Document:

ex10_1-24.htm

    Exhibit
10.1.24

    

    

    

    Description
of Certain Former Director and

    Named
Executive Officer Compensatory Arrangements

    

    Dr.
William K. Hall declined to stand for reelection to the Great Plains Energy
Board of Directors at the May 6, 2008, annual shareholders
meeting.  On that date, the Great Plains Energy Board of Directors
recognized his service as a director by providing a nominal value token of
appreciation and committing to making a $5,000 donation in his name to a
charitable organization of his choice.

    

    On May 5,
2008, the Compensation and Development Committee approved an executive health
management benefit program to be made available to all officers of Great Plains
Energy and KCP&L, including the named executive officers.  The
total annual cost of the program is estimated to be approximately
$50,000.ex10_1-25.htm

    Exhibit
10.1.25

    Great
Plains Energy Incorporated (Great Plains Energy)

    Long-Term
Incentive Plan

    

    Awards
Standards and Performance Criteria

    Effective
as of May 6, 2008

    

    

    Objective

    

    The
purpose of the Great Plains Energy Long-Term Incentive Plan (“Plan”) is to
encourage executives and other key employees to acquire a proprietary and vested
interest in the growth and performance of Great Plains Energy (GPE); to generate
an increased incentive to enhance the value of the Company for the benefit of
its customers and shareholders; and to aid in the attraction and retention of
the qualified individuals upon whom Great Plains Energy’s success largely
depends.  The Plan provides competitive incentives for the achievement
of increased shareholder value over a multi-year period.

    

    Eligible
employees include executives and other key employees of Great Plains Energy,
Kansas City Power & Light, and Strategic Energy L.L.C. (“participants”), as
approved by the Compensation and Development Committee (“Committee”) of the
Board of Directors.

    

    Purpose

    

    The Plan
provides for the Committee to make awards under the Plan, and to administer the
Plan for, and on behalf of, the Board of Directors.  This document
sets out certain standards adopted by the Committee in determining the forms of
awards, the terms  (including performance criteria) of awards, and
other administrative matters within the Committee’s authority under the
Plan.

    

    Target
Awards

    

    Award
levels will be approved by the Committee and set forth as a percentage of the
participant’s base salary at target.  Percentages will vary based on
level of responsibility, market data, and internal
comparisons.  Awards will be granted 25% in time-based restricted
stock with the number of shares determined at the date of grant based upon the
GPE stock price (Fair Market Value).  The remaining 75% of the target
grant will be made in performance shares, with the number of performance shares
also determined by the Fair Market Value at the date of grant.

    

    Performance
Criteria

    

    The
performance share criteria is total shareholder return, compared to an industry
peer group of the Edison Electric Institute (EEI) index of electric companies,
during a three-year measurement period.  At the end of the three-year
measurement period, GPE will assess its total shareholder return compared to the
EEI index.  Depending on how GPE ranks, the executive will receive a
percentage of the performance share grants according to the following
table:

    
      

    

    

    
      	
              Percentile
      Rank

               

            	
              Percentage
      Payout

            
	
              81st
      and above

              65th
      to 80th

              50th
      to 64th

              35th
      to 49th

              34th
      and below

            	
              200%

              150%

              100%

              50%

              0

            

    

    

    There
will not be any payout of performance shares for a negative return over the
three-year performance period.

    

    Performance
criteria are fixed for the duration of the three-year period and will only be
changed upon the approval of the Committee.

    

    Payment
and Awards

    

    Time-based
restricted stock will vest three years from the date of grant and will be
payable in shares of GPE common stock unless otherwise determined by the
Committee.  Dividends accrued on the shares will be reinvested during
the period under the Company’s Dividend Reinvestment and Direct Stock Purchase
Plan (DRIP) and will also be paid in stock at the end of the
period.  During the period, the restricted stock will be issued in the
name of the participant; consequently, the participant will have the right to
vote the restricted stock during the period.

    

    Performance
shares, as determined by the performance against the performance criteria at the
end of the period, will be paid in shares of GPE common stock unless otherwise
determined by the Committee.  Dividend equivalent units over the
performance period will be figured on the final number of shares earned and will
be paid in cash.

    

    Approved
awards will be payable by Great Plains Energy to each participant as soon as
practicable after the end of the performance period and after the Committee has
certified the performance against the performance criteria.

    

    In the
event a participant ceases employment, please refer to the Long-Term Incentive
Plan document for treatment of outstanding grants.

    

    Tax
Withholding

    

    The
Company shall be authorized to withhold under the Plan the amount of withholding
taxes due in respect of an award or payment thereunder and to take other actions
as may be necessary in the opinion of the Company to satisfy all obligations for
the payment of taxes.  Such withholding may be deducted in cash from
the value of any award.

    

    Administration

    

    The Plan
provides that the Committee has the full power and authority to administer, and
interpret the provisions of the Plan The Committee has the power and authority
to add, delete and modify the provisions of this document at any
time.  This document does not replace or change
the provisions or terms of the Plan; in the event of conflicts between this
document and the Plan, the Plan is
controlling.ex10_2-1.htm

    

      Exhibit
10.2.1

       

      EXECUTION
VERSION

       

      AMENDMENT
NO. 2

       

      

      AMENDMENT NO. 2 dated as of July 11,
2008 (the “Amendment”) among
KANSAS CITY POWER & LIGHT RECEIVABLES COMPANY (the “Seller”), KANSAS CITY
POWER & LIGHT COMPANY (the initial collection agent, “Collection Agent”),
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH (the “Agent”) and VICTORY
RECEIVABLES CORPORATION (the “Purchaser”) to the
RECEIVABLES SALE AGREEMENT, dated as of July 1, 2005, among the parties
hereto.

      

      W I T N E S S E T H:

       

      WHEREAS, the Seller, the
Collection Agent, the Purchaser and the Agent have heretofore entered into a
Receivables Sale Agreement dated as of July 1, 2005, as amended by Amendment No.
1 to the Receivables Sale Agreement dated as of April 2, 2007 (as so amended, modified or
supplemented from time to time, the “Agreement”);  and

       

       WHEREAS, the Seller, the
Collection Agent, the Purchaser and the Agent seek to modify the Agreement upon
the terms hereof.

       

      NOW, THEREFORE, in exchange
for good and valuable consideration (the receipt and sufficiency of which are
hereby acknowledged and confirmed), the Seller, the Collection Agent, the
Purchaser and the Agent hereto agree as follows:

       

      A G R E E M E N
T:

       

      1.           Definitions.  Unless
otherwise defined or provided herein, capitalized terms used herein have the
meanings attributed thereto in the Agreement.

       

      2.           Amendments.  The
Agreement is hereby amended as follows:

       

      A.           The
definition of “Termination Date” in Schedule I of the Agreement is hereby
amended and restated in its entirety to read as follows:

      

      “Termination Date” means the
earliest of (a) the date of the occurrence of a Termination Event described in
clause (e) of the definition of Termination Event, (b) the date designated by
the Agent to the Seller at any time upon the occurrence of any other Termination
Event (c) 20 Business Days following notice of termination delivered from Seller
to Agent and (d) July 10, 2009.

      
 

      1

      
        
          

        

      

      

      
        	
                 
      

              	
                B.

              	
                The
      definition of “Special Limit” in Schedule I of the Agreement is hereby
      deleted in its entirety.

              

      

      

      
        	
                 
      

              	
                C.

              	
                The
      definition of “Eligible Receivable Balance” in Schedule I of the Agreement
      is hereby amended and restated in its entirety to read as
      follows:

              

      

       

      “Eligible Receivable Balance”
means, at any time, the aggregate outstanding principal balance of all Eligible
Receivables less the sum of (i) the portion of the aggregate outstanding
principal balance of Eligible Receivables which exceed the Concentration Limit,
(ii) the Customer Deposit Amount and (iii) the amount, if any, by
which the outstanding balance of Eligible Receivables for which the Originator
has not yet issued an invoice exceeds 60% of the outstanding balance of all
Eligible Receivables.

      

                   3.           Conditions to
Effectiveness.  This Amendment shall be effective as of the
date first above written upon satisfaction of the following conditions
precedent:

       

      (a)           Execution of
Amendment.  The Agent shall have received a counterpart of this
Amendment duly executed by the Seller, the Collection Agent and the
Purchaser.

       

      (b)           No
Defaults.  No Termination Event shall have occurred and be
continuing either before or immediately after giving effect to this
Amendment.

       

      (c)           Representations and
Warranties True.  The representations and warranties of the
Seller contained in the Agreement shall be true and correct both as of the date
hereof and immediately after giving effect to this Amendment.

       

      4.           Reference to and Effect on
the Agreement and the Transaction Documents.

       

      (a)           The
Transaction Documents and this Agreement (except as specifically amended herein)
is hereby ratified and confirmed in all respects by each of the parties hereto
and shall remain in full force and effect in accordance with its respective
terms.

       

      
        (b)           The
execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of or amendment to any right,
power or remedy of the Agent or the Purchaser under, nor constitute a waiver of
or amendment to, any other provision or condition under any Transaction Document
other than as specifically contemplated by the Agreement.

2

        
          

        

      

      
 

      

       

      5.           Successors and
Assigns.   This Amendment shall be binding upon and inure
to the benefit of the Seller, the Collection Agent, the Purchaser and the Agent,
and their respective successors and assigns.

       

      6.           Execution in
Counterparts.  This Amendment may be executed in any number of
counterparts and by each party hereto in separate counterparts, each of which
when so executed and delivered shall be deemed to be an original and both of
which taken together shall constitute one and the same
instrument.  Delivery of an executed counterpart hereof by telecopy or
other electronic means shall be deemed to be an original.

       

      7.           Governing
Law.  This Amendment shall be governed by, and shall be
construed in accordance with, the internal laws of the State of New York
(including Section 5-1401-1 of the General Obligations Law), but without regard
to any other conflicts of law provisions thereof.

       

      8.           Headings.  Section
headings in this Amendment are included herein for convenience of reference only
and shall not constitute a part of this Amendment or are given any substantive
effect.

       

      

       

      [THE
REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

       

      3

      
        

      

      

       

      IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above
written.

       

      

      
        	
                SELLER:

              	
                KANSAS
      CITY POWER & LIGHT RECEIVABLES COMPANY

                 

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      James P. Gilligan

              
	 
      	
                Name:

              	
                James
      P. Gilligan

              
	 
      	
                Title:

              	
                President

              
	 
      	 
      	 
      
	
                COLLECTION
      AGENT:

              	
                KANSAS
      CITY POWER & LIGHT COMPANY

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      Michael W. Cline

              
	 
      	
                Name:

              	
                Michael
      W. Cline

              
	 
      	
                Title:

              	
                Treasurer

              
	 
      	 
      	 
      
	
                PURCHASER:

              	
                VICTORY
      RECEIVABLES CORPORATION

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /S/
      Franklin P. Collazo

              
	 
      	
                Name:

              	
                Franklin
      P. Collazo

              
	 
      	
                Title:

              	
                Secretary

              
	 
      	 
      	 
      
	
                Agreed
      and accepted to by:

              	 
      	 
      
	 
      	 
      	 
      
	
                AGENT:

              	
                THE
      BANK OF TOKYO-MITSUBISHI UFJ, LTD.,  NEW YORK
    BRANCH

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      Ichinari Matsui

              
	 
      	
                Name:

              	
                Ichinari
      Matsui

              
	 
      	
                Title:

              	
                SVP
      & Group Head

              

      

      

4

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