Document:

Arrangement with Thos. E. Capps

 
Exhibit 10.21

 
 
 
 
Dominion Resources, Inc. 
 
 
Arrangement Regarding Additional Credited Years 
of Service for Retirement and Retirement
Life Insurance Purposes 
 
The executive
officer shown below has an arrangement with Dominion Resources, Inc., the effect of which will be to provide him a supplemental retirement benefit and additional retirement life insurance benefits based on additional years of credited service,
contingent upon the executive officer’s attaining the specified age and remaining in the employ of Dominion Resources or one of its subsidiaries, as follows: 
 
 
Thos. E. Capps

 
 

	 Actual Service at Specified Age
	  	 
	 55
	  	 6 years

	 60
	  	 11 years

	 Credited Service at Specified Age
	  	 
	 55
	  	 20 years

	 60
	  	 30 years

 
The
monthly supplemental retirement benefit payable under the arrangement with the executive officer will be computed in accordance with this paragraph. First, compute the monthly benefit that would be payable to or on behalf of the executive officer
under the tax-qualified defined benefit pension plan maintained by Dominion Resources, Inc. or a subsidiary in which the executive officer participates (the Retirement Plan) using the years of credited service earned in accordance with the table set
forth above. The amount determined under the preceding sentence will be reduced, but not below zero, by the sum of (i), (ii), and, to the extent applicable, (iii) below where: 
 
(i) is the monthly benefit payable to or on behalf of the executive officer under the Retirement Plan;

 
(ii) is the monthly benefit payable to
or on behalf of the executive officer from his Credited Service Account under the Dominion Resources, Inc. Retirement Benefit Funding Plan (the Funding Plan); and 
 
(iii) is the sum of the amounts previously distributed to the executive officer from his Credited Service
Account under section 6.01 of the Funding Plan multiplied by a fraction. The numerator of the fraction is one (1) and the denominator of the fraction is the number of months for which benefits are payable from the Credited Service Account. If the
executive officer 
 

receives a distribution from his Credited Service the commencement of the supplemental retirement benefit, the amount described in this
item (iii) with respect to subsequent supplemental retirement benefits shall include the product of the amount of each such distribution multiplied by a fraction. The numerator of that fraction is one (1) and the denominator is the number of months
for which a benefit remains payable from the executive officer’s Credited Service Account. 
 
The amounts described in items (i) and (ii) shall be computed using the same actuarial assumptions and methods and will assume that
benefits will be paid in the same form as the executive officer’s benefit under the Retirement Plan. 
 
Item (iii) above shall not apply (and the monthly supplemental retirement benefit payable to the executive under the arrangement shall
not be reduced on account of the amounts described in item (iii) above), to the extent that the application of item (iii) would result in the payment of an after-tax benefit under the arrangement, the Retirement Plan, and the Credited Service
Account of the Funding Plan that is less than the monthly supplemental retirement benefit otherwise payable under the arrangement on an after-tax basis. The amount payable under the arrangement, the Retirement Plan, and the Credited Service Account
of the Funding Plan on an after-tax basis shall be determined using the policy or guidelines adopted by the Dominion Resources, Inc. Organization and Compensation Committee for purposes of Section 6.01 of the Funding Plan and, in the absence of such
policy or guidelines, shall be determined using the maximum rates of federal, state, and local income taxes that are applicable to the executive officer or if applicable, his surviving spouse, beneficiary. or contingent annuitant. 
 
The monthly supplemental retirement benefit payable to the
executive officer shall be paid from the general corporate assets of Dominion Resources. 
 
For Dominion Resources, Inc. 
 

	 	 	 	 	 
	
	         /s/    Thos. E.
Capps        

	 	 	 	         /s/    William W.
Berry        

	 	 	 Thos. E. Capps        
	 	 	 	 	 	 William W. Berry      
 Chairman of the Board        

	
	 	 	 	 	 	 	 	 	 
	
	 Date:
	 	 August 27, 1990

	 	 	 	 Date:
	 	 October 30, 1990

 

2Supplemental Letter dated February 27, 2003

 
Exhibit 10.22

 
February 27, 2003 
 
Mr. Thos. E. Capps 
Chairman and Chief Executive Officer 
Dominion
Resources, Inc. 
 
Dear Tom: 
 
Under an Employment Agreement with the Company dated September 30, 2002, you
will receive a lifetime benefit under the Executive Supplemental Retirement Plan (ESRP). This letter clarifies the treatment of survivor benefits paid in connection with your lifetime ESRP in the event of your death. The Organization, Compensation
and Nominating Committee of the Board of Directors approved this benefit at their meeting of April 16, 2002. 
 
If you should die prior to your retirement from the Company, your beneficiary under the ESRP will receive a lump-sum cash payment equal to the vested lifetime benefit under the ESRP as if you retired
on the date of your death. 
 
If you should die following your
retirement from the Company and you elected to receive your ESRP benefit in the form of a lifetime annuity, your beneficiary will receive a payment equal to the lifetime ESRP lump sum benefit (calculated at your retirement date) minus the total
annuity payments paid from your retirement date to date of death. 
 
Sincerely yours, 
 
/s/ K.A. Randall 
 
Kenneth A. Randall, Chairman 
Organization, Compensation & Nominating Committee 
Board of DirectorsLetter agreement with Thomas F. Farrell, II

 
Exhibit 10.24

 
February 27, 2003 
 
Mr. Thomas F. Farrell, II 
Chief Executive Officer 
Dominion Energy, Inc.

120 Tredegar Street 
Richmond,
Virginia 23219 
 
Dear Tom: 
 
The purpose of this letter agreement is to consolidate several existing
agreements currently in place between you and the Company. 
 
The
Board of Directors recognizes that you have entered into an Employment Continuity Agreement with the Company, which provides benefits under certain circumstances in the event of a change in control of the Company. This agreement is not intended to
alter such agreement in any way. You and the Company agree that, effective as of the execution of this Agreement, any prior employment agreements between you and the Company (other than the Employment Continuity Agreement) are null and void. The
term “employment agreement” as used in the preceding sentence does not include any company retirement, incentive or benefit plan or program in which you participate. 
 

	A.	 	Enhanced Retirement Benefits. 

 

	 	(i)	 	If you attain age 55 while employed by the Company, your retirement benefits under the Company’s Pension Plan and Benefit Restoration Plan will be computed
based on the greater of (A) your years of credited service (as determined pursuant to the terms of the Pension Plan), or (B) twenty-five (25) years of credited service. If you attain age 60 while employed by the Company, your retirement benefits
under the Company’s Pension Plan and Benefit Restoration Plan will be computed at such date, and at any time thereafter, based on the greater of (A) your years of credited service (as determined pursuant to the terms of the Pension Plan), or
(B) thirty (30) years of credited service. Any supplemental benefit to be provided under this section will be provided as a supplemental benefit under this Agreement and will not be provided directly from the Pension Plan. Any deemed credited
service under the Employment Continuity Agreement shall be credited in addition to this provision. 

 

	 	(ii)	 	You are eligible for a lifetime benefit under the Company’s Executive Supplemental Retirement Plan (“ESRP”). The ESRP benefit will be computed as an
equal periodic payment for 120 months according to the ESRP document. However, this periodic payment will be payable for your lifetime (or for 120 payments, if longer), or in a lump sum at retirement. If you should die prior to your retirement from
the Company, 

 
Mr. Thomas F. Farrell, II

February 27, 2003 
Page 2 of 3

 
your beneficiary under the ESRP will receive a lump-sum cash
payment equal to the vested lifetime benefit under the ESRP as if you retired on the date of your death. 
 
If you should die following your retirement from the Company and you elected to receive your ESRP benefit in the form of a lifetime annuity, your beneficiary will receive a payment equal to the
lifetime ESRP lump sum benefit (calculated at your retirement date) minus the total annuity payments paid from your retirement date to your date of death. 
 

	B.	 	Non-Compete Agreement. 

 
Because of your valuable knowledge and experience, the Company wishes to ensure that your employment with the Company will continue and that your services
will not be available to a competitor. 
 
Subject to the terms and
conditions set forth below, the Company agrees that upon your retirement from the employ of the Company, you will be eligible for a lump sum cash payment equal to your annual base salary in effect at the time of your retirement. This payment will be
made net of all applicable withholding taxes as soon as practicable following your retirement. The lump sum cash payment is in addition to any retirement or other benefits described above and any benefits under the Employment Continuity Agreement.

 
In consideration for the promise of this supplemental payment,
you agree that during your employment with the Company and for a period of two years following your retirement, you will not, directly or indirectly, own, manage, operate, control, be employed by, or advise any other business that engages in
activities in competition with the Company in the generation, distribution or sale of energy (a) in any state in which the Company is at the time carrying on such business and (b) in any state in which the Company is at the time actively negotiating
to enter the business of the generation, distribution or sale of energy. 
 
You further agree that during your employment with the Company and for a period of two years following your retirement, you will not solicit or attempt to solicit any employees or customers of the Company, or other persons or
entities with or through whom the Company has done business, for the purpose of providing goods and services or engaging in activities in competition with the Company. You specifically agree that during the period of your employment with the Company
and for two years following your retirement, (a) you will not solicit, aid or encourage, directly or indirectly any employees of the Company to leave the Company or work elsewhere, and (b) you will not solicit, aid or encourage, directly or
indirectly, any of the Company’s customers to move their business from the Company or to place business elsewhere. 

Mr. Thomas F. Farrell, II 
February 27, 2003 
Page 3 of 3 
 

	C.	 	Payments. 

 
Any payment made under this Agreement will be paid from the Dominion Resources, Inc. Executive Security Trust and/or the general assets of the Company as
and when due. No promises under this Agreement will be secured by any specific assets of the Company, nor will any assets of the Company be designated as attributable or allocated to the satisfaction of any such promises. 
 

	D.	 	Signatures. 

 
If you agree with the terms and conditions set forth above, please indicate your acceptance by signing and returning one copy of this letter to me. You
should retain the other copy for your records. 
 
Sincerely yours,

 
/s/    THOS. E.
CAPPS 
 
Thos. E. Capps 
Chairman of the Board and 
Chief Executive Officer 
 
 

	
	 Accepted:
	 	 /s/    THOMAS F.
FARRELL, II

	 	 	 Thomas F. Farrell, II

	
	 Date:
	 	 2/27/03

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]