Document:

SCTerry 2005 DSU Agreement

Exhibit
10.6

GREEN
MOUNTAIN POWER CORPORATION

2005
OFFICER DEFERRED STOCK UNIT AGREEMENT

THIS
AGREEMENT, dated as of the 27th day of
May 2005, between GREEN MOUNTAIN POWER CORPORATION, a Vermont corporation (the
“Company”), and Stephen C. Terry (the “Participant”), is made pursuant and
subject to the provisions of the Green Mountain Power Corporation 2004 Stock
Incentive Plan (the “Plan”), a copy of which has been made available to the
Participant. All terms used herein that are defined in the Plan have the same
meaning given them in the Plan.

 

1. Award.

Pursuant
to the Plan, the Company, effective as of May 23, 2005 (the “Date of Grant”),
will grant to the Participant, subject to the terms and conditions of the Plan
and subject further to the terms and conditions herein set forth, an award of
3,900 Stock Units. For purposes of this Agreement and any related Deferral
Agreement, a Stock Unit is the right to receive a share of Common Stock based on
the terms of this Agreement.

 

2. Terms
and Conditions.

No Common
Stock will be issued, no payment will be made hereunder, and the Participant’s
interest in the Stock Units granted hereunder shall be forfeited except to the
extent that the requirements of the following paragraphs are
satisfied.

 

3. Vesting.

The Stock
Units subject to this Agreement will vest as follows: (i) 50% of the Stock Units
will vest on May 23, 2006; and (ii) 50% of the Stock Units will vest on May 23,
2007.

 

4. Forfeiture.

The
shares of Common Stock subject to this Agreement will be forfeited if the
Participant is not an officer of the Company on May 23, 2006 and May 23, 2007.
Notwithstanding the immediately preceding sentence, if (i) the Participant is an
officer of the Company on May 23, 2006, 50% of the Stock Units will vest on such
date and (ii) the shares of Common Stock subject to this Agreement will not be
forfeited upon the Participant’s retirement from the Company if on the date of
such retirement the Participant is entitled to receive benefits, without any
actuarial reduction thereof, under the Employees’ Retirement Plan of Green
Mountain Power Corporation. For purposes of this Section 4, retirement shall
mean a Participant’s termination of employment with the Company for any reason
other than termination for cause. 

 

5. Shareholder
Rights.

The
Participant shall not have any rights as a shareholder of the Company with
respect to the Stock Units subject to this Agreement until the Stock Units vest
and are settled by the issuance of Common Stock.

 

6. Change
in Capital Structure.

The terms
of this Agreement, including the number of Stock Units subject to this
Agreement, shall be adjusted as the Committee determines is equitably required
in the event the Company effects one or more stock dividends, stock split-sups,
subdivisions or consolidations of shares or other similar changes in
capitalization.

 

7. Conflicts.

In the
event of any conflict between the provisions of the Plan as in effect on the
Date of Grant and the provisions of this Agreement, the provisions of the Plan
shall govern. All references herein to the Plan mean the Plan as in effect on
the date hereof.

 

8. Participant
Bound by Plan.

The
Participant hereby acknowledges that a copy of the Plan has been made available
to him and agrees to be bound by all the terms and provisions
thereof.

 

9. Binding
Effect.

Subject
to the limitations stated above and in the Plan, this Agreement shall be binding
upon and inure to the benefit of the legatees, distributees and personal
representatives of the Participant and the successors of the
Company.

 

10. Governing
Law.

This
Agreement shall be governed by, and interpreted under, the laws of the State of
Vermont except its choice of law provisions to the extent that they would
require the application of the laws of a State other than the State of
Vermont.

 

* *
*

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be signed by its duly
authorized officer and the Participant has signed this Agreement on the date or
dates set forth below.

 

	
      GREEN
      MOUNTAIN POWER CORPORATION
	 
	
       

      By:
      /s/ Christopher. L. Dutton.
	 
	
      Date:
      May 27, 2005
	 
	 	 
	
      STEPHEN
      C. TERRY
	 
	
       

      By:
      /s/ Stephen C. Terry
	 
	
      Date:
      May 27, 2005SCTerry 2004 Amended DSU Agreement

Exhibit
10.7

GREEN
MOUNTAIN POWER CORPORATION

OFFICER
DEFERRED STOCK UNIT AGREEMENT

THIS
AGREEMENT, dated as of the 10th day of February
2004, as
amended and restated as of the 27th day of May 2005, between
GREEN MOUNTAIN POWER CORPORATION, a Vermont corporation (the “Company”), and
STEPHEN C. TERRY (the “Participant”), is made pursuant and subject to the
provisions of the Green Mountain Power Corporation 2000 Stock Incentive Plan
(the “Plan”), a copy of which has been made available to the Participant. All
terms used herein that are defined in the Plan have the same meaning given them
in the Plan.

 

1. Award.

Pursuant
to the Plan, the Company, effective as of February 9, 2004 (the “Date of
Grant”), granted to the Participant, subject to the terms and conditions of the
Plan and subject further to the terms and conditions herein set forth, an award
of 4,900 Stock Units. For purposes of this Agreement and any related Deferral
Agreement, a Stock Unit is the right to receive a share of Common Stock based on
the terms of this Agreement.

 

2. Terms
and Conditions.

No Common
Stock will be issued, no payment will be made hereunder, and the Participant’s
interest in the Stock Units granted hereunder shall be forfeited except to the
extent that the requirements of the following paragraphs are
satisfied.

 

3. Vesting.

The Stock
Units subject to this Agreement will vest as follows: (i) 50% of the Stock Units
will vest on February 15, 2005; and (ii) 50% of the Stock Units will vest on
February 15, 2006.

 

4. Forfeiture.

The
shares of Common Stock subject to this Agreement will be forfeited if the
Participant is not an officer of the Company on February 15, 2005 and February
15, 2006. Notwithstanding the immediately preceding sentence, if (i)
the
Participant is an officer of the Company on February 15, 2005, 50% of the Stock
Units will vest on such date and (ii)
the shares of Common Stock subject to this Agreement will not be forfeited upon
the Participant’s retirement from the Company if on the date of such retirement
the Participant is entitled to receive benefits, without any actuarial reduction
thereof, under the Employees’ Retirement Plan of Green Mountain Power
Corporation. For purposes of this Section 4, retirement shall mean a
Participant’s termination of employment with the Company for any reason other
than termination for cause. 

 

5. Shareholder
Rights.

The
Participant shall not have any rights as a shareholder of the Company with
respect to the Stock Units subject to this Agreement until the Stock Units vest
and are settled by the issuance of Common Stock.

 

6. Change
in Capital Structure.

The terms
of this Agreement, including the number of Stock Units subject to this
Agreement, shall be adjusted as the Committee determines is equitably required
in the event the Company effects one or more stock dividends, stock split-sups,
subdivisions or consolidations of shares or other similar changes in
capitalization.

 

7. Conflicts.

In the
event of any conflict between the provisions of the Plan as in effect on the
Date of Grant and the provisions of this Agreement, the provisions of the Plan
shall govern. All references herein to the Plan mean the Plan as in effect on
the date hereof.

 

8. Participant
Bound by Plan.

The
Participant hereby acknowledges that a copy of the Plan has been made available
to him and agrees to be bound by all the terms and provisions
thereof.

 

9. Binding
Effect.

Subject
to the limitations stated above and in the Plan, this Agreement shall be binding
upon and inure to the benefit of the legatees, distributees and personal
representatives of the Participant and the successors of the
Company.

 

10. Governing
Law.

This
Agreement shall be governed by, and interpreted under, the laws of the State of
Vermont except its choice of law provisions to the extent that they would
require the application of the laws of a State other than the State of
Vermont.

 

* *
*

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be signed by its duly
authorized officer and the Participant has signed this Agreement on the date or
dates set forth below.

 

 

	
      GREEN
      MOUNTAIN POWER CORPORATION
	 
	
       

      By:
      /s/ Christopher. L. Dutton.
	 
	
      Date:
      May 27, 2005
	 
	 	 
	
      STEPHEN
      C. TERRY
	 
	
       

      By:
      /s/ Stephen C. Terry
	 
	
      Date:
      May 27, 2005SCTerry 2005 Supplement Retirement Plan

Exhibit
10.8

2005
SUPPLEMENTAL RETIREMENT PLAN

 

This is
an Agreement (the “2005 Plan”), entered into as of the date set forth on the
Summary Schedule which is attached hereto and made a part hereof, and as amended
from time to time thereafter, by and between GREEN MOUNTAIN POWER CORPORATION
(hereinafter “Company”) and the Executive named on the Summary Schedule
(hereinafter “Executive”).

WHEREAS,
the Executive has provided valuable services to the Company and the Company
desires to retain the Executive’s valuable services and to aid in providing
retirement and death benefits to the Executive and his
beneficiaries;

WHEREAS,
the Executive is a highly compensated managerial employee;

WHEREAS,
the Executive and the Company entered into an Amended Supplemental Retirement
Plan on April 20, 1995 (the “Plan”);

WHEREAS,
the Plan was amended by resolutions adopted by the Company’s Board of Directors
on December 30, 2004, in order to assure the Plan’s exemption from the
limitations and requirements prescribed by Section 409A of the Internal Revenue
Code of 1986, as amended, and to approve the establishment of this 2005
Plan;

WHEREAS,
the Executive and the Company wish to enter into this Agreement to memorialize
the terms of the 2005 Plan;

WHEREAS,
the retirement and death benefits provided herein constitute an important and
integral portion of the Executive’s financial and retirement planning;
and

WHEREAS,
in reliance on the availability of the benefits provided Executive herein,
Executive has chosen to forego obtaining benefits from other
sources.

NOW
THEREFORE, the Company and the Executive in consideration of the terms and
conditions set forth herein hereby mutually covenant and agree as
follows:

	1.  	
      Benefit
      Payments. Unless the Executive’s employment is terminated for cause (gross
      misconduct) on or before December 31, 2005, the Company will pay the
      Executive the monthly benefit set forth on the Summary Schedule. The first
      payment of such monthly benefit shall be paid on January 1, 2006. The
      payment of such monthly benefit shall continue thereafter for fifteen
      years. If the Executive dies on or after January 1, 2006 and before the
      payments guaranteed for fifteen years have been paid, the unpaid balance
      of the actual payments guaranteed for fifteen years will continue to be
      paid by the Company to the beneficiaries named in the Summary Schedule. If
      the Executive dies before January 1, 2006 and before the Executive’s
      employment is terminated for cause (gross misconduct), then the monthly
      benefit set forth on the Summary Schedule shall be paid by the Company to
      the Executive’s beneficiaries named in the Summary Schedule for fifteen
      years.

	2.  	
      Death
      Benefit. If the Executive dies after payment of the monthly benefits to
      the Executive have commenced pursuant to Paragraph 1 above, then the
      Company shall pay to the Executive’s beneficiaries named in the Summary
      Schedule an additional benefit of One Hundred Thousand Dollars
      ($100,000.00).

	3.  	
      Benefits
      on a Change in Control. Upon a termination of employment within the
      meaning of
      a certain
      Letter Agreement by and between the Company and the Executive that
      concerns a change in control of the company (the “Letter Agreement”), as
      such Letter Agreement may be modified from time to time) and before
      January 1, 2006 for any reason following a Change in Control (as defined
      in the Letter Agreement) except for cause (gross misconduct), the
      Executive shall be deemed to have satisfied all requirements for the
      receipt of benefits under this 2005 Plan. The Company will pay to the
      Executive a single lump sum benefit in lieu of the payments otherwise due
      under the terms of this 2005 Plan on the date that is six (6) months after
      the Executive’s termination of employment. Said lump sum payment shall be
      the present value equivalence of the amount per month set forth on the
      Summary Schedule guaranteed for fifteen years commencing within thirty
      days of the Executive’s termination of employment and shall not be reduced
      to reflect that the payment date precedes the Executive’s attaining age
      65. The interest rate used to calculate the present value of the amount
      per month set forth in the Summary Schedule shall be the “Applicable
      Interest Rate” as defined in the Employees’ Retirement Plan of Green
      Mountain Power Corporation (“the Retirement Plan”) or, if the Retirement
      Plan shall cease to define Applicable Interest Rate, such similar interest
      rate as shall be used under the Retirement Plan or a similar plan to
      determine the present value of benefits payable in a lump sum. The timely
      payment of such lump sum benefit to the Executive shall be treated as
      compliance with the provisions of Section 11
hereof.

	4.  	
      Disability;
      Leave of Absence. If the Executive shall become disabled within the
      meaning of the long-term disability plan of the Company and prior to
      termination of employment with the Company, the Executive shall be
      considered to be continuing in employment as an executive for as long a
      such disability exists, but not after December 31, 2005, and the
      Executive’s salary as referred to on the Summary Schedule shall be deemed
      to be the Executive’s annual base compensation on the date of onset of the
      disability.

	5.  	
      Executives
      of Subsidiaries. For purposes of this 2005 Plan, employment by the Company
      shall include employment by a wholly-owned subsidiary of the Company. The
      transfer of an Executive from the Company to any wholly-owned subsidiary
      of the Company, or from any wholly-owned subsidiary to the Company, or
      from one wholly-owned subsidiary to another shall not constitute a
      termination of such Executive’s employment by the Company under this 2005
      Plan.

	6.  	
      Employment
      and Other Rights. This 2005 Plan creates no rights whatsoever in the
      Executive to continue in the employ of the Company for any length of time,
      nor does it create any rights in the Executive or obligations on the party
      of the Company except as set forth herein.

	7.  	
      Anti-Alienability
      Clause. Neither the Executive nor any beneficiary shall transfer, assign,
      pledge, mortgage or encumber any of the benefits and payments hereunder.
      The benefits shall not be subject to seizure, lien, judgment, alimony,
      levy, garnishment, or attachment. In the event that the Executive or any
      beneficiary shall attempt any of the acts described in this Paragraph,
      then the payment of installment payments or benefits by the Company shall
      immediately terminate.

	8.  	
      No
      Effect on Other Plans. Nothing contained herein shall affect any right or
      privilege of the Executive with regard to other employee plans the Company
      has, or may have in the future.

	9.  	
      Reorganization
      of the Company. In addition to those rights granted Executive under a
      certain Letter Agreement dated December 6, 1998 that concerns a change in
      control of the Company, the Company agrees that it will not merge or
      consolidate with any other company, business, corporation, partnership, or
      organization, and that it will not permit any of its activities to be
      taken over unless and until the succeeding or continuing corporation
      expressly assumes all rights, duties, privileges and obligations herein
      set forth. In the event the Company fails to comply with this provision,
      the Executive or Executive’s beneficiary, as the case may be, shall be
      entitled to benefits equal to one hundred percent
      (100%)
      of those otherwise provided herein. If benefits are payable under the
      above-identified Letter Agreement, then the Executive shall be deemed to
      have satisfied all requirements for the full vesting of benefits under
      this Agreement on the day prior to termination of employment with the
      Company.

	10.  	
      Unsecured
      Provisions. The rights of the Executive under this 2005 Plan, and of any
      beneficiary shall be solely those of an unsecured creditor of the Company.
      Any asset acquired by the Company in connection with any obligation herein
      shall not be deemed to be held in trust for the Executive or beneficiary.
      All such assets remain general, unpledged assets of the
      Company.

	11.  	
      Communications.
      Any notice or communication shall be made in writing and addressed as the
      case may be to the principal offices of the Company and the principal
      residence of the Executive. Each party shall notify the other of a change
      of address of the principal office and principal
  residence.

	12.  	
      Facility
      of Payment. If any installment or payment is required to be made by the
      Company under this 2005 Plan to any person under a legal disability at the
      time, then the Company may, in its sole discretion, make the payment in
      any of the following ways:

	A.  	
      Directly
      to the person.

	B.  	
      To
      the legal representative of the person.

	C.  	
      To
      some near relative of the person, said payment is to be used for the
      latter’s benefit.

	D.  	
      Directly
      for the payment of expenses relating to the health, maintenance, support
      and education of the person.

Any such
payment by the Company shall be a discharge of the obligation to make said
payment. The Company shall not be liable for making the payment to any of the
parties enumerated above.

 

	13.  	
      Arbitration.
      In the event of any dispute arising between the parties to this 2005 Plan,
      the parties agree that such controversy shall be settled exclusively by
      arbitration in Burlington, Vermont, in accordance with the rules of the
      American Arbitration Association. Judgment may be entered on the
      arbitrator’s award in any court having jurisdiction. In the event that the
      Executive prevails and is awarded benefits or money damages by the
      arbitrator, such benefits or damages shall be equal to one hundred
      twenty-five (125%) of the benefits or damages otherwise due under this
      2005 Plan; however, if the arbitrator finds that the Company acted in good
      faith, such benefits or damages shall only be equal to one hundred percent
      (100%) of the amount due under this 2005 Plan.

	14.  	
      Attorney’s
      Fees. The Company shall pay the Executive or his beneficiaries all costs
      and expenses, including reasonable attorney’s fees and arbitration costs,
      incurred by them in reasonably exercising any of their rights hereunder,
      or in enforcing any terms, conditions, or provisions
    hereof.

	15.  	
      State
      Law. This 2005 Plan shall be construed under the laws applicable to
      agreements made entirely within the State of
Vermont.

	16.  	
      Revocability.
      This 2005 Plan may be revoked or amended in whole or part only by writing
      signed by both parties hereto (except as set forth in Paragraph 17
      below).

	17.  	
      Amendment.
      Notwithstanding any other provision of this 2005 Plan, in the event of a
      substantial change in the federal income tax laws affecting the economic
      viability of this 2005 Plan, the Board of Directors may amend the Plan by
      freezing the Executive’s salary level for purposes of this 2005 Plan at
      the level as of date of the amendment, provided, however, that this right
      to amend shall terminate upon a change in control of the Company as
      “change in control” is defined in a certain Letter Agreement between the
      Executive and the Company dated December 6, 1998 that concerns such an
      event.

	18.  	
      Whole
      Agreement. This writing contains the whole agreement of the parties
      concerning the 2005 Plan, with no other understandings or provisions other
      than what is contained herein.

 

ACKNOWLEDGMENT
OF ARBITRATION

 

The
parties hereto understand that this 2005 Plan contains an agreement to
arbitrate. After signing this document, the parties understand that they will
not be able to bring a lawsuit concerning any dispute that may arise which is
covered by the arbitration agreement, unless it involves a question of
constitutional or civil rights. Instead, the parties agree to submit any such
dispute to an impartial arbitrator.

 

EXECUTED
this 27th day of
May, 2005.

 

	
      IN
      THE PRESENCE OF:
	 	 
	
      /s/
      Penny J. Collins
	 	
      /s/
      Stephen C. Terry

	
      (as
      to both)
	 	
      Executive

	 	 	 
	 	 	 
	
      /s/
      Donald J. Rendall, Jr.
	 	
      GREEN
      MOUNTAIN POWER CORPORATION

	
      (as
      to both)
	 	 
	 	 	
      By:
      /s/ Christopher L. Dutton

	 	 	
      Duly
      Authorized Agent

 

2005
SUPPLEMENTAL RETIREMENT PLAN

 

SUMMARY
SCHEDULE

 

	
      1.
	
      Name
      of Executive:
	 	
      Stephen
      C. Terry

	 	 	 	 
	
      2.
	
      Address:
	 	
      15
      Sheldon Lane

      Middlebury,
      Vermont 05773

	 	 	 	 
	
      3.
	
      Date
      of Agreement:
	 	
      May
      27, 2005

	 	 	 	 
	
      4.
	
      Monthly
      Retirement Benefit:
	 	
      33%
      of the Executive’s Salary from the Company for the 12 months before
      termination of employment divided by 12 less the monthly benefit payable
      to the Executive (in the same form of benefit) under the Amended and
      Restated Supplemental Executive Retirement Plan between the Company and
      the Executive dated April 20, 1995.

	 	 	 	 
	
      5.
	
      Beneficiaries:
	 	
      My
      wife, Sally W. Johnson, if living; otherwise equally to my children,
      William West Terry, Joshua H. Terry and Megan
Foster.

In the
event there are no surviving beneficiaries, then the benefit shall be paid to
the Executive’s estate.

Dated at
Colchester, Vermont, this 27th day of
May, 2005.

	
      WITNESS:
	 	 
	
      /s/
      Penny J. Collins
	 	
      /s/
      Stephen C. Terry

	
      (as
      to both)
	 	
      Executive

	 	 	 
	 	 	 
	
      /s/
      Donald J. Rendall
	 	
      GREEN
      MOUNTAIN POWER CORPORATION

	
      (as
      to both)
	 	 
	 	 	
      /s/
      Christopher L. Dutton

	 	 	
      Duly
      Authorized Agent

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