Document:

Exhibit 10(p)

 

SUMMARY
OF THE COMPENSATION OF NON-EMPLOYEE DIRECTORS OF

THE
EMPIRE DISTRICT ELECTRIC COMPANY

 

                Set
forth below if a summary of the compensation provided to directors who are not
officers or employees of the Company (“Non-Employee Directors”).  Directors who are also officers or employees
of the Company do not receive any compensation for duties performed as a
Director.

 

                Each
Non-Employee Director is paid a monthly retainer for his or her services as a
Director at a rate of $25,000 per annum. 
In addition, a fee of $1,000 ($1,500 for the Audit Committee) is paid to
each Non-Employee Director for each day the Directors meet and for each meeting
of a Committee of the Board that the Non-Employee Director attends in person or
by telephone.  The Chairman of each
Committee receives an annual retainer of $5,000 ($7,500 for the Chairman of the
Audit Committee).  The Chairman and
Vice-Chairman of the Board receive annual retainers of $50,000 and $25,000,
respectively.  One-twelfth of the annual
retainer for each Committee Chairman, the Vice Chairman and the Chairman of the
Board is paid each month that the Director serves in that position.

 

                Our
2006 Stock Incentive Plan permits our Non-Employee Directors to receive shares
of common stock in lieu of all or a portion of any cash payment for services
rendered as a Director.  In addition, a
Non-Employee Director may defer all or part of any compensation payable for his
or her services under the terms of our Deferred Compensation Plan for
Directors.  Amounts so deferred are
credited to an account for the benefit of the Director and accrue an interest
equivalent at a rate equal to the prime rate. 
A Non-Employee Director is entitled to receive all amounts deferred in a
number of annual installments following retirement, as elected by him or her.

 

                In
addition to the cash retainer and fees for Non-Employee Directors, we maintain
a Stock Unit Plan for Non-Employee Directors, which we refer to as the Stock
Unit Plan, to provide Non-Employee Directors the opportunity to accumulate
benefits in the form of common stock units. 
Each common stock unit earns dividends in the form of common stock units
and can be redeemed for one share of common stock upon the retirement or death
of the Non-Employee Director or on a date elected in advance by the
Non-Employee Director (which may not be earlier than January of the third
calendar year from the calendar year in which the election is made) with
respect to awards made on or after January 1, 2006.  The number of units granted annually is
calculated by dividing the annual contribution rate, which is either the annual
retainer fee or such other amount as is established by the Compensation
Committee of the Board of Directors, by the fair-market value of our common
stock on January 1 of the year the units are granted.  Common stock unit dividends are computed
based on the fair market value of our common stock on the dividend’s record
date.

 

                Travel
Insurance. Empire maintains $250,000 of business travel accident insurance for
Non-Employee Directors while traveling on Empire business.

 

                Director
Education.  In accordance with Empire’s
Corporate Governance Guidelines, Empire encourages Directors to attend
education programs relating to the responsibilities of directors of public
companies.  The expenses for the
Directors to attend these courses are paid by Empire.

 

 

                Reimbursement
of Expenses.  Empire reimburses
Non-Employee Directors for expenses incurred in connection with attending Board
of Director meetings and other Company events including the reimbursement of
expenses for transportation on commercial, chartered or private aircraft.  On occasion, a spouse or guest of a
Non-Employee Director is invited by Empire to an Empire event and travels with
the Non-Employee Director for which Empire reimburses the Non-Employee Director
for both their expenses.Exhibit 4.1

 

	
  COMMON
  STOCK

  	
   

  	
  COMMON
  STOCK

  
	
  PAR VALUE $0.001

  	
   

  	
  THIS CERTIFICATE IS
  TRANSFERABLE IN

  
	
   

  	
   

  	
  CANTON, MA, JERSEY
  CITY, NJ AND GOLDEN, CO

  
	
   

  	
   

  	
   

  
	
  Certificate

  	
   

  	
  Shares

  
	
  Number

  	
   

  	
  **
  600620******

  
	
  ZQ 000000

  	
   

  	
  ***
  600620*****

  
	
   

  	
   

  	
  ****
  600620****

  
	
   

  	
   

  	
  ***** 600620***

  
	
   

  	
   

  	
  ******
  600620**

  

 

CENTENNIAL BANK HOLDINGS, INC.

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

 

	
  THIS
  CERTIFIES THAT

  	
   

  	
  MR. SAMPLE & MRS. SAMPLE &

  	
   

  	
  CUSIP
  151345 30 3

  
	
   

  	
   

  	
  MR. SAMPLE & MRS. SAMPLE

  	
   

  	
  SEE
  REVERSE FOR CERTAIN DEFINITIONS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  is
  the owner of

  	
   

  	
  ***SIX HUNDRED THOUSAND

  	
   

  	
   

  
	
   

  	
   

  	
  SIX HUNDRED AND TWENTY***

  	
   

  	
   

  

 

FULLY PAID AND NON-ASSESSABLE COMMON SHARES, $0.001 PAR VALUE PER SHARE
OF

 

Centennial
Bank Holdings, Inc. transferable on the books of the Company by the
holder hereof in person, or by

duly
authorized attorney upon surrender of this Certificate properly endorsed. This
Certificate is not valid until

countersigned
by the Transfer Agent and registered by the Registrar.

 

Witness the facsimile
seal of the Company and the facsimile signatures of its duly authorized
officers.

 

	
   

  	
   

  	
   

  	
   

  	
  DATED
  <<Month Day, Year>>

  
	
   

  	
   

  	
  CENTENNIAL BANK

  	
   

  	
  COUNTERSIGNED
  AND REGISTERED:

  
	
  /s/
  DANIEL M. QUINN

  	
   

  	
  HOLDINGS, INC.

  	
   

  	
  COMPUTERSHARE
  TRUST COMPANY, N.A.

  
	
  President and Chief Executive Officer

  	
   

  	
  SEAL

  	
   

  	
  TRANSFER
  AGENT AND REGISTRAR,

  
	
   

  	
   

  	
  2004

  	
   

  	
   

  
	
   

  	
   

  	
  Delaware

  	
   

  	
   

  
	
  /s/
  ZSOLT K. BESSKO

  	
   

  	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  AUTHORIZED SIGNATURE

  

1234567

 

 

	
   

  	
   

  	
  CUSIP

  	
   

  	
  XXXXXX
  XX X

  
	
   

  	
   

  	
  Holder ID

  	
   

  	
  XXXXXXXXXX

  
	
  Centennial Bank Holdings, Inc.

  	
   

  	
  Insurance Value

  	
   

  	
  1,000,000.00

  
	
   

  	
   

  	
  Number of Shares

  	
   

  	
  123456

  
	
   

  	
   

  	
  DTC

  	
  12345678
  123456789012345

  
	
  PO BOX 43004, Providence,
  RI 02940-3004

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Certificate Numbers

  	
   

  	
  Num/No.

  	
   

  	
  Denom.

  	
   

  	
  Total

  
	
  MR
  A SAMPLE

  	
   

  	
  1234567890/1234567890

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  
	
  DESIGNATION
  (IF ANY)

  	
   

  	
  1234567890/1234567890

  	
   

  	
  2

  	
   

  	
  2

  	
   

  	
  2

  
	
  ADD
  1

  	
   

  	
  1234567890/1234567890

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  
	
  ADD
  2

  	
   

  	
  1234567890/1234567890

  	
   

  	
  4

  	
   

  	
  4

  	
   

  	
  4

  
	
  ADD
  3

  	
   

  	
  1234567890/1234567890

  	
   

  	
  5

  	
   

  	
  5

  	
   

  	
  5

  
	
  ADD
  4

  	
   

  	
  1234567890/1234567890

  	
   

  	
  6

  	
   

  	
  6

  	
   

  	
  6

  
	
   

  	
   

  	
  Total
  Transaction

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  7

  
										

 

 

CENTENNIAL
BANK HOLDINGS, INC.

 

	
  The
  following abbreviations, when used in the inscription on the face of this
  certificate, shall be construed as though they were written out in full according
  to applicable laws or regulations:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TEN
  COM

  	
   

  	
  -
  as tenants in common

  	
   

  	
  UNIF GIFT MIN ACT-                         Custodian                                        

                                                    (Cust)                                      (Minor)

  
	
  TEN
  ENT

  	
   

  	
  -
  as tenants by the entireties

  	
   

  	
   

  	
  under Uniform Gifts to Minors Act                                 

                                                                            (State)

  
	
  JT
  TEN

  	
   

  	
  - as joint tenants with right of survivorship

  and not as tenants in common

  	
   

  	
  UNIF TRF MIN ACT-                    Custodian
  (until age          )                

                                               (Cust)                                                (Minor)

  
	
   

  	
   

  	
   

  	
   

  	
  under Uniform Transfers to
  Minors Act                       

                                                                           (State)

  
	
   

  	
   

  	
  Additional
  abbreviations may also be used though not in the above list.

  

 

	
   

  	
  PLEASE
  INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

  
	
  For
  value received, ____________________________hereby sell, assign and transfer
  unto

  	
   

  
	
   

  
	
  (PLEASE
  PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)

  
	
   

  
	
   

  
	
   

  	
    Shares

  
	
  of
  the Common Stock represented by the within Certificate, and do hereby
  irrevocably constitute and appoint

  
	
   

  	
    Attorney

  
	
  to
  transfer the said stock on the books of the within named Corporation with full
  power of substitution in the premises.

  
	
   

  
	
  Dated:

  	
   

  	
  20

  	
   

  	
   

  	
  Signature(s) Guaranteed: Medallion Guarantee Stamp

  THE
  SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
  (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH
  MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO
  S.E.C. RULE 17Ad-15. 

  
	
   

  	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  
	
   

  	
  Notice: The signature to
  this assignment must correspond with the name as written upon the face of the
  certificate, in every particular, without alteration or enlargement, or any
  change whatever.

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