Amendment No. 4 to Energy East Corporation Supplemental Executive Retirement Plan (Wesley von Schack)

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment to the Energy East Corporation Supplemental Executive Retirement Plan allows Wesley von Schack to elect, by December 31, 2007, to receive his retirement benefit as a lump sum payment. The payment will be made either upon a change in ownership or control of the company, as defined by IRS regulations, or upon his termination of employment, whichever occurs first. All other terms of the plan remain unchanged except as necessary to implement this amendment.

View More
EX-10.32 3 eqe10-32_2q2007.htm ENERGY EAST'S ERISA EXCESS PLAN Energy East Exhibit 10-32 2007 2nd Qtr 10-Q

Exhibit 10-32

 

AMENDMENT NO. 4
TO THE
ENERGY EAST CORPORATION
SUPPLEMENTAL RETIREMENT PLAN
EFFECTIVE AS OF
AUGUST 1, 2001

WHEREAS, Energy East Corporation (the "Company") established the Energy East Corporation Supplemental Executive Retirement Plan (the "Plan"), effective as of August 1, 2001; and

WHEREAS, the Company desires to amend the Plan, as permitted by Section 7 of the Plan, to permit a limited timing of payment election.

        NOW, THEREFORE, the Plan is amended, effective as of August 1, 2007 as follows:

1.   Paragraph 6C of the Plan is hereby amended by adding the following subparagraph to the end of Paragraph 6C:

"If Wesley von Schack so elects on or prior to 12/31/07, then, notwithstanding anything else contained herein, he will receive the retirement benefit described in Paragraph 6, as actuarially determined pursuant to his Employment Agreement (dated December 31, 2006), in a single lump sum upon the earlier of (i) the date of the consummation of a transaction which is a "change in the ownership or effective control of the Corporation or in the ownership of a substantial portion of the assets of the Corporation" (as such term is defined in Treasury Regulation Section 1.409A) or (ii) the date payment would be made as a result of his termination of employment with the Corporation and it affiliates in accordance with the termination of employment provisions in Paragraph 6."

All the provisions of the Plan not specifically mentioned in this Amendment No. 4 shall be considered modified to the extent necessary to be consistent with the changes made in this Amendment No. 4.

IN WITNESS WHEREOF OF THE ADOPTION OF THIS AMENDMENT NO. 4, Energy East Corporation has set its hand and seal to this Amendment No. 4 as of the 31st day of July, 2007.

 

ENERGY EAST CORPORATION
   

Witness: /s/Michelle Taylor                           

By: /s/R.R. Benson                                                
 

      Its: