EX-10b





 Exhibit 10(b) 

ONCOR ELECTRIC DELIVERY COMPANY LLC 

LONG-TERM INCENTIVE PLAN AWARD AGREEMENT 

This Long-Term Incentive Plan Award Agreement (the “Agreement”) is entered into as of January 1, 20    
(the “Grant Date”), by and between Oncor Electric Delivery Company LLC (the “Company”) and [Name] (the “Participant”). 

WHEREAS, the Company has adopted the Oncor Electric Delivery Company LLC Long-Term Incentive Plan (the “Plan”); and 

WHEREAS, the Plan Administrator has determined that it is in the best interests of the Company to grant a Long-Term Incentive Award to
the Participant as provided for herein. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows: 

SECTION 1.    LONG-TERM INCENTIVE AWARD: The Company hereby grants to the Participant a Long-Term Incentive Award, subject
to the terms set forth herein, as follows: 
  

			
	  Performance Period:
	  	January 1, 20     – December 31, 20    
		
	  Target Opportunity:
	  	$[Target Award Amount]

 The amount of the Long-Term Incentive Award that the Participant actually earns for the Performance Period (if any) will be
determined by the Plan Administrator in its discretion based on the level of achievement of the Performance Goals at the end of the Performance Period, as determined by the Plan Administrator in accordance with Exhibit A attached hereto.
Capitalized terms that are used but not defined herein shall have the meanings ascribed to them in the Plan. 
 SECTION
2.    PERFORMANCE GOALS: 
  

	 	(a)	 The particular Performance Goals and associated potential Long-Term Incentive Award determination procedures
are set forth in Exhibit A. All determinations of whether the Performance Goals have been achieved, the amount of the Long-Term Incentive Award earned by the Participant (if any), and all other matters related to this Agreement shall be made
by the Plan Administrator in its sole discretion. 


  

	 	(b)	 As soon as possible following completion of the Performance Period, but not later than 90 days following the
end of the Performance Period, the Plan Administrator will review and certify (i) whether, and to what extent, the Performance Goals for the Performance Period have been achieved and (ii) the amount of the Long-Term Incentive Award (if
any) that the Participant shall earn. Such certification shall be final, conclusive, and binding on the Participant and on all other persons, to the maximum extent permitted by law. 



SECTION 3.    VESTING: The Long-Term Incentive Award is subject to forfeiture until it vests. Except as specified under
Section 4 of this Agreement, the Long-Term Incentive Award will vest on the last day of the Performance Period, subject to (a) the achievement of the applicable Performance Goal thresholds for payout set forth in Exhibit A attached
hereto and (b) 

  
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the Participant’s continuous service with the Company from the Grant Date through the last day of the Performance Period. The amount of the Long-Term Incentive Award that vests and becomes
payable under this Agreement, if any, shall be determined by the Plan Administrator based on the level of achievement of the Performance Goals set forth in Exhibit A and shall be rounded to the nearest whole dollar. 

SECTION 4.    TERMINATION OF EMPLOYMENT: 
  

	 	(a)	 If the Participant is employed by the Company on the last day of the Performance Period, and the
Participant’s employment with the Company terminates for any reason other than by the Company for Cause prior to payment of the Long-Term Incentive Award for the Performance Period, the Participant will receive the Long-Term Incentive Award (if
any) for the closed Performance Period at the same time as paid to current employees. Notwithstanding anything to the contrary, the Participant will forfeit any unpaid Long-Term Incentive Award upon a termination for Cause. 



 

	 	(b)	 Notwithstanding subsection (a) above, in the event of the Participant’s death, Disability,
Retirement, or Termination following a Change in Control prior to the end of the Performance Period, the vesting, determination and payment of the Long-Term Incentive Award shall be governed by the terms of Section 7 of the Plan.



 SECTION 5.    PAYMENT OF LONG-TERM INCENTIVE AWARD: Payment of the vested Long-Term Incentive Award
earned for the Performance Period (if any) shall be paid on or about April 1 following the end of the Performance Period, unless provided otherwise upon Termination following a Change in Control under the terms of the Plan. 

SECTION 6.    TRANSFERABILITY: Subject to any exceptions set forth in this Agreement or the Plan, the Long-Term Incentive
Award may not be sold, assigned, transferred, discounted, pledged as collateral for a loan, or otherwise anticipated by the Participant, except by will or the laws of descent and distribution in which case the transferee shall hold the Long-Term
Incentive Award subject to all of the terms and conditions that were applicable to the Participant immediately prior to such transfer. 
 SECTION
7.    NO EMPLOYMENT OR OTHER RIGHTS: Neither the Plan nor this Agreement shall confer upon the Participant any right to be retained in any position, as an employee, consultant, or director of the Company. Further,
nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Participant’s employment, with or without Cause. 

SECTION 8.    LONG-TERM INCENTIVE AWARD SUBJECT TO THE PLAN: This Agreement is subject to the Plan. The terms and provisions
of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the
Plan will govern and prevail. 
 SECTION 9.    APPLICABLE LAW: This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas, without regard to its principles of conflict of law. 

  
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 SECTION 10.    INTERPRETATION: Any dispute regarding the interpretation of
this Agreement shall be submitted by the Participant or the Company to the Plan Administrator for review. The resolution of such dispute by the Plan Administrator shall be final and binding on the Participant and the Company. 

SECTION 11.    WITHHOLDING: The Participant shall be required to pay to the Company, and the Company shall have the
right to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Long-Term Incentive Award and to take all such other action as the Plan Administrator deems necessary
to satisfy all obligations for the payment of such withholding taxes. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related
withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and the Company
(a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or payment of the Long-Term Incentive Award and (b) does not commit
to structure the Long-Term Incentive Award to reduce or eliminate the Participant’s liability for Tax-Related Items. 

SECTION 12.    NOTICES: Any notice required to be delivered to the Company under this Agreement shall be in writing and
addressed to the Chief Human Resources Officer of the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Participant under this Agreement shall be in writing and addressed to the Participant at the
Participant’s address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to time. 

SECTION 13.    HEADINGS: Headings are given to the Sections of this Agreement solely as a convenience to facilitate
reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Agreement or any provisions thereof. 

SECTION 14.    SUCCESSORS AND ASSIGNS: The Company may assign any of its rights under this Agreement. This Agreement will be
binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors,
administrators, and the person(s) to whom the Long-Term Incentive Award may be transferred by will or the laws of descent or distribution. 
 SECTION
15.    SEVERABILITY: The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each
provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law. 
 SECTION
16.    DISCRETIONARY NATURE OF PLAN: 
  

	 	(a)	 The Plan and the Long-Term Incentive Award are discretionary and may be altered, amended, suspended, or
terminated by the Board at any time, in its discretion; provided, that, no such amendment or termination may, without the consent of the Participant, terminate or adversely affect any material right or material obligation under the Long-Term
Incentive Award granted under this Agreement, except as provided pursuant to the terms of the Plan.  



  
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	 	(b)	 The grant of the Long-Term Incentive Award in this Agreement does not create any contractual right or other
right to receive any Long-Term Incentive Award or other Awards in the future. Future Long-Term Incentive Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a
change or impairment of the terms and conditions of the Participant’s employment with the Company. 


 SECTION
17.    SECTION 409A: This Agreement is intended to comply with the applicable requirements of section 409A of the Code and its corresponding regulations and related guidance (“Section 409A”) or an
exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A. Notwithstanding the foregoing, the Company makes no representations
that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the
Participant on account of non-compliance with Section 409A. 
 SECTION
18.    COUNTERPARTS: This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this
Agreement transmitted by facsimile transmission, by electronic mail in portable document format (pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as
physical delivery of the paper document bearing an original signature. 
 SECTION 19.    ACCEPTANCE: The Participant
hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Long-Term Incentive Award subject to all of the terms and conditions of the Plan and
this Agreement. The Participant acknowledges that there may be adverse tax consequences upon the vesting or payment of the Long-Term Incentive Award and that the Participant has been advised to consult a tax advisor prior to such vesting or payment.

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

 

									
	Oncor Electric Delivery Company LLC:	 		 	Participant:
					
	By:	 	
                     
                                         
                                   
	 		 	By:	 	
                     
                                         
                               




									
	Name:	 	  
	 		 	Name:	 	[Name]
	Title:	 	  
	 		 		 	


  
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 Exhibit A 

20     – 20     Performance Goals 

(Measured at the End of the Performance Period) 

 

					
	Performance Goals
			
	 Weighting
	  	 Performance Metric
	  	 Performance Level

	 45%
	  	Safety: Measured by DART (Days Away, Restricted or Transferred) Rate; average	  	 Threshold
 Superior

Aspirational

			
	 45%
	  	Reliability: Measured by non-storm System Average Interruption Duration Index (SAIDI) in minutes; cumulative	  	 Threshold
 Superior

Aspirational

			
	 100%
	  	Net income growth: Percentage growth of net income (as defined by the Plan Administrator) measured during the Performance Period, using the year before the three year period as the beginning value and final year of the
three year period as the ending value; weather normalized and excluding extraordinary items	  	

 Calculation of Award: The applicable Long-Term Incentive Award is equal to the product of (1) the Target
Opportunity amount described in Section 1 of this Agreement, multiplied by (2) the Final Funding Percentage. 
 Definitions: 

Final Funding Percentage: The Final Funding Percentage is equal to the Weighted Performance Goal Percentage unless
the Weighted Performance Goal Percentage is less than 50% or more than 150%, in which case the Final Funding Percentage is 50% or 150%, respectively. 

Performance Goal Percentages: The Performance Goal Percentage with respect to each of the Safety and Reliability Performance
Metrics for a Performance Period shall equal 50% if the respective Performance Metric is equal to or does not meet the Threshold level, 150% if the Superior level is met, or 200% if the Aspirational goal is met or exceeded. The applicable percentage
for performance between the Threshold and Superior performance levels, and the Superior and Aspirational performance levels, shall be determined on a straight line interpolation basis. 

The Performance Goal Percentage with respect to the Net Income Growth Performance Metric for a Performance Period shall equal the Net Income Growth
Performance Metric (which is expressed as a percentage). 

  
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 Weighted Performance Goal Percentage: To determine the Weighted Performance Goal
Percentage, each individual Performance Goal Percentage is multiplied by the Performance Goal weighting level indicated in the table above and adjusted by any modifiers set by the Plan Administrator for the Performance Period. The result of each of
these calculations shall then be added together to determine the Weighted Performance Goal Percentage. 

  
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