----

| UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.   20549                                           FORM 10-K/AAmendment No. 1                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (Mark One) |                                                                                                                                                                                                  |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ý     | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the fiscal year ended December 31, 2011                                                                   |
| OR    |
| ¨     | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the transition period from             to |

| Commission file number 1-8222 Central Vermont Public Service Corporation(Exact name of registrant as specified in its charter) |
|-------------------------------------------------------------------------------------------------------------------------------------|

| Vermont(State or other jurisdiction ofincorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 03-0111290(IRS EmployerIdentification No.)       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|
| 77 Grove Street, Rutland, Vermont(Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 05701(Zip Code)                                  |
| Registrant’s telephone number, including area code                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (800) 649-2877                                        |
|                                                                                                                                                                          |
|  Securities registered pursuant to Section 12(b) of the Act:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|  Title of each class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  Name of each exchange on which registered  |
| Common Stock $6 Par Value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | New York Stock Exchange                               |

----

| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Large accelerated filer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | ¨ | Accelerated filer | ý |
| Non-accelerated filer (Do not check if a smaller reporting company)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ¨ | Smaller Reporting Company | ¨ |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  ¨  No  ý The aggregate market value of voting and non-voting common equity held by non affiliates of the registrant as of June 30, 2011 (2nd quarter) was approximately $321,686,306 (based on the $36.15 per share closing price of the Company’s Common Stock, $6 Par Value, as reported on the New York Stock Exchange on June 30, 2011).  In determining who are affiliates of the Company for purposes of computation, it is assumed that directors, officers, and other persons who held on December 31, 2011, more than 5 percent of the issued and outstanding Common Stock of the Company are “affiliates” of the Company.  The characterization of such directors, officers, and other persons as affiliates is for the purposes of this computation only and should not be construed as a determination or admission for any other purpose. On February 29, 2012 there were outstanding 13,479,392 shares of voting Common Stock, $6 Par Value. |

----

----

----

|   | CENTRAL VERMONT PUBLIC SERVICE CORPORATION FORM 10-K/AAmendment No. 12011 TABLE OF CONTENTS PART III  |        Page                                                            |
|--------|---------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|
|   | Item 10.                                                                                                                  | Directors, Executive Officers and Corporate Governance                                               | 4 |
|   | Item 11.                                                                                                                  | Executive Compensation                                                                               | 13 |
|   | Item 12.                                                                                                                  | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters  | 34 |
|   | Item 13.                                                                                                                  | Certain Relationships and Related Transactions, and Director Independence                       | 37 |
|   | Item 14.                                                                                                                  | Principal Accounting Fees and Services                                                               | 39 |
|   | Item 15.                                                                                                                  | Exhibits, Financial Statement Schedules.                                                             | 40  |
|   | Signatures                                                                                                                |                                                                                                      | 41 |

----

Table of Contents

Item 10.                 Directors, Executive Officers and Corporate Governance.

----

Table of Contents

----

Table of Contents

----

Table of Contents

| Ø   | By-laws |
|--------------------|---------|

| Ø   | Board of Directors Committee Membership |
|--------------------|-----------------------------------------|

| Ø   | Audit Committee Charter |
|--------------------|-------------------------|

| Ø   | Compensation Committee Charter |
|--------------------|--------------------------------|

| Ø   | Corporate Governance Committee Charter |
|--------------------|----------------------------------------|

| Ø   | Executive Committee Role and Authority |
|--------------------|----------------------------------------|

| Ø   | Corporate Governance Guidelines |
|--------------------|---------------------------------|

| Ø   | Corporate Governance Director Selection Search Protocol |
|--------------------|---------------------------------------------------------|

| Ø   | Director Orientation and Continuing Education |
|--------------------|-----------------------------------------------|

| Ø   | Corporate Ethics and Conflicts of Interest Policy 1-11 |
|--------------------|--------------------------------------------------------|

| Ø   | Reporting Complaints |
|--------------------|----------------------|

| Ø   | the CEO Succession Plan concluded with the appointment of Mr. Reilly as President and CEO effective March 1, 2011; |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| Ø   | the Board reviewed the Corporate Governance Policy: Lead Director and Role of Chair; |
|--------------------|--------------------------------------------------------------------------------------|

| Ø   | the Board reviewed Enterprise Risk Management (“ERM”) updates on financial and operating risks at least quarterly; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

| Ø   | the Board approved a statement of risk appetite for incorporation into the Company’s Five-Year Strategic Plan; |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| Ø   | the Audit, Compensation, and Corporate Governance Committees have each reviewed their respective Charters; |
|--------------------|------------------------------------------------------------------------------------------------------------|

| Ø   | the Board and each of the Committees have met in regularly scheduled non-management executive sessions; |
|--------------------|---------------------------------------------------------------------------------------------------------|

| Ø   | the Audit Committee has met in private sessions with our internal and external auditors in regularly scheduled meetings; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| Ø   | the Compensation Committee has met in private sessions with its compensation consultant in regularly scheduled meetings; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| Ø   | the Board’s Corporate Governance Guidelines and Director Selection Search Protocol have been reviewed and updated; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| Ø   | the Audit Committee reviewed its Corporate Ethics and Conflict of Interest Policy which includes an Anonymous Complaint Reporting System; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | the Board reviewed its Director Communication Policy and Process; |
|--------------------|-------------------------------------------------------------------|

| Ø   | each Director and Officer has completed a Conflict of Interest Certification which requires disclosure of any transactions with the Company in which a director or officer, or any member of his or her immediate family, has a direct or indirect material interest; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | the Board has reviewed its director independence criteria and determined that all of its members, with the sole exception of  Lawrence J. Reilly, who is President and CEO, meet the “director independence” requirements of Section 10A of the Securities Exchange Act of 1934, the New York Stock Exchange Listing Standards, and any other applicable regulatory authority; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | the Board members have taken part in annual board and committee assessments; |
|--------------------|------------------------------------------------------------------------------|

| Ø   | the Company has a corporate Website which discloses all of the documents noted above. |
|--------------------|---------------------------------------------------------------------------------------|

----

Table of Contents

| Ø   | demonstrated successful senior management leadership, operating and financial experience, and accomplishments; |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| Ø   | substantial experience outside the business community; |
|--------------------|--------------------------------------------------------|

----

Table of Contents

| Ø   | a view that represents the best interests of the Company’s stakeholders; |
|--------------------|--------------------------------------------------------------------------------|

| Ø   | the highest personal character and integrity; and |
|--------------------|---------------------------------------------------|

| Ø   | substantial and significant experience that is of particular importance to the Company. |
|--------------------|-----------------------------------------------------------------------------------------|

| Ø   | Routine correspondence is handled by the Corporate Secretary’s Office or forwarded to the appropriate department for response.  Communications regarding our financial statements, accounting practices, internal controls, or auditing matters will be processed in accordance with the Code of Ethics described below.  The Company’s “whistleblower” policy prohibits Central Vermont or any of our employees from retaliating or taking any adverse action against anyone for raising a concern (See Code of Ethics below). |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | AUDIT COMMITTEE MEMBERS:Robert G. Clarke, ChairJohn M. GoodrichElisabeth B. RobertDouglas J. Wacek |
|--------|----------------------------------------------------------------------------------------------------|

|                                                   |  AuditCommittee  |  CompensationCommittee | CorporateGovernanceCommittee |  ExecutiveCommittee           |
|--------------------------------------------------------|-----------------------|-----------------------------|------------------------------|------------------------------------|
| Outside DirectorsIndependent                           |                  |                        |                         |                               |
|    Robert L. Barnett                    |                  | Chair                       | X                            |                               |
|    Robert G. Clarke                     | Chair *               |                        | X                            |  X                            |
|    John M. Goodrich                     | X                     |                        |                         |                               |
|    Robert B. Johnston                   |                  | X                           |                         |                               |
|    Elisabeth B. Robert                  |  X*              |                        |                         |                               |
|    William R. Sayre, Chair of the Board |                  | X                           | X                            | Chair                         |
|    Janice L. Scites                     |                  | X                           |                         |                               |
|    William J. Stenger                   |                  | X                           |                         |                               |
|    Douglas J. Wacek                     |    X * |                        |  Chair                  |                               |
|                                                   |                  |                        |                         |                               |
| Inside Director                                        |                  |                        |                         |                               |
|    Lawrence J. Reilly (1)               |                  |                        |                         |      X ** |

| (1)   | If requested by the Audit, Compensation or Corporate Governance Committees, Mr. Reilly may also attend any of the committee meetings. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| Ø   | review and report to the Board after each Audit Committee meeting on the findings and recommendations of the Company’s independent registered public accountants; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | review and report on the Company’s internal audit procedures; |
|--------------------|---------------------------------------------------------------------|

| Ø   | monitor and review issues involving potential conflicts of interest and related party transactions; |
|--------------------|-----------------------------------------------------------------------------------------------------|

| Ø   | review and report on examinations by regulatory authorities; |
|--------------------|--------------------------------------------------------------|

| Ø   | review and report on matters having a material effect on Central Vermont’s financial operations; and |
|--------------------|------------------------------------------------------------------------------------------------------------|

| Ø   | review updates on emerging accounting and auditing issues provided by the independent registered public accountants and management to assess their potential impact on the Company. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | review the executive compensation levels and recommend base salary, annual incentive and long-term incentive opportunity levels for executive officers to the Board for their approval; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | provide guidance to management on whether compensation arrangements for our executive officers incentivize unnecessary and excessive risk taking; and, perform, at least annually, a Compensation and Benefit Plan risk evaluation and report results to the full Board; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | administer an annual CEO performance evaluation; |
|--------------------|--------------------------------------------------|

| Ø   | review the CEO evaluations of the other executive officers’ annual performance; |
|--------------------|---------------------------------------------------------------------------------------|

| Ø   | propose the level of payout for individual performance in the annual incentive plan to the Board for their approval; |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| Ø   | conduct an annual performance evaluation of the Compensation Committee’s activities and periodic assessment of the adequacy of its Charter; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | review and propose the design of the benefit programs which pertain to executive officers of the Company and recommend to the Board for their approval; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | propose changes to or adoption of qualified benefit plans to the Board for their approval; |
|--------------------|--------------------------------------------------------------------------------------------|

----

Table of Contents

| Ø   | determine executive officer employment agreements, severance arrangements, and change-in-control provisions/agreements, in each case as, when, and if appropriate, and any special supplemental benefits; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | review director compensation guidelines and levels and recommend to the Board for their approval; and |
|--------------------|-------------------------------------------------------------------------------------------------------|

| Ø   | monitor stock ownership status and guidelines for officers and directors. |
|--------------------|---------------------------------------------------------------------------|

| Ø   | determine the appropriate objectives and goals of our executive and director compensation programs; |
|--------------------|-----------------------------------------------------------------------------------------------------|

| Ø   | design compensation programs that fulfill those objectives and goals; |
|--------------------|-----------------------------------------------------------------------|

| Ø   | establish external and internal equity of our executive officers’ total compensation and the primary components of that compensation; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | evaluate the effectiveness of our compensation programs; |
|--------------------|----------------------------------------------------------|

| Ø   | identify appropriate pay positioning strategies and pay levels in our executive compensation program; and |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| Ø   | identify comparable companies and compensation surveys for the Compensation Committee to use to benchmark the appropriateness and competitiveness of our executive compensation program. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | oversee selection and development of the succession planning process for directors; |
|--------------------|-------------------------------------------------------------------------------------|

| Ø   | oversee selection and development of the succession planning process for the CEO; |
|--------------------|-----------------------------------------------------------------------------------|

| Ø   | provide the Board with quarterly reports relating to business risk in accordance with the ERM process; |
|--------------------|--------------------------------------------------------------------------------------------------------|

| Ø   | develop qualifications and criteria for selecting and evaluating director-nominees; |
|--------------------|-------------------------------------------------------------------------------------|

| Ø   | consider and propose director-nominees for election at the Annual Meeting of Shareholders; |
|--------------------|--------------------------------------------------------------------------------------------|

----

Table of Contents

| Ø   | select candidates to fill Board vacancies as they may occur; |
|--------------------|--------------------------------------------------------------|

| Ø   | make recommendations to the Board for Committee membership; |
|--------------------|-------------------------------------------------------------|

| Ø   | review and monitor corporate governance guidelines and procedures; |
|--------------------|--------------------------------------------------------------------|

| Ø   | consider independence of each director and nominee for director; |
|--------------------|------------------------------------------------------------------|

| Ø   | advise the Board regarding the adoption of Central Vermont’s policies and programs related to Corporate Governance issues; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | administer the Board and the Corporate Governance Committee’s self-assessment and share the results with the full Board for discussion. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

Item 11.                 Executive Compensation.

| Ø   | a cash retainer; |
|--------------------|------------------|

| Ø   | equity-based grants; and |
|--------------------|--------------------------|

| Ø   | Independent Board Lead Director and Committee Chair cash retainers. |
|--------------------|---------------------------------------------------------------------|

| Annual cash retainer as Independent Chair of the Board of Directors           | $35,000                            |
|-------------------------------------------------------------------------------|------------------------------------|
| Annual cash retainer as a director                                            | $15,000                            |
| Annual Common Stock retainer as a director                                    | $27,500                            |
| Annual cash retainer as Lead Director                                         | $  7,000                 |
| Annual cash retainer as member of Executive Committee                         | $     500 |
| Annual cash retainer as Chair of Audit Committee                              | $  7,000                 |
| Annual cash retainer as Chair of Compensation Committee                       | $  5,000                 |
| Annual cash retainer as Chair of Corporate Governance Committee               | $  5,000                 |
| Annual cash retainer as Chair of any other standing Committees                | $  3,000                 |
| Fee for each meeting of the Board of Directors and of each Committee attended | $  1,000                 |
| Fee for each telephone meeting attended                                       | $     500 |
| Reasonable expenses                                                           | ---                                |

----

Table of Contents

| (a)                                                                                                                                                        | (b)                                                                         | (c)                                                                                                          | (d)                                                               | (e)                                                       | (f)                                                                           | (g)                                                      | (h)                                                                         |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|-----------------------------------------------------------|-------------------------------------------------------------------------------|----------------------------------------------------------|-----------------------------------------------------------------------------|
|       Name                    |     Fees earnedor paid in  cash ($) (1)  |     StockAwards      ($) (2)      |     OptionsAwards   ($)   |   Non-StockIncentivePlanCompen- sation ($) | Change inPension Valueand Non-QualifiedDeferredCompensation Earnings ($) |     All OtherCompen- sation ($) |          Total ($)   |
| Robert L. Barnett                                                                                                                                          | $49,000                                                                     |                                                                                                         | $27,500                                                           |   (3)                                                | $0                                                                            | $0                                                       | $0                                                                          | $0 | $76,500 |   |
| Robert G. Clarke (4)                                                                                                                                       | 53,000                                                                      |                                                                                                         | 27,500                                                            |   (3)                                                | 0                                                                             | 0                                                        | 0                                                                           | 0 | 80,500 |   |
| John M. Goodrich                                                                                                                                           | 36,020                                                                      |   (3)                                                                                                   | 27,480                                                            |                                                      | 0                                                                             | 0                                                        | 0                                                                           | 0 | 63,500 |   |
| Robert B. Johnston                                                                                                                                         | 38,020                                                                      |   (3)                                                                                                   | 27,480                                                            |                                                      | 0                                                                             | 0                                                        | 0                                                                           | 0 | 65,500 |   |
| Elisabeth B. Robert                                                                                                                                        | 39,000                                                                      |                                                                                                         | 27,500                                                            |   (3)                                           | 0                                                                             | 0                                                        | 0                                                                           | 0 | 66,500 |   |
| William R. Sayre (4)                                                                                                                                       | 74,853                                                                      |                                                                                                         | 27,480                                                            |                                                      | 0                                                                             | 0                                                        | 0                                                                           | 0 | 102,333 |   |
| Janice L. Scites                                                                                                                                           | 38,020                                                                      |                                                                                                         | 27,480                                                            |                                                      | 0                                                                             | 0                                                        | 0                                                                           | 0 | 65,500 |   |
| William J. Stenger                                                                                                                                         | 34,000                                                                      |                                                                                                         | 27,500                                                            |   (3)                                                | 0                                                                             | 0                                                        | 0                                                                           | 0 | 61,500 |   |
| Douglas J. Wacek (4)                                                                                                                                       | 51,500                                                                      |   (3)                                                                                                   | 27,500                                                            |   (3)                                                | 0                                                                             | 0                                                        | 0                                                                           | 0 | 79,000 |   |

| Note: Mr. Reilly is an employee-director.  His compensation is reflected in the Summary Compensation Table on page 24. |
|----------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    | Includes meeting fees, cash portion of Annual Retainer(s), and Chair retainers.                                                                                                                                                                                                                                                                                                                      |
| (2)    | On April 30 and October 31, 2011 all eligible directors were granted their annual stock retainers at a total value of $27,480.  The total number of shares issued to non-employee Board members in 2011 was 3,928 shares.  Certain directors elected to defer their stock retainers pursuant to the Deferred Compensation Plan and as such the value shown may differ slightly.  |

----

Table of Contents

| (3) | Includes deferred compensation values in 2011 as follows: for Mr. Barnett, $27,500; Mr. Clarke, $27,500; for Mr. Goodrich $15,000; Mr. Johnston, $15,000; Ms. Robert, $27,500; Mr. Stenger, $27,500; and for Mr. Wacek, $47,500.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | The following amounts are not included in the Directors’ Compensation Table above and are paid by our affiliate, Vermont Electric Power Company (“VELCO”) to the four directors (Messrs. Clarke, Reilly, Sayre, and Wacek) representing Central Vermont on VELCO’s Board.  Mr. Reilly is an employee-director and his VELCO compensation is reflected in his base salary in the Summary Compensation Table.  Directors of VELCO are paid an $8,000 annual retainer plus $1,000 for each meeting attended in person and $500 for meetings attended via phone; for additional meetings held the same day, directors are paid $500 if attended in person and $250 if attended via phone.  Mr. Wacek, as Chair of the VELCO Pension Trust and Retirement Committee is paid an additional annual retainer of $3,000.  The Chair of the VELCO Board of Directors, Mr. Clarke, also receives an additional annual retainer of $38,500. |

| Ø   | overview of pending acquisition of the Company by Gaz Métro and its impact on officer compensation; |
|--------------------|----------------------------------------------------------------------------------------------------------|

| Ø   | overview of the Compensation Committee; |
|--------------------|-----------------------------------------|

| Ø   | our compensation philosophy, policies and objectives; |
|--------------------|-------------------------------------------------------|

| Ø   | setting executive compensation; |
|--------------------|---------------------------------|

| Ø   | the elements of our executive compensation program; |
|--------------------|-----------------------------------------------------|

| Ø   | the compensation and benefit risk evaluation; |
|--------------------|-----------------------------------------------|

| Ø   | our compensation decisions and reasoning for 2011 and for the first quarter of 2012; and |
|--------------------|------------------------------------------------------------------------------------------|

| Ø   | our benefits, stock ownership guidelines, and tax matters. |
|--------------------|------------------------------------------------------------|

----

Table of Contents

| Ø   | We Focus on Outcomes Related to Our Strategic Plan - Performance measures are tied to achievement of outcomes targeted by our strategic plan, including our 2011 “vital few” objectives to: |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | Cost-effectively exceed Service Reliability Standards and meet customers’ changing expectations; |
|----------------|--------------------------------------------------------------------------------------------------------|

| 2.   | Ensure future energy supply consistent with Vermont’s preferences; |
|----------------|--------------------------------------------------------------------------|

| 3.   | Enhance shareholder value and ensure financial strength; |
|----------------|----------------------------------------------------------|

| §   | improve allowed and earned ROE |
|--------------------|--------------------------------|

| §   | maintain or improve corporate credit rating |
|--------------------|---------------------------------------------|

| §   | obtain needed capital |
|--------------------|-----------------------|

| §   | explore strategic growth opportunities. |
|--------------------|-----------------------------------------|

| 4.   | Achieve SmartPower and other technology plan milestones while managing risks; |
|----------------|-------------------------------------------------------------------------------|

| 5.   | Build productive relationships with new administration and eEnergy Vermont participants; |
|----------------|------------------------------------------------------------------------------------------|

| 6.   | Develop programs that improve the Company culture based on employee feedback. |
|----------------|-------------------------------------------------------------------------------|

| Ø   | Compensation Should be Competitive but also Reasonable and Responsible - It is essential that the Company’s overall compensation levels reflect the value of the job in the marketplace and be sufficiently competitive to attract talented leaders and motivate those leaders to achieve superior results without taking undue risk.  At the same time, however, we believe that compensation should be set at a responsible level.  Our executive compensation programs are intended to be consistent with the Company’s constant focus on balancing cost, performance and risk. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | We Believe in a Pay-for-Performance Culture - At the core of our compensation philosophy is our guiding belief that pay should be directly linked to performance.  This philosophy has guided many compensation-related decisions: |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | a substantial portion of executive officer compensation is contingent on, and variable with, achievement of short- and long-term corporate objectives and/or individual performance objectives; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the Compensation Committee annually reviews the specific measures, weights, and level of stretch for each of our performance measures compared to our historic performance and other utilities’ performance where appropriate; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the incentive measures for executives and employees are based on the Company’s strategic plan and balanced scorecard, and are monitored through results reviews and the Company’s Enterprise Risk Management Program to assure the compensation plan does not incent inappropriate risks; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 100% of our long-term compensation is performance-based and pays out in the form of performance shares of Central Vermont Common Stock only when pre-defined and objective measurable performance criteria are achieved; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| ·   | we do not have any special employment or severance agreements with any of our executive officers.  However, executive officers do have Change-In-Control (“CIC”) Agreements (see “Change-In-Control” section on page 22 for further explanation) and are covered under the Company’s Layoff Policy which covers all employees; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we regularly monitor the relationship between executive pay levels and corporate performance at Central Vermont compared to other electric utilities; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the Committee at its discretion has maintained officer compensation closer to the 25th percentile rather than median of our peer company comparisons. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | Compensation and Performance-Based Pay Reflect Position and Responsibility - Total compensation and accountability generally increase with higher position and greater responsibility because those individuals are more able to affect the Company’s results.  Consistent with this philosophy: |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | total compensation is higher for individuals with greater responsibility and greater ability to influence the Company’s achievement of targeted results and strategic initiatives; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | as position and responsibility increases, a greater portion of the executive officer’s total compensation is performance-based pay, contingent on the achievement of performance objectives; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | equity-based compensation is higher for persons with higher levels of responsibility, making a significant portion of their total compensation dependent on achieving key long-term objectives and Total Shareholder Return. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | Compensation Disclosures are Clear and Complete - We believe that all aspects of executive compensation should be clearly, comprehensibly and promptly disclosed in plain English.  We believe that compensation disclosures should provide all of the information necessary to permit shareholders to understand our compensation philosophy, our compensation-setting process and how much our executives are paid. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| Ø   | industry classification (utilities and related industry Standard Industry Classification (“SIC”) codes 4911-4991); |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

| Ø   | applicable sub-industry (electric or combined electric/gas utilities); |
|--------------------|------------------------------------------------------------------------|

| Ø   | net Revenues (relative to guideline range of approximately 1/3 to 3 times CVPS’s revenues); and |
|--------------------|-------------------------------------------------------------------------------------------------------|

| Ø   | applicable business model (operations focused on electric transmission and distribution). |
|--------------------|-------------------------------------------------------------------------------------------|

| Ø   | a base salary based on benchmarking to energy companies of our size and an individual’s qualifications, experience, and proven performance; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | an annual Management Incentive Plan with awards based on performance for the year; |
|--------------------|------------------------------------------------------------------------------------|

| Ø   | a Long-Term Incentive Program with awards based on the value we deliver to our shareholders and customers over time; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| Ø   | a competitive benefit program. |
|--------------------|--------------------------------|

| Ø   | help improve customer service, financial, process improvement, and employee-related performance of the Company; |
|--------------------|-----------------------------------------------------------------------------------------------------------------|

| Ø   | attract and retain highly qualified executives; |
|--------------------|-------------------------------------------------|

----

Table of Contents

| Ø   | enhance the mutual interest of customers, shareholders, other constituents, and eligible officers of the Company; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| Ø   | appropriately balance performance and risks through the use of a balanced scorecard and capping maximum performance at twice target. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | customer (progress toward meeting and exceeding our customer service and reliability standards as set by the Vermont Public Service Board; our customers’ level of satisfaction relative to all other electric utilities in the East Region as measured annually by J.D. Power & Associates; and Vermont leaders’ opinions of the Company on key issues as measured in even numbered years by David Schaefer & Associates or by large commercial and industrial customers’ satisfaction as measured by Metrix Matrix in odd numbered years); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | financial (earnings and reducing gap between earned return on equity (ROE) and allowed ROE); |
|--------------------|----------------------------------------------------------------------------------------------|

| Ø   | process improvement (a measure of key process improvement initiatives appropriate for the year); and |
|--------------------|------------------------------------------------------------------------------------------------------|

| Ø   | employee measures (key questions from our employee survey and safety measures). |
|--------------------|---------------------------------------------------------------------------------|

|                    | % of Salary Payout  |
|-------------------------|--------------------------|
| Position                | Threshold                | Target | Maximum |
| Chief Executive Officer | 0%                       | 50% | 100%   |
| Senior Vice President   | 0%                       | 30% | 60%   |
| Vice President          | 0%                       | 25% | 50%   |

----

Table of Contents

| Ø   | 50% of the value is in the form of performance shares dependent upon reaching certain relative Total Shareholder Return (“TSR”) percentile targets over a three-year cycle versus a national group of all publicly traded electric and combination utilities. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | 50% of the value is in the form of performance shares that are based on the achievement of key operational measures over a three-year time period.  Annually the Compensation Committee chooses measures for the next three year rolling cycle which are a subset of performance measures in our five-year strategic plan, chosen to emphasize critical performance targets in a balanced way considering performance, risks, and the relationship to the annual incentive plan.  Where possible, the Committee has chosen measures of Central Vermont’s performance versus other electric utilities. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Metrics in the employee and executive annual and long-term incentive plans utilize the “Balanced Scorecard” approach which consciously balances financial, customer, process improvement, and employee measures. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Individual performance has a weight of 20% in the executive plan tied to corporate performance, fully at the discretion of the Board, the employee annual plan incorporates annual individual performance ratings. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Short-term price growth is not rewarded at the expense of strong organizational performance and long-term shareholder wealth creation. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Company target compensation for base salary, annual incentive, and long-term incentive is aligned with peers. |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| ·   | Annual incentives make up less than 25% of total pay for named executive officers, limiting motivation to sacrifice long-term growth for short-term gains. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Long-term incentives are based solely on performance shares with balanced measures. |
|--------------------|-------------------------------------------------------------------------------------|

| ·   | Only annual incentives are included in retirement and change-in-control severance benefit calculations. |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ·   | Company’s incentive plans have market competitive caps to limit excessive risk-taking for windfall profits (e.g., max = 2x target for the annual plan and 1.5x target for the long-term plan). |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Payout curves are not steep and goal setting generally uses: |
|--------------------|--------------------------------------------------------------|

| §   | 90% probability of achieving threshold (or a 10% probability of 0% payout) |
|--------------------|----------------------------------------------------------------------------|

| §   | 50% probability of achieving target |
|--------------------|-------------------------------------|

| §   | 10% probability of achieving maximum |
|--------------------|--------------------------------------|

| ·   | The Committee regularly assesses the payout versus probabilities to check that the plan works as designed. |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ·   | A substantial portion of executive officer target compensation is contingent on, and variable with, achievement of short- and long-term corporate objectives and/or individual performance objectives between 35-53% of total direct compensation. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Compensation Committee annually reviews the specific measures, weights, and level of stretch for each of our performance measures compared to historic performance and other utilities.  The goal is to provide increasing levels of stretch and continued improvement as appropriate while maintaining a balance between types of measures, e.g., financial and customer. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| ·   | We regularly monitor the relationship between executive pay levels and corporate performance at Central Vermont compared to other electric utilities. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Annual incentive plans and three-year long-term incentive plan balance short-term and long-term performance perspectives. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| ·   | The stock ownership guideline for the CEO was at the low end of the competitive practice and the Committee raised it for 2011.  The requirement for the balance of named executive officers was competitive, but was also raised for 2011.  As the new CEO in 2011, Mr. Reilly’s stock ownership guideline was tiered to provide adequate time to meet the newly enacted guidelines. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Although long-term stock holding requirements are not in place, given the appropriateness of our stock ownership guidelines and pay mix, these are not needed. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Compensation Committee has discretion to adjust incentive plan awards based on assessment of quality of performance results. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| ·   | The incentive measures for executives and employees are based on the Company’s strategic plan and balanced scorecard, and are monitored through results reviews and the Company’s Enterprise Risk Management Program to assure the compensation plan does not incent inappropriate risks. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Officer compensation is now further governed by the Merger Agreement with Gaz Métro. |
|--------------------|-------------------------------------------------------------------------------------------|

| Ø   | for the last several years, the Compensation Committee has consciously limited executive compensation to levels closer to 25% of median, rather than median; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | for 2011, executive salaries increased by 3.1% on average based on an analysis done by Mercer and other Committee considerations and discretion; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | for 2011, the Company in consultation with outside counsel accelerated management incentive payments from 2012 to 2011 to achieve tax savings related to the anticipated change in control transaction between the Company and Gaz Métro Limited Partnership with the condition that if the management incentive plan actual results are more or less than a 10% deadband, then there will be a true up adjustment with the affected officers in 2012.  There was a true-up required and the officers in aggregate paid back $208,203. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | for 2012, executive salaries increased by 3.0% on average based on market trends and past practice consistent with the pending Merger Agreement with Gaz Métro; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | the annual incentive targets as a percentage of salary were kept at the same level they have been since 2000; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| Ø   | annually, the Committee extensively considers potential measures, targets, and potential rewards to appropriately incent the right performance, without encouraging undue risks or other unintended consequences. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| Ø   | a multiple (2.99 times for grandfathered named executive officers Mr. Kraus and Ms. Gamble and 2.00 for non-grandfathered named executive officers Ms. Keefe, and Messrs. Reilly and Rocheleau) of their base salary and target annual incentive; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | benefit continuation provided in exchange for consulting services in alignment with  severance multiplier; |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| Ø   | certain legal and accounting fees and expenses incurred as a result of termination of employment are paid by the Company; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

| Ø   | conditional gross-up for excise tax will be paid to the extent that value of the CIC benefits exceeds 3.3 times the executive’s compensation preceding the CIC event; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | limited outplacement benefit up to $15,000; |
|--------------------|---------------------------------------------|

----

Table of Contents

| Ø   | confidentiality, non-compete, non-disparagement, and non-solicitation requirements; |
|--------------------|-------------------------------------------------------------------------------------|

| Ø   | requirement for a legal release and waiver to receive payments; |
|--------------------|-----------------------------------------------------------------|

| Ø   | a prorated portion of MIP assuming target performance; |
|--------------------|--------------------------------------------------------|

| Ø   | a prorated portion at target of the performance shares under the Performance Share Incentive Plan (LTIP); and |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| Ø   | vesting of any non-vested restricted stock. |
|--------------------|---------------------------------------------|

| Ø   | a prorated portion of MIP assuming target performance; |
|--------------------|--------------------------------------------------------|

| Ø   | a prorated portion at target of the performance shares under the Performance Share Incentive Plan (LTIP); and |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| Ø   | vesting of any non-vested restricted stock. |
|--------------------|---------------------------------------------|

|   | Chief Executive Officer | 75,000 shares |   |
|--------|-------------------------|---------------|--------|
|   | Senior Vice President   | 17,000 shares |   |
|   | Vice President          | 15,000 shares |   |

----

Table of Contents

|   | COMPENSATION COMMITTEE MEMBERS:Robert L. Barnett, ChairRobert B. JohnstonWilliam R. SayreJanice L. ScitesWilliam J. Stenger |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| SUMMARY COMPENSATION TABLE                                                                                |
|----------------------------------------------------------------------------------------------------------------|
| (a)                                                                                                            | (b) | (c) | (d) | (e) | (g) | (h) | (i) | (j) |
|        Name andPrincipal Position        |           Year  |        Salary   ($) (1)   |        Bonus      ($) (2)  |       StockAwards   ($) (3)   |     Non-EquityIncentivePlanCompensation     ($) (4)     |  Change inPensionValue andNon-qualifiedDeferredCompensationEarnings       ($) (5)       |       All OtherCompensation       ($) (6)       |            Total ($)   |
| Lawrence J. Reilly *President and CEO                                                                     | 201120102009 | $261,06700 | $145,00000 | $27,77600 | $77,40000 | $             000 | $     14,92000 | $    526,16300 |
|  Robert H. Young **Former Presidentand CEO                                                           |  201120102009 |  192,448410,000402,000 |  10,05500 |  249,815240,380200,550 |   80,800200,000246,000 |  257,536280,263213,136 |  2,050,58116,19118,137 |  2,841,2351,146,8341,079,823 |
| Pamela J. Keefe ***Senior Vice President,CFO, and Treasurer                                                    | 201120102009 | 232,500225,000222,577 | 000 | 90,64186,86082,130 | 42,20069,40081,700 | 59,22840,09828,566 | 12,8025,4995,546 | 437,371426,857420,519 |
|  Joan F. GambleVice President – StrategicChange and BusinessServices                           |  201120102009  |  214,505203,000203,000  |  000  |  59,69058,58047,750  |  32,40051,50066,100  |  177,561228,713118,328  |  13,2359,6099,792  |  497,391551,402444,970  |
| Joseph M. KrausSenior Vice PresidentOperations, Engineering,and Customer Service                               | 201120102009 | 241,043228,000228,000  | 000  | 90,64186,86072,580  | 42,70071,10089,100  | 181,900545,318179,062  | 12,46316,37011,036  | 568,747947,648579,778  |
|  Dale A. RocheleauSenior Vice President,General Counsel andCorporate Secretary                            |  201120102009 |  234,000228,000228,000 |  000 |  90,64186,86072,580 |  42,40070,30087,700 |  97,23473,13364,842 |  13,43813,04712,163 |  477,713471,340465,285 |

----

Table of Contents

|   |                                                                                                                                                                                                                                                                                                                                                |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | * Mr. Reilly was elected President and CEO effective March 1, 2011. ** Mr. Young retired effective June 1, 2011. *** Ms. Keefe announced her resignation as Senior Vice President, CFO and Treasurer effective March 31, 2012. The Compensation Committee and the Board discontinued the use of stock options in January 2006.  |
|   | (1)                                                                                                                                                                                                                                                                                                                                                 | Includes for Mr. Reilly, a base salary comprised of $246,924 of which $15,122 is reimbursed by Vermont Yankee Nuclear Power Corporation.  Included in the $261,067 reported above are director’s retainers and fees in the amount of $14,143 paid by Vermont Electric Power Company, Inc. Includes for Mr. Young, a base salary comprised of $167,352 of which $9,211was s reimbursed by Vermont Yankee Nuclear Power Corporation.  Included in the $192,448 reported above are director’s retainers and fees in the amount of $6,629 paid by Vermont Electric Power Company, Inc. and $18,467 representing pay received in lieu of vacation. Includes for Ms. Gamble and Mr. Kraus $5,005 and $6,043 respectively which represents pay received in lieu if vacation. These amounts include deferrals into our 401(k) Plan and/or Officers and Directors Deferred Compensation Plan.  |
|   | (2)                                                                                                                                                                                                                                                                                                                                                 | Includes for Mr. Reilly a relocation/hiring bonus of $75,000 and a bonus of $70,000 in recognition of his outstanding performance in assuming the Chief Executive’s role and his leadership and superior performance on major corporate initiatives and the transaction in 2011. Includes for Mr. Young the value of the Company car and computer provided to him upon his retirement.  |
|   | (3)                                                                                                                                                                                                                                                                                                                                                 | The performance-based grant values are based on the grant date estimate of compensation cost recognized over the service period, excluding the effect of forfeitures in accordance with ASC Topic 718.  For information regarding the calculations pursuant to ASC Topic 718, refer to Note 10 - Share-Based Compensation to the Consolidated Financial Statements of this Annual Report on Form 10-K for the fiscal year endedDecember 31, 2011 on page 87.  |
|   |                                                                                                                                                                                                                                                                                                                                                | The actual payouts for the 2009-2011 performance cycle using the FMV on the award date at the end of the three-year cycle for TSR and Operational Measures is as follows: Ms. Keefe, $197,283; Ms. Gamble, $120,739; Mr. Kraus, $183,535; and, Mr. Rocheleau, $183,535. As part of his retirement benefits, on May 31, 2011 Mr. Young received a pro-rated payout at target performance of shares for each of the 2009-2011, 2010-2012, and 2011-2013 cycles using the FMV on that date with an actual total payout amount of $585,264. The maximum potential value of the 2011 conditional grants payable after the 2011-2013 performance cycle is based upon 1.5 times the target grant and are listed as follows: Ms. Keefe, $135,961; Ms. Gamble, $89,535; Mr. Kraus, $135,961; and Mr. Rocheleau, $135,961. Mr. Reilly was not eligible to participate in the 2009-2011, 2010-2012, or 2011-2013 performance cycles. In addition to these amounts, the SCT also includes a restricted stock award for one executive.  Mr. Reilly received 4,699 shares of Common Stock valued at $99,995 with a three-year cliff vest as part of his hire package.  $27,776 was expensed in year 2011.  Dividends at normal rates are paid on restricted stock and are included in the “All Other Compensation” column of the SCT.  |
|   | (4)                                                                                                                                                                                                                                                                                                                                                 | Represents payment for the earned 2011 performance paid on December 16, 2011 under the Management Incentive Plan.  The amounts in column (g) reflect Company performance for 2011 at 59% of target which represents 80% of the overall weighting for the MIP.  The other 20% was based on each individual officer’s performance adjusted for Company performance (at 59% of target) as evaluated by the Compensation Committee for the CEO and on the advice and recommendation of the CEO for the named executive officers reporting to the CEO.  See MIP section under CD&A. |

----

Table of Contents

|   | (5) | The amounts in column (h) reflect the actuarial change in the present value of each named executive officer’s benefits under all pension plans established by the Company determined using interest rate and mortality rate assumptions consistent with those used in the Company’s financial statements (except that we used a retirement age equal to the earliest unreduced retirement age (60 years or, when after age 55, age and years of service equals 85)).  This column includes amounts which the named executive officer may not currently be entitled to receive.  |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (6) | The table below shows the components of this column as described by the footnotes below. All Other Compensation Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|     Name                   |  Perquisitesand OtherPersonal  Benefits (i)  | CompanyContribution toDefined   Contribution   Plans (ii)   |    Insurance   Premiums (iii)   |  DefinedContributionPlan Core Contribution (iv)  |      Dividends (v)  | SupplementalOfficers’ RetirementPlan Payment (vi)                      |          Total     |
|------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|-----------------------------------------------------------------|---------------------------------------------------|----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|
| Lawrence J. Reilly                                                                                                                       | $645                                                             | $         0                                            | $4,848                                                                  | $6,185                                                          | $3,242                                            | $              0 | $     14,920                                               |
| Robert H. Young                                                                                                                          | 834                                                              | 10,413                                                                                              | 0                                                                       | 1,225                                                           | 0                                                 | 2,038,109                                                                              | 2,050,581                                                                           |
| Pamela J. Keefe                                                                                                                          | 0                                                                | 10,412                                                                                              | 1,165                                                                   | 1,225                                                           | 0                                                 | 0                                                                                      | 12,802                                                                              |
| Joan F. Gamble                                                                                                                           | 0                                                                | 10,413                                                                                              | 1,597                                                                   | 1,225                                                           | 0                                                 | 0                                                                                      | 13,235                                                                              |
| Joseph M. Kraus                                                                                                                          | 0                                                                | 10,413                                                                                              | 825                                                                     | 1,225                                                           | 0                                                 | 0                                                                                      | 12,463                                                                              |
| Dale A. Rocheleau                                                                                                                        | 0                                                                | 10,413                                                                                              | 1,800                                                                   | 1,225                                                           | 0                                                 | 0                                                                                      | 13,438                                                                              |

|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (i)    | Mr. Reilly has opted out of our medical insurance plan and, therefore, receives this opt-out benefit.  Mr. Young had the use of a Company vehicle and valuation is consistent with IRS Publication 15b - Employer’s Tax Guide to Fringe Benefits.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | (ii)   | Company matching contributions to the Employee Savings and Investment Plan (401(k)).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | (iii)  | The Company provides life insurance for Mr. Reilly at four times his salary and at three times salary for Ms. Gamble, Ms. Keefe, Mr. Kraus, and Mr. Rocheleau.  Mr. Reilly’s insurance is provided through a Company group-term life insurance policy, Mr. Kraus’ insurance is provided through a combination of split-dollar and Company group-term life insurance and the remaining officers through Company group-term life insurance.  All officers are taxed for the premiums paid by the Company for insurance above $50,000. Under the split-dollar policies, the Company’s Rabbi Trust would receive the excess above the life insurance payment to the beneficiary if the Officer were to die while employed.  Amounts entered in this column represent the Company’s taxable amount of benefit.  |
|   | (iv)   | Defined Contribution Plan enhancement effective April 1, 2010, providing a core contribution for all employees of 0.5%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (v)    | Dividends related to restricted stock.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | (vi)   | In accordance with the Officers’ Supplemental Retirement Plan, Mr. Young was paid $1,925,306 in 2011 and $112,803 in February 2012.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

| Name                   | Title                       | 2012 Base Salary          |
|------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|
| Lawrence J. Reilly                                                                                               | President and CEO                                                                                                                         | $309,000 *                |
| Pamela J. Keefe                                                                                                  | Senior Vice President, Chief Financial Officer, and Treasurer                                                                             | 239,200    |
| Joan F. Gamble                                                                                                   | Vice President - Strategic Change and Business Services                                                                                   | 216,900    |
| Joseph M. Kraus                                                                                                  | Senior Vice President - Operations, Engineering, and Customer Service                                                                     | 241,700    |
| Dale A. Rocheleau                                                                                                | Senior Vice President, General Counsel and Corporate Secretary                                                                            | 240,700    |

|                                                                                                                |   |
|---------------------------------------------------------------------------------------------------------------------|--------|
| *  Excludes director’s retainers and fees paid by Vermont Electric Power Company, a CVPS affiliate. |

----

Table of Contents

|                       | Threshold | Target                     | Maximum                    |
|----------------------------|-----------|----------------------------|----------------------------|
| Chief Executive Officer *  | $0   | $185,000    | $277,500    |
| Chief Executive Officer ** | $0   | $250,000    | $375,000    |
| Senior Vice President      | 0         | 90,000                     | 135,000               |
| Vice President             | 0         | 60,000                     | 90,000                     |

| GRANTS OF PLAN-BASED AWARDS DURING 2011                                                                                       |
|------------------------------------------------------------------------------------------------------------------------------------|
| (a)                                                                                                                                | (b) | (c) | (d) | (e) | (f) | (g) | (h) |
|      Name                 |     Grant   Date   |  Estimated future payouts undernon-equity incentive plan awards (1) |  Estimated future payouts underequity incentive plan awards (2) |
|  Threshold      ($)                                                    |  Target     ($)     |  Maximum       ($)       |  Threshold     (#)     |  Target    (#)    |  Maximum      (#)      |
| Lawrence J. Reilly *                                                                                                               | 3/1/11--- |  $0 |  150,000 |  300,000 | 0 | 0 | 0 |
| Robert H. Young **                                                                                                                 | 1/10/11--- |  0 |  194,000 |  388,000 | 0 | 0 | 0 |
| Pamela J. Keefe                                                                                                                    | 1/10/11--- |  0 |  69,750 |  139,500 | 0 | 4,467 | 6,700 |
| Joan F. Gamble                                                                                                                     | 1/10/11--- |  0 |  52,375 |  104,750 | 0 | 2,941 | 4,412 |
| Joseph M. Kraus                                                                                                                    | 1/10/11--- |  0 |  70,500 |  141,000 | 0 | 4,467 | 6,700 |
| Dale A. Rocheleau                                                                                                                  | 1/10/11--- |  0 |  70,200 |  140,400 | 0 | 4,467 | 6,700 |

|                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * Mr. Reilly was not eligible to participate in the 2011-2013 performance cycle. ** Mr. Young retired effective June 1, 2011 and as part of his retirement benefits received a pro-rated payout of shares for the 2011-2013 performance cycle on May 31, 2011.  |
| (1)                                                                                                                                                                                                                                                                       | These columns show the threshold, target, and maximum potential payout for 2011 performance under the MIP as described in the section entitled “Management Incentive Plan” in the CD&A.  The actual MIP payout for 2011 performance is reflected in the Summary Compensation Table column (g).   |
| (2)                                                                                                                                                                                                                                                                       | These columns show the threshold, target, and maximum potential number of shares that could be awarded for the 2011-2013 cycle of the LTIP, including dividends accrued over the three-year period.                                                                                                                                  |

----

Table of Contents

|   | Outstanding Equity Awards at Fiscal Year-End Table |
|--------|----------------------------------------------------|

| OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2011                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                               | Option Awards |   | Stock Awards |
|         Name                      |    Number ofSecuritiesUnderlyingUnexercisedOptions (#)   Exercisable (1)   |      ClosingPrice onDate of  Grant ($)  |       OptionExercise  Price ($)  |       OptionExpiration   Date (2)   |   |     Number ofShares or Unitsof Stock thatHave Not   Vested (#)   |     Market ValueOf Shares orUnits of StockThat Have Not   Vested ($)   |   Equity IncentivePlan Awards:Number ofUnearned Shares,Units or OtherRights That HaveNot Vested (#) (3) |  Equity IncentivePlan Awards:Market or PayoutValue of UnearnedShares, Units orOther RightsThat Have Not   Vested ($) (4)   |
| Lawrence J. ReillyStock Options                                                                                                                                                    |  0 |  --- |  --- |  --- |   |  4,699 |  $99,995 |   |   |
|  Robert H. YoungStock Options                                                                                                                                                 |   32,30051,47059,52024,035 |   $19.270017.490020.110021.5200 |   $19.075017.490020.150021.4450 |   5/7/20125/6/20135/4/20145/3/2015 |   |   0000 |   ------------  |   |   |
| Pamela J. KeefeLTIP  2009-2011  2010-2012  2011-2013                                                                                                 |   |   |   |   |   |   |   |   5,6115,2095,248 |   196,946182,836184,205 |
|  Joan F. GambleLTIP  2009-2011  2010-2012  2011-2013                                                                                       |   |   |   |   |   |   |   |    3,4343,5133,456 |    120,533123,306121,306 |
|  Joseph M. KrausStock Options  LTIP  2009-2011  2010-2012  2011-2013                                                                  |   11,76013,6105,494 |   17.490020.110021.5200 |   17.490020.150021.4450 |   5/6/20135/4/20145/3/2015 |   |   000 |   --------- |       5,2205,2095,248 |       183,222182,836184,205 |
|  Dale A. RocheleauStock Options LTIP  2009-2011  2010-2012  2011-2013                                                                      |   13,6105,494 |   20.110021.5200 |   20.150021.4450 |   5/4/20145/3/2015 |   |   00 |   ------ |      5,2205,2095,248 |      183,222182,836184,205 |

| (1) | All options vest and become exercisable immediately upon grant.                                                                                                                                                                                                                                                                                                                                      |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The expiration date of each option occurs ten years after the date of each option grant.                                                                                                                                                                                                                                                                                                             |
| (3) | As of December 31, 2011, the table below shows the restricted performance units cycles, the actual payouts for the cycle ending 2011, and a point in time estimate of potential payout for the two open cycles. These contingent shares are awarded based on the Total Shareholder Return and Operational Measures criteria as described in the Long-Term Incentive Program section of the CD&A. |

----

Table of Contents

|   | The contingent grant of the units listed in this table are given annually at the beginning of each three-year cycle.  Based upon satisfying pre-established performance targets, the actual number of shares at the end of the cycle may range from zero to 1.5 times the number of units granted, plus dividend reinvestment.  Performance at or below threshold warrants no payout.  The estimates of number of units “earned” for the 2010-2012 and 2011-2013 cycles are point in time estimates reflecting performance to date.  Since the actual earned award will be based on the total three-year performance, these “earned” units may not be reflective of actual earnings over the time period.  For example, the Company’s TSR performance vs. other utilities in a one-year time frame may not be reflective of the Company’s ultimate TSR performance over the three-year measurement cycle. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                         |                                                                                                  |                              | As of December 31, 2011                                       |                                                |
|------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|-----------------------------------|---------------------------------------------------------------|-----------------------------------------------------|
|   Name                   |          Cycle        | RestrictedUnits (#)TSR/Op. Meas.  |  Units (#)   Earned (i)    |  Units (#)  Accrued (ii)   |  Total Units (#) (iii)  | RestrictedUnit   Value ($)    |
| Pamela J. Keefe *                                                                                                            | 2009-2011 **2010-20122011-2013                                                                        | 2,150/2,1502,150/2,1502,050/2,050 | 2,912/2,0513,225/1,4623,075/1,743                             | 380/268359/163275/156                               | 5,6115,2095,248 | $196,946182,836184,205 |
| Joan F. Gamble                                                                                                               | 2009-2011 **2010-20122011-2013                                                                        | 1,250/1,2501,450/1,4501,350/1,350 | 1,775/1,2502,175/9862,025/1,148                               | 240/169242/110181/103                               | 3,434      3,5133,456 | 120,533123,306121,306 |
| Joseph M. Kraus                                                                                                              | 2009-2011 **2010-20122011-2013                                                                        | 1,900/1,9002,150/2,1502,050/2,050 | 2,698/1,9003,225/1,4623,075/1,743                             | 365/257359/163275/156                               | 5,2205,2095,248 | 183,222182,836184,205 |
| Dale A. Rocheleau                                                                                                            | 2009-2011 **2010-20122011-2013                                                                        | 1,900/1,9002,150/2,1502,050/2,050 | 2,698/1,9003,225/1,4623,075/1,743                             | 365/257359/163275/156                               | 5,220      5,2095,248 | 183,222182,836184,205 |

|   | *   Ms. Keefe was granted additional contingent shares upon her promotion to Senior Vice President in May 2009. ** Total Units represents actual TSR and Operational Measure units paid out for the 2009-2011 CycleDecember 16, 2011 with the Restricted Unit Value calculation provided in footnote 4 below.  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (i)                                                                                                                                                                                                                                                                                                                                          | Units actually earned for the 2009-2011 cycle.  The first number represents the award based on TSR, and the second number represents the award based on Operational Measures.  For the other two open cycles, this is a point-in-time estimate based on an estimate of performance to date, and may not be reflective of performance over the entire three-year cycle.  |
|   | (ii)                                                                                                                                                                                                                                                                                                                                         | Units accrued as a result of dividends earned and reinvested through the close of the cycle for the number of units earned.  The 2011 annual dividend rate was $0.92.  |
|   | (iii)                                                                                                                                                                                                                                                                                                                                        | Represents units earned plus units accrued.  |
| (4)    | Market value of performance units calculated by multiplying the closing market price on December 31, 2011 of $35.10 as shown in footnote 3 above.  This is not representative of what may actually be awarded based on performance for the 2010-2012 and 2011-2013 cycles.                                                         |

| OPTION EXERCISES AND STOCK VESTED AT FISCAL YEAR-END 2011 |
|-----------------------------------------------------------|

| (a)                                                                                                                    | (b)                                                                                                                             | (c)                                                                                                    | (d)                                                      | (e)                                      |
|------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|----------------------------------------------------------|------------------------------------------|
|                                                                                                                   |           Option Awards          |         Stock Awards        |
|   Name                  | Number ofShares Acquired on Exercise (#)                                                                                   |  Value Realized  Upon Exercise ($)                                                      | Number ofShares Acquired  on Vesting (#)  |  Value Realized on Vesting ($) |
| Lawrence J. Reilly                                                                                                     | OptionsStock                                                                                                                    | 00                                                                                                     | 00                                                       | 00                                       | 00 |
| Robert H. Young                                                                                                        | OptionsStock                                                                                                                    | 26,2000                                                                                                | $183,7930                                                | 00                                       | 00 |
| Pamela J. Keefe                                                                                                        | OptionsStock                                                                                                                    | 00                                                                                                     | 00                                                       | 00                                       | 00 |
| Joan F. Gamble                                                                                                         | OptionsStock                                                                                                                    | 13,1270                                                                                                | 192,0290                                                 | 00                                       | 00 |
| Joseph M. Kraus                                                                                                        | OptionsStock                                                                                                                    | 6,2000                                                                                                 | 99,6960                                                  | 00                                       | 00 |
| Dale A. Rocheleau                                                                                                      | OptionsStock                                                                                                                    | 00                                                                                                     | 00                                                       | 00                                       | 00 |

----

Table of Contents

| PENSION BENEFITS                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------|
| (a)                                                                                                                    | (b) | (c) | (d) | (e) |
|    Name                 |        Plan Name    |  Number ofYears Credited    Service (#)    |  Present ValueAccumulated     Benefit ($)    |  PaymentsDuring Last Fiscal Year ($) |
| Lawrence J. Reilly *                                                                                                   | QualifiedSERP | 00 | $              00 | $              00 |
| Robert H. Young (1, 2)                                                                                                 | QualifiedSERP | 23.9223.92 | 0206,005 | 1,154,2761,925,306 |
| Pamela J. Keefe                                                                                                        | QualifiedSERP | 5.585.58 | 147,71426,259 |   00 |
| Joan F. Gamble                                                                                                         | QualifiedSERP | 22.5822.58 | 966,48979,853 |   00 |
| Joseph M. Kraus (1, 2)                                                                                                 | QualifiedSERP | 30.4230.42 | 1,673,948526,412 |   00 |
| Dale A. Rocheleau                                                                                                      | QualifiedSERP | 8.178.17 | 309,39988,099 |   00 |

| * Mr. Reilly is not eligible for the Pension Plan due to his hire date.  |
|-------------------------------------------------------------------------------|
| (1)                                                                           | The SERP provides a grandfathered benefit for certain executive officers who participated in the plan as of January 1, 1998.  Messrs. Young and Kraus are eligible for the grandfathered benefit upon retirement from the Company after attainment of age 55 with 10 or more years of service.  These individuals receive the greater, on an actuarial present value basis, of the grandfathered benefit and the benefit provided under the basic SERP provisions.  The grandfathered benefit includes both a pension and death benefit as described below.  |
|                                                                          | (i) | Grandfathered Pension Benefit - An annual payment equal to a specified percentage of the individual’s final year’s base salary (excluding MIP compensation and other forms of remuneration) payable upon attainment of age 65 for a period of 15 years.  The applicable percentages are 44% for Mr. Young and 33% for Mr. Kraus.  The benefit is further reduced by 5% per year for payment upon early retirement before age 65.  |
|                                                                          | (ii) | Grandfathered Death Benefit - $166,667 payable to the designated beneficiary upon the death of the executive officer following retirement. |

----

Table of Contents

| (2) | Mr. Young retired and received payments under the Pension Plan and SERP during 2011.  Mr. Kraus is currently eligible for early retirement under the Pension Plan and the SERP as he has attained age 55 and has completed more than 10 years of service. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)                                                                                                            | (d)                                   | (f)                                   |
|----------------------------------------------------------------------------------------------------------------|---------------------------------------|---------------------------------------|
|   Name (1)                | AggregateEarnings in Last FY ($) | Aggregatebalance at Last FYE ($) |
| Lawrence J. Reilly                                                                                             | $     335    | $113,770                              |
| Robert H. Young                                                                                                | 0                                     | 0                                     |
| Pamela J. Keefe                                                                                                | 9,106                                 | 510,734                               |
| Joan F. Gamble                                                                                                 | 18,652                                | 617,467                               |
| Joseph M. Kraus                                                                                                | 0                                     | 0                                     |
| Dale A. Rocheleau                                                                                              | 5,669                                 | 402,042                               |

|   | (1) | Of the named officers, Ms. Keefe and Messrs. Reilly and Rocheleau participated in the Plan during 2011.  Over a four-year period from 2007 to 2011, Ms. Keefe deferred $395,069 in compensation.  Over a one-year period from 2011 to 2012, Mr. Reilly deferred $110,285 in compensation.  Over a two-year period from 2010 to 2011, Mr. Rocheleau deferred $297,982 in compensation.  No amounts reported in this table are reported as compensation in the Summary Compensation Table on page 24. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| Ø   | accrued salary and vacation pay; |
|--------------------|----------------------------------|

| Ø   | benefits under the Company’s Layoff Policy, if applicable; |
|--------------------|------------------------------------------------------------------|

| Ø   | target annual incentive payment prorated for portion of year worked in year of retirement; |
|--------------------|--------------------------------------------------------------------------------------------|

| Ø   | regular benefits under the qualified Pension Plan if vested, see “Pension Benefits” table on page 30; |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| Ø   | distributions of plan balances under the Employee Savings and Investment Plan (401(k)); and |
|--------------------|---------------------------------------------------------------------------------------------|

| Ø   | health and welfare benefits provided to all retirees including retiree medical, dental and life insurance. |
|--------------------|------------------------------------------------------------------------------------------------------------|

|  Name                     |                Equity Awards Payable Upon                  |
|------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      Retirement      |    Death, Disability, or CIC                                                                                                                                                                      |
| Mr. Reilly                                                             | N/A*                                                                                                                                                                                                                       | $164,935 |
| Ms. Keefe                                                              | N/A*                                                                                                                                                                                                                       | 159,315 |
| Ms. Gamble                                                             | N/A*                                                                                                                                                                                                                       | 106,665 |
| Mr. Kraus                                                              | $159,315                                                                                                                                                                                                                   | 159,315 |
| Mr. Rocheleau                                                          | N/A*                                                                                                                                                                                                                       | 159,315 |

|   |                                                                                                                           |
|--------|--------------------------------------------------------------------------------------------------------------------------------|
|   | *Has not satisfied the requirements for retirement as of December 31, 2011 (age 55 or older with 10 or more years of service). |

| (1)   | an acquisition of 20% or more of the Company’s outstanding voting securities; |
|-----------------|-------------------------------------------------------------------------------------|

| (2)   | a change of more than two-thirds of Board over the term of the agreement except where the new Board members were approved by a vote of at least two-thirds of the incumbent members of the Board; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | a consummation of a reorganization, merger, or consolidation or sale or other disposition of more than 50% of the assets of the Company; or |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | approval by the shareholders of Company of a complete liquidation or dissolution of the Company. |
|-----------------|--------------------------------------------------------------------------------------------------|

----

Table of Contents

|     Name andPrincipal Position                |    CashSeverance Payment (1)  |    Accelerationof Equity Awards (2)  |     Annual Incentive (3)  |  SERP,Outplacementand WelfareBenefit Value (4)  |  ExciseTax andRelatedGross  Ups (5)  |   Reductionto IRC280(G) Limit (6)  |   TotalPaymentsUnder  a CIC  | ParachuteValue as apercentageof 280(G)Base Amount (7)  |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------|--------------------------------------------------------|-------------------------------------------------------|------------------------------------------------------------------|
| Lawrence J. ReillyPresident and CEO                                                                                                          |  $927,000                                         |  $196,892                                                |  $146,617                                          |  $125,020                                                 |  $0                                                 |  $0                                               |  $1,395,529                                      |  295%                                                       |
|  Pamela J. Keefe*Senior Vice President,CFO, and Treasurer                                                                          |   621,920                                    |   228,934                                           |   35,586                                      |   98,476                                             |   337,612                                      |   0                                          |   1,322,528                                 |   355%                                                 |
| Joan F. GambleVice President, StrategicChange and BusinessServices                                                                           |  810,664                                          |  0                                                       |  26,890                                            |  320,863                                                  |  0                                                  |  0                                                |  1,158,417                                       |  219%                                                       |
|  Joseph M. KrausSenior Vice President -Operations, Engineering,and Customer Service                                                |   939,488                                    |   0                                                 |   35,958                                      |   164,017                                            |   0                                            |   0                                          |   1,139,463                                 |   233%                                                 |
| Dale A. RocheleauSenior Vice President,General Counsel andCorporate Secretary                                                                |  625,820                                          |  228,934                                                 |  35,809                                            |  369,753                                                  |  0                                                  |  0                                                |  1,260,316                                       |  281%                                                       |

|   | *  Ms. Keefe announced her resignation as Senior Vice President, CFO and Treasurer effective March 31, 2012 and is therefore not eligible for CIC payments. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    | Equals annual base salary plus target annual incentive compensation times severance multiplier of 2.99 for Ms. Gamble and Mr. Kraus and 2.00 for Ms. Keefe and Messrs. Reilly and Rocheleau.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (2)    | Performance shares and Accelerated Stock Awards (including reinvested dividends) valued at the closing fixed purchase price of $35.25 per share.  Performance Shares were assumed to be paid at target based on the pro-rata portion of the three-year performance cycle that executives have worked at the time of the CIC.  Accelerated Stock Awards are fully vested upon CIC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (3)    | Annual Incentive was assumed to be paid at target based on the pro-rata portion of the year that executives have worked at the time of CIC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (4)    | These incremental benefits are intended to be “reasonable compensation” for the executive officer’s commitment to provide consulting services as required by the Company for one year post-termination and satisfaction of restrictive covenants including refraining from working in competition with, or for a competitor of the Company, for one year post-termination.  To the extent that these benefits exceed “reasonable compensation” for the post-termination consulting services and satisfaction of restrictive covenants, the benefits may be reduced or additional tax gross-ups may apply in accordance with the conditional tax gross-up provision described in notes (5) and (6) below. Incremental SERP benefit values are included for those who are eligible to participate and are based on the following standard actuarial assumptions: |

| Discount rate                        | 5.20%                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Mortality (post-retirement only)     | IRS generational mortality table                                                                                                                                                                                                                                                                                                                                                                                  |
| Benefit commencementand payment form | Ms. Gamble and Messrs. Kraus and Rocheleau elected lump sums payable at termination and Ms. Keefe elected a single life annuity payable upon age 65.  A CIC accelerates the annuity payment for Ms. Keefe and benefits were reduced for early payment based on applicable qualified plan factors.  Not applicable for Mr. Reilly whose agreement does not provide retirement benefit enhancements. |

----

Table of Contents

|   | The Health and Welfare benefit values reflecting three years (Ms. Gamble and Mr. Kraus) and two years (Ms. Keefe and Messrs. Reilly and Rocheleau) of continued participation were estimated at three times and two times the current cost of coverage, respectively, and based on 2012 benefit elections.  Health and Welfare benefits include medical, dental, life insurance, short-term disability, and long-term disability coverage. A one-time $15,000 outplacement benefit has been included in this item. A tax gross-up applies to health care benefits (medical and dental) and the outplacement benefit and is reflected in this item.  |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5)    | Upon a CIC, employees may be subject to certain excise taxes under Section 280(G) of the Internal Revenue Code.  The Company has agreed to reimburse the affected employees, based on the conditional tax gross-up provision described in footnote (6) below, for those excise taxes as well as any income and excise taxes payable by the executive as a result of any reimbursements for the 280(G) excise taxes.  The amounts in the table are based on a 280(G) excise tax rate of 20%, a 35% federal marginal income tax rate, a Vermont State tax rate of 8.95%, and a 1.45% Medicare tax rate.                                               |
| (6)    | There is a conditional gross-up for excise tax on the termination payments under Section 4999 of the Internal Revenue Code only in circumstances where the CIC benefits are over the IRC Section 280(G) limits by more than 10%.  If CIC benefits are between 100% and 110% of the IRC Section 280(G) limits, the total CIC benefit is reduced to 100% of the IRC Section 280(G) limit.                                                                                                                                                                                                                                                                       |
| (7)    | Percentage shown is determined prior to any excise tax and related gross ups in (5) or reduction to IRC 280(G) limit in (6).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

Item 12.                 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

----

Table of Contents

| Ø   | each director; |
|--------------------|----------------|

| Ø   | each of the named executive officers in the Summary Compensation Table; and |
|--------------------|-----------------------------------------------------------------------------|

| Ø   | all the directors and executive officers as a group as of December 31, 2011. |
|--------------------|------------------------------------------------------------------------------|

|     Name                     | TotalNumber ofSharesBeneficially  Owned (1)  |   Number ofShares  Owned (2)  |   |   StockOptions  Granted  |      |    Percent  of Class  |
|------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|--------------------------------------------------------|--------|---------------------------------------------------|-----------|-----------------------------------------------------|
| Robert L. Barnett                                                                                                                                    | 18,394                                                      | 18,394                                                 |   | 0                                                 |      | (1)                                                 |
| Robert G. Clarke                                                                                                                                     | 12,805                                                      | 12,805                                                 | (3)    | 0                                                 |      | (1)                                                 |
| Joan F. Gamble                                                                                                                                       | 14,180                                                      | 14,180                                                 |   | 0                                                 |      | (1)                                                 |
| John M. Goodrich                                                                                                                                     | 2,407                                                       | 2,407                                                  |   | 0                                                 |      | (1)                                                 |
| Robert B. Johnston (4)                                                                                                                               | 982                                                         | 982                                                    |   | 0                                                 |      | (1)                                                 |
| Pamela J. Keefe                                                                                                                                      | 1,794                                                       | 1,794                                                  |   | 0                                                 |      | (1)                                                 |
| Joseph M. Kraus                                                                                                                                      | 59,479                                                      | 28,615                                                 |   | 30,864                                            |      | (1)                                                 |
| Lawrence J. Reilly                                                                                                                                   | 4,699                                                       | 4,699                                                  |   | 0                                                 |      | (1)                                                 |
| Elisabeth B. Robert                                                                                                                                  | 695                                                         | 695                                                    |   | 0                                                 |      | (1)                                                 |
| Dale A. Rocheleau                                                                                                                                    | 25,511                                                      | 6,407                                                  |   | 19,104                                            |      | (1)                                                 |
| William R. Sayre                                                                                                                                     | 5,536                                                       | 5,536                                                  |   | 0                                                 |      | (1)                                                 |
| Janice L. Scites                                                                                                                                     | 13,076                                                      | 13,076                                                 |   | 0                                                 |      | (1)                                                 |
| William J. Stenger                                                                                                                                   | 601                                                         | 601                                                    |   | 0                                                 |      | (1)                                                 |
| Douglas J. Wacek                                                                                                                                     | 3,504                                                       | 3,504                                                  | (5)    | 0                                                 |      | (1)                                                 |
| Robert H. Young *                                                                                                                                    | 328,616                                                     | 161,291                                                | (6)    | 167,325                                           |      | 2.4%                                                |
| All current directors andexecutive officers (16 persons)                                                                                             |  201,537                                               |  138,442                                          |   |  63,095                                      |  (7) |  1.5%                                          |

| * Mr. Young retired effective June 1, 2011. No director or executive officer owns any shares of the various classes of the Company’s outstanding non-voting Preferred Stock. No director or executive officer has pledged Company stock as security. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    | No director or executive officer owns beneficially in excess of 1% of the outstanding Common Stock, except for Robert H. Young.  Except as otherwise indicated in the footnotes to the table, each of the named individuals possesses sole voting and investment power over the shares listed.  Percentages are based on 13,473,018 total shares outstanding on December 31, 2011.                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| (2)    | Includes shares awarded as part of the director’s annual retainer under the Restricted Stock Plan for Non-employee Directors and Key Employees (“Restricted Plan”) and under the Omnibus Stock Plan (“OSP”), for Mr. Barnett, 8,994 shares; Mr. Clarke, 7,487 shares; Mr. Goodrich, 2,276; Mr. Johnston, 982 shares; Ms. Robert, 673 shares; Mr. Sayre, 5,536 shares; Ms. Scites, 10,808 shares; Mr. Stenger, 601 shares; and Mr. Wacek, 1,453 shares.  Shares vested on award date.  Also includes 4,699 shares for Mr. Reilly awardedMarch 1, 2011 with three-year cliff vest from date of award under the OSP and shares that the named executive officers hold indirectly under the Company’s Employee Savings and Investment (401(k)) Plan for Ms. Gamble, 3,189 shares and Mr. Rocheleau, 587 shares.  |
| (3)    | Includes 12,805 shares held jointly with Mr. Clarke’s spouse over which he shares voting and investment power.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (4)    | Mr. Johnston represents one of our largest shareholders, Anita Zucker, who owns 852,000 shares and is subject to the restrictions outlined in the agreement between the Company, The Article 6 Marital Trust, Anita G. Zucker, Trustee, and Robert B. Johnston entered into November 7, 2010 in which Mr. Johnston agreed not to take certain actions that could affect control of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

----

Table of Contents

| (5) | Includes 1,863 shares held jointly with Mr. Wacek’s spouse over which he shares voting and investment power.                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Includes one share held by Mr. Young’s son over which Mr. Young disclaims beneficial ownership and 1,117 shares held by his spouse over which she has sole voting and investment power.  |
| (7) | All current executive officers as a group have rights to acquire 63,095 shares.                                                                                                                     |

|  Name and Addressof Beneficial Holder                                                                                                         |  Total Number ofShares Beneficially Owned |                  | Percent ofSharesOutstanding (a) |
|----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------|-----------------------|--------------------------------------|
| BlackRock, Inc.40 East 52nd StreetNew York, NY 10022                                                                                               | 1,073,654                                      | (b)                   | 8.0%                                 |
|  GGCP, Inc.   and related companiesOne Corporate CenterRye, NY 10580                                                      |  884,530                                  |    (c) |  6.6%                           |
| Water Island Capital, LLC41 Madison Avenue, 42nd FloorNew York, NY 10010                                                                           | 878,713                                        |   (d)       | 6.5%                                 |
|  Anita G. Zucker, Trustee ofThe Jerry Zucker Revocable Trustc/o The InterTech Group, Inc.Post Office Box 5205North Charleston, SC 29405  |  852,000                                  |    (e)      |  6.3%                           |
| The Vanguard Group, Inc.100 Vanguard BoulevardMalvern, PA 19355                                                                                    | 696,103                                        |   (f)            | 5.2%                                 |

| (a) | Based on 13,473,018 total shares outstanding on December 31, 2011.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Based solely on information contained in an SEC Schedule 13G/A dated December 30, 2011 and filedFebruary 13, 2012 by BlackRock, Inc.  According to the report, BlackRock holds 1,073,654 shares and has sole voting and dispositive power over said shares.                                                                                                                                                                                                                                                                                                                                                                                        |
| (c) | Based solely on information contained in an SEC Schedule 13G dated August 31, 2011 and filedSeptember 1, 2011 by GGCP, Inc. and related companies.  According to the report, Gabelli Funds, LLC holds 672,240 shares and has sole voting and dispositive power over 672,240 shares.  GAMCO Asset Management, Inc. holds 172,870 shares and has sole voting and dispositive power over 172,870 shares.  Gabelli Securities, Inc. holds 19,420 shares and has sole voting and dispositive power over 19,420 shares.  Teton Advisors, Inc. holds 20,000 shares and has sole voting and dispositive power over 20,000 shares. |

----

Table of Contents

| (d) | Based solely on information contained in an SEC Schedule 13G dated December 31, 2011 and filedFebruary 15, 2012 by Water Island Capital, LLC.  According to the report, Water Island holds 878,713 shares and has sole voting and dispositive power over said shares.                                                   |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (e) | Based solely on information contained in an SEC Schedule 13D dated November 7, 2010 and filedNovember 10, 2010 by Anita G. Zucker.  According to the report, Mrs. Zucker holds 852,000 shares and has sole voting and dispositive power over 850,000 shares and shared voting and dispositive power over 2,000 shares.  |
| (f) | Based solely on information contained in an SEC Schedule 13G dated December 31, 2011 and filedFebruary 10, 2012 by The Vanguard Group, Inc.  According to the report, Vanguard holds 696,103 shares and has sole voting but shared dispositive power over 21,818 shares and sole dispositive power over 674,285 shares.      |

Item 13.                 Certain Relationships and Related Transactions, and Director Independence.

| a)   | a director who is an employee, or whose immediate family member (defined as a spouse, parent, child, sibling, father- or mother-in-law, son- or daughter-in-law, brother- or sister-in-law and anyone, other than a domestic employee, sharing the director’s home) is an executive officer of Central Vermont, would not be independent for a period of three years after termination of such relationship; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| b)   | a director who receives, or whose immediate family member receives as an executive officer of the Company, more than $120,000 per year in direct compensation from the Company, except for certain permitted payments, would not be independent for a period of three years after ceasing to receive such amount; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c)   | a director is not independent if (1) the director is a current partner of, or has an immediate family member who is a current partner of the Company’s internal or external auditor, (2) the director is a current employee of the Company’s internal or external auditor, (3) the director has an immediate family member who is a current employee of the Company’s internal or external auditor and such family member participates in the firm’s audit, assurance or tax compliance practice or, (4) the director or an immediate family member was within the preceding three years a partner or employee of the Company’s internal or external auditor and personally worked on the Company’s audit within that time; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | a director who is employed, or whose immediate family member is employed, as an executive officer of another company where any of the Company’s present executives serve on the other company’s compensation committee would not be independent for a period of three years after the end of such relationship; and, |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e)   | a director who is an executive officer or employee, or whose immediate family member is an executive officer of a company that makes payments to, or receives payments from, the Company for property or services in an amount which, in any single fiscal year, exceeds the greater of $1 million, or 2% of such other company’s consolidated gross revenues, would not be independent until a period of three years after falling below such threshold. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Robert L. BarnettRobert G. ClarkeJohn M. GoodrichRobert B. JohnstonElisabeth B. Robert | William R. SayreJanice L. ScitesWilliam J. StengerDouglas J. Wacek |
|--------|----------------------------------------------------------------------------------------|--------------------------------------------------------------------|

----

Table of Contents

Item 14.                                Principal Accounting Fees and Services.

|                   |   | Fiscal Year Ended |      |
|------------------------|--------|-------------------|-----------|
|                   |   | 2011              |      |   | 2010 |   |
| Audit Fees (1)         |   | $                 | 980,700   |   |   | $ | 907,300 |   |
| Audit Related Fees (2) |   |              | 0         |   |   |   | 77,300 |   |
| Tax Fees (3)           |   |              | 78,600    |   |   |   | 183,000 |   |
| All Other Fees (4)     |   |              | 84,500    |   |   |   | 83,500 |   |
| Total Fees             |   | $                 | 1,143,800 |   |   | $ | 1,251,100 |   |

|  (1) | Includes annual audit of financial statements including Sarbanes-Oxley 404 attestation, review of quarterly financial statements, and other services normally provided by the independent registered public accountant in connection with statutory and regulatory filings.  |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (2) | Includes fees for attestation service including comfort letters and consents associated with external filings.                                                                                                                                                               |
|  (3) | Includes fees for tax planning and tax consulting.                                                                                                                                                                                                                           |
|  (4) | Includes fees related to training, advisory services associated with the ARRA grant in 2010 and annual compliance audits also associated with the ARRA grant for 2011 and 2010 (in 2010, the ARRA grant compliance audit fees of $36,200 were categorized as Audit Fees).         |

----

Table of Contents

| Ø   | The Audit Committee approves the annual Audit services engagement and, if necessary, any changes in terms, conditions, and fees resulting from changes in audit scope, company structure, or other matters. The Audit Committee may also pre-approve other audit services, which are those services that only the independent registered public accountant reasonably can provide.  Since 2004, audit services have included internal controls attestation work under Section 404 of the Sarbanes-Oxley Act. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | Audit-related services are assurance and related services that are reasonably related to the performance of the audit, and that are traditionally performed by the independent registered public accountant.  The Audit Committee believes that the provision of these services does not impair the independence of the independent registered public accountant. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | Tax services. The Audit Committee believes that, in appropriate cases, the independent registered public accountant can provide tax compliance services, tax planning, and tax advice without impairing the auditor’s independence. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | The Audit Committee may approve Other services to be provided by the independent registered public accountant if (i) the services are permissible under SEC and Public Company Accounting Oversight Board rules, (ii) the Audit Committee believes the provision of the services would not impair the independence of the independent registered public accountant, and (iii) management believes that the auditor is the best choice to provide the service. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Item 15.   Exhibits, Financial Statement Schedules.

| 24 | Power of Attorney  |
|----|-------------------------|
| *  | 24.1          | Power of Attorney executed by Directors and Officers of Company  |
| *  | 31.1                    | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  |
| *  | 31.2                    | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  |
| *  | 32.1                    | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  |
| *  | 32.2                    | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

----

Table of Contents

SIGNATURES

| Signature                                                                                                                                                                                                                                                                                                                                                                                                        | Title                                                                                                                                                                                                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  /s/ Lawrence J. Reilly       (Lawrence J. Reilly)  /s/ Edmund F. Ryan         (Edmund F. Ryan) William R. Sayre* Robert L. Barnett* Robert G. Clarke* John M. Goodrich* Robert B. Johnston* Elisabeth B. Robert* Janice L. Scites* William J. Stenger* Douglas J. Wacek* | Director, President and Chief Executive Officer (Principal Executive Officer)  Acting Chief Financial Officer and Treasurer(Principal Financial and Accounting Officer) Chair of the Board Directors Director Director Director Director Director Director Director Director |

|   | *    Such signature has been affixed pursuant to a Power of Attorney filed as an exhibit hereto and incorporated herein by reference thereto. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----