Document:

Exhibit

Exhibit 10.1.1.4

AMENDMENT NO. 1 TO CREDIT AGREEMENT
AMENDMENT NO. 1 dated as of January 21, 2016 to the Credit Agreement (the “Credit Agreement”) dated as of October 27, 2011 among Consolidated Edison Company of New York, Inc., Consolidated Edison, Inc., Orange and Rockland Utilities, Inc., the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Agent”).
W I T N E S S E T H :
WHEREAS, the parties hereto desire to amend the Credit Agreement to increase the Maximum Availability sublimit applicable to Holdings from $1,000,000,000 to $1,500,000,000;
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1.    Defined Terms; References.  Unless otherwise specifically defined herein, each term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after this Amendment becomes effective, refer to the Credit Agreement as amended hereby.  Except as specifically amended by this Amendment, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed.  The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under the Credit Agreement.

SECTION 2.    Amendment of Definition of “Maximum Availability”.  The definition of “Maximum Availability” in Section 1.01 of the Credit Agreement is amended by  amending clause(ii) thereof to read as follows: 

(ii) for Holdings, the lesser of the aggregate amount of the Commitments or $1,500,000,000
SECTION 3.    Representations of Borrower.  Each Borrower represents and warrants that (i) the representations and warranties of such Borrower set forth in Article 4 of the Credit Agreement (except, solely with respect to those contained in Sections 4.04(c) and 4.05(a), for proceedings disclosed in such Borrower’s periodic reports filed with the SEC pursuant to the Exchange Act (or, in the case of O&R, disclosed in its financial statements posted on its website (www.oru.com)) prior to the date hereof) will be true on and as of the Amendment Effective Date and (ii) no Default will have occurred and be continuing on such date.
SECTION 4.    Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York.
SECTION 5.    Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
SECTION 6.    Effectiveness.  This Amendment shall become effective as of the date hereof  on the date when the following conditions are met: (the “Amendment Effective Date”) the Agent shall have received from each of each Borrower and the Required Lenders a counterpart hereof signed by such party or facsimile or other written confirmation (in form satisfactory to the Agent) that such party has signed a counterpart hereof.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
	
		
	CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.

	By:
	/s/ Scott Sanders

	Title: Vice President and Treasurer

	
		
	CONSOLIDATED EDISON, INC.

	By:
	/s/ Scott Sanders

	Title: Vice President and Treasurer

	
		
	ORANGE AND ROCKLAND UTILITIES, INC.

	By:
	/s/ Yukari Saegusa

	Title: Treasurer

	
		
	JPMORGAN CHASE BANK, N.A., as Administrative Agent

	By:
	/s/ Peter Christensen

	Title: Vice President

2

	
		
	JPMORGAN CHASE BANK, N.A., 
      as Lender

	By:
	/s/ Peter Christensen

	Title: Vice President

3

	
		
	BANK OF AMERICA, N.A., 
      as Lender

	By:
	/s/ JB Meanor II

	Title: Managing Director

4

	
		
	CITIBANK, N.A., 
     as Lender

	By:
	/s/ Damien Lipke

	Title: Vice President

5

	
		
	BARCLAYS BANK PLC, 
     as Lender

	By:
	/s/ Vanessa Kurbatskiy

	Title: Vice President

6

	
		
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., 
       as Lender

	By:
	/s/ Chi-Cheng Chen

	Title:  Director

7

	
		
	SUMITOMO MITSUI BANKING CORPORATION 
       as Lender

	By:
	/s/ James D. Weinstein

	Title: Managing Director

8

	
		
	KEYBANK NATIONAL ASSOCIATION, 
      as Lender

	By:
	/s/ Richard Gerling

	Title: Senior Vice President

9

	
		
	MIZUHO CORPORATE BANK, LTD., 
      as Lender

	By:
	/s/ Nelson Chang

	Title: Authorized Signatory

10

	
		
	MORGAN STANLEY BANK, N.A., 
      as Lender

	By:
	/s/ Dmitriy Barskiy

	Title: Authorized Signatory

11

	
		
	THE BANK OF NEW YORK MELLON, 
      as Lender

	By:
	/s/ Richard K. Fronapfel, Jr.

	Title: Vice President

12

	
		
	UBS AG, STAMFORD BRANCH, 
      as Lender

	By:
	/s/ Darlene Arias

	Title: Director

	
		
	UBS AG, STAMFORD BRANCH, 
      as Lender

	By:
	/s/ Craig Pearson

	Title: Associate Director

13

	
		
	WELLS FARGO BANK, NATIONAL ASSOCIATION, 
      as Lender

	By:
	/s/ Patrick Engel

	Title: Director

14

	
		
	CANADIAN IMPERIAL BANK OF COMMERCE-NEW YORK AGENCY 
       as Lender

	By:
	/s/ Anju Abraham

	Title: Authorized Signatory

	
		
	By:
	/s/ Gordon Eadon

	Title: Authorized Signatory

15

	
		
	THE BANK OF NOVA SCOTIA, 
      as Lender

	By:
	/s/ David Dewar

	Title: Director

16

	
		
	U.S. BANK NATIONAL ASSOCIATION, 
      as Lender

	By:
	/s/ James O’Shaughnessy

	Title: Vice President

17

	
		
	TD BANK, N.A., 
      as Lender

	By:
	/s/ Vijay Prasad

	Title: Senior Vice President

18

	
		
	STATE STREET BANK AND TRUST COMPANY, 
      as Lender

	By:
	/s/ Kimberly R. Costa

	Title: Vice President

19

	
		
	THE NORTHERN TRUST COMPANY, 
      as Lender

	By:
	/s/ Karen E. Dahl

	Title: Vice President

20Exhibit

Exhibit 10.1.8

Description of Directors’ Compensation 
The following tables show, effective as of December 31, 2015, the annual retainer amounts and committee meeting fees payable, in quarterly installments, to the members of the Board of Directors of Consolidated Edison, Inc. (the “Company”) who were not employees of the Company or its subsidiaries: 
 
	
		
	 
	Amount       

	Annual Retainer
	$90,000

	Lead Director Retainer
	$35,000

	Chair of Audit Committee Retainer
	$25,000

	Member of Audit Committee Retainer (excluding the Audit Committee Chair)
	$10,000

	Chair of Corporate Governance Committee Retainer
	$10,000

	Chair of Management Development and Compensation Committee Retainer
	$15,000

	Retainer for Chairs of: Environmental, Health and Safety Committee; Finance Committee; and Operations Oversight Committee
	$5,000

	Acting Committee Chair Fee (where the regular Chair is absent)
	$200

	Audit Committee member fee (for each meeting of the Audit Committee attended)
	$2,000

	Committee member fee (for each Committee meeting attended)
	$1,500

	Annual equity award (deferred stock units)
	$120,000

Non-employee Directors participate in the Company’s Long Term Incentive Plan (the “LTIP”). Pursuant to the LTIP, each non-employee Director is allocated an annual equity award of $120,000 of deferred stock units on the first business day following the Annual Meeting. If a non-employee Director is first appointed to the Board after an annual meeting, his or her first annual equity award is pro rated. Settlement of the annual equity awards of stock units are automatically deferred until the Director’s termination of service from the Board of Directors. Each non-employee Director may elect to receive some or all of his or her annual equity awards of stock units on another date or to further defer any other prior annual equity award of stock units, including any related dividend equivalents earned on prior annual equity award of stock units, in accordance with the terms of the LTIP and Section 409A of the Internal Revenue Code. Each non-employee Director may also elect to defer all or a portion of his or her retainers and meeting fees into additional deferred stock units, which are deferred until the Director’s termination of service. Dividend equivalents are payable on deferred stock units in the amount and at the time that dividends are paid on Company Common Stock and are credited in the form of additional deferred stock units which are fully vested as of the date the dividends would have been paid to the Director or, at the Director’s option, are paid in cash. All payments on account of deferred stock units are made in shares of Company Common Stock. The LTIP provides that cash compensation deferred into stock units, the annual stock unit awards, and the dividend equivalents granted to non-employee Directors that are credited in the form of additional deferred stock units, are fully vested, and payable in a single one-time payment of whole shares (rounded to the nearest whole share) within sixty days following separation from Board service unless the director elected to defer distribution to another date.
The Company reimburses non-employee Directors for reasonable expenses incurred in attending Board and Committee meetings. No person who serves on both the Company’s Board and on the Board of its subsidiary, Consolidated Edison Company of New York, Inc., and corresponding Committees, is paid additional compensation for concurrent service. Directors who are employees of the Company or its subsidiaries do not receive retainers, meeting fees, or annual equity award of deferred stock units for their service on the Board. 
Members of the Board are also eligible to participate in the Company’s Stock Purchase Plan (“Stock Purchase Plan”). 
Copies of the LTIP and the Company’s Stock Purchase Plan, and amendments thereto, have been (or, as to amendments that may be adopted after the date of this description, will be) included as exhibits to the Company’s Annual Report on Form 10-K or Quarterly Reports on Form 10-Q.

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