Document:

opticon10q1208x10g1_21709.htm

    
 

     

    Exhibit
10.G.01

    Exclusive
Business Agent Agreement

    

    

    This
Exclusive Business Agent Agreement is entered into this  23rd. day of
November, 2008 by and between OptiCon Systems, Inc. (“Company”), organized under
the laws of the State of Nevada, United States of America, and Develco cc
(“Develco”), a closed corporation, organized under the laws of the Republic of
South Africa.

    

    WHEREAS,
the Company offers a network management solution for physical and logical layer
and fault detection, including on fiber-optic systems, via software,
professional services, and integrated systems for Telecom, Communications and
Alternative Energy companies (“Services”) using the Company’s unique Opticon
Fiber Optic Network Management System; and

    

    WHEREAS,
Develco a business development consulting company, with personal and business
relationships in South Africa, that assists companies in establishing new
businesses and/or franchises, securing financing, introducing individuals and
companies to products, systems,  technologies, services, etc, from
countries throughout the world, for the purpose of importing and marketing those
products, systems, technologies, services, etc into South Africa and other
countries in Africa, and likewise, contacting local companies and/or individuals
to promote products, systems, technologies, services, etc, for the purpose of
exporting those products, systems, technologies, etc. to other countries;
and

    

    WHEREAS,
the Parties are interested in establishing a mutually beneficial business
relationship in order to further the mutual interests of both Parties;
and

    

    WHEREAS,
the Parties wish to enter into an agreement whereby the Company would appoint
Develco to be the Exclusive Business Agent for the Company in the Republic of
South Africa and future appointments for other countries in Africa in order to
recruit businesses and/or individuals to become non-exclusive Sales
Representatives for the Company’s products and services; and

    

    NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and in further consideration of the mutual
covenants set forth herein, the Parties hereto agree as
follows:

    
      
         

      

      
        -
1 -

        
          

        

      

      
         

      

    

    
 

    1.0           Definitions.

    

    

    1.1           "Products" shall mean
Company products, software, accessories and services offered by the Company for
sale in the Territory which are listed in Exhibit A attached hereto, as the
same may be amended or modified from time to time by the Company in its sole
discretion.

     

    1.2           "Territory" shall mean
the geographical area, specified prospects/customers or areas described in
Exhibit B attached hereto, as the same may be amended or modified from time
to time by duly authorized representatives of the parties hereto in
writing.

     

     

    1.3           "Net Billings" shall
mean all amounts invoiced in respect to the sale of Products actually provided
to a customer, less actual discounts, credits, refunds and allowances made,
freight, transportation, C.O.D., insurance and similar charges, manufacturer's
warranty charges, and any applicable sales, use or other similar
taxes.

     

     

    1.4           "Bookings" shall mean
orders from customers that have been received, acknowledged and accepted by the
Company and scheduled to be provided to the customer.

     

     

    1.5           "Commissions" shall
mean Sales Representative's compen­sation for performance of its duties
hereunder at the rates set forth in Article 8 of this Agreement, as the same may
be amended or modified from time to time by the Company in its sole discretion
by giving at least thirty (30) days’ prior written notice to Sales
Representatives before such change becomes effective.  The new
commission rates shall apply to all orders received or dated after the effective
date of such notification.

     

     

    1.6           "House Accounts" shall
mean those customers for or purchasers of the Company Products which are located
within the Territory and which are designated from time to time in writing by
the Company as House Accounts.  House Accounts designated by the
Company at the time of execution of this Agreement are set forth in
Exhibit B attached hereto. The Company may in its sole discretion designate
other customers as House Accounts by giving Sales Representative at least ten
(10) days prior written notice of such designation before such designation
becomes effective.

     

     

    1.7           "Regular Accounts"
shall mean those customers for or purchasers of the Company Products which are
not defined in Article 1.6 above and shall be serviced by the Sales
Representative.

     

     

    1.8           "Industrial
Distributor" shall mean those persons, firms or organizations purchasing
the Company Products for resale to customers in the Territory (excluding House
Accounts) in accordance with distributorship agreements entered into from time
to time with the Company.

     

     

    1.9           "Confidential
Information" shall mean all informa­tion made available by the
Company to the Exclusive Business Agent and/or Sales Representative, its agents
or employees, in connection with this Agreement which the Company protects
against unrestricted disclosure to others and which:  (i) if in
written or other tangible form, is clearly designated as "Confidential"; or
(ii) if disclosed orally, is designated as "Confidential" in a written
memorandum delivered by the Company promptly following such oral
disclosure.  By way of illustration, but no limitation, Confidential
Information may include proprietary technical data and concepts, vendor and
customer information, financial information and marketing data.

     

    

    2.0           Appointment

    

    2.1           The
Company hereby grants to Develco the exclusive right to locate and secure the
services of qualified internet/communications or computer service companies to
become non-exclusive Sales Representatives for the Company’s products and
services in the Republic of South Africa.

    

    2.2           Should
Develco is able to locate a qualified Sales Representatives in any other
territories in the continent of Africa, subject to other relationships the
Company may have with other entities in or for that particular territory, the
Company would also appoint Develco as its Exclusive Business Agent to secure the
services of Sales Representatives in their particular
Territory.

    
      
         

      

      
        -
2 -

        
          

        

      

      
         

      

    

    

    2.3           Develco
understands that the Company shall have the absolute discretion in evaluating
and approving all Sales Representatives to distribute the Company’s
Products.  Any prospective Sales Representative would have to complete
an application, agree to the terms of the Sales Representative Agreement, and to
have been accepted by the Company.  The Company reserves the right to
accept or reject the Application of any prospective Sales Representative and
reserves the right to cancel any Sales Representative’s Agreement at any time
for any reason, subject to the Company’s obligation to pay outstanding
commission to that Agent, without any further obligation or liability to
Develco.

    

    3.0           Develco
Obligations

    

    Develco
shall be responsible for the following:

    

    3.1.           Develco
shall use best business practices in conducting itself and in presenting the
Company’s Products.  Develco agrees to safeguard, protect and promote
the reputation of the Company and shall not engage in any conduct, which might
be harmful to the reputation of the Company.  Develco shall not engage
in any deceptive, misleading, unethical, unlawful or immoral conduct or
practices.  Develco shall defend, indemnify and hold harmless the
Company, its officers, directors and employees from any and all claims arising
from the Develco’s acts or omissions in violation of Develco’s
obligations.

    

    3.2.           The
Develco shall be responsible for paying all taxes due on Develco’s earnings and
compensation in any form including commission earned under this
Agreement.

    

    3.3.           Develco
will be solely responsible for any and all agreements with, and any and all
payments and other obligations to, its own employees or affiliates. Develco is
not authorized to hire or contract sub-agents or independent contractors to
carry out any of its duties under this Agreement.

    

    4.0           Term

    

    The
Initial Term of this Agreement shall be for twelve (12) months commencing upon
the execution of the Agreement, and renewed automatically for an additional
twelve (12) month period under terms and conditions to be negotiated, unless
previously terminated by either party in accordance with Article 10 Article
11.  Request by Develco for additional extension of the Agreement
shall be in writing no less than thirty (30) before expiration of the effective
term.  The Company shall not arbitrarily deny such
request.

    

    5.0           Independent
Contractor

    

    This
Agreement shall not render the Develco or its employees as an employee, partner
or joint venture of the Company for any purpose. The Company shall not be
responsible for withholding taxes with respect to the Develco’s or its
employees. Neither Develco nor its employees shall have any claim against the
Company for vacation pay, sick leave, retirement benefits, social security,
worker’s compensation, health or disability benefits, unemployment insurance
benefits or employee benefits of any kind.

    

    6.0           Exclusivity

    

    This
Agreement is an exclusive appointment of Develco as the Company’s Business
Agent, and therefore Develco shall refrain from entering into similar agreements
with third parties in competition with the Company’s products and services.
However, Develco is barred during the term of this Agreement and for 2 years
after termination of this Agreement from soliciting Company’s customers for the
sale of any products or services that compete with the Company’s products and
services.

    

    7.           Representations

    

    In
recruiting Sales Representatives, Develco agrees not to make false or fraudulent
representations about the Company, the Company’s products or services, the
Company compensation plan, or income potential. Any marketing materials,
collateral, compensation plans to be advertised or presented may only be used
with prior written approval from the Company. Any violation of this policy can
terminate this Agreement.

    

    
      
         

      

      
        -
3 -

        
          

        

      

      
         

      

    

    

    8.           Commissions

    

    The
Company shall pay Commissions to the Exclusive Business Agent 7.5% on (i) the
Net Billings directly invoiced by the Company with respect to sales of Products
to Regular Account customers located in the Territory, and (ii) the Net Billings
invoiced by the Company's Industrial Distributors with respect to sales of
Products for shipment to Regular Account customers of Sales
Representative  located in the Territory and recruited by Develco, but
excluding in each case Net Billings with respect to sales of Products to House
Accounts.  All Bookings of sales shall be approved by the Company in
its sole discretion.

     

    (a)           Commission
payments with respect to sales of Products shall be paid within 30 days of
receipt.

     

    (b)           There
shall be deducted from any Commission payment due Develco an amount equal to the
total of: (i) any Commissions previously paid in respect to sales of
Products which have subsequently been returned; and (ii) a pro rata portion
of any Commissions previously paid in respect to Products upon which refunds or
credits have subsequently been allowed by the Company.

     

    (c)           Each
Commission payment shall be accompanied by a statement setting forth in
reasonable detail the computation of the Commissions being paid, and any
deductions thereto for identifying invoices by number.

     

    (d)           Commissions
shall not accrue or be payable on orders or shipments for any non-production
items, such as experimental samples, tools or equipment, development or
experimental products, special testing equipment or any similar equipment,
paperwork, or for non-recurring engineering or technology transfer charges,
royalties or license fees.

     

    (e)           
If this Agreement is terminated by either party as provided in Article 11, or if
the Agreement with Develco is terminated due to an Event of Default, Company
shall not be obligated to pay Develco commissions from the point of termination
going-forward, as provided in Article 10.3.

     

    (f)           Any
claim or dispute Develco may have, which is related to or arises out of the
payment of Commissions hereunder shall be submitted to the Company in writing
within thirty (30) days after Develco knows of, or has reason to know of, the
basis for the claim or dispute.  Failure to give notice shall relieve
the Company from any and all liability for such claim or dispute.  The
provisions of this subsection shall survive the termination of this
Agreement.

     

    9.0           Use
of Service Marks including trade marks, logos, prices, plans, product
names.

    

    The
Develco may not use any of the Company’s service marks without the express prior
written permission of the Company. The Company materials, whether printed,
produced on the internet, on film, videotape, or produced by sound recording,
are copyrighted and may not be reproduced in whole or in part by Develco or any
other person except as authorized by the Company.

    

    10.0           Events
of Default

    

    10.1.           Any
of the following circumstances shall constitute a material breach (“Event of
Default”) of this Agreement:

    

    a.           Develco
fails to perform its obligations hereunder, or breaches any provision of this
Agreement.

    

    b.           Develco
participates or engages in any fraudulent, illegal or other wrongful activity,
including but not limited to the falsification or misrepresentation of facts or
circumstances regarding, or the forgery of, any Letter of Agency.

    

    c.           The
insolvency, bankruptcy, dissolution, or the filing by or on behalf of Develco of
any claim or proceeding for receivership, relief from creditors, any assignment
by Develco for the relief of debtors, or the appointment by or on behalf of
Develco of a trustee for its property.

    

    d.           Any
attempt by Develco to assign this Agreement or any part of this Agreement
without OptiCon Systems, Inc.’s prior written consent.

    

    e.           The
breach by Develco of any of the restrictions set forth in Paragraph 8 of this
Agreement regarding use of OptiCon Systems, Inc. service marks.

    
      
         

      

      
        -
4 -

        
          

        

      

      
         

      

    

    

    

    f.           Any
violation of the prohibitions in Paragraphs 11 or 12 this
Agreement.

    

    10.2           Remedies
to the Company - Upon the occurrence of any Event of default, the Company may
immediately terminate this Agreement without written notice to Develco.
Termination of this Agreement shall be in addition to, and not in lieu of, all
other rights and remedies available to the Company under this Agreement or under
applicable law and/or in equity.

    

    10.3           Duties
upon Termination. Upon termination of this Agreement due to the occurrence of an
Event of Default, the Company shall have no further obligation to pay any
Commission to Develco, and Develco shall refrain from any further use of OptiCon
Systems, Inc.’s name or property, and shall return to the Company all material
relating to the Company’s Products then in Develco's possession or otherwise
obtained by Develco in connection with this Agreement.

    

    11.           Termination

    

    11.1.           In
event that Develco violate any provisions of this Agreement, the Company has the
right to terminate this Agreement immediately and without notice.

    

    11.2.           This
Agreement may be terminated by either party upon sixty (60) days prior written
notice.  All such notices shall be send certified mail or via
facsimile to the address of notice in Article 16.

    

    12.           Confidentiality

    

    12.1.           Parties
acknowledge that in the course of performing their obligations under this
Agreement each Party may disclose to the other or each Party may come into
possession of Confidential Information and proprietary information/data/material
relating to the other Party’s business, and therefore, agree to abide by the
terms of the Agreement.

    

    12.2       The
Parties mutually agree not to disclose to any third party any “Confidential
Information” provided to the other in the course of and as a result of their
business transactions and activities together.

    

    13.           Non
Circumvention

    

    The
Parties of this Agreement, separately and individually agree that no effort
shall be made to circumvent this Agreement or the agreed terms thereof in an
effort to gain fees, commission, remuneration, or considerations to the benefit
of one or more of the Parties of this Agreement, while excluding equal or agreed
to benefit to any other of the Parties of this Agreement.  The Parties
hereby irrevocably affirm and warrant the assign that they will not circumvent,
avoid bypass each other in conducting business with introduced Parties
represented, or are associated with, including lenders, borrowers, brokers,
investors, financiers, or any other third Parties that may be disclosed to
either Party during the course of any and all business transactions, directly or
indirectly to avoid payment, fees, or commissions in any and all transactions
with any and all corporations, partnerships, or individuals revealed by either
Party in connection with any and all transactions involving the Company’s
Products, or additions, renewals, extensions, new contracts, amendments or
renegotiations, or third Party assignments thereof, without specific and agreed
to written permission of the other Party.

    

    14.           Public
Announcements

    

    The
Company and the Exclusive Business Agent and any Sales Representative recruited
by the Business Agent will have the right to publicly announce in press
releases, radio, online or TV interviews significant developments related to the
Agreement.  All public announcements must have the written approval of
both parties prior to the announcement.

    

    15.           Miscellaneous

    

    This
Agreement: (a) constitutes the entire agreement of the parties with respect to
its subject matter and supersedes all previous agreements or understanding,
whether oral or written; (b) may be amended or modified by Company at any time
with notice to Develco, but may not be amended by Develco without Company’s
prior written consent; (c) is binding upon and will inure to the benefit of the
parties and their respective successors, transferees, personal representatives,
heirs, beneficiaries and permitted assigns; (d) may not be assigned in whole or
part by Develco except with the prior written consent of Company; and (e) shall
be governed by and interpreted in accordance with the laws of the State of
Florida, without regard to its conflict of laws and rules.

    
      
         

      

      
        -
5 -

        
          

        

      

      
         

      

    

    

    

    16.           Arbitration

    

    This
Agreement is governed under the laws of the State of Florida. The parties agree
that they will attempt to resolve any claim, dispute, or other difference
between them informally and in good faith. If the parties are not successful,
the claim, dispute, or other difference shall be exclusively resolved by binding
arbitration pursuant to the Commercial Arbitration Rules of the American
Arbitration Association, with arbitration to occur at Tampa, Florida (unless
otherwise required by applicable law). The decision of the arbitrator will be
entitled to enforcement in any court of competent jurisdiction. This provision
shall not be construed so as to prohibit the Company from obtaining preliminary
and permanent injunctive relief in any court of competent
jurisdiction.

    

    17.           Notices

    

    All
notices shall be delivered by hand, or sent via certified mail, postage prepaid,
return receipt requested, or via facsimile to the address and/or fax number of
the party as it appears below:

    

    As to the
Company:

    

    
      
        	 	
                OptiCon
      Systems, Inc.

              
	 	
                1701
      West Northwest Highway

              
	 	
                First
      Floor, Suite 100-54

              
	 	
                Grapevine,
      Texas 76051 USA

              
	 	
                Phone
      (727) 417-9338 ** Fax (813) 354-2739

              
	 	
                Attention:
      Sam Talari, Chairman

              
	 	
                E-mail:
      talari@futuretechcapital.com

              

      

    

     

    

    

    As to the
Develco:

    

    
      
        	 	
                Develco
      cc

              
	 	
                c/o
      8 Teesdale Road, Hyde-Park

              
	 	
                P.
      O. Box 186, Melrose Arch 2076

              
	 	
                Johannesburg,
      South Africa

              
	 	
                Phone/Fax:
      011 8852967  Mobile: 082 404-3225

              
	 	
                Attention:
      Stan Segel

              
	 	
                E-mail:
      develco@telkomsa.net

              

      

    

    

    
18.           Severability

    

    If any
provision of this Agreement is determined by a court or other governmental
authority to be invalid, illegal or unenforceable, such invalidity, illegality
or unenforceability shall not affect the validity, legality or enforceability of
any other provisions of this Agreement. Further, the provision that is
determined to be invalid, illegal or unenforceable shall be reformed and
construed to the extent permitted by law so that it will be valid, legal and
enforceable to the maximum extent possible.

    

    As to the
Company:

    

    ____/s/ Sam
Talari______________________

    Authorized
Signature

    Name:       Sam
Talari

    Title:         Chairman
of the Board

    

    Executed
this 23rd. day of November, 2008.

    

    

    As to
Develco:

    

    ___/s/ Stan
Segel______________________

    Authorized
Signature

    Name:
Stan Segel

    Title:
Executive

    

    Executed
this 23rd. day of
November, 2008.

     

    
      
         

      

      
        - 6
-

        
          

        

      

      
         

      

    

    

    EXHIBIT
A

    

    
      	
               
      

            	
              I.

            	
              PRODUCTS:

            

    

     

      The
Company products covered by this Agreement are listed below, but not limited
to:

    
      	
               
      

            	
              i.

            	
              OptiCon
      Network ManagerTM

            

    

     

    
      	
               
      

            	
              ii.

            	
              OptiCon
      Maintenance Contracts

            

    

     

     

    
      
         

      

      
        - 7
-

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

    
      	
               
      

            	
              I.

            	
              TERRITORY/ACCOUNTS:

            

    

     

     The following
Territory/Account(s) is/are hereby assigned to Exclusive Business Agent for the
in order to recruit businesses and/or individuals to become non-exclusive Sales
Representatives for the Company’s Products as described in this
Agreement:

    

    
      	
               
      

            	
              i.

            	
              Territory:
      Republic of South Africa

            

    

     

    
      	
               
      

            	
              ii.

            	
              Other
      Territories/Accounts: Subject to pre-approval by the
      Company.

            

    

     

    

    
      	
               
      

            	
              II.

            	
              HOUSE
      ACCOUNTS:

            

    

     

     Excluded
from commissions payable for sales in the non-exclusive Territory/Accounts are
sales to the following House Accounts:

    

    No exclusions

    

    
      	
               
      

            	
              III.

            	
              NON-EXCLUSIVE
      TERRITORY/ACCOUNTS:

            

    

     

     The
Company assigns non-exclusive accounts by customer. When a Sales Representative
introduces a potential customer to the Company by providing his name, position
and title, the organization that he is affiliated with and his email address or
telephone number and address, the Company provides approval to the
representative in writing and the potential customer is then entered into our
data base. Once this information is presented to the Company this customer is
designated as the Sales Representatives exclusive account as long as the Sales
Representative Agreement is in effect, provided that this account places an
order with the Company within the 12 month period after the
registration.  If the account has not placed an order within the
twelve month period, the customer must be reregistered with the Company for
another 12 month period.

    

    In
addition to its duties and responsibilities under this Agreement, Develco may
solicit customers for the Company’s Products, and as such may also become a
Sales Representative bound by a separate Sales Representative
Agreement.

    

    
      
         

      

      
        - 8
-ex10_1.htm

    
      EXHIBIT
10.1

      

    

    VECTREN
CORPORATION

    AT RISK
COMPENSATION PLAN

    STOCK
UNIT AWARDS

     AWARD
AGREEMENT

    (OFFICER)

    

    

    Name of
Grantee:_______________________No. of Units:________

    

    
      	
              Date
      of Grant:

            	
              ______________________________,
      2009

            

    

    

    _______________________
(“Grantee”) is hereby granted on _____________________, 2009 (the “Grant Date)
under Section 7.4 of the Vectren Corporation At Risk Compensation Plan (the
“Plan”) a grant of ___ Stock Unit Awards on the following terms and
conditions:

    1.           Restriction.

    

    
      	
                          
       (A)

            	
              Value of the Stock Unit
      Award.  Subject to approval by the Compensation and
      Benefits committee (Committee) of the Board of Directors (Board) of
      Vectren Corporation (Company), within sixty days after the lifting of the
      restrictions, the Grantee shall be paid, for each Stock Unit Award, in
      cash, the Fair Market Value of one share of Common Stock on the date the
      restrictions lapse; provided, however, if the restrictions are being
      lifted as of December 31, 2012 and the Grantee is not then in compliance
      with the share ownership guidelines established by the Company’s Board, at
      that time the value of each Stock Unit Award shall be paid to the Grantee
      in one unrestricted share of the Company’s common stock. The determination
      of compliance will be made by valuing the Grantee’s ownership interest by
      averaging the high and low prices of a share of the Company’s common stock
      during the preceding month of November and comparing the resulting amount
      of ownership interest against the then applicable share ownership
      guideline.

            

    

    

    
      	
               
      

            	
              (B)

            	
              Restricted
      Period.  Except as otherwise provided pursuant to or in
      accordance with the terms and provisions of this Agreement or the Plan,
      the Stock Unit Awards shall not be sold, exchanged, assigned, transferred
      or permitted to be transferred, voluntarily, involuntarily, or by
      operation of law, delivered, encumbered, discounted, pledged,
      hypothecated, or otherwise disposed of during the “Restricted Period,”
      which shall, with respect to each Stock Unit Award commence on the Grant
      Date and, except as otherwise provided in this Agreement or the Plan, end
      on December 31, 2012.

            

    

    
      	
               
      

            	
              (i)

            	
              Final Measurement of the Stock
      Unit Award.  Except as provided in this Agreement or the
      Plan, including Section 7.4(b)(i) and Article X, the lifting of the
      transferability restrictions and the forfeitability provisions shall be
      dependent on (1) the shareholder value performance (as measured by total
      shareholder return or TSR) of the underlying Stock during the TSR
      Measuring Period (January 1, 2009 through December 31, 2011), (2) the
      earned return on equity (ROE) of Vectren Corporation (Company) for the
      twelve months ended December 31, 2011 (the ROE Measuring Period) relative
      to the performance metrics established by the Compensation and Benefits
      committee (Committee), and (3) the continued employment of the Grantee
      until December 31, 2012.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (a) Total Shareholder
Return.  Fifty percent of the final amount of the Stock Unit
Award shall be determined based upon the Company’s TSR performance relative to
the TSR of the companies within the peer group established by the Committee and
determined in accordance with the rules established by the Committee, all of
which are incorporated herein by reference.  In addition to the
information that is incorporated herein by reference, the TSR performance
conditions will operate in the following manner.  For the TSR
Measuring Period, the shareholder value performance of the Company shall be
compared with the shareholder value performance of the group of comparable
companies designated by the Committee.  TSR performance shall be
determined separately for Company and for each company included as part of the
group of comparable companies by dividing:

    
      	
               
      

            	
              (1)

            	
              the
      difference between

            

    

    
      	
               
      

            	
              (A)

            	
              the
      sum of (A) the average for each peer group company of the monthly averages
      of the highest and lowest trading price of the common stock of such
      company for the last twelve (12) months of the TSR Measuring Period, and
      (B) any dividends, cash or stock, paid per share with respect to such
      company's common stock during the TSR Measuring Period,
  and

            

    

    
      	
               
      

            	
              (B)

            	
              the
      average for each peer group company of the monthly averages of the highest
      and lowest trading price of the common stock of such company for the
      twelve (12) months immediately preceding the TSR Measuring
      Period,

            

    

    by

    
      	
               
      

            	
              (2)

            	
              (B)
      above; provided, however, that
      if during the period in which shareholder value performance is determined,
      Company or any of the comparable companies incurs a change in its
      outstanding shares because of a stock dividend, stock split, merger,
      consolidation, stock rights plan or exchange of shares or other similar
      corporate change, the Committee shall appropriately modify the above
      shareholder value performance determination to reflect such change in
      capitalization.

            

    

    Pursuant
to the TSR Performance Schedule applicable to this Grant and established by the
Committee, depending on how Company performs in relationship to the group of
comparable companies with respect to its TSR performance, fifty percent of the
Stock Unit Award will be subject to adjustment at the end of the TSR Measuring
Period.

    (b) Earned Return on
Equity.  Fifty percent of the final amount of the Stock Unit
Award shall be determined based upon the Company’s earned ROE for the twelve
months ended December 31, 2011 relative to the metrics established by the
Committee and determined in accordance with the rules established by the
Committee, all of which are incorporated herein by reference.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (ii)

            	
              Lifting of
      Restrictions.  The restrictions applicable to the Stock
      Unit Awards held by the Grantee at the end of the TSR and ROE Measuring
      Periods (after the completion of the adjustments in the number of Stock
      Unit Awards by reason of the computations called for by the (A) the TSR
      Performance Schedule, and (B) the ROE metrics) (January 1, 2009 through
      December 31, 2011 is the “Performance Period”) shall be lifted in whole as
      of December 31, 2012; provided, however, that
      except as provided in the Plan, which directs, under certain conditions,
      that the restrictions shall be lifted earlier:  (a) the
      restrictions shall be lifted on December 31, 2012 only if the Grantee is
      still employed by a Participating Company on that date, and, subject to
      the terms of this Agreement and the Plan, (b) if the Grantee ceases to be
      employed by a Participating Company before the restrictions lapse on any
      Stock Unit Awards held by him or her, the Stock Unit Awards still subject
      to restrictions shall be immediately
forfeited.

            

    

    
      	
               
      

            	
              (iii)

            	
              Continued Service As A
      Director.  If the Grantee (a) whose employment is
      terminated with a Participating Company for any reason and (b) who is a
      director of Company immediately prior to the Grantee’s termination of
      employment continues to serve Company as a director following the
      Grantee’s termination of employment, the Committee shall have the complete
      and sole discretion to deem the Grantee’s employment with the
      Participating Company as continuing for purposes of this grant of Stock
      Unit Awards for all or a portion of the period in which the Grantee
      continuously serves as a member of the
Board.

            

    

    
      	
               
      

            	
              (C)

            	
              Disability, Death or
      Retirement.  In the event of the Grantee’s death,
      Disability, or Retirement the following shall
  apply:

            

    

     

    
      	
               
      

            	
              (i)

            	
              If
      such event occurs after the end of the Performance Period but before the
      end of the Restriction Period, the restrictions on the Stock Unit Awards
      shall be immediately removed;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              In
      the event of the Grantee’s Disability or Retirement before the Performance
      Period has ended, the restrictions on the Stock Unit Awards shall be
      removed upon expiration of the Performance Period, and the number of Stock
      Unit Awards the Grantee shall be entitled to, if any, shall equal
      (i) the number of Stock Unit Awards, if any, the Grantee would
      otherwise be entitled to had the individual been an active Participant at
      the end of the Performance Period (i.e., as adjusted or forfeited based on
      the Performance Criteria) multiplied by (ii) the portion of
      Performance Period the Grantee was an active Participant
      hereunder;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              In
      the event of the Grantee’s death before the Performance Period has ended,
      the restrictions on the Stock Unit Awards shall be removed upon the
      Grantee’s date of death, and the number of Stock Unit Awards the Grantee
      shall be entitled to, if any, shall equal the number of Stock Unit Awards
      contingently granted hereunder without any further adjustment;
      and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              Notwithstanding
      the terms of the Plan and any other provision of this Agreement, in the
      event of the Grantee's Disability or Retirement prior to the end of the
      Performance Period, the Committee may, but shall not be obligated to,
      permit the Grantee to  receive the number of Stock Unit Awards,
      if any, that the Grantee would otherwise be entitled to had the Grantee
      been an active employee at the end of the Performance Period (as adjusted
      or forfeited based on the Performance Criteria) without any reduction for
      the time the Grantee was not an active employee during the Performance
      Period.

            

    

    

    
      	
              2.

            	
              Capitalization
      Changes.  Prior to the lifting of restrictions, in the
      event of a change in the Company’s outstanding shares by reason of a stock
      dividend, stock split, merger, consolidation, stock rights plan or
      exchange of shares or other similar corporate change, the Committee shall
      make appropriate adjustments in the number of Stock Unit Awards granted
      hereunder.

            

    

    
      	
              3.

            	
              Dividends.  Each
      time a dividend is paid on the Company's common stock, the amount of the
      dividend, multiplied by the number of Stock Unit Awards set forth herein,
      as adjusted by the receipt of additional Stock Unit Awards under this
      paragraph, shall be divided by the closing price of the Company’s common
      stock on the dividend payment date and such resulting number shall be
      added to the number of Stock Unit Awards granted to the Grantee under this
      Agreement.

            

    

    
      	
              4.

            	
              Investment
      Representation.  By executing this Agreement, Grantee
      represents that the Stock Unit Award is being held in good faith for
      investment purposes only and not with a view to, or for sale in connection
      with, any distribution thereof, and that any Stock Unit Award Grantee or
      Grantee’s legal representatives acquire pursuant to this award will be
      acquired by them in good faith for investment purposes and not with a view
      to, or for sale in connection with, any distribution
    thereof.

            

    

    
      	
              5.

            	
              Continued
      Employment.  Nothing in this Agreement shall restrict the
      right of Vectren Corporation or its affiliates to terminate Grantee’s
      employment or status as a consultant at any time with or without
      cause.

            

    

    
      	
              7.

            	
              The
      Plan.  This grant is subject to all the terms, provisions
      and conditions of the Plan, which is incorporated herein by reference,
      including the defined terms not otherwise defined herein, and to such
      regulations as may from time to time be adopted by the
      Committee.  In the event of any conflict between the provisions
      of the Plan and the provisions of this Agreement, the terms, conditions
      and provisions of the Plan shall control, and this Agreement shall be
      deemed to be modified accordingly.

            

    

    
      	
              8.

            	
              Withholding.  Vectren
      shall withhold all applicable taxes required by law from all amounts paid
      in satisfaction of the award.

            

    

    
      	
              9.

            	
              Notices.  All
      notices by the Grantee or his or her assigns to Vectren shall be addressed
      to Vectren Corporation, One Vectren Square, Evansville,
      Indiana  47708, Attention:  Corporate Secretary, or
      such other address as Vectren may, from time to time,
      specify.  All notices by Vectren to the Grantee shall be
      addressed to the Grantee at their current work location at Vectren or, if
      they are no longer employed by Vectren, at the address on file for the
      Grantee with the Human Resources department of
  Vectren.

            

    

    

    VECTREN
CORPORATION

    

    

    By:         _____________________________

    
      	
               
      

            	
              Its:    A
      Duly Authorized Signatory on behalf of the  Compensation and
      Benefits Committee

            

    

    

    

    Accepted
as of the date first above written

    

    

    ___________________________________,
Grantee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}]]