Document:

EX-10.01

 Exhibit 10.01 

EXECUTION COPY 
 AMENDED
AND RESTATED 
 EMPLOYMENT AGREEMENT 

This Agreement is made as of the 11th day of February 2014, by and between Entercom
Communications Corp., a Pennsylvania corporation (hereinafter referred to as the “Company” or “we”), and Stephen F. Fisher (hereinafter referred to as “Employee” or “you”). 

WHEREAS, Employee has been employed by Company pursuant to a certain employment agreement dated as of December 19, 2007 (the “2007
Agreement”); 
 WHEREAS, the parties previously entered into an amendment dated December 23, 2010 (the “2010 Agreement”)
that replaced the 2007 Agreement; 
 WHEREAS, the 2010 Agreement was auto-renewed through February 28, 2015; and 

WHEREAS, the parties have agreed to an amendment and extension of the terms of your employment and to replace the 2010 Agreement. 

The parties hereto agree to the terms of your employment with the Company as follows: 

1. Term. The initial term of this Agreement shall commence as of the date first written above and continue through February 29, 2016,
subject to termination or extension as provided herein. This Agreement shall automatically renew from year to year thereafter, unless either party gives at least 120 days prior written notice of its election to either terminate or to renegotiate the
terms of this Agreement at the end of the initial term or any then current renewal term. 
 2. Salary and Benefits. You will be paid a
salary as follows: 
 a. For the period from the date of this Agreement through February 28, 2014 your salary will be as set forth in
the 2010 Agreement. 
 b. For the period from March 1, 2014 to February 28, 2015 you will be paid a semi-monthly salary of
$25,323.95. 
 c. Commencing March 1, 2015 and each March 1, thereafter, your salary shall be increased by three percent (3%). 

Such salary and any other compensation to be paid to you hereunder will be subject to all payroll deductions or withholding authorized by you
or required by federal, state or local laws or regulations. 
 In addition, you will be eligible to participate in the Company’s 401(k)
Plan and you will be provided with coverage under the Company's employee benefit insurance plans and any other benefits generally available to officers of the Company on the same terms as generally offered to officers of the Company. 

 3. Annual Incentive Bonus. You will be eligible for an annual cash bonus with a target
amount equal to eighty percent (80%) of your salary in the year for which the bonus is paid. The actual amount of such bonus will be determined in the sole discretion of the Compensation Committee of the Board of Directors based on a review of
the Company’s performance and your performance during the fiscal year then ended. Notwithstanding the forgoing, you must work through the end of the fiscal year in question to be eligible for the bonus for that year. The amount of the bonus
will be determined and paid as soon as reasonably practicable following the receipt of the Company’s financial statements for the fiscal year in question, but in no event later than two and one-half (2
 1⁄2) months following the end of the fiscal year for which such bonus is earned. 

4. [Reserved] 
 5. Equity Compensation. As soon as
reasonably practicable following the Date of this Agreement, the Board or the Compensation Committee shall grant Employee: 
 a. 66,667
Restricted Stock Units (RSU’s) under the Entercom Equity Compensation Plan (including any replacement thereof) (the “Plan”). Provided that the Employee remains continuously employed in active service by the Company from the date of
grant through the applicable vesting date(s), one-half (1/2) of these RSU’s will vest (i.e. the restrictions will be removed) and the unrestricted shares will be issued to you on each of the following dates: February 28, 2015, and
February 29, 2016. 
 b. Provided you do not resign or are terminated by the Company for Cause (as defined in the Plan) prior to
February 28, 2015, then 66,666 RSU’s pursuant to the Plan, to be granted in early 2015 when the Company issues equity grants to senior management. Provided that the Employee remains continuously employed in active service by the Company
from the date of grant through the applicable vesting date(s), one-half (1/2) of these RSU’s will vest (i.e. the restrictions will be removed) and the unrestricted shares will be issued to you on the each of the first two annual
anniversaries of the grant pursuant to this sub-paragraph 5(b). 
 c. 50,000 RSU’s pursuant to the Plan. Provided that the Employee
remains continuously employed in active service by the Company from the date of grant through the applicable vesting date, the grant of restricted stock units pursuant to this Section 5(b) shall vest as described below. 

i. Upon the achievement of one or more of the applicable performance targets set forth below as of any date after the Date of
this Agreement and on or prior to February 10, 2015, a percentage of the restricted stock units shall become vested equal to the highest corresponding percentage in the schedule set forth below as of February 10, 2015. 

ii. Upon the achievement of one or more of the applicable performance targets set forth below as of any date after
February 10, 2015 and by the end of two years from the date of this Agreement, a percentage of the restricted stock units shall (to the extent not already vested pursuant to Section 5(a)) become vested equal to the highest
corresponding percentage in the schedule set forth below as of the date such performance target is attained from time to time during the eligible vesting period. 

  
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 iii. The shares underlying any portion of the restricted stock units to become so
vested shall be delivered to you within ten (10) days of the applicable vesting date. Any portion of these restricted stock units that have not vested pursuant to this Section 5(b) by the end of two years from the date of this Agreement
shall terminate unvested. 
 iv. The performance targets for these restricted stock units shall be, as of any date:
(i) the share price that would result in a Compound Annual Growth Rate (“CAGR”) of the Total Shareholder Return over the first two years from the date of this Agreement (“Two Year CAGR”) equal to the 8%, 12% and 16%
targets set forth in the table below, less (ii) the value of any dividends paid on each share of common stock during the period commencing on the Date of this Agreement and through such date. 

 

					
	 Two Year CAGR

Total Shareholder Return*
	  	Percentage of Restricted Stock Units to
Vest Upon Attainment of Performance
Target	 
	 8%
	  	 	33-1/3	% 
	 12%
	  	 	33-1/3	% 
	 16%
	  	 	33-1/3	% 

  

	*	Targets calculated rounding to one decimal place. 

 For purposes of this Agreement, Total
Shareholder Return shall mean: (A) (i) the average closing price over any consecutive 20 trading day period of a share of the Company’s common stock minus (ii) the closing price of the Company’s common stock on the business
day prior to the Date of this Agreement (the “Base Price”), divided by (B) the Base Price (in each case, with such adjustments as are necessary, in the judgment of the Board and/or the Compensation Committee to equitably calculate
Total Shareholder Return in light of any stock splits, reverse stock splits, stock dividends, dividends in kind, significant asset sales and other extraordinary transactions or other changes in the capital structure of the Company). All closing
prices shall be the New York Stock Exchange closing price on the date in question. All determinations with respect to Total Shareholder Return and the CAGR shall be made by the Board or the Compensation Committee in their sole discretion, but acting
in good faith and the applicable performance targets shall not be achieved and the shares shall not vest until the Compensation Committee certifies that such performance targets have been met (which the Compensation Committee agrees to act promptly
and in good faith in so doing). 
 v. No grant of restricted stock units pursuant to this Section 5(b) shall vest
if applicable performance targets are not met by the end of two years from the Date of this Agreement. 
 d. If your employment with the
Company is terminated for Cause (as defined in the Plan), all unvested RSU’s will be forfeited. If your employment is terminated by the Company without Cause, (A) the Company will make the RSU grant contemplated by
Section 5(b); and (B) all RSU’s not then vested will continue to vest as set forth in Section 8(b) hereof; except that, (i) if such termination is due to your death, all unvested RSU’s that you then hold
shall fully vest or (ii) if such termination is due to your disability, the vesting of RSU’s shall be as provided in the Plan. The foregoing notwithstanding, if you violate any of the restrictive covenants contained in
Section 9 hereof, any unvested RSU’s and undelivered shares of unrestricted stock will be forfeited. Such RSU’s will be in the form of previous grants except as modified by the terms of this Agreement. Any RSU’s granted
hereunder shall be adjusted for any dilution event as described in the Plan. 

  
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 e. Any other options, RSU’s and shares of restricted stock that you currently hold will
continue to vest in accordance with their currently existing terms and the terms of the 2010 Agreement. 
 5. Car Allowance. You will
receive a monthly car allowance of $1,500 per month for each month that this Agreement is in effect. 
 6. Duties. As Chief Financial
Officer & Executive Vice President of the Company you will be responsible for the general management and supervision of the fiscal affairs of the Company and discharge such other duties as may from time to time be assigned by the Board of
Directors, the CEO or the President of the Company. As part of such duties and responsibilities, you shall see that a full and accurate accounting of all financial transactions of the Company is made, oversee the investment and reinvestment of the
capital funds of the Company, cooperate in the conduct of the annual audit of the Company’s financial records and manage the relationships with the Company’s lenders and investors. In addition, you will oversee various corporate staff
functions as designated by the Company's CEO (currently Legal, Technical, IT and HR) and will be responsible for facilitating the effective coordination and integration of the various activities of the corporate staff and local markets to help
facilitate meeting and exceeding the Company's business goals. You agree that you will devote your full time and best efforts to the Company's business and will not accept any outside employment without the prior written consent of the Company. 

7. Termination. This Agreement may be terminated during the initial term or any renewal term as follows: 

a. The Company may terminate this Agreement at any time for Cause and without further obligation hereunder. 

b. The Company may terminate this Agreement at any time for its convenience and without Cause. In addition, the following terminations shall be
deemed a termination by the Company without Cause in the event that the Company changes the location of the principal place for the performance of your duties hereunder to a location which is greater than fifty (50) miles from Bala Cynwyd, PA,
then you may terminate this Agreement within 30 days of the effective date of such change in the principal place for the performance of your duties. 

  
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 In the event of a termination of this Agreement by the company without Cause, subject to the
conditions set forth below, the Company shall be obligated to: (x) pay to you on the sixtieth (60th) day after your termination, a one-time bonus (computed as set forth below) and (y) beginning with the first payroll period following
the sixtieth (60th) day following your termination, continue to pay you the salary and auto allowance in accordance with the Company’s regular payroll practices for the period through February 29, 2016 or one (1) year from the
date of such termination, whichever is longer, provided, however, that the initial payment shall include salary and auto allowance amounts for all payroll periods from the date of termination through the date of such initial payment; and
(z) provide that all grants of options and RSU’s made through the effective date of such termination will continue to vest through the period ending on February 29, 2016, as if you had remained employed hereunder through that date.
Any vested options at the time of such termination of your employment, or which later vest as provided in this Section 8(b), may be exercised at any time within the later of two (2) years from your date of termination or ninety
(90) days from the date of vesting, but in no event later than the expiration of the original 10 year term of the option. Such continued payments and vesting of options and RSU’s are expressly conditioned on: (I) your signing a
release in form satisfactory to the Company releasing the Company and all of its officers, directors, employees and agents from any and all claims or liabilities arising out of your employment and/or the termination of employment and such release
becoming effective prior to the sixtieth (60th) day following the date of your termination of employment, and (II) your full compliance with the restrictive covenants contained in
Section 9 hereof. For purpose of the foregoing, the one-time bonus to be paid in accordance with the above shall be the sum of the target amount of your Annual Incentive Bonus set forth in Section 3 hereof, plus the Prorated
Prior Year’s Bonus. For purposes of the preceding sentence the Prorated Prior Year’s Bonus shall be the amount of the annual bonus that you were paid in the year immediately preceding the year in which the termination occurs prorated in
accordance with the number of days from January 1, to the date of such termination in the year in which such termination occurs. Any payments made under this Section 8(b) incident to a termination of employment shall be in lieu of
and in satisfaction of all claims for severance, payment in lieu of notice or other compensation which may otherwise arise upon termination of employment with the Company except for salary and auto allowance earned through the date of termination
and payment of earned but unused vacation in accordance with Company policy then in existence. 
 c. If this Agreement terminates as of
February 29, 2016 or any February 28th (29th in the case of a leap year) thereafter, due to a notice pursuant to Section 1 hereof and Company makes you an offer to continue your employment for a period of at least one year with
a salary, bonus and equity package (i.e., with respect to both value and vesting) which is equal to or greater than your then current salary, equity and Annual Incentive Bonus package (a “Qualified Offer”), it shall not be deemed a
termination by the Company and there shall be no acceleration of the vesting of options or RSU’s or extension of the period for exercise of options after termination from that provided in the Plan and there shall be no payment of severance or
continuation of salary or bonus payments thereafter. In the event of such a termination where the Company has not made a Qualified Offer, then the Company shall be obligated to pay to you on the sixtieth (60th) day after your termination a one-time bonus equal to your then current Annual Incentive Bonus target as specified in Section 3 hereof and beginning with the first payroll period
following the sixtieth (60th) day following your termination, continue to pay you the salary and auto allowance in accordance with the Company’s regular payroll practices for a period of one (1) year from the date of such termination;
provided, however, that the initial payment shall include salary and auto allowance amounts for all payroll periods from the date of termination through the date of such initial payment. Any continued employment pursuant to a Qualified Offer or any
alternative thereto agreed to by the parties shall be deemed an extension of the term and the provisions of this Agreement shall continue in full force and effect, except to the extent modified by the Qualified Offer or any alternative thereto
agreed to by the parties. 

  
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 8. Restrictive Covenants. You agree to the following restrictive covenants: 

a. Non-Competition. It is understood and agreed that so long as you are employed by the Company or being paid your salary after
termination of employment as provided in this Agreement and for a period of one year thereafter you will not directly or indirectly, provide any service either as an employee, employer, consultant, contractor, agent, principal, partner, substantial
stockholder, corporate officer or director of or for a company or enterprise which competes in any material manner with the then present or planned business activities of the Company. The foregoing notwithstanding, if the Company either
(i) elects to terminate your employment for reasons other than Cause or (ii) offers you a salary and bonus package which is lower than your then current package in connection with an election by the Company to renegotiate the terms of this
Agreement and your employment terminates due to a failure to reach Agreement on a lower salary and bonus package, then in either such event the length of the foregoing covenant against competition shall be reduced to the period following the
termination of your employment which is the sum of: (i) any period of notice provided for in this Agreement for which you are given payment in lieu thereof; (ii) the time of any salary continuation as provided in this Agreement plus the
time equivalent, at your then current salary rate, of any additional payments made to you in connection with such termination; and (iii) three (3) months. For purpose of the foregoing “planned business activities” shall mean a
business initiative materially discussed by the Board of Directors or which is currently under material consideration by the Board of Directors or which has been approved by the Board of Directors. 

b. Non-Solicitation. In addition it is understood and agreed that for the one year period following any termination of your
employment with the Company you will not, without the express prior written permission of the Company, employ under your direct supervision, offer to employ, counsel a third party to employ, or participate in any manner in the recommendation,
recruitment or solicitation of the employment of any person who was an employee of the Company on the date of the termination of your employment or at any time within the 90 days prior thereto. 

c. You agree that a material portion of the covenants of the Company contained in this Agreement and of the compensation, including any bonuses
set forth herein, benefits and training that you will receive hereunder are consideration for the restrictions contained in this Section 9. In the event you violate the restrictive covenants set forth in this Section 9, it is
agreed that the time period for which the restrictive covenant so violated is applicable shall be extended for a period of one (1) year from the date you cease such violation. You acknowledge that any violation of the provisions set forth in
this Section 9 may cause irreparable harm to the Company. You, therefore, expressly agree that the Company, in addition to any other rights or remedies which it may possess, shall be entitled to injunctive and other equitable relief to
prevent a breach of these restrictions. 
 9. Confidentiality and Intellectual Property Rights. Your position involves a close and
confidential relationship in which you will be privy to proprietary information of the Company, including without limitation strategic planning, acquisition and investment analysis, research, consulting reports, computer programs and sales,
technical, financial and programming practices and data, all of which you agree will be held in the strictest confidence at all times. All copyright, trademark and/or other intellectual property rights of any kind developed during the term of this
Agreement and relating to or useful in the Company’s business, or to your duties hereunder (“Works”) shall be deemed a “work for hire” and shall be and remain the sole and exclusive property of the Company, and you shall, to
the extent deemed necessary or desirable by the Company, cooperate and assist the Company in perfecting, filing and recording any such rights. To the extent that any Works are not deemed “work for hire”, Employee hereby assigns all of the
Employee’s rights in such Works to the Company and waives any and all moral rights the Employee may have in such Works. Employee’s obligations under this Section 10 shall survive the expiration or termination of this Agreement.

  
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 10. No Restrictions. In making this Agreement you represent and warrant that you are free to
enter into and perform this Agreement and are not and will not be under any disability, restriction or prohibition, contractual or otherwise, with respect to (a) your right to execute this Agreement; (b) your right to make the covenants
contained herein; and (c) your right to fully perform each and every term and obligation hereunder. You further agree not to do or attempt to do, or suffer to be done, during or after the term hereof, any act in derogation of or inconsistent
with the obligations under this Agreement. 
 11. Miscellaneous. This Agreement constitutes the entire agreement and understanding
between you and the Company concerning the compensation to be paid to you and all of the terms and conditions of your employment and supersedes all prior agreements concerning same, whether written or oral, except as specifically set forth herein.
Each party agrees to pay reasonable attorney’s fees and costs incurred by the other if the other party is successful in enforcing its rights under this Agreement in any court action, arbitration or other proceeding. This Agreement may not be
modified or amended except by written instrument duly executed by each of the parties. A waiver by either party of any term or condition of this Agreement or the breach thereof shall not be deemed to constitute a waiver of any other term or
condition of this Agreement or of any subsequent breach of any term or condition hereof. 
 12. Section 409A. 

a. Notwithstanding any provision to the contrary in the Agreement, in order to be eligible to receive any termination benefits under this
Agreement that are deemed deferred compensation subject to Section 409A of the Code, your termination of employment must constitute a “separation from service” within the meaning of Treas. Reg. Section 1.409A-1(h) (a
“Separation from Service”). 
 b. Notwithstanding anything herein to the contrary, if you are deemed at the time of your
termination of employment with the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), then to the extent delayed commencement of any
portion of the termination benefits to which you are entitled under the Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of your termination benefits shall not be
provided to you prior to the earlier of (i) the expiration of the six-month period measured from the date of the your Separation from Service with the Company or (ii) the date of your death. Upon the earlier of such dates, all payments
deferred pursuant to this Section shall be paid in a lump sum to you, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether you are a “specified employee” for purposes
of Section 409A(a)(2)(B)(i) of the Code as of the time of your Separation from Service shall made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treas.
Reg. Section 1.409A-1(i) and any successor provision thereto). Notwithstanding the foregoing or any other provisions of the Agreement, you and the Company agree that, for purposes of the limitations on nonqualified deferred compensation under
Section 409A of the Code, each payment of compensation under the Agreement shall be treated as a right to receive a series separate and distinct payments of compensation for purposes of applying the Section 409A of the Code. 

  
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 IN WITNESS WHEREOF, intending to be legally bound hereby, the parties have affixed their hands
and seals as of the date first written above. 
  

			
	 /Stephen F. Fisher/

	Stephen F. Fisher
		
	Date:	 	February 11, 2014
	
	Entercom Communications Corp.
	
	 /David J. Field/

	David J. Field
	President and Chief Executive Officer
		
	Date:	 	February 11, 2014

  
 8EX-10.1

 Exhibit 10.1 

Execution Version 
 FIRST
AMENDMENT TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of March 12, 2014 (this “First
Amendment”), is entered into among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (“ODEC”), the lenders party hereto (the “Lenders”), the Issuing Lenders party hereto,
and Wells Fargo Bank, National Association, a national banking association, as Swingline Lender party hereto and the administrative agent for the Lenders (the “Administrative Agent”). 

RECITALS 
 A. ODEC, the
Lenders party thereto, the Issuing Lenders party thereto, the Swingline Lender party thereto and the Administrative Agent are parties to that certain Credit Agreement, dated as of November 21, 2011 (the “Credit Agreement”).
Capitalized terms used herein without definition shall have the meanings given to them in the Credit Agreement as they may be amended pursuant to this First Amendment. 

B. ODEC, the Lenders, the Issuing Lenders, the Swingline Lender and the Administrative Agent have agreed to make certain amendments to the
Credit Agreement on the terms and conditions set forth herein. 
 STATEMENT OF AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

AMENDMENTS TO CREDIT AGREEMENT 

1.1 Amendments to Section 1.01 of the Credit Agreement (Defined Terms). 

(a) The following additional defined terms are hereby added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:

 (i) “First Amendment” means the First Amendment to Credit Agreement, dated as of March 12, 2014,
among ODEC, the Lenders party thereto, and the Administrative Agent. 
 (ii) “First Amendment Effective
Date” has the meaning given to such term in Article II of the First Amendment. 

 (b) The pricing grid in the definition of “Applicable Margin” is hereby amended and
restated in its entirety as follows: 
  

																			
	 Level
	  	Moody’s
Debt
Rating	  	S&P
Debt
Rating	  	Fitch
Debt
Rating	  	Commitment
Fee	 	 	LIBOR
Margin	 	 	Base Rate
Margin	 
	 I
	  	3 Aa3	  	3 AA-	  	3 AA-	  	 	0.050	% 	 	 	0.90	% 	 	 	0.00	% 
	 II
	  	A1	  	A+	  	A+	  	 	0.075	% 	 	 	0.95	% 	 	 	0.00	% 
	 III
	  	A2	  	A	  	A	  	 	0.100	% 	 	 	1.00	% 	 	 	0.00	% 
	 IV
	  	A3	  	A-	  	A-	  	 	0.125	% 	 	 	1.10	% 	 	 	0.10	% 
	 V
	  	Baal	  	BBB+	  	BBB+	  	 	0.200	% 	 	 	1.25	% 	 	 	0.25	% 
	 VI
	  	£ Baa2	  	£ BBB	  	£ BBB	  	 	0.300	% 	 	 	1.50	% 	 	 	0.50	% 

 (c) In the definition of “Applicable Margin”, the reference to “Level VII” in the second
paragraph following the pricing grid is hereby deleted and replaced with “Level VI.” 
 (d) The parenthetical phrase “(or any
applicable successor page)” set forth in each of paragraphs (a) and (b) in the definition of “LIBOR” is hereby deleted and replaced with “(or on any successor page of such service, or if such service ceases to be
available, on such successor service providing comparable rate quotations applicable to Dollar deposits in the London interbank market as may be designated by the Administrative Agent from time to time).” 

(e) The parenthetical phrase “(or any applicable successor page)” set forth in the definition of “LIBOR Market Index Rate”
is hereby deleted and replaced with “(or on any successor page of such service, or if such service ceases to be available, on such successor service providing comparable rate quotations applicable to Dollar deposits in the London interbank
market as may be designated by the Administrative Agent from time to time).” 
 (f) The definition of “Maturity Date” is
amended and restated in its entirety as follows: 
 “Maturity Date” means the later of
(i) March 5, 2019 and (ii) if maturity is extended pursuant to Section 2.23, such extended maturity date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Business Day, the
Maturity Date shall be the next preceding Business Day. 
 1.2 Amendments to Section 2.04(i) of the Credit Agreement (Interim
Interest). Section 2.04(i) of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 (i)
Interim Interest. If any Issuing Lender shall make any LC Disbursement, then, unless ODEC shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from
and including the date such LC Disbursement is made to but excluding the date that ODEC reimburses such LC Disbursement, at the rate per annum then applicable to Syndicated Base Rate Loans; provided that, if ODEC fails to reimburse such LC
Disbursement when due pursuant to Section 2.04(f), then Section 2.11(d) shall apply. Interest accrued pursuant to this paragraph shall be for account of the applicable Issuing Lender, except that interest accrued on and after
the date of payment by any Lender pursuant to Section 2.04(f) to reimburse the applicable Issuing Lender shall be for account of such Lender to the extent of such payment. 

  
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 1.3 Amendments to Section 3.04 of the Credit Agreement (Financial Condition: No Material
Adverse Change). Sections 3.04(a) and (b) of the Credit Agreement are hereby amended and restated in their entirety as follows: 

(a) Financial Condition. ODEC has heretofore furnished to the Lenders its consolidated balance sheet and statements of
revenue, expenses and patronage capital, comprehensive income and cash flows as of and for the fiscal year ended December 31, 2012, contained in an audited report of independent public accountants of nationally recognized standing. Such
financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of ODEC and its Subsidiaries as of such date and for such period in accordance with GAAP. 

(b) No Material Adverse Change. Since December 31, 2012, there has been no event or circumstance, either
individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect, except as disclosed in ODEC’s annual report on Form 10-K for the year ended December 31, 2012, or ODEC’s quarterly
report on Form 10-Q for the nine months ended September 30, 2013, copies of which have been provided to the Lenders (but excluding any risk factors or forward–looking disclosures set forth under the heading “Risk Factors” or
under the heading “Special Note Regarding Forward–looking Statements,” and any other disclosures that are cautionary, predictive or forward–looking in nature, in any such report). 

1.4 Amendments to Section 3.11 of the Credit Agreement (ERISA). Sections 3.11 of the Credit Agreement is hereby amended by
deleting the date “September 30, 2011” set forth therein and substituting therefor the date “December 31, 2012.” 
 1.5
Amendments to Section 9.01 of the Credit Agreement (Notices). Sections 9.01(a)(ii) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

(ii) if to the Wells Fargo Bank, acting as Administrative Agent, Issuing Lender or Swingline Lender, Wells Fargo Bank, National
Association, 1525 West W.T. Harris Blvd. Mail Code: D1109-019, Charlotte, North Carolina 28262 Attention: Syndication Agency Services Telephone: (704) 590 2706; Facsimile: (704) 590 2790; E-mail: agencyservices.requests@wellsfargo.com;
with a copy to Wells Fargo Government and Institutional Banking, 360 Interstate North Parkway, 5th Floor, MAC G0147-054, Atlanta, GA 30339, Attention: Patrick Hennessey, Telephone: (678) 589-4341, Telecopy: (678) 589-4315, E-mail:
patrick.hennessey@wellsfargo.com: 

  
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 1.6 Amendments to Schedule I to the Credit Agreement. Schedule I to the Credit Agreement
is hereby amended and restated in its entirety as follows: 
  

					
	 Lender
	  	Commitment	 
	 CoBank, ACB
	  	$	150,000,000	  
	 Wells Fargo Bank, National Association
	  	$	100,000,000	  
	 Bank of America, N.A.
	  	$	100,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	75,000,000	  
	 PNC Bank, National Association
	  	$	75,000,000	  
		  	  
	  
	 
	 Total
	  	$	500,000,000.00	  
		  	  
	  
	 

 ARTICLE II 

CONDITIONS OF EFFECTIVENESS 

This First Amendment shall become effective as of the date (such date being referred to as the “First Amendment Effective
Date”) when, and only when, each of the following conditions precedent shall have been satisfied: 
 2.1 Execution of Loan
Documents. The Administrative Agent (or its counsel) shall have received executed counterparts of this First Amendment from each Lender and ODEC, each of which shall be originals or an electronic format acceptable to the Administrative Agent
(followed promptly by originals) unless otherwise specified. 
 2.2 Legal Opinion. The Administrative Agent shall have received a
favorable written opinion of legal counsel for ODEC, dated the First Amendment Effective Date and addressed to the Administrative Agent and the Lenders, which opinion shall be in form and substance reasonably acceptable to the Administrative Agent.

 2.3 Secretary’s Certificate. The Administrative Agent shall have received a certificate of the secretary or an assistant
secretary of ODEC, dated the First Amendment Effective Date and in form and substance reasonably satisfactory to the Administrative Agent, certifying (A) (i) that attached thereto is a true and complete copy of the articles of
incorporation 

  
 4 

 
and all amendments thereto of ODEC, certified by the Virginia State Corporation Commission, and that the same has not been amended since the date of such certification, (ii) that attached
thereto is a true and complete copy of the bylaws of ODEC, as then in effect and as in effect at all times from the date on which the resolutions referred to in clause (iii) below were adopted to and including the date of such certificate, and
(iii) that attached thereto is a true and complete copy of resolutions adopted by the board of directors of ODEC, authorizing the execution, delivery and performance of this First Amendment, and (B) as to the incumbency and genuineness of
the signatures of the officers of ODEC executing this First Amendment, and attaching all such copies of the documents described above. 

2.4 Good Standing Certificate. The Administrative Agent shall have received a certificate as of a recent date of the good standing of
ODEC from the Virginia State Corporation Commission. 
 2.5 Representations and Warranties. The representations and warranties set
forth in Article III hereto and in the Credit Agreement shall be true and correct on and as of the First Amendment Effective Date (other than such representations and warranties that relate to a specific date, in which case such
representations and warranties shall be true and correct as of such specific date). 
 2.6 No Default. No Default or Event of Default
shall have occurred and be continuing both immediately before and after the First Amendment Effective Date. 
 2.7 Fees. ODEC shall
have paid: (i) to the Administrative Agent, for the account of each Lender, an upfront fee, payable on the First Amendment Effective Date, equal to the sum of (A) 0.12% of that portion of such Lender’s final allocated Commitment as of
the First Amendment Effective Date that is equal to or less than the amount of such Lender’s Commitment immediately prior to the First Amendment Effective Date and (B) 0.15% of the balance of such Lender’s final allocated Commitment
as of the First Amendment Effective Date, if any, (ii) to CoBank, in its capacity as a Lead Arranger, such fees as CoBank and ODEC have separately agreed to pursuant to the fee letter, dated February 14, 2014 among CoBank and ODEC,
(iii) to Wells Fargo Securities, LLC, in its capacity as a Lead Arranger, such fees as Wells Fargo Securities, LLC and ODEC have separately agreed to pursuant to the fee letter, dated February 19, 2014, among Wells Fargo Securities, LLC
and ODEC and (iv) all reasonable out of pocket costs and expenses of the Lead Arrangers and the Administrative Agent in connection with the preparation, negotiation and execution of this First Amendment (including the reasonable fees and
expenses of Robinson, Bradshaw & Hinson, P.A. as counsel to the Administrative Agent). 
 2.8 Financial Information. The
Administrative Agent shall have received a copy of ODEC’s most recent financial forecast and such financial information regarding ODEC as the Administrative Agent shall have reasonably requested. 

  
 5 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

ODEC hereby represents and warrants to the Administrative Agent, each Issuing Lender and each Lender that (i) the representations and
warranties of ODEC set forth in the Credit Agreement and in the other Loan Documents (as amended by this First Amendment) are true and correct in all respects (or, in case of any representation or warranty that is not qualified by a Material Adverse
Effect qualifier, in all material respects), on and as of the First Amendment Effective Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been
true and correct in all respects as of such earlier date (or, in case of any representation or warranty that is not qualified by a Material Adverse Effect qualifier, in all material respects as of such earlier date)), (ii) this First Amendment
has been duly authorized, executed and delivered by ODEC and constitutes the legal, valid and binding obligation of ODEC, enforceable in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency,
reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law), and (iii) no Default or Event of Default shall have occurred and be continuing on the First Amendment Effective Date, both immediately before and after giving effect to this First Amendment. 

ARTICLE IV 

ACKNOWLEDGEMENT AND CONFIRMATION 

ODEC hereto hereby confirms and agrees that, after giving effect to this First Amendment, the Credit Agreement and the other Loan Documents
remain in full force and effect and enforceable against ODEC in accordance with their respective terms and shall not be discharged, diminished, limited or otherwise affected in any respect, and the amendments contained herein shall not, in any
manner, be construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a novation in respect of, the Obligations evidenced by or arising under the Credit Agreement or the other Loan Documents, which shall not in any
manner be impaired, limited, terminated, waived or released, but shall continue in full force and effect. ODEC represents and warrants to the Lenders that it has no knowledge of any claims, counterclaims, offsets, or defenses to or with respect to
the Obligations, or if ODEC has any such claims, counterclaims, offsets, or defenses to the Loan Documents or any transaction related to the Loan Documents, the same are hereby waived, relinquished, and released in consideration of the execution of
this First Amendment. This acknowledgement and confirmation by ODEC is made and delivered to induce the Administrative Agent and the Lenders to enter into this First Amendment, and ODEC acknowledges that the Administrative Agent and the Lenders
would not enter into this First Amendment in the absence of the acknowledgement and confirmation contained herein. 

  
 6 

 ARTICLE V 

MISCELLANEOUS 
 5.1
Governing Law. This First Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. 

5.2 Full Force and Effect. Except as expressly amended hereby, the Credit Agreement shall continue in full force and effect in
accordance with the provisions thereof on the date hereof. As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Credit
Agreement after amendment by this First Amendment. Any reference to the Credit Agreement or any of the other Loan Documents herein or in any such documents shall refer to the Credit Agreement and Loan Documents as amended hereby. This First
Amendment is limited as specified and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement except as expressly set forth herein. This First Amendment shall constitute a Loan
Document under the terms of the Credit Agreement. 
 5.3 Expenses. ODEC agrees on demand (i) to pay all reasonable fees and
expenses of counsel to the Administrative Agent, and (ii) to reimburse the Administrative Agent for all other reasonable out-of-pocket costs and expenses, in each case, in connection with the preparation, negotiation, execution and delivery of
this First Amendment and the other Loan Documents delivered in connection herewith. 
 5.4 Severability. To the extent any provision
of this First Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or
invalidating such provision in any other jurisdiction or the remaining provisions of this First Amendment in any jurisdiction. 
 5.5
Successors and Assigns. This First Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto. No assignment of any right or obligation arising under
this First Amendment may be made except as would be permitted under Section 9.04 of the Credit Agreement, and any purported assignment not in conformity with such provision shall be null and void. 

5.6 Construction. The headings of the various sections and subsections of this First Amendment have been inserted for convenience only
and shall not in any way affect the meaning or construction of any of the provisions hereof. 
 5.7 Counterparts. This First
Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same
instrument. Delivery of an executed counterpart of a signature page of this First Amendment by facsimile or by electronic mail in a .pdf or similar file shall be effective as delivery of a manually executed counterpart of this First Amendment. 

  
 7 

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

			
	BORROWER:
	
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By:	 	 /s/ Robert L. Kees

	Name:	 	Robert L. Kees
	Title:	 	Senior Vice President and Chief Financial Officer

 (signatures continue on following page) 

SIGNATURE PAGE TO FIRST AMENDMENT TO CREDIT AGREEMENT 

 
			
	LENDERS:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually, as Lender, as Issuing Lender, as Swingline Lender and as Administrative Agent
		
	By:	 	 /s/ Patrick Hennessey

	Name:	 	Patrick Hennessey
	Title:	 	Senior Vice President

  
 SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT 

 
					
	COBANK, ACB, as Syndication Agent and a Lender
		
	By:	 	 /s/ Jeffrey E. Childs

		 	Name:	 	Jeffrey E. Childs
		 	Title:	 	Vice President

  
 SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT 

 
					
	BANK OF AMERICA, NATIONAL ASSOCIATION, as Documentation Agent and a Lender
		
	By:	 	 /s/ Stephanie R. Pendleton

		 	Name:	 	Stephanie R. Pendleton
		 	Title:	 	Senior Vice President

  
 SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT 

 
					
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Documentation Agent and a Lender
		
	By:	 	 /s/ Heather Talbott

		 	Name:	 	Heather Talbott
		 	Title:	 	Executive Director

  
 SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT 

 
					
	PNC BANK, NATIONAL ASSOCIATION, as Documentation Agent and a Lender
		
	By:	 	 /s/ Byron Barnes

		 	Name:	 	Byron Barnes
		 	Title:	 	Assistant Vice President

  
 SIGNATURE PAGE TO
FIRST AMENDMENT TO CREDIT AGREEMENT 

 Schedule 3.03 

Governmental Approvals 
 Attached hereto
is the Federal Energy Regulatory Commission Order in Docket No. ES13-55-000, issued November 15, 2013. 
 No other Governmental Approvals are required
in connection with this Transaction. 

 Schedule 3.06 

Disclosed Matters 
 None. 

 Schedule 3.14 

Wholesale Power Contracts 
  

	1.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Rappahannock Electric Cooperative. 

 

	2.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Shenandoah Valley Electric Cooperative. 

 

	3.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Delaware Electric Cooperative, Inc. 

 

	4.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Choptank Electric Cooperative, Inc. 

 

	5.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Southside Electric Cooperative. 

 

	6.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and A&N Electric Cooperative. 

 

	7.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Mecklenburg Electric Cooperative. 

 

	8.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Prince George Electric Cooperative. 

 

	9.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Northern Neck Electric Cooperative. 

 

	10.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Community Electric Cooperative. 

 

	11.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and BARC Electric Cooperative. 

 Schedule 4.01(b)(i) 

Indebtedness 
 Long-Term
Secured Indebtedness 
  

					
	 	  	 Outstanding Amount

(in thousands)

December 31, 2013
	 
		
	 $50,000,000 principal amount of 2013 Series A Bonds due 2043 at an interest rate of 4.21%
	  	$	50,000	  
		
	 $50,000,000 principal amount of 2013 Series B Bonds due 2043 at an interest rate of 4.36%
	  	$	50,000	  
		
	 $90,000,000 principal amount of 2011 Series A Bonds due 2040 at an interest rate of 4.83%
	  	$	81,000	  
		
	 $165,000,000 principal amount of 2011 Series B Bonds due 2040 at an interest rate of 5.54%
	  	$	165,000	  
		
	 $95,000,000 principal amount of 2011 Series C Bonds due 2050 at an interest rate of 5.54%
	  	$	87,875	  
		
	 $250,000,000 principal amount of 2003 Series A Bonds due 2028 at an interest rate of 5.676%
	  	$	156,247	  
		
	 $300,000,000 principal amount of 2002 Series B Bonds due 2028 at an interest rate of 6.21%
	  	$	187,500	  
		
	 The collateral for the Long Term Secured Indebtedness is the Indenture.
	  			

 Short-Term Unsecured Indebtedness 

ODEC has no short-term unsecured Indebtedness outstanding. 

 Schedule 4.01(b)(ii) 

Subsidiaries 
 None.

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