Document:

Converted by EDGARwiz

  Exhibit 10.5

 	 	
	  
	  

	  
	 

 

 EVERSOURCE SUPPLEMENTAL EXECUTIVE RETIREMENT PROGRAM:
 

 EVERSOURCE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (NSTAR I)
 EVERSOURCE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (NSTAR II)
 EVERSOURCE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (NU)

	  
	 

 

 January 1, 2015

  

 

 

 

 

 

 

 

 

 

 TABLE OF CONTENTS
 

 

 

 

 	 	
	  
	 Page

	 PART I INTRODUCTION; CLAIMS PROCEDURE
  
	 1

	 PART II EVERSOURCE SUPPLEMENTAL EXECUTION RETIREMENT PLAN
	  

	 (NSTAR I)
  
	 6

	 PART III EVERSOURCE SUPPLEMENTAL EXECUTION RETIREMENT PLAN
	  

	 (NSTAR II)
  
	 21

	 PART IV EVERSOURCE SUPPLEMENTAL EXECUTION RETIREMENT PLAN
	  

	 (NU)
	 33

  

 

 -i-
 

 	 	 	
	 	  
	  

 

 

 

 

 PART I

INTRODUCTION; CLAIMS PROCEDURE
 ARTICLE 1.
 INTRODUCTION
 Eversource Energy (the “Company”) has established the Eversource Supplemental Executive Retirement Program (the “SERP Program”) which comprises the following supplemental retirement plans maintained by the Company.  The Eversource Supplemental Executive Retirement Plan (NSTAR I), as restated effective January 1, 2015, (the “NSTAR I Plan”) provides certain supplemental retirement payments for the benefit of certain key executive employees.  The Eversource Supplemental Executive Retirement Plan (NSTAR II), as restated effective January 1, 2015, (the “NSTAR II Plan”) is maintained for the benefit of certain key executives who participate in the Eversource Pension Plan, as amended from time to time (the “Pension Plan”), and their beneficiaries.  The Company and Northeast Utilities (“NU”), Northeast Utilities Service Company (“NUSCO”), and certain other entities in which the Company holds, directly or indirectly, more than a 50 percent voting interest also maintain the Eversource Supplemental Executive Retirement Plan (NU), as restated effective January 1, 2015, (the “NU Plan”) to provide certain executives with supplemental retirement benefits in addition to the retirement benefits provided under the Pension Plan. 
 

 This SERP Program document (the “SERP Program Document”) is intended to consolidate the governing plan documents of each of the NSTAR I Plan, the NSTAR II Plan and the NU Plan (each, a “Plan,” and together, the “Plans”), and comprises four constituent parts.  Part I of the SERP Program Document provides a common introduction and a uniformly applicable claims procedure, effective January 1, 2015, for the Plans.  Part I further provides common defined terms which shall have uniform applicability to each of the Plans except as may be otherwise 
 

 1
 

 

 

 specifically provided in a Plan.  The separate provisions of each of the NSTAR I Plan, the NSTAR II Plan and the NU Plan are set forth in Parts II, III and IV, respectively, and each such Part shall have separate applicability as therein provided.
 

 ARTICLE 2.
 CLAIMS PROCEDURE
 2.1
 Filing a Claim for Benefits.  A Participant or other person entitled to benefits under the Plans (or the authorized representative of such Participant or other person) may make a claim for benefits by filing a request with the Senior Vice President – Human Resources (or a successor executive of comparable position, to be identified by the Company) (the “Plan Administrator”). Such request shall be made by such written, telephonic or electronic means as shall be prescribed by the Plan Administrator.  All such claims must be submitted within the "applicable limitations period."  The "applicable limitations period" shall be six (6) years, beginning on (a) in the case of any payment, the date on which the payment was made, or (b) for all other claims, the date on which the action complained of occurred.  Additionally, upon denial of an appeal pursuant to Section 2.4, a Participant or such other person shall have six (6) years within which to bring suit against the applicable Plan for any claim related to such denied appeal; any such suit initiated after such six (6) year period shall be precluded.
 2.2
 Notice of Denial of Claim.  If a claim is wholly or partially denied, the Plan Administrator shall furnish the claimant with written or electronic notification of the adverse benefit determination.  Any electronic notification shall comply with the standards imposed by 29 C.F.R. Section 2520.104(b)-1(e)(1)(0, (iii) and (iv). The notification shall set forth in a manner calculated to be understood by the claimant:
 (a)
 the specific reason or reasons for the adverse benefit determination;
 

 2
 

 

 

 

 (b)
 reference to the specific provisions of the applicable Plan on which the determination is based;
 (c)
 a description of any additional material or information necessary for the claimant to perfect his or her claim and an explanation of why such material or information is necessary; and
 (d)
 a description of the Plans’ procedures for review of an adverse benefit determination and the time limits applicable to such procedures, including a statement of the claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review.
 Such notification shall be furnished to the claimant within ninety (90) days after receipt of his or her claim, unless special circumstances require an extension of time for processing such claim.  If an extension of time for processing is required, the Plan Administrator shall, prior to the termination of the initial ninety (90) day period, furnish the claimant with written notice indicating the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render the benefit determination.  In no event shall an extension exceed a period of ninety (90) days from the end of the initial ninety (90) day period.
 2.3
 Appeal of Denied Claim.  A claimant or his or her authorized representative may appeal an adverse benefit determination by filing a written request for review with the Advisory Committee (as such term is defined in the Eversource 401(k) Plan, formerly named the Northeast Utilities Service Company 401k Plan) within sixty (60) days after receipt by the claimant of the notification of such adverse benefit determination.  A claimant or his or her duly authorized representative:
 

 3
 

 

 

 

 (a)
 may submit to the Advisory Committee written comments, documents, records, and other information relating to the claim for benefits; and
 (b)
 shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant's claim for benefits.
 The Advisory Committee's review of any adverse benefit determination shall take into account all comments, documents, records and other information submitted by the claimant or his or her authorized representative relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.
 2.4
 Decision on Appeal.  The Advisory Committee shall provide the claimant with written or electronic notification of the benefit determination on review not later than sixty (60) days after receipt of a request for review, unless special circumstances require an extension of time for processing.  Any electronic notification shall comply with the standards imposed by 29 C.F.R. Section 2520.104b-1(c)(1)(i), (iii) and (iv).  If an extension of time for processing is required, the Advisory Committee shall, prior to the termination of the initial sixty (60) day period, furnish the claimant with written notice indicating the special circumstances requiring an extension of time and the date by which the Advisory Committee expects to render the determination on review.  In no event shall such extension exceed a period of sixty (60) days from the end of the initial sixty (60) day period.
 In the case of an adverse benefit determination, the notification shall set forth in a manner calculated to be understood by the claimant, including specific references to the pertinent applicable Plan provisions, the determinations, decisions and other actions of the Plan 
 

 4
 

 

 

 

 Administrator, taken in accordance with the provisions hereof, which shall be final, conclusive and binding on all parties, including the following:
 (a)
 the specific reason or reasons for the adverse determination;
 (b)
 reference to the specific provisions of the applicable Plan on which the determination is based;
 (c)
 a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant's claim for benefits; and
 (d)
 a statement of the claimant's right to bring a civil action under Section   502(a) of ERISA.
 

 

 5
 

 

 

 

 

 	 	
	  
	  

	  
	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Eversource
 Supplemental Executive
 Retirement Plan 
 (NSTAR I)

	  
	 

 

 

 

 Effective January 1, 2015

  

  
  
  
  
  
  
  
 

 6
 

 

 

 

 PART II

EVERSOURCE SUPPLEMENTAL EXECUTION RETIREMENT PLAN (NSTAR I)
 INTRODUCTION
 The NSTAR I Plan (formerly named the NSTAR Supplemental Retirement Plan I and NSTAR Supplemental Executive Retirement Plan) is maintained by the Company to provide certain supplemental retirement payments for the benefit of certain key executive employees as described herein.  The Plan consists of two parts: Part A, which is the Eversource 409A Supplemental Executive Retirement Plan I (the “409A Plan”), and Part B, which is the Plan as restated effective August 25, 1999 and as in effect on October 3, 2004 (the “Grandfathered Plan”). The 409APlan was sponsored by NSTAR until April 10, 2012, when NSTAR LLC became Plan Sponsor. On October 31, 2013, the Northeast Utilities became Plan Sponsor.  On April 30, 2015, the Northeast Utilities name was changed to Eversource Energy, and Eversource is the Plan Sponsor effective June 19, 2015.
 The 409A Plan is intended to comply with the requirements of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and guidance issued thereunder and shall be interpreted and administered in a manner consistent with such requirements. For the avoidance of doubt, the terms of the 409A Plan shall apply to benefits accrued on or after January 1, 2005 and benefits accrued but not vested as of December 31, 2004 under the Grandfathered Plan. The terms of the 409A Plan are set forth as Part A.
 All benefits accrued and vested as of December 31, 2004 (the “Grandfathered Benefit Amount”) shall be grandfathered for purposes of Code section 409A and shall be governed by the Plan as it was in effect on October 3, 2004. The Grandfathered Plan is frozen as of December 31, 2004. No additional benefit shall accrue under the Grandfathered Plan after December 31, 2004 and no individual not a Participant as of December 31, 2004 shall thereafter become a Participant in the 
 

 7
 

 

 

 

 Grandfathered Plan. The Grandfathered Plan has not been amended or modified in any way since October 3, 2004, and a copy of the Grandfathered Plan as it was in effect on October 3, 2004 is attached as Part B. Also attached is an Appendix to the Grandfathered Plan (Part B) which memorializes the methodology for calculating, in accordance with applicable provisions of the Grandfathered Plan, the Grandfathered Benefit Amount credited to each Participant under the Grandfathered Plan.
  
  
  
  
  
  
  
 

 8
 

 

 

 

 PART A
 NSTAR 409A
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN I
 SECTION 1.
 ADMINISTRATION
 The Plan Administrator will be responsible for administration of the 409A Plan as set forth herein.  The Plan Administrator shall make all determinations with respect to claims for benefits hereunder, in accordance with the provisions of Part I of the SERP Program Document.  All decisions, interpretations and determinations made by the Plan Administrator relating to the 409A Plan will be made in his or her sole discretion, and will be final and conclusive and binding upon all persons.
 The Company agrees to indemnify and defend the Plan Administrator to the fullest possible extent permitted by law a (including any person formerly involved with Plan administration as a member of the former NSTAR Executive Personnel Committee or the former NSTAR Retirement Plans Committee) against all liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved by the Company) occasioned by any act or omission to act in connection with the 409A Plan.
 SECTION 2.
 PARTICIPANTS
 Participants in the 409A Plan will be those key executive employees of the Company or its affiliates who were specifically approved by the former NSTAR Executive Personnel Committee for participation in the 409A Plan before April 10, 2012. The 409A Plan shall be closed as of such date to all other employees.
 SECTION 3.
 BENEFITS
 

 9
 

 

 

 (a)
 Full Benefit.  Each Participant who attains his or her Full Benefit Age (as hereinafter defined) while an employee of the Company or its affiliates and who thereafter has a Separation from Service will receive a benefit calculated as of the first day of the month following such Separation from Service, expressed as an annual single life annuity benefit, equal to the excess (if any) of (A) over (B), minus (C), where:
 (A)
 is the excess of (i) 60% of his or her Highest Average Total Compensation (as hereinafter defined), over (ii) 50% of the Participant’s Primary Social Security Benefit (as hereinafter defined), which excess is then multiplied by a fraction the numerator of which is his or her Full Years of Continuous Service (as hereinafter defined) at the time of his or her Separation from Service (which in no event shall exceed 20) and the denominator of which is 20;
 (B)
 is the sum of the annual single life annuity benefits which the Participant would be entitled to receive as of the first day of the month following such Separation from Service from the NSTAR Pension Plan, as may be amended from time to time (the “NSTAR Pension Plan”) and the Eversource Supplemental Executive Retirement Plan (NSTAR II), previously known as the NSTAR Supplemental Executive Retirement Plan II,  as it may be amended from time to time (the “SERP II”), irrespective of the actual time and form of payment of the benefits from such Plans; and
 (C)
 is the annual single life annuity benefit, if any, which the Participant would be entitled to receive as of the first day of the month following such Separation from Service from the Grandfathered Plan, irrespective of the actual time and form of payment of the Grandfathered Benefit Amount.
 

 10
 

 

 

 (b)
 Reduced Benefit.  Each Participant who attains age 55 while an employee of the Company or its affiliates, who completes five Full Years of Continuous Service and who thereafter has a Separation from Service prior to his Full Benefit Age will receive a reduced benefit expressed as an annual single life annuity benefit calculated as of the first day of the month following such Separation from Service, in the same manner as described in Section 3(a) above for a full benefit, except that for purposes of Section 3(a), the amount in (A) above shall be reduced by a percentage equal to 0.41666% multiplied by the aggregate number of months between the Participant’s Separation from Service and his or her Full Benefit Age. A Participant who has not attained age 55 or who has not completed five Full Years of Continuous Service, but who has entered into a change in control agreement with the Company or an affiliate and whose age plus the number of any additional years of service credited to him under said change in control agreement for purposes of the 409A Plan is 50 or more, will be considered to have an accrued benefit under the 409A Plan for purposes of said change in control agreement, based upon his or her number of Full Years of Continuous Service and calculated and reduced as of his or her Separation from Service in the same manner as described in the preceding provisions of this Section 3(b).
 (c)
 Form of Benefits.
 (i)
 Participants in the SERP II. With respect to any individual who is a Participant in the SERP II, the annual benefit, expressed as a single life annuity, payable to such Participant under Section 3(a) or 3(b) above will be paid in the same form of payment as is elected by the Participant pursuant to the SERP II and, with respect to a Participant who elects an optional form of annuity, determined pursuant to the SERP II.
 

 11
 

 

 

 (ii)
 Participants Not in the SERP II. With respect to any individual who is not a Participant in the SERP II, the annual benefit, expressed as a single life annuity, payable to such Participant under Section 3(a) or (b) above will be paid as a Single Sum.
 (d)
 Timing of Payment.
 (i)
 Participants in the SERP II.  With respect to any individual who is a Participant in the SERP II, the benefit payable under 3(a) or 3(b) above shall be paid at the same time as the benefit under the SERP II.
 (ii)
 Participants Not in the SERP II.  With respect to any individual who is not a Participant in the SERP II, the benefit payable under Section 3(a) or (b) above will be paid on the first day of the seventh calendar month after the date of the Participant’s Separation from Service.
 (iii)
 Adjustment for Delayed Payment.  The benefit described in Section 3(a) or (b) above is calculated as of the first day of the month following Separation from Service. The Single Sum form of payment shall be increased with interest to the delayed payment date. For forms of payment other than Single Sum, the missed monthly payments shall be accumulated with interest and paid in a single sum at the payment date. For all purposes, interest is determined using the interest rate defined by the Plan Administrator for use in determining the actuarial equivalent lump sum value.
 

 12
 

 

 

 (e)
 Benefit Definitions.  For purposes of the 409A Plan, the following terms have the following meanings:
 (1)
 Highest Average Total Compensation means the average of the Participant’s Total Compensation (as hereinafter defined) for the 36 consecutive months in which the Participant had the highest Total Compensation.
 (2)
 Single Sum means a single payment amount determined pursuant to Section 3(a) or (b) above (as applicable) but using the actuarial equivalent lump sum value of each of the amounts described in Section 3(a)(A), (B) and (C), as set forth in Appendix A.
 (3)
 Full Benefit Age means, for each Participant, age 62 or such other age as the Plan Administrator has determined in writing with respect to that Participant.
 (4)
 Primary Social Security Benefit means the “Primary Social Security Benefit,” as defined under the NSTAR Pension Plan as determined by the Plan Administrator.
 (5)
 Total Compensation means, for any calendar month, the Participant’s base compensation and annual bonus payments paid to the Participant during such calendar month by the Company or its affiliate, plus any amounts that would have been paid to the 
 

 13
 

 

 

 Participant during the calendar month by the Company or its affiliate as base compensation or annual bonus but for a salary reduction agreement in effect during such month under the Eversource Deferred Compensation Plan, as may be amended from time to time (or under any predecessor deferred compensation plan), as may be amended from time to time, or pursuant to Sections 125 or 401(k) of the Code.
 (6)
 Spousal Joint and Survivor Annuity means, for purposes of determining death benefits under Section 4, an annuity of actuarial equivalent value to a single life annuity (as determined by the Plan Administrator with reference to such actuarial factors as it shall select from time to time), under which the Participant receives a reduced benefit during his or her lifetime, and following the Participant’s death, 50% of such reduced benefit is paid for the life of the person who was the Participant’s spouse on the date benefits commenced to the Participant.
 (7)
 Full Years of Continuous Service means, for each Participant, the Participant’s number of full years of continuous service with the Company and its affiliates or NSTAR and its affiliates for purposes of the NSTAR Pension Plan, beginning with the date on which the individual becomes a Participant in the Plan, credited to the Participant for purposes of the Plan by the Plan 
 

 14
 

 

 

 Administrator, plus such other periods, if any, as the Plan Administrator shall determine.
 (8)
 Separation from Service means separation from service with the Company and its affiliates within the meaning of Treasury Regulation §1.409A-1(h). A Participant on medical leave for a period of more than twenty nine (29) months shall be deemed to have a Separation from Service on the day following the end of the 29th month of medical leave. For purposes of this paragraph, a medical leave is a leave of absence due to a medically determined physical or mental impairment that can be expected to result in death or to last for a continuous period of at least six months, where such impairment causes the employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment.
 SECTION 4.
 DEATH BENEFIT
 (a)
 Amount of Pre-Retirement Death Benefits.  In the case of a Participant who dies after attaining age 55 and completing five Full Years of Continuous Service, but prior to his or her Separation from Service, his or her surviving spouse, if any, will be entitled to receive an amount equal to the benefit such spouse would have received if the Participant had a Separation from Service immediately prior to his or her death and commenced receiving his or her benefit under the 409A Plan on the first day of the following month under the 50% Spousal Joint and Survivor Annuity form. If the death benefit is payable as a Single Sum under Section 4(b) below, the amount of the Single Sum shall be the actuarial equivalent of the survivor benefit under the 50% 
 

 15
 

 

 

 Spousal Joint and Survivor Annuity determined using the interest and mortality assumptions selected by the Plan Administrator and as in effect on the date of the Participant’s death. No death benefit is payable if the Participant is not married upon the date of his or her death.
 (b)
 Timing and Form of Pre-Retirement Death Benefits.  With respect to any Participant who is also a Participant in the SERP II, benefits under Section 4(a) will be paid at the same time and in the same form as the death benefit under the SERP II. With respect to any Participant who is not a Participant in the SERP II, benefits payable under Section 4(a) shall be paid in a Single Sum as soon as reasonably practicable after the Participant’s death, but in all events within 90 days after the Participant’s death. For the avoidance of doubt, if such 90 day period ends in the taxable year following the taxable year in which the Participant’s death occurs, neither the Participant nor any beneficiary shall have the right to designate the taxable year in which the benefits will be distributed.
 (c)
 Post-Retirement Death Benefits.  If a Participant dies after his or her Separation from Service but before benefits commence under Section 3 above, his or her beneficiary will be entitled to receive the benefit (if any) that such beneficiary would have received if the Participant had commenced receiving benefits under the 409A Plan immediately prior to his or her death in the form provided under Section 3(c) above; provided, however, that if the Participant elected to receive a Single Sum (or was required to receive a Single Sum pursuant to Section 3(c)(ii) above) then the beneficiary shall receive the Single Sum that would otherwise have been payable to the Participant, on the date that the Participant would have received such payment under Section 3(d). For the avoidance of doubt, no benefits will be payable pursuant to this Section 4(c) if the form of payment under Section 3(c) was a straight life annuity.
 

 16
 

 

 

 (d)
 Beneficiary.  For purposes of this Section 4, “beneficiary” shall mean the beneficiary designated by the Participant under the Pension Plan or, if none, the Participant’s spouse, or if none, the Participant’s estate.
 SECTION 5.
 NO PLAN ASSETS
 Except as herein provided, the Company and its affiliates shall not be required to set aside or segregate any assets of any kind to meet its obligations hereunder and all benefits payable under the 409A Plan will be paid from the general assets of the Company and its affiliates. The Company or any of its affiliates may, however, establish one or more “grantor trusts” of which the Company or its affiliate is treated as the owner under Subpart E, Part I, Subchapter J, Chapter 1, Subtitle A of the Code (a “grantor trust”) and may deposit funds with the trustee of such grantor trust to facilitate the payment of benefits under the 409A Plan. In the event the Company or any of its affiliates establishes such a grantor trust or trusts with respect to the 409A Plan and at the time of a Change of Control (as defined in Appendix A attached hereto), any such trust (i) has not been terminated or revoked, and (ii) is not “fully funded” the Company or its affiliate shall within ten days of such Change of Control deposit in such grantor trust or trusts assets sufficient to cause the trust or trusts to be “fully funded” as of the date of the deposit (as determined in its sole discretion by a majority of the individuals who were members of the Committee immediately prior to such Change of Control).
 SECTION 6.
 PARTICIPANT’S RIGHTS; NO ASSIGNMENT
 A Participant’s or beneficiary’s rights to benefits under the 409A Plan shall be no greater than the rights of a general, unsecured creditor of the Company or its affiliates, and shall not be assignable or subject to alienation, anticipation, garnishment, attachment, or any other legal process by his creditors.
 

 17
 

 

 

 SECTION 7.
 NO CONTRACT OF EMPLOYMENT
 The 409A Plan shall not be deemed to constitute a contract of employment between the Company or its affiliates and any Participant, or to be consideration for the employment of any Participant, and nothing in this 409A Plan shall give any Participant any right to be employed or to continue employment by the Company or its affiliates.
 SECTION 8.
 APPLICATION OF ERISA
 The 409A Plan is intended to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and shall be administered in a manner consistent with that intent.
 SECTION 9.
 AMENDMENT OR TERMINATION
 This 409A Plan may be amended or terminated at any time and in any respect by the Company or the Committee; provided, however, that the 409A Plan shall only be terminated to the extent, and in the manner, permitted by Code section 409A. No amendment or termination shall reduce or otherwise adversely affect the rights of any Participant or his or her beneficiary to benefits accrued under the 409A Plan immediately prior to such amendment or termination without his or her prior written consent; and no amendment or termination following a Change of Control shall eliminate or reduce the Company’s or its affiliates’ obligations to deposit assets in the grantor trust or trusts as described in Section 5. Furthermore, following a Change of Control, this Section 9 may not be amended.
 SECTION 10.
 GOVERNING LAW
 The 409A Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, to the extent such laws are not preempted by ERISA.
 

 

 18
 

 

 

 

 

 19
 

 

 

 APPENDIX A
 For the purposes of this 409A Plan, a “Change of Control” shall mean:
 a.
 The acquisition by any Person (or more than one Person acting as a group) of ultimate beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of (i) more than 50% of the then outstanding common shares (or shares of common stock) of the Parent (the “Outstanding Parent Common Shares”) or (ii) 30% or more of the combined voting power of the then outstanding voting securities of the Parent entitled to vote generally in the election of trustees (or directors) (the “Outstanding Parent Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Parent, (ii) any acquisition by the Parent or an affiliate of the Parent, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Parent, the Company or any affiliates of the Parent or (iv) any acquisition by any Person pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this Appendix A; or
 b.
 Individuals who, as of the date hereof, constitute the Board of Trustees of the Parent (the “Incumbent Board”) cease for any reason to constitute at least a majority of such board; provided, however, that any individual becoming a trustee (or director) subsequent to the date hereof whose election, or nomination for election by the Parent’s shareholders, was approved by a vote of at least a majority of the trustees (or directors) then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with 
 

 A-1
 

 

 

 respect to the election or removal of trustees (or directors) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than such board; or
 c.
 Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Parent (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Parent Common Shares and Outstanding Parent Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, immediately following such Business Combination 50% or more of, respectively, the then outstanding common shares (or shares of common stock) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of trustees (or directors), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns the Parent or all or substantially all of the Parent’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Parent Common Shares and Outstanding Parent Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Parent or the Company or such entity resulting from such Business Combination) ultimately beneficially owns, directly or indirectly, more than 50% of, respectively, the then outstanding common shares or shares of common stock of the entity resulting from such Business Combination or 30% or more of the combined voting power of the then outstanding voting securities of such entity except to the extent that 
 

 A-2
 

 

 

 such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of trustees (or board of directors) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Trustees of the Parent, providing for such Business Combination; or
 d.
 Approval by the shareholders of the Parent of a complete liquidation or dissolution of the Parent.
 e.
 Notwithstanding anything contained in this Appendix A or the Plan to the contrary, the merger transactions contemplated by the Agreement and Plan of Merger dated October 16, 2010 (the “Merger Agreement”), among NSTAR, Northeast Utilities, NU Holding Energy 1 LLC (“Acquisition Sub”), and NU Holding Energy 2 LLC (“Merger Sub”), pursuant to which, among other things, Merger Sub was merged with and into NSTAR and immediately thereafter NSTAR was merged with and into Acquisition Sub, shall not be considered a Change of Control for the purposes of this Plan.  In addition, the transaction in which the name of the Parent was changed from Northeast Utilities to Eversource shall not constitute a Change in Control for purposes of this Plan.
  
 For purposes of this Appendix A, the term “Parent” shall mean Eversource, or, if any entity shall own, directly or indirectly through one or more subsidiaries, more than 50% of the outstanding common shares of Eversource, such entity, and the term “Person” shall mean any individual, corporation, partnership, company, limited liability company, trust or other entity, which term shall include a “group” within the meaning of Section 13(d) of the Securities Act of 1934, as amended.
 

 A-3
 

 

 

 

 2.
 “Single Sum”
 For purposes of calculating the Single Sum Payment upon Separation from Service under this 409A Plan,
 •
 The actuarial equivalent value of the benefit described in Section 3(a)(A) shall be determined using the interest and mortality assumptions selected by the Plan Administrator and as in effect on the date of the Participant’s Separation from Service.
 •
 The actuarial equivalent value of the benefit described in Section 3(a)(B) shall be the lump sum benefit to which the participant would be entitled under the Pension Plan and the SERP II, calculated as of the first day of the month after the Participant’s Separation from Service.
 •
 The actuarial equivalent value of the benefit described in Section 3(a)(C) shall be the lump sum benefit to which the participant would be entitled pursuant to the Grandfathered Plan.
 

 

 A-4
 

 

 

 PART B
 NSTAR SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN I –
 GRANDFATHERED PLAN
 as in effect on October 3, 2004
 

 APPENDIX B
 The Grandfathered Benefit Amount shall be determined in accordance with the terms of the Grandfathered Plan as in effect on October 3, 2004. This Appendix B is intended to memorialize the methodology for calculating the Grandfathered Benefit Amount. Subject to the foregoing, the Grandfathered Benefit Amount shall be calculated as follows, with reference to the following Table I:
 1.
 409A Grandfathered Annuity (annual amount): greater of (i) and (ii) defined below.
 (i)
 The excess, if any, of (a) over (b):
 (a)
 the amount in Table I Column 1 adjusted for early retirement for a benefit commencing 12/31/04
 (b)
 the sum of the amounts in Table I Columns 4 and 5, and the amount in Table I Column 6 adjusted for early retirement for a benefit commencing 12/31/04.
 (ii)
 The excess, if any, of (a) over (b):
 (a)
 the amount in Table I Column 1 adjusted for early retirement for a benefit commencing at the determination date
 (b)
 the sum of the amounts in Table I Columns 2 and 3, brought forward from 12/31/04 with interest to the determination date using the interest credit defined in J.6. of the Pension Plan and converted to a single-life annuity using the NSTAR Pension Plan annuity conversion factors in effect at 12/31/04 for a benefit commencing at the determination date, and the 
 B-1
 
 
 
 
 

 amount in Table I Column 6 adjusted for early retirement for a benefit commencing at the determination date.
 2.
 409A Grandfathered Lump Sum: greater of (i) and (ii) defined below.
 (i)
 The excess, if any, of (a) over (b):
 (a)
 the amount in 1.(i)(a) above multiplied by the present value factor at 12/31/04
 (b)
 the sum of the amounts in Table I Columns 2 and 3, and the amount in Table I Column 6 adjusted for early retirement for a benefit commencing 12/31/04 multiplied by the present value factor at 12/31/04.
 (ii)
 The excess, if any, of (a) over (b):
 (a)
 the amount in 1.(ii)(a) above multiplied by the present value factor at the determination date
 (b)
 the sum of the amounts in Table I Columns 2 and 3, brought forward from 12/31/04 with interest to the determination date using the interest credit defined in J.6. of the Pension Plan, and the amount in Table I Column 6 adjusted for early retirement for a benefit commencing at the determination date multiplied by the present value factor at the determination date.
 The determination date is the first day of the month following the date the Participant ceases to be an employee of the Company and its affiliates.
 The early retirement adjustment and present value factor applicable to the amount in Table I Column 6 is as defined under the NSTAR Pension Plan. For all other references in this Appendix, present value factors are determined using reasonable interest and mortality assumptions selected by the Plan Administrator for use at the date of the Participant’s date of determination.
 B-2
 
 
 

  
 APPENDIX B
Table I
 

 	 	 	 	 	 	 	
	 Participant Name
	 12/31/04
 Accrued/Vested
 Target Benefit(1)
	 12/31/04
 Accrued/Vested Lump Sum
 Benefit, Payable 12/31/04(1)
	 12/31/04
 Accrued/Vested Annuity Benefit,
 Payable 12/31/04(2)
	 12/31/04
 Accrued/Vested
 Pension Plan
 Supplemental
 Benefit(3)

	 

 Pension Plan PEP
	 

 SERP II
	 

 Pension Plan PEP
	 SERP II
	  

	  
	 Column l
	 Column 2
	 Column 3
	 Column 4
	 Column 5
	 Column 6

	  
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  
	  

	 May, Thomas
	 1,056,239
	 603,048
	 4,459,730
	 60,043
	 444,037
	 79,380

	  
	  
	  
	  
	  
	  
	  

  

 

 (1)
 As defined in Section 4(a)(A) or Section 4(b) as applicable before applying any early retirement reduction factor for a benefit commencing before full retirement age, and before reduction for the annuity benefit from the Pension Plan and NSTAR SERP.
 

 (2)
 Determined by converting the amounts in Columns 2 and 3, to an annual single-life annuity using the Pension Plan annuity conversion factors as in effect at 12/31/04 for a benefit commencing 12/31/04.
 

 (3)
 As defined in Appendix I of the Pension Plan before applying any early retirement reduction factor for a benefit commencing before Normal Retirement Date using the Pension Plan factors.
 

 

 B-3
 

 

 

 IN WITNESS WHEREOF, Eversource has caused this Plan, which consists of the 409A Plan and the Grandfathered Plan, to be approved substantially in the form as attached hereto and executed pursuant to authority duly delegated by its Compensation Committee.
 

 

 

 By: /S/ CHRISTINE M. CARMODY
 Senior Vice President- Human Resources 
 Eversource Energy Service Company
 

 

 

 20
 

 

 

 

 

 	 	
	  
	  

	  
	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Eversource
 Supplemental Executive
 Retirement Plan 
 (NSTAR II)
 

  Effective January 1, 2015
 

 
 
  
  
  
  
  
  
  
  
  
  
  
  
 

 21
 

 

 

 

 

 PART III

EVERSOURCE SUPPLEMENTAL EXECUTION RETIREMENT PLAN (NSTAR II)
 INTRODUCTION
 

 The NSTAR II Plan (formerly named the NSTAR Supplemental Executive Retirement Plans and the NSTAR Excess Benefit Plan) is maintained by the Company for the benefit of certain key executives who participate in the Pension Plan, as described in Article I below (the “Participants”), and their beneficiaries. The Plan consists of two parts: Part A, which is the Eversource 409A Supplemental Executive Retirement Plan II (the “409A Plan”), and Part B, which is the Plan as in effect on October 3, 2004 (the “Grandfathered Plan”). The 409A Plan was sponsored by NSTAR until April 10, 2012, when NSTAR LLC became Plan Sponsor. On October 31, 2013, the Northeast Utilities became Plan Sponsor.  On April 30, 2015, the Northeast Utilities name was changed to Eversource Energy, and Eversource is the Plan Sponsor, effective June 19, 2015.
 The 409A Plan is intended to comply with the requirements of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and guidance issued thereunder and shall be interpreted and administered in a manner consistent with such requirements. For the avoidance of doubt, the terms of the 409A Plan shall apply to benefits accrued on or after January 1, 2005 and benefits accrued but not vested as of December 31, 2004 under the Grandfathered Plan.
 All benefits accrued and vested as of December 31, 2004 (the “Grandfathered Benefit Amount”) shall be grandfathered for purposes of Code section 409A and shall be governed by the Grandfathered Plan. The Grandfathered Plan is frozen as of December 31, 2004. No additional benefit shall thereafter accrue under the Grandfathered Plan after December 31, 2004 and no 
 

 22
 

 

 

 

 individual not a Participant as of December 31, 2004 shall thereafter become a Participant in the Grandfathered Plan. The Grandfathered Plan has not been amended or modified in any way since October 3, 2004, and a copy of the Grandfathered Plan as it was in effect on October 3, 2004 is attached as Part B.  Also attached is an Appendix to the Grandfathered Plan (Part B) which memorializes the methodology for calculating, in accordance with applicable provisions of the Grandfathered Plan, the Grandfathered Benefit Amount credited to each Participant under the Grandfathered Plan.
 

 23
 

 

 

 

 

 PART A
 EVERSOURCE 409A SUPPLEMENTAL EXECUTIVE
 RETIREMENT PLAN II
 

 ARTICLE I

INTRODUCTION AND PURPOSE
 The purpose of the 409A Plan is to provide certain retirement benefits with respect to those Participants described herein. Participants in the 409A Plan will be those key executive employees of the Company or its affiliates: (a) who are specifically designated by the Plan Administrator as eligible to participate in the 409A Plan, (b) who are participants in the Pension Plan, (c) who retire or have retired under the Pension Plan, and (d) whose Pension Plan benefits are, or will be, restricted by: (i) the limitations imposed under section 415 of the Code, or (ii) the limitations imposed under Section 401(a)(17) of the Code.  For purposes of this 409A Plan, the limitations described in the preceding sentence (the “Limitations”) shall be deemed to include the corresponding limitations set forth in, or applicable under, the terms of the Pension Plan.
 With respect to those Participants whose Pension Plan benefits are, or will be, restricted by the limitations imposed under section 415 of the Code, the 409A Plan is intended to be an “excess benefit plan” within the meaning of section 3(36) of the Employee Retirement Income Security Act of 1974, as amended from time to time (“ERISA”), and shall be administered in a manner consistent with that intent. With respect to those Participants whose Pension Plan benefits are, or will be, restricted by the limitations imposed under section 401(a)(17) of the Code, the 409A Plan is intended to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of 
 

 24
 

 

 

 

 management or highly compensated employees” within the meaning of sections 201(2), 301(a)(3) and 401(a)(3) of ERISA, and shall be administered in a manner consistent with that intent.
 Nothing in the 409A Plan shall be deemed to require the setting aside of any assets, in trust or otherwise, for the payment of 409A Plan benefits. Interests in the 409A Plan are non-assignable, and are not subject to alienation, anticipation, garnishment, attachment or any other legal process. A Participant’s or beneficiary’s rights to benefits under the 409A Plan shall be no greater than the rights of a general, unsecured creditor of the Company or its affiliates. However, the Company or any of its affiliates may establish one or more trusts of which the Company or its affiliates is treated as the owner under Subpart E, Part I, of Subchapter J, Chapter 1 Subtitle A of the Code (a “grantor trust”), and may from time to time deposit funds with the Trustee of such grantor trust or trusts to facilitate payment of benefits under the 409A Plan.  In the event the Company or any of its affiliates establishes such a grantor trust or trusts with respect to the 409A Plan and at the time of a Change of Control (as defined in Appendix A attached hereto) any such trust: (i) has not been terminated or revoked and (ii) is not “fully funded” (as determined in its sole discretion by a majority of the individuals who were members of the Compensation Committee of the Board of Trustees of Northeast Utilities (the “Committee”) immediately prior to such Change of Control), the Company or its affiliate shall within ten days of such Change of Control deposit in such grantor trust or trusts assets sufficient to cause the trust or trusts to be “fully funded” (as determined in its sole discretion by the majority of the individuals who were members of the Committee immediately prior to such Change of Control).  Nothing in this Plan shall give any Participant any right to be employed or to continue employment by the Company or its affiliates.
 

 25
 

 

 

 

 ARTICLE II

BENEFITS
 2.1
 Amount of Benefit.  Each Participant in the 409A Plan, or the surviving beneficiary of a deceased Participant, shall be entitled to a benefit, payable in accordance with Article III below, which is expressed as a single sum equal to the excess (if any) of: (a) minus (b), over (c), where
 (a)
 is the Participant’s or surviving beneficiary’s single sum benefit under the Pension Plan, computed under the provisions of the Pension Plan without regard to the Limitations,
 (b)
 is the Participant’s or surviving beneficiary’s single sum benefit under the Pension Plan, computed taking into account the Limitations, and
 (c)
 is the single sum amount of the Participant’s benefit under the Grandfathered Plan (if any).
 2.2
 Adjustment Through the Payment Date.  The single sum benefit described in Section 2.1 above shall be increased with interest, as provided under the Crediting of Interest section of the Pension Plan, from the first day of the month following the month in which the applicable payment event described in Section 3.2 occurs, until the date payments commence in accordance with Section 3.2 below. If the form of payment elected by the Participant in accordance with Section 3.1(a) below is other than a single sum, the benefit payable in the elected form shall be calculated based on the single sum as of the date on which payments commence, in accordance with the provisions of the Pension Plan.
 

 

 

 26
 

 

 

 

 ARTICLE III

PAYMENT OF BENEFITS
 3.1
 Form of Payment.
 (a)
 Participants as of December 31, 2007.
 (i)
 With respect to any individual who is a Participant in the 409A Plan as of December 31, 2007, benefits payable under this 409A Plan shall be paid in the form selected by the Participant from among the forms offered by the Pension Plan. Such election shall be made in writing, on such form as the Company may require, prior to December 31, 2008, in a manner consistent with transition guidance under Code section 409A, and shall be available to Participants whose distribution date or dates would fall after December 31, 2008.
 (ii)
 A Participant described in this Section 3.1(a) who has elected a life annuity form of distribution as defined in Treas. Reg. §1.409A-2(b)(2)(ii) may, at any time before any annuity payment has been made, elect to change such form of distribution to an actuarially equivalent life annuity of another type in accordance with Treas. Reg. §1.409A-2(b)(2)(ii).
 (iii)
 A Participant described in this Section 3.1(a) may elect to change his or her election as to the form of distribution again after December 31, 2008, provided that: (a) the Participant has not previously made an election change under this Section 3.1(a)(iii); (b) such election change will not take effect until 12 months after the date on which the election change is made, (c) a Participant is an employee of the Company or its affiliates on the date such election is made; and (d) payment will be deferred for a period of five years from the date such payment would otherwise be made, in accordance with Treas. Reg. §1.409A-2(b)(1). 
 

 27
 

 

 

 

 All elections under this Section 3.1(a) shall be made in accordance with rules and procedures established by the Plan Administrator.
 (b)
 Participants After December 31, 2007.
 With respect to any Participant who becomes a Participant on or after January 1, 2008, benefits payable under the 409A Plan shall be paid in a single sum.
 3.2
 Timing of Payment
 (a)
 Separation from Service.
 (i)
 Benefits paid on account of the Participant’s Separation from Service shall be paid (or commence to be paid) on the first day of the seventh month following the date on which the Participant’s Separation from Service occurs. However, if a Participant has made a subsequent change to his or her elected form of payment after December 31, 2008 pursuant to Section 3.1(a)(iii) above, payment shall commence on the five year anniversary of the date on which such payment would otherwise be made, in accordance with Treas. Reg. §1.409A-2(b)(1).
 (ii)
 For purposes of this 409A Plan, the Participant’s “Separation from Service” means a separation from service with the Company and its affiliates within the meaning of Treas. Reg. § 1.409A-1(h).  A Participant on medical leave for a period of more than twenty nine (29) months shall be deemed to have a Separation from Service on the day following the end of the 29th month of medical leave. For purposes of this paragraph, a medical leave is a leave of absence due to a medically determined physical or mental impairment that can be expected to result in death or to last for a continuous period of at least six months, where such impairment causes the employee to be unable to perform the duties of 
 

 28
 

 

 

 

 his or her position of employment or any substantially similar position of employment.
 

 (b)
 Death.
 (i)
 Pre-Retirement Death Benefit.  If the Participant dies before his or her Separation from Service, benefits will be paid (or commence to be paid) in the applicable form under Section 3.1 as soon as reasonably practicable after the Participant’s death, but in all events within 90 days after the Participant’s death. For the avoidance of doubt, if such 90-day period ends in the taxable year following the taxable year in which the Participant’s death occurs, neither the Participant nor any beneficiary shall have the right to designate the taxable year in which the benefits will be distributed.
 (ii)
 Post-Retirement Death Benefit.  If the Participant dies after Separation from Service but before payments commence under Section 3.2(a) above, his or her beneficiary will be entitled to receive the benefit (if any) that such beneficiary would have received if the Participant had commenced receiving benefits under the 409A Plan immediately prior to his or her death in the form elected under Section 3.1 above; provided, however, that if the Participant’s benefits are payable in a single sum, then the beneficiary shall receive the single sum that would otherwise have been payable to the Participant, on the date that the Participant would have received such payment under Section 3.2(a) above. For the avoidance of doubt, no benefits will be payable pursuant to this Section 
 

 29
 

 

 

 

 3.2(b)(ii) if the form of payment elected under Section 3.1 was a straight life annuity.
 (iii)
 Beneficiary.  For purposes of this Article III, “beneficiary” shall mean the beneficiary designated by the Participant pursuant to such forms and procedures as may be required by the Plan Administrator. In the absence of a beneficiary designation hereunder, the term “beneficiary” shall mean the Participant’s beneficiary determined pursuant to the NSTAR Pension Plan.
 ARTICLE IV

ADMINISTRATION; CLAIMS
 The 409A Plan shall be administered and construed by the Plan Administrator in his or her sole discretion. The Plan Administrator may delegate administrative tasks under the 409A Plan to employees of the Company or its affiliates or others.  The Plan Administrator shall make all determinations with respect to claims for benefits hereunder, in accordance with the provisions of Part I of the SERP Program Document.  All decisions, interpretations and determinations made by the Plan Administrator relating to the 409A Plan will be made in his or her sole discretion, and will be final and conclusive and binding on all persons.
 ARTICLE V

AMENDMENT AND TERMINATION
 The 409A Plan may be amended or terminated at any time and in any respect by the Company or the Committee; provided, however that the 409A Plan shall only be terminated to the extent, and in a manner, permitted by Code section 409A. No amendment or termination shall reduce or otherwise adversely affect the rights of any Participant or his or her beneficiary to benefits accrued under the 409A Plan immediately prior to such amendment or termination without his or her prior written consent, and no amendment or termination following a Change of 
 

 30
 

 

 

 

 Control shall eliminate or reduce the Company’s or its affiliates’ obligations to deposit assets in the grantor trust as described in Article I. Furthermore, following a Change of Control, this Article V may not be amended.
 ARTICLE VI

Governing Law
 The 409A Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, to the extent such laws are not preempted by ERISA.
 

 31
 

 

 

 

 APPENDIX A
 “CHANGE OF CONTROL”
 For the purposes of this 409A Plan, a “Change of Control” shall mean:
 a.
 The acquisition by any Person (or more than one Person acting as a group) of ultimate beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of (i) more than 50% of the then outstanding common shares (or shares of common stock) of the Parent (the “Outstanding Parent Common Shares”) or (ii) 30% or more of the combined voting power of the then outstanding voting securities of the Parent entitled to vote generally in the election of trustees (or directors) (the “Outstanding Parent Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Parent, (ii) any acquisition by the Parent or an affiliate of the Parent, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Parent, the Company or any affiliates of the Parent or (iv) any acquisition by any Person pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this Appendix A; or
 b.
 Individuals who, as of the date hereof, constitute the Board of Trustees of the Parent (the “Incumbent Board”) cease for any reason to constitute at least a majority of such board; provided, however, that any individual becoming a trustee (or director) subsequent to the date hereof whose election, or nomination for election by the Parent’s shareholders, was approved by a vote of at least a majority of the trustees (or directors) then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or 
 

 A-1
 

 

 

 

 removal of trustees (or directors) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than such board; or
 c.
 Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Parent (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Parent Common Shares and Outstanding Parent Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, immediately following such Business Combination 50% or more of, respectively, the then outstanding common shares (or shares of common stock) and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of trustees (or directors), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns the Parent or all or substantially all of the Parent’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Parent Common Shares and Outstanding Parent Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Parent or the Company or such entity resulting from such Business Combination) ultimately beneficially owns, directly or indirectly, more than 50% of, respectively, the then outstanding common shares or shares of common stock of the entity resulting from such Business Combination or 30% or more of the combined voting power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of trustees (or 
 

 A-2
 

 

 

 

 board of directors) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Trustees of the Parent, providing for such Business Combination; or
 d.
 Approval by the shareholders of the Parent of a complete liquidation or dissolution of the Parent.
 e.
 Notwithstanding anything contained in this Appendix A or the Plan to the contrary, the merger transactions contemplated by the Agreement and Plan of Merger dated October 16, 2010 (the “Merger Agreement”), among NSTAR, Northeast Utilities, NU Holding Energy 1 LLC (“Acquisition Sub”), and NU Holding Energy 2 LLC (“Merger Sub”), pursuant to which, among other things, Merger Sub was merged with and into NSTAR and immediately thereafter NSTAR was merged with and into Acquisition Sub, shall not be considered a Change of Control for the purposes of this Plan.  In addition, the transaction in which the name of the Parent was changed from Northeast Utilities to Eversource shall not constitute a Change in Control for purposes of this Plan.
 For purposes of this Appendix A, the term “Parent” shall mean Eversource, or, if any entity shall own, directly or indirectly through one or more subsidiaries, more than 50% of the outstanding common shares of Eversource, such entity, and (ii) the term “Person” shall mean any individual, corporation, partnership, company, limited liability company, trust or other entity, which term shall include a “group” within the meaning of Section 13(d) of the Securities Act of 1934, as amended.
 

 A-3
 

 

 

 

 PART B
 NSTAR SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN II —
 GRANDFATHERED PLAN
 as in effect on OCTOBER 3, 2004
 APPENDIX B
 “GRANDFATHERED BENEFIT AMOUNT”
 

 The Grandfathered Benefit Amount shall be determined in accordance with the terms of the Grandfathered Plan as in effect on October 3, 2004. This Appendix B is intended to memorialize the methodology for calculating the Grandfathered Benefit Amount. Subject to the foregoing, the Grandfathered Benefit Amount shall be calculated as follows, with reference to the following Table I:
 1.
 409A Grandfathered Annuity (annual amount): the amount in Table I Column 2.
 2.
 409A Grandfathered Lump Sum: the amount in Table I Column 1.
 APPENDIX B
 TABLE I

 	 	 	
	 Participant Name(1)
	 12/31/04
 Accrued/Vested Lump Sum
 Benefit
	 12/31/04
 Accrued/Vested Annuity Benefit(2)

	 Excess Plan
 

 Column 1
	 Excess Plan
 

 Column 2

	 Thomas J. May
	 $ 4,459,730
	 $ 444,037

	 James J. Judge
	 598,911
	 37,595

	  
	  
	  

	 Joseph R. Nolan Jr.
	 310,963
	 18,111

	 Ellen K. Angley
	 74,493
	 4,512

	  
	  
	  

	 Philip J. Lembo
	 21,906
	 1,375

	 Neven Rabadjija
	 25,014
	 1,603

	 Richard J. Morrison
	 23,331
	 1,527

  

 

 B-1
 

 

 

 

 (1)
 Table includes only those participants with an accrued benefit in the Supplemental Executive Retirement Plan II as of January 1, 2014.
 

 (2)
 Determined by converting the amounts in Column 1, to an annual single-life annuity using the NSTAR Pension Plan annuity conversion factors as in effect at 12/31/04 for a benefit commencing 12/31/04.
 

 B-2
 

 

 

 

 

 

 IN WITNESS WHEREOF, Eversource has caused this Plan, which consists of the 409A Plan and the Grandfathered Plan, to be approved substantially in the form as attached hereto and executed pursuant to authority duly delegated by its Compensation Committee.
 

 

 

 By: /S/ CHRISTINE M. CARMODY
 Senior Vice President- Human Resources 
 Eversource Energy Service Company
 

 

 

 

 

 32
 

 

 

 

 

 

 	 	
	  
	  

	  
	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Eversource
 Supplemental Executive
 Retirement Plan
 (NU)
 

	  
	 

 

 

 

 

 As of January 1, 2015

  

 

 33
 

 

 

 

 

 PART IV

EVERSOURCE SUPPLEMENTAL EXECUTION RETIREMENT PLAN (NU)
 

 ARTICLE I

PURPOSE
 The purpose of this NU Plan is to provide certain executives with: (a) the benefits that would have been provided to them under the Pension Plan if compensation and benefits were not subject to the limitations imposed by Sections 401(a)(17) and 415 of the Code and if annual awards to Participants under Eversource’s executive incentive plans and other similar plans which may be adopted from time to time, each an “Incentive Plan” and in the aggregate, “Incentive Plans”) were included in the benefit calculations under the Pension Plan, and/or (b) a supplemental retirement benefit for certain executives in addition to the retirement benefit provided under the Pension Plan and the benefits described in clause (a) above. The Plan is not intended to meet the qualification requirements of Section 401 of the Code.
 ARTICLE II

DEFINITIONS
 When used herein with initial capital letters, each of the following terms shall have the corresponding meaning set forth below unless a different meaning is plainly required by the context in which the term is used:
 2.1
 “Actuarial Equivalent” or “Actuarially Equivalent” shall mean equivalence in value between two or more forms determined on the basis of the assumptions used in the Pension Plan (as, and to the extent that, such assumptions may be revised from time to time) for determining actuarial equivalence between different forms of benefit at the time of such 
 

 34
 

 

 

 

 determination. Actuarial Equivalence between a joint and survivor Annuity and a straight life Annuity shall be determined by disregarding subsidized survivor Annuity benefits.
 2.2
 “Annuity” shall mean a form of benefit payment that: (a) provides a series of substantially equal periodic payments, payable not less frequently than annually, for the life (or life expectancy) of the Participant or the joint lives (or life expectancies) of the Participant and his or her designated beneficiary, and (b) is a form of annuity made available under the Pension Plan at the Benefit Commencement Date that is Actuarially Equivalent to a straight life annuity.
 2.3
 “Benefit Commencement Date” shall mean the date on which payment of a Participant’s Make-Whole Benefit and/or Target Benefit, if any, commences, as provided in Article VI of this Plan.
 2.4
 “Board” shall mean the Board of Trustees of Eversource.
 2.5
 “Cause” shall have the meaning provided in the Eversource Special Severance Program (or a successor plan of comparable intent as determined by the Plan Administrator).  
 2.6
 “Code” shall mean the Internal Revenue Code of 1986, as amended.
 2.7
 “Committee” shall mean the Compensation Committee that has been established by the Board, or any subsequent committee of the Board that has primary responsibility for compensation policies. In the absence of such a committee, “Committee” shall mean the Board or any committee of the Board designated by the Board to perform the functions of the Committee under the Plan.
 2.8
 “Compensation” shall have the same meaning as provided in the Pension Plan, but shall also include (i) amounts disregarded pursuant to Section 401(a)(17) of the Code, (ii) amounts (included in compensation as earned) receipt of which is deferred by a Participant pursuant to a plan or agreement which is not qualified under the Code, and, (iii) for any period in 
 

 35
 

 

 

 question, annual awards under the Incentive Plan to the extent made with respect to performance during such period, each such award to be allocated on a pro rata basis to each of the calendar months in the period to which it relates. Notwithstanding the above, Long-Term Incentive Compensation Awards made under Incentive Plans after November 1, 2001 shall not be included in Compensation for purposes of this Plan; provided, however, that (x) each individual who was a Participant prior to November 1, 2001 shall have credited to his or her Compensation in February each year while a Participant, in the same manner as such amount was credited in 2001, the “target” value of the stock option grants made to such Participant in February, 2001 for purposes of the Make-Whole Benefit and, (y) if such individual was a Participant in the Target Benefit prior to October 2003, for purposes of the Target Benefit as well. For purposes of computing the value of a Participant’s awards under the Incentive Plans, awards made in common shares of Northeast Utilities shall be valued by multiplying the per share New York Stock Exchange closing price on the date the award is approved by the Board by the number of shares awarded to such Participant  Notwithstanding the foregoing, if a Participant may become entitled to receive an award or awards under the Incentive Plans, and if the amount of such award(s), if any, will be determined after the Participant’s Benefit Commencement Date, then a provisional calculation of the Participant’s Compensation during the period to which such award(s) relates (hereinafter the “Provisional Calculation”) shall be made on or before the Participant’s Benefit Commencement Date, and benefits payable to the Participant under this Plan shall be based upon the Participant’s Compensation as determined under the Provisional Calculation until such calculation is replaced as hereinafter provided. A Participant’s Compensation shall be determined under the Provisional Calculation by including the target amount of any award to the Participant under the Incentive Plans as Compensation in the period 
 

 36
 

 

 

 to which the award relates. The Provisional Calculation shall be replaced by a permanent calculation of Compensation (hereinafter the “Permanent Calculation”) as soon as administratively practicable after the amount of all awards that the Participant may become entitled to receive under the Incentive Plans has been determined, and as of such date the Participant’s benefit under this Plan shall be recalculated and promptly paid based upon the Participant’s Compensation as determined under the Permanent Calculation. The Permanent Calculation of a Participant’s Compensation shall be determined by including as Compensation the amount of awards, if any, to the Participant under the Incentive Plans that are determined after the Participant’s Benefit Commencement Date. If the amount of the Participant’s benefit under this Plan as determined under the Permanent Calculation is greater than the amount of such benefit as determined under the Provisional Calculation, then the Employer shall make a lump sum payment to the Participant within 30 days following the date on which the Permanent Calculation is determined (which shall not be later than the first taxable year of the Participant in which the calculation of the Permanent Calculation is administratively practicable) equal to the difference between: (a) the sum of the benefit payment(s) that would have been made to the Participant hereunder from the Benefit Commencement Date until the date on which the Permanent Calculation was determined if such benefit(s) had been calculated based on the Participant’s Compensation as determined under the Permanent Calculation, and (b) the actual benefit payment(s) made to the Participant hereunder for such period. If the amount of the Participant’s benefit under this Plan as determined under the Permanent Calculation is less than the amount of such benefit as determined under the Provisional Calculation, then each of the Participant’s benefit payments after the date on which the Permanent Calculation is determined shall be reduced by the amount by which each benefit payment determined under the Provisional 
 

 37
 

 

 

 Calculation exceeded the benefit payment that would have been made under the Permanent Calculation until such time as the total amount of said reductions equals the difference between: (i) the actual benefit payment(s) made to the Participant hereunder from the Benefit Commencement Date until the date on which the Permanent Calculation was determined, and (ii) the sum of such benefit payment(s) that the Participant would have received hereunder for such period if such benefit had been calculated based on the Participant’s Compensation as determined under the Permanent Calculation.
 2.9
 “Compensation Limit Benefit” shall mean that portion of the Make-Whole Benefit determined disregarding the limitation of Section 401(a)(17) of the Code.
 2.10
 “Credited Service” shall mean the Participant’s Credited Service under the Pension Plan but shall exclude any additions to such Credited Service pursuant to any retirement incentive program.
 2.11
 “Disability” shall mean the Participant’s receipt of long-term disability benefits under the long-term disability program of the Northeast Utilities Service Company Flexible Benefits Plan, as may be amended from time to time, or its successor plan.
 2.12
 “Eligible Employee” shall mean a person specifically designated by the Plan Administrator as eligible to participate in the Plan and who is: (a) employed by an Employer on a regular full-time salaried basis, (b) designated an officer (excluding any assistant officers) of an Employer with a title of, or position similar to, Vice President or of any higher rank or who is otherwise approved by the Plan Administrator for participation, (c) who is a participant in the Pension Plan, and (d) who does not have an agreement with the Company to be eligible for other benefits under the SERP Program or any other program of supplemental retirement benefits 
 

 38
 

 

 

 maintained by the Company to substitute for or be additional to the benefits provided under the Plan.
 2.13
 “Employer” includes, individually and/or collectively as the context requires, the Company, Northeast Utilities (“NU”), Northeast Utilities Service Company (“NUSCO”), any successor to either company, and certain other entities in which Eversource holds, directly or indirectly, more than a 50 percent voting interest and that have approved and adopted this Plan pursuant to Article XIV, whether or not an individual Employer directly compensates the Participant or the Participant appears on the payroll of such Employer; provided that, for purposes of this Plan, NSTAR and its affiliates (other than NU and its historical affiliates) (“Excluded NSTAR Companies”) shall not be included. 
 2.14
 “Final Average Compensation” shall mean a Participant’s highest average annual Compensation earned for Credited Service during any 36 consecutive months (or lesser actual period of receiving compensation) preceding the calendar month in which the Participant’s Credited Service ends. In determining a Participant’s 36 consecutive months of highest average annual Compensation, periods during which the Participant was not receiving Compensation shall be disregarded.
 2.15
 “Incentive Plan” or “Incentive Plans” shall have the meaning given such terms in Article I.
 2.16
 “Long-Term Incentive Compensation Awards” shall mean those awards under Incentive Plans which are intended to reward performance over a performance period of more than one year, including: (a) performance units, restricted stock and similar awards, whether in cash or shares, which by their terms do not vest within a year from the grant date ; and (b) stock 
 

 39
 

 

 

 options and stock appreciation rights. Annual bonus amounts payable in forms other than cash shall not be considered Long-Term Incentive Compensation Awards for purposes of this Plan.
 2.17
 “Make-Whole Benefit” shall mean the benefit described in Article IV.
 2.18
 “NU System Employee” means a person employed by NU or by any entity in which NU holds, directly or indirectly, more than a 50 percent voting interest, whether or not such entity is an Employer, but excluding any employee of any NSTAR Excluded Company.
 2.19
 “Participant” shall mean an Eligible Employee of the Employer who is eligible to participate in the Plan pursuant to Article III.
 2.20
 “Plan Administrator” shall mean the Plan Administrator, as defined in Part I of the SERP Program Document and, to the extent a trust is established in accordance with Article XI, the trustee of such trust, their respective duties to be subject to written agreement between such Plan Administrator and such trustee.
 2.21
 “Specified Employee” shall mean an Employee who, at any time during the 12-month period ending on the identification date, is a “specified employee” under Section 409A of the Code, as determined by the Committee or the Board.
 2.22
 “Target Benefit” shall mean the benefit described in Article V.
 ARTICLE III

PARTICIPATION
 3.1
 Make-Whole Benefit Participants: Each Eligible Employee shall be a Participant in the Plan with respect to the Make-Whole Benefit described in Article IV.
 3.2
 Target Benefit Participants: Each Eligible Employee with a title of Senior Vice President, or more senior ranking officer of the Employer, shall be a Participant in the Plan with respect to the Target Benefit described in Article V if approved by the Board for such 
 

 40
 

 

 

 participation before April 10, 2012. The Target Benefit shall be closed as of such date to all other employees.
 ARTICLE IV

MAKE-WHOLE BENEFIT
 If a Participant is a Make-Whole Benefit Participant described in Article III hereof and such Participant’s employment as an NU System Employee terminates after the Participant has satisfied the requirements for early, normal or deferred retirement under the Pension Plan, such Participant shall be entitled to receive from the Employer under this Article an annual benefit having a value equal to the excess, if any, of (a) over (b), where:
 (a)
 is the annual benefit that would be payable to the Participant under the Pension Plan, calculated (i) without the limitations imposed by Sections 401(a)(17) and 415 of the Code and (ii) by substituting the definition of “Compensation” set forth in this Plan for the definition of “Compensation” set forth in the Pension Plan, and
 (b)
 is the annual benefit payable to the Participant under the Pension Plan, calculated in accordance with the terms of the Pension Plan.
 For purposes of this Article IV, the annual benefit under the Pension Plan shall be determined as a 33 1/3% joint and survivor Annuity provided the Participant is married on his or her retirement date and the Participant’s spouse is his or her contingent annuitant, or in the form of a straight life Annuity if the Participant is not married on his or her retirement date or if a married Participant’s spouse is not his or her contingent annuitant (regardless of whether or not such benefits are actually paid in such form) commencing on the Benefit Commencement Date (whether or not the Pension Plan benefit is paid on such Benefit Commencement Date) and calculated in accordance with the assumptions provided in the Pension Plan for purposes of 
 

 41
 

 

 

 determining the accrued benefit thereunder with respect to Benefit Commencement Dates occurring on or after the Participant’s attainment of age 55.
 ARTICLE V

TARGET BENEFIT
 If a Participant is a Target Benefit Participant described in Article III hereof and such Participant’s employment as an NU System Employee terminates on or after attainment of age 60 (or earlier, if the Board so provides pursuant to Article X) and such Participant is then entitled to receive a vested benefit under the Pension Plan, such Participant shall be entitled to receive a benefit from the Employer under this Article having a value equal to the excess, if any, of (a) over (b), where:
 (a)
 equals a lifetime benefit in an annual amount equal to (i) 50 percent (60 percent in the case of a Participant whose participation in the Plan with respect to the Target Benefit is effective before February 1, 2005) of the Participant’s Final Average Compensation multiplied by (ii) the ratio of the Participant’s Credited Service at the date his or her Credited Service ends to twenty-five years (such ratio not to exceed one), which annual amount shall be reduced, if payment of the Target Benefit commences prior to the Participant’s attainment of age 65, with such reduction to be determined in accordance with the factors set forth in the Pension Plan applicable to retirement benefits of employees retiring on an early retirement date. Credited Service and age are to be determined for purposes of this subsection (a) after taking into account any additions to age and/or Credited Service pursuant to any retirement incentive program; and
 (b)
 equals the sum of (i) the annual benefit payable to the Participant under the Pension Plan plus (ii) the annual Make-Whole Benefit payable to the Participant pursuant to Article IV of this Plan, both such annual benefits expressed in the form of a 50% joint and 
 

 42
 

 

 

 survivor Annuity which is calculated on the basis that the unreduced form of payment is a 33 1/3% joint and survivor Annuity, provided the Participant is married on his or her retirement date and the Participant’s spouse is his or her contingent annuitant, or in the form of a straight life Annuity if the Participant is not married on his or her retirement date or if a married Participant’s spouse is not his or her contingent annuitant (regardless of whether or not such benefits are actually paid in such form) commencing on the Benefit Commencement Date (whether or not the Pension Plan benefit is paid on such Benefit Commencement Date).
 Notwithstanding the foregoing, if a Participant’s employment as an NU System Employee terminates on account of his or her Disability, such Participant’s Target Benefit hereunder shall be reduced (but not below zero) by the annual amount of benefits payable to the Participant under all group long term disability plans and policies of the Employer that are attributable to contributions made by the Employer.
 ARTICLE VI

PAYMENT OF MAKE-WHOLE AND TARGET BENEFIT
 The Make-Whole Benefit and the Target Benefit, if any, shall be paid to the Participant in the form of (x) a 50% joint and survivor Annuity, if the Participant is married on his or her Benefit Commencement Date, or (y) a straight life Annuity if the Participant is not married on his or her Benefit Commencement Date, in either case commencing on the first day of the month following the later of the month in which (i) the Participant’s employment as an NU System Employee terminates, or (ii) the month in which the Participant attains age 55. A Participant may instead select payment in the form of any Actuarially Equivalent Annuity made available under the Pension Plan at the Benefit Commencement Date, provided that such election is filed with the Plan Administrator before the Benefit Commencement Date.
 

 43
 

 

 

 

 With respect to the Make-Whole Benefit, for a married Participant whose spouse is the contingent annuitant, the life Annuity form of payment includes a fully subsidized 33 1/3% contingent Annuity to the Participant’s spouse, and other Annuity forms of payment available under the Pension Plan shall be calculated on the basis that the life Annuity with the fully subsidized 33 1/3% contingent Annuity to the Participant’s spouse is the normal form of benefit, before conversion. With respect to the Target Benefit, for a married Participant whose spouse is the contingent annuitant, the survivor benefit payable under the 50% joint and survivor Annuity form of payment shall be fully subsidized and other Annuity forms of payment available under the Pension Plan shall be calculated on the basis that the fully subsidized 50% joint and survivor Annuity is the normal form of benefit, before conversion. Notwithstanding the foregoing, no straight life Annuity form of payment is available with respect to the Make-Whole Benefit or the Target Benefit for a married Participant; only a life Annuity with a 33 1/3% contingent Annuity to the Participant’s spouse is payable. Both the Make-Whole Benefit and the Target Benefit must be paid in the same form of Annuity. The calculation of benefits payable under the various forms provided in this Article VI shall be determined substantially in accordance with the sample calculations set forth in Addenda 1, 2 and 3 to this Plan.
 Anything in this Plan to the contrary notwithstanding, payment to any Specified Employee upon termination of employment shall not commence until the date that is six months after the date of the Specified Employee’s separation from service (as determined by the Plan Administrator in accordance with the regulations issued under Section 409A of the Code) (or, if earlier, within 90 days of the date of death of such Specified Employee, in which case the provisions of Articles VII and VIII shall apply). Any payment due within such six-month period 
 

 44
 

 

 

 will be adjusted to reflect the deferred payment date by multiplying the payment by: the product of: (a) the interest discount rate used for financial accounting purposes to compute the present value liability of the Plan for its actuarial valuation for the plan year immediately preceding the Specified Employee’s termination of employment, and (b) a fraction, the numerator of which is the number of days by which such payment was delayed and the denominator of which is 365. The adjusted Annuity payments to which such Specified Employee would otherwise be entitled during such six months shall be accumulated and paid on the first Annuity payment date of the seventh month following termination of employment. The provisions of this paragraph to the contrary notwithstanding, a payment to or on behalf of a Participant shall be accelerated if payment is required to be made to an individual other than the Participant to fulfill a domestic relations order as defined in Section 414(p)(1)(B) of the Code.
 The provisions of this Article VI to the contrary notwithstanding, a payment to a Participant (or his or her designated beneficiary) may be delayed to a date after the designated Benefit Commencement Date if calculation of the amount of the payment is not administratively practicable due to events beyond the control of the Participant (or his or her designated beneficiary) and such delay is for reasons that are commercially reasonable, provided that payment is made as soon as payment is administratively practicable.
 ARTICLE VII

PRE-RETIREMENT DEATH BENEFIT WITH RESPECT TO
MAKE-WHOLE BENEFIT
 If the spouse of a Participant with respect to the Make-Whole Benefit is entitled to a pre-retirement death benefit under the Pension Plan, said spouse shall be entitled to receive from the Employer an annual death benefit under this Plan payable in the form of a straight life Annuity for the life of the spouse equal to the difference between: (a) the annual death benefit that would 
 

 45
 

 

 

 be payable to said spouse under the Pension Plan as of the later of the date on which the Participant would have attained age 55 and the date of the Participant’s death, but calculated based on the benefit described in clause (a) of Article IV, and (b) the annual death benefit payable to said spouse under the Pension Plan calculated on the assumption that such death benefit is payable as of the later of the date on which the Participant would have attained age 55 or the date of the Participant’s death. Payments of such pre-retirement death benefit with respect to the Participant’s Make-Whole Benefit shall commence on the first day of the month following the later of the date the Participant would have attained age 55 or 30 days after the date of the Participant’s death; provided, however, if the Participant had attained age 45 and completed 20 or more years of service under the Pension Plan at the date of death, payment shall be made not later than 30 days following the date of death.
 No death benefit with respect to a Make-Whole Benefit other than that set forth above shall be payable under this Plan if a Participant dies prior to the Participant’s Benefit Commencement Date.
 ARTICLE VIII

PRE-RETIREMENT DEATH BENEFIT WITH RESPECT TO TARGET BENEFIT
 If  (x) a Participant with respect to the Target Benefit should die after having become vested with respect to a Target Benefit but prior to the Participant’s Benefit Commencement Date, or at a time when he or she would have become vested upon termination of employment as an NU System Employee, in accordance with Article X, and (y) such Participant’s spouse is entitled to a death benefit under the Pension Plan, said spouse shall be entitled to receive a death benefit in the form of monthly payments for the life of the spouse in an amount equal to 50% of the Participant’s Target Benefit calculated on the assumption that the Target Benefit was payable as a straight life Annuity to a married Participant as of the later of the date on which the 
 

 46
 

 

 

 Participant would have attained age 55 and the date of the Participant’s death. Payment of such pre-retirement death benefit with respect to the Participant’s Target Benefit shall commence on the first day of the month following the later of the date the Participant would have attained age 55 or the date of the Participant’s death.
 No death benefit with respect to a Target Benefit other than that set forth above shall be payable under this Plan if a Participant dies prior to the Benefit Commencement Date.
 ARTICLE IX

POST-RETIREMENT DEATH BENEFIT
 No death benefit shall be payable under this Plan in the event of a Participant’s death following his or her Benefit Commencement Date except in accordance with the Annuity option elected by such Participant or pursuant to which benefits were automatically paid to such Participant as provided in Article VI. 
 ARTICLE X

FORFEITURE
 A Participant shall be vested and shall have a nonforfeitable right with respect to: (a) the Make-Whole Benefit if such Participant is a Make-Whole Benefit Participant under Article III hereof and such Participant terminates his or her employment as an NU System Employee after meeting the requirements for early, normal or deferred retirement under the Pension Plan, and (b) the Target Benefit if such Participant is a Target Benefit Participant under Article III hereof and such Participant’s employment as an NU System Employee terminates on or after attainment of age 60, or such earlier age established by the Board at the time the Employee’s eligibility for the Target Benefit is established. Notwithstanding the foregoing, if a Participant shall be discharged for Cause, or performs acts of willful malfeasance or gross negligence in a matter of material importance to the Employer, payments that thereafter would have been payable to the Participant 
 

 47
 

 

 

 or such Participant’s spouse or beneficiary may, at the sole discretion of the Plan Administrator, be forfeited, and the Employer shall have no further obligation hereunder to the Participant or such Participant’s spouse; provided, however, that the forfeiture provisions of this Article X, as such provisions apply to a Target Benefit, may be amended by the express terms of a written agreement, approved by the Plan Administrator, between Eversource and a Participant.
 ARTICLE XI

FUNDING
 Benefits payable under this Plan shall be “unfunded,” as that term is used in Sections 201(2), 301(a)(3), 401(a)(1) and 4021(a)(6) of the Employee Retirement Income Security Act of 1974, as amended, with respect to unfunded plans maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees, and the Plan Administrator shall administer this Plan in a manner that will ensure that benefits are unfunded and that Participants will not be considered to have received a taxable economic benefit prior to the time at which benefits are actually payable hereunder. Accordingly, the Employer shall not be required to segregate or earmark any of its assets for the benefit of Participants or their spouses or other beneficiaries, and each such person shall have only a contractual right against the Employer for benefits hereunder. The Company may from time to time establish a trust and deposit with the trustee thereof funds to be held in trust for the payment of benefits hereunder, provided, that the use of such funds for such purpose shall be subject to the claims of the Company’s general creditors as set forth in the agreement establishing any such trust. The rights and interests of a Participant under this Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge or encumbrance by a Participant or any person claiming under or through a Participant, nor shall they be subject to the debts, contracts, liabilities or torts of a Participant or anyone else prior to payment, except as otherwise 
 

 48
 

 

 

 provided in Article VI to fulfill a domestic relations order as defined in Section 414(p)(1)(B) of the Code.
 ARTICLE XII

ADMINISTRATION
 The Plan shall be administered by the Plan Administrator. The calculation of all benefits payable under the Plan shall be performed by the Plan Administrator. The Plan Administrator shall have the sole discretion to determine all questions arising in connection with the Plan, to interpret the provisions of the Plan and to construe all of its terms, to adopt, amend, and rescind rules and regulations for the administration of the Plan, and generally to conduct and administer the Plan and to make all determinations in connection with the Plan as may be necessary or advisable. All such actions of the Plan Administrator shall be conclusive and binding upon all Participants, former Participants, spouses and other persons.
 ARTICLE XIII

CLAIMS PROCEDURE
 The Plan Administrator shall make initial determinations with respect to all claims for benefits hereunder, in accordance with the provisions of Part I of the SERP Program Document. Notwithstanding the foregoing, if, with respect to a Participant, the forfeiture provisions of Article X are amended by the terms of a written agreement as provided in such Article, the claims procedure, if any, set forth in such written agreement shall supersede the claims procedure set forth in this Article and Part I of the SERP Program Document with respect to the Target Benefit of such Participant. 
 

 

 

 49
 

 

 

 ARTICLE XIV

ADOPTION BY EMPLOYER, OBLIGATIONS OF EMPLOYER
 (a)
 At the earliest feasible time or times, Eversource shall cause each entity other than an NSTAR Excluded Company in which it now or hereafter holds, directly or indirectly, more than a 50 percent voting interest and that has not less than 50 employees on its direct payroll to approve and adopt this Plan and, by such approval and adoption, to be bound by the terms hereof.  
 (b)
 Benefits under this Plan shall, in the first instance, be paid and satisfied by Eversource, whether from a trust set up as provided in Article XI or otherwise. If Eversource shall be dissolved or for any other reason shall fail to pay and satisfy such benefits, through such trust or otherwise, each individual Employer shall pay and satisfy its share of such benefits, such share to be the ratio of the Participant’s Compensation, as defined in this Plan, charged to such Employer during the three calendar years immediately preceding the year in which the Participant’s employment as an NU System Employee terminates to the total of the Participant’s Compensation charged to all Employers during the same period.
 (c)
 The Declaration of Trust of Eversource provides that no shareholder of Eversource shall be held to any liability whatever for the payment of any sum of money, or for damages or otherwise under any contract, obligation or undertaking made, entered into or issued by the trustees of Eversource or by any officer, agent or representative elected or appointed by the trustees and no such contract, obligation or undertaking shall be enforceable against the trustees or any of them in their or his individual capacities or capacity and all such contracts, obligations and undertakings shall be enforceable only against the trustees as such and every person, firm, association, trust and corporation having any claim or demand arising out of any 
 

 50
 

 

 

 such contract, obligation or undertaking shall look only to the trust estate for the payment or satisfaction thereof. Any liability for benefits under this Plan incurred by Eversource shall be subject to the foregoing provisions of this Subsection (c).
 ARTICLE XV

MISCELLANEOUS
 15.1
 Amendment or Termination. The Board or the Committee may amend or discontinue the Plan at any time; provided, however, that no amendment or discontinuation shall diminish the Employer’s obligation to provide any benefits accrued to the date of such amendment or discontinuation. For purposes of the foregoing, “benefits accrued” shall mean the value of a Participant’s benefit under the Plan, as of the date of amendment or discontinuation of the Plan: (a) with respect to Make-Whole Benefit Participants described in Article HI, based upon such Participant’s Compensation, Final Average Compensation, Credited Service and Pension Plan benefit as of such date, and (b) with respect to Target Benefit Participants described in Article III, based upon such Participant’s Final Average Compensation, Credited Service, Pension Plan benefit and Make-Whole Benefit as of such date. A Participant with an accrued but unvested benefit under the Plan as of the date of amendment or discontinuation of the Plan shall become vested with respect to such benefit upon such Participant’s satisfaction of the requirements of Article IV or V, as the case may be. Notwithstanding the foregoing, it is intended that no such amendment or discontinuation of the Plan shall cause any payment that a Participant or spouse is entitled to receive under this Plan to become subject to an income tax penalty or interest under Section 409A of the Code and no such discontinuation of the Plan may be effected except in accordance with Section 1.409A-3(j)(4)(ix) of the Treasury Regulations (or applicable successor regulatory guidance).
 

 51
 

 

 

 15.2
 Cost of Living Adjustments. Cost of living adjustments applicable to a Participant’s benefit under the Pension Plan after the date of determination of the benefits under this Plan shall not affect the amount of the benefits under this Plan, and the provision of such adjustments under the Pension Plan shall not in any way obligate the Employer to provide an equivalent adjustment with respect to the benefits under this Plan.
 15.3
 Headings. Headings are included in the Plan for convenience only and are not substantive provisions of the Plan. 
 15.4
 Applicable Law. The interpretation of the provisions and the administration of the Plan shall be governed by the laws of the State of Connecticut. Anything in this Plan to the contrary notwithstanding, the terms of this Plan shall be interpreted and applied in a manner consistent with the requirements of Section 409A of the Code and the Treasury Regulations thereunder and the Employer shall make best efforts to make any payment under this Plan except to the extent such action would not subject any Participant or spouse to the payment of any tax penalty or interest under Section 409A of the Code. The Employer shall have no obligation, however, to reimburse a Participant or spouse for any tax penalty or interest payable or provide a gross-up payment in connection with any tax liability of a Participant or spouse under Section 409A of the Code except that this provision shall not apply in the event of the Employer’s negligence or willful disregard in interpreting the application of Section 409A of the Code to the Plan which negligence or willful disregard causes the Participant or spouse to become subject to a tax penalty or interest payable under Section 409A of the Code, in which case the Employer will reimburse the Participant or spouse, as the case may be, on an after-tax basis for any such tax penalty or interest not later than the last day of the taxable year next following the taxable year in which the Participant or spouse remits the applicable taxes and interest.
 

 52
 

 

 

 IN WITNESS WHEREOF, Eversource has caused this Plan, which consists of the 409A Plan and the Grandfathered Plan, to be approved substantially in the form as attached hereto and executed pursuant to authority duly delegated by its Compensation Committee.
 

 

 

 By: /S/ CHRISTINE M. CARMODY
 Senior Vice President- Human Resources 
 Eversource Energy Service Company
 

 

 53Converted by EDGARwiz

  

 EXHIBIT 10.6

 

 

 

 

 Eversource Deferred Compensation Plan
 

 

 

 

 Effective January 1, 2014
 Restatement Date July 1, 2015
 

 

 

 ARTICLE 1
PURPOSE
 The purpose of the Eversource Deferred Compensation Plan (the “Plan”) is to provide a means whereby the Company (as hereinafter defined) may afford increased financial security, on a tax-favored basis, to non-employee trustees, and a select group of “key management or other highly compensated employees” who render valuable services important to the Company’s continued growth and success, and who the Company desires to recruit and retain and encourage such productive efforts.  This document represents a merger of the (1) Northeast Utilities Deferred Compensation Plan for Executives, (2) Northeast Utilities Deferred Compensation Plan for Trustees, (3) NSTAR Deferred Compensation Plan (Executives) and (4) NSTAR Deferred Compensation Plan for Trustees (together, the “Merged Plans”), effective as of January 1, 2014, and also reflects the change of the parent company’s name from Northeast Utilities to Eversource Energy.  Amounts deferred under any of the Merged Plans prior to January 1, 2014 will be subject to the terms and conditions of this Plan, to the extent permissible under Section 409A of the Code (as hereinafter defined) and not otherwise in conflict with the terms and conditions of the prior deferrals under the Merged Plans.  
 The Plan is intended to constitute an unfunded “top hat” plan within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  As a top hat plan, the Plan is not subject to the eligibility, vesting, funding or fiduciary responsibility requirements of ERISA.
 ARTICLE 2
DEFINITIONS
 “Account” means, with respect to a Participant, the account, including any subaccounts, established on the books of account of the Company to record the Participant’s interest in the Plan.
 “Affiliate” means each direct and indirect affiliated company that as of January 1, 2014 directly or through one or more intermediaries, is controlled by, or is under common control with Eversource Energy.
 “Applicable Percentage” means the applicable percentage used for K-Vantage Savings Plan Contributions for a particular Plan Year.
 “Beneficiary” means the person or persons properly designated as such in accordance with the Plan.
 “Board” means the Eversource Energy Board of Trustees.
 “Bonus” means annual cash bonus compensation under the Incentive Plan or any other Company incentive plan for a particular Plan Year before deferral pursuant to this Plan or pursuant to any agreement or any other plan of the Company whereby compensation is deferred, including, without limitation, a plan whereby compensation is deferred in accordance with Code Section 401(k) or reduced in accordance with Code Section 125.
 

 1
 

 “Bonus Deferral” means that portion of Bonus properly deferred hereunder.
 “Bonus Deferral Account” means the Plan Account holding Bonus Deferrals and any earnings thereon.
 “Change of Control” means the happening of any of the following:
 (A)
 When any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), other than the Company, its Affiliates, or any Company or Eversource Energy employee benefit plan (including any trustee of such plan acting as trustee), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Eversource Energy representing more than 20% of the combined voting power of either (i) the then outstanding common shares of Eversource Energy (the “Outstanding Common Shares”) or (ii) the Voting Securities; or
 (B)
 Individuals who, as of the beginning of any twenty-four month period, constitute the Trustees (the “Incumbent Trustees”) cease for any reason to constitute at least a majority of the Trustees or cease to be able to exercise the powers of the majority of the Trustees, provided that any individual becoming a trustee subsequent to the beginning of such period whose election or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the trustees then comprising the Incumbent Trustees shall be considered as though such individual were a member of the Incumbent Trustees, but excluding, for this purpose, any such individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the Trustees of Eversource Energy (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act); or
 (C)
 Consummation by Eversource Energy of a reorganization, merger or consolidation (a “Business Combination”), in each case, with respect to which all or substantially all of the individuals and entities who were the respective beneficial owners of the Outstanding Common Shares and Voting Securities immediately prior to such Business Combination do not, following consummation of all transactions intended to constitute part of such Business Combination, beneficially own, directly or indirectly, more than 75% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation, business trust or other entity resulting from or being the surviving entity in such Business Combination in substantially the same proportion as their ownership immediately prior to such Business Combination of the Outstanding Common Shares and Voting Securities, as the case may be; or
 

 2
 

 

  
 (D)
 Consummation of a complete liquidation or dissolution of Eversource Energy or sale or other disposition of all or substantially all of the assets of Eversource other than to a corporation, business trust or other entity with respect to which, following consummation of all transactions intended to constitute part of such sale or disposition, more than 75% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, is then owned beneficially, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Common Shares and Voting Securities immediately prior to such sale or disposition in substantially the same proportion as their ownership of the Outstanding Common Shares and Voting Securities, as the case may be, immediately prior to such sale or disposition.
 “Cash Retainer” means the annual cash retainer payable to a Trustee for Board service, excluding reimbursement of travel and other incidental expenses incurred for the Company’s benefit and in the course of rendering services to the Company.
 “Cash Retainer Deferral” means that portion of a Trustee Cash Retainer properly deferred hereunder.
 “Cash Retainer Deferral Account” means the Plan Account holding Cash Retainer Deferrals and any earnings thereon.
 “Code” means the Internal Revenue Code of 1986, as amended from time to time.
 “Committee” means the Board’s Compensation Committee or its delegate.
 “Company” means Eversource Energy, a Massachusetts voluntary association, and any Affiliate which is authorized by the Board to adopt the Plan and cover its Eligible Employees and whose designation as such has become effective upon acceptance of such status by the board of directors of the Affiliate.  An Affiliate may revoke its acceptance of such designation at any time, but until such acceptance has been revoked, all the provisions of the Plan, including the authority of the Board, the Committee and Plan Administrator, and amendments thereto shall apply to the Eligible Employees of the Affiliate.  In the event the designation is revoked by the board of directors of an Affiliate, the Plan shall be deemed terminated only with respect to such Affiliate and subject to compliance with Code Section 409A.  
 “Disabled” or “Disability” means that a Participant is (A) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (B) receiving long-term disability benefits under the Employer’s LTD Plan for a period of not less than three months by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, in each case, consistent with the requirements for a “disability” for purposes of Code Section 409A.  
 

 3
 

 

 “Earnings Crediting Options” means the options for crediting earnings to Accounts described herein.
 “Eligible Employee” means an Employee who is a member of the group of selected management and/or highly compensated Employees of the Company designated by the Plan Administrator as eligible to participate in the Plan other than an individual the Company treats as an independent contractor (and an individual shall be treated as an independent contractor if payment for the individual’s services is memorialized on a Form 1099 rather than Form W-2) or any individual who has signed an agreement with the Company stating that the individual is not eligible to participate in the Plan.
 “Eligible Trustee” means any person serving as an Eversource Energy Trustee for a particular Plan Year.
 “Employee” means any person employed by the Company on a regular full-time salaried basis.
 “Employee Participant” means an Eligible Employee who properly enrolls in or automatically is deemed to have enrolled in the Plan.
 “End Termination Date” means the date of termination of Service with the Company and its Affiliates, as determined by the Plan Administrator with reference to Treasury Regulations Section 1.409A-1(h).
 “Enrollment Agreement” means such properly completed, executed and filed form(s) as may be required by the Plan Administrator to make deferrals hereunder.
 “Equity Award” means a stock-based award granted under the Incentive Plan, other than a stock option or stock appreciation right award.
 “Equity Award Deferral” means that portion of an Equity Award properly deferred hereunder.
 “Equity Award Deferral Account” means the Plan Account holding Equity Award Deferrals and any earnings thereon.
  “Incentive Plan” means the Eversource Incentive Plan, as amended from time to time, and/or the NSTAR 2007 Long-Term Incentive Plan, as amended from time to time, or their successors.
 “K-Vantage Compensation” means compensation used to determine K-Vantage Savings Plan Contributions for a particular Plan Year, but without imposing the Code Section 401(a)(17) limits or excluding from Savings Plan compensation any amounts deferred under this or any other nonqualified deferred compensation plan.
 

 4
 

 “K-Vantage Deferrals” means Company K-Vantage Make-Whole Contributions credited to a Participant’s K-Vantage Deferral Account under this Plan.
 “K-Vantage Deferral Account” means the Plan Account holding K-Vantage Deferrals and any earnings thereon.
 “K-Vantage Employee” means an Eligible Employee who receives K-Vantage Savings Plan Contributions.
 “K-Vantage Make-Whole Contributions” means Company make-whole contributions under Article 5.
 “K-Vantage Savings Plan Contributions” means K-Vantage contributions under the Savings Plan for a particular Plan Year.
 “LTD Plan” means the applicable Company Long-Term Disability Plan, as amended from time to time.
  “Participant” means a Trustee Participant or an Employee Participant.
 “Plan” means this Eversource Deferred Compensation Plan, as amended from time to time.
 “Plan Administrator” means the Senior Vice President - Human Resources of Eversource Energy Service Company, or his or her delegate or successor.
 “Plan Year” means the 12 month period beginning on each January 1 and ending on the following December 31.
 “Retirement” means:  (A) a Trustee’s termination of Service on the Board, or (B) an Employee’s termination of Service with the Company, other than for “cause” as determined by the Plan Administrator, on or after the earlier to occur of:
 (a)
 attainment of age 65,
 (b)
 eligibility for pension payments under the applicable Company non-qualified supplemental retirement plan (as amended from time to time) or employment related agreement, or
 (c)
 attainment of age 55 after completing at least 10 Years of Service.
 “Retirement Plan” means the Eversource Pension Plan, as amended from time to time.
 “Salary” means annual cash base salary for a particular Plan Year, before deferral pursuant to this Plan or any agreement or any other plan of the Company whereby compensation is deferred (including, without limitation, a plan whereby compensation is deferred in accordance with Code Section 401(k) or reduced in accordance with Code Section 125), and excluding any special compensation such as overtime, bonus payments, disability insurance benefits, severance 
 

 5
 

 pay or other similar distributions and Company or Affiliate contributions under any employee benefit plan or program.
 “Salary Deferral” means that portion of Salary properly deferred hereunder.
 “Salary Deferral Account” means the Plan Account holding Salary Deferrals and earnings thereon.
 “Savings Plan” means the Eversource 401k Plan, as amended from time to time.
 “Service” means:  (A) the period of time a Trustee serves as a Board member, and (B) the period of an Employee’s vesting Service credited under the Retirement Plan, or, for a K-Vantage Employee, under the Savings Plan.  
 “Specified Employee” means an Employee who, at any time during the 12-month period ending on the identification date, is a “specified employee” under Section 409A of the Code, as determined by the Committee or the Board.  
 “Trustee” means a non-employee member of the Board.
 “Trustee Participant” means an Eligible Trustee who properly enrolls in or automatically may be deemed enrolled in the Plan.
 “Unforeseeable Emergency” means a severe financial hardship of a Participant resulting from:  (A) an illness or accident of the Participant or the Participant’s spouse or dependent as defined in Code Section 152 without regard to Section 152(b)(1), (b)(2) and (d)(1)(B); (B) a loss of the Participant’s property due to casualty; or (C) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  Whether a Participant has an Unforeseeable Emergency shall be determined by the Plan Administrator on the basis of all relevant facts and circumstances and with reference to Treasury Regulations Section 1.409A-3(i)(3).
 “Vesting” or “Vested” refers to the time after which deferrals and their related earnings become non-forfeitable as provided herein.
 “Voting Securities” means the common shares of Eversource Energy, par value $5.00, or any successor security of Eversource Energy which carries the right to vote generally in the election of the Board.
 “Year of Service” means each year of credited service recognized for determining vesting in a Participant’s accrued benefit under the Retirement Plan or, for a K-Vantage Employee, in K-Vantage Contributions under the Savings Plan.
 

 

 

 6
 

 ARTICLE 3
ADMINISTRATION OF THE PLAN
 The Plan Administrator is hereby authorized to administer the Plan and establish, adopt, or revise such rules as it may deem necessary or advisable for the administration of the Plan.  The Plan Administrator shall have discretionary authority to construe and interpret the Plan, to make determinations, including factual determinations, and to determine the rights, if any, of Participants and Beneficiaries under the Plan, which shall be final and binding upon any Participant and Beneficiary affected thereby.  The Plan Administrator and members of the Committee shall be eligible to participate in the Plan while serving as such, but no such person shall vote or act upon any matter which relates solely to such person’s interest in the Plan as a Participant.  
 ARTICLE 4
ELECTIONS TO PARTICIPATE
 4.1
 Elections to Participate.  Eligible Trustees and Eligible Employees designated by the Plan Administrator may elect to participate in the Plan, or automatically may be deemed to elect participation in the Plan, as provided herein and in accordance with such rules as may be established by the Plan Administrator.
 4.2
 Irrevocable Elections.  Except as otherwise provided herein and permitted by Code Section 409A, all deferral elections under the Plan shall be irrevocable.
 4.3
 Affirmative Annual Elections.  Annually, Eligible Trustees and Eligible Employees may elect to participate in the Plan by filing such completed and fully executed Enrollment Agreement as may be required by the Plan Administrator before the end of the year preceding the Plan Year for which the deferral is to occur.  Said Enrollment Agreement shall include:  (A) an election as to the portion of any Salary, Bonus, Cash Retainer, Equity Award or other amount approved by the Plan Administrator (as applicable) that will be deferred for such Plan Year (in each case after applicable non-deferrable payroll tax deductions), and (B) an election as to the form and timing of distribution of Vested Accounts (and any earnings thereon) in accordance with the Plan, unless an automatic election as to form or timing applies hereunder.
 4.4
 Affirmative Mid-Year Elections.
 (A)
 Mid-Year Eligible Trustees.  The Plan Administrator may permit a Trustee who first becomes an Eligible Trustee after the beginning of a Plan Year to elect to participate in the Plan with respect to the Cash Retainer for that Year by filing an Enrollment Agreement before or within 30 days after the date of such eligibility.  Such an Enrollment Agreement shall not apply to any Cash Retainer amounts paid before the date such Enrollment Agreement is filed.
 (B)
 Mid-Year Eligible Employees.  The Plan Administrator may permit an Employee who first becomes an Eligible Employee after the beginning of a Plan Year to file an Enrollment Agreement before or within 30 days following the date of such eligibility.  Such an Enrollment Agreement shall not apply to:  (i) Base Salary paid before the date such Enrollment Agreement is filed, (ii) Bonus Compensation paid for Service performed before such date, or (iii) Equity Awards granted before such date.  
  
  
 7
  
  
  
  
 4.5
 Automatic Elections.  
 (A)
 Trustee Equity Award Retainers.  An Eligible Trustee automatically shall be deemed to elect deferral of any annual Equity Award granted as part of the retainer for Board service for any Plan Year.  
 (B)
 Employee K-Vantage Make-Whole Contributions.  A K-Vantage Employee automatically shall be deemed to elect deferral of any K-Vantage Make-Whole Contributions made hereunder for any Plan Year.
 4.6
 Cancellation of Deferral Elections.
 (A)
 Employee Participants.  An Employee Participant’s election for a particular Plan Year shall terminate as to all further deferrals for such Plan Year other than K-Vantage and Equity Award Deferrals if such Participant:  (i) must terminate such election to obtain a hardship distribution during such Plan Year under a qualified retirement plan that includes a cash or deferred arrangement under Code Section 401(k) as required by Treasury Regulations Section 1.401(k)-1(d)(3), (ii) becomes Disabled during such Plan Year, or (iii) receives an Emergency Benefit (as defined in Section 6.3(B)) under the Plan during such Plan Year.
 (B)
 Trustee Participants.  A Trustee Participant’s Cash Retainer Deferral elections for a Particular Year shall terminate as to further deferrals for such Plan Year if such Participant (i) becomes Disabled during such Plan Year, or (ii) receives an Emergency Benefit under the Plan during such Plan Year.
 ARTICLE 5
ACCOUNTS
 5.1
 Accounts.  The Plan Administrator shall establish and maintain Accounts for Participants’ Salary Deferrals, Bonus Deferrals, K-Vantage Deferrals, Cash Retainer Deferrals, Equity Award Deferrals and any other deferrals or credited amounts permitted by the Plan Administrator hereunder.  Such deferrals, and any earnings thereon, shall be credited to Accounts as provided herein.  Accounts shall be reduced by amounts distributed to the Participant or Beneficiary or deducted hereunder.
 5.2
 Employee Participant Accounts:  Crediting and Vesting of Deferrals.
 (A)
 Crediting and Vesting of Salary and Bonus Deferrals.  Salary Deferrals and Bonus Deferrals shall be credited to an Employee Participant’s Account in accordance with the process determined by the Plan Administrator.  Such amounts and any earnings thereon shall be 100% Vested as of the date so credited.
 (B)
 Crediting and Vesting of K-Vantage Deferrals.  The Company shall make K-Vantage Make-Whole Contributions to the Plan on behalf of a K-Vantage Employee.  Such K-Vantage Make-Whole Contributions shall equal the Applicable Percentage for such Plan Year multiplied by K-Vantage Compensation for such Year, reduced by K-Vantage Savings Plan Contributions.  K-Vantage Make-Whole Contributions hereunder will be credited to such Employee’s K-Vantage Deferral Account at least once per year on the date(s) determined by the 
 

 8
 

 Plan Administrator.  Such K-Vantage Make-Whole Contributions and any earnings thereon shall become Vested at the same time as such Employee’s K-Vantage Savings Plan Contributions.
 (C)
 Crediting and Vesting of Equity Award Deferrals.  Equity Award Deferrals shall be credited to an Employee Participant’s Account as of the date such Awards are granted.  Such Awards and any earnings thereon shall become Vested in accordance with their terms and the applicable Incentive Plan.  
 5.3
 Trustee Participant Accounts:  Crediting and Vesting of Deferrals.
 (A)
 Crediting and Vesting of Cash Retainer Deferrals.  Cash Retainer Deferrals shall be credited to a Trustee Participant’s Account in accordance with the process determined by the Plan Administrator.  Such amounts shall be 100% Vested as of the date so credited.
 (B)
 Crediting and Vesting of Equity Awards Deferrals.  Equity Award Deferrals shall be credited to a Trustee Participant’s Account as of the date such Awards are granted.  Unless otherwise provided by the Board or the Committee, such amounts shall be 100% Vested as of the date so credited.  
 5.4
 Crediting of Earnings to Accounts.
 (A)
 Cash-Based Deferral Accounts.  All Accounts other than Equity Award Accounts and such other Accounts as may be designated by the Plan Administrator shall be credited with earnings in accordance with the Earnings Crediting Options elected by the Participant for such Accounts from time to time until such Accounts are paid out in full.  Participants may allocate such Accounts among the Earnings Crediting Options available under the Plan in such percentages as may be permitted by the Plan Administrator.  The deemed rate of return, positive or negative, credited under each Earnings Crediting Option shall be based upon the actual investment performance of such Savings Plan or other investment funds as may be selected by the Plan Administrator in its sole discretion for inclusion in this Plan from time to time, and shall equal the total return of such investment funds net of asset based charges, including, without limitation, money management fees and fund expenses.  A Participant may change Earnings Crediting Options at such times and in such amounts as may be permitted by the Plan Administrator in its sole discretion.  The Company reserves the right, on a prospective basis, to add or delete Earnings Crediting Options as deemed appropriate by the Plan Administrator in its sole discretion.  In the event of such deletion, a Participant may, on or about the date thereof, reallocate amounts invested in such Option, and any amounts to be credited thereto in the future, among the remaining Earnings Crediting Options.
 (B)
 Equity Award Deferral Accounts.  Participant Equity Award Deferral Accounts and any earnings thereon shall at all times be deemed invested in Voting Securities, and any deemed dividends shall be deemed reinvested in additional Voting Securities, unless otherwise permitted by the Plan Administrator (for Employee Participants) or the Committee (for Trustee Participants).
 In the event of a stock split, stock dividend, reclassification, reorganization or other capital adjustment in the Voting Securities, the number of deemed shares of Voting Securities 
 

 9
 

 then credited to a Participant’s Account shall be adjusted in the same manner as the shares of Voting Securities are adjusted.
 5.5
 No Company Investment Obligation.  Notwithstanding that earnings credited to Participant Accounts are based upon the actual performance of certain corresponding investment funds or Voting Securities, the Company shall not be obligated to actually invest any amount deferred hereunder in any corresponding or other investment funds or securities.
 5.6
 Valuation of Accounts.
 (A)
 Valuation of Cash-Based Accounts.  The value of a Salary Deferral Account, Bonus Deferral Account, K-Vantage Deferral Account and Cash Retainer Deferral Account as of any date shall equal the amounts theretofore credited to such Account, including any earnings (positive or negative) deemed to be earned on such Account hereunder, through the business day preceding such date, less amounts previously deducted from such Account.
 (B)
 Valuation of Equity-Based Accounts.  The number of Voting Securities in an Equity Award Deferral Account shall equal the number of shares of Voting Securities credited thereto, plus the number of such shares deemed purchased by reinvesting the earnings on previously credited Voting Securities, less amounts previously deducted from such Account.  The value of such Voting Securities as of any date shall be based on the closing market price reported on the New York Stock Exchange on the business day preceding such date.
 5.7
 Account Statements.  A statement of account to shall be provided to each Participant with respect to the Participant’s Account, at such times and in such form as determined appropriate by the Plan Administrator.
 ARTICLE 6
FORM AND TIMING OF DISTRIBUTIONS
 6.1
 Election of Distribution Form.  All distributions from all Accounts hereunder shall be made in the form of a single lump sum unless otherwise permitted by the Plan Administrator and properly elected in the Participant’s Enrollment Agreement.  Except as otherwise provided herein, a Participant’s elections as to the form of any distribution under the Plan shall be irrevocable in accordance with the requirements of Code Section 409A.
 6.2
 Election of Distribution Timing.
 (A)
 Affirmative Elections by Employee Participants, and by Trustee Participants for Cash Retainer Deferrals.  All distributions from all Employee Participant Accounts and Trustee Participant Cash Retainer Deferral Accounts hereunder shall be made upon a Participant’s End Termination Date unless otherwise permitted by the Plan Administrator and properly elected in the Participant’s Enrollment Agreement.  No Enrollment Agreement shall elect a distribution date sooner than 3 years after the Plan Year for which the deferral is to occur (or earlier termination of Service).
 

  
  
 10
  
  
  
  
 

  
 (B)
 Automatic Election by Trustee Participants for Equity Award Deferrals.  Trustee Participants automatically shall be deemed to elect distribution of Equity Award Deferral Accounts upon Retirement.
 (C)
 Irrevocable Elections.  Except as otherwise provided herein, a Participant’s elections as to the timing of any distribution under the Plan shall be irrevocable.  
 6.3
 Exceptions Where Participant Form and/or Timing Elections Inapplicable.
 (A)
 Permissible Change in Election.  Notwithstanding anything herein to the contrary, and to the extent permitted by the Plan Administrator in its sole discretion and Code Section 409A, a Participant may elect to change the affirmatively elected form and/or timing shown on the Enrollment Agreement, subject to the following conditions:  
 (i)
 No such change in election shall be effective until 12 months after the date the changed Enrollment Agreement is filed with the Plan Administrator;
 (ii)
 Except in the event of payment upon death, any changed Enrollment Agreement must be filed with the Plan Administrator at least 12 months before the earliest date on which any deferrals (and earnings thereon) could be payable pursuant to the Participant’s last election;
 (iii)
 Except in the event of payment upon death, the newly elected distribution date shall be at least five years from the distribution date elected in the Participant’s last election.  An installment form of payment shall be treated as an entitlement to a single payment in accordance with the provisions of the Treasury Regulations and such five-year delay shall apply to all payments under the installment form.
 (B)
 Emergency Benefit.  Notwithstanding anything herein to the contrary, in the event that the Plan Administrator, upon written request of a Participant, determines in its sole discretion that the Participant has suffered an Unforeseeable Emergency, the Company shall within 90 days of such determination make a lump sum cash payment to the Participant from the Participant’s Salary, Bonus, Vested K-Vantage Deferral and/or Cash Retainer Accounts in an amount reasonably necessary to meet the Unforeseeable Emergency (which may include amounts necessary to pay any Federal, State or local income taxes or penalties reasonably anticipated to result from the distribution), provided that such Unforeseeable Emergency may not be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or by cessation of deferrals under the Plan or any other retirement plan maintained by the Company (the “Emergency Benefit”).  
 (C)
 Acceleration of Payment.  Unless prohibited by Code Section 409A, Plan distributions shall be accelerated:
 (i)
 if payment is required to be made to an individual other than the Participant to fulfill a domestic relations order as defined in Section 414(p)(1)(B) of the Code; or
  
  
 11
  
  
  
 (ii)
 if the aggregate amount of a Participant’s Vested Account on the End Termination Date is less than $250,000, in which case such Account shall be distributed in a single lump sum within 90 days of such date or on such later date as may be required by Code Section 409A.
 (D)
 Disability.  In the event a Participant becomes Disabled during the Participant’s Service, such Participant’s Vested Account shall be distributed as of the date of Disability and any portion of the Participant’s Account that is not vested as of the date of the Disability will be forfeited.  
 (E)
 Code Section 409A Delay.  Notwithstanding anything herein to the contrary, (i) payment to any Specified Employee shall be made no earlier than the seventh month after the End Termination Date (or upon death if earlier), and (ii) no distribution shall be made earlier than the date otherwise permitted by Code Section 409A.
 (F)
 Distribution following Change of Control.  If a Participant terminates Service for any reason within two years following a Change of Control that qualifies as a “change in control event” under Treasury Regulations Section 1.409A-3(i)(5), notwithstanding anything else herein to the contrary, such Participant’s Account, whether Vested or not, shall be distributed in a single lump sum within 90 days following such Participant’s End Termination Date or such later date as may be required by Code Section 409A. 
 6.4
 Payment and Valuation of Distributions.  
 (A)
 Lump Sum Distributions.  Lump sum distributions hereunder shall be made within 90 days of the applicable distribution date and in an amount equal to the Vested value of the Participant’s Account as of the elected distribution date.
 (B)
 Installments Distributions.  Annual installment distributions shall commence to be made (i) in the case of a Participant’s permitted election to receive distribution on a specified distribution date, within 90 days of January 1 of each calendar year in the installment period elected in a Participant’s Enrollment Agreement, and (ii) in the case of a Participant’s election to receive distribution upon termination of Service, in the calendar month following the calendar month in which such Participant’s End Termination Date occurs.  The amount of each installment shall equal:  (A) the Vested value of the Participant’s Account as of the business day before the installment distribution date, divided by (B) the number of installments so elected.
 (C)
 Form of Payment.  All Equity Award Deferral Accounts under the Plan will be distributed in the form of Voting Securities and all other Accounts will be distributed in the form of cash. 
 6.5
 Distributions of Less than Entire Account Balance.  Distribution of less than a Participant’s entire Account balance shall be made pro rata from each of the Earnings Crediting Options to which such Account is then allocated.
 

 12
 

 ARTICLE 7
SURVIVOR BENEFITS
 7.1
 Designation of Beneficiary.  Each Participant may designate one or more Beneficiaries as permitted by the Plan Administrator to receive any distributions due following the Participant’s death.  Such designation shall be made on such properly completed and executed and filed forms as may be required by the Plan Administrator, and shall be effective when received by the Plan Administrator.  Such designation may be changed or canceled at any time without the consent of any such Beneficiary on such properly completed and executed and filed forms as may be required by the Plan Administrator, and shall not be effective until received by the Plan Administrator.  If no Beneficiary has been named, or the designated Beneficiary or Beneficiaries shall have predeceased the Participant, the Beneficiary shall be the Participant’s Savings Plan beneficiary, or, if none, the Participant’s estate.  If a Participant designates more than one Beneficiary, the interests of such Beneficiaries shall be paid in equal shares unless the Participant has specifically designated otherwise.
 7.2
 Death of Participant Before Distribution Begins.  If a Participant dies before Account distribution begins, distribution shall be made to the Participant’s Beneficiary(ies) in a single lump sum within 90 days after death unless the Participant’s Enrollment Agreement provides for distribution to Beneficiary(ies) at the same time time/form as if the Participant had survived.
 7.3
 Death of Participant After Installment Distributions Begin.  In the event of a Participant’s death after Account installment distributions begin, any remaining installments shall be paid to the Participant’s Beneficiary(ies) at the same time/form as if the Participant had survived.
 7.4
 Changes to Earnings Crediting Options.  In the event of a deferred Beneficiary distribution hereunder, such Beneficiary may make changes to Earnings Crediting Options to the same extent that the Participant could have made such changes during the deferral period.
 ARTICLE 8
MISCELLANEOUS
 8.1
 Amendment and Termination.  The Plan may be amended, suspended, discontinued or terminated at any time by the Board or Committee; provided, however, that (A) no such amendment, suspension, discontinuance or termination, unless required under statute, regulation, or rule of a governing or administrative body having the effect of a statute or regulation, shall reduce or in any manner adversely affect the rights of any Participant with respect to benefits that are payable or may become payable under the Plan based upon the balance of the Participant’s Account as of the effective date of such amendment, suspension, discontinuance or termination; (B) no such amendment, suspension, discontinuance or termination shall cause any payment that a Participant or Beneficiary is entitled to receive under this Plan to become subject to an income tax penalty under Code Section 409A; and (C) no such discontinuation or termination of the Plan may be effected except in accordance with Treasury Regulations Section 1.409A-3(j)(4)(ix).  The Plan Administrator is hereby authorized to make 
 

 13
 

 ministerial or administrative amendments as he or she deems necessary or advisable to carry out the proper and efficient administration of the Plan, or to conform to applicable law or regulation.
 8.2
 Claims Procedure.  
 (A)
 Filing a Claim for Benefits.  A Participant or other person entitled to benefits under the Plan (or the authorized representative of such Participant or other person) may make a claim for benefits by filing a request with the Plan Administrator.  Such request shall be made by such written, telephonic or electronic means as shall be prescribed by the Plan Administrator.  All such claims must be submitted within the "applicable limitations period."  The "applicable limitations period" shall be six (6) years, beginning on (a) in the case of any payment, the date on which the payment was made, or (b) for all other claims, the date on which the action complained of occurred.  Additionally, upon denial of an appeal pursuant to Subsection (D), a Participant or such other person shall have six (6) years within which to bring suit against the Plan for any claim related to such denied appeal; any such suit initiated after such six (6) year period shall be precluded.
 (B)
 Notice of Denial of Claim.  If a claim is wholly or partially denied, the Plan Administrator shall furnish the claimant with written or electronic notification of the adverse benefit determination.  Any electronic notification shall comply with the standards imposed by 29 C.F.R. Section 2520.104(b)-1(e)(1)(0, (iii) and (iv). The notification shall set forth in a manner calculated to be understood by the claimant:
 (i)
 the specific reason or reasons for the adverse benefit determination;
 (ii)
 reference to the specific Plan provisions on which the determination is based;
 (iii)
 a description of any additional material or information necessary for the claimant to perfect his or her claim and an explanation of why such material or information is necessary; and
 (iv)
 a description of the Plan’s procedures for review of an adverse benefit determination and the time limits applicable to such procedures, including a statement of the claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review.
 Such notification shall be furnished to the claimant within ninety (90) days after receipt of his or her claim, unless special circumstances require an extension of time for processing such claim.  If an extension of time for processing is required, the Plan Administrator shall, prior to the termination of the initial ninety (90) day period, furnish the claimant with written notice indicating the special circumstances requiring an extension of time and the date by which the Plan Administrator expects to render the benefit determination.  In no event shall an extension exceed a period of ninety (90) days from the end of the initial ninety (90) day period.
 (C)
 Appeal of Denied Claim.  A claimant or his or her authorized representative may appeal an adverse benefit determination by filing a written request for review with the Advisory Committee (as such term is defined in the Northeast Utilities Service Company 401k 
 

 14
 

 Plan) within sixty (60) days after receipt by the claimant of the notification of such adverse benefit determination.  A claimant or his or her duly authorized representative:
 (i)
 may submit to the Advisory Committee written comments, documents, records, and other information relating to the claim for benefits; and
 (ii)
 shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant's claim for benefits.
 The Advisory Committee's review of any adverse benefit determination shall take into account all comments, documents, records and other information submitted by the claimant or his or her authorized representative relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.
 (D)
 Decision on Appeal.  The Advisory Committee shall provide the claimant with written or electronic notification of the benefit determination on review not later than sixty (60) days after receipt of a request for review, unless special circumstances require an extension of time for processing.  Any electronic notification shall comply with the standards imposed by 29 C.F.R. Section 2520.104b-1(c)(1)(i), (iii) and (iv).  If an extension of time for processing is required, the Advisory Committee shall, prior to the termination of the initial sixty (60) day period, furnish the claimant with written notice indicating the special circumstances requiring an extension of time and the date by which the Advisory Committee expects to render the determination on review.  In no event shall such extension exceed a period of sixty (60) days from the end of the initial sixty (60) day period.
 In the case of an adverse benefit determination, the notification shall set forth in a manner calculated to be understood by the claimant, including specific references to the pertinent Plan provisions, the determinations, decisions and other actions of the Advisory Committee, taken in accordance with the provisions hereof, which shall be final, conclusive and binding on all parties, including the following:
 (i)
 the specific reason or reasons for the adverse determination;
 (ii)
 reference to the specific Plan provisions on which the determination is based;
 (iii)
 a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant's claim for benefits; and
 (iv)
 a statement of the claimant's right to bring a civil action under Section 502(a) of ERISA.
 8.3
 Limitation on Participant Rights.  Nothing in this Plan shall be construed as:  (A) obligating Eversource Energy to secure the re-election of any Eversource Energy Trustee, (B) obligating any Eversource Energy Trustee to stand for re-election, (C) prohibiting any Eversource Trustee resignation, (D) conferring upon any Participant any right to continue 
 

 15
 

 employment or Service with the Company, or (E) interfering with the Company’s rights to terminate any Participant’s Service and/or to take any personnel action affecting any Participant without regard to the effect such action may have upon such Participant as a recipient or prospective recipient of benefits under the Plan.
 8.4
 Limitation on Company Actions.  Nothing in the Plan shall be construed to prevent the Company from taking any action it deems appropriate or in its best interest; provided, however, that no such action may diminish the then balance or value of any Participant’s Account.  No Participant, Beneficiary, or other person shall have any claim against the Company or its any of its employees, members of the Board, members of the Committee or the Plan Administrator as a result of such action.  Any decisions, actions or interpretations made under the Plan by the Board, the Company, the Committee or the Plan Administrator shall be made in its respective sole discretion, not as a fiduciary, need not be uniformly applied to similarly situated individuals and shall be final, binding and conclusive on all persons interested in the Plan.
 8.5
 Company Right of Offset.  If a Participant becomes entitled to a distribution under the Plan, and at such time such Participant has any outstanding any debt, obligation, or other liability representing an amount owing to the Company, then the Plan Administrator in its sole discretion may offset such amount owed to the Company against the amount of benefits otherwise distributable to the extent permissible under Code Section 409A.
 8.6
 Nonalienation of Benefits.  Except as expressly provided herein, no Participant or Beneficiary shall have the power or right to transfer (otherwise than by will or the laws of descent and distribution), alienate, or otherwise encumber the Participant’s interest under the Plan.  The Company’s obligations under this Plan are not assignable or transferable except to:  (A) any corporation or partnership which acquires all or substantially all of the Company’s assets or (B) any corporation or partnership into which the Company may be merged or consolidated.  The provisions of the Plan shall inure to the benefit of each Participant and the Participant’s Beneficiaries, heirs, executors, administrators or successors in interest.
 8.7
 Withholding Taxes.  The Company may make such provisions and take such actions as the Plan Administrator deems appropriate in its sole discretion for the withholding of any taxes which the Company is required by any law or regulation of any governmental authority, whether Federal, state or local, to withhold in connection with any benefits under the Plan from any amount otherwise payable to the Participant (or Beneficiary).  To determine tax withholding on distributions of Voting Securities, such Voting Securities shall be valued based on the closing market price reported on the New York Stock Exchange on the day before the distribution date.  If benefits payable to a Participant under the Plan become taxable before the date actually paid, the Company will remit any required withholding taxes and may pay to the Participant any additional amount that the Company would have remitted as withholding if the taxable amount had been paid to such Participant as wages.  Additionally, the Company may distribute the amount necessary to pay the Federal Insurance Contributions Act (FICA) tax due on compensation deferred under the Plan (the “FICA Amount”), plus any income tax withholding imposed as a result of the payment of such FICA Amount, in accordance with Code Section 409A.  If at any time this Plan is found to fail to meet the requirements of Code Section 409A, the Company may distribute the amount required to be included in the Participant’s 
 

 16
 

 income as a result of such failure.  Any amount distributed under this Section will be charged against amounts owed to the Participant and offset against future payments.  For the avoidance of doubt, the Participant will have no discretion, and will have no direct or indirect election, as to whether a payment will be accelerated under this Section.  Each Participant, however, shall be responsible for the payment of all individual tax liabilities relating to any such benefits.
 8.8
 Indemnification.  The Company agrees to indemnify and defend to the extent consistent with the Company’s declaration of trust  or other relevant corporate documents any person carrying out functions of the Plan Administrator (including any person who formerly carried out such functions) against all liabilities, damages, costs, and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved by the Company) occasioned by any act or omission taken in good faith in connection with the Plan. 
 8.9
 Unfunded Status of Plan.  The Plan is intended to constitute an “unfunded” plan of deferred compensation for Participants.  Benefits payable hereunder shall be payable out of the general assets of the Company, and no segregation of any assets whatsoever for such benefits shall be made.  Notwithstanding any segregation of assets or transfer to a grantor trust, with respect to any payments not yet made to a Participant, nothing contained herein shall give any such Participant any rights to assets that are greater than those of a general creditor of the Company.
 8.10
 Severability.  If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan.
 8.11
 Governing Law.  The Plan shall be construed in accordance with and governed by the laws of the State of Connecticut, without reference to the principles of conflict of laws to the extent not preempted by federal law.  Anything in this Plan to the contrary notwithstanding, the terms of this Plan shall be interpreted and applied in a manner consistent with the requirements of Code Section 409A and the Treasury Regulations thereunder and the Company shall have no right to accelerate or make any payment under this Plan except to the extent such action would not subject any Participant or Beneficiary to the payment of any tax penalty or interest under Code Section 409A.  Each payment hereunder shall be a separate payment for purposes of Section 409A and the right to a series of installment payments shall be treated as a right to a series of separate payments for purposes of Section 409A. The Company shall have no obligation, however, to reimburse a Participant for any tax penalty or interest payable or provide a gross-up payment in connection with any tax liability of the Participant under Code Section 409A.
 8.12
 Headings.  Headings are inserted in this Plan for convenience of reference only and are to be ignored in the construction of the provisions of the Plan.
 8.13
 Gender, Singular and Plural.  All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require.  As the context may require, the singular may read as the plural and the plural as the singular.
  
  
 17
  
  
  
  
 8.14
 Notice.  Any notice or filing required or permitted to be given to the Company, the Committee or the Plan Administrator hereunder shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the Human Resources Department, or to such other entity as the Plan Administrator may designate from time to time.  Such notice shall be deemed given as to the date of delivery, or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.
 8.15
 Disclaimer of Liability.  The Declaration of Trust of Eversource Energy provides that no shareholder of Eversource Energy shall be held to any liability whatever for the payment of any sum of money, or for damages or otherwise under any contract, obligation or undertaking made, entered into or issued by the Board or by any officer, agent or representative elected or appointed by the Board, and no such contract, obligation or undertaking shall be enforceable against the Board or any of them in their or his or her individual capacities or capacity and all such contracts, obligations and undertakings shall be enforceable only against the Board as such, and every person or entity, having any claim or demand arising out of any such contract, obligation or undertaking shall look only to the trust estate for the payment or satisfaction thereof.
 

 18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]