Waiver of Change in Control Rights by CEO Stephen P. Reynolds with Puget Energy, Inc. and Puget Sound Energy, Inc.

Contract Categories: Business Finance › Waiver Agreements
Summary

Stephen P. Reynolds, CEO and President of Puget Energy, Inc. and Puget Sound Energy, Inc., has agreed to permanently waive his rights to certain payments and benefits that would have been provided to him under his employment agreement in the event of a change in control of the company. This waiver is effective as of December 31, 2009, and was formally acknowledged by the companies' chairman. The agreement ensures that Mr. Reynolds will not receive the specified change in control benefits outlined in his original employment contract.

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EX-10.40 2 exhibit1040.htm WAIVER OF RIGHTS TO CERTAIN PAYMENTS AND OTHER BENEFITS, EXECUTED BY STEPHEN P. REYNOLDS, CEO AND PRESIDENT Unassociated Document
Exhibit 10.40
 
February 25, 2010
 
William S. Ayer, Chairman
Puget Energy, Inc.
Puget Sound Energy, Inc.
10885 NE 4th Street
Bellevue, WA 98004

Re:           Waiver of Change in Control Rights

Dear Bill:

As you are aware, I am party to an employment agreement with Puget Sound Energy, Inc. and Puget Energy, Inc. dated as of January 1, 2002, as subsequently amended by amendments effective as of May 12, 2005, February 9, 2006 and February 28, 2008 (the "Agreement").  Section 7(e) of the Agreement, including but not limited subsections (A) through (C) of that section, provides certain payments and other benefits upon a Change in Control (as defined therein) (the "Change in Control Rights").

I hereby knowingly, irrevocably and permanently waive any Change in Control Rights as described in Section 7(e) of the Agreement, effective as of December 31, 2009.

Pursuant to Section 15 of the Agreement, I respectfully request that you please acknowledge this waiver by signing below.

Best Regards,


/s/ Stephen P. Reynolds
Stephen P. Reynolds
Chief Executive Officer and President
Puget Energy, Inc. and Puget Sound Energy, Inc.


Acknowledged this 25 day of February, 2010.

Puget Energy, Inc.
Puget Sound Energy, Inc.



/s/ William S. Ayer                                                                      
William S. Ayer, Chairman