Document:

Amended and Restated Severance Agreement

Exhibit 10.2

AMENDED AND RESTATED SEVERANCE AGREEMENT

 

This Amended and Restated Severance Agreement (the “Agreement”) made as of the 4th day of December, 2002 (the “Commencement Date”) between The Town Bank (the “Bank”), a New Jersey banking corporation, with offices at 520 South Avenue, Westfield, New Jersey 07090 (“TB” or the “Company”), and Robert W. Dowens, Sr., residing at 7 Apple Grove Drive, Holmdel, New Jersey 07733 (the “Employee”).

WHEREAS, the Employee has been a loyal and long-term employee of TB for many years; and

WHEREAS, TB wishes to provide the Employee with the comfort of knowing that if the Employee loses his or her position with TB, or any related entities, as a result of any involuntary termination or upon a “change in control”, the Employee will be entitled to receive a severance benefit;

NOW, THEREFORE, the parties agree, intending to be legally bound, as follows:

1.             Definitions.         For purposes of this Agreement, the following words and phrases shall be defined as follows:

	
             
 	
            a.
 	
            “Base Compensation” shall mean the base salary which is payable on a regular basis to the Employee in effect immediately prior to a termination without “cause”, in the case of a Basic Severance Benefit payable under Section 4(a) hereof, or immediately prior to a Change in Control in the case of a Change in Control Severance Benefit payable under Section 4(b) hereof, including the last full calendar year’s bonus and fringe benefits.
 

	
             
 	
            b.
 	
            “Cause” shall include, but not be limited to, any material false statement that was intentionally or negligently made, contained in any corporate records; the commission by the Employee of any crime or fraud against the Company or its property, or any crime involving moral turpitude or reasonably likely to bring discredit upon the Company; and any violation of the Company’s operating policies.
 

	
             
 	
            c.
 	
            “Change in Control” shall mean (i) the acquisition of ownership of stock of the Company, by any person (including, without limitation, a corporation, trust, partnership, joint venture, limited liability company (a “Person”) or by any group of Persons), whether directly, indirectly, beneficially or of record, which acquisition, together with stock held by such person or group, represents more than 50% of the total voting power of all outstanding stock of the Company (provided that no Change in Control shall occur under this subparagraph (i) if the Person acquiring any additional stock already possessed more than 50% of the total fair market voting power of the stock of the Company); (ii) any merger or consolidation of the Company which the stockholders of the Company before such merger
or consolidation do not, as a result of the merger or consolidation, own at least 50% of the merged or consolidated entity; or (iii) any nomination and election of 50% or more of all members of the Board of Directors of the Company that occurs at any three consecutive meetings of the shareholders, whose election is without the recommendation of the Board. “Change in Control” shall not include the acquisition of the Company’s stock by any Company employee benefit plans.
 

	
             
 	
            d.
 	
            “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.
 

	
             
 	
            e.
 	
            “Termination Date” shall mean the last day the Employee performs any services for TB, or any related entity or successor entity, and is paid wages as an employee, exclusive of vacation and severance payments, and excluding any leave of absence periods.
 

	
            2.
 	
            Term.         The term of the Agreement shall commence on the Commencement Date, and shall continue on an uninterrupted basis until and including September 30, 2006; or until terminated with the mutual consent of the Employee and TB; or upon the voluntary termination of the Employee’s 
 

 

 

employment with TB or any successor entity. Upon the Employee’s Termination Date, no additional services shall be required of the Employee (unless provided otherwise under any consulting agreement), and any payments due for the performance of any services, and reimbursement for any expenses, shall be made within a period of 15 days from the Termination Date.

	
            3.
 	
            Condition for Severance Benefits. In order to be entitled to payment of any severance benefits, the Employee agrees to execute a General Release that shall fully release and forever discharge the company and any and all related companies, form all claims the Employee may have based on employment with the Company. These claims shall include, but are not limited to, claims arising under the Constitution of the United States, a release of any rights or claims the Employee may have under the Age Discrimination in Employment Act of 1967; Title VII of the Civil Right Act of 1964; the Civil Rights Act of 1966; the Equal Pay Act; or any other federal, state or local laws or regulations prohibiting
employment discrimination; the Employee Retirement Income Security Act of 1974; Executive Orders 11246 and 11141; the Constitution of the State of New Jersey or any other states in which the Employee resides or works; any New Jersey or other state laws against discrimination; any claims of breach of public policy of the State of New Jersey or other state, negligence, breach of contract, wrongful discharge, constructive discharge, breach of an implied covenant of good faith and fair dealings; any express or implied contracts with the Company or any related companies; any federal or state common law and any federal, state or local statutes, ordinances and regulations.
 

 

The General Release shall be in a format prepared by the Company, which shall be consistent with the above provisions and shall comply with the Older Workers Benefit Protection Act of 1990 (“OWBPA”), including a 21-day period to review the General Release, and a 7-day revocation period (or any other periods required under any future laws). Any severance payments shall be the Employee’s exclusive right and remedy against the Company.

	
            4.
 	
            Severance Benefits. The Employee’s employment may be terminated by the Employee or by the Company or any related entity or successor entity “without “Cause”, notice or liability at any time. Upon the occurrence of any termination of employment, the following severance benefits shall be provided, depending upon the specific circumstances of any termination:
 

 

	
             
 	
            a.
 	
            Basic Severance Benefit. If the Company, or any related entity or successor entity terminates the Employee’s employment with the Company for any reason, without “Cause”, the Employee shall be entitled to a Basic Severance Benefit equal to payment of the Employee’s Base Compensation for a period of six (6) months.
 

	
             
 	
            b.
 	
            Change in Control Severance Benefit. If the Company, or any related entity or successor entity terminates the Employee’s employment in anticipation of a reorganization or a “Change in Control”, or if the Company, or any related entity or any successor entity terminates the Employee’s employment following a Change in Control for any other reasons without “Cause”, or if the Employee’s employment is “constructively terminated” as defined in Section 8, the Employee shall receive a payment equal to the Employee’s Base Compensation for a period of six (6) months.
 

Both the Basic Severance Benefit and a Change in Control Severance Benefit shall solely be paid to the Employee in a single lump sum payment. In either case, the applicable severance benefit shall not be paid until eight days after receipt of an executed copy of a General Release by the Company, as provided in Section 3. Severance benefit payments shall also be reduced to the extent of any advance payments, for any excess expense reimbursements, and for any amounts owed to the Company by the Employee (other than normal personal residence, home equity and similar loans).

 

In the event of the death of the Employee after the commencement of entitlement to any severance benefit payable under Section 4, all benefits shall be paid in a lump sum to the Employee’s spouse, or if no spouse exists, to the Employee’s estate.

 

Notwithstanding any interpretation to the contrary, in no event shall the Employee be entitled to both the Basic Severance Benefit and the Change in Control Severance Benefit.

 

2

 

 

 

	
            5.
 	
            Benefits. Upon the occurrence of any termination of employment by the Company, or any related entity or successor entity without “Cause”, or upon the occurrence of a “constructive termination” in accordance with Section 8, the Employee shall be entitled to the following general benefits.
 

	
             
 	
            a.
 	
            All Base Compensation through the Termination Date shall be paid in accordance with the Company’s normal payroll procedures.
 

	
             
 	
            b.
 	
            All accrued vacation pay shall be included in the Employee’s final paycheck.
 

	
             
 	
            c.
 	
            The Employee shall be entitled to elect to receive continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 and/or applicable New Jersey law (“COBRA”) after his Termination Date, which is the date of the “qualifying event” under COBRA. The Company shall pay the full cost of any COBRA coverage elected by the Employee, or any member of the Employee’s immediate family for a period of up to 12 months.
 

	
             
 	
            d.
 	
            All medical, group-term life insurance, long-term disability, short-term disability, and other welfare benefits shall be terminated in accordance with the provisions of all plans. The Employee may be entitled to individual conversion privileges under the various policies. The Company shall provide such information to the Employee regarding all individual conversion rights.
 

	
             
 	
            e.
 	
            The Employee shall be entitled to a distributions of all benefits under the Company retirement programs, in accordance with the provisions of all Plan documents. All severance benefits paid in the Plan Year in which the Termination Date occurs (but not any subsequent Plan Years) shall be treated as Compensation for purposes of Employee Salary Reduction Contributions to the Section 401(k) Plan, if permitted in accordance with the provision of the Section 401(k) Plan, unless the Employee directs otherwise. For purposes of all other Company Contributions, all severance benefits shall be considered as Compensation to the extent required under the Section 401(k) Plan.
 

	
             
 	
            f.
 	
            The Employee shall be entitled to exercise any vested Stock Options, in accordance with the provisions of the relevant plan, and any individual Option Agreements.
 

	
             
 	
            g.
 	
            Any executive benefits shall terminate on the Termination Date.
 

	
             
 	
            h.
 	
            The Employee shall be entitled to state unemployment benefits, in accordance with the rules for the State of New Jersey.
 

Notwithstanding any provision to the contrary, except as provided in this Agreement, the payment of any severance benefits shall not be treated as extending any individual’s employment for any employee benefit or employment purposes.

 

	
            6.
 	
            Voluntary Termination, Retirement, Death and Disability. The Employee shall not be entitled to any severance benefits in the event of any voluntary termination of employment either before, or after, any Change in Control or other corporate events, unless a “constructive termination” shall occur, as defined in Section 8. Furthermore, notwithstanding any provisions to the contrary, no severance benefits shall be payable in the event the Employee becomes disabled, dies or otherwise retires in accordance with the normal policies of the Company.
 

	
            7.
 	
            Discharge for Cause. The Company, or any related entity or successor entity may immediately terminate this Agreement and the Employee’s employment at any time for “Cause”. Upon termination of this Agreement for Cause, the Company shall have no further obligations to the Employee other than to pay for services performed and reimbursement for expenses payable as of the date of such termination, and to provide any benefits as legally required under Section 4. However, the Employee shall have no right to the payment of any Basic Severance or Change in Control Severance Benefits in the event of a termination for “Cause”.
 

 

3

 

 

 

	
            8.
 	
            Change in Control.
 

 

	
             
 	
            a.
 	
            Upon the occurrence of a “Change in Control” of the Company, including any affiliated or subsidiary companies, followed by the involuntary termination of the Employee’s employment within a period of one year after such Change in Control, other than for “Cause”, retirement, death or disability, the Employee shall be entitled to receive all severance benefits identified in Sections 4(b) and 5 of the Agreement, and any other benefits to which the Employee is entitled under any other Company programs. Upon the occurrence of a Change in Control and a “Constructive Termination” of the Employee, the Employee shall also have the right to voluntarily terminate the Employee’s employment at any time for a period of up to one year after such Change in Control, and to receive the severance benefits
identified in Section 4(b) and 5. For purposes of this Agreement, a “Constructive Termination” shall mean (i) a resignation by the Employee due to any diminution or adverse change in the circumstances of his employment (as determined by him in good faith), including, without limitation, his reporting relationships, job description, duties, responsibilities, compensation, perquisites, office or location of employment, or (ii) a decision by the Employee not to accept an offer of employment with a successor to Employer. The specific arrangement referred to above are not intended to exclude the Employee’s participation in any other benefits available to executive personnel of the Company or any related entity or successor entity. Upon the occurrence of any of these events, the Employee shall provide the Company with not less than fourteen days prior written notice of resignation given within a reasonable period of time not to exceed three months after the occurrence of the
last event giving rise to said Constructive Termination. If the Company in good faith disputes that the Employee is entitled to terminate the Employee’s employment due to a Constructive Termination, it shall so inform the Employee in writing within fourteen days of the written notice provided by the Employee. Pending resolution of the dispute, the Company shall continue to pay the Employee’s Base Compensation and benefits. If it is ultimately determined that the Employee did not have grounds for voluntarily terminating the Employee’s employment, the Employee shall return to the Company, without interest, all cash compensation received by the Employee subsequent to the day the Employee’s employment was terminated.
 

	
             
 	
            b.
 	
            If all or any portion of the amounts payable to the Employee under this Agreement, either alone or together with other payments which the Employee has the right to receive from the Company or any related entity or successor entity, constitute “excess parachute payments” within the meaning of Section 280G of the Code that are subject to the excise tax imposed by Section 4999 of the Code (or any successor sections), the Company or any related entity or successor entity shall increase the amounts payable hereunder to the extent necessary to place the Employee in the same after-tax position as he would have been and had no such excise tax been imposed on the payments hereunder. The determination of the amount of any such excise taxes shall initially be made by the independent accounting firm employed by the Company
immediately prior to the Change in Control.
 

If at a later date it is determined (pursuant to final regulations or published rulings of the Internal Revenue Service, assessment by the Internal Revenue Service or otherwise) that the amount of excise taxes payable by the Employee is greater than the amount initially so determined, then the Company or any related entity or successor entity shall pay the Employee an amount equal to the sum of (A) such additional excise taxes, plus (B) any interest, fines and penalties with respect to such additional excise taxes, plus (C) the amount necessary to reimburse the Employee for any income, excise or other taxes payable by the Employee with respect to the amounts specified in (A) and (B) above and the reimbursement provided by this clause (C).

 

	
            9.
 	
            Waivers. A waiver by either party of any term or condition of this Agreement in any instance shall not be deemed or construed to be a waiver of such term or condition for the future, or of any subsequent breach thereof. All rights, remedies, undertakings or obligations contained in this Agreement shall be cumulative and none of them shall be in limitation of any other right, remedy, undertaking or obligations of either party.
 

 

 

4

 

 

 

	
            10.
 	
            Severability. If any one or more provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal and unenforceable provision had never been contained herein.
 

 

	
            11.
 	
            Liability Coverage. The Company, and any related entity or successor entities agrees to indemnify the Employee in accordance with the terms of TB Bylaws. The Company also agrees to continue to provide any existing officers and directors insurance and/or liability policies covering the Employee through any Termination Date, and shall use its best efforts to continue to maintain the policies in effect at the time of termination or comparable policies covering the Employee for the Employee’s period of employment with the Company, and for a period of six years after the date of any termination. In no event shall the Employee receive any lesser officers and directors protection, than is provided to the current active Board of Directors.
 

 

	
            12.
 	
            Execution of Agreement. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
 

 

	
            13.
 	
            Entire Agreement. This Agreement contains the entire agreement between the Employee and the Company with respect to the transactions contemplated herein and supersedes all previous written and oral agreements, negotiations, commitments, and understandings between the Company and the Employee with respect to the subject matter of this Agreement. Its terms shall not be altered or otherwise amended except pursuant to an instrument in writing signed by each of the parties hereto and making specific reference to this Agreement.
 

 

	
            14.
 	
            Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Employee, his or her heirs, executors, administrators, and legal representations, and the Company, its successors and assigns.
 

 

	
            15.
 	
            Amendment. This Agreement may not be altered, changed, amended or terminated except by written agreement signed by the Employee and the Company.
 

 

	
            16.
 	
            Written Notices. Any notice, request or other document to be give hereunder by the Company to the Employee or by the Employee to the Company shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid and addressed as follows:
 

 

If to the Company:

 

The Town Bank 

520 South Avenue 

Westfield, New Jersey 07090 

Attn:  Chairman of the Board

 

If to the Employee:

Robert W. Dowens, Sr.

7 Apple Grove Drive 

Holmdel, New Jersey 07733

 

	
            17.
 	
            New Jersey Law. The Employee and the Company agree that this Agreement and any interpretation thereof shall be governed by the laws of the State of New Jersey.
 

 

	
            18.
 	
            Headings. The headings contained in this Agreement are for reference only. In the event of a conflict between a heading and the context of any Section, the context of the Section shall control.
 

 

 

5 

 

 

	
            19.
 	
            Successor Obligations. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to the Employee expressly to assume and agree to perform all obligations of this Agreement.
 

 

 

WITNESS:

 

	/s/
KATHLEEN A. DALY                       	 	/s/ ROBERT W. DOWENS, SR.
	 	 	Robert W. Dowens, Sr., Employee

 

 

 

	WITNESS:	 	THE TOWN BANK
	 	 	 	 
	/s/
KATHLEEN A. DALY    	 	By:	
/s/ JOSEPH F.X. O’SULLIVAN
	 	 	 	Joseph F.X. O’Sullivan

Chairman of the Board of Directors

 

 

 

						

 

 

 

 

6Exhibit 4.1

    Exhibit
      4.1

    
      

      

    

     

     

    ENERGY
      EAST CORPORATION

     

    AND

     

    JPMORGAN
      CHASE BANK, N.A.

    (formerly
      known as The Chase Manhattan Bank),

     

    as
      Trustee

     

     

     

    Eighth
      Supplemental Indenture

     

    Dated
      as
      of July 24, 2006

     

    To

     

    Indenture

     

    Dated
      as
      of August 31, 2000

     

     

     

    6.75%
      Notes due July 15, 2036

     

    

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EIGHTH
      SUPPLEMENTAL INDENTURE, dated as of July 24, 2006 (this "Eighth
      Supplemental Indenture"),
      between ENERGY EAST CORPORATION, a corporation duly organized and existing
      under
      the laws of the State of New York (the "Company"),
      having its principal office at 52 Farm View Drive, New Gloucester, Maine
      04260-5116 and JPMORGAN CHASE BANK, N.A. (formerly known as The Chase Manhattan
      Bank), a national banking association, as Trustee (the "Trustee")
      under
      the Indenture dated as of August 31, 2000 between the Company and the Trustee
      (the "Original
      Indenture").

     

    Recitals
      of the Company

     

    WHEREAS,
      the Company has executed and delivered the Original Indenture to the Trustee
      to
      provide for the issuance from time to time of its senior, unsecured debentures,
      notes or other evidences of indebtedness (the "Securities"),
      to be
      issued in one or more series as in the Original Indenture provided;

     

    WHEREAS,
      pursuant to the terms of the Original Indenture, the Company desires to make,
      execute and deliver to the Trustee this Eighth Supplemental Indenture to the
      Original Indenture in order to establish the form and terms of, and to provide
      for the creation and issue of a new series of its Securities designated as
      the
      6.75% Notes due July 15, 2036 (herein called the "Notes"),
      under
      the Original Indenture in the aggregate principal amount of
      $250,000,000;

     

    WHEREAS,
      all things necessary to make the Notes, when executed by the Company and
      authenticated and delivered by the Trustee and issued upon the terms and subject
      to the conditions hereinafter and in the Original Indenture set forth, against
      payment therefor, the valid, binding and legal obligations of the Company and
      to
      make this Eighth Supplemental Indenture a valid, binding and legal agreement
      of
      the Company, have been done;

     

    Now,
      therefore, this Eighth Supplemental Indenture Witnesseth that for, and in
      consideration of, the premises and covenants contained in the Original Indenture
      and this Eighth Supplemental Indenture and the purchase of the Notes by the
      Holders thereof, it is mutually agreed and covenanted, for the equal and
      proportionate benefit of all Holders of the Notes, as follows:

     

    ARTICLE
      I.

     

    DEFINED
      TERMS

     

    Section
      1.01. Defined
      Terms.
      Except
      as otherwise expressly provided in this Eighth Supplemental Indenture or in
      the
      form of Note set forth in Exhibit A hereto or otherwise clearly required by
      the
      context hereof or thereof, all capitalized terms used and not defined herein
      or
      in said form of Note that are defined in the Original Indenture shall have
      the
      meanings assigned to them in the Original Indenture. The Original Indenture,
      as
      supplemented from time to time, including by this Eighth Supplemental Indenture,
      is hereafter referred to as the "Indenture."

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      II.

     

    TERMS
      OF THE NOTES

     

    Section
      2.01. Establishment
      of the Notes.
      There
      is hereby authorized a series of Securities designated the 6.75% Notes due
      July
      15, 2036, limited in aggregate principal amount to $250,000,000 (except as
      provided in Section 301(2) of the Indenture and as set forth in the next
      sentence). The Company may, without the consent of the Holders of the Notes,
      provided that no Event of Default shall have occurred and be continuing, issue
      additional Notes in such principal amount as shall be determined by or pursuant
      to a Board Resolution and having the same ranking and the same interest rate,
      maturity and other terms (except for the initial interest accrual date and
      the
      initial Interest Payment Date) as the Notes originally issued hereunder, which
      together with said additional Notes shall constitute a single series of
      Securities under the Indenture. The Notes shall be substantially in the form
      of
      Note set forth in Exhibit A hereto.

     

    Section
      2.02. Terms
      of the Notes.
      The
      terms and provisions of the Notes as set forth in Exhibit A are hereby
      incorporated in and expressly made part of this Eighth Supplemental
      Indenture.

     

    The
      Notes
      will mature and the principal thereof will be due and payable, together with
      all
      accrued and unpaid interest thereon, on July 15, 2036.

     

    The
      Notes
      shall bear interest at the rate of 6.75% per year.

     

    The
      amount of interest payable on the Notes will be computed on the basis of a
      360-day year consisting of twelve 30-day months.

     

    Payment
      of the principal of (and premium, if any) and interest on the Notes will be
      made
      at the office or agency of the Company maintained for that purpose in the
      Borough of Manhattan, the City and State of New York, in such coin or currency
      of the United States of America as at the time of payment is legal tender for
      the payment of public and private debts and in immediately available funds;
      provided,
      however, that
      at
      the option of the Company payment of interest may be made by wire transfer
      of
      immediately available funds to an account at a financial institution in the
      United States of the Person entitled thereto as such account shall be provided
      to the Security Registrar at least 10 days prior to the relevant payment date
      or
      by check in New York Clearinghouse Funds mailed to the address of the person
      entitled thereto as such address shall appear in the Security
      Register.

     

    Initially
      the Notes will be issued in global form registered in the name of Cede & Co.
      (as nominee for The Depository Trust Company ("DTC"),
      the
      initial securities depositary for the Notes), and may bear such legends as
      DTC
      may reasonably request. So long as the Notes are held solely in global form,
      the
      Regular Record Date shall be the Business Day immediately preceding the relevant
      Interest Payment Date; if the Notes are registered in the names of additional
      Holders, the Company shall have the right to select a Regular Record Date for
      such Notes, which shall be at least one Business Day but not more than 60
      Business Days prior to the relevant Interest Payment Date. So long as the Notes
      are outstanding in global form registered in 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    the name of DTC or its nominee, all payments of principal,
      premium, if any, and interest will be made by the Company in immediately
      available funds.

     

    No
      service charge shall be made for the registration of transfer or exchange of
      the
      Notes; provided,
      however, that
      the
      Company may require payment of a sum sufficient to cover any tax or other
      governmental charge that may be imposed in connection with the exchange or
      transfer.

     

    The
      Notes
      shall not be superior in right of payment to, and shall rank pari
      passu with,
      all
      other unsecured and unsubordinated indebtedness of the Company.

     

    The
      Notes
      shall be issued in minimum denominations of $1,000 or any integral multiple
      of
      $1,000 over such denomination.

     

    ARTICLE
      III.

     

    SUNDRY
      PROVISIONS

     

    Section
      3.01. Execution,
      Authentication and Delivery of the Notes.
      Notes
      in the aggregate principal amount of $250,000,000, or in such greater principal
      amount as shall be permitted by Section 2.01, may, upon execution of this Eighth
      Supplemental Indenture, or from time to time thereafter, be executed by the
      Company and delivered to the Trustee for authentication, and the Trustee shall
      thereupon authenticate and deliver said Notes upon a Company Order without
      any
      further action by the Company.

     

    Section
      3.02. Paying
      Agent and Security Registrar. 
      JPMorgan Chase Bank, N.A. will be the Paying Agent and Security Registrar for
      the Notes.

     

    Section
      3.03. Trustee
      Not Responsible for Recitals.
      The
      recitals contained in this Eighth Supplemental Indenture shall be taken as
      the
      statements of the Company and the Trustee assumes no responsibility for their
      correctness. The Trustee makes no representations as to the validity or
      sufficiency of this Eighth Supplemental Indenture.

     

    Section
      3.04. Incorporation
      of Indenture.
      The
      Original Indenture, as supplemented by this Eighth Supplemental Indenture,
      is in
      all respects ratified and confirmed, and this Eighth Supplemental Indenture
      shall be deemed part of the Indenture in the manner and to the extent herein
      and
      therein provided, except that the last paragraph of Section 301 of the Original
      Indenture, as deemed to be incorporated into this Eighth Supplemental Indenture
      and to the extent relating to the Notes, shall be amended to read in its
      entirety as follows:

     

    "Unless
      otherwise provided, a series may be reopened, without the consent of the
      Holders, for increases in the aggregate principal amount of such series of
      Securities and issuances of additional Securities of such series."

     

    Section
      3.05. Governing
      Law.
      This
      Eighth Supplemental Indenture shall be governed by, and construed in accordance
      with, the laws of the State of New York, without regard to principles of
      conflicts of law except Section 5-1401 of the New York General Obligations
      Law.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Section
      3.06. Counterparts.
      This
      Eighth Supplemental Indenture may be executed in any number of counterparts,
      each of which so executed shall be deemed to be an original, but all such
      counterparts shall together constitute one and the same instrument.

    
       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

    In
      Witness Whereof, the parties hereto have caused this Eighth Supplemental
      Indenture to be duly executed as of the day and year first above
      written.

     

    
      	 	 	
              ENERGY
                EAST CORPORATION

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
              By:

            	/s/
              F. Michael McClain   	 
	 	 	 	
              Name:
                F. Michael McClain

            	 
	 	 	 	
              Title:  
                Vice President - Finance, Treasurer & Chief Integration
                Officer

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
              JPMORGAN
                CHASE BANK, N.A.

            	 
	 	 	
              (formerly
                known as The Chase Manhattan Bank), 

            	 
	 	 	
              as
                Trustee

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
              By:

            	/s/
              James D.
              Heaney      	 
	 	 	 	
              Name:
                James D. Heaney

            	 
	 	 	 	
              Title:  
                Vice President

            	 

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    [This
      Certificate is a Global Security within the meaning of the Indenture and is
      registered in the name of a Depositary or a nominee of a Depositary. This
      Certificate is exchangeable for Securities registered in the name of a Person
      other than a Depositary or its nominee only in the limited circumstances
      described in the Indenture, and no transfer of this Certificate (other than
      a
      transfer of this Certificate as a whole by the Depositary to a nominee of the
      Depositary or by a nominee of the Depositary to the Depositary or another
      nominee of the Depositary) may be registered except in limited
      circumstances.

     

    Unless
      this Certificate is presented by an authorized representative of The Depository
      Trust Company, a New York corporation ("DTC"),
      to
      the Company (as defined herein) or its agent for registration of transfer,
      exchange or payment, and any certificate issued is registered in the name of
      Cede & Co. or in such other name as is requested by an authorized
      representative of DTC (and any payment is made to Cede & Co. or to such
      other entity as is requested by an authorized representative of DTC), ANY
      TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
      interest herein.]* 

     

    ENERGY
      EAST CORPORATION

     

    6.75%
      NOTE DUE JULY 15, 2036

     

    
      	
              CUSIP
                29266MAF6

            	
              $

            	    
	 

    

    No._______

     

    ENERGY
      EAST CORPORATION, a corporation duly organized and existing under the laws
      of
      the State of New York (hereinafter referred to as the "Company,"
      which
      term includes any successor Person under the Indenture hereinafter referred
      to),
      for value received, hereby promises to pay to [CEDE & CO.]*,
      or
      registered assigns, the principal sum of ______________________________
      Dollars ($__________) on July 15, 2036 (the "Maturity
      Date")
      and to
      pay interest thereon in the manner and on the Interest Payment Dates set forth
      below at the rate of 6.75% per year, from and including the date of issuance,
      or
      from the most recent Interest Payment Date (as defined below) to which interest
      has been paid or duly provided for, until the principal hereof is paid or made
      available for payment. The interest so payable, and punctually paid or duly
      provided for, on any Interest Payment Date will, as provided in the Indenture,
      be paid to the Person in whose name this Security (or one or more Predecessor
      Securities) is registered at the close of business on the Regular Record Date
      for such interest. Except as provided in the Eighth Supplemental Indenture
      hereinafter referred to, "Regular
      Record Date"
      shall
      mean the January 1 and July 1 (whether or not a Business Day) next preceding
      such Interest Payment Date; "Interest
      Payment Date"
      shall
      mean January 15 and July 15 of each year, commencing January 15, 2007 to and
      including the Maturity Date.

     

     

      
        

      

    

    *
      For
      inclusion in Global Securities only.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Any
      such
      interest not so punctually paid or duly provided for will forthwith cease to
      be
      payable to the Holder on such Regular Record Date and may either be paid to
      the
      Person in whose name this Security (or one or more Predecessor Securities)
      is
      registered at the close of business on a Special Record Date for the payment
      of
      such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
      given to Holders of Securities of this series not less than 10 days prior to
      such Special Record Date, or be paid at any time in any other lawful manner
      not
      inconsistent with the requirements of any securities exchange on which the
      Securities of this series may be listed, and upon such notice as may be required
      by such exchange, all as more fully provided in the Indenture.

     

    Payment
      of the principal of (and premium, if any) and interest on this Security will
      be
      made at the office or agency of the Company maintained for that purpose in
      the
      Borough of Manhattan, the City and State of New York, in such coin or currency
      of the United States of America as at the time of payment is legal tender for
      the payment of public and private debts and in immediately available funds;
      provided,
      however, that
      at
      the option of the Company payment of interest may be made by wire transfer
      of
      immediately available funds to an account at a financial institution in the
      United States of the Person entitled thereto as such account shall be provided
      to the Security Registrar at least 10 days prior to the relevant payment date
      or
      by check in New York Clearinghouse Funds mailed to the address of the person
      entitled thereto as such address shall appear in the Security
      Register.

     

    Reference
      is hereby made to the further provisions of this Security set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    Unless
      the certificate of authentication hereon has been executed by the Trustee
      referred to on the reverse hereof by manual signature, this Security shall
      not
      be entitled to any benefit under the Indenture or be valid or obligatory for
      any
      purpose.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, Energy East Corporation has caused this instrument to be duly
      executed under its corporate seal.

     

    Dated:

     

    
      	 	 	
              ENERGY
                EAST CORPORATION

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
              By:

            	 
	  
	 
	 	 	
              Name:
                

            	 	 
	 	 	
              Title:

            	 	 

    

     

     

    Attest:

     

     

    
      	
              By:

            	     
	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

     

    TRUSTEE'S
      CERTIFICATE OF AUTHENTIFICATION

     

    This
      is
      one of the Securities of the series designated herein referred to in the within
      mentioned Indenture.

     

    
      	 	 	
              JPMORGAN
                CHASE BANK, N.A.

            	 
	 	 	
              (formerly
                known as The Chase Manhattan Bank),

            	 
	 	 	
              as
                Trustee

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
              By:

            	   
	 
	 	 	 	
              Authorized
                Officer

            	 

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    ENERGY
      EAST CORPORATION

     

    6.75%
      NOTE DUE JULY 15, 2036

     

    This
      Security is one of a duly authorized issue of securities of the Company (the
      "Securities"),
      issued and to be issued in one or more series under an Indenture, dated as
      of
      August 31, 2000 (the "Original
      Indenture"),
      as
      supplemented by a First Supplemental Indenture dated as of August 31, 2000
      (the
      "First
      Supplemental Indenture"),
      a
      Second Supplemental Indenture dated as of November 14, 2000 (the "Second
      Supplemental Indenture"),
      a
      Third Supplemental Indenture dated as of November 14, 2000 (the "Third
      Supplemental Indenture"),
      a
      Fourth Supplemental Indenture dated as of November 14, 2001 (the "Fourth
      Supplemental Indenture"),
      a
      Fifth Supplemental Indenture dated as of April 8, 2002 (the "Fifth
      Supplemental Indenture"),
      a
      Sixth Supplemental Indenture dated as of June 14, 2002 (the "Sixth
      Supplemental Indenture"),
      a
      Seventh Supplemental Indenture dated as of September 9, 2003 (the "Seventh Supplemental
      Indenture")
      and an
      Eighth Supplemental Indenture dated as of July 24, 2006 (the "Eighth
      Supplemental Indenture,"
      and
      the Original Indenture, as so supplemented, the "Indenture"),
      between the Company and JPMorgan Chase Bank, N.A. (formerly known as The Chase
      Manhattan Bank), a New York banking corporation, as Trustee (the "Trustee,"
      which
      term includes any successor trustee under the Indenture), and reference is
      hereby made to the Indenture for a statement of the respective rights,
      limitations of rights, duties and immunities thereunder of the Company, the
      Trustee and the Holders and of the terms upon which the Securities are, and
      are
      to be, authenticated and delivered. [This Security is a Global Security
      representing the aggregate principal amount of the Company's 6.75% Notes Due
      July 15, 2036 set forth on the face hereof.]1 
      The
      Securities of this series [of which this Global Security is a part]*
      are
      limited in aggregate principal amount to $250,000,000, except as provided in
      the
      Eighth Supplemental Indenture.

     

    Optional
      Redemption. The
      Securities of this series are redeemable, at the option of the Company, at
      any
      time in whole, and from time to time in part, at a Redemption Price equal to
      the
      greater of:

     

    
      	 	
              ·

            	
              100%
                of the principal amount of the Securities of this series then Outstanding
                to be redeemed, or

            

    

     

    
      	 	
              ·

            	
              the
                sum of the present values of the remaining scheduled payments of
                principal
                and interest thereon from the Redemption Date to the Maturity Date
                computed by discounting such payments to the Redemption Date on a
                semi-annual basis (assuming a 360-day year consisting of twelve 30-day
                months) at a rate equal to the sum of 25 basis points plus the Adjusted
                Treasury Rate on the third Business Day prior to the Redemption Date,
                as
                calculated by an Independent Investment
                Banker,

            

    

     

    plus,
      in
      each case, accrued and unpaid interest, if any, to the Redemption
      Date.

     

    "Adjusted
      Treasury Rate" means, with respect to any Redemption Date:

     

     

    
      

    

    *
      For
      inclusion in Global Securities only.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              ·

            	
              the
                yield, under the heading which represents the average for the immediately
                preceding week, appearing in the most recently published statistical
                release designated "H.15(519)" or any successor publication which
                is
                published weekly by the Board of Governors of the Federal Reserve
                System
                and which establishes yields on actively traded U.S. Treasury securities
                adjusted to constant maturity under the caption "Treasury Constant
                Maturities," for the maturity corresponding to the Comparable Treasury
                Issue (if no maturity is within three months before or after the
                Remaining
                Life, yields for the two published maturities most closely corresponding
                to the Comparable Treasury Issue will be determined and the Adjusted
                Treasury Rate will be interpolated or extrapolated from such yields
                on a
                straight line basis, rounding to the nearest month);
                or

            

    

     

    
      	 	
              ·

            	
              if
                such release (or any successor release) is not published during the
                week
                preceding the calculation date or does not contain such yields, the
                rate
                per annum equal to the semi-annual equivalent yield to maturity of
                the
                Comparable Treasury Issue, calculated using a price for the Comparable
                Treasury Issue (expressed as a percentage of its principal amount)
                equal
                to the Comparable Treasury Price for such Redemption
                Date.

            

    

     

    "Business
      Day" means any day other than a Saturday or Sunday or a day in which banking
      institutions in New York City are authorized or obligated by law or executive
      order to close.

     

    "Comparable
      Treasury Issue" means the U.S. Treasury security selected by an Independent
      Investment Banker as having a maturity comparable to the remaining term of
      the
      Securities of this series to be redeemed that would be utilized, at the time
      of
      selection and in accordance with customary financial practice, in pricing new
      issues of corporate debt securities of comparable maturity to the remaining
      term
      of such Securities ("Remaining Life") or, if, in the reasonable judgment of
      the
      Independent Investment Banker, there is no such security, then the Comparable
      Treasury Issue will mean the U.S. Treasury security or securities selected
      by an
      Independent Investment Banker as having an actual or interpolated maturity
      or
      maturities comparable to the remaining term of the Securities.

     

    "Comparable
      Treasury Price" means (1) the average of the Reference Treasury Dealer
      Quotations for the Redemption Date, after excluding the highest and lowest
      Reference Treasury Dealer Quotations, or (2) if the Independent Investment
      Banker obtains fewer than four such Reference Treasury Dealer Quotations, the
      average of all such quotations.

     

    "Independent
      Investment Banker" means one of the Reference Treasury Dealers selected by
      the
      Company, or if any such firm is unwilling or unable to serve as such, an
      independent investment and banking institution of national standing appointed
      by
      the Company.

     

    "Reference
      Treasury Dealer" means each of (1) Banc of America Securities LLC and one other
      primary U.S. Government securities dealer ("Primary Treasury Dealer") selected
      by Wachovia Capital Markets, LLC, and their respective successors; provided
      that
      if any of the foregoing ceases to be, and has no affiliate that is, a Primary
      Treasury Dealer, the Company will substitute for it another Primary Treasury
      Dealer and (2) any two other Primary Treasury Dealers selected by the
      Company.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    "Reference
      Treasury Dealer Quotations" means, with respect to each Reference Treasury
      Dealer and any Redemption Date, the average, as determined by the Independent
      Investment Banker, of the bid and asked prices for the Comparable Treasury
      Issue
      (expressed in each case as a percentage of its principal amount) quoted in
      writing to the Independent Investment Banker at 5:00 p.m., New York City time,
      on the third Business Day preceding such Redemption Date.

     

    The
      Company will mail notice of redemption at least 30 days but not more than 60
      days before the applicable Redemption Date to each Holder of the Securities
      of
      this series to be redeemed. If the Company elects to partially redeem the
      Securities of this series, the Trustee will select in a fair and appropriate
      manner the Securities to be redeemed. Notwithstanding Section 1104 of the
      Indenture, the notice of such redemption need not set forth the Redemption
      Price
      but only the manner of calculation thereof. The Company shall give the Trustee
      notice of such Redemption Price immediately after the calculation
      thereof.

     

    Upon
      the
      payment of the Redemption Price plus accrued and unpaid interest, if any, to
      the
      date of redemption, interest will cease to accrue on and after the applicable
      Redemption Date on the Securities or portions thereof called for
      redemption.

     

    Usury.
      The
      interest rate on the Securities of this series shall in no event be higher
      than
      the maximum rate permitted by New York law as the same may be modified by United
      States law of general application.

     

    Defeasance.
      The
      Indenture contains provisions for defeasance of (a) the entire Indebtedness
      evidenced by this Security and (b) certain restrictive covenants upon compliance
      by the Company with certain conditions set forth therein.

     

    Events
      of Default. If
      an
      Event of Default with respect to Securities of this series shall occur and
      be
      continuing, the principal of the Securities of this series may be declared
      due
      and payable in the manner and with the effect provided in the
      Indenture.

     

    Amendment
      to Indenture; Waiver of Defaults. The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Company and
      the rights of the Holders of the Securities of each series to be affected under
      the Indenture at any time by the Company and the Trustee with the consent of
      the
      Holders of a majority in principal amount of the Securities at the time
      Outstanding of all series to be affected (voting as a class). The Indenture
      contains provisions permitting the Holders of not less than a majority in
      aggregate principal amount of the Securities of all series with respect to
      which
      a default under the Indenture shall have occurred and be continuing (voting
      as
      one class), on behalf of the Holders of all Securities of all such series,
      to
      waive certain past defaults under the Indenture and their consequences. The
      Indenture also permits the Holders of not less than a majority in aggregate
      principal amount of the Outstanding Securities of any series, on behalf of
      the
      Holders of all Securities of such series, to waive compliance with certain
      provisions of the Indenture. Any such consent or waiver by the Holder of this
      Security shall be conclusive and binding upon such Holder and upon all future
      Holders of this Security and of any Security issued upon the registration of
      transfer hereof or in exchange herefor or in lieu hereof, whether or not
      notation of such consent or waiver is made upon this Security.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Obligations
      Unconditional. No
      reference herein to the Indenture and no provision of this Security or of the
      Indenture shall alter or impair the obligation of the Company, which is absolute
      and unconditional, to pay the principal of (and premium, if any) and interest,
      if any, on this Security at the times, place and rates, and in the coin or
      currency, herein prescribed.

     

    Transfer
      and Exchange. [This
      Security shall be exchangeable for Securities registered in
      the
      names
      of Persons other than the Depositary with respect to such series or its nominee
      only as provided in Section 311 of the Original Indenture. Securities so issued
      in exchange for this Security shall be of the same series, having the same
      interest rate, if any, and maturity and having the same terms as this Security,
      in authorized denominations and in the aggregate having the same principal
      amount as this Security and registered in such names as the Depositary for
      such
      Global Security shall direct.]* 
      As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of a Security of the series of which this Security is a part is
      registrable in the Security Register, upon surrender of this Security for
      registration of transfer at the office or agency of the Company in any place
      where the principal of (and premium, if any) and interest, if any, on this
      Security are payable, duly endorsed by, or accompanied by a written instrument
      of transfer in form satisfactory to the Company and the Security Registrar
      duly
      executed by, the Holder hereof or his attorney duly authorized in writing,
      and
      thereupon one or more new Securities of this series and of like tenor, of
      authorized denominations and for the same aggregate principal amount, will
      be
      issued to the designated transferee or transferees.

     

    The
      Securities of this series are issuable only in registered form without coupons
      in minimum denominations of $1,000 or any integral multiple of $1,000 over
      such
      minimum denomination. As provided in the Indenture and subject to certain
      limitations therein set forth, Securities of this series are exchangeable for
      a
      like aggregate principal amount of Securities of this series and of like tenor
      of a different authorized denomination, as requested by the Holder surrendering
      the same.

     

    No
      service charge shall be made for any such registration of transfer or exchange,
      but the Company may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    Prior
      to
      due presentment of this Security for registration of transfer, the Company,
      the
      Trustee and any agent of the Company or the Trustee may treat the Person in
      whose name this Security is registered as the owner hereof for all purposes,
      whether or not this Security be overdue, and neither the Company, the Trustee
      nor any such agent shall be affected by notice to the contrary.

     

    Governing
      Law. This
      Security shall be governed by and construed in accordance with the laws of
      the
      State of New York without regard to principles of conflict of law except Section
      51401 of the New York General Obligations Law.

     

     

    
      

    

    *
      For
      inclusion in Global Securities only.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    All
      terms
      used in this Security which are defined in the Indenture and not otherwise
      defined herein shall have the meanings assigned to them in the
      Indenture.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    
      
        

      
ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned assigns and transfers this Security to:

     

    (Insert
      assignee's social security or tax identification number)

     

    (Insert
      address and zip code of assignee)

     

    and
      irrevocably
      appoints                                                                                               
agent to transfer this Security on the Security Register. The agent may
      substitute another to act for him or her.

     

    
      
        	
                Date:

              	   
	 	 	 	 
	 	 	 	
                Signature:

              	 
	  
	 
	 	 	 	 	 	 	 
	 	 	 	
                Signature
                  Guarantee:

              	  
	 
	 	 	 	
                 

              	 	 

      

    (Sign
      exactly as your name appears on the other side of this Security)

     

    SIGNATURE
      GUARANTEE

     

    Signatures
      must be guaranteed by an "eligible guarantor institution" meeting the
      requirements of the Registrar, which requirements include membership or
      participation in the Security Transfer Agent Medallion Program ("STAMP") or
      such
      other "signature guarantee program" as may be determined by the Registrar in
      addition to, or in substitution for, STAMP, all in accordance with the
      Securities Exchange Act of 1934, as amended.

     

    9

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