Document:

Document

Exhibit 10(a)46

Entergy Corporation
2022 – 2024 Performance Unit Grant Notice
Congratulations on your eligibility to participate in the performance unit program.  In order for this 2022 – 2024 Performance Unit Grant Notice and the Performance Unit Agreement attached hereto (the “Agreement” and, together with this 2022 – 2024 Performance Unit Grant Notice, this “Award”) to become effective, Entergy Corporation requires electronic acceptance of and agreement to the terms and conditions of this Award set forth in the Agreement on or before April 29 following the Award Date set forth below.  Failure to timely accept the terms of the Agreement on or before April 29 will be considered non-acceptance of the Award.
This Performance Unit Grant Notice (“Notice”) is subject to the terms of the Agreement.   In the event of a conflict between this Notice and the Agreement, the terms of the Agreement shall prevail.
Participant:   
Global ID:  
Award Type:  Performance Stock Units 
Plan Name:  2022 – 2024 PUP 

Award Date:  01-Jan-2022
Award Expiration Date:  N/A

Total Granted: 
Award Price: USD 0.0000

Vesting Schedule
						
	Shares/Options Awarded	Vest Date
		31-Dec-2024

1

2022 TEMPLATE
 

2022-2024 Performance Unit Agreement (“Agreement”) 
Under the 2019 Entergy Corporation Omnibus Incentive Plan
 
Pursuant to the 2019 Entergy Corporation Omnibus Incentive Plan (the “Plan”), you are eligible to participate at a target Achievement Level (as defined below) of that number of performance units (subject to adjustment pursuant to Section 3 of this Agreement, the “Target Performance Units”) (based upon an Achievement Level of 100%) set forth under the heading “Total Granted” on the Performance Unit Grant Notice to which this Agreement is attached (the “Grant Notice”) for the performance period commencing January 1, 2022 and ending December 31, 2024 (the “Performance Period”), subject to the terms of the Plan and to the following terms and conditions: 
1.     Effective Date of Agreement; Acknowledgment and Acceptance of Performance Units.  This Agreement is effective as of the Award Date set forth on the Grant Notice, contingent upon your acceptance of this Agreement in accordance with the terms of this Agreement and the Grant Notice.  The effectiveness of this Agreement is subject to your electronically acknowledging and accepting this Agreement and all of its terms and conditions and the terms of the Plan in the manner and at the time set forth on the Grant Notice.  If you do not timely acknowledge and accept this Agreement in accordance with the Grant Notice, the Company shall be entitled to unilaterally cancel and render void this Agreement and the Grant Notice.   
2.     Achievement Levels.  The Personnel Committee of the Board (the “Committee”) shall determine the achievement level attained by the Company for the Performance Period (the “Achievement Level”) based (i) eighty percent (80%) on TSR Achievement Level (as defined below); and (ii) twenty percent (20%) on Adjusted FFO/Debt Ratio Achievement Level (as defined below).  The weighted average of the two performance measures will determine the Achievement Level and overall payout for the Performance Period.  For these purposes, and subject to the terms of the Plan, the Achievement Level shall be determined as follows:
a.The “TSR Achievement Level” shall be determined by comparing the Company’s “total shareholder return” for the Performance Period (“Company TSR”) to that of the peer group companies comprising the Philadelphia Electric Utilities Index (the “Peer Group”).  For this purpose, subject to the terms of the Plan, “total shareholder return” shall be determined in accordance with Company administrative practice based on the changes in the stock price and dividends over the course of the Performance Period.  The possible TSR Achievement Levels for the Performance Period shall be determined as follows: for bottom quartile performance (where Company TSR is in the fourth or bottom quartile of Peer Group TSR), the TSR Achievement Level is zero percent; for third quartile performance (where Company TSR is in the third quartile of Peer Group TSR), the TSR Achievement Level shall be determined by interpolating between index median (100% TSR Achievement Level) and the performance of the Peer Group company at the top of the fourth quartile, starting at 25% TSR Achievement Level; for second quartile performance (where Company TSR is in the second quartile of Peer Group TSR), the TSR Achievement Level shall be determined by interpolating between the performance of the Peer Group Company at the bottom of the top quartile (200% TSR Achievement Level) and index median (100% TSR Achievement Level); and for top quartile performance (where Company TSR is in the first or top quartile of Peer Group TSR), the TSR Achievement Level is 200%.  

b.    The Adjusted FFO/Debt Ratio Achievement Level” shall be determined by comparing, as of December 31st for each year in the Performance Period (1) the quotient of (x) FFO (as defined below) divided by (y) the Company’s consolidated debt, excluding securitization debt (or debt outstanding that is pending securitization) and adjusting for pre-defined exclusions and other adjustments determined by the Committee (such quotient, the “Annual Adjusted FFO/Debt Ratio”) to (2) the adjusted FFO/debt ratio achievement levels established by the Committee for such year as “Target,” (target Adjusted FFO/Debt Ratio), “Minimum,” and “Maximum.”  For an Annual Adjusted FFO/Debt Ratio less than the Minimum, the Annual Adjusted FFO/Debt Ratio Achievement Level is zero percent. For an Annual Adjusted FFO/Debt Ratio equal to the Minimum, the Annual Adjusted FFO/Debt Ratio Achievement Level is 25%.  For an Annual Adjusted FFO/Debt Ratio equal to the target Adjusted FFO/Debt Ratio, the Annual Adjusted FFO/Debt Ratio Achievement Level is 100%.  For an Annual Adjusted FFO/Debt Ratio greater than or equal to the Maximum, the Annual Adjusted FFO/Debt Ratio Achievement Level is 200%.  For an Annual Adjusted FFO/Debt Ratio that is greater than the Minimum and less than the Target, the Annual Adjusted FFO/Debt Ratio Achievement Level shall be determined by straight line interpolation between the Minimum and the Target.  For an Annual Adjusted FFO/Debt Ratio that is greater than the Target and less than the Maximum, the Annual Adjusted FFO/Debt Ratio Achievement Level shall be determined by straight line interpolation between the Target and the Maximum.  The final “Adjusted FFO/Debt Ratio Achievement Level” for the Performance Period shall be equal to the sum of (A) the three-year average of the Annual Adjusted FFO/Debt Ratios determined for each year in the Performance Period as described above and (B) the Credit Rating Modifier. The “Credit Rating Modifier” shall be equal to the sum of the following:  (I) +10% if a Rating Agency’s corporate credit outlook for the Company as of the end of the Performance Period is more favorable than such Rating Agency’s corporate credit outlook for the Company as of the beginning of the Performance Period; (II) -10% if a Rating Agency’s corporate credit outlook for the Company as of the end of the Performance Period is less favorable than such Rating Agency’s corporate credit outlook for the Company as of the beginning of the Performance Period; (III) +20% if a Rating Agency’s corporate credit rating for the Company as of the end of the Performance Period is higher than such Rating Agency’s corporate credit rating for the Company as of the beginning of the Performance Period; and (IV) -20% if a Rating Agency’s  corporate credit rating for the Company as of the end of the Performance Period is lower than such Rating Agency’s corporate credit rating for the Company as of the beginning of the Performance Period; provided that in no event shall the Credit Rating Modifier adjustment be more than +/- 20% and further, in no event shall the final Adjusted FFO/Debt Ratio Achievement Level exceed 200%. “Rating Agency” means Moody’s Investors Service and S&P Global Ratings.  Subject to the terms of the Plan and such adjustments as set forth in this Section 2, these determinations shall be made by the Committee in accordance with Company administrative practice. “FFO” means the Company’s consolidated operating cash flow, adjusted for its allowance for funds used during construction, working capital amounts, the effects of securitization revenue, and certain pre-defined exclusions determined by the Committee. 
c.    The Achievement Level shall be equal to the sum of (1) and (2), where (1) is equal to 80% of the TSR Achievement Level, as calculated in Section 2.a.  and (2) is equal to 20% of the Adjusted FFO/Debt Ratio Achievement Level, as calculated in Section 2.b.  Notwithstanding anything herein to the contrary, the Achievement Level shall be adjusted for such items as the Committee may determine in its discretion during or after the Performance Period (but in any event before any delivery of Shares hereunder), whether resulting in an increase or decrease (including to zero (0)) in the number of Shares otherwise deliverable hereunder, considering management accountability and business rationale. 
3.    Performance Units Earned.  The actual number of performance units awarded to you under this Agreement, if any (the “Performance Units”), shall be calculated by the Committee at the end of the Performance Period by multiplying the Target Performance Units by 

the percentage of the Company’s attained Achievement Level, determined as described in Section 2.  Unless otherwise provided in the Plan or this Agreement, to earn Performance Units you must (i) remain a full-time employee of a System Company for the entire Performance Period, (ii) maintain a System Management Level (“ML”) 1-4 role (an “Eligible Role”), resulting in an award opportunity dependent on your specific ML role (“Eligibility Level”); and (iii) comply with Section 10 of this Agreement. 
Except as provided below for an employee on an extended leave of absence bridge to retirement under an approved severance program under the Entergy System Severance Pay Plan No. 537 or the Entergy System Severance Pay Plan No. 538,  if you are approved by your System Company employer for a leave of absence (whether paid or unpaid) for reasons other than Disability or are a continuous part-time regular System Company employee participating in the phased retirement program under the Entergy System Policies & Procedures Phased Retirement – Pre-Separation Policy (the “Phased Retirement Program”), you will continue to be treated for purposes of the Plan and this Agreement as a full-time employee of a System Company while you are on such approved leave of absence or during such participation in the Phased Retirement Program, as applicable.  If you are on an extended leave of absence bridge to retirement under an approved severance program offered pursuant to Entergy System Severance Pay Plan No. 537 or Entergy System Severance Pay Plan No. 538, you will not be considered under the Plan or this Agreement to be a full-time employee during the extended leave of absence bridge period or a part-time System Company employee under the Phased Retirement Program during the extended leave of absence bridge period, and your System Company employment will be considered terminated for purposes of vesting in Awards under this Agreement as of the commencement of your extended leave of absence bridge period.  
If you have completed a minimum of twelve months of full-time employment in an Eligible Role during the Performance Period and you Retire, you will be eligible for a prorated portion of the applicable Achievement Level of Performance Units, based on your full months of participation and your Eligibility Level(s) during the Performance Period.  For purposes of the preceding sentence, you will have “Retired” if you incur a separation from service with the System Companies and at the time of such separation from service, either (A) you are eligible to commence retirement benefits under a System Company-sponsored qualified final average pay defined benefit pension plan or (B) you have attained age 65 or have attained age 55 with ten (10) or more years of service with System Companies that is considered vesting service under the System Company-sponsored qualified defined benefit pension plan in which you actively participate or, if none, the System Company-sponsored qualified defined contribution pension plan in which you actively participate.  If your employment terminates due to your incurring a Disability or you die during the Performance Period, you (or your Beneficiary or heirs) will be eligible for a prorated portion of the applicable Achievement Level of Performance Units, based on your full months of full-time employment prior to your Disability or death and your Eligibility Level(s) during the Performance Period.  Notwithstanding anything to the contrary herein, if, during the Performance Period (x) your employment is terminated for Cause or (y) the Committee or its delegee determines that you engaged in an activity that would constitute Cause, then you shall not be entitled to receive any Performance Units pursuant to this Agreement. 
Regardless of eligibility, you shall not be entitled to receipt of nor vest in any Performance Units and/or any dividends that have accrued on any Performance Units unless and until the Personnel Committee has certified the Achievement Level after the close of the Performance Period.
If you are promoted during the Performance Period, then the number of Target Performance Units set forth on the Grant Notice shall be adjusted (but not downward) to reflect the number of full months during the Performance Period for which you were eligible hereunder in each Eligibility Level, and the number of Performance Units, if any, awarded to you will be prorated to reflect the number of full months you earned Performance Units at each Eligibility Level.    

If you are demoted during the Performance Period, but you remain in an Eligible Role following such demotion, then the number of Target Performance Units set forth on the Grant Notice shall be adjusted (but not upward ) to reflect the number of full months during the Performance Period for which you were eligible hereunder in each Eligibility Level, and the number of Performance Units, if any, awarded to you will be prorated to reflect the number of full months you earned Performance Units at each Eligibility Level.  
If any change to an Eligibility Level is effective on a date other than the first day of a calendar month, the number of Performance Units, if any, awarded to you with respect to the transition month in accordance with this Section 3 will be determined based on your prior Eligibility Level.    
If you are demoted to a position that is not an Eligible Role or you are otherwise no longer in an Eligible Role during the Performance Period, but remain employed on a regular full-time basis by a System Company for the duration of the Performance Period, the number of Performance Units, if any, awarded to you will be prorated to reflect only the number of full months you earned Performance Units in an Eligible Role in accordance with your Eligibility Level(s).   
    4.    Accelerated Change in Control Vesting.  Notwithstanding anything herein to the contrary: 
a.in the event that (i) a Change in Control occurs and (ii) either (x) outstanding Target Performance Units are not assumed or substituted in connection therewith as described in Section 12(b) of the Plan, or (y) outstanding Target Performance Units are so assumed or substituted in connection therewith and your employment or service is terminated by your System Company employer without Cause or by you for Good Reason on or after the effective date of the Change in Control but prior to twenty-four (24) months following the Change in Control (the date on which (x) or (y) occurs, the “CIC Vesting Date”), then (A) the Committee shall calculate the Achievement Level for the Performance Period during which the CIC Vesting Date occurs treating the CIC Vesting Date as if it were the last day of the Performance Period (the “CIC Achievement Level”) and you shall immediately become fully vested in that number of Performance Units calculated by multiplying the Adjusted Target Performance Units (as defined below) by the percentage of the Company’s attained Achievement Level that is the greater of Target Achievement Level or CIC Achievement Level and (B) the restrictive covenants set forth in Sections 10.b., 10.c., and 10.d. of this Agreement shall cease to apply as of the CIC Vesting Date.  In the event of accelerated vesting as described in this Section 4.a., but subject to the conditions and limitations described herein and subject to Section 5 of the Plan, the Company shall pay you a number of Shares equal to the number of Performance Units that vest in accordance with this Section 4.a. no later than sixty (60) days after the CIC Vesting Date; provided, that if such 60-day period straddles two of your taxable years, the payment shall be made in the later year.  “Adjusted Target Performance Units” means that number of units calculated by multiplying the Target Performance Units by a fraction, the numerator of which is the number of days in the Performance Period up to and including the CIC Vesting Date and the denominator of which is the total number of days in the Performance Period.
b.Notwithstanding anything herein to the contrary, the time and form of any payments to which you may be entitled pursuant to this Section 4 are subject to the requirements and limitations set forth in Section 22 of the Plan.   
5.    Dividend Equivalents.  If you are awarded Performance Units pursuant to this Agreement, you will also be awarded the dividend equivalents attributable to such awarded Performance Units for the time you were a Participant in an Eligible Role and at the Eligibility Level underlying such Performance Units (“Dividend Equivalents”).  The Dividend Equivalents with respect to each awarded Performance Unit will be equal to only the dividends paid with 

respect to a Share for the period of your participation in the Plan at an Eligible Role during the Performance Period. 
6.    Settlement of Performance Units and Dividend Equivalents. 
a.As soon as reasonably practicable following the date on which the Committee determines the number of Performance Units, if any, to be awarded to you under this Agreement and no later than March 15th following the end of the calendar year in which the Performance Units are no longer subject to a “substantial risk of forfeiture” within the meaning of Code Section 409A, the Company shall issue to you, after withholding all applicable income tax and employment tax amounts required to be withheld in connection with such payment in accordance with Section 6.d. of this Agreement: (i) one Share for each Performance Unit so determined to be awarded, and (ii) an additional number of Shares determined by dividing the total Dividend Equivalents with respect to such awarded Performance Units by the closing share price of a Share on the last trading date of the Performance Period.  Notwithstanding the foregoing, if Dividend Equivalents are awarded with respect to Performance Units that are payable pursuant to Section 4.a., the number of Shares issuable pursuant to this Section 6 in respect of such Dividend Equivalents shall be calculated treating the CIC Vesting Date as the last day of the Performance Period and shall be issued no later than sixty (60) days after the CIC Vesting Date; provided, that if such 60-day period straddles two of your taxable years, such Shares shall be issued in the later year.
b.Shares (including any Dividend Equivalents that are settled in Shares) shall be credited to a separate book entry account in your name, and such vested Shares shall be free of all restrictions except any that may be imposed by law.  Upon the crediting of vested Shares to a book entry account, you may treat the Shares in the same manner as all other shares of Common Stock owned by you, subject to the provisions of Section 6.c. below.  All ML 1-4 Participants are considered Restricted Employees under Entergy’s Insider Trading Policy and, as such, may trade in Entergy Corporation securities only during an open window period (and only if not in possession of material, non-public information).  Generally, window periods begin on the second business day after the quarterly earnings release and end at the close of trading on the 15th day of the third month of the Company’s fiscal quarter or, if such day is not a trading day, on the last preceding trading day.  In addition, if you are a Restricted Employee, the Insider Trading Policy requires that you pre-clear all transactions involving Entergy securities with Entergy Corporation’s Office of the General Counsel.  
c.Share Ownership Guidelines.  All ML 1-4 Participants must maintain the applicable Common Stock Ownership Target Level in the chart below, which is expressed as a multiple of your base salary and depends on your management level.
						
	System Management Level	Common Stock Ownership Target Level
	ML 1	6 times base salary
	ML 2	3 times base salary
	ML 3	2 times base salary
	ML 4	1 times base salary

These ownership multiples may be satisfied through any shares of Common Stock held by you, including those Shares earned with respect to this Performance Period, Restricted Shares, shares of Common Stock held in tax-qualified 401(k) plans, etc.  You must continue to retain the book entry Shares issued to you pursuant to this Agreement until the earlier of (i) achieving and maintaining your applicable Common Stock Ownership Target Level, or (ii) your termination of full-time employment with all System Companies.  Once you have achieved and maintain your 

applicable Common Stock Ownership Target Level, you are no longer bound to hold the Shares earned during with respect to this Performance Period in book entry.  However, you are still subject to the trading restrictions and pre-clearance requirements in transacting in these Shares described in Section 6.b. of this Agreement. 
d.Withholding Taxes.  The Company shall use the “net shares method” to satisfy any tax withholding obligation in respect of any payment under this Agreement, which means the Company will reduce the number of earned Shares otherwise payable to you by the amount necessary to cover up to the maximum amount of such obligation in any applicable jurisdiction.  In no event shall the Company or any other System Company have any liability to you for your individual income tax liability, for withholding or failing to withhold taxes, or for remitting or failing to remit taxes with respect to your income, including without limitation, in the event that you are subject to penalty tax or premium interest tax pursuant to Code Section 409A.
e.No Fractional Shares.  Any fractional Share to be distributed shall be settled in cash and applied to satisfy tax withholding requirements.  The Company will not pay out any fractional Shares.
7.    Termination of Agreement.  Except as otherwise provided herein or in the Plan, this Agreement (other than the restrictive covenants set forth in Section 10) and your Target Performance Units award opportunity shall terminate and be forfeited on the date on which your full-time System Company employment terminates.  
    8.    Performance Units Nontransferable.  Your Target Performance Units award opportunity and any Performance Units awarded pursuant to this Agreement may not be sold, exchanged, pledged, transferred, assigned, or otherwise encumbered, hypothecated or disposed of by you (or your beneficiary) other than by will or laws of descent and distribution.
9.    Entergy Policies. 
a.Hedging Policy.  Pursuant to the Entergy Corporation Policy Relating to Hedging, as adopted by the Board at its meeting held on December 3, 2010, and as in effect on the date hereof, officers, directors and employees are prohibited from entering into hedging or monetization transactions involving Common Stock so they continue to own Common Stock with the full risks and rewards of ownership, thereby ensuring continued alignment of their objectives with the Company’s other shareholders.  Participation in any hedging transaction with respect to Common Stock (including Target Performance Units or Performance Units) is prohibited.
b.Recoupment Policy; Dodd-Frank; Payment in Error.  Pursuant to the Entergy Corporation Policy Relating to Recoupment of Certain Compensation, as adopted by the Board at its meeting held on December 3, 2010, and as in effect on the date hereof, the Company is allowed to seek reimbursement of certain incentive compensation (including Performance Units and Shares issued in payment of Performance Units) from “executive officers” for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, if the Company is required to restate its financial statements due to material noncompliance with any financial reporting requirement under the federal securities laws (other than corrections resulting from changes to accounting standards) or there is a material miscalculation of a performance measure relative to incentive compensation, regardless of the requirement to restate the financial statements; or the Board determines that an executive officer engaged in fraud resulting in either a restatement of the Company’s financial statements or a material miscalculation of a performance measure relative to incentive compensation whether or not the financial statements were restated.  In addition, the Performance Units (and Shares issued in payment of Performance Units) are subject to any forfeiture and/or recoupment policy which the Company has adopted or 

may adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and implementing rules and regulations thereunder, or as may be required by applicable law. To the maximum extent permitted by applicable law, in the event that a payment is made to you (whether in cash, stock or other property) in error that exceeds the amount to which you are entitled pursuant to the terms of this Agreement or the Plan, including without limitation pursuant to Section 28 of the Plan (such excess amount, an “Excess Payment”), you will repay to the Company, and the Company shall have the right to recoup from you such Excess Payment by notifying you in writing of the nature and amount of such Excess Payment together with (i) demand for direct repayment to the Company by you in the amount of such Excess Payment or (ii) reduction of any amount(s) owed to you by the Company or any other System Company by the amount of the Excess Payment.
10.    Confidentiality and Restrictive Covenants. In consideration of the grant to you of the Target Performance Units award opportunity set forth herein and any Performance Units awarded to you pursuant to this Agreement, you hereby agree to the following restrictive covenants:
a.Confidential Information.  You acknowledge that the System Companies have unique methods and processes for the generation, transmission and distribution and sale of energy and energy-related products, which give the System Companies a competitive advantage, including strategic and non-public plans for their products, geographic and customer markets, and for marketing, distributing and selling their products.  You further acknowledge that you have held a position of confidence and trust with respect to the System Companies and that you have and will acquire additional detailed knowledge of the System Companies’ unique and confidential methods of doing business and plans for the future.  You acknowledge that the System Companies are expending and will continue to expend substantial amounts of time, money and effort to develop effective business and regulatory strategies, methodologies and technology.  You also acknowledge that the System Companies have a compelling business interest in protecting the System Companies’ Confidential Information (as defined below) and that the System Companies would be seriously and irreparably damaged by the improper disclosure of Confidential Information. You therefore agree that, during your employment or other service with any System Company and at all times thereafter, you will hold in a fiduciary capacity for the benefit of the System Companies and, other than as authorized in writing by the General Counsel of the Company or as required by law or in the proper performance of your duties and responsibilities, or as otherwise provided in this Section 10, you will not disclose, directly or indirectly, to any person or entity, or use, Confidential Information for any purpose other than the furtherance of your responsibilities to any System Company.  For purposes of this Agreement, “Confidential Information” means information that is not generally known by persons outside the System Companies and could not easily be determined or learned by someone outside the System Companies, including without limitation, any and all information and knowledge, whether or not explicitly designated as confidential and whether or not reduced to writing, regarding the System Companies’ business, including, without limitation, (i) the generation, transmission, brokering, marketing, distribution, sale and delivery of electric power or natural gas (through regulated utilities or otherwise), (ii) the System Companies’ ownership, development, management or operation of power plants and power generation facilities (including, without limitation, nuclear power plants), and the provision of operations and management services (including, without limitation, decommissioning services) with respect to power plants, and the sale of the electric power produced by the System Companies’ operating plants to wholesale customers, (iii) the System Companies’ proprietary methods and methodology, technical data, trade secrets, know-how, research and development information, product plans, customer lists, specific information relating to products, services and customers or prospective customers (including, but not limited to, customers or prospective customers of any System Company with whom you became or become acquainted during your relationship with any System Company), books and records of any System Company, corporate, regulatory, 

customer and strategic relationships, suppliers, markets, computer software, computer software development, inventions, processes, formulae, technology, designs, drawings, technical information, source codes, engineering information, hardware configuration information, and matters of a business nature such as information regarding marketing, costs, pricing, finances, financial models and projections, billings, new or existing business or economic development plans, initiatives, and opportunities, or any other similar business information made available to you in connection with your relationship with any System Company and (iv) any attorney-client privileged information of a System Company.  Confidential Information shall also include non-public information concerning any director, officer, employee, shareholder, or partner of any System Company.  You agree that your obligation not to disclose or use Confidential Information, and your obligation, detailed below, to return and not to retain materials and tangible property, upon your termination of employment with all System Companies, described in this Section shall also extend to such types of information, materials and tangible property of customers of and suppliers to the System Companies and to other third parties, in each case who may have disclosed or entrusted the same to you or to any System Company during your employment with any System Company. 
b.Non-Competition.  You agree that (i) at all times during the period of your employment or service with any System Company employer, and (ii) for one (1) year following the termination for any reason of your employment by or service with your last System Company employer ((i) and (ii) collectively, as applicable, the “Non-Compete Period”), you will not engage in Competing Employment. For purposes of this Section 10, “Competing Employment” means working for, providing services to or otherwise directly or indirectly assisting (whether or not for compensation) any person, entity or business which directly or indirectly competes with any part of the System Company business, and such employment or services involve products, services and business activities that are the same as or similar to those you provided to a System Company, or as to which you had access to Confidential Information while employed by any System Company or, with respect to that part of the Non-Compete Period described in subsection 12(b)(ii), in the two years preceding your termination of employment or service with all System Companies. You agree that it is reasonable for the restriction contained in this paragraph to apply in each and every county, province, state, city, parish or other political subdivision or territory of the United States in which any System Company engages in any business activity, or otherwise distributes, licenses or sells its products or services, including, without limitation, Arkansas, Connecticut, District of Columbia, Louisiana, Massachusetts, Michigan, Mississippi, Nebraska, New York, Texas, and Vermont and any other state in which any System Company engages in business at any time and, with respect to the State of Louisiana, means the following Parishes: Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Cameron, Catahoula, Claiborne, Concordia, De Soto, East Baton Rouge, East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson, Jefferson Davis, Lafayette, Lafourche, La Salle, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Orleans, Ouachita, Plaquemines, Point Coupee, Rapides, Red River, Richland, Sabine, Saint Bernard, St. Charles, St. Helena, Saint James, Saint John the Baptist, Saint Landry, Saint Martin, Saint Mary, Saint Tammany, Tangipahoa, Tensas, Terrebonne, Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana and Winn (collectively, the “Restricted Territory”). Notwithstanding the foregoing, if your employment is terminated by any System Company employer without Cause, the covenant not to compete set forth in this Section 10.b. shall apply only for as long as the System Company employer continues to pay you, in accordance with the System Company employer’s regular payroll practices and schedule, your bi-weekly base salary in effect on the effective date of the termination of your employment, less any applicable tax withholdings and ordinary deductions (such payments, the “Non-Compete Payments”), but in no such event for longer than the Non-Compete Period.  In any instance where a System Company employer has the right to elect to make Non-Compete Payments, such System Company employer must notify you in writing of such election, and the duration for which it elects to make Non-Compete Payments, within ten 

(10) business days following the termination of your employment from all System Company employment.  If the System Company Employer elects to make the Non-Compete Payments for less than the full Non-Compete Period, you shall be free to join a competitor after you cease receiving the Non-Compete Payments. For purposes of clarity, in the event of your termination for Cause or voluntary resignation, you shall be subject to the restrictions set forth in this Section 10.b. without any requirement that any System Company employer pay you any Non-Compete Payments.
c.Non-Solicitation; Non-Interference.  You agree that, until the later of the end of the Non-Compete Period or the last day you are scheduled to receive cash severance payments from your System Company employer pursuant to any severance plan or other agreement, except in the good faith performance of your duties to the System Companies, you shall not, other than as authorized in writing by the General Counsel of the Company: (i) directly or indirectly, solicit or seek to hire or identify for potential hiring (whether on your own behalf or on behalf of any other person, entity or organization) any person who is at that time (or was during the prior six (6) months) an employee or consultant of any System Company, or (ii) within the Restricted Territory, directly or indirectly solicit the trade, business or patronage of any clients, customers or vendors or prospective clients, customers or vendors of any System Company to provide competing products or services or advise, or assist such clients, customers or vendors or prospective clients, customers or vendors to in any way modify their relationship with any System Company.  This Section 10(c) shall not be violated by general advertising not targeted at the forgoing persons or entities. The non-solicitation covenant in subsection 10(c)(i) shall not apply to solicitation of persons involuntarily terminated from System Company employment and shall only apply to persons (A) who reported directly or indirectly to you; (B) with whom you had material contact while at a System Company; or (C) about whom or which you possessed (1) information regarding quality of performance while they were employed by or performing services for a System Company, which information you would not otherwise have except for the position you held with a System Company, or (2) Confidential Information. You further agree that while you are employed by any System Company and thereafter until the later of the end of the Non-Compete Period or the last day you are scheduled to receive cash severance payments from your System Company, you will not, directly or indirectly, induce or encourage any third party, including any provider of goods or services to any System Company, to terminate or diminish its business relationship with any System Company; nor will you take any other action that could, directly or indirectly, be detrimental to any System Company’s relationships with its providers of goods or services or other business affiliates or that could otherwise interfere with any System Company’s business.
d.Non-Disparagement.  You agree that, to the fullest extent permitted by applicable law, you will not at any time (whether during or after your employment or service with any System Company), other than in the proper performance of your duties, publish or communicate to any person or entity any “Disparaging” (as defined below) remarks, comments or statements concerning any System Company or any of their respective directors, officers, shareholders, employees, agents, attorneys, successors and assigns. “Disparaging” remarks, comments or statements are those that are intended to, or could be construed in a manner so as to, impugn, discredit, injure or impair the business, reputation, character, honesty, integrity, judgment, morality or business acumen or abilities of the individual or entity being disparaged.
e.System Company Property.  All tangible materials, equipment, devices, documents, copies of documents, data compilations (in whatever form), software programs, and electronically created or stored materials that you receive or create in the course of employment with a System Company are and shall remain the property of the System Company and you shall immediately return (and/or cooperate in the supervised deletion of) such property to your System Company employer upon the termination of your employment, for whatever reason.  The obligation to return property and documents extends to anything received or made during and as 

a result of employment by a System Company, regardless of whether it was received from a System Company or a third party, such as an actual or potential vendor or customer, and regardless of whether a document contains Confidential Information. The only documents not subject to the obligation to return are documents directly relating to your compensation and benefits, such as your pay stubs and benefit plan information.
f.Violation of the Restrictive Covenant Section.  In the event that you violate any provision of this Section 10, the time periods set forth in those paragraphs shall be extended for the period of time you remain in violation of the provisions, to the greatest extent allowed by applicable law. The provisions of Sections 10.a. through 10.e. hereof are, and shall be construed as, independent covenants, and no claimed or actual breach of any contractual or legal duty by any System Company shall excuse or terminate your obligations hereunder or preclude any System Company from obtaining injunctive relief for your violation, or threatened violation, of any of those provisions. You also agree to indemnify and hold the System Companies harmless from any and all losses (including, but not limited to, reasonable attorney’s fees and other expenses incurred to enforce this Agreement) suffered by any System Company as a result of any violation or threatened violation of any of your representations, warranties, covenants or undertakings set forth in this Agreement (in addition to any other remedies available to the System Companies set forth in Section 10.i. below), provided that a System Company is found to be the prevailing party in any such action.
g.Exclusions. Notwithstanding anything else in this Section 10 or in this Agreement to the contrary:
(i)    The restrictive covenants in this Section 10 are not intended to restrict you from cooperating with any investigation or proceeding initiated by the Nuclear Regulatory Commission (“NRC”) or any other federal or state regulatory agency.  Further, you may make disclosure (A) to exercise your rights as a whistleblower under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Securities and Exchange Commission Rule 21F-17(a), or any other federal or state law providing whistleblower rights; (B) to the extent necessary when providing safety-related or other information to the NRC on matters within the NRC’s regulatory jurisdiction; (C) when participating in “protected activities,” as defined in Section 211 of the Energy Reorganization Act of 1974 and in C.F.R. Part 50.7; (D) when engaging in activities protected by the National Labor Relations Act or any similar federal or state law; or (E) when required to do so by a court of law, by any governmental agency or administrative or legislative body with jurisdiction to order you to divulge, disclose or make accessible such information.  With the exception of Confidential Information subject to the attorney-client privilege, you shall have no obligation to seek prior approval of any System Company or to inform any System Company of such disclosure. This Agreement does not limit your ability to communicate, without notice to any System Company, with any government agencies or otherwise participate in any investigation or proceeding that may be conducted by any government agency, or to collect a reward in connection with any whistleblower information provided to a government agency.
(ii)    Defend Trade Secrets Act Immunity Notice.  Pursuant to the Defend Trade Secrets Act of 2016, non-compliance with the disclosure provisions of this Agreement shall not subject you to criminal or civil liability under any Federal or State trade secret law for the disclosure of a System Company trade secret: (A) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney in confidence solely for the purpose of reporting or investigating a suspected violation of law; (B) in a complaint or other document filed in a lawsuit or other proceeding, provided that any complaint or document containing the trade secret is filed under seal; or (C) to an attorney representing you in a lawsuit for retaliation by any System Company for reporting a suspected violation of law or to use the trade secret information in that court proceeding, provided that any document 

containing the trade secret is filed under seal and you do not disclose the trade secret, except pursuant to court order.
(iii)    All applicable laws with regard to restrictive covenants (including those of the State of California) are incorporated by reference herein and shall be treated as a part of this Section 10. Accordingly, in the event of an inconsistency between any provision of this Section 10 and an applicable legal requirement, the applicable legal requirement shall apply and this Section 10 shall be interpreted to require only such restrictions as are permitted by applicable law.  
h.Restrictive Covenants Contained in Other Agreements.  Notwithstanding any provision contained herein to the contrary, to the extent that you are or become subject to any other agreement that contains restrictive covenants different from the restrictive covenants contained in this Agreement, the restrictive covenants set forth in such other agreement shall supplement, and shall not replace, the restrictive covenants herein.
i.Enforcement.  You hereby agree that the covenants set forth in this Section 10 are reasonable with respect to their scope, duration, and geographical area.  You further agree and acknowledge that the restrictions contained in Section 10 do not and would not unreasonably impose limitations on your ability to earn a living.  If any court or other tribunal determines that any term or provision of Section 10 is overbroad or otherwise invalid or unenforceable, you and the Company hereby agree that such court or tribunal shall have the power and obligation to narrow or otherwise reform the unenforceable term or provision, including to delete, replace, or add specific words or phrases, but only to the narrowest extent necessary to render the provision valid and enforceable (provided that in no event shall the length of any restrictive covenant or its scope be extended or expanded), and this Agreement shall be fully enforceable as so modified.  Your agreement to the restrictions provided for in this Agreement and the Company’s agreement to grant the Award are mutually dependent consideration. Therefore, notwithstanding any other provision to the contrary in this Agreement, if (i) the enforceability of any material restriction applicable to you as provided for in this Section 10 is challenged and found unenforceable by a court or other tribunal or (ii) you breach any of the provisions of Section 10, then the Company shall have the right to terminate this Agreement and recover from you all Shares paid to you pursuant to this Agreement and if you have sold, transferred, or otherwise disposed of any Shares paid to you pursuant to this Agreement, an amount equal to the aggregate Fair Market Value of such Shares on the date such Shares were paid to you pursuant to this Agreement.  This provision shall be construed as a return of consideration or ill-gotten gains due to the failure of your promises and consideration under the Agreement, and not as a liquidated damages clause.  In addition, in the event of the Company’s termination of this Agreement, you shall immediately forfeit all unvested Target Performance Units and your Target Performance Units award opportunity under this Agreement.  You further hereby agree that, in the event of a breach by you of any of the provisions of Sections 10.a., 10.b., 10.c., 10.d., or 10.e., monetary damages shall not constitute a sufficient remedy.  Consequently, in the event of any such breach or threatened breach, the Company or a System Company may, in addition to and without prejudice to other rights and remedies existing in its favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the provisions hereof, without the requirement of posting a bond or proving actual damages and without having to demonstrate that money damages would be inadequate.  You acknowledge (i) that you have carefully read this Agreement and have given careful consideration to the restraints imposed upon you by this Agreement, and you are in full accord as to their necessity for the reasonable and proper protection of the Confidential Information of the System Companies and their relationships with customers, suppliers and other business partners and (ii) that you are informed in writing hereby that you have a right to the advice of legal counsel and should consult with an attorney of your choice with regard to this Agreement, and you have been provided ample opportunity to seek out and consult with such counsel.  

j.Third Party Beneficiaries; Survival of Restrictive Covenants.  For purposes of this Section 10, “Company” shall include all System Companies.  You and the Company agree that each System Company is an intended third-party beneficiary of this Section 10, and further agree that each System Company is entitled to enforce the provisions of this Section 10 in accordance with its terms.  Notwithstanding anything to the contrary in this Agreement, the terms of the restrictive covenants set forth in this Section 10 shall survive the termination of this Agreement and shall remain in full force according to their respective terms.
k.Duty to Notify Prospective Employers of Restrictive Covenants.  In the twelve (12) months following the termination of your employment with your last System Company employer, in the event you seek or obtain employment or another business affiliation with any person or entity other than a System Company, you agree to notify the Company in writing, as far in advance as is reasonably practicable, but in no event less than two weeks prior to your proposed commencement of employment, of the details of such employment or business affiliation. You also agree to show these restrictive covenant provisions to any prospective employer, and you consent to any System Company showing these provisions to any third party believed by a System Company to be a prospective or actual employer of you, or a receiver of services from you, and to insisting on your compliance with these terms.  Your obligations under this Section 10.k. will expire on that date which is twelve months after the end of your employment with all System Companies (or, if later, the last date as of which you are scheduled to receive separation payments from any System Company pursuant to a severance plan or other agreement).

11.    Governing Law/Court Proceedings.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law of such state.  Any suit, action or proceeding arising out of, or with respect to this Agreement, its enforcement, breach, or interpretation, shall be brought in any court of competent jurisdiction in the State of Delaware, County of New Castle, and you and the Company hereby submit to the exclusive jurisdiction of such court (and its appellate court, whether or not located in the State of Delaware) for the purpose of any such suit, action, or proceeding.  You and the Company hereby irrevocably waive (i) any objections which each may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of Delaware, County of New Castle, (ii) any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum and (iii) any right to a jury trial. 
    12.    Incorporation of Plan.  The Plan is hereby incorporated by reference and made a part hereof, and the Target Performance Units, your Target Performance Units award opportunity under this Agreement, any Performance Units (and any Dividend Equivalents) awarded pursuant to this Agreement, and this Agreement shall be subject to all terms and conditions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time.  Any capitalized term that is not defined in this Agreement shall have the meaning set forth in the Plan.  In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall govern, and this Agreement shall be deemed to be modified accordingly, unless the Plan allows for such modification of the Plan’s terms by this Agreement.
13.    Amendments.  This Agreement may be amended or modified only by an instrument in writing signed by the parties hereto.  
14.    Rights as a Shareholder.  Neither you nor any of your successors in interest shall have any rights as a stockholder of the Company with respect to any Target Performance Units, 

your Target Performance Units award opportunity under this Agreement, Performance Units awarded pursuant to this Agreement, or Dividend Equivalents.
15.    Notices.  For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or by United States registered mail, return receipt requested, postage prepaid, if to you, to your last known address filed in the personnel records of the System Companies, and if to the Company, to the address set forth below, or thereafter to such other address as either party may have furnished to the other in writing in accordance herewith, except that any notice of change of address shall be effective only upon actual receipt thereof:
If to the Company, by hand-delivery or email to:
Entergy Services, LLC
Attention:  Executive Vice-President & General Counsel
639 Loyola Avenue, 28th Floor
New Orleans, LA 70113-3125

16.    Agreement Not a Contract of Employment.  Your employment with your System Company employer shall remain at will. Neither the Plan, the granting of the Target Performance Units and/or Dividend Equivalents, the Grant Notice, this Agreement nor any other action taken pursuant to the Plan shall constitute or be evidence of any agreement or understanding, express or implied, that you have a right to continue as an employee of any System Company for any period of time or at any specific rate of compensation.
17.    Authority of the Committee.  The Committee shall have full authority and discretion to interpret and construe the terms of the Plan, the Grant Notice, and this Agreement.  The determination of the Committee as to any such matter of interpretation or construction shall be final, binding and conclusive.
18.    Compliance with Code Section 409A Limitations.  Notwithstanding any provision to the contrary, all provisions of the Grant Notice and this Agreement shall be construed, administered and interpreted to comply with or be exempt from Code Section 409A, and, if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to comply with Code Section 409A or final regulations issued thereunder.  Specifically, the terms “termination” and “termination of employment” shall be applied in a manner consistent with the definition of “separation from service” within the meaning of Code Section 409A.  A right of any System Company, if any, to offset or otherwise reduce any sums that may be due or become payable by any System Company to you by any overpayment or indebtedness of yours shall be subject to limitations imposed by Code Section 409A.  For purposes of the limitations on nonqualified deferred compensation under Code Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation for purposes of applying the Code Section 409A deferral election rules and the exclusion from Code Section 409A for certain short-term deferral amounts. Amounts payable under this Agreement shall be excludible from the requirements of Code Section 409A, to the maximum possible extent, either as (i) short-term deferral amounts (e.g., amounts payable no later than the 15th day of the third month following the end of the taxable year of your System Company employer in which such Performance Units are no longer subject to a substantial risk of forfeiture), or (ii) under the exclusion for involuntary separation pay provided in Treasury Regulations Section 1.409A-1(b)(9)(iii).  To the extent that deferred compensation subject to the requirements of Code Section 409A becomes payable under this Agreement to you at a time when you are a “specified employee” (within the meaning of Code Section 409A), any such payments shall be delayed by six months to the extent necessary to comply with the requirements of Code Section 409A(a)(2)(B).  The Company makes no representation that any or all of the payments or 

benefits described in the Plan or this Agreement will be exempt from or comply with Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to any such payment.
19.    Waivers.  Any term or provision of this Agreement may only be waived by a System Company. Any such waiver shall be validly and sufficiently given for the purposes of this Agreement if it is in writing signed by an authorized Company officer. The failure of any System Company to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of any System Company thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach.
20.    Headings.  The titles and headings of the sections in this Agreement are for convenience of reference only, do not form part of this Agreement, and shall not affect the construction of this Agreement.

21.    Electronic Signature.  Electronic signature of this Agreement shall have the same validity and effect as a signature affixed by hand.

22.    Entire Agreement.  This Agreement (including the Plan) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes any and all prior undertakings and agreements between the Company and its Affiliates and you with respect to the subject matter hereof.

23.      Prospectus.  This Agreement constitutes part of a prospectus covering Securities registered under the Securities Act of 1933. The remaining documents constituting the prospectus are available on Entergy Corporation’s intranet under Our Company, Human Resources, Money & Finances, Compensation, Equity https://entergy.sharepoint.com/sites/myhra/myBenefits/Pages/Compensation.aspx.Document

Exhibit 10(a)52

First Amended and Restated
2019 Entergy Corporation Non-Employee Director Service Recognition Program
This First Amended and Restated 2019 Entergy Corporation Non-Employee Director Service Recognition Program (the “Amended SRP”) effective as of December 3, 2021 (the “Effective Date”) hereby amends and restates the 2019 Entergy Corporation Service Recognition Program for Non-Employee Directors, established pursuant to the terms of the Entergy Corporation 2019 Omnibus Incentive Plan (the “2019 OIP”), the terms of which are incorporated into this Amended SRP.  References in this Amended SRP to any specific 2019 OIP provision do not limit the applicability of any other 2019 OIP provision.  This Amended SRP shall be effective as of the Effective Date and shall, along with the terms of the 2019 OIP, govern:  (i) Awards granted after the Effective Date to Eligible Non-Employee Directors (as defined below); and (ii) Awards previously granted to Eligible Non-Employee Directors actively serving on the Board on the Effective Date.  In the event of a conflict between the terms of the 2019 OIP and this Amended SRP, the terms of the 2019 OIP shall prevail.
PURPOSE
This Amended SRP identifies those directors who are eligible for recognition for their service on the Board, sets forth the terms and conditions of the Amended SRP, and establishes the commencement date for receipt of benefits under this Amended SRP.
ARTICLE I
DEFINITIONS

1.Definitions.  Capitalized terms used in this Amended SRP shall have the meanings assigned to them in the 2019 OIP unless expressly provided herein to the contrary; provided that, in any event, the following terms shall have the meaning specified for purposes of this Amended SRP.

a.“Amended SRP” shall mean this First Amended and Restated 2019 Entergy Corporation Non-Employee Director Service Recognition Program, effective as of the Effective Date, and as further amended from time to time.

b.“Award Date” shall mean the last day of May of each year, or if such day is a day on which the NYSE is not open for trading, the next succeeding NYSE trading day.

c.“Committee” shall mean the Board.

d.“Disability” shall mean a physical or mental condition of a Non-Employee Director, which, based on evidence satisfactory to the Committee, and in the opinion of the Committee, renders such Non-Employee Director unfit to perform his or her duties as a director.  Evidence may include medical evidence or that the Non-Employee Director qualifies for disability benefits from the Social Security Administration.

e.“Eligible Non-Employee Directors” shall mean Non-Employee Directors actively serving on the Board on or after the Effective Date.

f.“Equity Unit” shall mean a phantom stock unit representing one (1) share of Common Stock.

g.“NYSE” shall mean the New York Stock Exchange or any successor thereto.

h.“Non-Employee Director” shall mean a member of the Board who is not an officer or an employee of a System Company.

i.“SRP Award” shall mean the annual grant of Equity Units to Eligible Non-Employee Directors made pursuant to Section 3.1 of this Amended SRP.

j.“Separated Non-Employee Director” shall mean a Non-Employee Director who becomes Separated from the Board after the Effective Date.

k.“Separation” shall mean the occurrence of any of the following events: (a) the Non-Employee Director’s voluntary resignation or retirement from, or failure to be re-elected to the Board; (b) a Non-Employee Director’s involuntary removal from the Board; (c) the Non-Employee Director’s Disability or (d) the Non-Employee Director’s death.  A Non-Employee Director shall be considered “Separated” from the Board on his or her last day of service as a Non-Employee Director on the Board for any of the reasons set forth in this Section 1(k).  Notwithstanding the foregoing, a Separation shall not be deemed to occur under this Amended SRP unless the event (other than death) also qualifies as a “separation from service” within the meaning of Code Section 409A.

l.“Year of Service” shall mean the one-year period beginning on an Award Date and ending on the next succeeding Award Date.

ARTICLE II
PARTICIPATION
2    Eligible Participants.  Only Eligible Non-Employee Directors are eligible to receive Awards of Equity Units under this Amended SRP.  Outstanding Awards held by Eligible Non-Employee Directors on the Effective Date will be governed by the terms of this Amended SRP; provided that the time and form of payment of any such Award that is non-qualified deferred compensation under Code Section 409A will not change.
ARTICLE III
BENEFITS
3.1Service Recognition Awards.

a.Annual Awards.  Subject to Sections 3.1(b), on each Award Date, the account maintained under the Amended SRP for each Eligible Non-Employee Director will be credited with an annual award of Equity Units.  The number of Equity Units shall be determined by dividing $80,000 by the per-share closing price of the Common Stock on the NYSE on the Award Date.

b.Pro-Rated Awards.  Eligible Non-Employee Directors who serve on the Board for a portion of a Year of Service shall receive a prorated SRP Award.  Eligible Non-Employee Directors who commence service on the Board during a Year of Service and continue in service through the next Award Date shall be credited on the next Award Date with the number of Equity Units equal to $80,000 divided by the per-share closing price of the Common Stock on the NYSE on the Award Date multiplied by a fraction, the numerator of which is the actual number of days the individual served as a Non-Employee Director during the Year of Service and the denominator of which is 365 days.  
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For Non-Employee Directors who Separate from the Board during a Year of Service, their accounts will be credited on the last trading day of the month in which the Non-Employee Director Separates from the Board with the number of Equity Units equal to $80,000 divided by the per-share closing price of the Common Stock on the NYSE on such date multiplied by a fraction, the numerator of which is the actual number of days the individual served as a Non-Employee Director during the Year of Service and the denominator of which is 365 days.

c.Fractional Shares.  Any fractional Equity Units that result from the determination of any Award shall be rounded up to the next whole share and shall be included in the Award to the Eligible Non-Employee Director.

d.Vesting.  All benefits awarded under this Amended SRP to Eligible Non-Employee Directors shall at all times be vested.

3.2Dividend Equivalents.  If the Company declares one or more cash dividends respecting the Common Stock to holders of record as of a date or dates occurring on or after the Effective Date of this Amended SRP, the account of each Eligible Non-Employee Director and each Separated Non-Employee Director shall be credited on the dividend payment date with a Dividend Equivalent equal in value to the cash dividend paid to a holder of record on each share of Common Stock multiplied by the number of outstanding undistributed Equity Units that such Eligible Non-Employee Director or Separated Non-Employee Director has accumulated under this Amended SRP and any prior service recognition plans through the Award Date immediately preceding such record date.  The accounts of each Eligible Non-Employee Director and each Separated Non-Employee Director will be credited on the dividend payment date with the cash value of the Dividend Equivalents received on each dividend payment date.

3.3Payment of Benefits.

a.Lump Sum Distribution.  Unless an Eligible Non-Employee Director elects to receive the distribution of SRP Awards (and Dividend Equivalents attributable to the SRP Awards) granted after the Effective Date in accordance with the provisions of Section 3.3(b) or 3.4:

i.The Eligible Non-Employee Director will receive such SRP Awards (and the Dividend Equivalents attributable to such SRP Awards) in a lump sum distribution upon Separation.  The lump sum distribution shall be made in shares of Common Stock with the number of shares attributable to Dividend Equivalents to be determined by dividing the value of the Dividend Equivalents by the per-share closing price of the Common Stock on the NYSE on the day immediately preceding the date of the Eligible Non-Employee Director’s Separation.  Notwithstanding the foregoing provisions or the provisions of Section 3.3(c), the portion of the SRP Award made on the 2022 Award Date that is attributable to service prior to 2022 shall be distributed in installments as described in Section 3.3(b).

ii.SRP Awards outstanding as of the Effective Date are not eligible to be distributed in a lump sum and will be paid as provided in Section 3.3(b) unless an Eligible Non-Employee Director elects to defer his or her award as provided in Section 3.4.
b.Installment Distribution.  For SRP Awards granted after the Effective Date, an Eligible Non-Employee Director may elect to receive distribution of such awards and accumulated Dividend Equivalents in annual installments.  If such an election 
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is made, commencing on the first day of the month next following an Eligible Non-Employee Director’s Separation, and thereafter for the four consecutive anniversary dates of such date (each an “Annual Installment Date”), a Separated Non-Employee Director shall receive an annual installment payment, as hereinafter determined, based on the accumulated Equity Units and Dividend Equivalents credited to the Separated Non-Employee Director’s account.  After Separation, unpaid Equity Units in a Separated Director’s Account will continue to be credited with Dividend Equivalents pursuant to Section 3.2.  Except for Separation as a result of death, the five annual installments represent the earliest payment schedule for Awards outstanding as of the Effective Date and for those SRP Awards for which a director has elected to receive payment of such awards in annual installments.  Payment of benefits shall be subject to the following:
i.Annual Installments.  Each annual installment shall be made within thirty (30) days after the applicable Annual Installment Date.  Each annual installment represents a proportionate share of the remaining accumulated Equity Units and Dividend Equivalents accrued by the Separated Non-Employee Director based on the number of remaining annual installments to be paid.  For instance, at Separation, the first annual installment shall equal one-fifth of the aggregate value of the accumulated Equity Units and Dividend Equivalents at the first Annual Installment Date.  The second annual installment shall equal one-fourth of the aggregate value of the remaining accumulated Equity Units and Dividend Equivalents at the second Annual Installment Date.  The third annual installment shall equal one-third of the aggregate value of the remaining accumulated Equity Units and Dividend Equivalents at the third Annual Installment Date.  The fourth annual installment shall equal one-half of the aggregate value of the remaining accumulated Equity Units and Dividend Equivalents at the fourth Annual Installment Date, and the fifth and final annual installment shall equal the remaining accumulated Equity Units and Dividend Equivalents at the fifth Annual Installment Date.
ii.Manner of Payment.  Each annual installment shall be paid in shares of Common Stock.  In the case of Dividend Equivalents, the number of shares will be determined by dividing the value of the Dividend Equivalents to be paid pursuant to paragraph (b)(i) above by the closing price of a share of Common Stock on the last NYSE trading day immediately preceding the applicable Annual Installment Date.  All installments payable under this Amended SRP shall cease upon the distribution of all five installments.  Notwithstanding the foregoing, if a Separated Non-Employee Director dies after Separation, but before all five annual installments have been paid, then the Separated Non-Employee Director’s remaining unpaid accumulated Equity Units and Dividend Equivalents shall be distributed in a lump sum in stock to his or her designated beneficiary on file with the Company’s Secretary, or, in the absence of any such designated beneficiary, shall be distributed pursuant to the Separated Non-Employee Director’s will or by the applicable laws of descent and distribution, in each case as soon as administratively practicable following notice to the Company’s Secretary of the Separated Non-Employee Director’s death.  The number of shares to be distributed with respect to the unpaid accumulated Dividend Equivalents will be determined by dividing the value of the unpaid accumulated Dividend Equivalents by the closing price of a share of the Common Stock on the last NYSE trading day immediately preceding the Separated Non-Employee Director’s death.
iii.Election Timing. Any distribution election shall be made by filing an irrevocable written election with the Board no later than the 31st day of December of the calendar year immediately preceding the Year of Service in 
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respect of which the SRP Award is granted (or, in respect of the SRP Award granted in 2022, and subject to the provisions of Section 3.3(a) on or before December 31, 2021).  Any distribution election shall continue in effect for subsequent SRP Awards unless and until the Non-Employee Director elects to have such election no longer apply.  If no election is made with respect to a SRP Award granted in a calendar year that begins after the Effective Date (or, in respect of the SRP Award granted in 2022, with respect to such portion of such SRP Award that is attributable to the period during 2022 on and prior to the date of grant of the award), such awards shall be distributed in a lump-sum upon Separation.
3.4Deferral.  Notwithstanding the foregoing, an Eligible Non-Employee Director may, at least one year prior to Separation from the Board or any later fixed date specified in accordance with Section 3.3(b), as the case may be, and subject to consent from the Company, execute a written deferral election under which the commencement of the five annual installments or lump-sum distribution under this Amended SRP may be irrevocably deferred for a fixed number of years, equal to at least five years but not to exceed fifteen (15) years from the date distribution otherwise would have been made.  If the Eligible Non-Employee Director executes such a deferral election and subsequently dies prior to any deferred payment date, the survivor’s benefit provisions described in Section 3.6 shall apply as if the Non-Employee Director had not Separated at the time of death.
3.5Cash Settlement.  Notwithstanding anything herein to the contrary, solely to the extent (i) that the Company has an insufficient number of shares of common stock registered and authorized for delivery under the 2015 Equity Ownership Plan of Entergy Corporation and Subsidiaries and the 2019 OIP to settle an award hereunder or (ii) required by applicable law, outstanding awards may be settled in cash rather than in shares of common stock, payable pursuant to the payment schedule otherwise applicable to such award and with the amount payable in respect of equity units to be calculated based on the closing price of a share of common stock on the last NYSE trading day immediately preceding the lump sum distribution date or each annual installment date, as applicable.
3.6Death While In Active Service on the Board.  If an Eligible Non-Employee Director dies while serving on the Board, the Eligible Non-Employee Director’s accumulated Equity Units and Dividend Equivalents shall be distributed in a lump sum in stock (based on the closing price of a share of the Common Stock on the last NYSE trading day immediately preceding the Eligible Non-Employee Director’s death) to the Eligible Non-Employee Director’s designated beneficiary, or, in the absence of a designated beneficiary, shall be distributed pursuant to the Eligible Non-Employee Director’s will or by the applicable laws of descent and distribution, in each case as soon as administratively practicable following notice to the Company’s Secretary of the Eligible Non-Employee Director’s death.  A beneficiary designation shall be effective only if in writing, signed by the Eligible Non-Employee Director and received by the Company’s Secretary prior to the death of the Eligible Non-Employee Director.
3.7Required Six-Month Delay for Certain Distributions.  Notwithstanding the foregoing, except as explicitly stated in this Section 3.7, unless an Eligible Non-Employee Director’s Separation is the result of such director’s death, then to the extent required to avoid the imposition of tax under Code Section 409A, no distributions may be made to a Separated Non-Employee Director within six months following the Separated Non-Employee Director’s Separation, if the Separated Non-Employee Director is a Specified Employee at the time of Separation.  Any payments that are delayed pursuant to this Section 3.7 shall be paid in full on the first business day after the six-month required delay period ends or, if earlier, upon the Separated Non-Employee Director’s death in accordance with Section 6.
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3.8Source of Payment.  Neither the Company nor any of its Affiliates, nor the 2019 OIP or the Amended SRP shall be required to set aside a fund or assets for the payment of any amounts hereunder.  No Non-Employee Director shall look to any other person or entity other than the Company for the payment of benefits under the Amended SRP.  The Non-Employee Directors or any other person or entity having or claiming a right to payments hereunder shall rely solely on the unsecured obligation of the Company to the Non-Employee Director set forth herein.  Each Non-Employee Director shall have the right to enforce his or her claim under the Amended SRP in the same manner as any other unsecured general creditor of the Company and its Affiliates.  Nothing stated herein shall prohibit the Company from adopting or establishing a trust or other means for funding any obligations created hereunder provided, however, any and all rights that any such Non-Employee Directors shall have with respect to any such trust or other fund shall be governed by the terms thereof.  Notwithstanding the foregoing, no contributions shall be made to such a trust during any “restricted period” within the meaning of Code Section 409A(b)(3).
ARTCLE IV
MISCELLANEOUS

4.1    Amendment or Termination.  This Amended SRP shall be administered by the Board, which shall have the authority to make all determinations under the Amended SRP, including substituting or adjusting outstanding Awards as provided in Section 5 of the 2019 OIP.  Except as otherwise provided herein, and subject to the requirements of Code Section 409A, this Amended SRP shall be subject to amendment or termination by a majority vote of the Board at any time.  Any such amendment or termination shall be binding on all active Non-Employee Directors alike regardless of their status; provided, however, that no such amendment or termination shall affect an Eligible or Separated Non-Employee Director’s rights to any and all benefits accrued and vested prior to the effective date of such amendment or termination.  Notwithstanding the foregoing, unless (i) specifically provided, no amendment shall “materially modify” benefits under the Amended SRP, within the meaning of Code Section 409A, that became earned and vested on or before December 31, 2004, and (ii) no amendment shall modify the time and form of payment of any benefit under the Amended SRP that constitutes nonqualified deferred compensation within the meaning of Code Section 409A.
4.2    Board Approval.  The Board must approve any deviations from this Amended SRP relating to the amount of compensation or benefits of Non-Employee Directors.
4.3     Code Section 409A.  The Amended SRP is intended to comply with the applicable requirements of Code Section 409A and the regulations thereunder, and shall be administered in accordance with those provisions of Code Section 409A and the regulations thereunder that apply to the Amended SRP.  To the extent that any provision of the Amended SRP would cause a conflict with the requirements of Code Section 409A and the regulations thereunder, or would cause the administration of the Amended SRP to fail to satisfy such requirements, such provision shall be deemed null and void to the extent permitted by applicable law.  Each payment under this Amended SRP shall be deemed a separate payment for purposes of Code Section 409A.
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