AMENDMENTS TO THE SCANA CORPORATION EXECUTIVE DEFERRED COMPENSATION PLAN

Exhibit 10.03

 

Pursuant to the authority granted to the officers of SCANA Corporation by a Resolution of the Board of Directors of SCANA Corporation adopted on November 1, 2006, the following amendments shall be included in the working copy of the SCANA Corporation Executive Deferred Compensation Plan (the “Plan”) as follows effective November 1, 2006 (with new language bolded and underlined, deletions struck-through):

8.1 Accelerated Distributions Upon Change in Control. Notwithstanding anything in this Plan to the contrary and subject to the terms of an individual Participant Agreement, if any, upon the occurrence of a Change in Control where there has not been a termination of the SCANA Corporation Key Executive Severance Benefits Plan prior thereto, the amounts (or remaining amounts) held in each Participant’s EDCP Ledger(s) under this Plan as of the date of such Change in Control (referred to as each Participant’s “EDCP Benefit”) shall become immediately due and payable. All EDCP Benefits payable under this Section 8.1 shall be paid to each Participant (and his or her Beneficiary) in the form of a single lump sum cash payment, together with an amount (the “Gross-Up Payment”) such that the net amount retained by each Participant after deduction of any excise tax imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed) on such benefits (the “Excise Tax”) and any federal, state, and local income tax and Excise Tax upon the EDCP Benefit and the Gross-Up Payment provided for by this Section 8 shall be equal to the value of the Participant’s EDCP Benefit. Such payment shall be made by the Corporation (or to the extent assets are transferred to the SCANA Corporation Executive Benefit Plan Trust by the trustee of such trust in accordance with the trust’s terms) to the Participant (or his Beneficiary) as soon as practicable following the Change in Control, but in no event later than the date specified by the terms of the SCANA Corporation Executive Benefit Plan Trust. In all events, if the SCANA Corporation Key Executive Severance Benefits Plan was terminated prior to such Change in Control, then the provisions of this Section shall not apply and Participants’ benefits shall be determined and paid under the otherwise applicable provisions of the Plan and/or any individual Participant Agreement.

IN WITNESS WHEREOF, the Company has caused this SCANA Corporation Executive Deferred Compensation Plan to be amended by its duly authorized officer to be effective as of November 1, 2006.

 

SCANA Corporation     

 

By: /s/William B. Timmerman  

William B. Timmerman

Title: Chairman, President and Chief Executive Officer

ATTEST:

/s/Lynn M. Williams  

Secretary