Document:

Executive Stock Purchase Tool Kit

 Exhibit 10.11 
  
 DOMINION RESOURCES, INC. 
  
 EXECUTIVE STOCK PURCHASE TOOL KIT 
  
  
 Effective September 1, 2001 
  
 Amended and Restated December 17, 2004 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 1.
	 	Purpose	  	1
			
	 2.
	 	Eligibility	  	1
			
	 3.
	 	Participation	  	1
			
	 4.
	 	Bonuses under the Programs	  	2
			
	 5.
	 	Bonus Deferral Program	  	2
			
	 6.
	 	Restricted Stock Exchange Program	  	2
			
	 7.
	 	Dominion Direct Program	  	3
			
	 8.
	 	Effective Date of the Tool Kit	  	3
			
	 9.
	 	Termination, Modification, Change	  	3
			
	 10.
	 	Administration of the Tool Kit	  	3
			
	 11.
	 	Notice	  	3
			
	 12.
	 	Definitions	  	4

  

 i 

 DOMINION RESOURCES, INC. 
  
 EXECUTIVE STOCK PURCHASE TOOL KIT 
  
 1. Purpose. The purpose of this Dominion Resources, Inc. Executive Stock Purchase Tool Kit (the “Tool Kit”) is to encourage and
facilitate ownership of Dominion Resources, Inc. (the “Company”) common stock by the executives of the Company and certain of its subsidiaries. The Tool Kit is established in conjunction with the Dominion Resources, Inc. Incentive
Compensation Plan and the Dominion Resources, Inc. New Deferred Compensation Plan. The Tool Kit includes a number of programs that the employee can use to build his or her ownership in Company Stock. 
  
 2. Eligibility. Any employee of the Company or a Subsidiary who is
subject to, and has not yet met, the Stock Ownership Guideline Target under the company’s stock ownership guidelines for officers is eligible to participate in the Tool Kit. 
  
 An employee’s participation in the Tool Kit shall not obligate the Company or a Subsidiary to pay any particular salary or to continue
the employment of a Participant. Additional qualifications may apply for each Program. 
  
 3. Participation. 
  
 (a) To become a Participant, an eligible employee must satisfy the requirements to participate in the Program (or Programs) of his or her choice. The agreements and other documents required under the Tool Kit shall be
in such form and shall be submitted at such times and to such individuals as specified by the Administrator. No eligible employee is required to participate in the Tool Kit. The Participant shall complete, sign and submit all agreements and other
documents as may be required by the Administrator relating to the desired Program. 
  
 (b) Generally, once a Participant has reached his or her Stock Ownership Guideline Target, the Participant must cease participation in any
of the Programs. The exceptions are: 
  
 (i) the officer has a
higher Stock Ownership Guideline Target due to a promotion; 
  
 (ii) the officer anticipates falling below his or her Stock Ownership Guideline Target due to the repayment of a loan acquired under a previous Took Kit program; or 
  
 (iii) the officer meets his or her Stock Ownership Guideline Target based on the multiple of salary calculation, but wishes
to increase his or her ownership up to the set number of shares target in anticipation of future adjustments due to salary changes, market conditions, etc. 
  

 1 

 4. Bonuses under the Programs. Each of the Programs provides for a bonus to be awarded to the
Participant, subject to certain limitations. 
  
 5. Bonus
Deferral Program. Participants may acquire Company Stock through the Bonus Deferral Program as described in this Section 5. 
  
 (a) Under the procedures of the New Deferred Compensation Plan, a Participant may elect to defer all or a portion of an annual cash
incentive plan award into the New Deferred Compensation Plan. As a part of the deferral election, the Participant shall designate the deferral as being subject to the Bonus Deferral Program. The deferral election shall include a provision that the
deferred amount shall be invested in the Company Stock investment option under the New Deferred Compensation Plan. The Company Stock investment option will be subject to the terms of the New Deferred Compensation Plan and may include a deemed
Company Stock investment.  
  
 (b) When
the designated cash incentive plan award is contributed to the New Deferred Compensation Plan, the Company or a Subsidiary shall also contribute on behalf of the Participant to the New Deferred Compensation Plan an additional amount equal to 5% of
the deferred incentive plan award (10% for officers that did not participate in the prior stock purchase and loan program). The additional contribution shall be invested in the Company Stock investment option. 
  
 (c) On behalf of the Participant, the Company or a
Subsidiary shall pay the Medicare taxes imposed on the Participant due to the additional contribution under Section 5(b). The Company or a Subsidiary shall also pay the Applicable Taxes payable by the Participant with respect to this payment of
Medicare taxes on behalf of the Participant. 
  
 6. Restricted
Stock Exchange Program. Participants may acquire Company Stock through the Restricted Stock Exchange Program as described in this Section 6. 
  
 (a) A Participant may elect to not receive all or a portion of an annual cash incentive plan award and instead receive Restricted Stock
under the Incentive Compensation Plan in place of the designated cash award. The Administrator shall determine which incentive plan awards may be designated under the Restricted Stock Exchange Program. 
  
 On the date the designated incentive award would otherwise
be received, the Company shall issue Restricted Stock to the Participant under the Incentive Compensation Plan in an amount equal to 110% of the designated incentive award (125% for officers that did not participate in the prior stock purchase and
loan program). The Restricted Stock will be valued based on the Fair Market Value of Company Stock as determined under the Incentive Compensation Plan. 
  

 2 

 (b) The restrictions on the Restricted Stock will lapse and the Restricted Stock will
vest on the third anniversary of the date of grant of the Restricted Stock. The restrictions shall also lapse on the earlier of the Participant’s death, disability or upon a change of control. 
  
 7. Dominion Direct Program. Participants may acquire Company Stock
through the Dominion Direct Program as described in this Section 7. 
  
 (a) Under the procedures of Dominion DirectR, a Participant may elect to make
periodic, monthly or quarterly purchases of Company Stock. The Participant shall complete any forms required to participate in Dominion Direct and any additional forms provided for purposes of participation in the Dominion Direct Program.

  
 (b) When Company Stock is purchased under
Dominion Direct, the Company or a Subsidiary shall pay the Participant a cash bonus equal to 5% of the total amount invested in Dominion Direct under this Program. 
  
 (c) On behalf of the Participant, the Company or a Subsidiary shall pay the Applicable Taxes imposed on the
Participant due to the bonus payment under Section 7(b). The Company or a Subsidiary shall also pay the Applicable Taxes payable by the Participant with respect to the payment of these Applicable Taxes. 
  
 8. Effective Date of the Tool Kit. This Amended and Restated Tool Kit
shall be effective on December 17, 2004. 
  
 9. Termination,
Modification, Change. If not sooner terminated or extended by the Committee or the Board, this Tool Kit shall terminate at the close of business on August 31, 2011. The Committee or the Board may terminate the Tool Kit or may amend the Tool Kit
in such respects as it shall deem advisable. A termination or amendment of the Tool Kit shall not, without the consent of the Participant, adversely affect the Participant’s rights under existing participation in a Program. 
  
 10. Administration of the Tool Kit. The Administrator shall administer
the Tool Kit subject to the oversight of the Committee. The Administrator shall have the authority to interpret the Tool Kit and its interpretations shall be binding on all parties. The Committee may establish and revise from time to time rules and
regulations for the Tool Kit. The Committee may delegate any of its duties and responsibilities under the Tool Kit to the Administrator. The laws of the Commonwealth of Virginia shall govern the terms of this Tool Kit. 
  
 11. Notice. All notices and other communications required or permitted
to be given under this Tool Kit shall be in writing and shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows (a) if to the Company - at its principal business address to the attention of
the Chief Financial Officer; (b) if to any Participant - at the last address of the Participant known to the sender at the time the notice or other communication is sent. 
  

 3 

 12. Definitions. As used in the Tool Kit, the following terms shall have the meanings indicated:

  
 (a) “Administrator” means the
individual or committee authorized by the Committee to administer the Tool Kit. Unless the Committee determines otherwise, the Administrator shall be the Director-Executive Compensation. 
  
 (b) “Applicable Taxes” means the projected assumed federal, state and local income taxes and
Medicare taxes payable by a Participant due to the receipt of compensation income under a Program. 
  
 (c) “Board” means the Board of Directors of Dominion Resources, Inc. 
  
 (d) “Committee” means the Organization,
Compensation and Nominating Committee of the Board. 
  
 (e) “Company” means Dominion Resources, Inc. 
  
 (f) “Company Stock” means common stock of the Company. In the event of a change in capital structure of the Company, the shares resulting from such a change shall be deemed to be Company Stock within the
meaning of the Tool Kit. 
  
 (g) “Stock
Ownership Guideline Target” means the target amount of Company Stock that a Participant is encouraged to own for purposes of the Company’s stock ownership guidelines in place at any given time. 
  
 (h) “Incentive Compensation Plan” means the
Dominion Resources, Inc. Incentive Compensation Plan or any successor plan. 
  
 (i) “New Deferred Compensation Plan” means the Dominion Resources, Inc. New Deferred Compensation Plan. 
  
 (j) “Participant” means any eligible employee who acquires Company Stock under the Tool Kit. 
  
 (k) “Program” means one of the following programs:

  
 (i) “Bonus Deferral Program”
described in Section 5; 
  
 (ii)
“Restricted Stock Exchange Program” described in Section 6; and 
  
 (iii) “Dominion Direct Program” described in Section 7. 
  

 4 

 (l) “Restricted Stock” means the shares of Company Stock issued under Section 7
of the Incentive Compensation Plan. 
  
 (m)
“Subsidiary” means another corporation in which the Company owns stock possessing at least 50 percent of the combined voting power of all classes of stock or which is in a chain of corporations with the Company in which stock possessing at
least 50% of the combined voting power of all classes of stock is owned by one or more other corporations in the chain. 
  

 5Stock Purchase Tool Kit Restricted Stock Exchange

 Exhibit 10.12 
  
 SAMPLE 
  
 Dominion Resources Stock Purchase Tool Kit 
 Restricted Stock Exchange Program 
 Restricted Stock Award Agreement 
  
 THIS AGREEMENT, dated
                     between DOMINION RESOURCES, INC., a Virginia Corporation (the “Company”) and
                             (“Participant”), is made pursuant and subject to the provisions
of the Dominion Resources, Inc. Incentive Compensation Plan (the “Plan”). All terms used herein that are defined in the Plan have the same meaning given them in the Plan. 
  

	 	1.	Award of Stock. Pursuant to the Plan, X,XXX shares of Company Stock (the “Restricted Stock”) were awarded the Participant on
                                        ,
subject to the terms and conditions of the Plan, and subject further to the terms and conditions set forth herein and attached hereto. 

  

	 	2.	Terms and Conditions. 

  

	 	a.	Employment. Except as provided in paragraph 3, the Participant’s right in the Restricted Stock shall be forfeited if his employment with the Company or a Dominion
Company terminates prior to                             . 

  

	 	b.	Nontransferability. Except as provided in paragraph 3, no rights in the shares of Restricted Stock are transferable until
                             

  

	 	c.	Stock Power. As a condition to receipt of this award, the Participant shall deliver to the Company a stock power, endorsed in blank, with respect to the Restricted Stock.

  

	 	d.	Custody of Certificates. The Company shall retain custody of the stock certificates evidencing shares of Restricted Stock. 

  

	 	3.	Death, Disability or Change of Control. If the Participant dies, becomes Disabled while in the employ of the Company or a Dominion Company, or upon a Change in Control, his
rights in the shares of Restricted Stock awarded pursuant to this Agreement shall become nonforfeitable and transferable as of the date of his death, Disability or upon a Change of Control. 

  

	 	4.	Disability. For purposes of this Agreement, the term Disabled or Disability means a condition, determined on the basis of medical evidence satisfactory to the Committee that
renders the Participant, 

 due to bodily injury or disease, unable to perform each and every material duty pertaining to his
employment with the Company or a Dominion Company. 
  

	 	5.	Shareholder Rights. With respect to Restricted Stock, the Participant shall have the right to receive dividends and shall have the right to vote shares of Restricted Stock.

  

	 	6.	Delivery of Shares. 

  

	 	a.	Share Delivery. As soon as practicable after the requirements of paragraph 2 or 3 are satisfied, the Company will deliver X,XXX shares of Company Stock and the
Participant’s stock power to the Participant. 

  

	 	b.	Withholding of Taxes. No Company Stock will be delivered until the Participant (or his successor) has paid to the Company the amount that must be withheld under federal,
state and local income and employment taxes (the “Applicable Withholding Taxes”) or the Participant and the Company have made satisfactory provisions for the payment of such taxes. As an alternative to making a cash payment to satisfy the
Applicable Withholding Taxes, the Participant or his successor may elect to (i) deliver Mature Shares (valued at their Fair Market Value) or (ii) to have the Company retain that number of shares of Restricted Stock (valued at their Fair Market
Value) that would satisfy the Applicable Withholding Taxes. 

  

	 	7.	Fractional Shares. A fractional share of Company Stock shall not be issued and any fraction shall be disregarded. 

  

	 	8.	No Right to Continued Employment. This Restricted Stock award does not confer upon the Participant any right with respect to continuance of employment by the Company or a
Dominion Company, nor shall it interfere in any way with the right of the Company or a Dominion Company to terminate the Participant’s employment at any time. 

  

	 	9.	Change in Capital Structure. The terms of the Restricted Stock Award shall be adjusted as provided in Section 15 of the Plan if the Company has a change in capital structure.

  

	 	10.	Governing Law. This Agreement shall be governed by the laws of the Commonwealth of Virginia. 

	 	11.	Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the date of the award and the provisions of this Agreement, the provisions of the
Plan shall govern. All references herein to the Plan shall mean the plan as in effect on the date of the award of Restricted Stock. 

  

	 	12.	Participant Bound by Plan. Participant hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof.

  

	 	13.	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. 

  
 IN WITNESS WHEREOF the Company has caused this Agreement to be signed by a duly authorized officer, and Participant has affixed his signature hereto. 
  
  

			
	 Dominion Resources, Inc.

		
	 By:
	 	  

	 	 	 {Authorized Officer}

  

	
	 Agreed and Accepted:

	
	
 Executive

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