Document:

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                                                                    EXHIBIT 10.1

                            [AMEREN CORPORATION LOGO]

                               AMEREN CORPORATION

                           DEFERRED COMPENSATION PLAN

               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2001)

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                               AMEREN CORPORATION

                           DEFERRED COMPENSATION PLAN

               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2001)

1.       PURPOSE AND AMENDMENT

         The purpose of the Ameren Corporation Deferred Compensation Plan
         ("Plan") is to provide eligible participants with the opportunity to
         accumulate capital of up to 30 percent of annual base salary.
         Participation in the Plan is voluntary. The implementation of the Plan
         will provide Ameren Corporation and its subsidiaries ("Ameren") with
         the means to attract and retain key employees by offering a competitive
         salary deferral program. The Plan is administered by a committee of
         officers ("Committee") of Ameren Services Company ("Company") who have
         been appointed by the Chief Executive Officer of Ameren.

         Effective January 1, 2001, Section 9 of the Plan is amended to provide
         for additional distribution options at retirement.

2.       DEFINITIONS

         Certain words and phrases are defined when first used in later
         paragraphs of the Plan. In addition, the following words and phrases
         when used herein, unless the context clearly requires otherwise, shall
         have the following respective meanings:

         A.       Ameren: As used herein shall mean Ameren Corporation and its
                  subsidiaries.

         B.       Board: The Board of Directors of Ameren Corporation.

         C.       Company: As used herein shall mean Ameren Services Company, as
                  agent for Ameren and as administrator of the Plan.

         D.       Deferral Account: Book entries reflecting each Participant's
                  Deferred Amounts and Interest credited thereon pursuant to the
                  provisions of Section 7. A separate Deferral Account shall be
                  maintained for each Deferral Commitment commenced hereunder.

         E.       Deferral Commitment: The sum of the Salary deferrals to which
                  the Participant obligates himself pursuant to the provisions
                  of Section 4.

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Deferred Compensation Plan (Continued)

         F.       Deferred Amount: The amount of Salary which a Participant
                  elects to defer pursuant to the provisions of the Plan.

         G.       Effective Date: January 1, 1986, as restated and amended from
                  time to time.

         H.       Interest: The amount of interest which a Participant shall be
                  deemed to earn on his Deferred Amounts and which shall be
                  credited to his Deferral Account as determined pursuant to
                  Section 8.

         I.       Participant: Any person eligible to participate in the Plan
                  pursuant to Section 3 who elects or has elected to defer a
                  portion of his salary pursuant to the provisions of the Plan.

                  A Participant who transfers employment to any subsidiary of
                  Ameren Corporation or other business entity in which Ameren
                  Corporation has a ten percent (10%) or greater ownership
                  interest, shall be deemed not to have terminated employment as
                  long as such Participant is an employee of such a subsidiary
                  or business entity.

         J.       Plan: The Ameren Corporation Deferred Compensation Plan, as
                  revised and restated.

         K.       Plan Year: The 12-month period commencing January 1 and ending
                  on December 31, except in the case of the 1986 Plan Year in
                  which case the 5-month period commencing August 1, 1986 and
                  ending on December 31, 1986.

         L.       Retirement Age: Normal Retirement Age under the provisions of
                  the Plan shall be 65 years of age. However, retirement shall
                  be permitted under the provisions of the Plan as early as 55
                  years of age.

         M.       Salary: The annual base pay of a Participant, exclusive of any
                  income from commissions, benefits, allowances, and/or other
                  incentive plans paid by Ameren.

3.       ELIGIBILITY

         The Human Resources Committee of the Ameren Corporation Board of
         Directors shall have sole authority to designate persons eligible to
         participate in the Plan; however, any member who, as a Participant in
         the Plan, accelerated a prior Deferral Commitment pursuant to the
         provisions of Section 4 shall not be eligible to commence any further
         Deferral Commitments. Any individual who is eligible to participate in
         the Plan may become a Participant by commencing a Deferral Commitment.

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Deferred Compensation Plan (Continued)

4.       COMMENCING A DEFERRAL COMMITMENT

         A Participant may commence a Deferral Commitment by making an election
         to defer a percentage of Salary up to a maximum of 30 percent (10
         percent for Deferral Commitments commencing prior to January 1, 1991;
         20 percent for Deferral Commitments commencing on or after January 1,
         1991 and prior to January 1, 1995). The amount of Salary deferred may
         not reduce the amount of the Participant's non-deferred Salary for the
         year of deferral below the maximum level of "Federal Insurance
         Contributions Act taxable wages" (i.e., the FICA wage base). The annual
         dollar value of the percentage elected by the Participant must be at
         least $3,500. Except as described below with respect to accelerating a
         Deferral Commitment, during the term of a Deferral Commitment the
         deferral percentage elected by the Participant shall not be increased
         or decreased. (The dollar value of the percentage elected by the
         Participant will change during the term of Deferral Commitment in
         response to adjustments to the Participant's Salary.)

         The term of a normal Deferral Commitment shall be four or fewer years
         (except in the case of a Deferral Commitment commenced on August 1,
         1986 in which case the term shall be four years and five months).
         Beginning on January 1, 1991, the Plan shall consist of separate and
         non-overlapping four-year segments, each made up of four consecutive
         calendar years, with all Deferral Commitments commenced on any January
         1 therein terminating on the last day of such four-year segment for all
         purposes hereunder. The Committee may, in its absolute and sole
         discretion, authorize a term of less than four years.

         In the event that a Participant has fewer years remaining before his
         retirement than remain in the then current four-year segment described
         above, the Committee may, at the request of the Participant and in its
         sole discretion, agree at any time prior to the completion of a
         Deferral Commitment to waive the 30 percent maximum deferral percentage
         and the FICA wage base limitations, on terms determined by the
         Committee, so that such Participant may accelerate his Deferral
         Commitment into the period remaining before retirement.

         The Participant's Deferred Amounts shall be credited to his Deferral
         Account by no later than the end of the month in which such amounts
         would, but for such deferral, be payable to the Participant.

5.       MULTIPLE DEFERRAL COMMITMENTS DURING A FOUR-YEAR SEGMENT

         In the event that a Participant has, pursuant to the provisions of this
         Section and Section 4, commenced one or more Deferral Commitments
         during a four-year segment wherein his Deferral Commitments are for
         less than the maximum deferral percentage of Salary otherwise permitted
         hereunder, the Participant may commence another Deferral Commitment
         effective on any subsequent January 1

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Deferred Compensation Plan (Continued)

         prior to the end of the then current four-year segment by electing to
         defer an additional percentage of his prospective Salary, provided the
         combined Salary deferral percentages of the Participant's Deferral
         Commitments in effect during such four-year segment do not exceed the
         maximum deferral percentage of Salary, and further provided that each
         additional Deferral Commitment independently satisfies the requirements
         of Section 4.

6.       TERMS OF DEFERRAL ELECTION

         A Participant's written election to defer Salary shall indicate the
         percentage amount of Salary which the Participant is electing to defer
         under the Plan and the method of distribution of such amounts. Such
         election form shall be filed by the Participant with the Company's Vice
         President, Human Resources, by no later than the last date specified
         for such filing. Such election shall be effective on the first day of
         the next Plan Year.

7.       PARTICIPANT DEFERRAL ACCOUNT

         There shall be established a Deferral Account in the name of each
         Participant who elects to defer Salary by commencing a Deferral
         Commitment under the provisions of the Plan. A separate Deferral
         Account will be maintained for each Deferral Commitment commenced by
         each Participant. The Deferral Account shall reflect the value of the
         Participant's Deferred Amounts plus Interest credited thereon with
         respect to the specific Deferral Commitment. The records for each
         Deferral Account maintained for the Participant shall be available for
         inspection by the Participant at reasonable times, and the Company
         shall furnish the Participant on or before the first day of March of
         each year a statement indicating the aggregate amount credited to each
         of the Participant's Deferral Accounts through the last day of the
         preceding Plan Year and the value of each such Deferral Account on such
         date.

8.       INTEREST ON DEFERRED AMOUNTS

         Interest calculated at the rate or rates, as hereinafter described,
         shall accrue from the date Salary deferrals are credited to the
         Participant's Deferral Account and shall be compounded annually and
         credited to the Participant's Deferral Account as of the last business
         day of each Plan Year for which the Participant has a Deferral Account
         balance. While the Participant is employed by Ameren (except where the
         Participant has attained 65 years of age) the Participant's Deferral
         Account balance shall earn Interest at the "Plan Interest Rate." After
         retirement (and when the Participant remains employed by Ameren after
         having attained 65 years of age) or following the death of the
         Participant, the Participant's Deferral Account balance shall earn
         interest at the "Base Interest Rate."

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Deferred Compensation Plan (Continued)

         The "Plan Interest Rate" for any Plan Year shall be 150 percent of the
         average Mergent's Seasoned AAA Corporate Bond Yield Index ("Mergent's
         Index", formerly called "Moody's Index") for the previous calendar
         year. Interests rates are calculated annually as of the first day of
         the Plan Year. (For a Deferral Commitment commenced on August 1, 1986,
         consult the plan document then in effect.)

         The "Base Interest Rate" for any Plan Year shall be equal to the
         average Mergent's Index for the previous calendar year.

9.       DISTRIBUTION AT RETIREMENT

         At the time that a Participant makes an election to defer Salary under
         the Plan, he shall select a method for the distribution of the balance
         of that Deferral Account. Upon retirement, the balance of each of the
         Participant's Deferral Account(s) shall be distributed to the
         Participant according to the pay-out method selected by the
         Participant. A Participant may elect to receive his account
         distribution as a lump sum or in substantially equal installments over
         a set period up to 15 years. Under either payment method, a Participant
         can elect to commence distribution at the time of retirement or defer
         such payment(s) until March 1 of the calendar year following
         retirement. (For example, a Participant who retires effective June 1,
         2001, may defer payment from his Deferral Account(s) until March 1,
         2002.)

                  DISTRIBUTION ALTERNATIVES

                  1.  The balance of the Participant's Deferral Account to be
                      distributed in a single lump sum, payable the first day of
                      the first month following the month in which the
                      Participant retires.

                  2.  The balance of the Participant's Deferral Account to be
                      distributed in a single lump sum, payable on March 1 of
                      the calendar year following retirement.

                  3.  The balance of the Participant's Deferral Account to be
                      distributed in substantially equal installments over a
                      period of 5 years commencing at retirement.

                  4.  The balance of the Participant's Deferral Account to be
                      distributed in substantially equal installments over a
                      period of 5 years commencing on March 1 of the calendar
                      year following retirement.

                  5.  The balance of the Participant's Deferral Account to be
                      distributed in substantially equal installments over a
                      period of 10 years commencing at retirement.

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Deferred Compensation Plan (Continued)

                  6.  The balance of the Participant's Deferral Account to be
                      distributed in substantially equal installments over a
                      period of 10 years commencing on March 1 of the calendar
                      year following retirement.

                  7.  The balance of the Participant's Deferral Account to be
                      distributed in substantially equal installments over a
                      period of 15 years commencing at retirement.

                  8.  The balance of the Participant's Deferral Account to be
                      distributed in substantially equal installments over a
                      period of 15 years commencing on March 1 of the calendar
                      year following retirement.

         Installment payments (Alternatives 3 through 8), may be received either
         monthly or on an annual basis. The deferral of distribution(s) to the
         calendar year following retirement (Alternatives 2, 4, 6 and 8) is
         limited to Participants who retire from Ameren. The distribution
         options available in circumstances where the Participant dies, either
         before or after retirement, or is placed on disability status prior to
         retirement are described in Sections 13 and 14. The deferral of
         payments to the calendar year following retirement (Alternatives 2, 4,
         6 and 8) is not permitted in cases of death or long term disability.

         With respect to Deferral Commitments commenced prior to January 1,
         1991, a Participant may choose to have the balance of said Deferral
         Account(s) distributed in substantially equal installments over the
         period commencing at such Participant's retirement and continuing until
         the Participant attains 80 years of age, provided such Participant
         selected this distribution option prior to October 12, 1990.

         Except as described in the preceding sentence, a Participant's
         selection of a method of distribution may be changed by the Participant
         as frequently as he chooses up to one year prior to the date when
         distributions from the Participant's Deferral Account are to commence.
         A change in the method of distribution must be made on a form provided
         by the Company which must be filed by the Participant with the
         Company's Vice President, Human Resources.

10.      REVOCATION OF DEFERRAL ELECTION

         A Participant may revoke his election to defer Salary at any time prior
         to or after completing a Deferral Commitment. Such revocation must be
         made in writing and filed with the Company's Vice President, Human
         Resources. When the Participant revokes his deferral election, all
         amounts deferred pursuant to that Deferral Commitment will be
         distributed to the Participant in a single sum no later than 30 days
         after the date the notice of revocation is filed. All Interest credited
         to the Participant's corresponding Deferral Account will be forfeited,
         and the

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Deferred Compensation Plan (Continued)

         Participant will not be permitted to commence another Deferral
         Commitment any sooner than one year after the next January 1.

11.      RETIREMENT OR TERMINATION PRIOR TO COMPLETION OF DEFERRAL COMMITMENT

         If a Participant retires or terminates employment prior to completing a
         Deferral Commitment, all amounts thus far deferred pursuant to that
         Deferral Commitment will be distributed to the Participant in a single
         sum no later than 30 days after the date the Participant retires or
         terminates employment. All interest credited to the Participant's
         corresponding Deferral Account will be forfeited.

         A Participant who retires may, in order to avoid the consequences of
         this Section, complete a Deferral Commitment prior to retirement by
         accelerating his Deferral Commitment subject to the provisions of
         Section 4.

12.      TERMINATION OF EMPLOYMENT PRIOR TO BECOMING ELIGIBLE FOR RETIREMENT

         A.       General:

                  Except as described in Paragraph B, if a Participant
                  terminates employment after completing one or more Deferral
                  Commitments but prior to becoming eligible for retirement, the
                  balance of the Participant's corresponding Deferral Account(s)
                  shall be distributed in a single sum to the Participant no
                  later than 30 days after the date the Participant terminates
                  employment, except that such balance(s) shall be reduced prior
                  to distribution in order to reflect that all Interest earned
                  on the Participant's Deferral Account(s) shall have been
                  computed using the Base Interest Rate only. Interest
                  representing the increment over the Base Interest Rate which
                  would otherwise have been payable at or after retirement shall
                  be forfeited.

         B.       Change of Control:

                  In the event that a Participant terminates employment from
                  Ameren after completing one or more Deferral Commitments but
                  prior to becoming eligible for retirement and after the
                  occurrence of a Change of Control, the balance of the
                  Participant's Deferral Account(s), including Interest
                  calculated at the Plan Interest Rate, shall be distributed in
                  a single sum to the Participant no later than 30 days after
                  the date the Participant terminates employment. For the
                  purposes of this Paragraph, Change of Control shall mean:

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Deferred Compensation Plan (Continued)

                  1.  the purchase or other acquisition, within the meaning of
                      Section 13(d) of the Securities Exchange Act of 1934, in
                      one or a series of transactions by a person or a group of
                      persons acting in concert, of beneficial ownership in more
                      than 25% of the then outstanding voting stock of Ameren
                      Corporation;

                  2.  the receipt of proxies for the election of directors of
                      Ameren Corporation in opposition to the Board's slate of
                      nominees which proxies aggregate more than 40% of the then
                      outstanding voting stock of Ameren Corporation; or

                  3.  the sale or issuance of such number of shares of voting
                      stock of Ameren Corporation for consideration other than
                      cash in any transaction or series of related transactions
                      which constitute more than 25% of the outstanding voting
                      power of Ameren Corporation after giving effect to such
                      issuance or sale.

                  HISTORICAL NOTE: A Change of Control occurred on December 31,
                  1997, with the merger of Union Electric Company and CIPSCO to
                  form Ameren Corporation. Participants in the Plan as of that
                  date vested in their completed Deferral Account(s), including
                  interest calculated at the Plan Interest Rate, and will vest
                  in all future Deferral Account(s), with interest calculated at
                  the Plan Interest Rate, when the corresponding Deferral
                  Commitments for such Deferral Account(s) are completed.

13.      TOTAL DISABILITY OF PARTICIPANT

         In the event that it is determined by a duly licensed physician
         selected by the Company that, because of ill health, accident or other
         disability, a Participant is no longer able, properly and
         satisfactorily, to perform his regular duties and responsibilities, and
         therefore, such Participant has been placed on long term disability
         ("LTD"), the Company shall commence distribution of the Participant's
         Deferral Account(s) in accordance with the distribution method selected
         by the Participant. Where a Participant had elected a deferral option
         (Section 9, Alternatives 2, 4, 6 and 8), payments will be made in the
         same form as elected (i.e., lump sum or installment) but will commence
         no later than 30 days after the Participant's LTD effective date. Under
         this provision, a Participant on LTD status may receive a distribution
         from his Deferral Account(s) prior to attaining Retirement Age.

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Deferred Compensation Plan (Continued)

14.      DEATH OF PARTICIPANT

         A.       Prior to Retirement:

                  1.       In the event of the Participant's death prior to his
                           retirement, the Company shall commence distribution
                           of the Participant's Deferral Account(s) to the
                           Participant's designated beneficiary(ies) according
                           to the method(s) selected by the Participant pursuant
                           to Section 9. However, where the Participant had
                           chosen a deferral option (Section 9, Alternatives 2,
                           4, 6 and 8), payment will be made in the same form as
                           elected (i.e., lump sum or installment) but will
                           commence no later than the tenth day of the month
                           following the Participant's death.

                  2.       In addition, for Deferral Commitments commenced prior
                           to January 1, 1995, the following survivor benefits
                           will be payable:

                           The beneficiary(ies) designated by the Participant
                           shall receive from the Company an annual benefit for
                           a period of 10 years, payable in either monthly or
                           annual installments as elected by the
                           beneficiary(ies), equal to one-half of each of the
                           Participant's Deferral Commitments made prior to
                           January 1, 1995 (based on the dollar value of each
                           Deferral Commitment on the date such Deferral
                           Commitment was commenced), except that the benefit
                           payable hereunder shall be calculated by using no
                           more than the first 10 percent of Salary deferred by
                           such Participant. In the event the Participant has
                           designated more than one beneficiary, this additional
                           annual benefit shall be divided among such
                           beneficiaries in the same percentages used to divide
                           and distribute the Participant's Deferral Account(s).
                           (The beneficiary(ies) of a Participant who is
                           receiving or who has received distributions pursuant
                           to either Section 13 or Section 15 is eligible for
                           the benefit described in this paragraph.)

                           In the event a Participant has or had more than one
                           Deferral Commitment in effect at any one time prior
                           to January 1, 1995, for purposes of calculating the
                           additional survivor benefit outlined in the preceding
                           paragraph, all such Deferral Commitments shall be
                           aggregated for the purposes of determining the amount
                           of the benefit payable hereunder with respect to such
                           Deferral Commitments.

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Deferred Compensation Plan (Continued)

         B.       After Retirement:

                  1.       In the event a Participant dies after his retirement
                           but prior to receiving benefits under the Plan, the
                           Company shall commence distribution of the
                           Participant's Deferral Account(s) to the
                           Participant's designated beneficiary(ies). Such
                           payments will be made in the same form as elected
                           (i.e., lump sum or installment) but will commence no
                           later than the tenth day of the month following the
                           Participant's death. Where a Participant who is
                           receiving benefits dies, the Company shall continue
                           to make distributions to the Participant's designated
                           beneficiary(ies) in accordance with the method
                           selected by the Participant.

                  2.       In addition, for Deferral Commitments commenced prior
                           to January 1, 1995, the following survivor benefits
                           will be payable:

                           If the Participant's death occurs within 15 years
                           after his retirement, the Participant's surviving
                           spouse (if any) shall receive an annual benefit for
                           life, payable in either monthly or annual
                           installments, as elected by the surviving spouse,
                           equal to one-half of the annual amount the
                           Participant would have received from each of his
                           Deferral Accounts, based on each of the Participant's
                           Deferral Commitments commenced prior to January 1,
                           1995, except that the benefit payable hereunder shall
                           be calculated by using no more than the first 10
                           percent of Salary deferred by such Participant, and
                           assuming he had selected distribution method 7
                           pursuant to Section 9. (For the purposes of the
                           benefit described in the preceding sentence, the
                           Interest rate which shall be used to calculate the
                           amount of the annual benefit shall be the Base
                           Interest Rate in effect for the year immediately
                           preceding the year of the Participant's death.)

                           In the event a Participant had more than one Deferral
                           Commitment in effect at any one time prior to January
                           1, 1995, for purposes of calculating the additional
                           survivor benefit outlined in the preceding paragraph,
                           all such Deferral Commitments shall be aggregated for
                           the purposes of determining the amount of the benefit
                           payable hereunder with respect to such Deferral
                           Commitments.

15.      HARDSHIP DISTRIBUTION

         In the event that a Participant (or in the case of the Participant's
         death, his beneficiary) suffers a Financial Hardship, the Committee
         may, if it deems advisable in its sole and absolute discretion,
         distribute on behalf of the Participant, his beneficiary or legal
         representative, any portion of the Participant's

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Deferred Compensation Plan (Continued)

         Deferral Account(s), but in no event more than the amount necessary to
         meet the Financial Hardship. Any such hardship distribution shall be
         made at such times as the Committee shall determine, and the
         Participant's Deferral Account(s) shall be reduced by the amount so
         distributed and/or utilized. Financial Hardship shall mean an
         unanticipated emergency (as defined by the Internal Revenue Service)
         caused by an event beyond the control of the Participant or beneficiary
         which would result in severe financial hardship if early withdrawal
         were not permitted.

16.      WITHDRAWAL PRIOR TO RETIREMENT

         As of the date which represents the sixth anniversary of the date on
         which a Participant commenced a Deferral Commitment (provided such
         Deferral Commitment was commenced prior to January 1, 1991) and on any
         date thereafter, the Participant may submit a request to withdraw the
         balance of his corresponding Deferral Account. A request hereunder must
         be submitted in writing to the Company's Vice President, Human
         Resources, and it must state the Participant's reason for requesting
         the withdrawal. The request must be submitted at least one year prior
         to the date on which the requested withdrawal is to occur. The request
         may be granted or denied by the Committee in its sole and absolute
         discretion. In the event that such request is granted, the balance of
         such Participant's corresponding Deferral Account shall be reduced
         prior to distribution in order to reflect that all Interest earned
         thereon shall have been computed using the Base Interest Rate only.
         Interest representing the increment over the Base Interest Rate which
         would otherwise have been payable with respect to such Deferral Account
         at or after retirement shall be forfeited, and the Participant will not
         be permitted to commence another Deferral Commitment any sooner than
         one year after the next January 1. Withdrawals which are granted
         hereunder shall be made in a single lump sum.

17.      DESIGNATION OF BENEFICIARY

         The Participant shall designate in writing, on a form to be furnished
         by the Company, one or more primary and/or secondary beneficiaries who
         shall receive distributions otherwise payable to the Participant or as
         otherwise authorized by the Plan, and such beneficiary designation
         shall be controlling with respect to all Deferral Accounts such
         Participant may have pursuant to the provisions of the Plan. The
         Participant's spouse, if any, must consent in writing to the
         designation of a primary beneficiary(ies) other than such spouse as the
         sole primary beneficiary. Subject to the requirement of the preceding
         sentence, the Participant shall have the right, at any time and for any
         reason, to submit a revised designation of beneficiary. Such revised
         designation of beneficiary shall become effective provided it is
         delivered to the Company's Vice President, Human Resources, prior to
         the death of such Participant, and it shall supersede all prior
         designations of beneficiary submitted by the Participant. A beneficiary

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Deferred Compensation Plan (Continued)

         may be a natural person or an entity (such as a trust or a charitable
         organization).

         If no designation of beneficiary has been received by the Company from
         the Participant prior to his death, or if the beneficiary(ies)
         designated by the Participant has not survived the Participant or
         cannot otherwise be located by the Company within a reasonable period
         of time, distributions shall be made to the person or persons in the
         first of the following classes of successive preference:

                  1.       The Participant's surviving spouse.

                  2.       The beneficiary(ies) named by the Participant in his
                           most recent Designation of Beneficiary Form filed
                           with the Company pursuant to the terms of the Ameren
                           Group Life Insurance Plan.

                  3.       The Participant's surviving children, equally.

                  4.       The Participant's surviving parents, equally.

                  5.       The Participant's surviving brothers and sisters,
                           equally.

                  6.       The Participant's personal representative(s),
                           executor(s) or administrator(s).

18.      PAYMENTS TO MINORS OR INCOMPETENTS

         Whenever, in the Committee's opinion, a person entitled to receive any
         payment under the Plan is a minor, is under a legal or other disability
         or is so incapacitated as to be unable to manage his financial affairs,
         a distribution may be made to such person or to his legal
         representative or to a relative or friend of such person for his
         benefit, or for the benefit of such person in whatever manner the
         Committee considers advisable. Any payment of a benefit in accordance
         with the provisions of this Section shall be a complete discharge of
         any liability for the making of such payment under the provisions of
         the Plan.

19.      ADMINISTRATION

         Except as specified otherwise in the Plan, the Committee shall have
         full power and discretion to administer, construe and interpret the
         Plan. Any authorized action or decision under the provisions of the
         Plan undertaken by the Committee arising out of, or in connection with
         the administration, construction, interpretation or effect of the Plan,
         or recommendations in accordance therewith, or any rules and
         regulations adopted by the Committee shall be conclusive and

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Deferred Compensation Plan (Continued)

         binding on all Participants and their beneficiaries and all other
         persons whosoever.

20.      EFFECT ON RETIREMENT PLAN BENEFITS

         Any reduction in benefits which would otherwise be payable to a
         Participant pursuant to the provisions of Ameren's retirement plans
         resulting from his participation in the Plan will be made up by the
         Company out of general assets of Ameren, as appropriate.

21.      MISCELLANEOUS

         A.       Right of Setoff: If, at such time as the Participant becomes
                  entitled to distributions hereunder, the Participant has any
                  debt, obligation or other liability representing an amount
                  owing to Ameren, and if such debt, obligation, or other
                  liability is due and owing at the time that distributions are
                  payable hereunder, the amount owed or owing may be offset
                  against the amount otherwise distributable hereunder.

         B.       No Trust Created: The arrangements hereunder are unfunded for
                  tax purposes and for the purposes of ERISA, Title I. Nothing
                  contained in the Plan, and no action taken pursuant to its
                  provisions shall create, or be construed to create, a trust,
                  escrow of any kind, or a fiduciary relationship between Ameren
                  and the Participant, his designated beneficiary(ies), other
                  beneficiaries of the Participant or any other person.

         C.       Unsecured General Creditor Status: Distributions to the
                  Participant or his designated beneficiary(ies) or any other
                  beneficiary(ies) hereunder shall be made from assets which
                  prior to distribution shall continue, for all purposes, to be
                  a part of the general corporate assets and no person
                  (including Participants) shall have any interest in such
                  assets of Ameren, including without limitation the proceeds of
                  life or other insurance policies, by virtue of the provisions
                  of the Plan. To the extent that any person, including the
                  Participant, acquires a right to receive distributions under
                  the provisions hereof, such right shall be no greater than the
                  right of any unsecured general creditor of Ameren and the
                  obligation to pay constitutes a mere promise of Ameren to make
                  payments in the future.

         D.       Recovery of Costs: In the event that the Company purchases an
                  insurance policy or policies insuring the life of a
                  Participant or any other property to allow Ameren to recover
                  the costs of providing deferred compensation in whole or in
                  part, hereunder, neither the Participant, his beneficiary(ies)
                  nor any other person or persons shall have any rights therein
                  whatsoever. Ameren shall be the sole owners and beneficiaries
                  of

                                       13
<PAGE>   15

Deferred Compensation Plan (Continued)

                  any such insurance policy and shall possess and may exercise
                  all incidents of ownership therein.

         E.       Protective Provisions: A Participant shall cooperate with the
                  Company by providing all information requested including a
                  medical history. In connection therewith, the Company reserves
                  the right to require that the Participant submit to a physical
                  examination if such examination is deemed to be necessary or
                  appropriate. The costs of all such physical examinations will
                  be paid by the Company. If the Participant refuses to
                  cooperate with the Company, the Company shall have no further
                  obligation to the Participant under the provisions of the
                  Plan. If the Participant makes any material misstatement of
                  information or non-disclosure of medical history, then no
                  benefits shall be payable to the Participant or his
                  beneficiary(ies) over and above actual Salary deferrals.

         F.       No Contract of Employment: Nothing contained herein shall be
                  construed to be a contract of employment for any term of
                  years, nor a conferring upon the Participant the right to
                  continue to be employed in his present capacity, or in any
                  capacity. It is expressly understood that the Plan relates to
                  the payment of deferred compensation for the Participant's
                  services normally distributable after termination of his
                  employment, and the Plan is not in any way intended to be an
                  employment contract.

         G.       Spendthrift Provisions: Neither the Participant, his
                  beneficiary(ies), nor any other person or persons shall have
                  any power or right to sell, alienate, attach, garnish,
                  transfer, assign, anticipate, pledge or otherwise encumber any
                  part or all of a Deferral Account maintained or distributable
                  hereunder. No amounts hereunder shall be subject to seizure by
                  any creditor of the Participant or a beneficiary,
                  beneficiary(ies) or any other person or persons by a
                  proceeding at law or in equity, nor shall such amounts be
                  transferable by operation of law in the event of divorce,
                  legal separation, bankruptcy, insolvency or death of the
                  Participant, his beneficiary(ies), or any other person or
                  persons. Any such attempted assignment or transfer shall be
                  null and void.

         H.       Withholding Taxes: To the extent required by the law in effect
                  at the time that deferrals are made hereunder, the Company
                  shall withhold from non-deferred compensation the payroll
                  taxes required to be withheld by the federal or any state or
                  local government.

         I.       Suspension, Termination and Amendment: The Board of Directors
                  of Ameren Corporation shall have the power to suspend or
                  terminate the Plan in whole or in part at any time, and from
                  time-to-time to extend, modify, amend or revise the Plan in
                  such respects as the Board of Directors by resolution may deem
                  advisable, provided that no such

                                       14
<PAGE>   16

Deferred Compensation Plan (Continued)

                  extension, modification, amendment or revision shall deprive a
                  Participant, or any beneficiary(ies) thereof, of any part or
                  all of the Participant's Deferral Account.

         J.       Conflicts: Any conflict in the language or terms or
                  interpretation of the language or terms of the Plan between
                  this Plan document and any other document which purports to
                  describe the rights, benefits, duties or obligations of any
                  Participant, Ameren or any other person or entity shall be
                  resolved in favor of this Plan document.

         K.       Validity: In the event any provision of the Plan is held
                  invalid, void, or unenforceable, the same shall not affect, in
                  any respect whatsoever, the validity of any other provision of
                  the Plan.

         L.       Captions: The captions of the articles and sections of the
                  Plan are for convenience only and shall not control nor affect
                  the meaning or construction of any of its provisions.

         M.       Gender and Plurals: Wherever used in the Plan, words in the
                  masculine gender shall include masculine or feminine gender,
                  and, unless the context otherwise requires, words in the
                  singular shall include the plural, and words in the plural
                  shall include the singular.

         N.       Notice: Any election, beneficiary designation, notice, consent
                  or demand required or permitted to be given under the
                  provisions of the Plan shall be in writing and shall be signed
                  by the Participant. If such election, beneficiary designation,
                  notice, consent or demand is mailed by a Participant, it shall
                  be sent by United States Certified Mail, postage prepaid, and
                  addressed to the Vice President, Human Resources, Ameren
                  Services Company, P. O. Box 66149, St. Louis, Missouri
                  63166-6149. The date of such mailing shall be deemed to be the
                  date of such notice, consent or demand.

         O.       Governing Law: The Plan, and the rights of the parties
                  hereunder, shall be governed by and construed in accordance
                  with the laws of the State of Missouri.

         P.       Disputes: Time shall be of the essence in determining whether
                  any payments are due to the Participant or his
                  beneficiary(ies) under the Plan. Therefore, a Participant or
                  beneficiary(ies) may submit any claim for payment under the
                  Plan or dispute regarding the interpretation of the Plan to
                  arbitration. This right to select arbitration shall be solely
                  that of the Participant or his beneficiary(ies), and the
                  Participant or beneficiary(ies) may decide whether or not to
                  arbitrate in his sole discretion. The "right to select
                  arbitration" is not mandatory on the Participant or
                  beneficiary(ies),

                                       15
<PAGE>   17

Deferred Compensation Plan (Continued)

                  and the Participant or beneficiary(ies) may choose in lieu
                  thereof to bring an action in an appropriate civil court. Once
                  an arbitration has commenced, however, it may not be
                  discontinued without the mutual consent of the Participant or
                  beneficiary(ies), and the Company. During the lifetime of the
                  Participant only the Participant can use the arbitration
                  procedure set forth herein.

                  Any claim for arbitration may be submitted as follows: if the
                  Participant or his beneficiary(ies) disagrees with the Company
                  regarding the interpretation of the Plan and the claim is
                  finally denied by the Company in whole or in part, such claim
                  may be filed in writing with an arbitrator of the
                  Participant's or beneficiary(ies)'s choice who is selected by
                  the method described in the following paragraph.

                  The Participant or his beneficiary(ies) shall submit a list of
                  five potential arbitrators. Each of the five arbitrators so
                  listed must be either (1) a member of the American Arbitration
                  Association who is also a resident of the State of Missouri or
                  (2) a retired Missouri Circuit Court or Court of Appeals Court
                  judge. Within one week after receipt of said list, the Company
                  shall select one of the five arbitrators as the arbitrator for
                  the dispute in question and notify said arbitrator of his
                  selection. If the Company fails to select and notify an
                  arbitrator in a timely manner, the Participant or
                  beneficiary(ies) shall then designate one of the five
                  arbitrators as the arbitrator for the dispute in question.

                  The arbitration hearing shall be held within seven days (or as
                  soon thereafter as possible) after the selection of the
                  arbitrator. No continuance of said hearing shall be allowed
                  without the mutual consent of the Participant or his
                  beneficiary(ies) and the Company. Absence from or
                  nonparticipation at the hearing by either the Participant, or
                  beneficiary(ies), or the Company shall not prevent the
                  issuance of an award by the arbitrator. Hearing procedures
                  which will expedite the hearing may be ordered at the
                  arbitrator's discretion, and the arbitrator may close the
                  hearing in his sole discretion when he decides he has heard
                  sufficient evidence to justify the issuance of an award.

                  The arbitration award may be enforced in any appropriate court
                  as soon as possible after its issuance. For the purposes of
                  apportioning expenses and fees, the Company will be considered
                  to be the prevailing party in a dispute if the arbitrator
                  determines (1) that Ameren has not breached its obligations or
                  duties under the provisions of the Plan and (2) the claim of
                  the Participant or beneficiary(ies) was not made in good
                  faith. Otherwise, the Participant or beneficiary(ies) will be
                  considered to be the prevailing party. In the event that
                  Ameren is the prevailing party, the fee of the arbitrator and
                  all necessary expenses of the hearing (excluding any

                                       16
<PAGE>   18

Deferred Compensation Plan (Continued)

                  attorneys' fees incurred by the Company) including the fees of
                  stenographic reporting, if employed, shall be paid by the
                  Participant or beneficiary(ies). In the event that the
                  Participant or beneficiary(ies) is the prevailing party, the
                  fee of the arbitrator and all necessary expenses of the
                  hearing (including all attorneys' fees incurred by the
                  Participant or beneficiary(ies) in pursuing his claim),
                  including the fees of stenographic reporting, if employed,
                  shall be paid by the Company.

                                       17<PAGE>   1
                                                                    EXHIBIT 10.2

                           [AMEREN CORPORATION LOGO]

--------------------------------------------------------------------------------

                               AMEREN CORPORATION

                    EXECUTIVE INCENTIVE COMPENSATION PROGRAM

                          ELECTIVE DEFERRAL PROVISIONS

               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2001)

--------------------------------------------------------------------------------

<PAGE>   2

                               AMEREN CORPORATION

                    EXECUTIVE INCENTIVE COMPENSATION PROGRAM

                          ELECTIVE DEFERRAL PROVISIONS

               (AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2001)

--------------------------------------------------------------------------------

1.       PURPOSE AND AMENDMENT

         The purpose of the Ameren Corporation Executive Incentive Compensation
         Program: Elective Deferral Provisions ("Plan") is to provide the
         executives and other key employees of Ameren Corporation and its
         subsidiaries (hereinafter collectively "Ameren") with the opportunity
         to accumulate capital by deferring the receipt of some or all of the
         Incentive Awards awarded to them pursuant to the Ameren Corporation
         Executive Incentive Compensation Program. Participation in the Plan
         shall be voluntary. Implementation of the Plan provides Ameren and its
         Board of Directors ("Board") with the means to attract and retain
         officers, executives and other key employees by offering a competitive
         Incentive Award deferral program.

         Effective January 1, 2001, Section 8 of the Plan is amended to provide
         for additional distribution options at retirement.

2.       DEFINITIONS

         Certain words and phrases are defined when first used in later
         paragraphs of the Plan. In addition, the following words and phrases
         when used herein, unless the context clearly requires otherwise, shall
         have the following respective meanings:

         A.       Ameren: As used herein shall mean Ameren Corporation and its
                  subsidiaries.

         B.       Board: The Board of Directors of Ameren Corporation.

         C.       Committee: The Human Resources Committee of the Board.

         D.       Company: As used herein shall mean Ameren Services Company, as
                  agent for Ameren Corporation and its subsidiaries, and as
                  administrator of the Plan.

                                       1
<PAGE>   3
Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

         E.       Deferral Account: Book entries reflecting each Participant's
                  Deferred Amounts and Interest credited thereon pursuant to the
                  provisions of Section 6. A separate Deferral Account shall be
                  maintained for each Incentive Award deferred hereunder.

         F.       Deferred Amount: The amount of an Incentive Award (whether
                  expressed as dollars or as a percentage of an incentive award)
                  which a Participant elects to defer pursuant to the provisions
                  of the Plan.

         G.       Effective Date: January 1, 1987, as restated and amended from
                  time to time.

         H.       Incentive Award: The portion of an incentive award awarded to
                  an officer, executive or other employee of Ameren pursuant to
                  the provisions of the Ameren Executive Incentive Compensation
                  Program which is deferred pursuant to the provisions of the
                  Plan.

         I.       Interest: The amount of interest which a Participant shall be
                  deemed to earn on his Deferred Amounts and which shall be
                  credited to his Deferral Account as determined pursuant to
                  Section 7.

         J.       Participant: Any eligible officer, executive or other employee
                  of Ameren who elects or has elected to defer a portion of an
                  Incentive Award pursuant to the provisions of the Plan, and
                  for whom the Company maintains a Deferral Account pursuant to
                  the provisions of the Plan.

                  A Participant who terminates employment in order to commence
                  employment with a subsidiary of Ameren Corporation or other
                  business entity in which Ameren Corporation has a substantial
                  (i.e., 10% or greater) ownership interest, shall be deemed not
                  to have terminated employment with Ameren as long as such
                  Participant is an employee of such a subsidiary or business
                  entity.

         K.       Plan: The Ameren Executive Incentive Compensation Program:
                  Elective Deferral Provisions, as revised and in effect.

         L.       Plan Year: The 12-month period commencing January 1 and ending
                  on December 31.

         M.       Retirement Age: Normal Retirement Age under the provisions of
                  the Plan shall be 65 years of age. However, retirement is
                  permitted under the provisions of the Plan as early as 55
                  years of age.

                                       2
<PAGE>   4

Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

3.       ELIGIBILITY

         The Committee shall designate the officers, executives and other
         employees of Ameren who shall be eligible to participate in the Ameren
         Executive Incentive Compensation Program. Any person who is so
         designated as eligible to participate may become a Participant in the
         Plan by electing, pursuant to the provisions of the Plan, to defer
         receiving an Incentive Award granted to such person pursuant to the
         Ameren Executive Incentive Compensation Program.

4.       ELECTING A DEFERRAL

         A Participant may defer receiving some or all of an incentive award
         granted to such Participant, as described above, by electing to defer
         receiving either 25, 50, 75 or 100 percent of an incentive award
         otherwise payable to him. The minimum dollar value of the Incentive
         Award corresponding to the deferral percentage elected by the
         Participant must be at least $2000. In the event the actual dollar
         amount of a Participant's Incentive Award which is to be deferred
         (based on the percentage elected by the Participant as described above)
         is less than $2000, the Participant's Deferral Amount will be increased
         to $2000. In the event the actual dollar amount of a Participant's
         Incentive Award is less than $2000, then no deferral will be permitted
         hereunder.

         The Participant's Deferred Amounts shall be credited to his Deferral
         Account by no later than the date on which such amounts would, but for
         such deferral, be payable to the Participant.

5.       TERMS OF DEFERRAL ELECTION

         A Participant's written election to defer an Incentive Award shall
         indicate the percentage amount of incentive award which the Participant
         is electing to defer under the Plan, and the method of distribution of
         such amounts. Such election form shall be filed by the Participant with
         the Vice President, Human Resources by no later than the last date
         specified for filing such form.

6.       PARTICIPANT DEFERRAL ACCOUNT

         There shall be established a Deferral Account in the name of each
         Participant who elects to defer an Incentive Award pursuant to the
         provisions of the Plan. A separate Deferral Account will be maintained
         for each annual Incentive Award deferral by each Participant. The
         Deferral Account shall reflect the value of the Participant's Deferred
         Amounts plus Interest credited thereon. The records for such Deferral
         Account shall be available for inspection by the Participant at
         reasonable times, and the Company shall furnish the Participant on or
         before the first day of March of each year (and at such other times as
         the Company may

                                       3
<PAGE>   5
Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

         choose) a statement indicating the aggregate amount credited to his
         Deferral Account through the last day of the preceding Plan Year (or
         such other date as the Company may choose) and the value of his
         Deferral Account on such date.

7.       INTEREST ON DEFERRED AMOUNTS

         Interest calculated at the rate or rates, as hereinafter described,
         shall accrue from the date an Incentive Award is credited to the
         Participant's Deferral Account and shall be compounded annually and
         credited to the Participant's Deferral Account as of the last business
         day of each Plan Year for which the Participant has a Deferral Account
         balance. While the Participant is employed by Ameren (except where the
         Participant has attained 65 years of age) the Participant's Deferral
         Account balance shall earn Interest at the "Plan Interest Rate". After
         retirement (and when the Participant remains employed by Ameren after
         having attained 65 years of age) or following the death of the
         Participant, the Participant's Deferral Account balance shall earn
         interest at the "Base Interest Rate".

         The "Plan Interest Rate" for any Plan Year shall be 150 percent of the
         average Mergent's Seasoned AAA Corporate Bond Yield Index ("Mergent's
         Index", formerly called "Moody's Index") for the previous calendar
         year.

         The "Base Interest Rate" for any Plan Year shall be equal to the
         average Mergent's Index for the previous calendar year.

8.       DISTRIBUTION AT RETIREMENT

         At the time that a Participant makes an election to defer an Incentive
         Award under the Plan, he shall select a method for the distribution of
         the balance of that Deferral Account. Upon retirement, the balance of
         each of the Participant's Deferral Account(s) shall be distributed to
         the Participant according to the pay-out method selected by the
         Participant. A Participant may elect to receive his account
         distribution as a lump sum or in substantially equal installments over
         a period of 10 years. Under either payment method, a Participant can
         elect to commence distribution at the time of retirement or defer such
         payment(s) until March 1 of the calendar year following retirement.
         (For example, a Participant who retires effective June 1, 2001, may
         defer payment from his Deferral Account(s) until March 1, 2002.)

                  DISTRIBUTION ALTERNATIVES

                  1.       The balance of the Participant's Deferral Account to
                           be distributed in a single lump sum, payable the
                           first day of the first month following the month in
                           which the Participant retires.

                                       4
<PAGE>   6

Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

                  2.       The balance of the Participant's Deferral Account to
                           be distributed in a single lump sum, payable on March
                           1 of the calendar year following retirement.

                  3.       The balance of the Participant's Deferral Account to
                           be distributed in substantially equal installments
                           over a period of 10 years commencing at retirement.

                  4.       The balance of the Participant's Deferral Account to
                           be distributed in substantially equal installments
                           over a period of 10 years commencing on March 1 of
                           the calendar year following retirement.

         Installment payments (Alternatives 3 and 4), may be received either
         monthly or on an annual basis. The deferral of distribution(s) to the
         calendar year following retirement (Alternatives 2 and 4) is limited to
         Participants who retire from Ameren. The distribution options available
         in circumstances where the Participant dies, either before or after
         retirement, or is placed on disability status prior to retirement are
         described in Sections 11 and 12. The deferral of payments to the
         calendar year following retirement (Alternatives 2 and 4) is not
         permitted in cases of death or long term disability.

         A Participant's selection of a method of distribution may be changed by
         the Participant as frequently as he chooses up to one year prior to the
         date when distributions from the Participant's Deferral Account are to
         commence. A change in the method of distribution must be made on a form
         provided by the Company which must be filed by the Participant with the
         Vice President, Human Resources.

9.       REVOCATION OF DEFERRAL ELECTION

         A Participant may revoke his election to defer an Incentive Award no
         earlier than one year after the Deferred Amount has been credited to
         his corresponding Deferral Account. Such revocation must be made in
         writing and filed with the Vice President, Human Resources. When the
         Participant revokes his deferral election, the Incentive Award so
         deferred will be distributed to the Participant in a single sum no
         later than 30 days after the date the notice of revocation is filed.
         All Interest credited to the Participant's corresponding Deferral
         Account will be forfeited.

                                       5
<PAGE>   7

10.      TERMINATION OF EMPLOYMENT PRIOR TO ATTAINING RETIREMENT AGE

         A.       General:

                  Except as described in Paragraph B, below, in the event that a
                  Participant terminates employment with Ameren prior to
                  becoming eligible for retirement, the balance of each of the
                  Participant's Deferral Accounts shall be distributed in a
                  single sum to the Participant no later than 30 days after the
                  date the Participant terminates employment, except that each
                  such balance shall be reduced prior to distribution in order
                  to reflect that all Interest earned on each of the
                  Participant's Deferral Accounts shall have been computed using
                  the Base Interest Rate only. Interest representing the
                  increment over the Base Interest Rate which would otherwise
                  have been payable at or after retirement shall be forfeited.

         B.       Change of Control:

                  In the event that a Participant terminates employment with
                  Ameren prior to attaining Retirement Age and after the
                  occurrence of a Change of Control, the balance of each of the
                  Participant's Deferral Accounts, including Interest calculated
                  at the Plan Interest Rate, shall be distributed in a single
                  sum to the Participant no later than 30 days after the date
                  the Participant terminates employment. For the purposes of
                  this Paragraph, Change of Control shall mean:

                  1.       the purchase or other acquisition, within the meaning
                           of Section 13(d) of the Securities Exchange Act of
                           1934, in one or a series of transactions by a person
                           or a group of persons acting in concert, of
                           beneficial ownership in more than 25% of the then
                           outstanding voting stock of Ameren Corporation,

                  2.       the receipt of proxies for the election of directors
                           of Ameren Corporation in opposition to the Board's
                           slate of nominees which proxies aggregate more than
                           40% of the then outstanding voting stock of Ameren
                           Corporation, or

                  3.       the sale or issuance of such number of shares of
                           voting stock of Ameren Corporation for consideration
                           other than cash in any transaction or series of
                           related transactions which constitute more than 25%
                           of the outstanding voting power of Ameren Corporation
                           after giving effect to such issuance or sale.

                                       6
<PAGE>   8

Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

                  HISTORICAL NOTE: A Change of Control occurred on December 31,
                  1997, with the merger of Union Electric Company and CIPSCO to
                  form Ameren Corporation. Participants in the Plan as of that
                  date vested in their completed Deferral Account(s), including
                  interest calculated at the Plan Interest Rate, and will vest
                  in all future Deferral Account(s), with interest calculated at
                  the Plan Interest Rate, when the corresponding Deferral
                  Commitments for such Deferral Account(s) are completed.

11.      TOTAL DISABILITY OF PARTICIPANT

         In the event that it is determined by a duly licensed physician
         selected by the Company that, because of ill health, accident or other
         disability, a Participant is no longer able, properly and
         satisfactorily, to perform his regular duties and responsibilities, and
         therefore, the Company has placed such Participant on long term
         disability ("LTD"), the Company shall commence distribution of the
         Participant's Deferral Account(s) in accordance with the distribution
         method selected by the Participant. Where a Participant had elected a
         deferral option (Section 8, Alternatives 2 and 4), payments will be
         made in the same form as elected (i.e. lump sum or installment) but
         will commence no later than 30 days after the Participant's LTD
         effective date. Under this provision, a Participant on LTD status may
         receive a distribution from his Deferral Account(s) prior to attaining
         Retirement Age.

12.      DEATH OF PARTICIPANT

         A.       Prior to Retirement

                  In the event of the Participant's death prior to his
                  retirement, the Company shall commence distribution of the
                  Participant's Deferral Account(s) to the Participant's
                  designated beneficiary(ies) according to the method(s)
                  selected by the Participant pursuant to Section 8. However,
                  where the Participant had chosen a deferral option (Section 8,
                  Alternatives 2 and 4), payment will be made in the same form
                  as elected (i.e., lump sum or installment), but will commence
                  no later than the tenth day of the month following the
                  Participant's death.

         B.       After Retirement

                  In the event a Participant dies after his retirement but prior
                  to receiving benefits under the Plan, the Company shall
                  commence distribution of the Participant's Deferral Account(s)
                  to the Participant's designated beneficiary(ies). Such
                  payments will be made in the same form as elected (i.e. lump
                  sum or installment) but will commence no later than the tenth
                  day of the month following the Participant's death. Where a

                                       7
<PAGE>   9
Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

                  Participant who is receiving benefits dies, the Company shall
                  continue to make distributions to the Participant's designated
                  beneficiary(ies) in accordance with the method selected by the
                  Participant.

13.      HARDSHIP DISTRIBUTION

         In the event that a Participant (or in the case of the Participant's
         death, his beneficiary(ies)) suffers a financial hardship, the Company
         may, if it deems advisable in its sole and absolute discretion,
         distribute on behalf of the Participant or his beneficiary(ies), legal
         guardian or personal representative, any portion of the Participant's
         Deferral Account(s), but in no event more than the amount necessary to
         meet the financial hardship. Any such hardship distribution shall be
         made at such times as the Company shall determine, and the
         Participant's Deferral Account(s) shall be reduced by the amount so
         distributed and/or utilized. Financial hardship shall mean an
         unanticipated emergency (as defined by the Internal Revenue Service)
         caused by an event beyond the control of the Participant or beneficiary
         which would result in severe financial hardship if early withdrawal
         were not permitted, caused by temporary or permanent disability or
         incapacity, medical expenses, a material reduction in family income, or
         other unforeseen circumstances. For the purposes of this Section, a
         financial hardship of a member of the Participant's (or his
         beneficiary's) household shall be deemed to be a financial hardship of
         the Participant (or his beneficiary(ies)).

14.      WITHDRAWAL PRIOR TO RETIREMENT

         As of the date which represents the sixth anniversary of the date on
         which a Participant elected to defer an Incentive Award (provided such
         election was made with respect to an Incentive Award awarded with
         respect to a year beginning prior to January 1, 1991) and on any date
         thereafter, the Participant may submit a request to withdraw the
         balance of his corresponding Deferral Account(s). A request hereunder
         must be submitted in writing to the Vice President, Human Resources and
         it must state the Participant's reason for requesting the withdrawal.
         The request must be submitted at least one year prior to the date on
         which the requested withdrawal is to occur. The request may be granted
         or denied by the Committee in its sole and absolute discretion. In the
         event that such request is granted, the balance of such Participant's
         corresponding Deferral Account(s) shall be reduced prior to
         distribution in order to reflect that all Interest earned thereon shall
         have been computed using the Base Interest Rate only. Interest
         representing the increment over the Base Interest Rate which would
         otherwise have been payable at or after retirement shall be forfeited.
         Withdrawals which are granted hereunder shall be made in a single lump
         sum.

                                       8
<PAGE>   10
Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

15.      DESIGNATION OF BENEFICIARY

         The Participant shall designate in writing, on a form to be furnished
         by the Company, one or more primary and/or secondary beneficiaries who
         shall receive distributions otherwise payable to the Participant or as
         otherwise authorized by the Plan, and such beneficiary designation
         shall be controlling with respect to all Deferral Accounts such
         Participant may have pursuant to the provisions of the Plan. The
         Participant's spouse, if any, must consent in writing to the
         designation of a primary beneficiary(ies) other than such spouse as the
         sole primary beneficiary. Subject to the requirement of the preceding
         sentence, the Participant shall have the right, at any time and for any
         reason, to submit a revised designation of beneficiary. Such revised
         designation of beneficiary shall become effective provided it is
         delivered to the Vice President, Human Resources prior to the death of
         such Participant, and it shall supersede all prior designations of
         beneficiary submitted by the Participant. A beneficiary may be a
         natural person or an entity (such as a trust or a charitable
         organization).

         If no designation of beneficiary has been received by the Company from
         the Participant prior to his death, or if the beneficiary(ies)
         designated by the Participant has not survived the Participant or
         cannot otherwise be located by the Company within a reasonable period
         of time, distributions shall be made to the person or persons in the
         first of the following classes of successive preference:

         A.       The Participant's surviving spouse.

         B.       The beneficiary(ies) named by the Participant in his most
                  recent Designation of Beneficiary Form filed with the Company
                  pursuant to the terms of the Ameren Group Life Insurance Plan.

         C.       The Participant's surviving children, equally.

         D.       The Participant's surviving parents, equally.

         E.       The Participant's surviving brothers and sisters, equally.

         F.       The Participant's personal representative(s), executor(s) or
                  administrator(s).

16.      PAYMENTS TO MINORS OR INCOMPETENTS

         Whenever, in the Company's opinion, a person entitled to receive any
         payment under the Plan is a minor, is under a legal or other disability
         or is so incapacitated as to be unable to manage his financial affairs,
         a distribution may

                                       9
<PAGE>   11
Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

         be made to such person or to his legal representative or to a relative
         or friend of such person for his benefit, or for the benefit of such
         person in whatever manner the Company considers advisable. Any payment
         of a benefit in accordance with the provisions of this Section shall be
         a complete discharge of any liability for the making of such payment
         under the provisions of the Plan.

17.      ADMINISTRATION

         The Company shall have full power and discretion to administer,
         construe and interpret the Plan. Any authorized action or decision
         under the provisions of the Plan undertaken by the Company or the
         Committee arising out of, or in connection with the administration,
         construction, interpretation or effect of the Plan, or recommendations
         in accordance therewith, or any rules and regulations adopted by the
         Company shall be conclusive and binding on all Participants and their
         beneficiaries and all other persons whosoever.

18.      MISCELLANEOUS

         A.       Right of Setoff: If, at such time as the Participant becomes
                  entitled to distributions hereunder, the Participant has any
                  debt, obligation or other liability representing an amount
                  owing to Ameren, and if such debt, obligation, or other
                  liability is due and owing at the time that distributions are
                  payable hereunder, the amount owed or owing may be offset
                  against the amount otherwise distributable hereunder.

         B.       No Trust Created: Nothing contained in the Plan, and no action
                  taken pursuant to its provisions shall create, or be construed
                  to create, a trust of any kind, or a fiduciary relationship
                  between Ameren and the Participant, his designated
                  beneficiary(ies), other beneficiaries of the Participant or
                  any other person.

         C.       Unsecured General Creditor Status: Distributions to the
                  Participant or his designated beneficiary(ies) or any other
                  beneficiary(ies) hereunder shall be made from assets which
                  prior to distribution shall continue, for all purposes, to be
                  a part of the general assets of Ameren; no person shall have
                  any interest in such assets by virtue of the provisions of the
                  Plan. To the extent that any person, including the
                  Participant, acquires a right to receive distributions from
                  the Company under the provisions hereof, such right shall be
                  no greater than the right of any unsecured general creditor of
                  Ameren.

         D.       Recovery of Costs: In the event that, in its discretion, the
                  Company purchases an insurance policy or policies insuring the
                  life of a Participant or any other property to allow Ameren to
                  recover the costs of providing

                                       10
<PAGE>   12
Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

                  deferred compensation in whole or in part, hereunder, neither
                  the Participant, his beneficiary(ies) nor any other person or
                  persons shall have any rights therein whatsoever. Ameren shall
                  be the sole owner and beneficiary of any such insurance policy
                  and shall possess and may exercise all incidents of ownership
                  therein.

         E.       Protective Provisions: Participant shall cooperate with the
                  Company by providing all information requested by the Company
                  including a medical history. In connection therewith, the
                  Company reserves the right to require that the Participant
                  submit to a physical examination if such examination is deemed
                  to be necessary or appropriate. The costs of all such physical
                  examinations will be paid by the Company. If the Participant
                  refuses to cooperate with the Company, the Company shall have
                  no further obligation to the Participant under the provisions
                  of the Plan. If the Participant makes any material
                  misstatement of information or non-disclosure of medical
                  history, then no benefits shall be payable to the Participant
                  or his beneficiary(ies) over and above his actual Incentive
                  Award deferrals.

         F.       No Contract of Employment: Nothing contained herein shall be
                  construed to be a contract of employment for any term of
                  years, nor a conferring upon the Participant the right to
                  continue to be employed by Ameren in his present capacity, or
                  in any capacity. It is expressly understood that the Plan
                  relates to the payment of deferred compensation for the
                  Participant's services normally distributable after
                  termination of his employment, and the Plan is not in any way
                  intended to be an employment contract.

         G.       Spendthrift Provisions: Neither the Participant, his
                  beneficiary(ies), nor any other person or persons shall have
                  any power or right to sell, transfer, assign, anticipate,
                  pledge or otherwise encumber any part or all of a Deferral
                  Account maintained or distributable hereunder. No amounts
                  hereunder shall be subject to seizure by any creditor,
                  beneficiary(ies) or any other person or persons by a
                  proceeding at law or in equity, nor shall such amounts be
                  transferable by operation of law in the event of divorce,
                  legal separation, bankruptcy, insolvency or death of the
                  Participant, his beneficiary(ies), or any other person or
                  persons. Any such attempted assignment or transfer shall be
                  null and void.

         H.       Withholding Taxes: To the extent required by the law in effect
                  at the time that deferrals are made hereunder, the Company
                  shall withhold from non-deferred compensation the payroll
                  taxes required to be withheld by the federal or any state or
                  local government.

                                       11
<PAGE>   13
Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

         I.       Suspension, Termination and Amendment: The Board of Directors
                  of Ameren Corporation shall have the power to suspend or
                  terminate the Plan in whole or in part at any time, and from
                  time-to-time to extend, modify, amend or revise the Plan in
                  such respects as the Board by resolution may deem advisable,
                  provided that no such extension, modification, amendment or
                  revision shall deprive a Participant, or any beneficiary(ies)
                  thereof, of any part or all of the Participant's Deferral
                  Account. Subject to the foregoing, this Plan document
                  supercedes all previous similar Plan Documents.

         J.       Conflicts: Any conflict in the language or terms or
                  interpretation of the language or terms of the Plan between
                  this Plan document and any other document which purports to
                  describe the rights, benefits, duties or obligations of any
                  Participant, the Board, the Company, the Committee or any
                  other person or entity shall be resolved in favor of this Plan
                  document.

         K.       Validity: In the event any provision of the Plan is held
                  invalid, void, or unenforceable, the same shall not affect, in
                  any respect whatsoever, the validity of any other provision of
                  the Plan.

         L.       Captions: The captions of the articles and sections of the
                  Plan are for convenience only and shall not control nor affect
                  the meaning or construction of any of its provisions.

         M.       Gender and Plurals: Wherever used in the Plan, words in the
                  masculine gender shall include masculine or feminine gender,
                  and, unless the context otherwise requires, words in the
                  singular shall include the plural, and words in the plural
                  shall include the singular.

         N.       Notice: Any election, beneficiary designation, notice, consent
                  or demand required or permitted to be given under the
                  provisions of the Plan shall be in writing and shall be signed
                  by the Participant. If such election, beneficiary designation,
                  notice, consent or demand is mailed by a Participant, it shall
                  be sent by United States Certified Mail, postage prepaid, and
                  addressed to the Vice President, Human Resources, Ameren
                  Services Company, P. O. Box 66149, St. Louis, Missouri 63166.
                  The date of such mailing shall be deemed to be the date of
                  such notice, consent or demand.

         O.       Governing Law: The Plan, and the rights of the parties
                  hereunder, shall be governed by and construed in accordance
                  with the laws of the State of Missouri.

                                       12
<PAGE>   14
Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

         P.       Disputes: Time shall be of the essence in determining whether
                  any payments are due to the Participant or his
                  beneficiary(ies) under the Plan. Therefore, a Participant or
                  beneficiary(ies) may, if he desires, submit any claim for
                  payment under the Plan or dispute regarding the interpretation
                  of the Plan to arbitration. This right to select arbitration
                  shall be solely that of the Participant or his
                  beneficiary(ies), and the Participant or his beneficiary(ies)
                  may decide whether or not to arbitrate in his sole discretion.
                  The "right to select arbitration" is not mandatory on the
                  Participant or his beneficiary(ies), and the Participant or
                  his beneficiary(ies) may choose in lieu thereof to bring an
                  action in an appropriate civil court. Once an arbitration has
                  commenced, however, it may not be discontinued without the
                  mutual consent of the Participant, or his beneficiary(ies),
                  and Ameren. During the lifetime of the Participant, only he
                  can use the arbitration procedure set forth herein.

                  Any claim for arbitration may be submitted as follows: if the
                  Participant or his beneficiary(ies) disagrees with Ameren
                  regarding the interpretation of the Plan and the claim is
                  finally denied by the Company in whole or in part, such claim
                  may be filed in writing with an arbitrator of the
                  Participant's or his beneficiary(ies)'s choice who is selected
                  by the method described in the following paragraph.

                  The Participant or his beneficiary(ies) shall submit a list of
                  five potential arbitrators to the Company. Each of the five
                  arbitrators so listed must be either (1) a member of the
                  American Arbitration Association who is also a resident of the
                  State of Missouri or (2) a retired Missouri Circuit Court or
                  Court of Appeals Court judge. Within one week after receipt of
                  said list, the Company shall select one of the five
                  arbitrators as the arbitrator for the dispute in question and
                  notify said arbitrator of his selection. If the Company fails
                  to select and notify an arbitrator in a timely manner, the
                  Participant or his beneficiary(ies) shall then designate one
                  of the five arbitrators as the arbitrator for the dispute in
                  question.

                  The arbitration hearing shall be held within seven days (or as
                  soon thereafter as possible) after the selection of the
                  arbitrator. No continuance of said hearing shall be allowed
                  without the mutual consent of the Participant, or his
                  beneficiary(ies), and the Company. Absence from or
                  nonparticipation at the hearing by either the Participant, or
                  his beneficiary(ies), or the Company shall not prevent the
                  issuance of an award by the arbitrator. Hearing procedures
                  which will expedite the hearing may be ordered at the
                  arbitrator's discretion, and the arbitrator may close the
                  hearing in his sole discretion when he decides he has heard
                  sufficient evidence to justify the issuance of an award.

                                       13
<PAGE>   15
Executive Incentive Compensation Program
Elective Deferral Provisions (Continued)

                  The arbitration award may be enforced in any appropriate court
                  as soon as possible after its issuance. For the purposes of
                  apportioning expenses and fees, the Company will be considered
                  to be the prevailing party in a dispute if the arbitrator
                  determines (1) that Ameren has not breached its obligations or
                  duties under the provisions of the Plan and (2) the claim of
                  the Participant or his beneficiary(ies) was not made in good
                  faith. Otherwise, the Participant or his beneficiary(ies) will
                  be considered to be the prevailing party. In the event that
                  Ameren is the prevailing party, the fee of the arbitrator and
                  all necessary expenses of the hearing (excluding any
                  attorneys' fees incurred by the Company) including the fees of
                  stenographic reporting, if employed, shall be paid by the
                  Participant or his beneficiary(ies). In the event that the
                  Participant or his beneficiary(ies) is the prevailing party,
                  the fee of the arbitrator and all necessary expenses of the
                  hearing (including all attorneys' fees incurred by the
                  Participant or his beneficiary(ies) in pursuing his claim),
                  including the fees of stenographic reporting, if employed,
                  shall be paid by the Company.

                                       14

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