Document:

Executives' Deferred Compensation Plan

 
Exhibit 10.14

 
DOMINION RESOURCES, INC. 
 
EXECUTIVES’ DEFERRED COMPENSATION PLAN

 
AMENDED AND RESTATED 
 
Effective January 1, 2003 
 
For the Executives of: 
 
Dominion Resources, Inc. 
And Affiliates 
 
 

 
TABLE OF
CONTENTS 
 

	 Section

	  	 	  	 Page

	
	 1.
	  	 DEFINITIONS
	  	 1

	
	 2.
	  	 PURPOSE
	  	 4

	
	 3.
	  	 PARTICIPATION
	  	 4

	
	 4.
	  	 DEFERRAL ELECTION
	  	 5

	
	 5.
	  	 EFFECT OF NO ELECTION
	  	 6

	
	 6.
	  	 ROLLOVER ELECTION
	  	 6

	
	 7.
	  	 FORMER CNG PLANS
	  	 7

	
	 8.
	  	 DEFERRED STOCK OPTION BENEFIT
	  	 7

	
	 9.
	  	 MATCH CONTRIBUTIONS
	  	 8

	
	 10.
	  	 INVESTMENT FUNDS
	  	 9

	
	 11.
	  	 DISTRIBUTIONS
	  	 9

	
	 12.
	  	 HARDSHIP DISTRIBUTIONS
	  	 11

	
	 13.
	  	 COMPANY’S OBLIGATION
	  	 12

	
	 14.
	  	 CONTROL BY PARTICIPANT
	  	 12

	
	 15.
	  	 CLAIMS AGAINST PARTICIPANT’S BENEFIT
	  	 13

	
	 16.
	  	 AMENDMENT OR TERMINATION
	  	 13

	
	 17.
	  	 ADMINISTRATION
	  	 13

	
	 18.
	  	 NOTICES
	  	 14

	
	 19.
	  	 WAIVER
	  	 14

	
	 20.
	  	 CONSTRUCTION
	  	 14

 

i 

 
DOMINION
RESOURCES, INC. 
 
EXECUTIVES’ DEFERRED
COMPENSATION PLAN 
 
1.    DEFINITIONS.    The following definitions apply to this Plan and to any related documents. 
 

	 	(a)	 	Accounts means, collectively, a Participant’s Deferral Account, Match Account, and Deferred Stock Option Account, if any.

 

	 	(b)	 	Administrator means Dominion Resources Services, Inc. 

 

	 	(c)	 	Beneficiary or Beneficiaries means a person or persons or other entity that a Participant designates on a Beneficiary Designation Form to
receive Benefit payments pursuant to Plan Section 11(h). If a Participant does not execute a valid Beneficiary Designation Form, or if the designated Beneficiary or Beneficiaries fail to survive the Participant or otherwise fail to take the Benefit,
the Participant’s Beneficiary or Beneficiaries shall be the first of the following persons who survive the Participant: a Participant’s spouse (the person legally married to the Participant when the Participant dies); the
Participant’s children in equal shares. If none of these persons survive the Participant, the Beneficiary shall be the Participant’s estate. 

 

	 	(d)	 	Beneficiary Designation Form means the form that a Participant uses to name the Participant’s Beneficiary or Beneficiaries.

 

	 	(e)	 	Benefit means collectively, a Participant’s Deferred Benefit, Match Benefit, and Deferred Stock Option Benefit, if any.

 

	 	(f)	 	Board means the Board of Directors of DRI. 

 

	 	(g)	 	Change of Control means the occurrence of any of the following events: 

 
(i)    any person, including a “group” as defined in Section
13(d)(3) of Securities Exchange Act of 1934, as amended, becomes the owner or beneficial owner of DRI securities having 20% or more of the combined voting power of the then outstanding DRI securities that may be cast for the election of DRI’s
directors (other than as a result of an issuance of securities initiated by DRI, or open market purchases approved by the Board, as long as the majority of the Board approving the purchases is also the majority at the time the purchases are made);

 
(ii)    as
the direct or indirect result of, or in connection with, a cash tender or exchange offer, a merger or other business combination, a sale of assets, a contested election, or any combination of these transactions, the persons who were directors of DRI
before such transactions cease to constitute a majority of the Board, or any successor’s board, within two years of the last of such transactions; or 
 
 

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(iii)    with respect to a particular Participant, an event occurs with respect to the Participant’s employer such that, after the event, the Participant’s employer is no longer a Dominion Company.

 

	 	(h)	 	Code means the Internal Revenue Code of 1986, as amended. 

 

	 	(i)	 	Committee means the Organization, Compensation and Nominating Committee of the Board. 

 

	 	(j)	 	Company means DRI and any Dominion Company that is designated by the Administrator as covered by this Plan, and any successor business by merger,
purchase, or otherwise that maintains the Plan. 

 

	 	(k)	 	Compensation means a Participant’s base salary, cash incentive pay and other cash compensation from the Company, including annual bonuses,
pre-scheduled one-time performance-based payments, and gains from stock option grants. Compensation does not include stock, stock options or spot awards. The Administrator may determine whether to include or exclude an item of income from
Compensation. 

 

	 	(l)	 	Deferral means the amount of Compensation that a Participant has elected to defer under a Deferral Election Form. 

 

	 	(m)	 	Deferral Account means a bookkeeping record established for each Participant who is eligible to receive a Deferred Benefit. A Deferral Account shall be
established only for purposes of measuring a Deferred Benefit and not to segregate assets or to identify assets that may be used to satisfy a Deferred Benefit. A Deferral Account shall be credited with that amount of a Participant’s
Compensation deferred according to a Participant’s Deferral Election Form. A Deferral Account shall also be credited with the amount of benefits rolled over to the Plan pursuant to a Rollover Election Form. A Deferral Account also shall be
credited periodically with deemed investment gain or loss under Plan Section 10. 

 

	 	(n)	 	Deferral Election Form means the form that a Participant uses to elect to defer Compensation pursuant to Plan Section 4. 

 

	 	(o)	 	Deferred Benefit means the benefit available to a Participant who has executed a valid Deferral Election Form or Rollover Election Form.

 

	 	(p)	 	 Deferred Stock Option Account means a bookkeeping record established for each Participant who has made an election to defer the DRI Stock to be
received under an exercise of a nonstatutory stock option granted under the Dominion Resources, Inc. Incentive Compensation Plan and the Dominion Resources, Inc. Leadership Stock Option Plan. The account shall be charged or credited with net
earnings, gains, losses and expenses, as well as any appreciation or depreciation in market value during each Plan Year for the deemed investment in the DRI Stock. The Administrator may charge or credit such earnings, gains, losses, 

 

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appreciation and depreciation based on the actual investment performance of the DRI Stock that it has deposited into the trust.

 

	 	(q)	 	Deferred Stock Option Benefit means the portion of a Participant’s Benefit from the Participant’s Deferred Stock Option Account.

 

	 	(r)	 	Disability or Disabled means, with respect to a Participant, that the Participant is entitled to benefits under the long-term disability
plan of the Company. 

 

	 	(s)	 	Distribution Election Form means a form that a Participant uses to establish the duration of the deferral of Compensation and the frequency of payments
of a Benefit. If a Participant does not execute a valid Distribution Election Form, the distribution of a Benefit shall be governed by Plan Section 5. 

 

	 	(t)	 	Dominion Company means Consolidated Natural Gas, Inc., Virginia Power, Dominion Capital, Inc., Dominion Energy, Inc., Dominion Resources Services,
Inc., or another corporation in which DRI owns stock possessing at least 50 % of the combined voting power of all classes of stock or which is in a chain of corporations with DRI in which stock possessing at least 50% of the combined voting power of
all classes of stock is owned by one or more other corporations in the chain. 

 

	 	(u)	 	DRI means Dominion Resources, Inc. 

 

	 	(v)	 	DRI Stock means the common stock, no par value, of DRI. 

 

	 	(w)	 	DRI Stock Fund means an Investment Fund in which the deemed investment is DRI Stock. 

 

	 	(x)	 	DSOP means the Dominion Resources, Inc. Security Option Plan. 

 

	 	(y)	 	Election Date means the date by which an Executive must submit a valid Deferral Election Form for regular Compensation. For each Plan Year, the
Election Date shall be January 1 unless the Administrator sets an earlier Election Date or as provided in Plan Section 4(b) or 4(c). 

 

	 	(z)	 	Executive means an individual who is employed by the Company and who has a base salary of at least $100,000. 

 

	 	(aa)	 	Investment Fund means one or more deemed investment alternatives offered to Participants from time to time. The Company may compute deemed investment
gain or loss under the Investment Funds based on the actual investment performance of assets that it has deposited in a grantor trust (as described in Plan Section 13). The DRI Stock Fund shall be one of the Investment Funds.

 

	 	(bb)	 	Match Account means an Account that holds the matching contributions made by the Company under Plan Section 9. 

 

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	 	(cc)	 	Match Benefit means the portion of a Participant’s Benefit from the Participant’s Match Account. 

 

	 	(dd)	 	Participant means an individual presently or formerly employed by the Company who meets one or more of the requirements of Plan Section 3(a).

 

	 	(ee)	 	Plan means the Dominion Resources, Inc. Executives’ Deferred Compensation Plan. 

 

	 	(ff)	 	Plan Year means a calendar year. 

 

	 	(gg)	 	Rollover Election Form means the form that a Participant uses to rollover benefits payable in the form of a lump sum payment from a Supplemental
Retirement Plan to this Plan. 

 

	 	(hh)	 	Supplemental Retirement Plan means the Dominion Resources, Inc. Retirement Benefit Restoration Plan and/or the Dominion Resources, Inc. Executive
Supplemental Retirement Plan. 

 

	 	(ii)	 	Terminate or Termination, with respect to a Participant, means the cessation of the Participant’s employment with the Company on
account of death, Disability, severance or any other reason. 

 
2.    PURPOSE.    The Plan is intended to benefit a “select group of management or highly compensated employees,” as that term is used
under Title I of the Employee Retirement Income Security Act of 1974, as amended. The Plan is intended to permit Executives to defer their Compensation, and for related purposes. 
 
3.    PARTICIPATION. 
 

	 	(a)	 	An individual presently or formerly employed by the Company is a Participant if he or she is: 

(i)    With respect to any Plan Year, an Executive who executes a valid Deferral Election Form for
that Plan Year as provided in Plan Section 3(b); 
 
(ii)    An individual who has a Deferred Stock Option Account due to an election to defer DRI Stock; 
 
(iii)    An individual who is eligible for a Match under Plan Section 9; 
 
(iv)    An individual who
had a benefit entitlement under Section 4.1(b) of the CNG ERISA Excess Plan as of December 31, 2000; or 
 
(v)    An individual who had a benefit entitlement under Section 5 of the Consolidated Natural Gas
Company Executive Incentive Deferral Plan as of December 31, 2000. 
 

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(vi)    An individual who has executed a Rollover Election Form pursuant to Plan Section 6. 
 

	 	(b)	 	An Executive may become a Participant for any Plan Year by filing a valid Deferral Election Form according to Plan Section 4 on or before the Election Date for that
Plan Year, or by filing an election to defer DRI Stock pursuant to the Dominion Resources, Inc. Incentive Compensation Plan, the Dominion Resources, Inc. Leadership Stock Option Plan or any other plan designated by the Administrator.

 

	 	(c)	 	An individual remains a Participant as long as the Participant is entitled to a Benefit under the Plan. An individual who is a Participant under Plan Section
3(a)(iv), (v), or (vi) and who is not an Executive may direct deemed investments pursuant to Plan Section 10 but may not make a Deferral election under Plan Section 4. 

 
4. DEFERRAL ELECTION.    An Executive may elect on or
before the Election Date to defer receipt of a portion of the Executive’s Compensation for the Plan Year. Except as provided in Plan Section 4(a), an Executive may elect a deferral for any Plan Year only if he or she is an Executive on the
Election Date for that Plan Year. The following provisions apply to deferral elections: 
 

	 	(a)	 	A Participant may defer up to 50% of the Participant’s base salary and up to 85% of the Participant’s annual cash incentive award, long-term cash incentive
payments and pre-scheduled one-time cash payments. The maximum Deferrals to this Plan shall be reduced by any deferrals that the Participant has elected to defer to the DSOP or any other deferred compensation plan of the Company. Compensation for
deferrals under the Dominion Resources, Inc. Employee Savings Plan shall be based on a Participant’s Compensation after any Deferrals made under this Plan, the DSOP, or any other deferred compensation plan of the Company.

 

	 	(b)	 	A Participant may defer up to 85% of the Participant’s gains on stock acquired by exercise of an option under the Dominion Resources, Inc. Incentive
Compensation Plan or the Dominion Resources, Inc. Leadership Stock Option Plan. For purposes of deferral of stock option gains, the Election Date shall be the date that is six months before the Participant exercises the option. Procedures for
deferring stock option gains shall be established under the Dominion Resources, Inc. Incentive Compensation Plan and the Dominion Resources, Inc. Leadership Stock Option Plan. 

 

	 	(c)	 	 Before each Plan Year’s Election Date, each Executive shall be provided with a Deferral Election Form. Except as provided below, a deferral election shall
be valid only when the Deferral Election Form is completed, signed by the electing Executive, and received by the Administrator on or before the Election Date for that Plan Year. In the year in which an Executive is first promoted to a salary grade
between A through G, the Executive may make a deferral election by 

 

5 

	 	 
completing a Deferral Election Form within 30 days of the promotion. The deferral election will be effective for periods after the
Administrator receives it. 

 

	 	(d)	 	An Executive must complete an Investment Election Form for all amounts in the Executive’s Deferral Account. The Compensation deferred under a Deferral Election
Form shall be allocated among available Investment Funds in percentages as specified on the investment election form. 

 

	 	(e)	 	An Executive must complete a Distribution Election Form for the distribution of the Executive’s Deferral Account. 

 

	 	(f)	 	The Administrator may reject any Deferral Election Form or any Distribution Election Form or both that does not conform to the provisions of the Plan. The
Administrator may modify any Distribution Election Form at any time to the extent necessary to comply with any federal securities laws or regulations. The Administrator’s rejection or modification must be made on a uniform basis with respect to
similarly situated Executives. If the Administrator rejects a Deferral Election Form, the Executive shall be paid the amounts the Executive would have been entitled to receive if the Executive had not submitted the rejected Deferral Election Form.

 

	 	(g)	 	An Executive may not revoke a Deferral Election Form after the Plan Year begins, except that an Executive may revoke a Deferral Election Form within 30 days
following a Change of Control. Any revocation before the beginning of the Plan Year or within 30 days following a Change of Control has the same effect as a failure to submit a Deferral Election Form. Any writing signed by an Executive expressing an
intention to revoke the Executive’s Deferral Election Form and delivered to the Administrator before the close of business on the relevant Election Date shall be a revocation. 

 

	 	(h)	 	Subject to the distribution restrictions of Plan Section 11, an Executive may revoke an existing Distribution Election Form at any time by submitting a new
Distribution Election Form. 

 
5.    EFFECT OF NO ELECTION.    Except as provided in Plan Section 4(c), an Executive who has not submitted a valid Deferral Election Form to the Administrator on or before the
relevant Election Date may not defer any part of the Executive’s Compensation for the Plan Year to this Plan. The Deferred Benefit of an Executive who submits a valid Deferral Election Form but fails to submit a valid Distribution Election Form
(either as to the form or commencement of payment) before the relevant Election Date shall be distributed in a lump sum on or before the February 28 following the calendar year of the Executive’s Termination. 
 
6.    ROLLOVER
ELECTION.    A Participant in a Supplemental Retirement Plan who elects to receive a single lump sum payment of benefits under the Supplemental Retirement Plan may also elect to rollover the calculated rollover amount to
this Plan by executing a Rollover Election Form. The provisions of Section 4(d), (e), (f), and (h) 

 

6 

apply to Benefits subject to a Rollover Election Form. 
 
7.    FORMER CNG PLANS. 
 

	 	(a)	 	The Plan has assumed a portion of the obligations and liabilities of the Unfunded Supplemental Benefit Plan for Employees of Consolidated Natural Gas Company and its
Participating Subsidiaries Who are Not Represented by a Recognized Union (“CNG ERISA Excess Plan”) with respect to Participants in the Plan. The portion assumed by the Plan is the liabilities related to “Matching Contributions”
under the “Thrift Plan” (as those terms are defined in the CNG ERISA Excess Plan) and related gains and losses as of December 31, 2000. A Participant’s Benefit as of January 1, 2001 shall include the Participant’s account under
the CNG ERISA Excess Plan as of December 31, 2000. The payment of a Participant’s Benefit from this Plan shall be in complete satisfaction of the Participant’s benefits under Section 4.1.(b) of the CNG ERISA Excess Plan. A
Participant’s Investment Election Form, Distribution Election Form and Beneficiary Election Form shall apply to the portion of the Participant’s Benefit from the CNG ERISA Excess Plan. 

 

	 	(b)	 	The Plan has assumed all of the obligations and liabilities of the Consolidated Natural Gas Company Executive Incentive Deferral Plan (“CNG Deferral Plan”)
with respect to Participants in the Plan. The liabilities assumed by the Plan are the liabilities of the CNG Deferral Plan as of December 31, 2000 equal to the sum of all Participants’ balances as of December 31, 2000 in the CNG Deferral Plan.
The Participant’s balance in the CNG Deferral Plan shall be part of the Participant’s Benefit as of January 1, 2001. A Participant’s Benefit as of January 1, 2001 shall include the Participant’s account under the CNG Deferral
Plan as of December 31, 2000. The payment of a Participant’s Benefit from this Plan shall be in complete satisfaction of the Participant’s benefits under Section 5 of the CNG Deferral Plan. A Participant’s Investment Election Form,
Distribution Election Form and Beneficiary Election Form shall apply to the portion of the Participant’s Benefit from the CNG Deferral Plan. 

 
8.    DEFERRED STOCK OPTION BENEFIT.    A Participant’s
Deferred Stock Option Benefit shall remain deemed invested in DRI Stock until distribution. Such Participant’s Distribution Election Form and Beneficiary Election Form shall apply to the Participant’s Deferred Stock Option Benefit. If the
Company has delivered shares of DRI Stock to a trust to satisfy the Deferred Stock Option Benefit, payment of the Deferred Stock Option Benefit shall be tracked as stock and made in shares of DRI Stock from the trust. If the Company has not
delivered shares of DRI Stock to a trust, the Company shall make payment of the Deferred Stock Option Benefit in DRI Stock through the Dominion Resources, Inc. Incentive Compensation Plan and the Dominion Resources, Inc. Leadership Stock Option
Plan. 
 

7 

 
9.    MATCH CONTRIBUTIONS. 
 

	 	(a)	 	With respect to each Plan Year, the Company shall credit a Match (as defined below) to the Match Account of each eligible Participant, unless the Company has elected
to contribute the Match to the DSOP, or another deferred compensation plan of the Company. To be eligible for a Match, a Participant must meet all of the following criteria: 

 
(i)    be employed on December 31 or have Terminated during the Plan Year
due to retirement or early retirement (as defined by the Dominion Savings Plan), death or Disability; 
 
(ii) have made salary deferrals to the Dominion Savings Plan for the Plan Year; and 
 
(iii) have base salary for the Plan Year in
excess of the dollar limit for the Plan Year under Code section 401(a)(17). 
 

	 	(b)	 	The amount of the Match will be determined under the following formula: Excess Compensation times Deferral Percentage times Match Percentage. The terms
in the formula have the following meanings. 

 
(i)    Excess Compensation is the amount of the Participant’s base salary for the Plan Year in excess of the dollar limit for the Plan Year under Code section
401(a)(17). 
 
(ii)    Deferral Percentage is the total of the Participant’s salary deferrals to the Dominion Savings Plan for the Plan Year divided by the lesser of (i) the dollar limit for the Plan Year under Code
section 401(a)(17), or (ii) the Participant’s base salary for the Plan Year reduced by deferrals under this Plan and the Dominion Savings Plan. The Deferral Percentage may not exceed the maximum percentage of compensation on which the
Participant would be eligible to receive a match by making a deferral under the Dominion Savings Plan for the Plan Year. 
 
(iii)    Match Percentage is the percentage of company match made with respect to the
Participant’s salary deferral to the Dominion Savings Plan. 
 

	 	(c)	 	A Participant’s Match Account shall be 100% vested. 

 

	 	(d)	 	A Participant will not be required to invest any portion of the Match Account in the DRI Stock Fund. The Administrator may establish further procedures for the
administration of the Match Account. 

 
10.    INVESTMENT FUNDS. 
 

8 

 

	 	(a)	 	Each Participant shall have the right to direct the deemed investment of the Participant’s Deferral Account and the Match Account among the Investment Funds.
The Administrator shall determine the number and type of Investment Funds that will be available for investment in any Plan Year. At its sole discretion, the Administrator may change the number and type of Investment Funds at any time and may
establish procedures for the transition between Investment Funds. 

 

	 	(b)	 	Deferrals shall be credited to an Investment Fund as of the date on which the deferred Compensation would have been paid to the Participant. A separate bookkeeping
account shall be established for each Participant who has directed a deemed investment in an Investment Fund. Deemed transfers between Investment Funds in the Participant’s Deferral Account and Match Account shall be charged and credited as the
case may be to each Investment Fund account. The Investment Fund account shall be charged or credited with net earnings, gains, losses and expenses, as well as any appreciation or depreciation in market value during each Plan Year for the deemed
investment in the Investment Fund. The Administrator may charge or credit such earnings, gains, losses, appreciation and depreciation based on the actual investment performance of assets that it has deposited in a grantor trust (as described in Plan
Section 13). 

 

	 	(c)	 	Pursuant to procedures established by the Administrator uniformly applied, Participants may direct the transfer of deemed investments among Investment Funds at least
once in each Plan Year. The transfer of deemed investments involving the DRI Stock Fund may be subject to such restrictions, including prior approval, as determined appropriate by DRI. 

 
11.    DISTRIBUTIONS. 
 

	 	(a)	 	All Benefits, less withholding for applicable income and employment taxes, shall be paid in cash by the Company or its designee, except that payment from a
Participant’s Deferred Stock Option Account shall be made in the form of DRI Stock. A Participant may elect to receive a distribution of all or a portion of the Participant’s Benefits subject to the provisions of this Section. Payment of
each distribution of Benefits shall be made in one lump sum or in installments as provided in this Section. Except in the event of Termination for reasons other than death, retirement or Disability, or as provided in Plan Section 11(f), a
Participant may receive a distribution from the Participant’s Deferral Account only on a date that is at least six months after the date on which the Participant’s most recent Deferral Election Form is effective.

 
(i)    Unless
otherwise provided herein or specified in a Participant’s Distribution Election Form, any lump sum payment shall be paid, or installment payments shall begin, on or before February 28 of the calendar year after the Participant’s
Termination. The Participant may elect on the Participant’s Distribution Election Form to begin payments (A) on or before the February 28 of the calendar year following the calendar year of the Participant’s Termination; (B) 

 

9 

on or before the February 28 of the calendar year following the calendar year of the Participant’s Termination but no sooner than
February 28 of a specified calendar year; or (C) even if the Participant does not Terminate, on or before the February 28 of a specified calendar year. 
 
(ii)    Installment payments will be made in such amount and at such times as specified in the Participant’s
Distribution Election Form, provided however, no such payments shall exceed a period of ten (10) years. Benefits will not be paid more often than once a year, except as provided in Plan Section 11(a)(iii). For a Benefit payable in a form other than
a lump sum, the unpaid balance of a Participant’s Deferral Account and Match Account, if any, shall continue to be maintained in Investment Funds. The unpaid balance of a Participant’s Deferred Stock Option Account shall remain invested in
DRI Stock. All Benefits must be paid no later than February 28 of the 10th calendar year after the year in which the
Participant’s retirement or Disability occurs. 
 
(iii)    If a Participant has commenced distribution of benefits in a form other than a lump sum, the Participant may make a one-time election to receive any unpaid Benefits in the form of a single lump sum
payment or to modify the remaining payment schedule to any form permitted under Plan Section 11(a)(ii). The election may be made at any time prior to the full payment of the Participant’s Benefits. The election is subject to the
Committee’s approval, in its absolute discretion, and the election will be effective no less than 30 days after notice is provided to the Administrator. The Committee, in its discretion, may delegate its authority to approve the one-time
election to the Administrative Benefits Committee. 
 

	 	(b)	 	Benefits paid on account of Termination for retirement shall be paid in a lump sum unless the Participant’s Distribution Election Form specifies annual
installment payments over a period of up to ten (10) years. 

 

	 	(c)	 	Benefits paid on account of a Participant’s death shall be paid in a lump sum in accordance with the provisions of Plan Section 11(h).

 

	 	(d)	 	Benefits paid on account of Termination due to Disability shall begin to be paid as soon as administratively practicable following the Participant’s
Termination. The Benefits shall be paid in the method designated on the Participant’s Distribution Election Form, or in annual installment payments over a period of ten (10) years if the Participant made no election on the Participant’s
Distribution Election Form. If a Disabled Participant begins to receive Benefits and thereafter recovers and returns to employment before the balance of the Participant’s Accounts is fully paid, distributions shall cease and any remaining
Benefits under the Plan shall be governed by this Plan Section 11 and the Participant’s Distribution Election Form. 

 

10 

 

	 	(e)	 	Benefits paid on account of Termination due to other than death, Disability or retirement shall be paid in a lump sum as soon as practicable following the
Termination. 

 

	 	(f)	 	A Participant may elect to receive payment of Benefits prior to Termination. If payment is made pursuant to a Distribution Election Form that was effective less than
six months before the date of such payment, the Participant’s Deferred Benefit shall be reduced by 10%. Such payment shall be paid in a lump sum. 

 

	 	(g)	 	Notwithstanding any other provision of this Plan or a Participant’s Distribution Election Form, the Committee in its sole discretion may postpone the
distribution of all or part of a Benefit to the extent that the payment would not be deductible under Section 162(m) of the Internal Revenue Code of 1986, as amended (the Code) or any successor thereto. A Benefit distribution that is postponed
pursuant to the preceding sentence shall be paid as soon as it is possible to do so within the deduction limitations of Section 162(m) of the Code. 

 

	 	(h)	 	A Participant or Beneficiary may not assign Benefits. A Participant may use only one Beneficiary Designation Form to designate one or more Beneficiaries for all of
the Participant’s Benefits under the Plan. Such designations are revocable. Each Beneficiary shall receive the Beneficiary’s portion of the Participant’s Accounts on or before February 28 of the year following the Participant’s
death. However, the Administrator, in its discretion, may approve a Beneficiary’s request for accelerated payment under Plan Section 12. The Administrator may require that multiple Beneficiaries agree upon a single distribution method.

 
12.    HARDSHIP DISTRIBUTIONS. 
 

	 	(a)	 	At its sole discretion and at the request of a Participant before or after the Participant’s Termination, or at the request of any of the Participant’s
Beneficiaries after the Participant’s death, the Administrator may accelerate and pay all or part of any amount attributable to a Participant’s Benefits. The Administrator may accelerate distributions only in the event of Hardship as
defined in Plan Section 12(b). An accelerated distribution under this Section shall be limited to the amount necessary to satisfy the Hardship. 

 

	 	(b)	 	Hardship is a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent of the
Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The circumstances that will constitute a
Hardship will depend upon the facts of each case, but, in any case, payment will not be made to the extent that the Hardship is or may be relieved: (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the
Participant’s assets, to the extent that the liquidation of such assets would not itself cause severe financial hardship, or (iii) by cessation of deferrals under the Plan. 

 
 

11 

 

	 	(c)	 	Distributions under this Plan Section 12 shall be made in one lump sum payment in cash except that in the case of a Participant’s Deferred Stock Option Benefit,
distributions shall be made in DRI Stock. Distributions shall be made proportionately from all of the Investment Funds in the Participant’s Accounts first, and, with respect to Deferred Benefits, shall be limited to amounts attributable to
Compensation deferred under a Deferral Election Form that was effective at least six months before the distribution. The Investment Funds in the Participant’s Accounts shall be valued as of the last business day prior to the distribution, or as
of such other date as may be determined in the discretion of the Administrator. 

 

	 	(d)	 	A distribution under this Plan Section 12 shall be in lieu of that portion of a Participant’s Benefit that would have been paid otherwise. A Benefit shall be
adjusted by reducing the balance of the Participant’s Accounts by the amount of the distribution. 

 
13.    COMPANY’S OBLIGATION. 
 
(a)    The Plan shall be
unfunded. DRI shall not be required to segregate any assets that at any time may represent a Benefit. DRI shall establish a grantor trust (within the meaning of Sections 671 through 679 of the Code) for Participants and Beneficiaries and shall
deposit Participants’ Match Benefits with the trustee of such trust. DRI may deposit funds with the trustee of such trust to provide the Deferred Benefits or Deferred Stock Option Benefits to which Participants and Beneficiaries may be entitled
under the Plan. The funds deposited with the trustee or trustees of such trust, and the earnings thereon, will be dedicated to the payment of Benefits under the Plan but shall remain subject to the claims of the general creditors of the Company. Any
liability of DRI to a Participant or Beneficiary under this Plan shall be based solely on any contractual obligations that may be created pursuant to this Plan. No such obligation of DRI shall be deemed to be secured by any pledge of, or other
encumbrance on, any property of DRI. 
 
(b)    Notwithstanding the foregoing, in the event of a Change of Control, DRI shall, immediately prior to a Change of Control, make an irrevocable contribution to the trust so that the amount held in trust is
equal to 105% of the amount that is sufficient to pay each Participant or Beneficiary the Benefit to which they would be entitled, and for which DRI and each other Dominion Company is liable, pursuant to the terms of the Plan as in effect on the
date on which the Change of Control occurred. The amount of such contribution exceeding the amount required to pay Benefits under the Plan shall be used to pay administrative costs of the trust and reimburse any Participant who incurs legal fees as
a result of an attempt to enforce the terms of the Plan against an acquirer of DRI. Additionally, the trustee of the trust as of the date of the Change of Control may not be removed as trustee of the trust before the fifth anniversary of the date of
the Change of Control. 
 
14.    CONTROL BY PARTICIPANT.    A Participant shall have no control over the Participant’s Benefit except according to the Participant’s Deferral Election Forms,

 

12 

Rollover Election Forms, Distribution Election Forms, Investment Election Form and Beneficiary Designation Form. 
 
15.    CLAIMS
AGAINST PARTICIPANT’S BENEFIT.    An Account shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so shall be void. A
Benefit shall not be subject to attachment or legal process for a Participant’s debts or other obligations. Nothing contained in this Plan shall give any Participant any interest, lien, or claim against any specific asset of the Company. A
Participant or the Participant’s Beneficiary shall have no rights other than as a general creditor of DRI. 
 
16.    AMENDMENT OR TERMINATION.    Except as otherwise provided,
this Plan may be altered, amended, suspended, or terminated at any time by the Committee. The Committee may not alter, amend, suspend, or terminate this Plan without the consent of that Participant if such action would result in (i) a distribution
of the Participant’s Benefit in any manner not provided in the Plan or (ii) immediate taxation of a Benefit to a Participant.  
 
17.    ADMINISTRATION. 
 

	 	(a)	 	This Plan shall be administered by the Administrator. The Administrator shall interpret the Plan, establish regulations to further the purposes of the Plan and take
any other action necessary to the proper operation of the Plan. To the extent authorized by the Administrator, any action required to be taken by a Participant may be taken in writing, by electronic transmission, by telephone, or by facsimile,
except for a beneficiary designation which must be in writing. Prior to paying a Benefit under the Plan, the Administrator may require the Participant, former Participant or Beneficiary to provide such information or material as the Administrator,
in its sole discretion, shall deem necessary to make any determination it may be required to make under the Plan. The Administrator may withhold payment of a Benefit under the Plan until it receives all such information and material and is
reasonably satisfied of its correctness and genuineness. The Administrator may delegate all or any of its responsibilities and powers to any persons selected by it, including designated officers of employees of the Company.

 

	 	(b)	 	 If for any reason a Benefit payable under this Plan is not paid when due, the Participant or Beneficiary may file a written claim with a committee appointed by
the Administrator to review claims for benefits under the Plan (the “Claims Committee”). If the claim is denied or no response is received within forty-five (45) days after the date on which the claim was filed with the Claims Committee
(in which case the claim will be to have been denied), the Participant or 

 

13 

	 	 
Beneficiary may appeal the denial to the Committee within sixty (60) days of receipt of written notification of the denial or the end of the
forty-five day period, whichever occurs first. In pursuing an appeal, the Participant or Beneficiary may request that the Committee review the denial, may review pertinent documents, and may submit issues and documents in writing to the Committee. A
decision on appeal will be made within sixty (60) days after the appeal is made, unless special circumstances require the Committee to extend the period for another sixty (60) days. 

 
18.    NOTICES.    All notices or election required under the Plan must be in writing. A notice or election shall be deemed delivered if it is delivered personally or sent
registered or certified mail to the person at the person’s last known business address. 
 
19.    WAIVER.    The waiver of a breach of any provision in this
Plan does not operate as and may not be construed as a waiver of any later breach. 
 
20.    CONSTRUCTION.    This Plan shall be adopted and maintained
according to the laws of the Commonwealth of Virginia (except its choice-of-law rules and except to the extent that such laws are preempted by applicable federal law). Headings and captions are only for convenience; they do not have substantive
meaning. If a provision of this Plan is not valid or enforceable, the validity or enforceability of any other provision shall not be affected. Use of one gender includes all, and the singular and plural include each other. 
 
IN WITNESS WHEREOF, this instrument has been
executed this 14th day of October 2002. 
 

	 DOMINION RESOURCES, INC.
  

	
	 By:
	 	 /s/    ANTHONY E. MANNING

	 	 	             Anthony E. Manning

            Vice President – Human Resources

 

14Stock Accumulation Plan for Outside Directors

 
Exhibit 10.15

 
Dominion Resources, Inc. 
 
Stock Accumulation Plan for Outside Directors

 
Dominion Resources, Inc.

Stock Accumulation Plan for Outside Directors 
As Amended Effective December 17, 1999 
 
Dominion Resources, Inc. (the “Company”), hereby adopts the Dominion Resources, Inc. Stock Accumulation Plan for
Outside Directors. 
 
1. Purpose and Background.

 
This Stock Accumulation Plan for Outside
Directors (the “Plan”) is designed to align the interests of the directors of the Company and certain of its subsidiaries who are not employees of the Company or its subsidiaries more closely with the interests of the Company’s
shareholders by paying a portion of their compensation in units whose value is based on the value of the Company’s common stock. The Plan is intended to advance the interests of the Company by providing these directors with an incentive to
remain in the service of the Company and to increase their efforts for the success of the Company. 
 
2. Definitions. 
 
Whenever used in the Plan, the following terms shall have the meanings set forth below unless the context clearly requires a different meaning: 
 
Account. Collectively a Participant’s
Stock Unit Account and Dividend Account. 
 
Affiliate. Any corporation or business organization that is under common control with the Company (as determined under Code section 414(b) or (c)), or that is a member of an affiliated service group with the Company (as
determined under Code section 414(m)). 
 
Anniversary Date. The twelve-month anniversary of the date on which an Outside Director is first elected or appointed to any Board as an Outside Director. If an Outside Director who has previously received an award
under this Plan has a Cessation of Service and is subsequently elected or appointed to a Board, the Anniversary Date for the Outside Director for service after the reelection or reappointment shall be the twelve-month anniversary of the date of the
reelection or reappointment. 
 

2 

 
Board
or Boards. The Dominion Resources Board and the respective boards of directors of the Participating Subsidiaries. 
 
Cessation of Service. The date on which an Outside Director ceases to be an Outside Director on all of the Boards.

 
Change of Control. For purposes
of this Plan, a Change of Control means: 
 

	 	(a)	 	The acquisition by any unrelated person of beneficial ownership (as that term is used for purposes of the Exchange Act) of 20% or more of the then outstanding shares
of Company Stock or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors. The term “unrelated person” means any person other than (x) the Company and its
Subsidiaries, (y) an employee benefit plan or trust of the Company or its Subsidiaries, and (z) a person who acquires stock of the Company pursuant to an agreement with the Company that is approved by the Dominion Resources Board in advance of the
acquisition, unless the acquisition results in the persons who were directors of the Company before the acquisition ceasing to constitute a majority of the Dominion Resources Board. For purposes of this subsection, a “person” means an
individual, entity or group, as that term is used for purposes of the Exchange Act. 

 

	 	(b)	 	Approval by the shareholders of the Company of a reorganization, merger, consolidation or other transaction (collectively a “transaction”) with respect to
which the persons who were the beneficial owners of the Company Stock and other voting securities of the Company immediately prior to the transaction do not, following the transaction, beneficially own, directly or indirectly, more than 50% of the
then outstanding shares of the Company Stock (or the successor corporation) or the combined voting power of the then outstanding voting securities of the Company (or the successor corporation) entitled to vote generally in the election of directors.

 

	 	(c)	 	A liquidation or dissolution of the Company, or a sale or other disposition of all or substantially all of the assets of the Company (other than a transaction in
which a Participating Subsidiary ceases to be a Subsidiary). 

 

	 	(d)	 	As a result of any single or combination of the events described in Section 2(f)(i), (ii) or (iii), individuals who, before the first of such events, constituted the
Board cease for any reason to constitute at least a majority of the Board within two (2) years of the last such event. 

 

3 

 

	 	(e)	 	With respect to an Outside Director on the board of directors of a Participating Subsidiary, the Participating Subsidiary ceases to be a Subsidiary of the Company,
the Outside Director ceases to be a member of all the Boards other than of the Participating Subsidiary, and the terms of the transaction in which the Participating Subsidiary ceased to be a Subsidiary do not provide that the value of the benefits
under the Plan for the Outside Director will be guaranteed by the Participating Subsidiary or a successor entity. 

 
Code. The Internal Revenue Code of 1986, as amended. 
 
Company. Dominion Resources, Inc., and any successor by merger or otherwise. 
 
Company Stock. The common stock, no par value,
of the Company. 
 
Disability. A
condition, resulting from bodily injury or disease or mental impairment, that renders, and for a six consecutive month period has rendered, an Outside Director unable to perform the duties of a director. Disability shall be determined by a licensed
medical physician selected by the Dominion Resources Board. 
 
Dividend Account. The book account established and maintained for each Outside Director to record the conversion of hypothetical dividends and other distributions into Stock Units under Section 4 of the Plan.

 
Dominion Resources Board. The
board of directors of the Company. 
 
Effective Date. January 1, 1996. 
 
Exchange Act. The Securities Exchange Act of 1934, as amended. 
 
Fair Market Value. The average of the closing trading prices of a share of Company Stock, as reported in The Wall Street Journal, on the last trading day of each of the three
months immediately preceding the month in which the determination of value is made. 
 
Outside Director. A director on any one of the Boards who is not an employee of the Company or any of its Subsidiaries or Affiliates. 
 

4 

 
Participating Subsidiary. Virginia Electric and Power Company, Dominion Capital, Inc., Dominion Energy, Inc., or any other Subsidiary which is directly and wholly owned by the Company. 
 
Plan. The Dominion Resources, Inc. Stock
Accumulation Plan for Outside Directors. 
 
Retainer. The annual base cash retainer paid to all Outside Directors for service on a Board. The term “Retainer” shall not include meeting fees, travel expenses, fees or additional retainer for service on
committees of a Board, and fees or additional retainer for service as chairman of a Board. If an Outside Director is serving on more than one Board, the highest annual retainer for any of the Boards shall be used. When an Outside Director is first
elected or appointed to a Board, the Retainer shall be the annual retainer payable for a full year, even if the Outside Director serves less than a full year. 
 
Retirement Date. The later of age 62 or the latest date on which an Outside Director is required to resign from a Board in
accordance with the provisions of the directors’ retirement policy for that Board as in effect from time to time (if the Outside Director is a member of more than one Board, the latest date for resignation on any of the Boards shall be used).

 
Rule 16b-3. Rule 16b-3 of the
Securities and Exchange Commission promulgated under the Exchange Act. A reference in the Plan to Rule 16b-3 shall include a reference to any corresponding rule (or number redesignation) or any amendments to Rule 16b-3 enacted after the Effective
Date. 
 
Stock Unit. A hypothetical
share of Company Stock. Each Stock Unit credited to an Outside Director’s Stock Unit Account or Dividend Account shall be deemed to have the same value, from time to time, as a share of Company Stock. Notwithstanding the foregoing, Stock Units
shall not confer upon Outside Directors any of the rights associated with Company Stock, including, without limitation, the right to vote or to receive distributions. Stock Units may not be sold, assigned, transferred, disposed of, pledged,
hypothecated or otherwise encumbered. 
 
Stock Unit Account. The book account established and maintained for each Outside Director to record the Stock Units awarded to an Outside Director under Section 3 of the Plan. 
 

5 

 
Subsidiary. Any corporation that is a subsidiary corporation of the Company (as determined under Code section 424(f)). 
 
Year of Service. A twelve month period ending on an Anniversary Date during which an Outside Director continuously serves on
any of the Boards. An Outside Director shall be credited with a Year of Service in the year in which a Cessation of Service occurs if the period from the last Anniversary Date until Cessation of Service is at least six (6) months. 
 
3. Eligibility and Award of Stock Units. 
 

	 	(a)	 	Each person who is an Outside Director on January 1, 1996 shall receive an award of Stock Units as provided in this Section 3(a). The number of Stock Units granted
under the award shall be determined by (i) multiplying the Outside Director’s Retainer for 1995 by seventeen (17), and (ii) dividing the result by the Fair Market Value of Company Stock determined as of April 1, 1996.

 

	 	(b)	 	Each Outside Director who is first elected or appointed to any of the Boards after the Effective Date shall receive an award of Stock Units as of the date of
election or appointment. The number of Stock Units granted under the award shall be determined by (i) multiplying the Outside Director’s Retainer for the first year of service on the Board by seventeen (17), and (ii) dividing the result by the
Fair Market Value of Company Stock as of the date of election or appointment. An Outside Director who has previously received an award of Stock Units under the Plan shall not receive another award of Stock Units if the Outside Director is elected to
another of the Boards. 

 

	 	(c)	 	This Section 3(c) shall apply if an Outside Director who has previously received an award under this Plan has a Cessation of Service and subsequently is elected or
appointed to any of the Boards. If the Outside Director was not fully vested in both the Stock Unit Account and the Dividend Account at the Cessation of Service, the Outside Director shall receive an award of Stock Units equal to the number of Stock
Units in the Outside Director’s Account which were not distributable to the Outside Director due to the Cessation of Service. The award shall be allocated between the Outside Director’s Stock Unit Account and the Dividend Account in the
same amounts as the Stock Units in those Accounts which were not distributable at the Cessation of Service. If the Outside Director was fully vested in both the Stock Unit Account and the Dividend Account at the Cessation of Service, the Outside
Director shall not receive any award under this Plan due to the subsequent election or appointment of the Outside Director. 

 

6 

 

	 	(d)	 	The Stock Units awarded to an Outside Director under Section 3(a) or (b) shall be credited to the Director’s Stock Unit Account. The Stock Units credited to the
Stock Unit Account shall vest in accordance with the provisions of Section 5 and shall be payable in accordance with the provisions of Sections 6 and 7. 

 
4. Crediting of Dividends. 
 

	 	(a)	 	The Stock Units credited to each Outside Director’s Stock Unit Account and Dividend Account shall be credited with hypothetical cash dividends equal to the cash
dividends that are declared and paid with respect to Company Stock. The Company shall determine as of each record date the amount of cash dividends to be paid with respect to a share of Company Stock, and on the payment date of such dividend shall
credit an equal amount of hypothetical cash dividends to each Stock Unit credited to an Outside Director’s Stock Unit Account and Dividend Account. The total hypothetical cash dividends credited to all Stock Units shall then be converted into
Stock Units by dividing such hypothetical cash dividends by the average of the high and low trading prices of a share of Company Stock, as reported in The Wall Street Journal, for the last trading day before the day the Company pays dividends
with respect to Company Stock. 

 

	 	(b)	 	The Stock Units credited to each Outside Director’s Stock Unit Account and Dividend Account shall be credited to account for any distribution with respect to
Company Stock other than cash dividends or stock dividends. The Company shall determine as of each record date the amount of the distribution to be paid with respect to a share of Company Stock, and on the payment date of such distribution shall
credit an equal amount of hypothetical distribution to each Stock Unit credited to an Outside Director’s Stock Unit Account and Dividend Account. The total hypothetical distribution credited to all Stock Units shall then be converted into a
hypothetical cash amount based on the market value of such distribution as determined by the Dominion Resources Board. The hypothetical cash amount shall then be converted into Stock Units by dividing such hypothetical cash amount by the closing
trading price of a share of Company Stock, as reported in The Wall Street Journal for the last trading day before the day the Company makes the distribution with respect to Company Stock. 

 

	 	(c)	 	 Stock Units allocated to an Outside Director pursuant to Section 4(a) or (b) shall be credited to the Director’s Dividend Account. The Stock Units credited
to the Dividend Account shall vest in accordance with the provisions of Section 5 and shall be payable in accordance with the provisions of 

 

7 

	 	 
Sections 6 and 7. Hypothetical dividends shall continue to be credited to Stock Units and shall be converted into additional Stock Units
pursuant to this Section 4 until all of the Stock Units credited to an Outside Directors’ Stock Unit Account and Dividend Account under the Plan have been distributed. 

 
5. Vesting. 
 

	 	(a)	 	Except in the case of death, Disability, Change of Control, attainment of Retirement Date or as provided in 
Section 5(g), an Outside Director shall not be vested
in the Stock Unit Account until the completion of ten (10) Years of Service. Except as provided in Section 5(g), an Outside Director shall vest in a portion of the Stock Unit Account in accordance with the following schedule upon completion of the
designated Years of Service: 

 

	 Years of Service

	 	 Portion Vested

	 10
	 	 10/17ths

	 11
	 	 11/17ths

	 12
	 	 12/17ths

	 13
	 	 13/17ths

	 14
	 	 14/17ths

	 15
	 	 15/17ths

	 16
	 	 16/17ths

	 17
	 	 17/17ths

 

	 	(b)	 	Except in the case of death, Disability, Change of Control, attainment of Retirement Date or as provided in 
Section 5(g), an Outside Director shall not be vested
in the Dividend Account until the completion of ten (10) Years of Service. Upon completion of ten (10) Years of Service, an Outside Director shall be fully vested in the Dividend Account. 

 

	 	(c)	 	If an Outside Director has a Cessation of Service on or after the Outside Director’s Retirement Date, but before completion of ten (10) Years of Service, the
Outside Director shall be fully vested in the Dividend Account and shall be vested in a percentage of the Stock Unit Account equal to the total Years of Service at the Cessation of Service (up to 17) divided by seventeen (17).

 

	 	(d)	 	 If an Outside Director has a Cessation of Service on account of death or Disability, the Outside Director shall be fully vested in the Dividend Account and shall
be vested in a percentage of the Stock Unit Account equal to the 

 

8 

	 	 
total Years of Service at death or Disability (up to 17) divided by seventeen (17). 

 

	 	(e)	 	After a Change of Control, an Outside Director shall be fully vested in the Dividend Account and shall be vested in a percentage of the Stock Unit Account equal to
the total Years of Service at the date on which the Outside Director has a Cessation of Service (up to 17) divided by seventeen (17). 

 

	 	(f)	 	An Outside Director will receive credit for Years of Service from the date on which an Outside Director is first elected or appointed to any Board as an Outside
Director, including Years of Service before the Effective Date, until a Cessation of Service. 

 

	 	(g)	 	With respect to an award under Section 3(c), the following provisions shall apply. If the Outside Director had completed less than ten (10) Years of Service at a
Cessation of Service, the Outside Director shall receive credit for the Years of Service before the Cessation of Service and the provisions of Section 5(a)-(f) shall apply. If the Outside Director had completed ten (10) or more Years of Service at
the Cessation of Service, the Outside Director shall be fully vested in the Dividend Account and shall vest in a percentage of the Stock Unit Account equal to (i) Years of Service after the award is made under Section 3(c), divided by (ii) seventeen
(17) minus the Outside Director’s Years of Service at the Cessation of Service. 

 

	 	(h)	 	An Outside Director who is not vested in the Accounts at a Cessation of Service shall receive no payment from the Plan. 

 
6. Form of Payment of Accounts. 
 

	 	(a)	 	Except as provided in Section 10(c), if an Outside Director is entitled to receive payment of the Accounts, the Company shall distribute to the Outside Director that
number of whole shares of Company Stock equal to the number of Stock Units to be distributed. Except as provided in Section 10(c), if the Outside Director is entitled to receive payment of only a portion of the total Stock Units credited to the
Accounts, the Company will distribute to the Outside Director that number of whole shares of Company Stock that as nearly as possible equals, but does not exceed, the portion of the Stock Units to be distributed. 

 

	 	(b)	 	Distributions to an Outside Director shall be made in accordance with one of the payment methods described below as elected by the Outside Director pursuant to
Section 6(c): 

 

	 	(i)	 	Single lump sum payment; 

 

9 

 

	 	(ii)	 	Annual installment payments over a term of five (5) years; or 

 

	 	(iii)	 	Annual installment payments over a term of (10) years. 

 
The amount of each annual installment payment shall be a pro rata portion of the total number of Stock Units credited to an Outside
Director’s accounts as of the date on which the installment payment is to be paid. For example, an Outside Director who has elected to receive a distribution of the Accounts in annual installments over five years will be paid one-fifth of the
Accounts in the first year, one-fourth of the remaining Accounts in the second year, one-third in the third year, one-half in the fourth year, and the remaining balance of the Accounts in the fifth year. 
 

	 	(c)	 	An Outside Director shall elect one of the payment methods described in Section 6(b) within thirty (30) days after the date of receipt of an award of Stock Units
under the Plan. The election must be made in writing on a form provided by the Company and must be delivered to the Company. The Outside Director may change the election of a payment method with a subsequent election. To be valid, any subsequent
election must be made at least one year prior to the commencement date of a distribution under Section 7. Any election of an optional payment method shall remain in effect until one year after a revocation of the election or a subsequent election is
made. If an Outside Director has not elected the method in which the Accounts are to be paid, the Accounts will be paid in a single lump sum payment. Any payment to a beneficiary of an Outside Director shall be a single lump sum payment.

 

	 	(d)	 	Notwithstanding any other provision of this Plan to the contrary, the Company shall not be required to issue or deliver any certificate for shares of Company Stock
before (i) the admission of such shares to listing on any stock exchange on which the Company Stock may then be listed, (ii) effectiveness of any required registration or other qualification of such shares under any state or federal law or
regulation that the Company’s counsel shall determine is necessary or advisable, and (iii) the Company shall have been advised by counsel that all applicable legal requirements have been fulfilled. Until the Outside Director has been issued a
certificate for the shares of Company Stock acquired, the Outside Director shall possess no shareholder rights with respect to the shares. 

 

10 

 
7. Timing of Payment of
Accounts. 
 

	 	(a)	 	If an Outside Director has a Cessation of Service for any reason other than death (including resignation, completion of an elected term without reelection,
attainment of Retirement Date or Disability), the vested portions of the Accounts (if any) will be or begin to be distributed in the method provided under Section 6 within sixty (60) days following the Cessation of Service.

 

	 	(b)	 	If an Outside Director has a Cessation of Service on account of death, the vested portions of the Accounts will be distributed to the Outside Director’s
beneficiary in the method provided under Section 6 within sixty (60) days following the date of death. 

 

	 	(c)	 	An Outside Director may elect to begin to receive distributions of all or any part of the vested portion of the Accounts before the Outside Director has a Cessation
of Service provided that the Outside Director makes such an election at least six (6) months prior to the date the distribution is requested to begin. The election must be made in accordance with procedures established by the Company and shall be
subject to the approval of the Company’s Organization, Compensation and Nominating Committee. The Outside Director may elect to receive payments in any method provided under Section 6. 

 
8. Stock Reserved for the Plan. 
 
The aggregate number of shares of Company Stock authorized
for issuance under the Plan is four hundred thousand (400,000), subject to adjustment pursuant to Section 10. Shares of Company Stock delivered hereunder may be either authorized but unissued shares or previously issued shares reacquired and held by
the Company. 
 
9. Fractional Shares. 
 
For purposes of determining the number of Stock Units for
initial grants under Section 3 and payments under Section 6, fractional Stock Units shall be eliminated by rounding down to the nearest whole Stock Unit. For purposes of crediting dividends under Section 4, vesting under Section 5, and determining
the number of Stock Units in a Participant’s Dividend Account, fractional Stock Units shall be maintained. 
 

11 

 
10. Effect of Stock
Dividends and Other Changes to Company Stock. 
 

	 	(a)	 	In the event of a stock dividend, stock split, subdivision or consolidation of shares, spin-off, recapitalization, reorganization or merger in which the Company is
the surviving corporation or other change in the Company’s capital stock (including, but not limited to, the creation or issuance to shareholders generally of rights, options or warrants for the purchase of common stock or preferred stock of
the Company), the number and kind of shares of stock of the Company to be subject to the Plan, the maximum number of shares which may be delivered under the Plan, and other relevant provisions shall be automatically adjusted, subject to the right of
the Dominion Resources Board to make such further adjustment as it shall deem necessary to effect the provisions of this Section 10. If the adjustment would produce fractional shares, the fractional shares shall be eliminated by rounding down to the
nearest whole share. 

 

	 	(b)	 	If an adjustment is made to stock of the Company under Section 10(a), Stock Units also shall be automatically adjusted to the same extent as if the Stock Unit were a
share of Company Stock. If the adjustment would produce fractional Stock Units, the fractional Stock Units shall be eliminated by rounding down to the nearest whole Stock Unit. 

 

	 	(c)	 	If the Company is a party to a consolidation or a merger in which the Company is not the surviving corporation, a transaction that results in the acquisition of
substantially all of the Company’s outstanding stock by a single person or entity, or a sale or transfer of substantially all of the Company’s assets, the Dominion Resources Board, in its discretion, may declare that all Stock Units
granted hereunder shall pertain to and apply with appropriate adjustment as determined by the Dominion Resources Board to hypothetical securities of the resulting corporation to which a holder of the number of shares of Company Stock would be
entitled; provided, however, that in the absence of any such determination, the right of an Outside Director to receive shares of Company Stock pursuant to Section 6 of this Plan shall terminate and the Company shall pay such Outside Director any
amount payable under the Plan in cash. 

 
11.
Interpretation and Administration of the Plan. 
 
This Plan shall be self-administering; provided, however, that to the extent the Plan is not self-administering, the Plan shall be administered, construed and interpreted by the Dominion Resources Board, to the extent permitted by
Rule 16b-3. The Dominion Resources Board shall have all 

 

12 

	 	 
powers vested in it by the terms of the Plan. Any decision of the Dominion Resources Board with respect to the Plan shall be final,
conclusive and binding upon all Outside Directors and each of the Boards. The Dominion Resources Board may act by a majority of its members, except that the members may authorize any one or more of their number or any officer of the Company to
execute and deliver documents on behalf of the Dominion Resources Board. The Dominion Resources Board may consult with counsel, who may be counsel to the Company, and shall not incur any liability for action taken in good faith in reliance upon the
advice of counsel. The Corporate Secretary of the Company shall be authorized to take or cause to be taken such actions of a ministerial nature as shall be necessary to effectuate the intent and purposes of the Plan, including maintaining records of
the Accounts of Outside Directors and arranging for distributions of Accounts. 

 
12. Outside Director Representations. 
 
By participating in the Plan, an Outside Director represents and, if requested by the Company, shall, at or before the time of the
issuance of any shares of Company Stock, deliver to the Company a written statement satisfactory in form and content to the Company that the Outside Director intends to hold the shares so acquired for investment and not with a view to resale or
other distribution thereof to the public in violation of the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that the Company shall determine that, in compliance with the Securities Act or other applicable
statutes or regulations, it is necessary to register any of the shares to be distributed or to qualify any such shares for exemption from any of the requirements of the Securities Act or any other applicable statute or regulation, no shares shall be
issued to the Outside Director until the required action has been completed; provided, however, that the Company shall use its reasonable best efforts to take all action necessary to comply with such requirements of law or regulation. 
 
13. Term of the Plan. 
 
The Plan shall become effective as of the Effective Date
upon adoption of the Plan by all the Boards; provided, however, such effectiveness shall be subject to the approval of the Plan by the holders of a majority of the voting power of the outstanding shares of the Company Stock within twelve months of
adoption by the Boards. The Plan shall terminate on 
 
 

13 

 
December 31,
2005 as to future grants, but the Boards may terminate the Plan at any time prior to that date by action of all the Boards. Such termination of the Plan by the Boards shall not alter or impair any of the rights or obligations under any award of
Stock Units, Stock Unit Account balance, or Dividend Account balance unless the affected Outside Director shall so consent. After termination of the Plan, no Outside Director shall be entitled to receive any further award of Stock Units.

 
14. Amendments. 
 
By action of all the Boards, the Boards may from time to
time make such changes in and additions to the Plan as it may deem appropriate; provided that, if and to the extent required by Rule 16b-3, no change shall be made that changes the class of persons eligible to receive Stock Units, or materially
increases the benefits accruing to Outside Directors under the Plan, unless such change is authorized by the shareholders of the Company. To the extent required by Rule 16b-3, the Plan may not be amended more often than every six months. The Boards
may unilaterally amend the Plan as they deem appropriate to ensure compliance with Rule 16b-3. Except as provided in the preceding sentence, any change or addition to the Plan shall not, without the consent of any Outside Director who is adversely
affected thereby, alter any Stock Unit awards previously made to the Outside Director pursuant to the Plan. 
 
15. Rights Under the Plan. 
 

	 	(a)	 	The Plan is an unfunded deferred compensation arrangement and there is no fund associated with this Plan. Title to and beneficial ownership of all benefits described
in the Plan shall at all times remain with the Company. Participation in the Plan and the right to receive payments under the Plan shall not give an Outside Director any proprietary interest in the Company or any subsidiary, or in any of their
assets. An Outside Director shall, for all purposes, be a general creditor of the Company. 

 

	 	(b)	 	During the lifetime of an Outside Director, the interests of an Outside Director under the Plan cannot be assigned, anticipated, sold, encumbered or pledged and
shall not be subject to the claims of the Outside Director’s creditors. In the event of an Outside Director’s death, an Outside Director’s rights and interests under the Plan shall be transferred to the Outside Director’s
beneficiary. 

 

14 

 
16. Beneficiary.

 
An Outside Director may designate in
writing on a form provided by and delivered to the Company, one or more beneficiaries (which may include a trust) to receive any payments that may become due under the Plan after the death of the Outside Director. If an Outside Director fails to
designate a beneficiary, or no designated beneficiary survives the Outside Director, any payments to be made with respect to the Outside Director after death shall be made to the personal representative of the Outside Director’s estate.

 
17. Notice. 
 
All notices and other communications required or permitted
to be given under the Plan shall be in writing and shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows: (a) if to the Company, at its principal business address, to the attention of the
Corporate Secretary of the Company; (b) if to any Outside Director, at the last address of the Outside Director known to the sender at the time the notice or other communication is sent. 
 
18. Interpretation and Construction. 
 
This Plan is intended to comply with the provisions of Rule 16b-3 and shall be construed to so comply. The
terms of this Plan are subject to all present and future rulings of the Securities and Exchange Commission with respect to Rule 16b-3. If any provision of the Plan would cause the Plan to fail to meet the requirements of Rule 16b-3, then that
provision of the Plan shall be void and of no effect. To the extent not inconsistent with the requirements of Rule 16b-3, the Plan shall be construed and enforced according to the laws of the Commonwealth of Virginia. Headings and captions are for
convenience only and have no substantive meaning. Reference to one gender includes the other, and references to the singular and plural include each other. 
 

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