BASIN ELECTRIC POWER COOPERATIVE

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers 2026 Short-Term Incentive Plan On July 15, 2026, the Board of Directors (the “Board”) of Basin Electric Power Cooperative (“Basin Electric”) adopted a short-term incentive plan (the “2026 STI Plan”) to provide the annual cash incentive element of Basin Electric’s total direct compensation program for each of its named executive officers ("NEOs") for the 2026 fiscal year. The 2026 STI Plan advances Basin Electric’s commitment to performance-based compensation by providing participants an opportunity to earn annual cash awards upon achievement of pre-established performance goals for the 2026 performance year. The Board set the annual cash incentive target under the 2026 STI Plan for each of the NEOs at 20% of the participant’s base salary as of March 31, 2026. Accordingly, Mr. Brickhouse’s target opportunity is calculated on his base salary in effect on that date and is not affected by the base salary adjustment described below under “Adjustment to Base Salary of CEO.” Awards under the 2026 STI Plan may be earned based on the achievement of three Basin Electric performance goals for the 2026 performance year: Safety, Reliability, and Affordability. Each goal will be assessed independently and weighted equally. For a participant with a target opportunity of 20% of base salary, each goal achieved earns one-third of the target opportunity, or 6.67% of base salary. The target opportunity is the maximum award payable under the 2026 STI Plan, and no award is payable above target. • The Safety goal will be measured by a composite score of 85 or greater out of 100. • The Reliability goal will be measured against mechanical availability targets. • The Affordability goal will be measured against a net cost per member megawatt-hour target and a consolidated net margin target for the performance year. Award payout levels for participants at the 20% target will be determined according to the following schedule: Performance Goals Achieved Payout (% of base salary) One of three goals achieved 6.67% Two of three goals achieved 13.33% Three of three goals achieved 20.00% In addition to serving as one of the three performance goals, Affordability will also operate as a condition to funding of awards under the 2026 STI Plan. The Affordability threshold will be achieved only if both of the following are satisfied for the performance year: net cost per member megawatt-hour at or below the target, and consolidated net margin at or above the target. If the Affordability threshold is achieved, 100% of the award otherwise earned is payable. If the Affordability threshold is not achieved, 50% of the award otherwise earned is payable. Awards under the 2026 STI Plan are payable in cash following the close of the 2026 performance year, calculated on the participant's base salary as of March 31, 2026. A participant must remain continuously employed by Basin Electric through the award payment date to be entitled to receive an award, except as the Board may otherwise determine. The Board has reserved the right to modify the performance goals, targets, and other terms of the 2026 STI Plan in its discretion. The foregoing summary of the 2026 STI Plan does not purport to be complete and is qualified in its entirety by reference to the full text of the 2026 STI Plan, which Basin Electric expects to file as an exhibit to a subsequent periodic report. Adjustment to Base Salary of CEO On July 16, 2026, Basin Electric entered into an amended employment agreement with Todd Brickhouse, Basin Electric's Chief Executive Officer and General Manager, pursuant to which his annual base salary was reduced to $1,750,000, effective July 25, 2026.