are excluded as "Triggering Events"; or

3.

A recorded declaration by BNY Mellon Corp. that an accumulation of cash in an Indexed Account attributable to interest or dividends on, and/or tender offers for, portfolio securities equal to not more than.5% of the Indexed Account's total value has occurred.

The Pricing Mechanism Utilized for Securities Purchased or Sold Securities will be valued at the current market value for the securities on the date of the crossing transaction.

Equity Securities - the current market value for the equity security will be the closing price on the day of trading as determined by an independent pricing service; unless the security was added to or deleted from an index after the close of trading, in which case the price will be the opening price for that security on the next business day after the announcement of the addition or deletion.

Debt Securities - the current market value of the debt security will be the price determined by BNY Mellon Corp. as of the close of the day of trading according to the Securities and Exchange Commission's Rule 17a-7(b)(4) under the Investment Company Act of 1940. Debt securities that are not reported securities or traded on an 2

41355712v3

exchange, will be valued based on an average of the highest current independent bids and the lowest current independent offers on the day of cross trading. BNY Mellon Corp. will use reasonable inquiry Io obtain such prices from as least three independent sources that are brokers or market makers. If there are fewer than three independent sources to price a certain debt security, the closing price quotations will be obtained from all available sources, IV.

The Allocation Method V.

Direct cross-t,rade opportunilies will.be allocated among potential buyers or sellers.of debt or equity securities on a pro-rata basis. With respect to equity securities, please note BNY Mellon Corp. imposes a trivial dollar amount constraint to reduce excessive custody ticket charges to participating accounts.

Other Procedureslmplemented by BNY Mellon Corp. for its Cross-Trading Pra,ctices BNY Mellon Corp. has developed certain internal operation procedures for cross-trading debt and equity securities. The procedures are available upon request.

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3 41355712\\1)

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MASTER NUCLEAR DECOMMISSIONING TRUST AGREEMENT Execution Copy THIS MASTER NUCLEAR DECOMMISSIONING TRUST AGREEMENT (this "Agreement"), dated as of February 18, 2020 between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), an electric membership corporation organized and existing under the laws of the State of Georgia (the "Company"), as grantor and THE BANK OF NEW YORK MELLON, a bank organized under the laws of the state of New York (the "Trustee"), as trustee.

WITNESSETH:

WHEREAS, the Company is a co-owner of undivided interests in, and is a co-licensee of, the nuclear generating facilities described in Schedule I attached hereto; and WHEREAS, the United States Nuclear Regulatory Commission (the "NRC"), an agency of the United States Government, has promulgated regulations requiring licensees of nuclear generating facilities to provide reasonable financial assurance that funds will be available when needed for the decommissioning costs attributable to such facilities (see Title X, Chapter I of the Code of Federal Regulations, Part 50, promulgated pursuant to the Atomic Energy Act of 1954, as amended, and the Energy Reorganization Act of 1974); and WHEREAS, the Company wishes to establish a separate trust to provide for the reasonable financial assurance required by the NRC for the decommissioning costs attributable to the Company's interest in each of its nuclear generating facilities listed on Schedule I; and WHEREAS, the execution and delivery of this Agreement have been duly authorized by the Company and the Trustee and all things necessary to make this Agreement a valid and binding agreement by the Company and the Trustee have been done.

NOW THEREFORE, in consideration of the promises and the mutual covenants contained herein, the Company and the Trustee declare and agree that the Trustee will hold, administer and deliver all Securities (as defined in Section 3.03) and cash as shall from time to time be delivered, granted, conveyed, released, assigned, transferred, or contributed to it hereunder, IN TRUST, upon all of the terms, provisions and conditions set forth herein.

ARTICLE I Name, Establishment, Purposes of the Trust. Contributions Section 1.0 I. Name. Each trust established and maintained hereunder individually shall be known by the name set forth in Schedule I. The trusts established and maintained hereunder collectively shall be known as the "Oglethorpe Power Master Nuclear Decommissioning Trust for Vogtle Units 3 and 4" and shall be referred to herein as the "Trust". Any one of the trusts established and maintained hereunder shall be referred to as "Fund" and all the trusts established hereunder shall collectively be referred to as "Funds" (which term shall include (i) all Securities and cash delivered, granted, conveyed, released, assigned, transferred, or contributed to the Trustee with respect to one or more Facilities, (ii) all investments made therewith and proceeds thereof and (iii) all earnings and profits thereon, less payments, transfers or distributions as authorized herein).

Section 1.02. Establishment of Trust and Separate Fund~. The Company has delivered, granted, conveyed, released, assigned, transferred, and contributed to the Trustee Securities and cash, and the Trustee hereby agrees to hold, administer and deliver said Securities and cash, together with all other contributions, and the income and gains realized thereon, IN TRUST, in accordance with the terms, provisions and conditions of this Agreement. The Trust shall at all times be maintained as a domestic trust in the United States. The Trustee shall establish and maintain hereunder a separate Fund for each facility identified in Schedule I (each a "Facility" and, collectively, the "Facilities"). Each Fund established hereunder shall constitute a separate trust and shall be maintained pursuant to this Agreement. The Trustee shall maintain separate records for each Fund and shall credit thereto its proportionate share of all income and gains of the Trust and charge thereto its proportionate share of all administrative costs and losses of the Trust. To determine the proportionate share of income and gains or administrative costs and losses to be credited or charged to a Fund, the Trustee shall separately credit each item of income and gain and separately charge each item of administrative costs and loss in the same proportion as each Fund's assets giving rise to such item of income, gain, administrative cost or loss bears to the aggregate assets of all the Funds giving rise to such item. Unless otherwise instructed in writing by the Company, the Trustee shall not be required to segregate or separately invest assets of the Funds, it being intended that the assets of the Funds may be commingled in the Trust and maintained, invested and reinvested as a common pool.

Section 1.03. Purposes of the Trust. The Trust is established and maintained to fund the Company's share of the Decommissioning Costs as defined in Section 2.01 associated with the Facilities and to comply with all applicable NRC regulations. Each Fund is established and maintained for the purpose of funding the Decommissioning Costs for the Facility with respect to which such Fund is established and maintained. Except as may otherwise be permitted by the terms of this Agreement, at no time prior to the satisfaction of all of the Decommissioning Costs of the Facility with respect to which a Fund has been established and maintained hereunder, shall any part of such Fund be used for, or diverted for, any other purpose. No third party shall have access to any Fund except as provided in this Agreement nor shall the assets of any Fund be subject to the claims of general or secured creditors of the Company.

Section 1.04. Contributions to the Trust. From time to time, the Company may make contributions to the Trust. The Company shall set forth in writing to the Trustee the amount of each contribution and the portion of each contribution to be allocated to each Fund. The Trustee shall acknowledge in writing to the Company receipt of all contributions and the allocation of such contributions among the Funds. The Trustee shall have no responsibility to any person (a) for enforcing payment of any contribution to the Trust or for the timing and amount thereof, (b) for the adequacy of the Trust or the funding standards adopted by the Company to meet or discharge any Decommissioning Costs or other liabilities in connection with any Facility or (c) for the satisfaction by the Company of the requirements established by the NRC for the decommissioning of any Facility. If the Company in its sole and absolute discretion determines any assets in any Fund to be excess assets, the Company shall deliver a certificate to that effect advising the Trustee of the amount of the excess assets and the Fund or Funds involved and, subject to and in accordance with the terms of Section 2.03 below, the Trustee shall pay over to or on the order of the Company the amount stated therein. For purposes of this Agreement, excess assets shall include assets held in any Fund in excess of the amount which, when divided by the Company's share of the amount required by the NRC to demonstrate reasonable assurance of funds for the decommissioning of the Facility with respect to which such Fund is established, equals (x) the established useful life of such Facility minus the number of years remaining of such established useful life divided by (y) the established useful life of such Facility.

8656271.4 2

ARTICLE U Payments by the Trustee Section 2.0 I. Limitation on Use of Assets. The assets of the Funds shall be used exclusively (a) to satisfy, in whole or in part, any expenses or liabilities incurred by or on behalf of the Company with respect to the decommissioning of the respective Facilities, including expenses incurred in connection with the preparation for decommissioning, such as engineering and other planning expenses, all expenses in connection with the entombment, decontamination, dismantlement, removal and disposal of the structures, systems and components of the respective Facilities and all expenses incurred after the actual decommissioning occurs, such as physical security and radiation monitoring expenses (the "Decommissioning Costs"), (b) to pay from the assets of each Fund the administrative costs and other incidental expenses of such Fund, and (c) to invest in Securities and investments as directed by the investment manager(s) pursuant to Section 3.02(a) or the Trustee pursuant to Section 3.02(b).

Section 2.02. Certification for Decommissioning Costs. In connection with the first payment of Decommissioning Costs for a Facility a certificate duly executed by the president or the secretary of the Company substantially in the form of, and attesting to the occurrence of the events set forth in, the specimen certificate attached hereto as Exhibit A shall be presented to the Trustee. If assets of the Funds are required to satisfy Decommissioning Costs, the Company shall present a certificate substantially in the form attached hereto as Exhibit B requesting payment from the Funds. Any certificate requesting payment by the Trustee to a third party or to the Company from the Funds for Decommissioning Costs shall include the following:

(a) a statement of the amount of the payment to be made from the Funds; (b) a statement that the payment is requested to pay Decommissioning Costs which have been incurred;

( c) the nature of the Decommissioning Costs to be paid; (d) the payee, which may be the Company in the case of reimbursement for payments previously made or expenses previously incurred by the Company for Decommissioning Costs; (e) a statement that the Decommissioning Costs for which payment is requested have not theretofore been paid out of funds of the Funds; and (t) a statement that any necessary authorizations of the NRC and/or any other governmental agencies having jurisdiction with respect to the decommissioning have been obtained.

The Trustee shall retain at least one counterpart of all copies of such certificates (including attachments) and related documents received by it pursuant to this Article II.

The Company shall have the right to enforce payments from the Funds upon compliance with the procedures set forth in this Section 2.02.

Section 2.03. Notice Regarding Disbursements or Pa ments. Except for (i) payments of ordinary administrative costs (including taxes) and other incidental expenses of the Funds (including 8656271.4 3

legal, accounting, actuarial, and Trustee expenses) incurred in connection with the operation of the Funds, and (ii) withdrawals being made under IO CFR 50.82(a)(8), no disbursement or payment may be made from the Trust until written notice of the intention to make a disbursement or payment has been given to the NRC's Director, Office of Nuclear Reactor Regulation, or the NRC's Director, Office of Nuclear Material Safety and Safeguards, as applicable, at least 30 working days before the date of the intended disbursement or payment. The disbursement or payment from the Trust may be made following the 30working day notice period if no written notice of objection from the NRC's Director, Office of Nuclear Reactor Regulation, or the NRC's Director, Office of Nuclear Material Safety and Safeguards, as applicable, is received by the Trustee or the Company within the notice period. The required notice may be made by the Trustee or on the Trustee's behalf. No such notice is required for withdrawals being made pursuant to 10 CFR 50.82(a)(8)(ii), including withdrawals made during the operating life of the plant to be used for decommissioning planning. In addition, no such notice is required to be made to the NRC after decommissioning has begun and withdrawals are being made under IO CFR 50.82(a)(8). This Section 2.03 is intended to qualify each and every provision of this Agreement allowing distributions from the Funds, and in the event of any conflict between any such provision and this Section 2.03, this Section 2.03 shall control.

Section 2.04. Administrative Costs. The Trustee shall pay, as directed by the Company, the administrative costs and other incidental expenses of a Fund, including all federal, state, and local taxes, if any, imposed directly on the Fund, legal expenses, investment manager fees, consulting fees, accounting expenses, actuarial expenses and Trustee expenses, from the assets of the Fund.

Section 2.05 Payments Pursuant to NRC Direction. In the event of the Company's failure to direct decommissioning with respect to any Facility, and if such failure violates any applicable NRC regulation or final, non-appealable NRC order, the Trustee shall make payments from the applicable Fund, to such persons as the NRC shall direct in writing, to provide for the payment of the Decommissioning Costs of such Facility and for the payment of the administrative costs of such Fund.

Section 2.06 Responsibility for Decommissioning. The Trustee shall not be responsible for the decommissioning of any Facility, nor for the application of the assets held in a Fund established with respect to a Facility and distributed to the Company for the payment of the Decommissioning Costs of such Facility. In the event the NRC shall direct the Trustee to make payments pursuant to Section 2.05, the Trustee shall not be liable with respect to any act or omission to act by it made in good faith at the direction of the NRC in accordance with Section 2.05.

ARTICLE Ill Concerning the Trustee Section 3.0 I. Authority of Trustee. The Trustee hereby accepts the Trust created under this Agreement. The Trustee shall hold the Funds IN TRUST and shall have the authority and discretion to manage and control the Funds to the extent provided in this Agreement but does not guarantee the Funds in any manner against investment loss or depreciation in asset value or guarantee the adequacy of the Funds to satisfy the Decommissioning Costs. The Trustee shall not be responsible for any other loss to or diminution of the Funds, or for any other loss or damage which may result from the discharge of its duties hereunder except for any action not taken in good faith and as provided in Section 3.04.

Section 3.02. Investment of Funds.

8656271.4 4

(a) The Company shall have the authority to appoint and remove one or more investment managers (which may include the Company) from time to time who shall have the power to direct the Trustee in investing the assets of the Funds. To the extent that the Company chooses to exercise this authority, it shall so notify the Trustee and instruct the Trustee in writing to separate into a separate account those assets the investment of which will be directed by each investment manager. Upon the separation of the assets in accordance with the Company instructions, the Trustee, as to those assets while so separated, shall be released and relieved of all investment duties, investment responsibilities and investment liabilities normally or statutorily incident to a trustee.

(b) To the extent that the investment of assets of the Funds is not being directed by one or more investment managers under Section 3.02(a), to the extent agreed upon by the Trustee, the Trustee shall hold, invest, and reinvest the Securities, cash and any other property delivered, granted, conveyed, released, assigned, transferred, or contributed to it hereunder in accordance with the Company's investment guidelines (as may be provided to Trustee and as in effect from time to time); provided, however, that in the event a specific policy, guideline, objective, restriction, condition, limitation or direction in the Company's investment guidelines conflicts with any applicable NRC regulation, the Trustee shall not be required to act in accordance with such specific non-compliant provision in the Company's investment guidelines.

Section 3.03 Holding Securities. "Securities" shall include, without limitation, any common stock and other equity securities, mutual funds, depository receipts, limited partnership and limited liability company interests, bonds, debentures and other debt securities, notes or other obligations, and any instruments representing rights to receive, purchase, or subscribe for the same, or representing any other rights or interests therein (whether represented by a certificate or held in a Depository (as defined below), with a Subcustodian (as defined below) or on the books of the issuer) that are acceptable to the Trustee. Subject to the terms hereof, the Company hereby authorizes the Trustee to hold any Securities in registered fonn in the name of the Trustee or one of its Nominees. "~omi~" shall mean an entity controlled by Trustee or a BNY Mellon Affiliate and utilized by Trustee solely and exclusively to hold Securities of customers of Trustee in registered form.

Securities held hereunder shall be segregated at all times on the Trustee's books and records from the Trustee's own property whether registered in the name of the Trustee or one of its Nominees. The Trustee shall be entitled to utilize Subcustodians and Depositories in connection with its performance hereunder. Securities and cash held through Subcustodians shall be held subject to the terms and conditions of the Trustee's or a BNY Mellon Affiliate's agreements with such Subcustodians. Where Securities and cash are held through Subcustodians pursuant to an agreement of a BNY Mellon Affiliate with such Subcustodian, Trustee shall have an inter-affiliate agreement with such BNY Mellon Affiliate which is not inconsistent with the obligations and undertakings of Trustee under this Agreement and Trustee shall be liable for the acts or omissions of such BNY Mellon Affiliate to the same extent as though they were the acts or omissions of Trustee pursuant to this Agreement. Securities and cash deposited by the Trustee in a Depository will be held subject to the rules, terms and conditions of such Depository. Subcustodians may hold Securities in Depositories in which such Subcustodians participate.

Unless Securities are required to be held in a separate account in the name of the Fund by local law or practice or a particular Subcustodian agreement, Securities deposited with Subcustodians will be held in a commingled account in the name of the Trustee directly or through a BNY Mellon Affiliate for its clients. The Trustee shall identify on its books and records the Securities and cash belonging to the Funds (and that such Securities and cash are held in trust hereunder), whether held directly or indirectly through Depositories or Subcustodians. In no event shall the Trustee be liable for any losses, costs, 8656271.4 5

expenses, damages, liabilities and claims ("Losses") arising out of the holding of Non-U.S. Securities or cash other than U.S. dollars in any particular country, including but not limited to, Losses resulting from nationalization, expropriation or other governmental actions; regulation of the banking or securities industry; exchange or currency controls or restrictions, devaluations or fluctuations or currency redenomination; availability of Non-U.S. Securities or cash denominated in currency other than U.S.

dollars or market conditions which prevent the transfer of property or the execution of Securities transactions or affect the value of property ("Country Risk Events").

Trustee shall make available to the Company a list of the Subcustodians and Depositories: (A) holding the Funds at any given time, and (B) utilized by Trustee from time to time and shall make available any change to such lists as promptly as reasonably practicable under the circumstances through Trustee's on-line information reporting system and/or by making such information available through Netlnfo communications or any successor communication system implemented by Trustee. It shall be the Company's responsibility to subscribe to Netlnfo's, and can do so through NEXEN (hnps://nexen.bnymellon.coml Section 3.04 Subcustodians. "Subcustodian" shall mean a bank or other financial institution, (other than a Depository) that is utilized by the Trustee, in its reasonable discretion, in connection with the purchase, sale or custody of Non-U.S. Securities or cash denominated in currency other than U.S.

dollars hereunder. "Non-U.S. Securities" shall mean Securities that are required by applicable law or market practice to be safe-kept, or are principally settled, outside the United States. The Trustee shall exercise reasonable care in the selection, retention, monitoring, and continued use of Subcustodians in light of prevailing rules, practices, procedures and circumstances in the relevant market but in no event less care than Trustee exercises for selecting, retaining, and monitoring subcustodians of its own assets (the "R~ired Qir..e").

With respect to any Losses incurred by the Trust, the Company or any other person as a result of the acts or the failure to act by any Subcustodian ("Operational Losses" which specifically excludes Losses arising out of or relating to Country Risk Events), the Trustee shall be liable for:

a.

Operational Losses with respect to Securities or cash held by the Trustee with or through a BNY Mellon Affiliate; and

b.

Operational Losses with respect to Securities or cash held by the Trustee with or through a Subcustodian (other than a BNY Mellon Affiliate) to the extent that such Operational Losses were caused by Trustee's negligence (in light of prevailing rules, practices, procedures and circumstances in the relevant market) or failure to otherwise exercise Required Care.

With respect to all other Operational Losses not covered by clauses (a) and (b) above, the Trustee shall take appropriate action to recover Operational Losses from such Subcustodian, and Trustee's sole liability shall be limited to amounts recovered from such Subcustodian (exclusive of costs and expenses incurred by the Trustee).

In addition, the Trustee shall be liable for repayment to the Trust of cash credited to the Funds and credited to any relevant cash account at the Subcustodian that the Trustee is not able to recover from the Subcustodian (other than as a direct result of Country Risk Events).

Section 3.05 Deoosits. The Trustee may hold cash in accounts or may arrange to have such 8656271 4 6

cash held by any direct or indirect subsidiary of The Bank of New York Mellon Corporation (a "BNY Mellon Affiliate"), Subcustodian, or with a Depository (defined below) provided that all cash denominated in U.S. dollars is held in the United States of American and in the name of Trustee at all times. Where cash is on deposit with the Trustee, a Subcustodian, a BNY Mellon Affiliate or a Depository, it will be subject to the terms of this Agreement and such deposit terms and conditions as may be issued by such entity from time to time.

Section 3.06 Depositories. "Depository" shall include the Book-Entry System, the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other securities depository, book-entry system or clearing agency (and their respective successors and nominees) authorized to act as a securities depository, book-entry system or clearing agency pursuant to applicable law.. "Book-Entry System" shall mean the U.S. Federal Reserve/Treasury book-entry system for receiving and delivering securities, its successors and nominees. The Trustee shall have no liability whatsoever for the action or inaction of any Depository or for any Losses resulting from the maintenance of Securities with a Depository. The Trustee shall be liable to repay cash credited to the Funds and credited to any relevant account at such Depository (other than as a direct result of Country Risk Events).

Section 3.07 Compensation. Subject to and in accordance with all applicable NRC regulations, the Trustee shall be entitled to receive out of the Funds reasonable compensation for services rendered by it, as well as expenses necessarily incurred by it in the execution of the Trust hereunder. The Company acknowledges that, as part of the Trustee's compensation, the Trustee will earn interest on balances, including disbursement balances and balances arising from purchase and sale transactions.

Section 3.08 Overdrafts and Indebtedness.

(a)

The Trustee may, in its sole discretion, advance funds in any currency hereunder. If an overdraft occurs in a Fund (including, without limitation, overdrafts incurred in connection with the settlement of Securities transactions, funds transfers or foreign exchange transactions) or if the Fund owes compensation to the Trustee, the Trustee shall be entitled to collect from the Trust the amount of such advance, overdraft or indebtedness, plus accrued interest at a rate then charged by the Trustee to its institutional custody clients in the relevant currency.

(b)

In order to secure repayment of any such advancement or compensation owed to the Trustee, the Company on behalfof the Trust hereby pledges and grants to the Trustee a right of setoff against Securities and cash now or hereafter held in such Funds (including the proceeds thereof), not in excess of the amount of such advancement or indebtedness. The Trustee shall be entitled to collect from the Funds sufficient cash for reimbursement, and if such cash is insufficient, to sell the Securities in the Funds to the extent necessary to obtain reimbursement.

Section 3.09 Pricing and Other Data. For purposes of this Section, "Market Data" shall mean pricing or other data related to Securities and other assets. Market Data includes but is not limited to security identifiers, valuations, bond ratings, classification data, and other data received from investment managers and others. In providing Market Data related to the Funds in connection with this Agreement, the Trustee is authorized to use pricing vendors, brokers, dealers, investment managers, Authorized Parties, Subcustodians, depositories and any other person providing Market Data to the Trustee ("Data Providers"). The Trustee may follow Authorized Instructions in providing pricing or other Market Data, even if such instructions direct the Trustee to override its usual procedures and Market Data sources.

8656271.4 7

The Trustee shall be entitled to rely without inquiry on all Market Data (and all Authorized Instructions related to Market Data) provided to it, and the Trustee shall not be liable for any losses incurred as a result of errors or omissions with respect to any Market Data utilized by the Trustee or the Company hereunder. The Company acknowledges that certain pricing or valuation information may be based on calculated amounts rather than actual market transactions and may not reflect actual market values, and that the variance between such calculated amounts and actual market values may be material. Market Data may be the intellectual property of the Data Providers, which may impose additional terms and conditions upon the Company's use of the Market Data. The additional terms and conditions can be found on the Data Terms Website, at http_,i[/bn_ymelJon.com/products/assetservicing/vendoragreement.pdf

("Data Terms Website"), or any successor website the address of which is provided by the Trustee to the Company. The Company agrees to those terms as they are posted in the Data Terms Website from time to time. Certain Data Providers may not permit the Company's directed price to be used. Performance measurement and analytic services may use different data sources than those used by the Trustee to provide Market Data for the Funds, with the result that different prices and other Market Data may apply.

Section 3. IO Books of Account. The Trustee shall keep separate true and correct books of account with respect to each of the Funds, which books of account shall at all reasonable times be open to inspection by the Company or its duly appointed representatives. The Trustee shall, upon written request of the Company, permit government agencies, such as the NRC or the Internal Revenue Service, to inspect the books of account of the Funds. The Trustee shall furnish to the Company by the tenth business day of each month a statement for each Fund showing, with respect to the preceding calendar month, the balance of assets on hand at the beginning of such month, all receipts, investment transactions, and disbursements which took place during such month and the balance of assets on hand at the end of such month. The Trustee agrees to provide on a timely basis any information deemed necessary by the Company to file the Company's federal, state and local tax returns. The Trustee shall be solely responsible for the safekeeping of the evidence of the Trust's ownership of or interest or participation in all investment transactions.

Section 3.11 Authorized Parties. The Company shall notify the Trustee in writing of all persons or entities who are authorized to act on its behalf under the terms of this Agreement and the rights, powers and duties of each such person or entity and in the absence of such notice, the Trustee shall rely solely upon the Company. The Trustee shall be entitled to deal with any such person or entity so identified by the Company or by an Investment Manager ("Authorized Party" or "Authorized Parties")

until notified otherwise in writing.

Section 3.12 Authorized Instructions. "Authorized Instructions" shall mean (i) all directions to the Trustee from an Authorized Party pursuant to the tenns of this Agreement; (ii) all directions by or on behalf of the Company to the Trustee in its corporate capacity (or any of its affiliates) with respect to contracts for foreign exchange; (iii) all directions by or on behalf of the Company pursuant to an agreement with Trustee ( or any of its affiliates) with respect to information or transactional services provided via a web site sponsored by the Trustee (or any of its affiliates) (e.g., the "Workbench web site") and (iv) all directions by or on behalf of the Company pursuant to any other agreement or procedure between Trustee (or any of its affiliates) and the Company, if such agreement or procedure specifically provides that authorized persons thereunder are deemed to be authorized to give instructions under this Agreement. Authorized Instructions shall be in writing, transmitted by first class mail, overnight delivery, private courier, facsimile, or shall be an electronic transmission subject to the Trustee's policies and procedures, other institutional delivery systems or trade matching utilities as directed by an Authorized Party and supported by the Trustee, or other methods agreed upon in writing 8656271 4 8

by the Company and the Trustee. "Authorized Transactions" shall mean any action or series of actions resulting from Authorized Instructions.

Section 3.13. Reliance on Authorized Instructions/Documents. The Trustee shall act and shall be fully protected in acting in accordance with Authorized Instructions. The Trustee acting in good faith may conclusively rely, as to the truth of statements and the correctness of opinions expressed in any certificate or other documents conforming to the requirements of this Agreement. If the Trustee in the administration of the Funds, shall deem it necessary or desirable that a matter be provided or established prior to taking or suffering any action hereunder, such matter (unless evidence in respect thereof is otherwise specifically prescribed hereunder) may be deemed by the Trustee to be conclusively provided or established by a certificate signed by the chief executive officer, chief financial officer or any vice president of the Company (or officers holding substantially equivalent positions if the Company does not have a chief executive officer, chief financial officer or vice president), or any other officer of the Company expressly authorized by the Company to deliver such certificate on behalf of the Company, and delivered to the Trustee. The Trustee shall have no duty to inquire into the validity, accuracy or relevancy of any statement contained in any certificate or document nor the authorization of any party making such certificate or delivering such document and the Trustee may rely and shall be protected in acting or refraining from acting upon any such written certificate or document furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties.

Section 3. 14 Liability and Indemnification. In performing its duties under this agreement, the Trustee acknowledges and agrees that it is a fiduciary with respect to the Trust and shall exercise such diligence, competence, care and skill as may be reasonably expected of a professional institutional trustee. The duties of the Trustee shall only be those specifically undertaken pursuant to this Agreement. The Trustee shall not be liable for any action taken by it in good faith and without negligence or willful misconduct and believed by it to be authorized or within the rights or powers conferred upon it by this Agreement and may consult with counsel of its own choice (including counsel for the Company) and shall have full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and without negligence or willful misconduct and in accordance with the opinion of such counsel. The Company hereby agrees to indemnify the Trustee for, and to hold it harmless against, all losses, costs, expenses, damages, liabilities and claims, incurred without negligence, willful recklessness or bad faith on the part of the Trustee, arising out of or in connection with its entering into this Agreement and carrying out its duties hereunder, including reasonable counsel fees and expenses in third party suits and in a successful defense of claims asserted by the Company. This provision shall survive the termination of this Agreement.

Under no circumstances shall either party be liable to, or be required to indemnify, the other party or any third party for indirect, consequential or special damages arising in connection with this Agreement.

The Trustee shall not be responsible or liable for any losses or damages suffered by the Funds arising as a result of the insolvency of any person, including but not limited to a Subcustodian, Depository, broker, bank, and a counterparty to the settlement of a transaction or to a foreign exchange transaction, except to the extent otherwise specifically provided herein.

Any stated limitations on liability shall not relieve the Trustee from any responsibility or liability the Trustee may have under applicable state or federal laws.

Settlements of transactions may be effected in trading and processing practices customary in the 8656271.4 9

jurisdiction or market where the transaction occurs. The Company acknowledges that this may, in certain circumstances, require the delivery of cash or Securities (or other property) without the concurrent receipt of Securities (or other property) or cash and, in such circumstances, the Company shall have sole responsibility for nonreceipt of payment (or late payment) by the counterparty.

Notwithstanding anything in this Agreement to the contrary, the Trustee shall not be responsible or liable for any failure to perfonn under this Agreement or for any losses to the Funds resulting from any event beyond the reasonable control and without the fault or negligence of the Trustee provided that: (i) the Trustee gives the Company prompt written notice describing the particulars of the occurrence giving rise to such failure to perfonn or losses to the Fund(s); (ii) the suspension of Trustee's performance is of no greater scope and of no longer duration than is required by such occurrence; and (iii) the Trustee proceeds with reasonable diligence to remedy its inability to perform and at the reasonable request of the Company provides reports to the Company describing actions taken to end such failure to perform or mitigate losses to the Fund(s).

Section 3.1 S (a) Contractual Income. The Trustee shall credit the Funds with income and maturity proceeds on Securities on the contractual payment date net of any taxes or upon actual receipt, as agreed between the Trustee and the Company. To the extent the Company and the Trustee have agreed to credit income on the contractual payment date, the Trustee may reverse such accounting entries with back value to the contractual payment date if the Trustee reasonably believes that such amount will not be received by it.

(b) Contractual Settlement. The Trustee will attend to the settlement of Securities transactions on the basis of either contractual settlement date accounting or actual settlement date accounting, as agreed between the Company and the Trustee. To the extent the Company and the Trustee have agreed to settle certain Securities transactions on the basis of contractual settlement date accounting, the Trustee may reverse with back value to the contractual settlement date any entry relating to such contractual settlement where the related transaction remains unsettled according to established procedures.

Section 3.16 Resignation. Removal and Successor Trustees. (a) Subject to the provisions of Section 3. I 6(b), the Trustee may be removed by the Company at any time upon thirty (30) days' notice in writing to the Trustee, or upon such lesser or greater notice as the Company and the Trustee may agree.

Subject to the provisions of Section 3.16(b), the Trustee may resign at any time upon thirty (30) days' written notice to the Company, or upon such lesser or greater notice as the Company and the Trustee may agree.

(b) Upon the removal or resignation of the Trustee, the Company, in its sole and absolute discretion, shall (a) appoint a successor trustee who shall have the same powers and duties as those conferred upon the Trustee hereunder; or (b) direct the Trustee to transfer the assets in the Trust directly to the trustee of another trust, and, upon acceptance of such appointment or transfer by the successor or other trustee, the Trustee shall promptly assign, transfer and pay over the Funds to such successor other trustee; or (c) implement another financial assurance mechanism as provided under I 0 C.F.R. 50.75(e). The removal or resignation of the Trustee shall become effectively on upon the acceptance by such successor or other trustee. If in the event of the removal or resignation of the Trustee the Company cannot or does not act promptly to appoint a successor trustee or direct the transfer of the Trust assets to another trust, the Trustee may apply to any court of competent jurisdiction to appoint a successor trustee. If the Trustee shall be adjudged bankrupt or insolvent, a vacancy shall thereupon be 8656271.4 10

deemed to exist in the office of Trustee and a successor shall thereupon be appointed by the Company.

Any successor trustee appointed hereunder shall execute, acknowledge and deliver to the Company an appropriate written instrument accepting such appointment hereunder, subject to all the terms and conditions hereof, and thereupon such successor trustee shall become fully vested with all the rights, powers, trusts, duties and obligations of its predecessor in trust hereunder, with like effect as if originally named as Trustee hereunder. The Trustee shall upon written request of the Company, and payment of all fees and expenses, deliver to the successor trustee the corpus of the Funds and perform such other acts as may be required or be desirable to vest and confirm in said successor trustee all right, title and interest in the corpus of the Fund to which it succeeds.

Section 3.17 Merger of Trustee. Any corporation into which the Trustee may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Trustee shall be a party, or any corporation to which the corporate trust functions of the Trustee may be transferred, shall be the successor Trustee under this Agreement without the necessity of executing or filing any additional acceptance of this Agreement or the performance of any further act on the part of any other parties hereto.

Section 3.18 Foreign Exchange. Any foreign exchange transaction effected by the Trustee in connection with this Agreement may be entered with the Trustee or a BNY Mellon Affiliate acting as a principal or otherwise through customary channels. The Company or its investment manager(s) may issue standing Authorized Instructions with respect to foreign exchange transactions, but the Trustee may establish rules or limitations concerning any foreign exchange facility made available to the Funds.

With respect to foreign exchange transactions done through The Bank of New York Mellon's Global Markets FX Desk, it is acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or in connection with, the Company, the Trust, or its investment manager(s).

Section 3.19 Required Disclosure. With respect to Securities that are registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act") or that are issued by an issuer registered under the Investment Company Act of 1940, as amended,Section I 4(b) of the Exchange Act and Rule I 4b-2 promulgated thereunder require the Trustee to disclose to issuers of such Securities, upon their request, the name, address and Securities position of the Trustee's clients who are "beneficial owners" (as defined in the Exchange Act) of the issuer's Securities, unless the beneficial owner objects to such disclosure. The Exchange Act defines a "beneficial owner" as any person who has or shares the power to vote a security (pursuant to an agreement or otherwise) or who directs the voting of a security.

The Company has designated on the signature page hereof, whether: (I) as beneficial owner, it objects to the disclosure of its name, address and Securities position to any U.S. issuer that requests such information pursuant to the Exchange Act for the specific purpose of direct communications between such issuer and the Company; or (2) the Trustee shall contact the Company with respect to relevant Securities for the Company to make the decision whether it objects to the disclosure of the beneficial owner's name, address and Securities position to any U.S. issuer that requests such information pursuant to the Exchange Act.

With respect to Securities issued outside the United States, the Trustee shall disclose information required by any Depository, the laws or regulations of the relevant jurisdiction, rules of the relevant stock exchange or organizational documents of an issuer. The Trustee is also authorized to supply any information regarding the Funds that is required by any law, regulation or rules now or hereafter in effect. The Company agrees to supply the Trustee with any required information if it is not otherwise reasonably available to the Trustee.

8656271 4 11

Section 3.20 Sanctions.

(a)

Throughout the tenn of this Agreement, the Company agrees it shall: (i) ensure that neither the Company nor any of its affiliates, directors, or officers, or investment managers is an individual or entity that is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions, or (8) located, organized or resident in a country or territory that is, or whose government is, the target of country or territory-specific Sanctions; and (ii) take commercially reasonable measures to not cause or permits the use of the Funds in violation of Sanctions.

(b)

The Company will promptly provide to the Trustee such infonnation as the Trustee reasonably requests in connection with the matters referenced in this Section 3.20, including information regarding the Funds, the assets held or to be held in the Funds, the source thereof, and the identity of any individual or entity having or claiming an interest therein. The Trustee may decline to act or provide services in respect of any Fund, and take such other actions as it, in its reasonable discretion, deems necessary to comply with Sanctions. If the Trustee declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by applicable law, the Trustee will inform the Company thereof as soon as reasonably practicable and provide a written explanation of why the Trustee deems its action necessary to comply with Sanctions.

(c)

As used herein:

"Sanctions" shall mean all economic sanctions, laws, rules, regulations, executive orders and requirements administered by any governmental authority of the U.S. (including the U.S. Office of Foreign Assets Control) and the European Union (including any national jurisdiction or member state thereof), in addition to any other applicable governmental authority with jurisdiction over the Company.

Section 3.21 Centralized Functions. The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Mellon Group"). The BNY Mellon Group may centralize administrative functions, including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Company consents to the disclosure of, and authorizes the Trustee to disclose, information regarding the Company and the Funds

("Customer-Related Data") to the BNY Mellon Group, and (ii) the Trustee may store the names and business addresses of the Company's employees provided to the Trustee by the Company on the systems or in the records of the BNY Mellon Group. In addition, the BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a fonnat that identifies Customer-Related Data with the Company. In addition, the Trustee may disclose Customer-Related Data as required by law.

8656271 4 ARTICLE IV Amendments 12

The Company may amend, in whole or in part, this Agreement from time to time; provided, however, that no amendment which materially increases the expenses or responsibilities of the Trustee shall be considered valid and binding until such time as the amendment is executed by the Trustee.

Notwithstanding any provision herein to the contrary, this Agreement cannot be amended in any material respect without first providing thirty (30) working days prior written notice to the NRC's Director of the Office of Nuclear Reactor Regulation or the Director of the Office of Nuclear Material Safety and Safeguards, as applicable.

Powers of the Tru~tee and Investment Mana er Section 5.01 General Powers. The Trustee shall have and exercise the following powers and authority in the administration of the Funds at the direction of an investment manager where such powers and authority relate to the investment of assets in held a separate account established for an investment manager, and in its sole discretion where such powers and authority relate to investments made by the Trustee in accordance with Section 3.02(b):

(a) to purchase, receive or subscribe for any Securities, cash or other property and to retain in trust such Securities, cash or other property; (b) to sell, exchange, convey, transfer, or otherwise dispose of any property held in the Funds and to make any sale by private contract or public auction; and no person dealing with the Trustee shall be bound to see to the application of the purchase money or to inquire into the validity, expediency or propriety of any such sale or other disposition; (c) to forward to the Authorized Party designated by the Company proxies or ballots for any stocks, bonds or other Securities held in the Funds in a form to enable the Authorized Party to effect the voting of proxies, excluding bankruptcy matters to which the Trustee's duties are set forth in (e) below; (d) to submit or cause to be submitted to the Company or its investment manager, as designated by the Company, information received by the Trustee, or summaries of information, regarding ownership rights pertaining to property held in the Funds, in accordance with the Trustee's practices, excluding bankruptcy matters to which the Trustee's duties are set forth in Section (e) below; (e) to forward to the Authorized Party designated by the Company an initial notice of bankruptcy cases relating to Securities held in the Funds and a notice of any required action related to such bankruptcy cases as may be actually received by the Trustee. No further action or notification related to the bankruptcy case shall be required absent the specific agreement of the parties hereto; (f) to exercise any rights appurtenant to any such stocks, bonds or other Securities for the conversion thereof into other stocks, bonds or Securities, or to exercise rights or options to subscribe for or purchase additional stocks, bonds or other Securities, and to make any and all necessary payments with respect to any such conversion or exercise, as well as to write options with respect to such stocks and to enter into any transactions in other forms of options with respect to any option which a Fund has outstanding at any time; 8656271 4

(g) to join in, dissent from or oppose the reorganization, recapitalization, consolidation, sale or merger of corporations or properties of which the Funds may hold stocks, bonds or other Securities or in which it may be interested, upon such terms and conditions as deemed wise, to pay any expenses, assessments or subscriptions in connection therewith, and to accept any Securities or property, whether or not trustees would be authorized to invest in such Securities or property, which may be issued upon any such reorganization, recapitalization, consolidation, sale or merger and thereafter to hold the same, without any duty to sell; (h) to enter into any type of contract with any insurance company or companies, either for the purposes of investment or otherwise; provided that no insurance company dealing with the Trustee shall be considered to be a party to this Agreement and shall only be bound by and held accountable to the extent of its contract with the Trustee. Except as otherwise provided by any contract, the insurance company need only look to the Trustee with regard to any instructions issued and shall make disbursements or payments to any person, including the Trustee, as shall be directed by the Trustee.

Where applicable, the Trustee shall be the sole owner of any and all insurance policies or contracts issued. Such contracts or policies, unless otherwise determined, shall be held as an asset of the Funds for safekeeping or custodian purposes only; (i) to lend the assets of the Funds in accordance with the terms and conditions of a separate securities lending agreement; U) to purchase, enter, sell, hold, and generally deal in any manner in futures and/or options contracts, short-selling programs, foreign exchange or foreign exchange contracts, swaps, synthetic GI Cs, BICs and similar instruments and other derivative investments or of any other property; to grant, purchase, sell, exercise, permit to expire, permit to be held in escrow, and otherwise to acquire, dispose of, hold and generally deal in any manner with and in all forms of options in any combination; (k) to invest in any collective, common or pooled trust fund operated or maintained exclusively for the commingling and collective investment of monies or other assets including any such fund operated or maintained by the Trustee or an affiliate. The Company expressly understands and agrees that any such collective fund may provide for the lending of its Securities by the collective fund trustee and that such collective fund's trustee will receive compensation for the lending of Securities that is separate from any compensation of the Trustee hereunder, or any compensation of the collective fund trustee for the management of such collective fund. The Trustee is authorized to invest in a collective fund which invests in The Bank of New York Mellon Corporation stock in accordance with the terms and conditions of the Department of Labor Prohibited Transaction Exemption 95-56 (the "Exemption")

granted to Melton Bank, N.A. and its affiliates and to use a cross-trading program in accordance with the Exemption. The Company acknowledges receipt of the notice entitled "Cross-Trading Information", a copy of which is attached to this Agreement as Exhibit C; and (I) to invest in open-end and closed-end investment companies, including those for which the Trustee or an affiliate provides services for a fee, regardless of the purposes for which such fund or funds were created, and any partnership, limited or unlimited, joint venture and other forms of joint enterprise created for any lawful purpose.

Notwithstanding anything else in this Agreement to the contrary, including, without limitation, any specific or general power granted to the Trustee and to the Investment Managers, including the power to 8656271.4 14

invest in real property, no portion of the Funds shall be invested in real estate. For this purpose "real estate" includes, but is not limited to, real property, leaseholds or mineral interests.

Section 5.02 Specific Powers of the Trustee. The Trustee shall have the following powers and authority, to be exercised in its sole discretion with respect to the Funds:

(a) to appoint agents, Subcustodians, subtrustees, or counsel, domestic or foreign, as to part or all of the Funds and functions incident thereto where, in the sole discretion of the Trustee, such delegation is necessary in order to facilitate the operations of the Funds and such delegation is not inconsistent with the purposes of the Funds or in contravention of any applicable law. To the extent that the appointment of any such person or entity may be deemed to be the appointment of a fiduciary, the Trustee may exercise the powers granted hereby to appoint as such a fiduciary any person or entity.

Upon such delegation, the Trustee may require such reports, bonds or written agreements as it deems necessary to properly monitor the actions of its delegate; (b) to cause any investment, either in whole or in part, in the Funds to be registered in, or transferred into, the Trustee's name or the names of a Nominee or Nominees, including but not limited to that of the Trustee or a BNY Mellon Affiliate, a clearing corporation, or a Depository, or in book entry form, or to retain any such investment unregistered or in a form permitting transfer by delivery, provided that the books and records of the Trustee shall at all times show that such investments are a part of the Funds; and to cause any such investment, or the evidence thereof, to be held by the Trustee, in a Depository, in a clearing corporation, or in book entry form. The Trustee shall have no liability whatsoever for the action or inaction of any Depository or for any losses resulting from the maintenance of Securities with a Depository; (c) to make, execute and deliver, as trustee, any and all deeds, leases, mortgages, conveyances, waivers, releases or other instruments in writing necessary or desirable for the accomplishment of any of the foregoing powers; (d) to defend against or participate in any legal actions involving the Funds or the Trustee in its capacity stated herein, in the manner and to the extent it deems advisable; (e) to form corporations and to create trusts, to hold title to any security or other property, to enter into agreements creating partnerships or joint ventures for any purpose or purposes determined by the Trustee to be in the best interests of the Funds; (t) to establish and maintain such separate accounts in accordance with the instructions of the Company as the Company deems necessary for the proper administration of the Funds, or as determined to be necessary by the Trustee; (g) to hold uninvested cash in its commercial bank or that of an affiliate, as it shall deem reasonable or necessary; and (h) to generally take all action, whether or not expressly authorized, which the Trustee may deem necessary or desirable for the protection of the Funds.

The powers described in this Article V may be exercised by the Trustee with or without instructions, from the Company or a party authorized by the Company to act on its behalf, but where the 8656271 4 15

Trustee acts on Authorized Instructions, the Trustee's liability shall be limited in accordance with the terms of this Agreement.

ARTICLE VI Termination Each Fund shall terminate upon the earlier to occur of:

(a) substantial completion of the Decommissioning of the Facility with respect to which the Fund was established and maintained, as evidenced by a certificate of the Company given to the Trustee; (b) the sale or other disposition by the Company of all or any portion of its interest in a Facility with respect to which the Fund was established and maintained: provided, however, in the event of a partial sale of any Facility, the related Fund shall terminate only P!:Q rata; (c) notice from the Company to the Trustee that the Fund is no longer required under applicable NRC regulations; (d) the distribution for the purposes of the Trust of all of the assets in the Fund; or (e) the twenty-first anniversary of the date of the death of the survivor from among a class consisting of all of the descendants of the late Joseph P. Kennedy, the former Ambassador to the Court of Saint James, who are living on the date of the establishment of such Fund.

The termination of any Fund, including the distribution of such Fund's assets, if applicable, shall be subject to the NRC notice provisions of Section 2.03. The termination of any Fund hereunder shall not affect or cause the termination of the Trust or any other Fund established and maintained hereunder, and the Trust shall terminate only when all of the Funds have terminated.

Upon the termination of any Fund, the excess funds, if any, shall, subject to applicable NRC regulations, be paid by the Trustee to the Company or disposed of in accordance with the direction of the Company.

Such dispositions may include the transfer of all or a portion of such assets to (a) another funding method considered acceptable by the NRC for providing financial assurance of the availability of funds for Decommissioning or (b) another funding method for financial assurance maintained by any successor to the Company incident to the transfer or disposition by the Company of all or a portion of its ownership interest with respect to a Facility. If the Company elects to transfer all or any portion of a Fund established with respect to the Facility into a separate trust for the benefit of the Company's successor in interest to such Facility, the Company shall so notify the Trustee in writing. The Trustee may enter into a separate trust agreement with the Company's successor in interest containing substantially the same terms set forth herein and shall transfer the amount stated in such notice to the separate trust. In the event that the Company's successor selects another trustee to administer the separate trust, the Trustee shall transfer the amount specified in such notice to the other trustee, and the Trustee shall have no further duties or obligations with respect to the amount transferred or with respect to the separate trust.

8656271 4 ARTICLE VII Miscellaneous l6

Section 7.0 I. Binding Agreement. All covenants and agreements in this Agreement shall be binding upon and inure to the benefit of the respective parties hereto, their successors and assigns.

Section 7.02. Notices. All notices and communications hereunder shall be in writing and shall be deemed to be duly given on the date mailed if sent by registered mail, return receipt requested, as follows:

The Bank of New York Mellon Asset Servicing Attn: Jim Corbett, Vice President Room I 5 1-4040 BNY Mellon Center Pittsburgh PA 15258 Oglethorpe Power Corporation (An Electric Membership Corporation)

Attn: Anne F. Appleby, Vice President, Treasurer 2100 East Exchange Place Tucker, Georgia 30084 or at such other address as any of the above may have furnished to the other parties in writing by registered mail, return receipt requested.

Section 7.03. Governing Law. The Funds have been established pursuant to this Agreement in accordance with the requirements for a trust under the laws of the state of Georgia, and this Agreement shall be governed by and construed and enforced in accordance with the substantive laws of the state of Georgia without regard to its conflicts of law provisions. The parties consent to the jurisdiction of a state or federal court situated in Atlanta, Georgia in connection with any dispute hereunder. The Trustee irrevocably waives any objection it may now or hereafter have to venue in such court and any claim that a proceeding brought in such court has been brought in an inconvenient forum. The parties hereby expressly waive, to the full extent permitted by applicable law, any right to trial by jury with respect to any judicial proceeding arising from or related to this Agreement.

Section 7.04 Representations. The Company and the Trustee hereby each represent and warrant to the other that it has full authority to enter into this Agreement upon the terms and conditions hereof and that the individual executing this Agreement on its behalf has the requisite authority to bind the Company and the Trustee to this Agreement.

Section 7.05 No Waiver; Reservation of Rights. The rights, remedies, privileges, and immunities expressed herein are cumulative and are not exclusive, and the Trustee and the Company shall be entitled to claim all other rights, remedies, privileges, and immunities to which it may be entitled under applicable law, except as may be expressly provided in this Agreement.

Section 7.06 USA PATRIOT Act. The Company hereby acknowledges that the Trustee is subject to federal laws, including the Customer Identification Program ("CIP") requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which the Trustee must obtain, verify and record information that allows the Trustee to identify the Company. Accordingly, prior to opening an account hereunder, the Trustee will ask (or has asked) the Company to provide, certain information 865621 1 4 17

including, but not limited to, the Company's name, physical address, tax identification number and other infonnation that will help the Trustee to identify and verify the Company's identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying infonnation.. The Company agrees that the Trustee cannot open an account hereunder unless and until the Trustee verifies the Company's identity in accordance with the Trustee's CIP.

Section 7.07 U.S. S ecial Resolution Re ime Transferabili. Notwithstanding anything herein to the contrary, in the event BNY Mellon becomes subject to a proceeding under a U.S. special resolution regime that applies to this Agreement, the transfer of this Agreement (and any interest and obligation in or under, and any property securing, the Agreement) from BNY Mellon will be effective to the same extent as the transfer would be effective under the U.S. special resolution regime if the Agreement (and any interest and obligation in or under, and any property securing, the Agreement) were governed by the laws of the United States or a state of the United States; and, in the event BNY Mellon or any affiliate becomes subject to a proceeding under a U.S. special resolution regime that applies to this Agreement, default rights with respect to this Agreement that may be exercised against BNY Mellon are permitted to be exercised to no greater extent than the default rights could be exercised under the U.S.

special resolution regime if the Agreement were governed by the laws of the United States or a state of the United States.

Section 7.08 Counterparts. This Agreement may be executed in several counterparts, and all such counterparts executed and delivered, each an original, shall constitute but one and the same instrument.

Section 7.09 Recitals. The recitals set forth on page I of this Agreement are incorporated into and made part of this Agreement by this reference.

[Signatures on Following Page]

8656271.4 18

Execution Copy IN WITNESS WHEREOF, the parties hereto, each intending to be legally bound hereby, have hereunto set their hands and seals as of the day and year first above written.

COMPANY:

Oglethorpe Power Corporation (An Electric Membership Corporation)

By:----'--~-____:;_-~---,14.-

Name: Anne F. Appl

'Y

Title:

Vice President. Treasurer TRUSTEE:

York Mellon

. :J;,-. &,~~

T1 e: I/I([ ~Er,Db-H' 19

Ownership Interest Name of Facility 30.0%

Alvin W. Vogtle Electric Generating Plant Unit No. 3 30.0%

Alvin W. Vogtle Electric Generating Plant Unit No. 4 8656271 4 Sch~uleX Facilities Name of Fund Oglethorpe Power Nuclear Decommissioning Trust - Vogtle Unit3 Oglethorpe Power Nuclear Decommissioning Trust - Vogtle Unit4 Docket Number 52-025 52-026 License License Number Expiration Date NPF-91

[Estimated - May 2061]

NPF-92

[Estimated

May 2062]

EXHIBIT"A" CERTIFICATE OF EVENTS

[Name and Address of Trustee]

Gentlemen:

In accordance with Section 2.02 of that certain Master Nuclear Decommissioning Trust Agreement dated March_

, 2020, by and between Oglethorpe Power Corporation (An Electric Membership Corporation) (the "Company") and The Bank of New York Mellon; as Trustee, I, [President or Secretary] of the Company, hereby certify that the following events have occurred.:

I. The Company is required to commence the decommissioning (the "Decommissioning") of its interest in Plant ______, Unit __ (the "Facility");

2. The plan for the Decommissioning of the Facility has been established in accordance with regulations issued by the United States Nuclear Regulatory Commission, or its successor; and

3. The Board of Directors of the Company has adopted the attached resolution authorizing the commencement of the Decommissioning of the Facility.

WITNESS my hand this __ day of _______

,. 20_

86562714

[President or Secretary)

Oglethorpe Power Corporation (An Electric Membership Corporation)

[Name of Trustee],

as Trustee

[Address]

EXHIBIT B CERTIFICATE FOR PAYMENT OF DECOMMISSIONING COSTS This Certificate is submitted pursuant to Section 2.02 of the Master Nuclear Decommissioning Trust Agreement, dated March 2020, between The Bank of New York Mellon and Oglethorpe Power Corporation (An Electric Membership Corporation) (the "Company") (the "Agreement"). All capitalized tenns used in this Certificate and not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. In your capacity as Trustee, you are hereby authorized and requested to disburse out of the Funds to __ the amount of from the [IDENTIFY NAME OF FUND] for the payment of the Decommissioning Costs which have been incurred with respect to the [JDENTIFY UNIT). With respect to such Decommissioning Costs, the Company hereby certifies as follows:

I.

The amount to be disbursed pursuant to this Certificate shall be solely used for the purpose of paying the Decommissioning Costs described in Schedule A hereto.

2.

None of the Decommissioning Costs described in Schedule A hereto have previously been made the basis of any certificate pursuant to Section 2.02 of the Agreement.

3.

Any necessary authorizations of the applicable Public Utility Commission, or any corresponding governmental authority having jurisdiction over the decommissioning of the Unit have been obtained.

IN WITNESS WHEREOF, the undersigned have executed this Certificate in the capacity shown below as of By: ______ _

Name:

Title:

THE BANK OF NEW YORK MELLON By: _

Name:

Title:

8656271 4 22

EXHIBIT "C" CROSS-TRADING INFORMATION As part of the Cross-Trading Program covered by the Department of Labor Prohibited Transaction Exemption ("PTE") 95-56 for Mellon Bank, N.A. and its affiliates ("BNY Mellon"), BNY Mellon is to provide to each affected employee benefit plan the following information:

I.

The Existence of the Cross-Trading Program II.

BNY Mellon has developed and intends to utilize, wherever practicable, a Cross-Trading Program for Indexed Accounts and Large Accounts as those terms are defined in PTE 95-56.

The "Triggering Events" Creating Cross-Trade Opportunities In accordance with PTE 95-56, three "Triggering Events" may create opportunities for Cross-Trading transactions. They are generally the following (see PTE 95-56 for more information):

I.

A change in the composition or weighting of the index by the independent organization creating and maintaining the index~

2.

A change in the overall level of investment in an Indexed Account as a result of investments and withdrawals on the Indexed Account's opening date, where the Indexed Account is a bank collective fund, or on any relevant date for non-bank collective funds; provided, however, a change in an Indexed Account resulting from investments or withdrawals of assets of BNY Mellon's own plans (other than BNY Mellon's defined contributions plans under which participants may direct among various investment options, including Indexed Accounts) are excluded as a "Triggering Events"; or

3.

A recorded declaration by BNY Mellon that an accumulation of cash in an Indexed Account attributable to interest or dividends on, and/or tender offers for portfolio securities equal to not more than.5% of the Indexed Account's total value has occurred.

III.

The Pricing Mechanism Utilized for Securities Purchased or Sold 8656271.4 Securities will be valued at the current market value for the securities on the date of the crossing transaction.

Equity Securities - the current market value for the equity security will be the closing price on the day of trading as determined by an independent pricing service; unless the security was added to or deleted from an index after the close of trading, in which case the price will be the opening price for that security on the next business day after the announcement of the addition or deletion.

Debt Securities - the current market value of the debt security will be the price determined by BNY Mellon as of the close of the day of trading according to the Securities and Exchange Commission's Rule I 7a-7(b)(4) under the Investment Company Act of 1940. Debt securities that are not reported securities or traded on an exchange, will be valued based on an average of the highest current independent bids and the lowest current independent offers on the day of cross trading. BNY Mellon will use reasonable inquiry to obtain such prices from at least three independent sources that are brokers or market makers. If there are fewer than three independent sources to price a certain debt security, the closing price quotations will be obtained from all available sources.

IV.

The Allocation Method Direct cross-trade opportunities will be allocated among potential buyers or sellers of debt or equity securities on a pro-rata basis. With respect to equity securities, please note BNY Mellon imposes a trivial dollar amount constraint to reduce excessive custody ticket charges to participating accounts.

V.

Other Procedures Implemented by BNY Mellon for its Cross-Trading Practices 8656271 4 BNY Mellon has developed certain internal operational procedures for cross-trading debt and equity securities. These procedures are available upon request.

24

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IN WITNESS WHEREOF, the Grantors and the Trustee have each hereunto caused their respective corporate names and seals to be affixed and this Agreement to be executed and delivered by and through their duly-authorized officers, all as of the effective day and year first above written.

7643489,2 MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA By: _ _,,___,,~.,__,.,__-'--'-lr=-----___;:,.,__

Name: Robert P. Johnston Its: President and Chief Executive Officer Attest:

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Its:Se.,**cw: V? (lr'1(l aenc.ml Counsel MEAG POWER SPVJ, LLC MEAG POWER SPVP, LLC MEAG POWER SPVM, LLC By:

Municipal Electric Authority of Georgia, the sole MemberofMEAG Power SPVM, LLC, MEAG Power SPVP, LLC, MEAG Power SPVM, LLC Its: Sen or Vice President, Chief Financial Offi er THE BANK OF NEW YORK MELLON

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ESCROW AGREEMENT THIS AGREEMENT, is made and entered into this 25th day of July, 1990, by and between THE CITY OF. DALTON.

a municipal political subdivision of the State of Georgia, acting through its Board of Water, Light and Sinking Fund Commissioners, and C.-i.,t,i.ze.YU) and SoU-theJtn T11.U1>t Company (Ge.0'1.g,i,a,), N. A. as Escrow Agent (hereinafter referred to as "Escrow Agent"),

W I T N E S S E T H :

WHEREAS, The City of Dalton has an ownership interest in the Edwin I. Hatch Nuclear Plant Units l and 2 ( "Plant Batch"), located in Baxley, Georgia, and the Alvin W. Vogtle Nuclear Plants Units 1 and 2 {"Plant Vogtle"), located in Waynesboro, Georgia, which are also co-owned by the Georgia Power Company, Oglethorpe Power Corporation and the Municipal Electric Authority of Georgia as set forth in Exhibit A, attached hereto and incorporated herein by reference; WHEREAS, The City of Dalton as a co-owner of Plants Hatch and Vogtle is a co-licensee under Nuclear Regulatory Commission ( "NRC")

regulations and therefore subject to NRC regulation;

WHEREAS, NRC regulations provide that The City of Dalton as a co-licensee of Plants Hatch and Vogtle is required to provide assurance prior to July 26, 1990, that certain minimum funds will be placed outside the administrative control of The City of Dalton and dedicated to the purpose of decommissioning the radioactive portions of the Plants when their operating licenses expire;

WHEREAS, The City of Dalton has elected to satisfy NRC regulations by the method of purchasing bonds and placing them in the custody of an escrow agent; WHEREAS, The city of Dalton desires Escrow Agent to act as an escrow agent in accordance with the terms and conditions of this Agreement; and

WHEREAS, the Escrow Agent is willing to act as escrow agent in accordance with the terms of this Agreement; NOW THEREFORE, for and in consideration of the mutual covenants and promises contained herein, the parties hereto agree as follows:

Page 2 of 20

.ARTICLE I Delivery and Disbursement

1. Appointment of Escrow Agent.

The City of Dalton hereby appoints Escrow Agent to act as escrow agent in accordance with and subject to the terms of this Agreement, and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with the terms of this Agreement. Escrow Agent agrees to hold, invest and dispose of the Escrow Funds in accordance with the terms and conditions of this Agreement.

2.

Delivery of Escrow Funds.

The City of Dal ton has delivered to Escrow Agent the personal property described on Exhibit B, atta~hed hereto and incorporated herein by reference.

The escrow account shall consist of four Escrow Funds, one for each Participating Unit, as shown on Exhibit B, which shall remain segregated by Participating Unit, for the purpose of funding the decommissioning costs of the respective Participating Units.

3. Representation and Warranties by Participant. The City of Dalton represents and warrants to the Escrow Agent as follows:

Page 3 of 20

(a)

The City of Dalton has good, absolute and marketable title to all of the personal property deposited into the Escrow Funds and shown on Exhibit B, free and clear of all liens, claims, encumbrances, and restrictions of every kind.

The City of Dalton has the complete and unrestricted right, power and authority to deposit such personal property into the Escrow Funds pursuant to the Agreement. The delivery of such personal property to the Escrow Agent is herein contemplated to vest in the Escrow Agent good, absolute, and marketable title to all of such personal property, free and clear of all liens, claims, encumbrances, and restrictions, except as provided under the terms of the agreement.

(b)

The City of Dalton has good, absolute and marketable title to all of the real and/or personal property as of the date such property may be substituted for or added to the assets of the Escrow Funds during the term of this Agreement and shown on Exhibit B of this Agreement, and such property is held subject to no lease,

mortgage, pledge,

lien, charge, security interest, encumbrance, or restrictions whatsoever.

Simultaneous Page 4 of 20

with the deposit of the properties shown on Exhibit B, The City of Dalton shall take all steps as may be requisite to vest in the Escrow Agent good, absolute, and marketable title to all of such property free and clear of all liens, claims, encumbrances, and restrictions, except as provided under this Agreement.

4.

Disbursement of Escrow Funds.

(a)

The Escrow Agent shall release the Escrow Fund for a Participating Unit to The City of Dalton upon the presentation of a

certificate duly executed by an authorized representative of The City of Dalton attesting to the occurrence of the events, and in the form set forth in the Exhibit C Specimen Certificate of Events, attached hereto and incorporated herein by reference, and upon presentation of a certification in the form set forth in Exhibit D, attached hereto and incorporated herein by reference.

(b)

Upon Escrow Agent receiving written notification of the default or disability of The City of Dalton from the NRC, Escrow Agent shall release the Page 5 of 20

Escrow Fund of the Participating Unit or Units. identified by the NRC from the escrow account as the NRC shall direct, in writing, to provide for the payment of the costs of the required decommissioning activities covered by this Agreement.

(c)

During the term of this Agreement, The City of Dalton shall be responsible for any and all insurance premiums, personal and real property taxes, federal and state income taxes, or any other taxes that may be imposed by any local, state, or federal governmental authority with respect to the property held in the escrow account.

( d)

In the event that The City of Dalton shall transfer part or all of its ownership interest in any Participating Unit, evidenced by a written notification to that effect from an authorized representative of The City of Dalton, the Escrow Agent shall release the respective Escrow Funds in accordance with the written directions of The City of Dalton.

Page 6 of 20

(e)

In the event The City of Dalton determines it has placed funds with the Escrow Agent mistakenly or which are otherwise not required to be placed in escrow pursuant to NRC regulations, the Escrow Agent shall release such funds to The City of Dalton upon receipt of written notification to that effect from an authorized representative of The City of Dalton.

( f)

In the event that this Escrow Agreement is terminated in accordance with Section 8 of Article III, the Escrow Agent shall release the Escrow Funds in accordance with the written directions of an authorized representative of The City of Dalton.

ARTICLE II Escrow Account Management

1.

Investments.

In the event that the bonds or other time deposit investment in any Escrow fund shall mature prior to the disbursement or termination of such Escrow Fund, the Escrow Agent shall invest and reinvest the principal and income of such Escrow Page 7 of 20

Fund and keep the Escrow Fund invested as a single fund, without distinction between principal and income, in accordance with general investment policies and guidelines which The City of Dalton may communicate in writing to the Escrow Agent from time to time, subject, however, to the provisions of this Escrow Agreement; the Escrow Agent shall discharge its duties with respect to the escrow account solely in the interest of The City of Dalton and with the care, skill, prudence, and diligence, under the circumstances then prevailing, that persons of prudence, acting in like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims; except that securities or other obligations of The City of Dalton, or any other owner or operator of the Participating Unit(s), or any of their affiliates as defined in the Investment Company Act of 1940, as amended, shall not be acquired or held, unless they are securities or other obligations of a state government.

2.

Annual Inventory.

After delivery of the Escrow Funds to the Escrow Agent pursuant to this Agreement, the Escrow Agent shall, prior to the first day of July of each year, furnish to The City of Dalton a statement confirming the inventory of the property in the escrow account, including, the maturity values and dates of Page 8 of 20

maturity and such other identifying information as is included in Exhibit B.

ARTICLE III Terms of Escrow

1.

Duties.

The Escrow Agent shall have no duties or obligations hereunder except as expressly set forth herein, shall be responsible only for the performance of such duties and obligations, and shall not be required to take any action otherwise than in accordance with the terms hereof.

Except as otherwise provided herein, the Escrow Agent shall not be bound by any waiver~

modification, amendment or supersession of this Agreement, unless the Escrow Agent's prior written consent shall be first obtained.

2.

Documents.

The Escrow Agent may treat as genuine and act in reliance upon any notice,

request, consent, instruction, direction, receipt, document, instrument, certificate, letter, paper, or other writing in good faith believed by Escrow Agent to be genuine and Escrow Agent shall not be required to investigate the authenticity or authorization thereof OI:"

accuracy of any Page 9 of 20

information contained therein, and Escrow Agent may assume that any person purporting to give the same has been duly authorized to do so and that the same is properly made or given.

The Escrow Agent may rely upon any order, judgment, certification, demand, or other writing delivered to it hereunder without being required to determine the propriety or validity of the service thereof or the jurisdiction of any court.

3.

Liabilities.

Escrow Agent shall not be in any manner liable or responsible to any person whomsoever for any loss, expense, or damage arising by reason of any act or omission to act by Escrow Agent, or permitted by Escrow Agent, hereunder or in connection with any of the transactions contemplated hereby, including, but not limited to, any loss or liability that may occur by reason of any forgery, false representations, errors of judgment, mistakes of fact or law, the exercise of the discretion of Escrow Agent in any particular manner, any act or omission by Escrow Agent, for any other reason, except for the gross negligence or wilful misconduct of Escrow Agent. The Escrow Agent shall incur no liability for any action or omission to act in accordance with advice of counsel selected by Escrow Agent.

Page 10 of 20

4.

Indemnity.

The City of Dalton agrees to indemnify and hold the Escrow Agent harmless f ram and against any and all liabilities, including, without limitation, any claims, costs,

damages, judgments, attorneys'

fees, investigation

costs, disbursements, expenses, obligations, taxes, assessments, actions, suits, or charges imposed upon or incurred by Escrow Agent hereunder, including any litigation arising from this Agreement or involving the subject matter hereof, or by reason of any of the transactions contemplated hereby, and against any loss Escrow Agent may sustain in carrying out the responsibilities of Escrow Agent hereunder.

s.

Controversy.

In the event any controversy or dispute arising hereunder or with respect to the construction hereof or any action to be taken by the Escrow Agent hereunder or otherwise, Escrow Agent may retain possession of the Escrow Funds without liability to any one until such controversy or dispute shall have been settled, either by mutual agreement (evidenced by appropriate instructions in writing to the Escrow Agent, signed by the proper authorities) or by binding arbitration, or by a final order, decree, or judgment of a court of competent jurisdiction ( but Escrow Agent shall be under no duty whatsoever to institute or Page 11 of 20

defend any such proceedings).

The Escrow Agent shall distribute the Escrow Funds in accordance with the terms hereof unless instructed otherwise by an order of a

court of competent jurisdiction.

Any other provision of this Agreement notwithstanding, Escrow Agent may, at any time in the sole discretion of Escrow Agent, tender into the registry or custody of any court of competent jurisdiction the Escrow Funds, together with such legal pleadings Escrow Agent may deem appropriate and thereupon be discharged from all further duties, obligations, and liabilities under this Agreement. All parties hereto hereby submit to the personal jurisdiction of said court and waive all rights to contest said jurisdiction.

6.

Resignation.

The Escrow Agent may resign as such at any time and thereupon be discharged of all duties and obligations hereunder by giving thirty (30) days' written notice thereof to The City of Dalton. Upon thirty (30) days' written notice, The City of Dalton may replace the Escrow Agent with a successor whereupon the Escrow Agent so replaced shall be discharged of all duties and obligations hereunder; provided however that any such resignat ion or replacement shall not be effective until The City of Dalton has appointed a successor Escrow Agent.

The successor Escrow Agent Page 12 of 20

shall have the same powers and duties as those conferred on the Escrow Agent under this Agreement.

Upon the successor's acceptance of the appointment, the Escrow Agent shall assign, transfer and pay over to the successor the funds and properties then constituting the escrow account.

If The City of Dalton fails to appoint a successor Escrow Agent within fifteen ( 15) days of the written notice of resignation or replacement, the Escrow Agent may petition a court of competent jurisdiction to name a successor Escrow Agent.

The Escrow Agent shall continue to serve until a successor accepts the escrow and receives the Escrow Funds.

7.

Cost and Compensation.

The City of Dalton agrees to reimburse the Escrow Agent for all reasonable

expenses, disbursements, and advances incurred or made by the Escrow Agent in performance of the duties of Escrow Agent hereunder.

The Escrow Agent shall be compensated for its services in connection with this Agreement as follows:

The City of Dalton shall pay to the Escrow Agent from time to time, and the Escrow Agent shall be entitled to, reasonable compensation for all services rendered by it in the execution of the duties hereby imposed upon it under the terms of this Agreement and in the e xercise and performance of any of the Page 13 of 20

duties hereunder in such amounts and in such manner as the parties may mutually agree.

8.

Termination of Escrow Agreement.

This Agreement shall terminate (except for the provisions of Article III hereof, which shall survive termination) upon the happening of either (l) the complete distribution of the? Escrow Funds, whereupon the Escrow Agent shall be relieved of any further duties and obligations hereunder, or (2) written notice of termination to the Escrow Agent signed by an authorized representative of The City of Dalton *

1.

.A.RTICLE IV Mi1scellaneous Notices and Authorized Representatives.

All notices, consents, or other communications required or permitted hereunder shall be given in writing and hand delivered or sent by certified or registered mail, postage prepaid, and return receipt requested, to the persons and at the addresses listed below, who shall serve as the authorized representatives of the parties, respectively, for all purposes of this AgreemErnt, or to such other persons as may hereafter be designated in writing by the authorized Paige 14 of 20

representatives of the parties in accordance with this Paragraph.

All notices, consents, or other communications shall be deemed given when actually hand delivered, or three (3) days after mailing in accordance with this Paragraph.

To The City of Dalton:

Mr. DeForrest Parrott, Secretary Board of Water, Light & Sinking F~nd Commissioners P. o. Box 869 Harris Street Dalton, Georgia 30722-0869 To The Escrow Agent:

CilizenJ.i and Sou.:theAn T~uJ..t Company (Geo~g~a) Nationa£ A~~ou~on 33 No!ut.h Avenue SLU-te 700 A:ttan:ta, Geo~gia 30308 A--ttn:

Ol ga. WaJr/len

2.

Waiver.

No waiver of any breach of any covenant, agreement, or understanding contained herein shall operate as a waiver of any subsequent breach of the same covenant, agreement, or undertaking or as a waiver of any breach of any other covenant, agreement, or undertaking.

In the case of a breach by any party of a ny covenant, agreement, or undertaking, the nonbreaching party may nevertheless accept from the other, any payment or performance without waiving its right to exercise any right or remedy provided Page 15 of 20

herein or otherwise, with respect to any such breach which was in existence at the time such payment or performance where accept by it. No failure of any party to exercise any power given herein or to insist upon strict compliance with any covenant, agreement or undertaking contained herein, shall constitute a waiver of such party's right to demand exact compliance with the terms hereof.

The waiver by any party of a breach of any covenant, agreement, or undertaking contained herein shall be made only by a written waiver in each case, and no such waiver shall operate or be construed as a waiver of any prior or subsequent breach.

3.

Severability.

If any provision of this Agreement shall, to any extent, be held invalid, illegal, or unenforceable, in whole or in part, the validity, legality, and enforceability of the remaining part of such provision, and the validity, legality, and enforceability of the other provisions hereof, shall not be affected thereby.

If any such invalidity shall be caused by the length of any period of time, the size of any area or the scope of activities set forth in any provision hereof, such period of time, such area or scope or all, shall be considered to be reduced to a period, area, or scope which would cure such invalidity.

Any provision of this Agreement which is held invalid, illegal or Page 16 of 20

unenforceable in any jurisdiction shall not be deemed invalid, illegal, or unenforceable in any other jurisdiction.

4. Counterparts. This Agreement may be executed in more than one counterpart, each such counterpart shall be deemed an original, and all counterparts shall constitute one and the same agreement.

This Agreement shall be effective when executed by all parties, but all parties need not execute the original or the same counterpart.

5.

Amendments.

This Agreement may be amended by a written instrument signed by an authorized representative of each party.

6.

Entire Agreement.

This Agreement embodies the entire understanding and agreement among the parties pertaining to the subject matter hereof, and all prior agreements and understandings of the parties, whether written or oral, are terminated and superseded by this Agreement and shall be deemed merged herein.

7.

Remedies Cumulative.

Except as otherwise expressly provided herein, all rights, remedies, powers and privileges conferred hereunder upon any party shall be cumulative and not restrictive of those given by law.

No remedy herein conferred is Page 17 of 20

exclusive of any other available remedy, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given by agreement or now or hereafter existing at law or in equity or by statute.

8. Assignment. Neither this Agreement nor any right, remedy, obligation, or liability arising hereunder or by reason hereof, shall be assignable by the Escrow Agent without the prior written consent of The City of Dalton.

9.

Binding Effect.

This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by and against all the parties and their respective heirs, legal representatives, successors and assigns.

Nothing in this Agreement, expressed or implied, is intended to or shall confer upon any person other than the parties, and their respective heirs, legal representatives, successors, and assigns, any rights, remedies, obligations or liabilities.

10.

Further Assurances.

Bach of the parties will execute,

deliver, acknowledge, or supply such further documents, instruments, and assurances as shall be reasonably necessary or Page 18 of 20

appropriate to car ry out the ful l i ntent and purposes of th.is Agreement.

11.

Governing Law.

This Agr eement shall be administered,

construed and enforced in accordance with the laws and decisions of the State of Georgia.

IN WITNESS WHEREOF, the parties have executed this Agreement or caused the same to be duly executed under seal on the day and year first above written.

ATTEST:

Secretary, Boar~ater, Light and Sinking Fund Commissioners THE CITY OF DALTON By: ---"'-""-=-_._-~~-~.....;y--__ (SEAL) er, Light C

Page 19 of 20 ioners

Sworn to and subscribed before me, this the cx,05' day of July, 1990. --

My Commission Expires:

Notary Pttbl1c, C,:,bt, Cotir:,,, C~l""lf"i!I Notary Public, Cobb County. Georgia

_ My Commi~ion Expfres. Sept. 15, 1993 ESCROW AGENT:

Citizens and Southern Trust Company (Georgia), N. A.

By:

Page 20 of 20

EXHIBIT A PARTICIPATING UMI'l'S AND OWNERSHIP INTERESTS NRC Pacility Operating License Number License Expiration Date Batch Unit l DPR-57 8-6-14 Ownership Interest ( Percen*tage)

Georgia Power Company Oglethorpe Power Corporation Municipal Electric Authority of Georgia The City of Dalton so.1 30.0 17.7 100.0 Batch Unit 2 Vogtle Unit 1 NPF-5 NPP-68 6-13-18 l-16-27 50.l 30.0 17.7

_Ll.

100.0 45.7 30.0 22.7 100.0 Vogt.le Qnit 2 NPF-81 2-9-29 45.7 30.0 22.7 100.0

'5'404 278 5002 McCAMY LAW FIRM

&DIIIT 8 ESCROW 1'UNI)S

~023 The following bond* hAve been depo*ited in th* e*c:row eccou.nt ** the B*crow runda oft.he reapective Participating Onita pur* uant to that certain Eacrov Aqreaent l:,y and between Tb* City of Dalton and __________, ** Bacrov Aqent., dated

______, 1990.

Participating Qnit Batch l Hatch 2 Vogtle 1 Vogtla 2 Bond tdent,ification Date of Mat.urit.Y Value at.

MAtu.rity Receipt of the foregoing Escrow Funds is hereby acknowledged this day of ----------, 1990.

ISCROW AGENT; By;

Title:

Atteet1 _________________ _

Title1 ----

(CORPOR.ATI SE.AL)

IXBIBIT C (p. l of 2)

SPECIMEM CERTIPICATZ or !VEJffS

( lnaert naae and addre** of eacrow agent)

Attentions lacrov Diviaion Gentlemen, In accordance vith th.at certain between The City of Dalton and _______, aa Eacrov Agent, dated ______, 1990, I, ___________, Secretary of t.he Boa.rd of Water, Light and Sinking Fund Colllllliaaionera of The City of Dalton hereby certify that the following events have

occurred,

1.

The City of Dalton ia required to commence the decommia* ioning of it* Plant ____ facility, Onit loc:ated at ______, Georgia (herainaftar called the decOIIDi** ion.i.ng)

2.

Th-, plans and proceciu.rea for the comenc811'11nt and conduct of the deccmaiaeion.in.g have been eetabli*bed in accordance vith the regulationa of the United State*

Mu.clear Regulatory Comm.iaaion, or ita aucceaaor.

3.

The City Council of The City of Dalton haa adopted the attached resolution authorizing expenditures of funda for decomm.iaaioni.ng coeta.

Secretary of the Board of Water, Light and Sinking Fund Commissioners of The City of Delton Date

~404 278 5002 Mc:CAMY LA','/ FI RM EDIIBIT C (p-2 of 2)

SPEClMltf CZJtTIP'ICM'S 01 kBSOLU'fJ:Oll

~ (~25 I, ___________, do beraby certify that I U1 City Clerk of ~be City of Dalton, a aunicipal corporation of the State of Geor9ia, and t.ha~ the re*olution lia~ed below vaa duly adopted at

-ting of t.ba Cl~y Council on _______, 20_.

IN WITNESS WHEUOP, I have hereunto signed sy naae and affized the ***l of the City of Dalton thi* _

day of

___________, 20_.

City Clerk of The City of Dalton RESOLVED, that the City CoQJ"lcil here.by authorise* the Secretary or other appropriate ee:cnbet' of the Board of Watar, Light 411d S!nk..1.nq Pund Coaai.aaioner* of The City of Dalton to expend aJDOunt* for the eoets aaaociated with decom.i.aaionin9 of the Plant facility, Unit_, from "Che fund* placed in escrow for ~hat purpo** with ----, t.he Ea crow Agent, pur* uant to ~he teeu1 of tha~ certain Escrow Agreemen~ daced ---

, 1990, in accordAl'lca with th* term.a and conditions described to thia City Council et this meeti..n9 a.nd with such ot.h*r tenu And condition* aa ~h* Boa.rd of wa~er, Light and Sinking Fund Comu**ionere shall approve vit.h and upon tl1a advice of counael,

0 7 ;: 1 '-1 l l,

46

'a'404 278 500~

lcC:\\~Y LMi FI RM tJJUBlT 0 SPZCIKEJI CBJl'TtPtCATI (I.naen name and add.re** of escrow a9antJ Attentiona lacrow DiYiaion In accordance vith the tenae of that certain lacrov Aqreeaent by and becv..n The City of Dalton and ________,

- Zacrcv Agent, dated ______, 1990, 1, ---------*

Secretary of the Board of Water, Light a.nd Si.Ming Fund Caaaa.i*aioners of ~h* City of Oaltoo hereby certify ehat:

1.

Dec01111liaaion1.ng of Tba City of Dalton** Plant ___ _

fac::1l1ty, Unit

, located at ____, Ceorgia., 1*

proeeedag pureuiiit to a plan a.nd procedure*

eet&bliabed in accordance with regula~~ou iaaued by the Onited State* ttuelear Re9Ul&t0X1' '.:oiaai.eaion, or its auc:ceaaor.

2.

Th* lacrow fund requeeted for rel**** on t..hi* dAt.* vill be expended for deco-.1..aaioning activi.tie* p*u...csU&Jl~ to auch plan.

Seereta..l".'}' of the Boud of Water, Light and Sin.king Fund comm.1aeioner1 of The City of Dalton Oat.e

FIRST AMENDMENT TO ESCROW AGREEMENT This First Amendment to Escrow Agreement (the "Amendment") is made and entered into this t.8 day of Febmary, 2020 by and between the Board of Water, Light and Sinking fund Commissioners for the Gty of Dalton, Georgia d/b/a Dalton Utilities ("Dalton Utilities") and The Bank of New York Me1lon Corporation ("Escrow Agent")

WITNESSETH:

WHEREAS, Dalton Utilities entered into that certain Escrow Agreement dated July 25, 1990 ("Escrow Agreement") with Citizens and Southern Trust Company (Georgia), N.A.

("CSTC"); and WHEREAS, on or around July 27, 1996, Dalton Utilities, CSTC and Escrow Agent entered into an Agreement of Resignation, Appointment, and Acceptance whereby CSTC resigned as esc,ow agent under the Escrow Agreement, Escrow Agent was appointed as successor escrow agent to CSTC, and Escrow Agent accepted such appointment; WHEREAS, after the Escrow Agreement,vas executed by the parties, Da1ton Utilities acquired an ownership interest in Alvin W. Vogtle Nuclear Plant Units 3 and 4 ("Vogtle 3 and 4")

located 1n Waynesboro, Georgia, which are also co-owned by Georgia Power Company, Oglethorpe Power Corporation and MEA G SPY 1, MEA G SPV2, and MEA G Sl'VJ; WHEREAS, Dalton Utilities as a co-owner of Vogtle 3 and 4 is a co-licensee under the Nuc1ear Regulatory Commission ("NRC) regulations and therefore subject to NRC regulations; WHEREAS, NRC regulations provide that Dalton Utilities as a co-licensee ofVogtle 3 &

4 is required to provide assurance prior to March I 3, 2020, that certain minimum funds will be placed outside the admjnistrative control of Dalton Utilities and dedicated to the purpose of decommissioning the radioactive portions ofVogtle 3 and 4 when the respective licenses expire; WHEREAS, Dalton Utilities has elected to satisfy NRC regulations by the method of purchasing bonds and placing them in the custody of the Escrow Agent; and WHEREAS, the parties desire to amend the Escrow Agreement to prov.ide for the inclusion ofVogtle 3 and 4 as Participating Units and the addition of the Escrow Funds for Vogtle 3 and 4 under the Escrow Agreement; NOW THERFORE, for and in consideration of the mutual covenants and pro_mises herein contained, the parties agree as follows:

Article I Amendments The Escrow Agreement is hereby amended as follows:

l.

Any references in the Escrow Agreement to the "City of Dalton" shall be deleted and "Dalton Utilities" shall be substituted in lieu thereof.

2.

Paragraph 2 of Article 1 of the Escrow Agreement is hereby deleted in its entirety and the following shall be substituted in lieu thereof:

"2. Delivery of Escrow Funds.

Dalton Utilities has delivered to Escrow Agent the personal property described on Exhibit B, attached hereto and incorporated herein by reference, and Exhibit E with respect to Vogtle 3 and 4, attached hereto and incorporated herein by reference. The escrow account shall consist of six Escrow Funds, one for each Participating Unit listed on Exhibit Band one for each Participating Unit listed on Exhibit E, which each such fund shall remain segregated by Participating Unit, for the purposes of funding the decommissioning costs of the respective Participating Units."

3.

Paragraph 2 of Article 1I of the Escrow Agreement is hereby amended by adding "and Exhibit E" to the end of the last sentence in the paragraph behind the words, "Exhibit B."

4.

Paragraph 4 of Article III of the Escrow Agreement is hereby deleted in its entirety and the following shall be substituted in lieu thereof:

"4. Reimbursement of Contractual Damages.

To the extent provided by Jaw, in the event Escrow Agent is subject to any damages, judgments, costs and expenses, including reasonable attorneys' tees, or investigation costs ("Damages") arising from or related to a claim in connection with the Escrow Agreement, Dalton Utilities shall reimburse Escrow Agreement the amount of any such Damages incurred by Escrow Agent in connection therewith. Notwithstanding anything herein to the contrary, Dalton Utilities shall not be required to reimburse Escrow Agent for any Damages arising from or related to any negligent acts or omissions by Escrow Agent or any breach of the Escrow Agreement by Escrow Agent. Nothing in this Paragraph 4 of Article TH shall be construed as a waiver of sovereign immunity by Dalton Utilities."

5.

Paragraph 1 of Article TV of the Escrow Agreement is hereby amended by deleting the addresses for the City of Dalton and Escrow Agent and substituting in lieu thereof the following:

"To Dalton Utilities:

Board of Water, Light and Sinking Fund Commissioners of the City of Dalton, Georgia d/b/a Dalton Uti1ities Attn: Mr. Tom Bundros, CEO 1200 VD Parrott Jr. Pkwy Dalton, GA 30721 To the Escrow Agent:

Bank of New York Mellon Corporation Attn: Wendy Morgan 240 Greenwich Streel, 7 East New York, NY 10286 Telephone: (212) 815-8286 Fax: (212) 815-5875 or 5877 Wendy.morganl@bnymellon.com

6.

The Escrow Agreement is hereby amended by adding an Exhibit *'E" lo the end of the Escrow Agreement after Exhibit '*D" as set forth on the attnched Exhibit ' E,** which shall be incorporated herein and into the Escrow Agreement by reference.

Article II Effect Except as specifically herein modified. the Escrow Agreement shall remain in full force and effect and is hereby ratified and c nlirmed by the parties hereto as if set fonh herein in its entirety.

IN WIT ESS WHEREOF, the undersigned have caused the execution of this First Amendment to Escrow Agreement as of the dace and year tir t above \\ ritten.

Sworn Jo and subscribed before me this~Mciay of ~

, 2020.

~*

-'~

QMf.Q~

otarv Public BRET S. DERMAN NOTARY PUBLIC STATE OF NEW YORK IQNGS COUNTY UC.# 02DE6196933 COMM.EXP.11/17~).()

DAL TON UTILITIES:

Board of Water. Light, and Sinking Fund Commissioners for the City of Dalton, Georgia d1b/a Dalton Utilities By: d,.Wi fku1:url1&-

Tom Bundros CEO ESCROW AGENT:

The Bank of New York Mellon Corporation

Exhibit E Vogtle 3 and 4 Participating Unit, Ownership Interests and Escrow fund J. Ownership lnfonnation.

The folJowing shows the NRC license number and expiration date as well as the ownership interest for Vogtle Units 3 and 4 as of February _

, 2020.

Vol!tle Unit 3 Voi:;tle Unit 4 NRC Facility Operating License Number 52-025 52-026 License Expiration Date 11/2061 11/2062 estimated estimated Ownership Interest (Percentage):

Georgia Power Company 45.7 45.7 Oglethorpe Power Corporation 30.0 30.0 MEAG SJ>Vt 9.3466423 9.3466423 MEAGSPV2 5.6647006 5.6647006 MEAGSPV3 7.6886571 7.6886571 Dalton Utilities l&

1.6 100.0 100,0

2.

Escrow Funds.

The following bonds have been deposited in the escrow account as the Escrow Funds of the respective Participating Units for Vogtle 3 and 4 pursuant to that certain First Amendment to Escrow Agreement bern,*een the Board of Water, Light and Sinking Fund Commissioners for the City of Dalton, Georgia d/b/a Dalton Utilities and The Bank of New York Mellon Corporation, as Escrow Agent, dated February_, 2020.

3.

Participating Unit

¥ogtle 3 Vogtle 4 Bond Identification Date of Maturity Value at Maturity

ND-20-0243, Financial Assurance Requirements for Decommissioning

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ND-20-0243, Financial Assurance Requirements for Decommissioning

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